Full text of Commercial and Financial Chronicle : March 6, 1920, Vol. 110, No. 2854

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financial

TV |
ommenrial f
M A R C H 6 1920

VOL. 110

NO. 2854

Published 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.

CLEARINGS FOR FEBRUARY, SINCE JA N U A R Y 1, A N D FOR W EEK ENDING
Clearings «t—
1920.

New York__________
Philadelphia_________
Pittsburgh__________
Baltimore___________
Buffalo_____________
Washington_________
Albany_____________
Rochester___________
Scranton____________
Syracuse____________
Reading_ ________
_
Wilmington-----------Wilkes-Barre_______
Wheeling.............. ..
T renton___________
Harrisburg_________
Lancaster__________
Y ork..........................
Eric........ ............. ......
Chester____________
Binghamton__ . . . . .
Greensburg___ ____
A ltoona___________
l>
’rnnklln___________
Frederick__________
Beaver County, Pa—
Norristown___
Montclair_____
Oranges______
Hagerstown___

1919.

S
S
18.144.052,423 14.194.252.512
1,776,027,073 1.457,113,912
021,541,159
487.290,585
326.380,072
293.572,686
154,570.091
78.202,045
55,829.808
04,625.838
10.041.304
20,446.770
30,501,203
40,110,190
18.790,820
14,700,247
18,021,230
13,122,913
10,877,920
8.526.093
14,024,213
12,095,240
10,100,391
8,290,902
14,571,702
18,988,445
9,085.239
12,553,711
11.048.344
13,414,917
7,851.802
10,324,806
4.507,778
5,400,410
9,159,005
7,481,058
5,252,507
6,410,710
4,277,400
3,095,044
3,560,040
4,519.935
3.010.241
3.203,170
1,003,404
2.865.809
1,748,320
1.814,319
2,937.732
2.343,107
2,759,785
2,382,709
1,070,007
1,304,099
3,231,133
2,732,999
2,037,809
2,282,024

Inc. or
Dec.

1920.

1919.

S
%
•27 8 41,353,772,529
3.952,308,701
■21 9
1.320,029,798
■27.5
740.598,009
-112
-98.8
344,070,000
140.132,001
•15 8
45.517.524
■22.9
93,171,021
-31.5
42,242,140
-27.3
42,38.3,713
-41 9
24.990,115
-27.0
32,449,840
-15 2
23.330,497
-22 6
42.281.402
-30 3
27.921,550
-29.0
30,277,115
15.2
23,250,444
-31 5
12,138,235
•19 8
■ A
22
19,805,970
— 2.9
13.272,030
9.067.300
+ 38.2
10,185,402
+ 20.9
7,240,307
+ 0.2
+ 78.1
5.557,010
4.554.440
— 3.0
+ 25.4
7,028,092
0,817,788
+ 15.8
3,877.401
+ 28.5
7,341,000
+ 18.3
+ 15.6
5,532,809

S
32,054,895,340
3,289,284,140
1,079,814,474
003,403,694
180.803,119
123,939,865
39.772,851
08,324,070
33,124,504
32,056,717
18.948.405
28.197.507
18,887,423
33.204,459
20,772.597
24,900,548
10,911,700
9.035,573
10,729,330
12.259,812
0,972,044
8.217,810
0,679,037
3,913,297
4,452,804
4.987.510
. 5,232,737
3.331,590
6,093,985
4,599,511

+ 27.3

48,391,818,907

37,820,534,331

1,370,318,719
63,300,400
38,224,760
23.390.201
19.047,300
10.584.000
10,094,202
10.615,042
8,370,010
3.004,135
4,438,011
2,913,905
0,922,700
1,942,750

1,105,258,393
37,404,600
20,741,403
19,912,813
13,338,243
8,992,507
12,159,313
0,049,720
7,077,309
2,390,090
3.840,072
2,391,901
0,320.900
1,095,570

(-24,5
-42 7
-42.9
-17.5
-42 8
-17.7
-32.4
-58.1
-18.4
-62.9
13.0
-21.8
+ 9.5
— 2.0

3,185,803,434
124,073,500
84,311.209
53,819.011
43,379,393
24,203,019
38,098,294
23,587,184
18.930,605
7,974,279
10,209,851
0,840,527
10,302,000
4,342,750

2.582,843,087
87.952,000
01,943,209
44.014,253
30.043,535
20,811,099
29.070,701
14,917,887
10.175,348
5,940,438
8,002,147
5,280.248
15,090,800
4,288,745

1,575,806,451

1,254,479,020

+ 25.0

3,041,882,310

(-22.0
Chicago____________ 2.410,541.858 1.981,415,081 H
214.041,400 - -20.8
258.483,517
Cincinnati__________
400,854,300
325,709,501 - •43.3
Cleveland__________
435,200,897
202,243,637 - (-00.0
Detroit_________ ___
120,289,034'
114,220,118 + 10.0
Milwaukee_________
73.428.000
49.115.000 + 49.5
Indianapolis...-------54,228,700
43,450,500 + 24.8
C olum bus..._______
67,709,340
39,000,092 + 47.7
T o le d o ____ ________
22,303,419
18,707,028 + 19.5
Peoria______________
20,310,690
17.070,951 + 54.2
Grand Rapids______
20,686,209
14,151,080 + 45.5
Dayton___ _________
20,343,428
14,008,007 + 38.7
Evansville_ _______
_
10,066,740
8,170,103 + 23.0
Springfield, 111______
10,990,870
14,075,829 + 20.7
Lexington__________
4,781,574 + 79.0
8,686,768
Fort Wayne________
17,473,902
13,302,504 + 30.8
Youngstown..............
0,004,212
7,574,045 + 27.0
R ockford__________
8,200,219
Bloomington_______
5,828,289 + 40.7
Quincy_____________
8,393,077
5,983,232 + 40.3
Akron.................... .
40.200.000
20.723.000 + 72.9
21,307,490
Canton_____________
8,054,974 + 140.2
5,011,948 + 35.5
7,006,273
Springfield, O ______
Decatur___ _______ •
.
0,329,708
3,950,004 + 00.9
0,046,002
South Bend________
3,700,455 + 70.4
6,030,334
Mansfield__________
4,337,970 + 29.8
3,204,377
Danville____________
2,071,227 + 22.2
2,095,740
Jacksonville, 1 1
1 -------+ 0.0
1,977,925
7,093,175
Jackson_____ . . . . . . .
4,287,700 + 05.4
4,054,882
3,604,308 + 13.7
Lima_______________
4,122,159
Owensboro_________
0,054,243 — 31.0
0,808,879
3,888,050 + 75.1
Lansing____________
11 , 000,000
0,144,000 + 79.0
Flint.......................... .
4,791.388
3,983,020 + 20.3
Gary__ . . . . . . . . .
1,745,003
890,504 + 90.0
Lorain____ ________
2,104,033
1.355.251 + 55.3
Ann A r b o r ...______
1,104,041
320,995 + 202.7
A drian_____________
722,323
520,132 + 3 8 .8
New Albany_____ . . .
7,008,633
0,924,322 + 10.7
Paducah_ _________
_
2 ,812,205
1.589.252 + 70.9
Hamilton__________
1,408,648
2,529,355 + 34.8
3
Aurora_____________

5.273,273,687
500,532,780
1,048,815,780
902.488,707

Total Middle........... 21,320,382,429 10,750,170,175
B oston_____________
Provldcnco____
Hartford____________
New H a ven ....
Springfield____
Portland.......... .
Worcester_____
Fall River____
New Bedford...
Ilolyoko______
Lowell________
Bangor_______
Waterbury____
Stamford_____
Total New England

Total Middle West. 4,214,354,012 3,253,394,502
679,140,900
277,082,000
165,890,784
128,284,739
77,700,337
47,722,571
19,848,052
39,702,133
21,120,971
11,400,435
20,737,283
21,421,000
8,689,174
8,512,833
0,308,220
8,039.451
3,127,100
9,097,500
11,785,140
4,900,171
2,544,079
1,303,300

San Franclsoo..
Los Angeles___
Scattlo-----------Portland_______
Salt Lako C ity ..
Spokano_______
T acom a_______
Oakland___ . . .
Sacramento . . . .
San Diego------F resno-----------Stockton— . . . .
San Joso_______
Pasndcna --------Yakim a_ . . . .
_
Bolso__________
Reno____ . . . . .
Ogden------------Long Beach----Bakersfield---------

Riverside-------Eugene........ —

453,879,002
138,249,000
119,044,514
99,352,404
49.484,047
28,790,785
14,784,025
29,011,161
15,053,202
8,516,092
9,135,339
0,788,772
4,180,270
4,759,055
3,520,755
4,894,558
2,250,018
7,402,958
4,892,113
3,172,119
1,130,490
710,692

Total all - - Outsldo New York

2,738,044,902 2,068,354,129
33,220,093,772 25,808,147,980

. 15.082,041,340 11,013,895,474

Inc. or
Dec.
%

+ 29.0
+ 20.2
+ 22.3
11.0
+ 84.2
- 13.1
- -14.4
+ 36.4
+ 27.5
4*32.2
- -31-9
- -15.1
+ 23.5
+ 27.1
+ 34.4
+ 21.3
+ 37.5
+ 20.0
+ 18.4
+ 8.3
+ 38.8
+ 23.9
+ 8.4
+ 42.0
+ 2.3
+ 40.3
+ 30.3
+ 16.4
+ 20.5
+ 20.3

Inc. or
Dec.

S
4,082,807,
400,003
153,831
73,879,
37,490
13,724
4,722,
8,115
4,573
4,044,
2,282
2,894
2,443,
4,542,
3,084

1917.
S
1,140,418,160
305,470,720
91,820,244
43,440,155
18,843,125
10,355,746
4,925,681
7,613.876
3,705,834
3,852,716
2,477,403
3,839,920
1,946,775
3,472,089
2,099,596

,201,951,279 — 2.8 ,684,007,
+ 1.3 371,257,
401,390,886
79,476,
+4.1
147,709,832
46,100,
81,230,093 — 9.0
17,728,
17,782,209 + 110.8
13,587,
14,423,970 — 4.8
4,592,
5,987,523 — 21.1
7,676,
+ 4.3
7,779,377
3,079,
3,221,700 + 39.8
4,244,
3,572,005 + 13.2
2,511,
+ 3.1
2,214,556
2,880,
4,490,589 — 35.0
1,820,
1,800,149 +35.7
2,959,
3,860,792 + 17.7
2,897,
2,429,459 +27.0

2,393,943
1,253,877
2,055,014
1,185,802
857,300
1,250,000
780,012

2,279,480
1,242,329
1,955,208
1,163,528
595,700
1,222,070
748,946

312,883

+ 27.9 4,815,059,332 4,909,390,235

3,322,807
1,237,001
1,922,840
1,306,401
923,800
1,050,000
760,987

"*2,113",329
1,160,156
1,683,534
1,548,026
990,800
950,000
691,214

460,053

+ 5.0
+ 0.9
+ 5.1
+ 1.9
+43.9
+ 2.3
+4.2

331,823

488,120

— 1.9 4,255,810,717 3,720,579,225
220,518,976
9,189,000
8,609,246
5,564,720
3,700,027
2,855,092
3,043,252
1,572,816
1,620,050
1,140,714
1,093,036
625,052

293,833,210 — 1.7
9,916,400 + 11.9
+ 5.2
7,980,872
5,557,056 — 9.7
3,551,479 + 10.7
+3.4
2,127,814
3,114,909 — 6.3
1,272,782
+ 8.9
1,197,435 + 24.0
+ 6.8
055,218
972,354 — 6.2
683,742 — 24.1

202,983,030
13,108,000
8,620,112
5,487,407
3,587,200

328,770,994

330,809,331

— 0.0

300,577,821

260,193,181

570,830,855
00,290,540
110,639,084
101,154,725
27,933,497
17.327.000
11,311,200
12,437,274
5,502,689
5,864,890
4,602,370
4,865,350
2,507,618
3,500,000
2,134,458
3,742,098
2,529.003
2,315,381
2,225,385
11.810.000
4,558,820
2,057,484
1,795,705
1,833,225
1,348,428
900,569
014,455

600,766,351
58,054,074
74,915,171
02,649,204
29.372,095
14,840,000
10,819,700
8,834,029
3,958.093
4,574,481
3,242,778
4.126,(HI
2,542,833
2,986,203
1,450,089
3,293,772
1,974,612
1.790.270
1,844,499
5,402,000
2,022,592
2,036,023
1,011,284
1.102.270
937,288
818,127
693,314

—4.0

— 11.4

550,405,512
62,5(7,154
74,272,450
51,482,429
29,418,894
19,285,000
10,437,800
7,981,807
5.500.000
5,474,554
3,253,995
3,860,599
2,112,487
3,427,271
1,384,400
3,087,154
1,499,288
3,014,823
2,109,933
4.573.000
4,082,122
2,288,337
1,452,460
1,120,643
1,040,817
075,000
1,131,057

523,952,803
40,810,578
02,570,007
53,579,800
24,514,492
15,162,048
8.915.000
9,770,230
6.900.000
4,828,091
4,965,371
2,698,126
1,943,448
1,430,775
2,153,542
3,818,928
1,291,370
2.683.000
1,009,329
6.568.000
3,879,767
2,243,319
1,160,485
1,080,732
927,801
050.000
591,844

821,520
1,594,163

1,000.000

1,106.911 — 9.7
1,549,580 — 47.0
1,032,184 + 54.5

911,767
1,399,700
600,000

94()",670
715,958
500.000

451,409
270,041

309,843 + 22.1
77,568 + 248.4

371,983
81,264

417,427
105,079

+ 23.3
-41.1
-30.1
-22.3
-41.0
-16.3
-31.1
-58.1
-17.0
-34.1
-17.9
-29.7
+ 8.0
+ 1.3

288,974,772
11,097,300
8,408,702
5,016,178
4,143,508

2,927,040,097

+ 24.4

4.320.400,208
491,890,708
705,259,025
683,354,792

(-21.9
H
- -15.2
- -37.1
(-54.7
H

+ 5.0
251,395,408
110,524,000 + 34.1
92,140,300 + 29.3
88,320,308 + 41.0
+ 0.0
44,200,791
40,737,081 + 41.5
33,371,005 + 31.3
33,022,241 + 37.5
17.279.012 + 20.1
30.014.012 + 27.4
10,531,137 + 03.9
34.315,297 + 24.5
15,050,501 + 29.4
13,203,003 +20.5
12,373,703 + 42.9
51,907,000 + 87.5
20,020,940 + 104.1
11,970,375 + 37.8
9,077.453 + 44.9
8,930.099 + 50.0
9,147.239 + 39.2
5,413,953 + 19.0
5,003,431 — 5.9
9,701,030 + 50.0
7,493,729 + 25.8
13,903.391 — 21.0
8,134,420 + 85.9
12,080,120 + 93.0
7,113,491 + 17.8
2,002.104 + 92.3
3,015,933 + 47.5
088,325 + 325.3
1,204,097 + 12.7
15,437,831 + 13.7
3,990,939 + 34.8
5,611,938 + 23.6

1918.
S

1920.

2 , 200,000

2,917,995
2,403,109
1,484,799
700,000
911,632
518,939

+ 3.9
+47.7
+61.5
— 4.9
+ 16.8
+ 4.5
+ 40.8
+ 39.0
+ 28.2
+ 41.9
+ 17.9
— 1.4
+ 17.2
+ 47.2
+ 10.6

+ 23.0
+ 29.3
+ 20.7
+ 118.0
+ 125.4
+ 20.7
+ 77.6
+ 57.0
+ 43.9
+ 10.8

2 , 200,000

3,610,178
2,438,932
1,828,084
827,605
1,050,000
830,007

9,154,401,087

7,213,208,470

+ 20.9

987,189,102

910,255,760

+ 8.5

850,338,838

792,403,436

+ 27.0

1,300,023,005
593,905,000
331,905,658
273,123,855
102,518,170
107,202,445
40,035,447
84,891,108
48,949,298
24.121.100
50,279,010
48.470.100
18,719,023
18,285,445
13,077,737
18,103,150
0,983,617
20,170,701

1,027,327,589 +20.6
295,031,030 + 100.9
283,029,500 + 17.0
218,019,340 + 25.3
115,929,040 + 40.2
05,227,102 - - 04.4
30,421,032 + 11.0
05,244,331 + 30.1
33,940,073 +44.5
18,133,507 + 33.0
22,170,030 + 126.8
14,930,340 + 224.6
9,032,224 + 107.3
9,820.558 + 86.1
7,752,925 +70.4
11,873,440 + 52.5
4,820,410 + 44.7
+ 9 .8
18,372,090
10,317,604 + 145.6
0.324,293 + 00.4
+ 93.2
2,940,237
1,617,923 + 74.4

120,382,270
03,283,000
36,536,300
29,237,554
18,000,000

122,641,551
40,635,000
31,570,533
29,241,290
13,079,023
7,053,330
3,765,450
7,824,472
2,750,973
2,127,780
1,790,853
1,402,823
1,230,800
1,273,509
1,053,225

+ 3.1
+ 55.7
+ 15.7
+ 37.0
+ 43.7
+ 24.3
+ 9.8
+ 41.9
+ 12.4
+ 247.2
+ 290.3
+ 49.8
+ 07.2
+ 53.9

109,178,002
31,300,000
28,308,987
19,340,297
11,401,401
0,992,440
4,045,994
0,553,080
2,745,017
1,920,721
1.795,184
1,921,803
930,235
1,337,331
783,273

89,490,804
31,991,000
19,039,474
14,046,142
10,904,327
5,558,782
2,215.062
5,274,274
2,384,535
2,600,158
1,401,871
1,004,247
1,633,000
757,702
607,303

069,875

459,000

+ 45.9

400,000

"■"3"oo",66o
"

"2,412,116

1,380,048

+ 74.8

1,048,304

730",684

+ 20.7

230,008,855

190,612,048

+ 100.8

+ 30.9
+ 29.1
+ 57.0
+ 05.8
+ 34.2
+ 34.3
+ 40.3
+ 34.0
+ 192.7
+ 215.0
+ 105.4
+ 78.8
+ 79.2
+ 04.3
+ 39.0
+ 21 .0
+ 140.9
+ 64.7

+ 125.1
+ 81.9

26,843,740

10,423.507
5,079,007
2,040.084

11, 000,000

4,681,348
8,587,588
3,912,938
*2,400,000
*0,237,353
4.475.200
1.843.200
2,129,590
1,021,875

—

0.01

3,200,009,300

2,278,793,980

+40.7

323,409,985

207,898,338

4,248,179,234

3,354,290,394

+ 26.6

423,803,983

389,142,152

+ 8.9

435,342,161

298,289,455

0,180,839,747

4,035,811,802

+33.5

000,245,555

488,080,454

+23.0

487,385,685

349,255,499

+ 28.7 74,832,130,591

68,230,285,740

+ 28.5 7,478,484,951 7,295,648,750

+ 2.5 0,571,524,077 5,011,332.814

+ 29.9 34.478,368,002 20,181,390,394

+ 27.8 3.395.077,472 3.093,097.471

+9.812,887,516,789 2,404,914,054

+ 33.0

( d e a l l u g s 11 v T e l e g r a p h a n d ( . 'a n a d l a n < H e a r i n g ! o n p a g e f 12.




28.

+29.5

Total Paclflo........... 1,470,090,080 1,009,008,727 + 45.7
Details of other West ern and South ern on page 942.
Total other Western.. 1,900,809,308 1,470,081,427 + 28.8
Total Southern.. - -

203,857,930
155,291,000
119,131,800
124,532,140
47,190,104
67,047,321
43.813.002
45,408,990
21,790,078
38,242,701
17,204,802
42.734.000
20,207,080
15,985,984
10,078.077
97.322.000
42.078.804
10,500,107
13.152.002
13,983,158
12,730,451
0,443,505
4,704,397
15,129,878
9,430,684
10,980,133
15,124,138
23.319.804
9,080,871
3,849,281
4,447,878
2,927.300
1,424,590
17,522,111
5,380,881
0,812,407

FEBRUARY

IVceJt ending February 28.

Since Jan. 1.

February.

898

THE CHRONICLE

THE FIN A N C IA L SITUATION.
Call loan rates on the Stock Exchange this week
have ruled lower, but the tension in the money
market has been in no way relieved. The chief
cause for uneasiness is that the preaching and the
practice of the Federal Reserve authorities are wide
apart. Every one connected with the Reserve
banking system is stressing the need of credit re­
striction, while the weekly returns of the different
Reserve banks show that credit expansion is going
on as merrily as before. The statement issued
last Saturday showed no improvement in •that
respect. There was. another large addition to
the bills held under discount, a further very con­
siderable increase in the volume of Federal Reserve
note circulation, and another decrease in the gold
holdings.
To be sure, the Federal Reserve Bank of New York
managed to remove, at least in a book-keeping sense,
the impairment shown to have existed the previous
week in its cash reserves, but it was able to do this
merely through the assistance of the United States
Treasury and by the employment by the latter of
adventitious methods from which no great amount
of satisfaction is to be derived. The return issued
Feb. 21 had shown only 33.9% of cash reserves to
net deposits (after deducting 40% gold against
Federal Reserve note circulation) though the statute
fixes the minimum of cash reserve against deposits at
35% . The return for last Saturday (Feb. 28)
showed this ratio as having improved to 35.2% , it
being thus brought up slightly above the legal mimimum, but examination of the figures revealed that
Government deposits with the Bank had increased
from $38,035,000 to $91,035,377 and furthermore,
that though the gold reserve of the Bank had dropped
from $526,782,000 to $516,620,717, there had been
an increase from $48,620,000 to $99,717,884 in the
holdings of “ legal tender notes, silver, & c.” It was
through this addition to the silver holdings that the
ratio of cash was increased.
The silver increase was not at first understood, but
in the statement given out the same afternoon at Wash­
ington (in connection with the figures for the twelve
Reserve banks combined) an explanation was fur­
nished which cleared the matter up. This explana­
tion told that “ The increase of over $50,000,000 in
‘other reserve cash’ represents largely a transfer of
silver accumulated by the Treasury with a view to
meeting Oriental demands. Silver so transferred
will gradually be used for that purpose by the New
York Reserve Bank which is conducting the opera­
tion under the direction of the Federal Reserve
Board. Meanwhile, the transfer serves to replenish
the balance of the Treasury with the New York
bank in anticipation of March 15 demands without
calls upon depository banks.”
The general view appears to be that the silver thus
used to help out the Federal Reserve Bank is merely
in transit to the Far East and thus possesses only
brief availability. At all events it is entirely a
temporary expedient and a doubtful one at that.
Whether, cash is a little larger or a little smaller is
not of so much consequence as that credit expansion
and bank note expansion keep steadily going on.
In the four weeks ending Feb. 27 the bill holdings of
the New York Federal Reserve Bank increased from
$953,341,505 to $1,084,223,420, while Federal Reerve note circulation ran up from $769 170,315 to




[Vol. 110.

$826,286,705 and the gold holdings suffered a reduction^from $562,784,838 to $516,620,717.
Similarly for the twelve Federal Reserve Banks
combined the aggregate of paper held under discount
increased for the four weeks from $2,735,670,000 to
$2,984,878,000, being an addition of almost onequarter of a thousand million dollars, while the total
of Federal Reserve notes in actual circulation rose
from $2,850,944,000 to $3,019,984,000, though the
gold holdings fell from $2,012,656,000 to $1,966,836,­
000. It is this great and grave expansion in borrow­
ing at the central institutions and the continued injec­
tion of further masses of Federal Reserve note issues
that furnishes chief occasion for anxiety. Of course
the coincident loss in gold tends further to aggravate
the situation, but relief can come only from the
former direction. Hence until the tax upon the
facilities of the central institutions is substantially
and permanently lessened the future will be invested
with much anxiety.
The returns of bank clearings for the various cities
of the United States continue to reflect notable
activity in the mercantile and industrial affairs of
the country, although of late there have been indi­
cations of slowing down in some important lines.
That the clearings should be of such extremely full
volume in the face of reports of lessened activity in
trade is not, however, paradoxical, when it is recalled
to mind that the transactions through the banks
represent in no small measure payments on business
ordered some time before, and consequently the true
situation now remains to be disclosed later. Of
course there is nothing suggestive of any slump in
business— only some slowing down.
Our clearings compilations to-day cover the month
of February and furnish a daily averagcTnot m aterf
ally below that for January, which was the heaviest
on record. Furthermore, of the 178 cities included
in our statement, as given on the first page of this
issue, 170 set up new high records for February and
in very many instances by phenomenally heavy
percentages. Note the 584.2% gain over Febru­
ary 1919 at Kansas City, Kan., 161.4% at Little
Rock, 100.8% at Los Angeles, 98.8% at Buffalo,
79.8% at Memphis, 79.6% at Fort Wayne, &c., &c.
A t'K ansas City,*K an., the remarkably*heavy per­
centage of increase is due in greatest measure to the
induction of the Federal Reserve Bank branch into mem­
bership during the month, and at a number of other
points the activities of the various Federal Reserve
banks or their branches have been potent stimulating
factors. But above and beyond this, the aggregate
this year greatly exceeds that of 1919.
Specifically, the total of clearings for the month
this year is $33,226,993,772, this comparing with
$25,808,147,986 in 1919, an increase of 28.7% , while
compared with 1918 a gain of 49.3% is recorded.
For the two months the augmentation over the pre­
ceding year is 28.5% and the excess overl918is53.3% .
At New York the February total at $18,144,052,423
shows an expansion of 27.8% over 1919 and there is
an increase over 1918 of 48% , while for the period
since January 1 comparison reveals an augmentation
in the first case of 29% and in the other of 53.3% .
Outside of New York the aggregate for the month
at $15,082,941,249 is 29.9% greater than for the
period last year, and exceeds 1918 by 50.9% . For
the two months gains of 27.8% and 53.4% respec­
tively are shown.

M ar. G 1920.]

THE CHRONICLE

Increased activity was in evidence in dealings in
share properties on the New York Stock Exchange;
in February the transactions, despite the fewer
number of business days, running well above those
for January. In all, the number of shares tyaded in
was 21,865,303, against 12,210,741 last year, and
11,418,079 shares in 1918, with the two months’
aggregate 41,745,409 shares, 24,069,206 shares and
25,034,436 shares, respectively. Liberty bonds,
as for some months previously, were the feature o
operations in the bond market, the dealings reaching
close to 232 million dollars par value, or more
than three times the combined transactions in
State, municipal and foreign securities and in
railroad and industrial issues.
Altogether, the
months’ bond dealings totaled $303,527,600 par value,
against $238,254,000 last year and for the two
months were $674,652,200, against $515,122,500.
On the Boston Stock Exchange there was also a
gain in the dealings, sales of 489,333 shares in
February, comparing with 308,813 shares a year
ago, with the aggregate since January 1 reaching
1,054,482 shares, against 666,269 shares.
Chicago
also exhibited a marked increase in transactions,
which were for the montli 725,984 shares, against
198,511 shares last year, and for the two months
1,343,164 shares, against 315,411 shares.
Canadian bank clearings for February also make
a gratifying exhibit, the total for the 27 reporting
cities showing a gain of 39.9% over 1919 and 68.6%
over 1918, with the showing especially good at such
important centres as Montreal, Toronto and Calgary.
For the two months the increase in the aggregate
for the identical cities is 38.2% over last year and
64.1% over two years ago. Montreal Stock Ex­
change transactions for the month totaled 361,469
shares, against 138,997 shares in 1919, with the
aggregate for the two months 911,193 shares, against
231,503 shares.

899

also some Independent Socialist leaders were in­
vited.” He was said to have declared that “ the
Moscovite Government does not propose to make any
concessions to the Western countries, nor to give up
its determination to revolutionize the whole world
after the Russian pattern.”
According to the statements credited to this socalled apostle of Sovietism, “ Russia’s army now totals
2,500,000 men, excellently equipped, and officered
and commanded by the best generals of the old
regime, many of whom have become convinced of
Bolshevism.” Continuing, the speaker was further
quoted as follows: “ If Russia, despite this splendid
army, is now seeking peace with the rest of the
world, it is because a peaceful world naturally opens
its doors to Russia, who would carry the spirit of
Bolshevism with them wherever they went, be they
merchants, Government servants or laborers.” The
foregoing space is given to these statements, not
because of their probable accuracy in all respects,
but as a brief sample for our readers of the propa­
ganda that the Soviets are sending broadcast through­
out the world.

London received advices a week ago telling of an
address delivered by Leon Trotzky, Minister of War
of Soviet Russia, before the Third Russian Congress
held in Moscow on Jan. 25. According to the ac­
counts, he “ outlined the Bolshevist plan for con­
verting the Red army into an army of labor.” He
was reported to have asserted also that “ we have
already organized several of these armies and they
have been allotted to their tasks.” Going into the
scheme in greater detail, the Soviet leader said: “ One
army must obtain foodstuffs for the workmen of the
districts in which it was formerly stationed, and it
also will cut wood, cart it to the railways and repair
engines. Another army will help in the laying down
of railway lines for the transport of crude oil. A
third army will be used to repair agricultural imple­
Apparently the latest peace offer of the Russian ments and machines, and, in the spring, will take
Soviets was taken as more or less of a joke by the part in the working of the land.”
Governments to which it was made. At any rate,
the State Department in Washington, according to
It will be recalled that last week the Supreme
an Associated Press dispatch from that centre, an­ Council appointed Albert Thomas, French Labor
nounced a week ago to-day that “ Soviet Russia’s leader, to investigate economic conditions in Russia
proposal to the United States for peace will receive and to report before the close of the current month.
no consideration from the American Government.” In an interview in London about a week ago, he was
The observation was said to have been made by quoted as having expressed the opinion that “ the
State Department officials that “ it did not differ League of Nations Labor Commission will not get
from previous proposals made by the Bolsheviki to into Russia to do its work unless it suits the personal
the Great Powers,” and it was said to have been and political purposes of Lenine.” He was quoted
added that “ it would not be made public, as it was as having added that “ the proposal to send such a
regarded largely as an effort to further Soviet propa­ commission there has not received any official recog­
ganda throughout the world.”
nition from Lenine, and there has been no official
According to a Berlin cablegram that came to invitation by the Bolsheviki to send such a commis­
hand a week ago to-day also “ disciples of Bolshevism sion into Russia.” The French labor leader “ ex­
and their friends, among the Spartacides and Com­ pressed doubt even as to whether the commission
munists, have become quite alarmed at the Moscovito would ever obtain the approval of the Soviet Govern­
Government’s r adiness to make peace with the ment to cross the Russian borders.”
‘capitalistic Western Governments’— fearing that it
In view of the announcement of the appointment of
would mean the end of the ardently hoped-for world Mr. Thomas for the investigation work in Russia, it
revolution.” These doubts were reported to have was somewhat surprising to note in a London cable­
been completely dispelled soon thereafter by the gram early this week the reported selection of Dr.
coming to Germany of “ a Russian emissary, who Fritdjof Nansen, the explorer, by the Council of the
though traveling through Germany incognito, is League of Nations, as “ the head of the Commission
believed to be one of the prominent representatives which will investigate conditions in the territory con­
of the Soviet Government.” At any rate, it was trolled by the Soviet Government.” It was added
related in the cablegram that “ lie spoke at a secret that if the Nansen Commission goes into Russia it
meeting of the chieftains of Communism, to which will be there more than three months. According




900

THE CHRONICLE

to the report, “ it will contain ten or twelve members,
appointed by the Council to represent Allied and
neutral countries.” D oubt was expressed in the same
cablegram as to “ whether the scheme for trading
with Russia through the co-operative societies will
materialize, owing to the fact that the co-operatives
in London have formed themselves into a limited
liability com pany.”
Further successes for the Bolshevist army in the
field were claimed in advices received in London last
Saturday. The occupation of Onega, situated on
Onega Bay, about 80 miles southwest of Archangel,
was reported. Still other victories were declared to
have been scored by the followers of Lenine and
Trotzky in the Murmansk region also. Among the
supplies declared to -have been taken were an armored
train, 8 airplanes “ and a large quantity of material.”
In the region of Tiraspol and Odessa the Soviet an­
nouncement received in London stated that between
Jan. 24 and Feb. 17, 12,700 prisones, 342 guns, 23
armored trains, 5,500 rifles, 15 airplanes and 390
motor cars had been captured. Decisive victories
and the capture of materials and supplies in still
other regions were claimed.
'Prominent United States Senators were quoted in
a Washington dispatch the same afternoon as having
expressed the opinion that recognition of Soviet
Russia by our Government was near. Included in
the list were Senator Hitchcock, who was reported to
have said that “ resumption of relations with Russia
is very near;” Senator Borah, who was credited with
having predicted that “ recognition of Russia b y the
Allies within ten days and action by the United
States soon after;” and Senator France, who said
that he would press for hearing at an early date the
resolution then lodged with the Foreign Relations
Committee, directing the President, “ to extend
recognition to Russia at once.”
It became known through London advices on
Tuesday that “ Premier Millerand of France has
proposed that a financial representative be included
in the League of Nations Labor Commission to in­
vestigate conditions obtaining in Russia.” Accord­
ing to the dispatch “ this financial representative
would go with the mission to acquire first hand in­
formation of the attitude of the Bolsheviki toward
foreign, public and private investments in Russia.”
The correspondent added that “ the proposal has
been referred to the League of Nations.”
In a dispatch from London last Saturday morning
there appeared what seemed to be an authentic
outline of the reply of the Allies to the second note of
President Wilson on the Adriatic situation, which it
was claimed was prepared in only two hours, and
without the actual presence of either Premier Lloyd
George of England or Premier Millerand of France.
In the London communication the Premiers were
reported to have noted “ as a fact of the greatest
importance that President Wilson expresses a willing­
ness to accept any settlement mutually agreeable
to Italy and Jugo-Slavia regarding their common
frontier in the Fiume region, providing such agree­
ment is not made on the basis of compensation else­
where at the expense of nationals of a third Power.”
The dispatch further set forth that “ the Premiers
agree that this would be an ideal way of settling the




[Vol. no.

question, and they express their willingness to do
their utmost to reach a settlement by this road.”
Accordingly it was said that “ they are ready to
withdraw their proposals of Dec. 9 and Jan. 20,”
and that “ the Premiers, therefore, cordially invite
the President to join them in a formal proposal to
the Italian and Jugo-Slav Governments to negotiate
an agreement on the basis of withdrawal of all pre­
vious proposals.” The Premiers made it clear,
according to the dispatch, that they could not give
up the much-discussed treaty of London without
good cause. They were reported to have asserted
that its “ secret character” was due “ to military
exigencies preventing its publication during the war.”
On the other hand, the Premiers were quoted as hav­
ing declared that “ they cannot disguise the fact
that should no voluntary settlement of the Adriatic
.problem be reached, the Treaty of London would
become the only valid alternative, as far as they are
concerned.”
In a Washington dispatch to the New York
“ Times” on Sunday the assertion was made that
Government officials there made no effort to deny
the accuracy of the outline of the reply of the Allies
to President Wilson’s second note, as cabled from the
British capital the day before. It was made very
emphatic, however, in the Washington dispatch that
the proposal of the Allies to give up the agreement of
December 9 could not be accepted by President
Wilson, as by so doing he would be virtually “ re­
ceding from the position set forth in that com­
munication.” It was expected in Washington at
that time that President Wilson’s reply would be
sent forward during the week. Word came from the
National Capital M onday afternoon that he had
actually begun work on it. The same advices stated
that “ there was no comment available from officials
here as to the extent that President Wilson might be
willing to go in joining directly with Premiers
Millerand and Lloyd George in fostering these new
negotiations.” It was gratifying to note the state­
ment in another Washington dispatch that “ the
President is leaving it for the State Department to
set forth his views in diplomatic language.”
Washington was glad to hear from London that
Premier Nitti of Italy and Anton Trumbitch, head
of the Jugo-Slav delegation there, “ were almost in
continuous conference over the week-end in an effort
to secure some mutually satisfactory compromise
agreement for the settlement of the Adriatic dispute.”
According to the advices it was impossible to learn
the nature of the “ conversations,” as both the Italian
and Jugo-Slav delegations declined to give any
information.
Crawford Price, writing in the London Sunday
“ Times” a week ago expressed the opinion that
“ Premier Nitti agreed to the new proposal for the
settlement of the Fiume situation (to which reference
has already been made) before it was transmitted to
Washington.” The writer referred to the Allies’
latest reply to President Wilson in which they offered
to begin negotiations anew on a new basis, as already
explained.
A rather surprising report appeared in a Rome
cablegram received in London Monday afternoon.
It was said that the Railroad Administration of
Italy had completed plans “ for direct railroad con­
nection with Fiume.” It was even added that

M ar. 6 1920.]

THE CHRONICLE

901

According to a cablegram from Rome last evening,
“ orders were issued for the construction of a direct
line from Trieste to Finnic,” and it was added that Minister of the Treasury Schanzer has announced
“ work will probably be started in the near future.” that “ subscriptions to the sixth loan amount to
about 18,175,000,000 lire, of which 175,000,000
According to a cablegram direct from Fiume “ a comes from abroad.” It was also announced that
siege of the city has begun, with a stringent blockade “ the subscription lists closed Wednesday.”
against commodities, including foodstuffs.” This
An order was said to have been sent out a week ago
dispatch was dated a week ago to-day. General
Caviglia, representing the Government, was quoted last night by the Executive Committee of the Na­
as saying that “ perhaps we may appear to be lenient tional Federation of Rail way men of France “ for
toward those occupying Fiume, but it is not so. We a general strike of all railwaymen on all roads in
shall exercise an iron blockade against the forces France.” This did not frighten the French Govern­
of Gabrielle d ’Annunzio.” A prominent banker was ment officials in the least, according to Paris advices.
reported in the same dispatch to have said “ we are Already the Government had taken charge of the
starving.” Other prominent bankers in Fiume strike situation on the Paris Lyons & Meditteranean
were declared to have asserted that “ our money situ­ Railroad. The strikers tied up two other roads
centring in Paris, and, moreover, demanded that
ation is appalling.”
the Government take over all the roads. The auth­
According to a dispatch from Rome a day or two orities not only flatly refused to do this, according
later the industrial and financial situation in Italy to the reports from the French capital, but “ issued
continues serious. There is still an acute shortage an order calling into the army the strikers on one of
of essentials. As a consequence the Council of the lines and ordering those of other lines to return
Ministers decided upon “ additional measures of to work within 24 hours, failing which they would be
retrenchment.” The announcement stated that the called into military service.” Premier Millerand,
Council will “ restrict the importation of cereals, speaking in the Chamber of Deputies regarding the
frozen meats, sugar and bacon. Fridays and Satur­ railroad strike, said that “ we are facing a political
days will be meatless days. No alcoholic drinks may movement, or calling it by its name, a revolutionary
be sold after 10 p. m .” It was added that “ the movement under a puerile pretext.” Paris dis­
Council hopes to save 2,000,000,000 lire by its recent patches a week ago this afternoon contained the
positive announcement that a general strike on the
reduction in the bread ration.”
railroads of France, effective immediately, had been
It was disappointing to read in a London cable­ ordered.
Word was received here Sunday morning from Paris
gram Tuesday morning that “ the conversations
between Premier Nitti of Italy and the Jugo-Slavs that “ the action of the National Federation of Rail­
were broken off suddenly to-day” (M onday). The waymen has now won the support of the General
opinion was said to prevail in London at that time that Confederation of Labor for the strike, which up to
“ they will not be resumed in London during the to-day had been conducted by the railroad workers’
present week.” The correspondent even claimed unions without central authorization.” The corre­
that “ the entire Adriatic question remains in suspense spondent added that “ should the Confederation of
and it seems fairly certain that no solution will be Labor decree a general strike among the small indus­
reached while the Supreme Council is sitting in tries, the movement would partake of a truly revolu­
London.” He thought that the question “ will be tionary character, for the aim of the strikers is to
reopened when the Peace Conference reassembles force the Government to take over the roads, which
in Rome toward the end of the month.” Premier the Government has refused to do.” Tuesday morn­
Nitti and several associates were expected then to ing’s advices from Paris relative to the railroad strike
leave London to-day. Later advices indicated that were distinctly encouraging. A special correspondent
they were planning to go on Thursday. According of the New York “ Times” cabled: “ The Government
to a special dispatch from the British capital to “ Idea seems certain to win the railroad strike. The man
Nationalc,” an Italian newspaper, the negotiations who started it is in jail and a dozen of his radical
in the former centre over the Fimue matter were lieutenants are keeping him com pany.” He added
that the general strike order of the day before “ has
“ worse than useless.”
A dispatch from Washington Tuesday afternoon failed to produce a general strike and there is distinct
stated that an announcement had been made at the amelioration in the railroad service, about 40% of
White House that “ the President had completed the usual schedule being maintained.” There was
his latest note to the British and French Premiers on encouragement also in the report that “ the General
the Adriatic situation.” In Washington dispatches Confederation of Labor, which now directs the strike,
the next morning the opinion was expressed that the is ready to make peace if the Government will consent
note would be cabled during the day, but announce­ to establish a commission to study the question of
ment was made on Thursday morning that the nationalization of all the systems.”
The strike actually came to an end Monday night.
communication was still being held in our National
Capital. It was finally sent forward Thursday Immediately following the arrival at an understand­
night. Word came from London last evening of its ing between the directors of the railroads and the
receipt there and delivery to Lord Curzon during men, “ the National Federation ordered the resump­
the day. In a Paris cablegram yesterday morning tion of work.” After the negotiations which finally
the opinion was expressed that the Italian statesmen led to a settlement had been in progress for some little
are disposed to mark time regarding the Adriatic time, an agreement not having been reached, an
situation “ until after the Presidential election in the appeal was made to Premier Millerand by both sides
United States and the installation of a new Govern­ to the controversy. The latter quickly made the
following proposals: “ No pay for the days of the
ment in Washington.”
strike; no punishment for refusing the formal request




! 02

THE CHRONICLE

to resume work, and a review by each director in a
spirit of justice, of all other punishments.” The
dispatches stated that these terms proved to be
acceptable to all concerned. The Executive Com­
mittee of the General Federation of Labor, as usual,
issued a statement claiming that “ the Federation of
Raihvaymen had advised the committee that it hac.
obtained satisfaction for all its claims,” — in short that
the strikers had won. In a cablegram from Paris a
few days later the assertion was made that the French
workmen broke the strike because they flatly refused
to follow a radical minority that tried to force a
Soviet system. It is worth noting also that Premier
Millerand refused to free the strike leaders from jail,
even after the agreement was reached and the men
generally returned to work.
The food situation in France appears to be no less
acute than it has been at any time in recent months,
and as it is reported as being in Italy, Germany and
other European countries. In a cablegram from
Paris a week ago the assertion was made that the
Cabinet had decided that “ menus must not comprise
more than two courses, one being meat, and that no
milk will be served in restaurants after 9 o’clock in the
morning.” The ruling further provided that “ if the
situation is unimproved two meatless days a week will
be ordered.” It was pointed out also that “ strictest
economy in foodstuffs must be practiced in order to
husband the resources and avoid increased prices.”
Brief reference was made in these columns last
week to the fact that financial and trade experts of
the Allied Governments had been summoned to
London for a conference a week ago yesterday with
the members of the Supreme Council relative to
matters of first importance with which these men
were particularly familiar. The conference Was held
and cablegrams from the British capital the following
day stated that “ the decision by the Allied Supreme
Council to investigate thoroughly the prevailing
high prices and the question of exchange will result
in splitting the conference into two bodies and the
continuing of the sessions in London at least another
week.” Toward the end of last week the assertion
was made that they would be wound up for the time
being on last Saturday. Speaking more specifically
it was said that “ the Council decided to investigate
exchange, the scarcity of commodities, increased
production, transportation, the operation of ‘rings’
charged with keeping up prices, profits and taxation,
as they affect prices.” It was claimed also that
“ the financial question would be dealt with by the
Premiers, with their official financial and economic
advisers, augmented from time to time by unofficial
experts.” Premier Nitti of Italy was persuaded to
postpone his home-going, while “ Premi r Millerand
of France was urged to return to London, the moment
the French strike situation permits, so urgent was
the consideration of the matters outlined considered.”
The further information was conveyed in the cable
advices that “ the Council’s present intention is to
confine the investigation to Europe.”

[Vol. 110.

were said to be the following: “ First— The necessity
of all the Allied countries developing their produc­
tion. Second— The necessity of reducing the cost
of armaments. Third— Europe is an economic unit,
and in order that she may regain economic health, all
the different parts must regain
their strength.
Normal economic production must be universal, or
it will be non-existent, and Germany and Russia,
therefore, must be in a position to contribute to the
economic life of the whole of Europe.”
The most striking announcement in the foreign
news Wednesday morning was that “ it is regarded as
probable that the Supreme Council will recommend
an international loan to Germany,” but it was added
that “ the question of security is a basic one.” The
correspondent said also that “ it is expected that a
plan will be arranged which will offer inducements to
the rich smaller countries to subscribe to a loan.”
The opinion was expressed in London that “ even
England will contribute officially and unofficially,
although England’s financial commitments of various
sorts arising from the war are greater than those of
any other nation.” According to the advices also
“ the question of finally fixing Germany’s war in­
demnities at a specific amount is being discussed.”
It has been apparent for some months to close stud­
ents of affairs in Germany that, however great the
desire of the peoples of the Allied and Associated
Powers to punish Germany might be, the fact re­
mains that if she is to survive economically various
modifications of the terms of the Peace Treaty would
have to be made, particularly as to the delivery of coal
to the Allies and the getting of raw materials. It
was claimed in the London dispatches this week that
Great Britain among the Allies and Lloyd George
pre-eminently among the British authorities favored
this idea, while, as might have been expected, the
French were opposed to it at first; but were gradually
coming around to the same position.
It was gratifying in the extreme to note in London
cablegrams that “ a particularly noticeable phase of
the present meeting of the Supreme Council of the
Peace Conference is the changed attitude toward
Germany.” The following was particularly pleas­
ing and important: “ In diplomatic circles it is
asserted that the Conference has come to recognize
that Germany ruined would mean a weak spot, and a
dangerous spot, in Europe.” It is a great pity that
the Allied Powers did not come to this conclusion
some months ago. A prominent international banker
in this city says that private letters just received from
Germany make it perfectly plain that the lack of raw
materials in that country is not only great, but serious
in the extreme, and that in other respects economic
and financial conditions are bad.
The “ Evening Standard” of London stated on
Thursday that “ the Allied Supreme Council has
decided to allow Germany to launch an international
oan.” The paper added that “ it would take p r o -•
cedence over any indemnity payments Germany is
called upon to make.” According to an Associated
Press cablegram from Paris yesterday “ the French
Government will make determined opposition tojany
revision of the Treaty of Versailles that would modify
French claims on Germany.”

Announcement was made in a London cablegram
to the “ Echo de Paris” that the economic section of
the Supreme Council spent all day M onday “ on the
The Supreme Council decided another important
drafting of a sort of communique,” which it was
expected would be issued the following day. The I question this week. The early dispatches stated’that
main ideas that would be set forth in the document ' it had been decided that Turkey should have no




M ar . 0 1920.]

THE CHRONICLE

navy, but at that time there was nothing definite
as to what disposition would be made of her naval
fleet. T h e advices stated furthermore that the
Council had not decided either “ just what arms will
be allotted to Turkey.’ ' It was reported that sub­
tractions from her territory were under discussion
that would result in the total population dropping
from 30,000,000 to 6,000,000. These figures are
regarded as very largely inaccurate. It was sug­
gested, however, in London cablegrams that such
changes in territory “ would make necessary an entire
readjustment of Turkey’s debt.”
Definite announcement was made in Thursday
morning’s cablegrams that, according to the plans of
the Supreme Council at that time, the Turkish
treaty would be handed to Turkey at Paris on March
22. Positive action was reported to have been taken
with respect to both the navy and army of that
country. It was stated that the Supreme Council
had decided that “ the Peace Treaty should provide
that the warships be broken up and that the army
be reduced to such a point by the peace terms that
it would not be effective against any other country.”
In a London cablegram Thursday afternoon it was
asserted that “ Turkey is stripped of virtually all her
territory in Europe, but retains the sacred places.”
The further statement was made that “ Thrace has
been awarded to Greece.” According to a London
dispatch the concensus of opinion in well informed
circles there is that “ the Adriatic settlement is in­
definitely postponed and that Premier Nitti of Italy
has turned his attention from this subject to Italy’s
claims in Asia Minor and the Turkish treaty.”

903

expectations regarding the event were fully realized.
For instance, it was stated that “ former Premier
Asquith took his seat in the House of Commons to­
day (Monday) after a triumphal motor trip through
immense crowds about his home in Cavendish Square
and Westminster Station.” The accounts added
that “ Mr. Asquith’s appearance in the House was
greeted with cheers from the Independent Liberals,
the Nationalists, and a few Liberalists and Coalition­
ists.” It was pleasing to note that “ after he was
seated, Premier Lloyd George hurried across the
Chamber and shook hands with M r. Asquith.”
Official announcement was made in London of the
appointment of Sir Auckland Geddes as British
Ambassador to the United States. The advices
stated that “ he will leave London for America in
about a m onth.” Cable advices from London last
evening said that April 3 had been fixed as a tentative
date for his sailing.

British Treasury returns attracted more than usual
attention this week, including as they did a heavy
issue of the new Exchequer bonds and exceptionally
large repayments of Treasury bills. The net results
of the week’s financing was a loss in Exchequer
balances of £835,000, which compares with an in­
crease last week of £474,000 and reduces the balance
on hand to £4,581,000, against £5,417,000 a week
ago. Expenditures were £20,513,000, against £25,­
323,000 for the week ending Feb. 21 with the total
outflow, including Treasury bills, advances and other
items repaid, £190,305,000. This compares with
£187,930,000 the week previous. Receipts from all
The strike fever apparently is pretty general in sources were £189,470,000, as against £188,404,000
Europe. Word came on Thursday morning that last week. Of this total, revenues contributed £37,­
“ Great Britain is threatened with a nation-wide 170,000, against £52,118,000, other debt £4,418,000,
strike of transport workers involving 150,000 to against £9,370,000, and savings certificates £1,100,­
170,000 men.” In addition, it was declared that 000, against £1,200,000. Advances yielded £3,050,­
“ 200 tin plate mills were made idle through 000, against £50,000,000 the week preceding. Total
strikes.” In Paris, although the railway strike had sales of Exchequer bills were £53,550,000. Treasury
been settled only a few days before, it was reported bills were sold to the amount of £62,732,000, as
that “ delegates of the Paris labor unions adopted against £67,666,000, while the sum repaid totaled
resolutions calling upon the railway employees to £95,151,000. As a result there was a material lessen­
respond to another strike order,” in case that a few ing in the volume of Treasury bills outstanding, which
union men who had been dismissed should not be now stands at £1,070,085,000, in comparison with
restored promptly. In Milan, Anarchist leaders £1,102,331,000 a week ago. Temporary advances
.prevented the return to work of men who wished to are £177,830,000. Last week they were £218,830,­
go back, according to a dispatch from that centre. 000, thus also indicating a sharp curtailment. The
In Copenhagen, Danish dock workers “ refused to total floating debt is given as £1,247,915,000.
upload Dutch ships or to handle Dutch goods in the
That subscriptions to the new Exchequer bond issue
harbor of Copenhagen,” it was said. According to should have exceeded £53,000,000 came as some­
reports from the Portuguese frontiers received in thing of a surprise to British financiers, and as
Madrid, “ the workers in Portugal have proclaimed further payments are yet to be received, indicating
a Soviet Republic.” Johannesburg sent word that that not far from £60,000,000 in cash will likely be
“ the strike among the native workers in the Crown subscribed, it is regarded as highly encouraging,
gold mines in the Rand, which has been in progress for especially since it will leave only £40,000,000 to be
some time, has been settled.”
provided from budget sources to meet the year’s
maturing Exchequer bills. The return is far better
There was unusual interest in advance in the re­ than had been anticipated, previous predictions
appearance of former Premier Herbert H. Asquith having been for a subscription of £30,000,000.
as a member of the House of Commons. The
“ Times” predicted a “ tremendous reception for the
Official discount rates at leading European centres
Liberal leader.” The “ Daily M ail,” which ordi­ continue to be quoted at 5 % in Paris, Berlin,
narily has opposed him, declared that the excitement Vienna and Switzerland; 5 }^ % in Norway, 6 % inover his return to Parliament was “ popular recogni­ London, Sweden, Copenhagen and Petrograd, and
tion of the fact that with his return an effective
*n Holland. In London the private bank rate
Parliamentary opposition will come into existence is now reported at 5J^% for both sixty and ninety
for the first time since the war.” The London cable­ days, against 5% % for sixty days and 5 13-16% for
grams Tuesday morning made it perfectly clear that ninety days, the previous quotation. Call money



904

THE CHRONICLE

on London is easier, having declined to 3 M % > in
comparison with 4 } / £ % a week ago. So far as can be
learned, no reports have been received by cable of
open market rates at other centres.
Another large gain in gold was shown by the Bank
of England statement, amounting to no less than
£3,152,193, although the total reserve was reduced
by £1,476,000, largely as a result of the continued
expansion in note circulation. This latter item
registered an increase of £4,629,000, so that the total
of notes in circulation has passed the £100,000,000
mark and now aggregates £101,155,000, in compari­
son with £71,092,120 in 1919 and £47,590,795 a year
earlier. Substantial curtailment was shown in some
of the deposit items, so that the proportion of
reserve to liabilities was advanced from 1 7 .0 2 % last
week to 1 9 .6 0 % this week, which compares with
18H %
the corresponding week of a year ago.
Public deposits expanded £5,117,000, but other
deposits were reduced £37,403,000, while Government
securities showed a falling off of £32,432,000. Loans
(other securities) increased £1,627,000. The Bank’s
gold stocks have reached a total of £113,597,892.
Last year they were £81,251,063 and in 1918 £60,­
084,474. Reserves now stand at £ 3 0 ,8 9 2 ,0 0 0 , as
against £28,608,943 in 1919 and £30,943,926 the
previous year. The aggregate total of loans is
£92,331,000, which contrasts with £84,734,210 a
year ago and in 1918 £98,191,457. Currency notes
outstanding amount to £299,598,000, comparing
with £296,953,000 a week ago. The amount of gold
securing'these'notes is £29,239,000. Clearings through
the London banks for the week totaled £861,980,000,
against £739,430,000 last week and £476,250,000 a
year ago. W e ' append a tabular statement of com­
parisons for the different items of the Bank of
England return.

[Vol.

no.

B A N K O F F R A N C E 'S C O M P A R A T IV E S T A T E M E N T .
Changes
for Week.
Cold Holdings—
Francs.
In France.................. Inc.
5(58,79 9
N o change
A broad.......................

---------------------------Status as o f-------------------------March 4 1920. March 0 1919. M a rch ! 1018
Francs.
Francs.
Francs.
3,(503,80(5,059 3,558,955,973 3,332,389,721
1,978,278,416 1,978,308,484 2,037,108,484

T otal........................ Inc.
508,799 5,582,145,075 5,537,204,458 5,309,498,200
S liv e r .......................... Inc.
20,951
251,485,714
314,154,718
250,088,093
Bills discounted_____Inc. 12,404,821 1,801,517,554 1,024,973,209 1,123,151,382
A dvances.................... Inc. 2,249,847 1,604,532,103 1,224,840,738 1,198,087,351
N ote c ir c u la tio n ...In c . 47,095,505 37,935,724,840 33,091,895,300 24,050,020.900
Treasury d e p o slts.-In c.
570,500
(? )
77,198,844
29,083,743
General d e p o s its ...D e e . 22,400,347 3,205,004,147 2,570,820,835 2,530,707,915

The Imperial Bank of Germany, in its statement
as of Feb. 23, registered another gain in gold, though
note circulation continues to expand. There were
increases of 1,999,000 marks in coin, of 142,000 in
gold and 245,804,000 marks in Treasury notes.
Notes of other banks expanded 1,056,000 marks,
bills discounted 2,415,000 marks and investments
56.876.000 marks. The expansion in circulation
amounted to 741,534,000 marks, while other lia­
bilities were augmented 414,456,000 marks. Ad­
vances were reduced 3,217,000 marks and deposits
115.622.000 marks. The German Bank’s gold
holdings are now reported at 1,090,995,000 marks,
which compares with 2 ,2 4 7 ,3 8 0 ,0 0 0 marks last year
.and 2,406,680,000 marks in 1918.

Last Saturday’s bank statement of New York
associated members, which is given in more com­
plete form on a later page of this issue, was somewhat
more favorable, in that reserves were substantially
expanded. Loans showed an expansion of $11,­
159,000. Net demand deposits also increased, $7 ,­
307,000, to $4,066,635,000, not including $18,029,000
of Government deposits. The latter item sustained
a further contraction for the week of $8,325,000. In
net time deposits there was a decline of $1,091,000
to $247,399,000. Cash in own vaults (members of
the Federal Reserve Bank) increased $950,000 to
$98,061,000 (not counted as reserve) while the
R A N K O F E N G L A N D ’ S C O M P A R A T IV E S T A T E M E N T .
reserves of member banks with the Federal Reserve
1920.
1919.
1918.
1917.
1910.
Bank increased $28,563,000 to $551,626,000. Re­
March 3.
March 5. March 6.
March 7.
March 8.
£
£
£
£
£
serves of State banks and trust companies in own
C ir c u la t io n ...............111,154,000 71,092,120 47,590,795 38,230,720 33,104,280
Public deposits......... 22,438,000 25,702,000 41,021,875 120,889,402 52,174,09 ) vaults increased $52,000 to $12,677,000, and reserves
Other deposits......... 135,411,000 128,732,417 137,715,291 123,104,055 97,035,512
in other depositories (State banks and trust com­
G ovcrnm ’ t securities 52,720,000 59,190,544 07,730,782 31,905,781 32,833,040
Other securities____ 92,331,000 84,734,210 98,191,457 190,029,100 93,180,103
panies) were brought down $546,000 to $11,324,000.
R es’ ve notes & coin . 30,892,000 28,008,943 30,943,920 34,223,215 41,424,079
Aggregate reserves expanded, in round numbers, $28,­
Coin and b u llion .-.113,597,892 81,251,003 00,084,474 54,009,935 50,078,359
Proportion of reserve
069,000, and surplus over legal requirements showed a
to liabilities.........
19.00%
18.50%
17.31%
14.02%
27%
gain of $27,121,240, which, of course, is the result of
Bank rate__________
0%
5%
5%
5H %
5%
the expansion in member bank reserves with the
The Bank of France'reports a further small gain of Federal Reserve Bank. The total of aggregate re­
568,799 francs in its gold item this week. The serves now held is $575,627,000, and excess reserves
Bank’s gold holdings now total 5 ,582,145,075 francs, $35,192,660. The figures given above for surplus are
comparing with 5 ,5 3 7,264,458 francs last year and based on legal reserves of 1 3 % for member banks of
with 5,369,498,206 francs the year before; of these the Federal Reserve system, but not including cash
amounts 1,978,278,416 francs were held abroad in in vault held by such banks, which amounted last
1920, 1 ,9 7 8 ,3 0 8 ,484[francs in 1919 and 2,037,108,484 Saturday to $98,061,000. The Federal Reserve Bank
francs in 1918. During the week silver increased did not do so well, for although the reserve ratio to
26,951 francs, bills discounted gained 12,464,821 deposit liabilities (after allowing 4 0 % gold reserve
francs, Treasury depositsfrose 576,500 francs, and against Federal Reserve notes in circulation) was
advances were augmented to the extent of 2,249,847 raised from 33.9 to 3 5 .2 % , bringing it above the
francs. On the other hand, general deposits were statutory limit again; this was effected entirely
reduced 22,460,347 francs. N ote circulation regis­ through a special transfer of silver made by the
tered an expansion of 47,095,505 francs, which brings United States Treasury, as detailed at the beginning
the total outstanding up to 3 7 ,9 3 5,724,846 francs of this article.
contrasting with 3 3 ,091,895,300 francs in 1919 and
As regards specific rates for money, call loans
with 24,650,026,960 francs in 1918. On July 30 1914,
have ruled during the week at 6 @ 1 0 % , which com­
just prior to the outbreak of war, the amount out­
standing was only 6 ,6 8 3,184,785 francs. Compari­ pares with 6 @ 1 5 % last week, for both mixed col­
sons of the various items in this week’s return with lateral and all-industrials alike. On M onday, Tues­
the statement of last week and corresponding dates day and Wednesday the rate was pegged at 1 0 % and
this constituted the high, low and renewal basis on
in 1919 and 1918 are as follows:




THE CHRONICLE

M ar . 6 1920.]

each day. Thursday the tone was easier and the
rate was reduced to 9 % , which again was the maxi­
mum and minimum for the day, as well as the basis at
which renewals were negotiated. On Friday there
was a drop at one time to 6 % but with 9 % still the
high and ruling rate. Funds during much of the
time were largely in excess of the demand, borrowers
being apparently out of the market for the present.
For fixed maturities the situation remains without
important alteration. Offerings are practically neg­
ligible, and the rate was bid up to 8 3 ^ % for all periods
from sixty days to six months, against 8 % last week,
without leading to any business, until Friday when
there was a recession to 8 % on regular mixed collateral
— 9 % on all-industrial money. A few loans were
arranged for small amounts and these were principally
for renewal purposes.
Commercial paper rates continue to be quoted at
G H @ 6 % % for sixty and ninety days’ endorsed bills
receivable and six months’ names of choice character,
with names less well known at G % @ 7 % .
M ost
of the demand is still from country banks and a mod­
erate volume of business is reported.
Banks’ and bankers’ acceptances have again been
advanced to meet the increase in Federal Reserve
rates and eligible member bank bills for ninety days
now range as high as G @ 6 J 4 % , with other dates and
ineligible bills all correspondingly higher. Business
was dull and transactions in the aggregate reached
only moderate proportions. Out of town institu­
tions continue the principal buyers. Loans on de­
mand for bankers’ acceptances are still quoted at
6 % . Detailed rates follow:
Ninety
Days.
Hllglblo bills of member bunks_______
Eligible bills o f non-member b a n k s.... . . 5
Ineligible b ills ....................... ..................

Spot DeliverySixty
Thirty
Days.
Days.
5H @ 5H
BH & ft H
5R@ 5H
6H @0
6M @ 6

Delivery
within
30 Days.
6 X bid
ftH bid
6H bid

Following the action of the New York and other
Federal Reserve banks, which we reported in these
columns last week had increased from 4 % to 5 % ,
the discount rate on 15-day advances secured by
Treasury Certificates of Indebtedness, and on re­
discounts of customers’ notes so secured not exceeding
90 days, the Cleveland, Chicago and St. Louis
Federal Reserve banks have likewise announced
similar increases. The Federal Reserve Bank of
Chicago has also raised from 5 to 5 ^ % the rate on
bankers’ acceptances for all maturities. N o other
changes, so far as our knowledge goes, have been
made during the past week, and the following is the
schedule of prevailing rates now in effect. W e are
not advised as to whether the Reserve banks at
Minneapolis, Dallas and San Francisco have also
moved up their rates on Treasury Certificates of
Indebtedness from 4 % to 5 % .

905

For the greater part of the week borrowers of call
money in the financial district entertained the idea
pretty generally that the rate was fixed at 1 0 % .
Toward the end of the period, however, there was a
drop to 9 % . Yesterday afternoon a further decline
to 6 % was recorded.
There was pretty general
criticism by those who give such matters close atten­
tion of the means taken last week to restore the
reserve ratio of the New York Federal Reserve Bank
to the level required by the A ct. Reference is made
to the transfer of $50,000,000 silver from the Sub­
Treasury which, so far as could be learned, could
reasonably be regarded as being only in transit. A c­
cording to the official notation it had been accumu­
lated for the settlement of Oriental obligations. W e
have discussed the matter further above at the open­
ing of this article. In some banking circles the
opinion was expressed yesterday that to-day’s bank
statement would be unfavorable, because of the fur­
ther large shipments of gold to South America. As
we have frequently said in recent weeks, there appears
yet to be no important change in the local monetary
position, or in that of the country at large. The
differences in the bank statement from one week to
another appear to represent chiefly a shifting of
accounts. There have been more definite reportsThis
week than heretofore of the probability of the holders
of speculative accounts in commodities being forced
by the banks to liquidate to a considerable extent. So
far as our domestic situation is concerned, something
of this kind will have to be done before our monetary
position will be decidedly easier. A t.th e moment it
looks as though the gold movement— both export and
import— would be an important factor in the local
money market, as well as in the foreign exchange
market. Local bankers have not changed their
attitude in the matter of time loans. Until they do,
ultra conservative borrowers will not become very
enthusiastic over the money market. The domestic
and foreign situations are susceptible just now of
changes that may have a pronounced bearing upon
the money market. For that reason authorities
arc not inclined at the moment to express definite
opinions about its immediate future.

Notwithstanding the fact that international poli­
tical affairs arc still in an apparent state of flux,
sterling exchange this week has shown
distinct
improvement and bankers who have in the past been
most apprehensive over the foreign exchange situa­
tion are now expressing hopes that the “ corner has
been definitely turned;” although it is felt to be still
too soon to look for anything like permanent stability
in rates. Contrary to predictions made by certain
market observers last week, the expected influx of
commercial bills did not materialize and rates were
D IS C O U N T R A T E 8 O F T H E F E D E R A L R E S E R V E B A N K S
IN E F F E C T M A R C H 5 1920.
•
not only well maintained, but were substantially
It is true there are those who insist that
Discounted hills maturing within 90
Agricultur­ higher.
days (including member banks' 15- Bankers'
Trade
al and Useday collateral notes) secured by— Acceptances Acceptances stock paper while exports have been severely curtailed, the offer­
Federal
discounted maturing maturing
ings of bills which have been coming on the market
Liberty
Treaeury
Otherwise for member within
Reserve
9 1(• 180
Bunk of— certificates bonds and secured
banks.
90 days.
days.
during the past week or so do not reflect the actual
Victory
and
of indebt­
notes.
unsecured.
edness.
supplies available, for the reason that certain of the
a
B o s t o n _____
r
>
6
ft
6
5H
6
strongest financial institutions are quietly but con­
New Y o r k ..
ft
5
0
5><
ft
Philadelphia.
ft
ft
6
6>*
f
t
a
6
0
C le v e lu m l...
fl>
sistently absorbing large quantities of bills, releasing
ft
ftH
a
5
ft
ft
Richm ond - 5
ftM
a
r
>
ft
Atlanta.........
6
5H
6
them only when' the market seems able to withstand
o
C h ic a g o ____
c
0
5X
0
6R
a
5
6
8 t. I-m ils___
6
0
t
the strain, and thus preventing a repetition of the
M inneapolis.
6
ft
ft
r>M
5H
5
0
Kansas C ity .
ft
e
ftH
ft
wild fluctuations and disastrous losses of the recent
fl
o
5
0
0
Bun Francisco
4K
s
0
ft
3M
past. Be this as it m ay, the supply of bills offered
Note.— R ato on paper secured by War Finance Corporation bonds 1% higher than has been comparatively light and this, together with
the rate on eommcrelal paper shown In colum n 3 o l figures abov e.
good buying for foreign account, firmer cable quota­



906

THE CHRONICLE

[Vol. 110

tions from London and somewhat easier local money advices state that Robert P. Skinner, American
conditions, has operated to bring about a much better Consul General at London, has notified the Depart­
undertone. Speculators again figured largely in the ment of Commerce that in view of the rapid fall in
week’s transactions and short covering operations value of the paper and silver currency of Great
were responsible in more than one instance for quick Britain, and in order to safeguard the Treasury of the
upturns. An additional influence in steadying ex­ United States against any loss therefrom, it has been
change has been the unqualified success attending decided to change the rate of exchange at which
the distribution of the French internal loan, which fees are collected and to establish a new rate, as from
it is understood is meeting with a response far in Feb. 1 1920 of six shillings to the dollar, which will
excess of expectations. On Thursday unofficial re­ be equivalent to $3 33 1-3 to the pound.
ports that arrangements had been practically com­
According to latest reports from Washington, no
pleted for a heavy import movement of gold into the real solution of the Adriatic problem is likely for
United States from England and France, incidental quite some time, while the Peace T reaty fight has
to the coming maturity of the Anglo-French loan, reached so complex a stage as to render all prospects
caused a sensational advance in quoted rates, and of an agreement upon essential points almost hope­
demand bills shot up to 3 5 9 % — the highest point less. Although intimations were heard to the effect
reached since the first week in February, when that a change of front on the part of the President
sterling dropped to the lowest quotation ever record­ could bring about practically immediate ratifica­
ed, namely, 3.18 for sight drafts. On Friday there tion, it now looks as if the whole matter might be
was a further advance to 3 6 9 % , though the close carried over into the coming national political cam­
was slightly under that figure.
paign. While much dissatisfaction is expressed over
The action of certain organizations of business men the outlook, the market to all appearances has
and exporters in this country in endeavoring to gain assumed an attitude of indifference to political
Government sanction for the re-opening of trade vagaries and is for the present at least resigning
relations with Soviet Russia on the ground that raw itself to the inevitable.
materials and foodstuffs are sorely needed for the
Referring to the day-to-day rates, sterling exchange
readjustment of normal trade conditions, has aroused on Saturday of the preceding week, was firm and
considerable discussion and is likely to be closely higher, with demand bills quoted at 3 3 8 % @ 3 4 0 % ,
watched. A t this juncture it is noted that the cable transfers 3 3 9 % @ 3 41 and sixty days 3 3 4 % @
British Controller of the Department of Overseas 3 3 6 % . On M onday under the stimulus of better
in a recent statement before the Supreme Economic buying orders, rates were advanced to 3 4 0 % @ 3 4 4 %
Council in London emphasized the need of an ex­ for demand, 3 4 1 % @ 3 45 for cable transfers and
change of commodities with the co-operative societies 3 3 6 % @ 3 4 0 % for sixty days. Further improve­
of Russia. T o obviate the danger of an outpouring ment was shown on Tuesday, when demand bills were
from Bolshevist Russia of “ Red” agents to spread marked up to 3 4 2 % @ 3 4 5 % , cable transfers to
sedition throughout Europe, a plan was offered where­ 3 4 3 % @ 3 4 6 % and sixty days to 3 3 8 % @ 3 4 1 % .
by the names of the representatives of the Russian Wednesday’s dealings were chiefly conspicuous for
co-operative societies shall be sent to the Allied an outburst of strength which carried prices up more
Governments and personal permits issued to such than 4 cents in the pound; the close, however, was
as are acceptable to them, is receiving serious easier and the rage was 3 4 2 % @ 3 4 6 % for demand,
consideration.
3 4 3 @ 3 4 7 % for cable transfers and 3 3 8 % @ 3 4 2 %
In the course of a speech delivered at a luncheon for sixty days. Trading for a while was more active
tendered to representatives of the American press in than for quite some time. Quotations shot up sen­
London this week, Sir Auckland Geddes, the newly sationally on Thursday, mainly on rumors of possible
appointed British Ambassador to the United States, heavy gold imports into the United States from
made the statement that the Allies were approving France and England, and demand touched as high
an international loan to Germany, the proceeds to be as 3 5 9 % ; the range was 3 4 6 % @ 3 5 9 % , with cable
used to stabilize the economic situation in Germany transfers at 3 4 7 % @ 3 60 and sixty days 3 4 2 % @
and the redemption of the loan to be placed before 3 5 5 % . Friday’s market was strong and higher,
payment of Germany’s war indemnities. Bankers and there was a further sharp advance in sterling
here when questioned on the subject were almost quotations.
Demand ranged between 3 6 2 % @ 3 6 9 % , cable
unanimously of the opinion that as a private opera­
tion the proposed German loan would meet with transfers 3 6 2 @ 3 70 and sixty days 3 5 8 % @ 3 6 5 % .
scant success in the United States, since the appeal Closing quotations were 3 6 1 % for sixty days, 3 6 5 %
would of necessity have to be almost exclusively for demand and 3 66 for cable transfers. Commer­
to those of German antecedents in this country. cial sight bills finished at 3 6 3 % , sixty days at 3 5 8 % ,
It is conceded that credit in some form or other ninety days at 3 5 5 % , documents for payment
will have to be supplied Germany for raw materials (sixty days) 3 5 8 % and seven-day grain bills at
and machinery to facilitate the restoration of her 3 6 1 % . Cotton and grain for payment closed at
economic position, but just how this is to be brought 3 6 3 % . The week’s gold movement included a
about appears problematic. According to a recent consignment of $250,000 for Cuba and approximately
London cable it is learned that the Indian Govern­ $21,500,000 for Argentina. Of this total about
ment in order to prevent speculation in exchange $14,500,000 was held over from last week, awaiting
has announced the right to refuse any tender for shipment and is expected to go forward to-day.
the purchase of reserve council drafts without Recent reports of a probable resumption of this
proper reasons being assigned. It is asserted that a Government’s embargo of gold shipments from the
large sum representing the savings of English people United States were characterized by Treasury officials
in India is awaiting remittance to that centre and the as extremely unlikely, the present heavy outflow
aim of the Government is to distinguish between the being regarded as a direct result of natural trade
aws and an evidence of the return of international
genuine remitter and the speculator. Washington •A



M ar. 6 1920.

THE CHRONICLE

907

trade conditions to a more normal basis. Bankers remittances, in comparison with 00.37 and 00.39
here look for gold imports from London in the near the preceding week. Exchange on Czecho-Slovakia
future. The withdrawal of India as a bidder for closed at 1.17, against 1.20; on Bucharest at 1.58,
South African gold and the recent rise in sterling against 1.57; on Poland at 72, against 67, and on
rates making it profitable to bid for the precious Finland at 4 .5 5 , against 4 .50. Lire finished at 17.77
metal. A shipment of $3,000,000 gold has been for bankers’ sight bills and 17.75 for cable transfers.
received from Canada, but this had nothing to do, it This {com pares with 18.38 and 18.36 a week ago.
was stated, with the expected European import Greek exchange was firmer and {closed at 8.62 for
movement.
checks and 8.6 0 for cable transfers, against 8.6 4
and 8.66 last week.
Movements in the Continental exchanges during
Neutral exchange was inactive for the most part
the earlier part of the week showed some irregularity, and rate variations followed the course of sterling
but in the main the trend was upward, and on and other continental centres. The result was that
Thursday, following the lead of sterling, important while fluctuations during the earlier part of the week
gains were scored, carrying prices substantially were in some cases quite pronounced, marked gains
above those of a week ago. Trading was inclined toward the close carried quotations for guilders,
to be spotty, being marked by outbursts of activity Swiss francs and pesetas well above the final range
and strength at intervals when rates were forced up of last week. The Scandinavian exchanges were
spectacularly. Francs, both French and Belgian, particularly strong, recovering in some cases as much
were strong and weak by turns, but without specific as 135 points.
activity or cause therefor, until Friday when sharp
Bankers’ sight on Amsterdam finished at 3 7 % ,
advances took place. Lire moved irregularly for a against 3 6 % ; cable transfers at 3 7 % , against 3 6 % ;
while, though the close was over G points above commercial sight at 37 5-16, against 36 11-16, and
O
last week’s final quotations. Berlin marks were commercial sixty days at 36 15-16, against 36 5-16 on
under some pressure in the initial transactions, declin­ Friday of last week. Swiss francs closed at 5.77 for
ing to 0 .99, the previous low record. Later there was bankers’ sight bills and 5.75 for cable^remittances.
an increase in the inquiry and the quotation was A week ago the close was 6.2 0 and 6 .1 8 . Copen­
restored to 1.05. Austrian kronen ruled fairly hagen checks finished at 16.10 and cable transfers
steady, with only fractional net changes. Greek 16.20, against 14.75 and 14.90. Checks on Sweden
exchange and the exchanges of the mid-European closed at 19.30 and cable transfers 19.40, against
Republics shared mildly in the improvement shown 18.35 and 18.50, while checks on Norway finished at
at leading Continental centres late in the week.
18.00 and cable transfers 18.10, against 17.00 and
Belgian bankers have decided, it is learned, to take 17.15 the previous week. The final range on Spanish
joint action for the purpose of protecting Belgian pesetas was 17.90 for checks and 18.00 for cable
exchange. It is not yet known whether the new regu­ transfers. Last week the close was 17.40 and 17.50.
lations drawn up for collection of bills and documents
W ith regard to South American quotations, very
in foreign currencies represent voluntary action, or little change has been noted, and the close for Argen­
whether they carry definite legal sanction, but the tine checks was 43 .2 0 and cable transfers 4 3 .3 5 ,
understanding is that they provide that bills payable against 43.22 and 43.37 last week. For Brazil the rate
in foreign currencies shall be payable in the currency is still 2 5 % for checks and 26 for cable remittances.
stipulated in Belgian francs. This is regarded as Chilian exchange is a shade easier, having declined
meaning that the Belgian drawer of New York drafts to 2 1 % , against 22, although Peru remains at 4 .7 5 @
must have the proceeds remitted to him in Belgian 4 .8 0 , the same as a week ago.
francs and not allow the dollars to remain here to his
Far Eastern rates are as follows: Hong Kong 1 0 1 @
credit. At a meeting of the Danish Financial Council 1 0 1 % , against 9 7 @ 9 8 ; Shanghai 1 5 2 @ 1 5 2 % , against
in Copenhagen recently it was decided to demand 1 4 3 @ 1 4 3 % ; Yokohama 4 7 @ 4 7 % , against 4 9 @ 5 0 ;
from the Government sole control of all imports. Manila 5 0 @ 5 1 , against 4 9 @ 4 9 % ; Singapore^43% @
Co-operation of the bankers with the Council has 44 , against 4 1 % @ 4 2 % ; Bombay 4 6 % @ 4 8 against
already resulted in virtual prohibition of Danish 4 5 % @ 4 6 % , and Calcutta 4 6 % @ 4 8 , against 45%<g)
purchases in Leipsic and Hesse. A dispatch from 4 6 % .
Berlin states that the German Government lias made
an urgent appeal to the Allies for permission to control
The New York Clearing House banks, in their
import and export traffic on the western frontier operations with interior banking institutions, have
on the ground that the present suspension of German gained $6,756,000 net in cash as a result of the cur­
regulations is resulting in the wholesale importation rency movements for the week endmgfJMarch 5 .
into Germany of unnecessary luxuries instead of the Their receipts from the interior have aggregated
much-needed foodstuffs and clothing and thereby $9,844,000, while the shipments have reached
helping to further depreciate currency values.
$3,088,000. Adding the Sub-Treasury and Federal
The official London check rate in Paris finished Reserve operations and the gold exports, which to ­
at 4 9 .9 0 , as against 48.2(5 last week. In New York gether occasioned a loss of $ 6 2 ,147,000, the com­
sight bills on the French centre closed at 13.72, against bined result of the flow of money into and out of the
14.26; cable transfers at 13.70, against 14.24; Com­ New York banks for the week appears to have been
mercial sight bills at 13.75, against 14.29, and com­ a loss of $55,391,000, as follows:
mercial sixty days at 13.83, against 14.37 last week.
Week ending March 5.
Into
Out o f
Net Change in
Belgian francs finished at 13.02 for checks and 13.00
Hanks.
Ranks.
Rank Holdings..
*3,088.000 Gain $6,756,000'
59.844,000
for cable transfers, comparing with 13.82 and 13.80
Sub-Treasury and Federal Reserve
operations and gold exports______
74 ,318,000
136,465,000 Loss 62,147,000
a week ago. Reichsmarks closed at 1.03 for checks
584.162,000 5139,553,000 Loss 555,391,000and 1.05 for cable transfers.
Last week the close
was 1.01 and 1.03. Closing quotations on Austrian
The following table indicates the amount of bullion
kronen were 00.40 for checks and 00.42 for cable in the principal European banks:




THE CHRONICLE

908
Banks of—

.

England - Franco a . .
Germany .
Russia
Au.s-Ifun.c
S p a in ____
Italy
...
Netherl’ds.
N at. Bel. h
Bwltz'laiul
Sweden_
_
Denmark
N orway . .

March 6 1919.

March 4 1920.

Gold.

Silver.

Total.

Gold.

Slloer.

Total.

£
£
£
£
£
£
81,251,063
113.597,892
113,597,892 81,251.063
144,154.66(1 10,010.000 154,194,666 142,358,239 12.560.000 154.91S.239
1,038,210 113,324,110
54,549,750
1,180,050 55,729,800 112,285,900
129,650,000 12.375.000 142.025.000 129,650,000 12.375.000 142.025.000
2.369.000 13.313.000 11,008,000 2.289.000 13.297.000
10.944.000
98.134.000 25.357.000 123.491.000 89.146.000 25.743.000 114.889.000
32.198.000 3.001.000 35.202.000 37.071.000 3,000.000 40.071.000
759.000 57.202.000
52.749.000
757.000 53.506.000 56.443.000
600.000 15.980.000
10,657,00(1 1.072.000 11.729.000 15.380.000
21.157.000 3.369.000 24.526.000 16.433.000 2.568.000 19.001.000
16.022.000
14.794.000
14.794.000 16.022.000
135,000 10,540,000
12.602.000
188.000 12.790.000 10,405,000
6,912,000
8,128,000 6,912,000
8,128,000

Total week 703,315,308 59,711,050 763,026,358 724,365,202 61,067,210 785,432,412
Prcv. wee 4 700.150 255 59,528.000 759.678,255 723,836.223 60,841,910 784,678,133
a Gold holdings of the Bank o f France this year are exclusive of i.79,131.137
held abroad.
* N o figures reported since October 29 1917.
c Figures for 1918 are those given by “ British Board of Trade Journal” for D ec. 7
1917.
h Figures for 1918 are those o f August 0 1914.

QUESTION OF FINANCING GERMANY.
To practical financiers, especially those familiar
with the international market of the present and the
past, one conclusion has been hard to avoid, ever
since the][terms of peace were imposed. Actual
payment of the great war indeminty, under the
conditions prescribed and without financial assistance
from the outside world, would be an impossibility.
The conclusion was not rested on the amount of the
indemnity, or on the rightfulness or wrongfulness of
exacting the sum announced. It was not even
.rested wholly on the fact that the Council’s Repara­
tion Committee had the power to increase that sum
indefinitely, according as it should consider Germany
capable of meeting a larger requisition.
That of itself was an obstacle to intelligent finan­
cing which, by all experience, might have been
deemed insuperable. But it was the tacit assump­
tion that Germany would not only meet these pro­
digious requisitions— the actual initial payment, the
annual interest and amortization payments on the
$20,000,000,000 or upwards which was fixed as the
minimum reparation— but must do so without foreign
help. Her foreign trade was destroyed by the war;
her mercantile marine taken away in payment for
her ocean depredations; her credit shaken, her cur­
rency and exchange rates at the vanishing point, and
her tangible resources largely shattered. It Was a
practical question how, even with the best of inten­
tions on the part of Germany, the thing could pos­
sibly be done.
It is this aspect of the problem which has brought
about what this week’s cable advices describe as the
change of attitude on the part of the European
statesmen on the Allied Council. The new arrange­
ment has yet been arrived at, it would seem, only
in principle and in a tentative way; but it fairly con­
fronts the question, whethor Germany should not
be allowed to raise money abroad for purposes of
her own economic reconstruction, with the loan thus
placed allowed priority over the obligations arising
from the indemnity which Germany will have to
pay to her antagonists in the recent war.
The case as presented to the Allied Premiers was
that Germany cannot raise the requisite funds at
home for the immediate purposes of economic re­
construction; that they cannot be raised abroad on
bonds whose lien was subordinate to the indemnity
loan, and yet that the meeting of the indemnity pay­
ments hereafter will be distinctly dependent on the
getting of German industry to work again. The
“ Frankfurter Zcitung,” an intelligent and conser­
vative critic of German finance both during and since
the war, has lately put the matter thus:




[Vol.

no.

“ W e are ready and willing to work, but we lack
the raw material, the oil to lubricate our machineiy,
and even the necessary means of transport. Mean­
while we are consuming what is left of our capital,
and the printing press is at work day and night in
our Treasury to increase the chain of our indebted­
ness. But we cannot live on paper. The fall of the
exchanges, the depreciation of values, the soaring
market prices of commodities will bring about our
downfall in poverty.............If Germany falls, she
drags Italy and France and Central Europe with her,
and the reaction on the remaining countries of Europe
will disorganize the world.”
This presentation of the case has by no means been
confined to German writers.
At the recent annual
meeting of the London County Westminster and
Parr’s Bank at London the Chairman very earnestly
declared to the shareholders that the English people
“ must learn to put aside all thoughts of more destruc­
tion, and to recognize that the attempt to annihilate
Germany by preposterous demands for reparation
will hurt ourselves far more than it will hurt Ger­
many, and will mean not only economic but social
suicide for England.”
W ell informed English finan­
cial newspapers have urged the same consideration,
pointing out especially that Germany is unbeliev­
ably short of raw materials and fuel, and unable to
purchase them in the ordinary way because of the
depreciation of her foreign exchange rates almost
to the vanishing point.
In principle, the plan for allowing such a loan,
with priority over the indemnity obli ations, seems
this week to have been agreed to— though with
reluctance and opposition on the part of France. It
will presumably be guarded with careful specifica­
tions and limitations; bu at bottom it is recognition
of the unquestionable fact that some such f nancial
expedient will be absolutely indispensab'e to Germm any’s economic recovery, and that without such
recovery, it will be impossible for Germany to meet
her engagements regarding the indemnity.
Our own view of the matter is that this week’s
decision is quite as important for its indication of
return to sober and business-like policy in t he whole
matter of reparations, as it is for its meeting ol any
single conside ation. It has been evident to thought­
ful and experienced men, ever sine.1 the Treaty of
Versailles was framed, that a clearer and ar more
intelligible policy in the whole matter of the German
indemnity payment would sooner or later become
inevitable. The very terms of the Treaty admitted
this by leaving extraordinarily wide discretion to the
Reparations Committee— ostensibly for either de­
crease or increase in the total requisition, bu actu
ally, as pretty much every one recognized in his
nmost thought, for reduction of (he total claim or
modification of its terms, as the cas • might be, if
payment on the original plan should p ovc to be im­
practicable.
Now that the practical as opposed to the emotional
or political view of the problem s coming to the
f out, we uspcct that a very substantial reconsidera­
tion of the provisions for the indemnity itself and
for its payment will have to follow. The scheme as
outlined at Paris did, in fact, leave wholly out of
consideration certain questions which, under any hing
like normal circumstances, would have been para­
mount. Professor Taussig, of Harvard, draws atten­
tion to these considerations in the March “ Atlantic.”
Briefly summed up, his quite indisputable argument
is that Germany must pay the bulk of her huge in-

M ar. G 1920.]

THE CHRONICLE

demnity (the interest and amortization fund on the
total obligat d sum) in export of merchandise. She
must export these goods, partly to the “ reparation
countries” themselves; partly to the other Allies;
partly to still other countries, which will then com­
plete their part in the indemnity operation by
sending commodities to the “ reparation coun­
tries.”
This movement will be angrily opposed by mercan­
tile interests* in those other countries— especially
among the Allies, who are themselves preparing for
great extensoin of their own export trades. Yet the
“ unloading” of German export goods will be abso­
lutely essential to payment of the indemnity. Ger­
many will not benefit by the conceivably unprece­
dent d exports, except so far as she completes her
indemnity payment with them. But how can funda­
mental disturbance of French and English and Italian
foreign trade be escaped? Furthermore, what will
happen after “ the winding up of the whole reparation
business?” Germany will then have gained such
foreign markets as were essential to the machinery
of the indemnity payment; but will her abnormal
career in foreign trade then end? Even if readjust­
ment to normal conditions then occurs in the export
trade, “ the pains of transition will have to be suffered
twice.”
*
We do not at all consider that these facts disprove
the rightfulness or the wisdom of an immense in­
demnity on Germany. But it was high time that
tl\e wo Id should learn, first, what would be eco­
nomically involved by the pressing of the exactions
to the point of xtravagance; second, lie certa nty
that the entire indemnity payment would be jeopar­
dized unless intelligent means were adopted to secure
the economic recovery of Germany herself. The fact
that these highly practical considerations ar now
assuming the foremost place in the Allies’ discussions
is, we think, one of the most reassuring developments
in the economic situation.
THE DECISION IN THE STEEL DISSOLUTION
SUIT.
It may be regarded as an augury of good and not
a mere coincidence that closely on the return of the
railroads to private ownership has come the decision
of the Supreme Court that the U. S. Steel Corpora­
tion is neither obnoxious to a rational interpretation
of the Sherman Act nor hostile to the public welfare.
The prevailing opinion by Justice McKenna admits
that the object of the combination was business
rather than altruism and does not deny that some
things during the decade of the formative process
may have been violative of law “ but transient in
their purpose and effect;” yet all this is long
past, and “ since 1911 no act in violation of law can
be established against it, except its existence is such an
act.” Its business practices have not included
freight rebates; its profits have not been swollen by
oppressing its labor or by lowering the quality of
product; or by creating an artificial scarcity or by
underselling competitors in order to force them out;
or by other unfair means.
T o this might be added that the Corporation is
conspicuous in “ welfare work” and in both broad
policies of dealing and straightforward fairness to
labor. Mr. Gompers's long and earnest disapproval
of it is an excellent testimonial for it, and the “ re­
cognition” which was the main purpose in stirring
up the trouble in the steel trades and led to the in­




909

dustrial conference in October was successfully
resisted by the satisfaction of the men with their
wages and working conditions and by the undeniable
readiness of the Corporation always to meet its own
men at the council table and there dispose among
themselves of any issues or misunderstandings which
might arise. Justice McKenna did not include these
remarks in his opinion, but he cannot possibly be
unaware of their correctness.
This is not, he said, an ill-meaning and an ill-doing
combination. Here is no monopoly in the sense con­
templated by the statute. The statute is directed
against monopoly; “ not against an expectation of it
but against its realization, and it is certain that was
not realized.”
Monopoly, he declared, “ was not
achieved.” Further:
“ Shall we declare the law to be that size is an
offense, even though it minds its own business, be­
cause what it does is imitated? The Corporation
is undoubtedly of impressive size, and it takes an
effort of resolution not to be affected by it or to
exaggerate its influence. But we must adhere to the
law, and the law does not make mere size an offense or
the existence of unexerted power an offense. It, we
repeat, requires overt acts, and trusts to its prohibi­
tion of the man and its power to repress or punish
them.”
Now, in contrast, turn back 17 years to the decis­
ion of the U. S. Circuit Court of Appeals in the
Northern Securities case, April 9 1903. That de­
cision used most amazing reasoning and language.
It may be, the Court admitted, that the motives
inducing that combination “ were wholly laudable
and unselfish,” or that the combination was the be­
ginning “ of great ideas, which, if carried out as they
were conceived, would prove to be of inestimable
value to the communities which these roads serve
and to the country at large.” Having admitted
this as quite supposable although not proven, the
decision added this: uthe vice of such a contract is that
it confers•the power to establish unreasonable rates.”
So, as the “ Chronicle” pointed out at the time, the
mere ability to do a wrong is illegal. No man may
raise an axe, or ignite a match, or lift his arm,
or even possess a healthy body, since in that is in­
volved the power to do some injurious act. If not
merely the doing but the power to do such act must
be foreseen and safeguarded, it follows that the entire
adult population of the country must be put under
some form of restraint.
This was clearly going to absurdity, and what was
then called “ the rule of reason” was recognized by
the Supreme Court a year later. And now, says
Justice McKenna, not only are the majority unable
to se? advantage to the public in directing dissolu­
tion of the Steel Corporation or the detaching of
some of its subsidiaries from it, but in such a course
an injury certain to follow is apparent:
“ We do see in a contrary conclusion a risk of in­
jury to the public interest, including a material dis­
turbance of, and, it may be, a serious detriment to,
the foreign trade; and in submission to the policy
of the law and its fortifying prohibitions the public
interest is of paramount regard.”
Chief-Justice White and Justices Holmes and Van
Devanter concur with Justice McKenna, while
Justices D ay, Clarke and Pitney are in dissent, and
Justices McReynolds and Brandeis do not participate
because of their past relations to the subject. Their
attitude heretofore indicates that they would side
with the dissentient three, and it must be noted that

910

THE CHRONICLE

although the decision is legally binding it is by only
four of the nine members. Yet it is so palpably
according to reason and so unmistakably indicates a
return to sanity that there seems no cause for fearing
any reversal of the position now taken. At this
critical juncture of events, when even a single year
may so improve or lose the turn of the tide in the
world’s affairs that the better times we long for may
be secured or be indefinitely deferred, there are many
who have not freed themselves of the mania of hos­
tility to corporations. We can see, if we open
our mental vision to the light of experience, to what
straits that hostility has brought us. During the
war some waiving as to poolings and combinations
for trade purposes was extorted by the emergency,
yet the mania still survives and disturbs many minds.
Justice M cKenna pointed out the inconsistency of
the Government’s desire to exempt the Steel Corpora­
tion’s foreign trade from the dissolution sought; he
did not see how it could “ be such a beneficent in­
strumentality in the trade of the world and yet be
such an evil instrumentality in the United States
that it must be destroyed.” And M r. Colver of the
Federal Trade Commission is so eager to find missiles
to hurl at the packers that after he had denounced
them so often as destroyers of nearly everybody else
he actually declared, only three months ago, that
they are less efficient and successful than their
competitors. The larger independents, said he,
“ make more profit per pound of product, more profit
per dollar of investment, and more profit per dollar
of sales,” thus beating the alleged public enemies
on their own ground. The distorted imagination of
Don Quixote saw giants waving swords against the
background of the sky, while the practical Sancho
saw windmills grinding corn for the people.
Just now, while a suffering world calls for increased
production in every industry and while every indus­
try needs, for its own contribution to that increase,
a greater supply of iron and steel products, at'various
points along the line, there are persons still so mentally
blind that they would disrupt the organization and
lower the efficiency and output of the largest factor
in that most essential industry. The railroads may
be aided in their difficult return to strength and
normal service because that industry escapes the
attempted interference, and probably they may in
turn help the industry. In any event, the failure
of the attack is timely and encouraging. M ay it
prove the beginning of a permanent restoration of
sanity concerning all practical affairs!
THE RETURNED RA1LWA YS.
The railway bill passed the House on Saturday,
Feb. 21, by 250 to 150, a vote only 17 short of twothirds; it passed the Senate on M onday following by
47 to 17, four more than two-thirds; the properties
went back at 12.01 on the morning of March 1,
according to the previous order; the change was made
quietly, although with unquestioned approval and
relief through the country. Such is the brief record
of completion of the first step in attempted reversal
of probably the most colossal and unhappy blunder
the country has ever made in its internal business
affairs.
It is far too early to venture any definite forecasts
of what io before us, save to again remind ourselves
that we must expect difficult problems, acrimonious
disputes, and situations which will require a stern
resolution to stand by what is both just and wise




[Vol. 110.

and to reduce to the minimum the discomforts and
self-denial by accepting them quietly and firmly.
As was to be expected (since it is an integral part of
the whole trouble) the railway brotherhoods and their
allies show no sign of relaxing their determination tograb the fat on life’s table and pass the lean and the
bare bones along to anybody else, for when they have
enough all the world has enough and should be
satisfied. Having failed to browbeat Congress into
defeating the bill, and then to get a veto, and using
pleas so palpably false and insincere that everybody
saw their real aim was to continue Government as
their indulgent employer, they now graciously say
they will resist no longer; instead, they will “ co-ope­
rate with the Government” in setting up the Labor
Board which they denounced, of course counting
upon being able to extort from the fears of politicians
the successive advances that speed along the advance
in prices. This is part of what the country has to
meet and control, and though we cannot now forsee
either details or methods we can decide now that
domination by labor unions has reached its peak and
shall subside.
Feigning an unwonted and grotesque concern for
the public as against the “ class” of railway security
owners, the unions protested against the financial
guarantee in the law. But there is no guarantee.
There is only a mandate that the Inter-State Com­
merce Commission shall make such rates as during
the next two years will yield 5j/^% “ on aggregate”
value in the properties (plus an allowance up to
another Yi°/o) and thereafter will yield “ a fair return
upon the aggregate value of the railroad property
held for and used in the service of transportation.”
The value upon which the return is to be computed
is as far from ascertainment to-day as ever, not even
the basic rules for the process having been brought
to determination. Waiving all that, however, this
fair return, 5 )^ % or other, is to be discovered “ as
nearly as may be,” and evidently that will be the
limit of accomplishment; hence there is nothing that
can be called a financial guarantee or warrant.
Section 209, providing for a certain guaranteed
minimum “ railway operating income” during the
next six months, also declares the section inapplicable
to any carrier that does not file with the Commission,
on or before the 15th, a written acceptance of the
entire section. An interesting question is now sug­
gested: whether any roads which believe themselves
strong enough to go alone cannot obtain legal freedom
to get what they can and retain what they get by
merely omitting to file a statement of acceptance.
No more than this can now be said of the financial
parts of the law, yet much (we might almost say all)
will manifestly turn upon the composition of the regu­
lative commission. Heretofore, its members have
seemed to conceive themselves morally under a re­
tainer as prosecutors of the carriers, not as being
arbiters and judges; they came to every case with
eyes and ears closed (except to complaints by shippers
and others) and they reaffirmed their former stand
with only insignificant modifications. Open-minded­
ness to receive and breadth to consider the entire
subject have been lacking, and the situation to-day
nas largely developed from that lack. If real service
and successful results are to come from the action
of this body, the attitude of its members must change;
who shall change that, and how?
•
The change must come through a change in the
people. The preposterous conception of railroads

M ar. G 1920.]

THE CHRONICLE

as a gigantic octopus must be dismissed. The vague
notion that they belong to some third party whose
welfare need not be considered and who can bear
any burdens cast upon him (or them, or it) must
be abandoned. The notion that a corporation is
wicked per se and size is a presumption of robbery
must be corrected. The people must realize that a
carrier can get income only by carrying and can carry
only as passengers and freight offer; hence that the
carrier must thrive or languish as the country thrives
or languishes; the notion that there is a conflicting
instead of a common interest in railways and the
people is not fit for even a nursery bugaboo. What
is needed now is that all the people understand and
realize that the roads are theirs— theirs in service, in
ownership, and in responsibility. Is it forgotten how
the roads have shown recognition of this; how, for
example, in years now quite far back, they labored
for development and betterment of agriculture, aid­
ing colleges and schools, and running “ instruction”
trains as part of their work?
There is a mingling of reminder, encouragement,
and pathos suggested by advertisements, this week
by two once prosperous systems. The Baltimore
& Ohio, by Daniel Willard (once a humble employee
himself) announces that it resumes “ operation of
its property” and will try satisfactorily to handle all
business; it cites its geographical position, and de­
clares its aim “ to satisfy the reasonable requirements
and desires of its patrons, and it solicits business
solely upon that basis.” The N. Y . Central lines
similarly announce that “ once more they are in the
hands of their owners;” they propose to discuss
things frankly with the public; they “ want to retain
old friends and make new ones . . . thus we can
serve the public as it should be served by a modern,
efficient railroad.” Is this the octopus speaking,
and waiving its tentacles as it speaks?
The many instances, and the great degree, in
which railways have shown human feelings and prac­
tical good sense— are those forgotten so soon? For
one example, is it forgotten how they appealed to
their employees to take a personal interest in their
duties, increasing efficiency and lopping off wastes,
and promising them a share in any savings effected?
This same Daniel Willard returns to that now by an
appeal to all employees on the Baltimore & Ohio to
use care against wastes; as one means of so doing he
tells them that “ if only one scoopful of coal in every
twenty could be saved by firemen (not an mpossible
thing) it would result in an actual saving of more
than $700,000 a year” to the system. On the other
side of the line of saving, there were deliberately
enacted and persistently retained “ Full-Crew” laws
whereby to waste railway earnings and give employ­
ment, to needless men who had ample time to join
the rest in clamoring for more pay.
IIow generally and how well has the hard lesson of
the past been learned? What will the country
think about it, and what will the country do? Will
it really try to save and strengthen and enlarge these
indispensable draught animals called railroads, or
will it continue to misunderstand, denounce, and
maltreat them?
This is what time is to show, and upon it will turn
the success of the operation now resumed, under at­
tempted support and limitation by this law. Study
the elaborate measure as we will, we must admit that
it docs not fully satisfy anybody. It is a compromise,
and was inevitably so. Yet it differs from some pre­




911

vious compromises in American history in this:
that it does not sacrifice business reason or moral
principle to a partisan expediency. It might have
been better, and it might have been worse; but any
further attempts by either branch of Congress to
improve it at the eleventh hour would have imperilled
it. The defect pointed out by Senator Wadsworth
concerning turning over to the War Department the
operation of inland waterways had to be left, with all
other defects, for future correction. The country
had to make a mighty effort to pull itself out of the
trouble that was gripping and choking it. It is the
first step that costs, says a proverb, and in this in­
stance it certainly was. Having now made that
step, we can proceed upon it and by its aid to suc­
cessive steps to assured safety and progress, as the
results indicate.
LABOR COUNTING THE FARMER TOO SOON.
Organized labor has openly declared its intention
to choose in November a Congress so subservient that
only a “ message” now and then will be needed;
not waiting for this, it has attempted to openly
coerce the present Congress, which is not made up
of just the same men as in 1916 and does show some
signs of independence. Labor is taking these steps,
unexempled hitherto in boldness and frankness, so far
as Mr. Gompers speaks for and really controls it.
Moreover, Mr. Plumb has a plan for relieving the
general situation by paying off debts through assess­
ments mainly laid upon the rich, and he may pres­
ently discover that a simpler plan would be to declare
all existing debts canceled and all indebtedness
hereafter prevented by a manifesto to that effect.
Labor seems to be accepting the notion that the
New Freedom which was officially promised, a few
years ago, will repeal the Creator’s law of labor
(except as to others than one’s self) and that the
unionized man can continue indefinitely drawing in­
creased wages and cutting down the time and the
product of his services.
The outlook is thus far not pleasant, but it is not
a time for despair; there are many gleams of encour­
agement, the brightest of them being the certainty
that stern old teacher Experience has not dismissed
his compulsory school or softened in the least bis
hard terms of tuition.
Great Britain has her fill of labor insubordination,
but industrious France has revived her habit of hard
work, and so has Belgium. In Russia, the Bolsheviki and the Soviets (using both terms, because
there is still some vagueness about them, as about
Socialism), have discovered that it is necessary for
work to be done by somebody and therefore arc said
to be laying an irresistible demand for it upon some
who may have thought themselves finally emanci­
pated. In Germany, according to a cable which
possibly was not noticed as carefully as it should have
been, workers were discovering, nearly six months
ago, that increased production is their only means
of rescue from their distresses and that no mere
changes in wages can help them; the thing needed is
increased product, and that thing can come only by
longer work-days and harder labor.
Mr. Plumb’s plan for clearing off the national debt
was addressed to an assembly calling itself the All
American Farmer Labor Co-operative Conference,
but the farmers are counted too soon by the professed
readjusters of all human affairs. New Hampshire is
surely a State where agriculturejreturns crops only

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THE CHRONICLE

in exchange for downright hard work, and farmers
there are consequently not of the lazy breed. In
November the Farm Bureau of Sullivan County
adopted a preamble and resolutions, the former re­
citing that a conflict is on between capital and labor
and the latter is constantly demanding shorter hours
with greatly increased wages, but that, notwithstand­
ing sympathy with labor, any attempt to cut workbig time unduly must be viewed with great concern,
“ for it cannot mean other than greatly decreased
production with a corresponding increase in the costs
of living." Further (said the preamble) the farmer
must work at least twelve hours in the day, therefore
the resolution declared this:
“ That we, the members of the Sullivan County
Farm Bureau, numbering over 900, do hereby go on
record as favoring a 10-hour working day for all
laboring classes, in order that production may be
greatly increased at once; that we believe just de­
mands for wages should be met; that we do not favor
strikes as a means of obtaining demands; that we do
favor arbitration and believe that capital and labor
and agriculture should get together on a common
ground, for the benefit of all."
Inevitably, after taking this position, the meeting
declared against any affiliation with labor organiza­
tions, “ it being our desire that the Farm Bureaus of
the nation remain strictly neutral."
Shortly before Christmas, the N . Y . State Federa­
tion of Farm Bureaus, claiming to speak for 70,000
farmers, called on M r. Gompers to publicly make
clear that he had not received any authority to speak
on behalf of the farmers of this State, and also called
on Congress to promptly return the railroads and to
do this under conditions assuring them a reasonable
financial future. At about the same time, the
“ American Agriculturist," which must be admitted
to be considerably representative, scouted as impu­
dent pretense the announcement of a conference to
be held in Washington between agricultural and labor
organizations.
At the close of January, seven organizations rep­
resenting the products of the soil and those who grow
and ga her them met in conference in Washington
and presented to Congress a memorial against G ov­
ernment ownership of railroads and calling for their
return; against Governmental price-fixing as contrary
to economic laws; against indiscriminate striking,
and making some positive declarations to the effect
that this is the best country on the globe, “ its op­
portunities are boundless and are open to every citi­
zen," and that “ there is nothing fundamentally
wrong with it ."
On Feb. 9 M r. T . C. Atkeson, speaking for the
National Grange (said to have a membership of
700,000) said the organization has decided not to
go with organized labor in its political program, and
that organized labor and the farmers have no class
interests in common, but are really squarely opposed
in some particulars. The most remarkable part of
what he is quoted as saying is that if the farmer
adopted the unionized laborer’s demand for shorter
hours and more pay this “ would mean curtailment
of production of food until the people were so hungry
they would pay exorbitant prices rather than starve;
instead, it is our policy to encourage as much workas possible to stimulate production, so that normal
conditions may be restored." If a question could be
raised as to the number of persons for whom Mr.
Atkeson can speak authoritatively, there can be no




[V o l . 110.

question that he speaks thus for necessity and com­
mon sense.
,
The foregoing does not profess comprehensively
to cover the ground, and nobody has a warrant to
speak for the farmers of this country. But as a
class they are men of shrewdness and clear commonsense. Were it possible to gather them in assembly
rooms and to reel off to them much or little of the
current denunciations of wealth and of the vaporous
dogmas about profits and prices and so on, there
would be this immovable and wholesome bulwark
against its destructive effects: the farmer is always
an employer. If he is such by hiring and paying
others, he understands the position of the employer
if he employs only himself and his own family, he is
employer and worker in one. He deals with the soil,
and he knows that labor is its price of crops and the
price must be paid in advance of the crops. No
pleasant nonsense of how abundance can be had by
cutting down the fixed price in labor attached to it
can touch him; hard personal experience has taught
him otherwise. The relation between labor and pro­
duct is known to him, and no piping of union sirens
can for a moment allure him to forget. On various
questions of policy such as engrossed public attention
in election campaigns which now seem so far back,
and on such topics as the limits of Governmental
control and the futility of its attemps to reform man­
kind— on such as these the farmer may be bewildered
by the false apostles of the day and may perhaps
become an uncertain factor as to his vote. But he
knows so well what work is and what work has to be
that we need not worry over the chance that he can
be gompersized.
THE POST-BELLUM FERMENT IN THE FAR
EAST.
The importance of the recent sayings of two dis­
tinguished Englishmen lies not in the men who said
these things but in the significance of the facts of
which they speak, especially if these facts are sot
side by side.
Mr. Balfour says the completeness of the change of
thought wrought by the war is the greatest that any
century has seen. That change is from dwelling
upon the past as an inheritance to be preserved to
appraising the present and the future. “ The new
age is pre-eminently a challenge to progress." Mr.
John Galsworthy says “ the war by the destruction
of so much of the youth and the wealth of Europe
has shifted the storm-centre of the world to the
Pacific Ocean and the three unexhausted nations on
its shores."
It is not to be supposed that these three great
nations will be unreached by the new impulses and
demands or will fail to respond to the challenge of
the new era. America, indeed, is just now in the
centre of the stage; it would be strangely careless for
any thoughtful man to be indifferent to what is
transpiring in the two other great nations on the
further shore of the Pacific. Though their methods
will be very different, and their response to the
challenge of the new era less rapid than our own,
it may for that very reason be more disturbing and
complete. That the lerment is working is clear,
and that the effect upon the world is to be tremendous
is sure.
Since 1871 we have watched Japan. She has
passed through great changes, but they are by no
means over. By so much as she is a new Japan, by

M ar. 6 1920.J

THE CHRONICLE

so much the more will she be sure to respond to the
new age. She already evidences it everywhere.
Her new system of public education is reported as
reaching 98% of the population. This is like open­
ing the. pores of the nation to every impulse from
without. The imperialistic military administration
has given place to the popular party, and on the
corners of the streets in the chief cities young men
are addressing the crowd about “ demo-cracy” as they
call it. As yet only 20% of the male population
have the ballot, but there is prospect of the early
removal of limitations, with a large increase in the
electorate.
Industrialism, which is already extensive and rap­
idly developing, has created in the cities the working
class with the accompaniment of trade unions and
strikes. Socialism exists in all its forms from the
socialist of the chair to the syndicalist, from the
Fabian to the advocate of “ direct a ction /’ though the
movement is still in its earlier stages and the strong
hand of the Government is felt. Newspapers of all
shades are abundant. The greater movements of
other lands in thought and science as well as in politics
and finance are known and studied. The moving
of the churches of the West to achieve a closer unity
is responded to by the drawing together of the
Christ an churches of Japan, and “ surveys” after the
approved fashion are under way.
In short, Japan’s spirit of patriotism and confidence
in herself and her great mission in the Eastern world,
which are well known, make it certain that whatever
new lines of thought the age may open to her, or
whatever new methods she may adopt, she will take
them up with power and will make them subservient
to her scheme of empire in the East. In one line and
in the other, in thought and in action, she is to be
reckoned with, as she is sure to be to a greater extent
than to-day one of the great nations of the world.
Turning to China we have a still more important
instance. Here is the oldest nation in the world,
much the largest, and apparently much the strongest
stock. When the other existing nations were still
in the savage state, China was highly civilized.
Time and again she has been conquered and over­
run by other races only to have them absorbed and
assimilated by her more abundant vitality. In the
twenty-five or more centuries of her continuous
history the world has undergone many vast changes.
Civilizations, as well as great nations, have come and
gone; she has remained unchanged except so far as
to adjust herself to changing external conditions which
have proved to be in the main transient and tem­
porary.
Now China begins to throb with the impact of the
new world created by the war. Could any people
seem more remote from us than the three hundred
millions and more entrenched behind the Great Wall
separated from us by the greatest ocean and totally
severed by their traditions, their habits and their,
to us, uncouth. and unintelligible speech? But
there is something in her millions of men, and the
very difficulty of understanding her, coupled with the
unmistakable strength of her character and the extent
of her resources in every direction, mental as well as
material, which attracts us to her and makes it pos­
sible that the future of America and of China, the
oldest and the youngest of the nations, may, in the
providence of God, be strangely intermingled.
China’s long established Government has recently
been overthrown, even more completely than was




913

Japan’s. She also feels the throb of democracy.
The slow contest that has been going on between
South and North China is the result of it. To-day
this seems approaching a settlement because of the
recent fall of the central government and the triumph
of the liberal leaders.
China was always a literate country. She is be­
ginning to supersede her ancient system of education,
effective as it was to produce her great men of the
past, adopting Western methods in its place, or, at
least, recognizing for the first time the necessity of
mastering the learning of the West if she is to have
hope of taking her place in the contests and compe­
titions of the new world.
The industrialism of the West seems hardly to
have touched her, her own long-established ways of
individual industry have so fully met her needs.
Consequently we hear little of the impact of Social­
ism. On the other hand, there are signs of wide­
spread religious inquiry which, if not purely religious,
is evidence of the new and thoroughly awakening
movement of the minds of her people. This is chiefly
manifest in the cities, but is widely diffused and seems
to be awaiting only the arousing touch of outside
teaching, so quick and strong is the response. In
some instances the Governors of great provinces, and
in many cases the authorities of large cities and towns,
have endorsed the movement and even taken steps
to initiate it.
China has her quota of men of large wealth, and
among these are appearing those who, in increasing
number, are using their money in educational, phil­
anthropic and religious promotion. In Amoy, for
example, one of this class has recently given $3,000,­
000 for public education and in Tientsin the head of
an independent Christian high schoo for boys, en­
rolling over 1,000 students, has just raised from
Chinese sources $1,000,000 to organize a college
department.
There are manifest also the two movements which
so often occur together marking a strong awakening
movement; on the one hand in some places the
throwing out of idols and the turning over of temples
to other uses; and on the other, elsewhere, the re­
crudescence of idolatry for counter influence. The
official and educated class are fully alive to the neces­
sity of understanding and possibly adopting Western
ways if their country is to hold her own in the world’s
advance; while not a few of them, notably at the
North, are, as are crowds of students in the cities,
eager for instruction in the teachings of Christianity.
What may be regarded as a well justified national
self-sufficiency and a deeply rooted prejudice are
giving way before the recognition of the new age
and a wide-spread spirit of inquiry. While it would
be foolish to venture prophecy as to what changes
are soon to occur, or still more to forecast the future
development of the nation, it is evident that China
is already well within the sweep of the great move­
ment, intellectual, social, political, commercial,
which is world-wide.
Here, then, are the facts which confirm the state­
ment that the centre of interest and of force for the
world of to-day is shifted by the war to what we have
called the Far East, with which America is in contact
on our western front, where the great ocean no longer
divides, but unites.
We must recognize that the progress to which Mr.
Balfour says the new era calls, is by no means
limited to material things, however great that is sure

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to be, but extends primarily to man himself; “ that
whole side of human life which,” as Horace Bushnell
said in his Phi Beta Kappa address at Yale 75 years
ago, “ does not trade, which wields in fact a mightier
power over the public prosperity itself just because
it reaches higher and connects with nobler ends.”
It is the consciousness of this truth and in support
of it as of unalterable validity that America went
into th e . war; as by vindicating it she gained her
great honor in the day of victory. It is in this con­
sciousness, which it is not possible that the disap­
pointments and aggravations of the past year can
have completely destroyed, that the American peo­
ple begin now to realize that they cannot stand
aloof from the danger and trial of the Old World,
or repudiate or forget the lofty and disinterested
spirit in which they gave their help in saving the Old
World from the ruin which would have made the
New World impossible.
The progress for which the new generation must
strive is to have peace world-wide and assured as its
goal and essential condition, peace, as “ the establish­
ment and maintenance of the moral equilibrium of
the world, the only balance of power which can be
registered in the scales of justice;” which shall recog­
nize the rights of all men, regardless of race or con­
dition, and shall rest upon that unity of interest which
marks the disappearance of all divisive distinction
between the East and the West, as it does between
the great and the small, the strong and the weak.
CLASS LEGISLATION IN A REPUBLIC.
We need principles always; and under our system
of government we are almost compelled to use
parties. A curious, an unusual, incident occurred in
the debate on the Railroad Conference bill in the
Senate. Senator Myers of Montana, in a matter-offact way, paid his respects to “ union labor,” saying,
among other things, that the Government “ appears
to be plunging headlong to a point where it will be
government of labor unions, for labor unions and by
labor unions.” According to the New York “ Times”
report of his speech, lie said: “ The two parties are
going to put on a sham battle for the public. I ’m in
favor of making it an honest, clean-cut campaign,
with real live issues. One party ought to declare
for anti-strike legislation and anti-sedition laws and
against the nationalization of public utilities, and
the other ought to come out against anti-strike and
anti-sedition laws and in favor o ' nationalization.
Then we would have a campaign on the real issues of
the day.”
“ Which party would you have come out in favor
of anti-strike and anti-sedition laws?” inquired
Senator Gronna.
“ Whichever one could get to it first,” replied
Senator Myers.
It is reported in press dispatches from Washington,
that, at the time this conference bill was before the
Senate, there were gathered in that city “ more than
700 representatives of the fourteen union organiza­
tions.” The large majorities in both branches of
Congress by which the bill passed, is not only grati­
fying to the country, but constitutes a rebuke to
the representatives of railroad labor. Even Senator
Myers should take hope. But there is food for re­
flection in the efforts, as well as attitude, of labor
organizations concerning the bill. The manifest
and imperative object of legislation was to restore




[Vol. 110.

the roads to their owners. Employees through their
representatives (aided by so-called labor organiza­
tions associated with them) protest against this
return. They would have had the President veto
the bill. They worried unduly over an alleged 5Y i%
income on valuation. They stand at the doors of
Congress ready to blacklist, by their own announce­
ment, members who vote against their wishes, mem­
bers sworn to represent the whole people. And
there can be but one conclusion fairly drawn— that
uch attitude and action is a menace to Republican
representative government.
Yet these very unions, led by Samuel Gompers,
are against a labor party. By. this pronouncement
they declare themselves as unwilling to submit
principles by means of a party to the judgment of the
voters. They, however, will enter the elections with
all the solidarity they can command, to elect a Con­
gress friendly to labor. Like the “ strike,” which they
claim is their last resort, they would use the ballot
to club the old parties into submission to their de­
mands. Such arrant selfishness is an insult to the
intelligence of the people. Defied, they arc doubly
disgruntled. And to-day, it may be believed, they
stand impeached in the righteousnes of public
opinion, having used a factitious advantage in an
unwise and arrogant manner. A little power, to
them, is a dangerous thing. Efforts to try to show
they represent all labor, and all the people, and
are engaged in restoring lost liberties, is so trans­
parent as to awaken derision. And the result will be
a repetition of the past, an inability to control their
own members at election time. Disappointment,
is is aid, sits in the labor temple so fortuitously
erected in the nation’s capital. It would appear that
out of this quiver the last bolt is shot— unless they
should be foolish enough to try a “ gene al strik e /’
which now seems unlikely. In that event they might
cause untold losses and suffering, but they would
never win, and degraded before the people, the very
name would be anathema.
We learn our political lessons slowly, but we learn
them surely. Both the old parties appeal to the
people, whatever else they may do or not do. It is
true that too often they trim their sails to catch
every wind that blows. What a mere subterfuge
it is for “ labor” to gather 700 strong at Washington
at the time legislation is pending to raise their eyes
to heaven over a
earning on valuation— which
it is averred is not a guaranty at all and cannot put
the Government in for a deficit. If a “ class” does
really exist in a republic, its protestations of ultra­
patriotism will always be discounted. Classes do
not form, do not exist, for the purpose of influencing
legislation by voting regardless of party, save it be
in selfishness. To seek to organize a particular
body of voters, qutside a party, under the plea of
patriotism, is itself inimical to rcedom disinterested­
ness and consecration of an electorate. Any other
body of men, any other order, or society, commercial,
financial, social, may do the same thing, with equal
reason and fairness. That runners and “ workers”
for political parties at elections should not interfere
with the freedom of the individual citizen to cast
his ballot uninfluenced and unmolested the Austra­
lian or secret ballot came into existence. What
then of a class that boldly announces its intent to
control an election, not on principle announced,
but by means of an open party organization, and by
duress brought upon members (as must follow) to

M au. 0 1920.]

THE CHRONICLE

forego their independence of citizenship to accomplish
the wishes of a class?
The veriest tyro knows that a free government
cannot long remain free when beset by warring,
selfish, dominating classes seeking their own ends
under the cloak of the whole people. Their very
existence endangers not only unity of the whole
people, but tends to enslave the majority to the
interests, whims and caprice of a minority. It is
not holiness to assume superior virtue. It is not
patriotism to speak in the name of the people. Per­
haps, in the end, these labor unions will have done
the country a distinct service as a warning against
class rule. They have issued a challenge at least
to every voter to look well to the interests of the en­
tire people. In a way bold defiance to alleged
enemies may be honest, but it compels every other
voter to ask whether or not the so-called enemy of
labor in a republic may not be thereby a true friend
of the people? On what may be termed the other
side— the alleged selfishness of social capital— the
changes have been rung; but no commercial or finan­
cial body that we can recall ever announced so direct
an onslaught on the free will of the majority at the
polls. Our institutions, grown out of experience,
serve us all— they must and will be preserved— and
by an electorate bound by no class and using no
class.
__________ ;___________
THE

SOLEMN

D U T Y OF THE SOVEREIGN
STATE.
While we are refreshing our memories with the
utterances of the great Washington, there is one
passage of the Farewell Address upon which we may
reflect at this time with immediate profit. It is this:
“ It is our true policy to steer clear of permanent
alliances with any portion of the foreign world; so
far, I mean, as we are now at liberty to do it; for
let me not be understood as capable of patronizing
infidelity to existing engagements.”
We do not cite this for the purpose of opening
the question of joining the League of Nations. That
we do not conceive (looking at the present status
of the Treaty before the countiy) is an “ engage­
ment” in the sense in which the word is used in the
excerpt quoted— though we are aware of the argu­
ment that a war to perpetuate peace implies the
construction of international machinery to insure that
peace.
But unquestionably our participation in the war
for the purpose named, and our conduct therein both
from an economic and military standpoint, has
created a condition in which we now find ourselves.
Those arc obligations, “ engagements,” we have
entered into. They are not theoretical, they exist.
And upon them a duty must be predicated. How
we came into these obligations, leads us back to the
last election (when a plea of the “ administration” for
a Congress that would carry out the plans of the
Executive was refused by the people) and even back
of the previous and Presidential election (when de­
cision must bo made whether or not the people
authorized entrance into the war) before we can
determine whether these obligations were by in­
struction or by assumption entered into. But, as we
have just said, the fact is that we are in certain
engagements we have undertaken, and, the condition
existent, certain duties follow.
Now the duty of p, State is not easy to determine.
In a Republic, we presume it will not be disputed,



915

duty lies in the bosom of the free people. We do* n ot
refer of course to ministerial duty by branches and
officers of the Government. Our Constitution de­
fines the duty of the National Government in specific
terms. Briefly if power be not delegated to the
nation or prohibited to the States; then it is reserved
to the States and the people. Duty implies power
in a government, just as jurisdiction in a courti re­
plies enforcement of its processes. And just here
we open the present wide currents of discussion as to
the foreign and domestic policies (the League, Pro­
hibition and Woman Suffrage). Still, we point out,,
we have taken upon ourselves certain obligations
which we shall denominate moral, as distinguished ,
from constitutional (whether incurred rightfully or
wrongfully) which bear upon us heavily, and which
mean much to us as well as to the world.
We bring up, then, by way of illustration, two of
these inplied moral obligations. The first, which
we are compelled to state in somewhat bald terms,
is the obligation of “ engagement” to feed the starvng
peoples of Europe. Our undertaking here was both
Governmental, by loans, and popular, by voluntary
subscriptions. Shall we stop now simply because
peace has com e? More, shall we stop in the light
of the imposition-of severe treaty penalties said tocontribute to a condition of hunger and woe in­
countries not directly penalized? Carefully made
statistical estimates declare that, counting the var­
ious populations and parts of populations in dire
distress, the sum of one hundred and thirty millions
(mimimum) will be sufficient to avert starvation
until the present year’s crops come in. After this,
it is averred, though in some instances continuous
help will be needed, the obligation (if such there is)
on our part will be no more. Understand, that we
brush aside (has it not often been done in years just
passed) both constitutional questions and govern­
mental theories and confront ourselves with actual
conditions— is there a moral obligation to make this
appropriation, or loan, whatever it may turn out to
be, in keeping with the “ crusade” for world better­
ment we entered into?
We must pass rapidly to another question of ob­
ligated duty, holding to the same understanding of
terms. We do not now refer to military employ­
ment, though that must at the same time be debat­
able. The unpaid obligation, the “ engagement,”
to which we refer, is economic help to Russia. Are
we bound to this, if we would not be charged with
“ infidelity?” A flock of questions at once spring
up. Ought we to recognize the Bolsheviki by trad­
ing with them? Should we send supplies into
Siberia? Here “ duty” is more difficult of determina­
tion for many reasons. Yet Russia before collapse
was an ally, with whom we were at least associated.
The great question which we lift up is our moral
duty to Russia— granting we can have one— granting
we already have one by reason of a condition regard­
less of Governmental pronouncement or theoretical
permission— our moral duty to lift up, at least by
urgent and specific economic aid, a great fallencountry, struggling toward long-loved liberty,1'a
country once a friend to the “ Union,” and now suffer­
ing no one knows how greviously with a cancer at
its heart?
We do not pretend to offer succinct answers to
these illustrative questions because we ask them.
The purpose is this: T o call attention to the need of
quickly fulfilling certain moral obligations— whether

916

we determine to join a League of Nations or not •
obligations inherent in conditions abroad; and then
following this with a frank and forcible determination
whether we will incur entangling alliances or not,
or completing our task while we at the same time
make this decision. We referred to the imposition
of duty implied in an election when the slogan was
“ He kept us out of war!” That is no more. We
want now the good will of all the world. Until so
ordered, we should form no more entanglements.
But let us think seriously not only of our continuing
power to help where help is needed, but of assumed
or existent, at least, obligations, that fulfillment in
•spirit may not fail, and that if we do return to
“ isolation,” so-called, we do so after “ seeing it
through.”
______________________
C A N A D IA N IMPORT DU TIES A S AFFECTED
BY THE DEPRECIATION IN EXCHANGE.
Ottawa, Canada, March 5.
One of the curious and embarrassing developments
of the exchange problem which affects the Canadian
importer to a material degree is to be found in the in­
terpretation of the Canadian customs law relating
to the valuation of goods entered for Canadian pur­
chase. The law prescribes that the duty shall be
collected on the Canadian value of the goods im­
ported; the value of the currency in which are pur­
chased is to be for customs purposes translated into
its equivalent in Canadian money. The law reads
thus:
“ The rate so ordered shall be based upon the actual
value of the standard coins or currency of such
country as compared with the standard, dollar of
Canada, in so far as such comparative values are
known.”
This works out in such a way that a person spending
ten thousand Canadian dollars in the United States
does not pay duty on ten thousand dollars but on
8,300, which is the price of United States money.
On the other hand, if he spends the same money in
England, he pays duty on $13,500 instead of on
$10,000 which is the Canadian value of the goods.
There i3 a preference on British goods of course which
modifies the latter handicap. The practice of the
Canadian customs department, however, has had
the effect of sweeping away the intended benefit
of the British preference. In actual operation the
average duty towards the United States is 323^%
which gives on $8,333 a duty of $2,697. The duty on
the British import of goods of the same purchasing
power ($10,000) is 25% which would total $3,376.
Under these circumstances many of the leading
Canadian newspapers are asking whether some further
concessions cannot be arranged to make the con­
cessions towards British importers more than a con­
ditional promise.
RAILROAD GROSS A N D NET EARNINGS FOR
THE CALENDAR YEAR.
The year 1919 was the second year of Govern­
ment operation of the railroads of the United States
and the results were no more satisfactory than those
for 1918, which was the first year of Government
operation. In reviewing the figures for the first
six months of 1919 to June 30 it was pointed opt in
an article in the issue of the “ Chronicle” of Aug. 23
that the dominant feature in the returns of earnings
had been a further rise in the cost of operations with
a consequent great increase in expenses. The same



[Vol. 110.

THE CHRONICLE

comment is to be made concerning the statement
for the full twelve months of the year, to Dec. 31,
only with additional emphasis. For the first six
months our compilation showed $265,035,870 in­
crease in gross earnings (12.81%) attended by an
augmentation in expenses of $265,952,855 (14.70%),
leaving therefore a small loss in net, namely $316,985.
For the full twelve months the gain in the gross is
not quite as large as it was for the first six months,
being only $258,130,137 (5.25% ), while the expenses
have mounted up in the prodigious sum of $401,­
609,745 (10% ), causing a loss in net of no less than
$143,479,608, or 15.80%. The grand aggregates for
the twelve months of the two years are as follows:
Jan. 1 to Dec. 31—
(202 Roads)—
Miles of road----------Gross earnings............
Operating expenses...
Net earnings.......... ,............

Inc. ( + 1 or Dec. (— ).
1919.
1918.
Amount.
%
.
233,980
234,201
— 279 0.12
.55,173,047,054 $4,915,510,917 +$258,130,137 5.25
. 4,409,008,324 4,007,458,579 +401,009,745 10.00
$764,578,730

3908,058.338 — 5143,479,608 15.80

To appreciate the significance of this falling off in
the net in 1919 it must be recalled that it follows a
prodigious loss in net in the previous year. For
1918 our compilation showed an increase in the gross
in the imposing sum of $863,892,744, or 21.40%,
but this was attended by an augmentation in ex­
penses in the huge amount of $1,148,664,364, or
40.35%, leaving consequently a loss in the net of
$284,771,620, or 23.92% . The tremendous in­
crease in the gross in 1918 followed not alone from the
large volume of traffic moved in connection with the
nation’s war activities, but also from the very con­
siderable advance in both passenger and freight
rates made in June and operative the rest of the
year. On the other hand, the prodigious augmen­
tation in the 1918 expenses was due not merely to
the general rise in operating costs but yet more to
the tremendous advances in wages granted by
Director-General M cAdoo in M ay, 1918, and made
retroactive to the 1st of January of that year. But
even in 1917 there had been a hilling off in the net in
face of a substantial increase in the gross. In other
words, for the calendar year 1917 our compilation
showed that while gross had increased $430,679,120,
or 11.61%, this had been attended by a rise in
operating expenses of $490,758,869, or over 20% ,
leaving a loss of $60,079,749 in net earnings. There
was this qualifying circumstance, however, with
reference to the 1917 loss in net, namely that it fol­
lowed strikingly good results, both as regards gross
and net, in 1916 and 1915. The statement for 1916
was one of the best on record; the addition to gross
earnings reached $547,647,836, or 17.35%, and not­
withstanding an augmentation in expenses of $311,­
024,409, or 14.68%, there remained a gain in net in
the very satisfactory amount of $236,623,427, or
22.84% . In 1915 our tables showed $152,539,756
gain in gross and $211,653,900 gain in net. On the
other hand, it is equally important to remember that
these gains for 1916 and 1915 represented in part
a recovery of previous losses. For 1914 our compila­
tions showed a loss of not less than $208,178,035 in
gross and a loss also of $75,925,113 in net. In 1913
there was a gain in gross in the very considerable
sum of $142,521,797, but the augmentation in ex­
penses reached $176,008,897, leaving an actual loss
in net in amount of $33,187,100.
Carrying the comparisons further back, we find
that in 1912 there was a gain of $221,579,969 in gross
and of $60,350,833 in net. Here again, h nvcver, the
improvement was qualified by the circumstance that
comparison was with losses in gross and net alike in

THE CHRONICLE

M a r . 6 1920.]

the previous year. In the gross the loss in 1911 was
$30,024,816 and in the net $24,288,383.
Again, in
1910, though the additions to gross earnings reached
$239,011,258, expenses rose in the prodigious amount
of $230,014,410, leaving, therefore, the insignificant
gain of $8,996,848 in net. In 1909 there was a sub­
stantial addition to the net. But the results then
were wholly exceptional. A t that time the roads
w re still . conomiz ng in every conce vable way,
cutting down their outlays in all directions and ac­
cording y they were able in their returns to show very
satisfactory increases in both gross and net. The
1909 improvement moreover, rcpresente l to a con­
siderable extent merely a recovery c f what had been
previously lost. The increase in gr.ss in 1909 was
$282,453,959 and in net $151,010 332. For 1908 our
tab'e show d very large osses in both gross and net
— $301,749,724 in the former and $53,371,196 in the
net. But our compilations at that time were not
nearly so complete as they are now. They covered
only 199,726 miles. Careful compilations which we
then made showed that if we could have had returns
for the whole railroad mileage of the country, the
decrease in gros •earnings for 1903 woitld have r ached
' no less than $345 000 000 and the los i in net earnings
about $60,000,000.
In the fol'owing we show the yearly comparisons as
to both gros and net for each year back to 1907.
For 19 0 and 1909 we take the aggregates o: the
monthly totals as then published b the Inte -State
Commerce Commission, but for the preceding years
we give the results just as reg stored by our own
tables each year— a portion of the railroad mileage
of the country being always unrepresented in the
totals, owing to the refusal of some of the roads at
that time to furnish monthly figures for publication.
Net Earnings.

Gross Earnings.
Year
Gltcn.

Year
Preceding.

$
S
1907. 2287,501.605 2090,595,451
1908. 2235,164,87: 2536,914,597
1009. 2605.003.302 2322,549,34?
1910 2836,705,091 2597,783,83?
1911. 2805,0 4,722 2835,109,531
1912. '012,300,205 2790,810,23f
1913. 1162,451,434 1019,929,037
1914. 2072.614.302 1180,792,337
1915. 1166,214,611 '013,674,851
1916. 1702,910,241 1155,202,405
1917. 1138,433,260 1707,754,140
1918. 1900,759,309 1036,866,565
1919. 5173.647 05 1915.516.917

Increase or
Decrease.

Year
aiccn.

Year
Preceding.

Increase or
Decrease.

S
S
$
$
+ 196,906,154 660,753,645 465,280,191 — 4,526,646
—301,749,724 194,999,018 748,370,214 —53,371,196
+ 282,453,959 '101,726,005 750,685,737 + 151010332
+ 239.011,258 0 1,470,05! 00,473,211 + 8,996,848
— 30,021,816 383,620,478 107,914,866 —24,288,388
+ 221,579,969 137,968,711 377,617,877 + 60,350,833
(-142,521,797 07,022,312 M0,609.413 —33,487,100
—208,178,035 328,522,941 "04,448,054 —75,925,113
+ 152,539,765 1010104301 328,050,401 + 211653! 00
+ 547,647,836 1272639742 1036016315 + 236623427
+ 430,679,120 1215110554 127519030? —60.079.749
+ 863,892,741 905,794,715 1190566.335 —281771620
4-258.130 137 704.578.739 908 058.338 — 143479(’03

Note.— In 11)07 the length of road covered was 173,028 miles, against 171,316
miles In 1006,: In 1908, 109,726 miles, against 197,237 miles; In 1909, 228,508 miles,
against 225,027 miles; In 1910. 237,554 miles, against 233,829 miles; In 1911,241,432
miles, against 238,275 miles; In 1912, 239 691 miles, against 230.000 miles; In 1913,
241,031 miles, against 239,625 miles: In 1914, 246,350 miles, against 243,636 miles;
In 1915, 249,081 miles, against. 247,936 miles: In 1916, 219,098 miles, against 247,868
miles: In 1917, 250.193 miles, against 249,879 miles; In 1918, 233,014 miles, against
232,039 miles; In 1919, 233,085 miles, against 234,264 miles.

Under ordinary circumstances a large contraction in
expenses in 1919 should have occurred as compared with
1918. In the whole history of railroading in the
United States there was never such a combination of
adverse circumstances as existed during the early
months of 1918. It is important to recall some of
these unfavorable factors as narrated in our review
of that year. January of 1918 was a period of ex­
traordinarily unfavorable conditions wholly without
parallel or precedent. The month opened with the
railroads in the eastern half of the country, north of
the Ohio and Potomac rivers, particularly at New
York and in lesser degree at other points on the North
Atlantic seaboard, congested as never before. The
weather during the month was of such severity as had
not been experienced before in a generation, and possi­
bly never before. The temperature most of the month
ruled exceedingly low, many previous records in that
respect being broken. Indeed, the cold was so intense
that outdoor operations in the running of trains and




917

in the clearing away of the mass of accumulated
freight were rendered extremely difficult. Then
there were repeated snow storms in the territory be­
tween Chicago and the seaboard, several of which
took the nature of veritable blizzards and were re­
ported as altogether unprecedented. In addition there
was at the opening of that year a coal famine which
extended all through the Eastern and Middle States,
this scarcity of coal becoming so acute that on Jan.
17 the Fuel Administrator had to resort to the des­
perate expedient of issuing orders denying the use of
fuel to manufacturing establishments in the whole of
the eastern half of the country for the five-day period
beginning Jan. 18 and ending Jan. 22, involving there­
fore a shut-down for these days, and denying also the
use of fuel not only to manufacturing establishments
but to office buildings, retail stores and nearly all
other activities for several successive Mondays there­
after. It became necessary likewise to place em­
bargoes on different classes of freight and to route
special kinds of freight over special lines for the pur­
pose at once of getting coal through and for clearing
the tracks of the accumulated freight which the in­
tense cold and recurring snow storms had served to
increase, notwithstanding the heroic methods em­
ployed for providing relief. Some of the most promi­
nent systems in the territory east of the Mississippi
and north of the Ohio ancl Potomac rivers failed to
earn even their ordinary operating expenses during
the month in question. This was true, for instance,
of those two great railroad systems, the Pennsylvania
and the New York Central. In brief, then, the sit­
uation in January, 1918, was an abnormal one and
the conditions also were wholly abnormal, the two
together producing a state of things such as had never
before been encountered.
This abnormal situation the previous year continued
into February, though the latter half of that month a
decided change occurred. The last Monday during
which the fuelless order was in effect was Feb. 11,
the next day, Feb. 12, being Lincoln’s Birthday and
a legal holiday. There had been some expectation
that Monday, Feb. 4 might prove the last of the
fuelless Mondays, but very low temperatures con­
tinued to rule, Tuesday, Feb. 5 proving in this city
the second coldest day on record, the thermometer
standing at 7 degrees below zero at 7 o ’clock in the
morning. It was not until later in the month of
February of that year that any decided amelioration
in weather conditions occurred, and not until towards
the end of February that the long continued freight
congestion was considerably relieved and freight em­
bargoes greatly modified.
Contrasted with these extraordinarily unfavorable
conditions of 1918 the situation in 1919 in the same
regard was the exact opposite, that is, there was a
complete absence of obstructive agencies of any kind.
The winter was one of the mildest on record, with
little snow or ice or exterme cold anywhere here in
the East and only isolated instances of snow storms
or intensely cold weather (of very limited extent and
of short duration) in the western half of the country.
There were no freight embargoes and no traffic con­
gestion and no blockades of any kind such as had
served to add so greatly to the cost of operation in
1918. No money had to be spent to keep tracks
open or to contend with the rigors of winter. In
such a state of things, under ordinary circumstances,
a great saving in expenses would have resulted as
compared with the heavy expenses of 1918. But

918

THE CHRONICLE

the influence of Government control served to
counter balance all these great advantages. Then also
very considerable further advances in wages were made
from time to time in 1919; discipline became de­
cidedly lax, and the morale of the force was steadily
weakened by the consciousness of the men that they
held the Government in such complete subjection
(in being able to hold a strike threat over it) that the
managing officials would not dare to call them to
account. The result was that it took a greatly in­
creased number of men to do the same amount of
work as before, and laxity and inefficiency grew apace.
At the beginning of the year the Railroad Adminis­
tration contended that with the restoration of peace­
time conditions, which could come only gradually,
more economical operations would be possible— that,
for instance, much overtime work at high overtime
charges would be eliminated and that the result
must be reflected in lower operating costs. But as
month after month passed without tangible improve­
ment, that explanation was finally abandoned.
With the exceptions of January and June, heavy
lesses in net were reported in every month of 1919,
in face of very considerable gains in the gross earn­
ings. In January there was a gain in the net because
the unparalleled bad weather of the previous year had
cut the net in 1918 down to very small figures, while
in June improvement in the net was inevitable be­
cause comparison was with the month in 1918 when
the roads had fallen $40,136,575 short of meeting
their bare operating expenses due to the fact that the
whole of the wage increases (announced in M ay and
made retroactive to the 1st of January, 1918) for
the half year were, in pursuance to instructions from
the Director-General of Railroads, included in the
June total of expenses of that year, swelling the aggre­
gate in amount of $150,000,000 to $175,000,000.
There was, of course, no repetition of this item of
expense in June, 1919, and accordingly a gain in
the net reaching $109,533,316 followed as a matter
of course.
As far as the gross earnings are concerned, it is
proper to state that in the first six months of 1919
the roads had the advantage of the higher trans­
portation rates put in force in the previous year,
and accordingly the gross earnings for these months
recorded substantial gains notwithstanding the dulness of trade and the falling off in the volume of
traffic. In the previous year these advances did
not apply until June 1918, not becoming effective
in passenger fares until June 10 and not until June 25
in the freight traffic; it follows that in the half-year of
1918 the roads did not have the benefit of the higher
rates for more than twenty days in the case of the
passenger schedule and for no more than five days
in the case of the freight schedules. These advances
in transportation charges were of large dimensions,
too, figuring out roughly 25% in the freight tariff
and being represented in the passenger tariff by an
increase to 3 cents a mile from the previously pre­
vailing basis of 2}/2 cents. In the last six months
of 1919, however, with the absence of this special
advantage the gross earnings fell below those of the
previous year in three of the months, while only
comparatively light increases were shown in the other
three months. There was at the same time contin­
ued growth in operating cost, while expenses were
further augmented by new wage advances by the new
Director-General, Walker D . Hines. Thus in Augnst, though the Director-General refused a general




[Vol. 110.

increase to l^he railway shopmen, he did grant them
4 cents an hour extra by way of adjustment of
shopmen’s wages with those of other classes of rail­
way workers, and it was estimated that this would
add $45,000,000 annually to the payroll of the rail­
roads. In November Mr. Hines equalized the wages
of railway men in the slow freight service and cal­
culations were that this equalization would mean
an addition to railway expenses of $3,000,000 a
month or $36,00,000 a year. We arc referring here
only to the wage advances that were conspicuously
featured during the year; there were many others,
though of lesser importance. The following is a
summary of the totals of gross and net earnings by
months.
Gross Earnings.

Month
1919.
Jan . .
F eb . .
March
April.
M ay.
June .
July..
A u g ..
Sept .
Oct . .
N o v ..
D e c ..

|

1918.

1
S
395,552,020 284,131,201
351,018,747 289,392,150
375,772,750 305,090,335
388,097,894 370,710,999
413,190,408 378,058,103
424,035,872 393,205,898
454,588,513 40.9,240,73.3
409,808,078 502,505,334
495,123,397 485,870,475
508,023,854! 489,081,358
4.30,4.30,5511439,0*1,989
451,991,330 410,481,121
s

Net Earnings.

Inc. or Dec.

1919.

s

S
30,222,109
27,023,400
29,590,482
44,850,090
58,293,249
09,390,741
96,727,014
112,245,080
98,302,598
104,003,198
4.8,130,407
38,530,432

+ 111,420,819
+ 61,056,597
+ 10,070,415
+ 17,980,895
+ 35,132,305
+ 30,709,974
— 14,658,220
— 32,030,650
+ 9,252,922
+ 18,942,490
— 2,593,438
+ 11,510,209

1918.

Inc. or Dec.

$
.8
13,881,074 +22,340,406
28,814,420 — 1,191,014
82,011,451 — 52,414,969
89,943,898 — 45,093,802
92,252,037 — 33,958,788
(1510130,575 + 109 533 310
152,079,422 — 65,352,408
143,501,208 31,315,528
117,131,459 — 18,828,801
100,190,803 — 2,193,005
74,979,347 — 20,848,880
44,019,752 — 0,383,320

Note.— Percentages of Increase or decrease In gross for the above months have been:
January, 39.22% Inc.; February, 21.31% Inc.; March, 2.90% Inc.: April, 4.85% Inc.;
May, 9.29% Inc.; June, 7.83% Inc.; July, 3.13% dec.; August, 0.4% dec.; Septem­
ber, 1.90% Inc.; October, 3.87% Inc.: November, 0.59% dec.; December, 2.01% Inc.
Percentages of Increase or decrease In net for the above months have been: Janu­
ary, 100.94% Inc.; Feb., 4.13% dec.; March, 03.91% doc.; April, 50.14% dee.; May,
30.81% dec.; June....................... ; July, 30.40% dec.; August, 21.81% dec.; Septem­
ber, 10.08% dec.; October, 2.07% dec.; November, 35.89% dec.; December,
14.21% dec.
In Jnnuary the length of road covered was 232,055 miles In 1919, against 233,199
miles In 1918; In February, 232,957 miles, against 233,200 miles; In March, 220,080
miles, against 225,031 miles; In April, 232,708 miles, against 233,251 miles; In May,
233,931 miles, against 234,339 miles; In June, 232,109 miles, against 232,082 miles;
In July, 220,054 miles, against 220,934 miles; In August. 233,423 miles, against
233,203 mllos; In September, 232,772 miles, against 232,349 miles; in October,
233,192 miles, against 233,130 miles; In November, 233,032 miles, against 232,911
miles; In December, 233,899 mites, against 233,814 miles.

The volume of traffic in 1919 can hardly be said
to have been equal to the exceptionally large traffic
moved in 1918 when the country was still actively
engaged in waging war. There is no single item of
traffic of the magnitude of the coal traffic; and in the
amount of coal mined and shipped over the railroads
there was a noteworthy contraction. After the
signing of the Armistice in November, 1918, a period
of hesitancy in trade developed in 1919 which lasted
for quite a number of months, then to be followed,
however, by a sudden revival of confidence and a
resumption of activity in certain lines of industry
on a greater scale than before. In the iron and steel
trades which create exceptional volumes of traffic,
dulness was a feature not only throughout the whole
of the first six months, but the inactivity also ex­
tended into the second half of the year. The war
demands for steel had been entirely eliminated and
consumption for ordinary purposes had been slow in
starting up. In the autumn when demand for steel
suddenly developed on a considerable scale, the strike
of the unions affiliated with the American Federation
of Labor came in to interfere with production and
though it soon became manifest that this strike was
going to prove little short of an abortion, the effect
nevertheless was to curtail output at a time when
except for this labor disturbance the output doubtless
would have greatly increased.
According to the monthly compilations of the
“ Iron Age” of this city (which do not take cognizance
of the small amount of iron produced with charcoal
as fuel) the output of iron for the twelve months of
1919 aggregated only 30,582,878 tons as against
38,506,047 tons in the calendar year 1918, 38,185,­
981 tons in 1917, 39,039,356 tons in 1916 and 29,­
662,566 in 1915. Under the unfavorable conditions
that prevailed in the first half of the year, owing to

M aii. 6 1920.]

THE CHRONICLE

the cutting off of the demand for iron and steel for
war purposes, the monthly product, which had been
3,302,200 tons in January, 2,940,168 tons in Feb­
ruary and 3,090,243 tons in March, fell to 2,478,218
tons in April, 2,108,056 tons in M a y and 2,114,863
tons in June. From this, with a revival in demand
for iron and steel for general purposes, the production
increased to 2,428,541 tons in July, 2,743,388 tons
in August, but thereafter declined again with the
inauguration of the steel workers’ strike, dropping
to 2,487,965 tons in September and to no more than
1,863,558 tons in October. W ith the demonstrated
failure, however, of the strike and the gradual return
to work of the limited bodies of men who had quit,
the monthly output again rapidly increased, rising
to 2,392,350 tons in November and 2,633,268 tons
in December.
The shipments of Lake Superior iron ore by water
from the upper to the lower Lake ports during the
season of navigation in 1919 were only 47,177,395
tons against 61,156,963 tons in 1918, 62,498,901
tons in the season of 1917 and 64,734,198 tons in the
season of 1916, the falling off reflecting of course the
diminished production of iron. This ore after reach­
ing the lower Lake ports by water passes thence
over the railroads to the iron-producing districts and
. the diminished quantity of ore thus transported
indicates one other way in which there was a falling
off in railroad traffic in 1919.
In the production of steel also there was a falling
off estimated at 9,000,000 tons. In the copper pro­
duction, owing to the large stocks carried over from
the previous year and the cessation of the special
export demand arising out of the war, there was a
decrease in production estimated at 900,000,000 lbs.
The sharpest falling off of all, however, in the
freight traffic of the railroads was undoubtedly in
the transportation of coal and this, as already
stated, is the biggest single item in the freight traffic
of the roads as a whole, though in the western half
of the country the coal tonnage on many roads is
relatively unimportant. In the early months of 1919
coal production was sharply reduced. This followed
alike from the signing of the armistice the previous
November (thus removing the special stimulus to
high production which the war had made necessary)
and the extremely mild weather, which latter re­
duced the demand for coal for heating purposes.
In November and December production was sharply
reduced owing to the strike of the miners in most of
the bituminous regions of the country. The soft
coal output altogether for 1919 is estimated at 458,­
063,000 tons as against 579,385,820 tons for the
calendar year 1918 and 551,790,563 tons for the
calendar year 1917. The Pennsylvania anthracite
output also declined, in the main as a result of the
milder weather. The quantity mined in 1919 is
estimated at 86,200,000 tons as against 98,826,084
tons in 1918 and 99,611,811 tons in 1917.
The combined production of soft and hard coal is
put at 544,263,000 tons as against 678,211,904 tons
in 1918 and 651,402,374 tons in 1917. W hat a
general factor this'contraction of 134,000,000 tons
in the coal output must have been in the freight
traffic of the railroads is evident from a casual
examination of the production figures for the different
States. W ith the exception of a trifling increase in
the small output of North Dakota there is not a
State in which coal mining is carried on where there
was not a decline in 1919 in the quantity of coal




919

mined and in some States the losses were very con­
siderable. In Pennsylvania, besides the loss of
12,000,000 tons in the anthracite production, the
bituminous output was only 145,300,000 tons against
178,550,741 tons in 1918. In W est Virginia the
amount of soft coal mined was only 75,500,000 tons
against 89,935,829 tons, in Illinois 64,600,000 tons
against 89,291,105 tons, in Indiana 20,500,000 tons
against 30,678,634 tons, in Kentucky 28,500,000
tons against 31,612,617 tons, in Ohio 35,050,000
tons against 45,812,943 tons, in Colorado 10,100,000
tons against 12,407,571 tons, in Alabama 15,230,000
tons against 19,184,962 tons and in Virginia 9,500,000
tons against 10,289,808 tons. Similarly, the minor
coal-producing States also all show larger or smaller
losses in the quantity of coal mined.
As far as the movements of the leading staples are
concerned, there was a notable contraction in the
movement of certain items of the grain traffic as a
result of the smaller crop production of 1919. Taking
the receipts at the Western primary markets for the
52 weeks ending Dec. 27 and comparing with the
corresponding 52 weeks of the preceding year, the
wheat receipts are found to have been just about
the same for 1919 as for 1918, the comparison being
385.402.000 bushels as against 385,102,000 bushels,
while the flour receipts were somewhat larger at
19.029.000 bbls. against 15,919,000 bbls. The barley
receipts were also somewhat heavier at 88,679,000
bushels against 70,196,000 bushels, and the rye re­
ceipts 4 3 ,556,000 bushels against 29,629,000 bushels.
On the other hand, in the corn receipts there was a
falling off of nearly 107,000,000 bushels, and in the
receipts of oats of almost 100,000,000 bushels, the
comparison in the first case being between 180,412,000
bushels and 287,285,000 bushels, and in the matter
of oats between 231,998,000 bushels and 331,392,000
bushels. The receipts of the five cereals combined
(but not counting flour) aggregated 930,047,000
bushels for the 52 weeks of 1919 against 1,103,604,000
bushels for the 52 weeks of 1918. The Western
grain movement in detail is set out in the following:
W E S T E R N F L O U R A N D G R A IN R E C E IP T S .
Jan. 1 to
Flour.
Wheat.
Corn.
Oats.
Barley.
D e c . 27.
(bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago—
1919 ...1 0 ,2 0 0 .0 0 0 77.038.000 64,024.000 88,397,000 26,167.000
1918 . . . 8,833,000 65,039,000 101,067,000 137,852,000 18.732.000
Milwaukee—
1919 . . .
805,000
8,759,000
8,036,000 27.888,000 19,125,000
1918 . . .
834,000 12,578,000 11,687,000 38,664,000 10,655,000
St. Louis—
1919 . . . 4,297,000 43,596,000 20,355,000 32,344,000 1,098,000
1918 . . . 2,910,000 37,004,000 24,720,000 30,642.000
826,000

Toledo—

1919 ..........................
1918 .........................

Detroit—

12,374,000
6,873,000

1,405,000
2,771,000

1919 . . .
1918 . . .

30,000
82,000

1,710,000
1,447,000

1,557,000
4,579,000

1919 . . .
1918 . . .

39,000
713,000

553,000
3,777,000

1919 . . .
1918 . . .

3.543,000
2,492,000

2,881,000
3,405,000

Cleveland
Peoria—

Duluth—

1919 .........................
1918 .........................

Minneapolis—

24,991,000
73,451,000

4,550,000
8,186,000

Rye.
(bush.)
7,743,000
4,416,000
4,668,000
2,614,000
405,000
415,000

..................................
1,057,000
336,000

2,416,000
3,716,000

29,000
3,000

3,000

625,000
4,365,000

2,119.000
6,617,000

7,000
127,000

4,000
171,000

19,750,000
34,655,000

8,367,000
15,856,000

1,406,000
978,000

214,000
362,000

28,000
183,000

1,028,000
2,711,000

■

.............

7,090,000 16,290,000
5,063,000 8,118,000

1919 .. 109,398,000
1918 . . .
35,000 110,104,000

8,475,000
16,604,000

24,787,000 33.757.000 14,228,000
43,401,000 32,755,000 13,192,000

1919 . . .
1918 . . .

15,673,000
34,403,000

12,330,000
15,489,000

4,000
2,000

39,884,000 27.772,000
52,251,000 28,288,000

...
...................................

Kansas City—

115,000
20,000

70,057,000
49,821,000

Omaha and Indianapolis—

1919 .. 34,045,000
1918 .........................
21,603,000

Total of All—
1919 ...1 9 ,0 2 9 ,0 0 0 385,402,000 180,412,000 231,998,000 88,679,000 43,550,000
1918 ...1 5 ,9 1 9 ,0 0 0 385,102,000 287,285,000 331,392,000 70,196,000 29,629,000

The grain movement towards the Eastern sea­
board makes a somewhat different comparison,
having on the whole been very considerably larger
than in 1918, this, however, having been in no in­
considerable measure due to the falling off in the
previous year when the deliveries were rather diminu­
tive owing to the fact that in the early part of that
year the Eastern trunk lines were in a much congested

920

[Vol. 110.

THE CHRONICLE

condition and freight embargoes existed for long
periods of time. A summary of the grain and flour
receipts at the seaboard is furnished in the following:

York Central we have an increase of 815,892,540
in the gross but a decrease of 8644,390 in the net.
This relates to the New York Central proper. When
G R A IN A N D F L O U R R E C E IP T S A T S E A B O A R D F O R 52 W E E K S .
the various auxiliary and controlled roads, like the
Receipts of—
1919.
1918.
1917.
1916.
1915.
Michigan Central, the Big Four, & c., are included,
F lour.................. bbls. 16,229.000 19,625,000 21,962,000 25,453,000 27,532,000
the whole going to form the New York Central System,
W h ea t................bush221,333,000 101,926,000 204,521,000 374,883,000 323,640,000
C o r n .............................101,095,000 20,311,000 49,439.000 57,900,000 53,049,000
the result is a gain of 822,560,999 in the gross with a
Oats.............................. 71.013.000 102,514,000 135,255,000 178,940,000 152,285,000
B arley.......................... 57,944,000 10,256,000 17,396,000 27,499,000 17,391,000
loss of 88,795,273 in the net— this loss in net occurring
R y e ............................... 30,403,000
8,016,000 14,569,000 16,862,000 14,726,000
T otal grain............481,788,000 243,023,000 421,180,000 656,144,000 561,091,000
notwithstanding the Michigan Central increased its
The Western livestock movement would appear to net 83,552,557.
As instances of improvement in the net in the
have been on the whole somewhat smaller than in the
preceding year. A t all events at Chicago the re­ Southwest, we may cite particularly the Atchison
ceipts for the twelve months of 1919 comprised Topeka & Santa Fe and the St. Louis-San Francisco.
303,948 carloads as against 309,136 carloads in The former’s return shows gross enlarged by 8 21,733,­
the twelve months of 1918; at Kansas City 150,714 423 and net by 83,565,726, while the St. Louis-San
carloads against 161,812 and at Omaha 132,798 Francisco has added 89,425,265 to gross and 8 3 ,5 6 5 ,­
cars against 137,393. Southern roads had the 726 to net. In the following we indicate all changes
advantage of a considerably larger cotton tonnage. for the separate roads for amounts in excess of $ 1 ,0 0 0 ,­
The 1919 crop is not equal to that of the previous year, 000, whether increases or decreases, and in both gross
but the movement to market was freer, while in the and net.
early part of the year the receipts from the 1918 crop P R I N C I P A L C H A N G E I N G R O S S E A R N I N G S I N 12 M O N T H S .
Increases •
Increases •
ran heavier than in the previous year. The ship­ P e n n sy lv a n ia ( 3 ) ............. a $ 2 6 .8 0 3 ,3 49 C h ic a g o In d Sc L o u ls v lllo $ 1 ,3 3 8 ,5 5 3
A tc h T o p & S an ta F o (3 ) 2 1 ,7 3 3 ,4 2 3 F lo rid a E a s t C o a s t ______ 1 ,2 8 0 ,0 0 0
ments overland for the twelve months of 1919 were U n io n P a c ific ( 3 ) ................ 1 8 ,6 0 2 ,5 2 2 W ic h it a F a lls Sc N o r t liw . 1 ,2 4 0,58 7
S ou th ern P a c ific ( 8 ) ____ 1 6,9 48 ,6 4 4 A la G r o a t S o u t h e r n ______ 1 ,2 3 3 ,1 0 4
2,437,241 bales against 2,364,423 bales in 1918; N o w Y o r k C e n t r a l_______ 6 15 ,8 9 2 ,5 4 0 N o w O rl T e x Sc M e x ( 3 ) . 1 ,2 1 5 ,9 6 3
C h ic a g o M ilw S S t P a u l. 1 5 ,5 9 7 ,4 4 9 C a r o lin a C lin c h & O h i o . .
c
1 ,1 5 8 ,5 9 6
C h ic o k
S
c
( 2 ) . 1 2 ,3 3 5 ,1 1 8
2,783,497 bales in 1917 and 3,108,517 bales in 1916. C h ic aR o c & Islo rthP aecs te rn 1 2 ,2 9 4 ,2 3 7 M a in e C e n t r a l___________ 1 ,1 1 0 ,0 0 0
g
N
w
S t L o u is S o u th w e s t ( 2 ) . .
1 ,0 7 2 ,4 0 2
ic h ig
t l_______
0 ,3 2
S
c
xas.
1 ,0 4 1 ,7 5 8
A t the Southern outports the receipts were away Mh ic a g a nB uC e nc r a u i n c y . . 1 9 ,8 3 4 ,3 0 0 M ris sodu r i aK a nss Sc Tned ____. 1 ,0 3 0 ,9 0 9
C
o
rl S Q
8 ,6 6 9 G a n R p id
I
St L
F ran ( 3 ) . . .
9 ,4 2 5 ,2 6 5
ahead of those for 1918 and 1917 but did not come T e x aosu is Sanc if ic .................. 8 ,9 1 7 ,6 0 5 C e n tra l o f G e o r g ia _______ 1 ,0 0 3 ,6 2 3 *
& Pa
ltim
h
8 ,4 2 8 ,5 6 8
R e p r e s e n tin g 70 ro a d s
up to the level of those of earlier years. As will be B ain n Sotr e & O & io ________. 6 ,6 6 6 ,3 0 2
M
P aul
SS M . .
in o u r c o m p i la t i o n .$ 2 8 8 ,6 0 1 ,0 3 0
A tla n t ic C o a s t L in o ______ 6 ,5 6 6 ,1 2 2
seen from the table we now introduce, the receipts P e ro M a r q u e t t e .................. 6 ,4 8 8 ,1 2 5
Decreases •
c
L o u ls v illo & N a s h v illo ___
6 ,1 2 2 ,1 7 3 P h ila d e lp h ia S R e a d in g . $ 7 ,8 97 ,7 4 1
for 1919 aggregated 6,927,349 bales against 4,930,740 G r e a t N o r t h e r n __________ 5 ,8 7 2 ,6 7 2 N o r fo lk & W e s te r n ______ 5 ,0 7 8 ,4 3 4
M o K a n & T e x o f T e x ___
5 ,4 0 4 ,1 8 4 P itts b u r g h S L a k e E rto__ 4 ,9 5 8 ,0 8 5
c
bales in 1918 and 5,32 8 ,8 8 2 bales in 1917, but com­ N Y N II Sc H a r t f o r d . . . 4 ,2 5 0 ,9 0 7 B u ffa lo R o cli & P it ts ____ 4 ,5 2 4 ,0 6 7
c
M is so u r i P a c if ic __________ 3 ,9 6 4 ,6 8 4 C h e s a p e a k e S O h io ______ 2 ,2 4 5,78 1
paring with 7,561,641 bales in 1916, 9,734,000 bales E rie ( 2 ) ..............
3 ,3 0 3 ,6 2 1 N o rth e rn P a c ific ________
2 ,1 6 8 ,9 0 6
C o lo r a d o & S o u th e rn ( 2 ) . 3 ,2 4 0 ,0 1 7 B in g h a m & G a r fie ld ____
2 ,1 3 5 ,7 8 7
S ou th ern l t y ______________ 3 ,2 1 3 ,5 1 5 E l P a s o S S o u t h w e s te r n . 2 ,0 2 9 ,0 7 7
c
in 1915 and 7,953,651 bales in 1914.
R E C E IP T S O F C O T T O N A T S O U T H E R N P O R T S F R O M J A N U A R Y 1 TO
D E C E M B E R 31 1914 T O 1919, IN C L U S IV E .

Full Year.
Ports.

1919.

1918.

1917.

| 1916.

1915.

1914.

G a lv e s to n ......... bales. 2,272,207 1,488,623 1,968,018 2,800,245 3,463,217 3,220,293
107,398 448,700 685,833 437,988
117,875
306,873
Texas C ity , A c ______
New Orleans________ 1,500.728 1,552,729 1,355.695 1,640,911 1,979,406 1,634,583
141,824 219,094
252,544
117,371
99,511
172,401
M o b ile ...........................
90,069
27,769
143,060
57,908
124,187
45,880
Pensacola, A c _______
Savannah____________ 1,410,812 1,009,146 907,757 1,086,194 1,585,215 1,261,039
90,550
175,770
168,132 208,200
135,208
214,030
B run sw ick___________
298,214
198,533, 204,860 377,244 262,230
145,500
C harleston___________
...........
101
2,484
72,272
162,576 315,728
172,828
189,687
93,830
W ilm in gton __________
391,542 263,373 379,895' 086,553 726,095 440,994
N o r f o l k ______ _____ 115,294
179,325
2,943
5,857
0,125j
60,775
N ew port N ew s, A c ___
T o t a l ______ _______ 6,927,349 4,930,740 5,328,882 7,561,641 9,734,000 7,953,651

D e la w a ro L a c k & W e s t . .
C h ic a g o G r e a t W e s t e r n ..
G ra n d T r u n k W e s t e r n ..
C h i S t P a u l M in n & O . . .
L o s A n g e le s & S alt L a lco .
B o s to n & M a in e ..................
W e ste rn P a c ific
_______
Y a z o o S M is s V a lle y ____
c
C lo v e C in C h i S S t L o u is
c
S e ab o a rd A ir L in e _______
L o n g I s l a n d . . ....................
D e n v e r S R io G r a n d e ___
c
W e s t J e r & Sea S h o r o ___
M in n e a p o lis & St L o u i s . .

3 ,0 8 3 ,9 7 1
3 ,0 1 1 ,265
2 ,9 6 6 ,0 3 2
2 ,9 0 2 ,0 3 8
2 ,6 9 2 ,5 5 4
2 ,6 7 2 ,4 8 7
2 ,5 9 1 ,3 3 4
2 ,4 7 5 ,1 2 i
2 ,4 5 2 ,4 8 6
2 ,2 6 0 ,4 2 6
2 ,1 4 0 ,8 1 8
1 ,6 6 4 ,0 4 3
1 ,3 7 1 ,4 7 8
1,35 6,57 1

C h ic a g o & E ast I l l i n o i s ..
N a sh C h a tt & S t L o u i s . .
D u l M is s a b e & N o r ...........
K a n a w h a S M i d i _______
c
H o c k in g V a lle y __________
E lg in J o lie t S E a s te r n ___
c
S p o k a n o P o rtl S S e a ttle .
c
N e v a d a N o r t h e r n _______
L e h ig h V a lle y .......................
T o le d o S O h io C e n t r a l . .
c
D u lu th & Iron Ita n g o ___

1,9 5 7,91 1
1 ,7 1 3 ,2 6 9
1 ,5 5 0 ,5 5 8
1 ,5 7 1,37 9
1 ,5 0 1,34 4
1 ,3 7 4 ,6 6 9
1 ,2 2 1 ,6 8 0
1 ,1 2 6 ,8 9 2
1 ,0 5 7,88 0
1 ,0 5 0 ,7 5 0
1,01 7,32 4

R e p re s e n tin g 19 ro a d s
in o u r c o m p i l a t i o n ..$ 4 6 ,1 8 1 ,5 3 4

Note .— A ll tlio figu res in t h e a b o v o a ro o n th e b asis o f t h e retu rn s filed
w ith th e I n te r -S ta to C o m m e r c o C o m m is s io n . W h e r e , h o w o v e r , th ese
retu rn s d o n o t s h o w t h e to ta l fo r a n y s y s te m , w e h a v e c o m b in e d th e
sep a ra te ro a d s s o as to m a k o t h e resu lts c o n fo r m as n e a rly as p o ss ib io t o
th o s o giv e n In th e s ta te m e n ts fu rn ish e d b y th e c o m p a n ie s th e m selves.
a T h is is th e re su lt fo r th e P e n n sy lv a n ia U R ., to g e th e r w ith th e P en n sy l­
va n ia Company, a n d th e P itts b u rg h C in c in n a ti C h ic a g o S S t. L o u is , t h e
c
P en n sy lv a n ia R l i . r e p o rtin g $ 9 ,6 0 9 ,7 4 7 in cre a s e , tin! P e n n sy lv a n ia Com­
pany $ 1 0 ,8 1 2 ,1 8 7 in cre ase a n d th e P . O . O . S S t. L . $ 6 ,3 8 1 ,4 1 5 in crease.
c
b T h e s e fig u re s c o v e r m e re ly th e o p e r a tio n s o f th e N e w Y o r k C en tra l
its e lf. In c lu d in g the v a rio u s a u x ilia ry a n d c o n tr o lle d ro a d s, lik e th e
M ich ig a n C e n t r a l, t h e “ B ig F o u r ,” & c ., t h e w h o le g o in g t o fo r m th e N ew
Y o r k C e n t r a l System, t h e r e s u lt is a ga in o f $ 2 2 ,5 0 0 ,9 9 9 .

W hen we come to consider the returns of the sepa­
rate roads the comparisons are much like those for
P R I N C I P A L C H A N G E S I N N E T E A R N I N G S I N 12 M O N T H S .
the general totals. The great body of roads show
Increases.
,
,
Decreases•
E rio ( 2 ) ..................................... $ 4,2 3 6 ,9 5 6 W a b a s h ..................................... $ 3 ,0 0 0 ,4 5 4
gains in the gross and losses in net. On the other St L o u is San F ran ( 3 ) ____ 3 ,5 6 5 ,7 2 6
C lo v e C in C h i S St L ____
c
3 ,0 7 9 ,6 7 8
5
5
ich
a l_______
e la w
,0 5 5 ,5 9 6
hand, however, there are not a few companies which Mre a tig a no r tC een tr___________ 3 ,5,5 2 ,5,2 7 4 De h ig ha roaL a c k & W e s t . . 3 2 ,9 1 4 ,1 5 4
G
N
h rn
3 34 2 L
V lle y .........................
rq
.............
In
at & r a N
2 ,0 1 3 ,1 7 2
register considerable decreases in the gross and also P e ro aMoa Sc u eotrttoh W e s ... . 3 ,0 7 9,85 1 N ate rnC h a ttGSceS tt L oouritsh. .. 2 ,5 7 3,33 1
C h ic g
N
t
2 ,2 1 3 ,4 2 2
sh
G
W e e n ..
E l P a so S
s te r n
2 ,2 8 6 ,5 0 0
some that are able to record increases in the net. Mra n dS T r uan k & SSs tM r___ 2 ,1 7 6 ,6 8 0 C e n tra l o c S oeu th w e.............. 2 ,2 1 4 ,7 0 4
in n t P u l
1 ,9 5 0 ,1 2 6
f G o r g ia
h o S S
c
o (3 )
B essem er &
Er
2 ,1 9 3 ,7 4 7
These last comprise mainly roads in the Southwest, A t cic aT o p r e a tan ta sFe r n .. 1 ,6 7 8 ,1 7 3 C in N e w OrlL a k ee x P iaec. .. .. 2 ,0 6 0 ,0 1 1
Ch
g G
We t
1 ,4 8 9 ,1 9 9
ST
c
ic a
B
n y.
1 ,4 1 3 ,3 2 2 B u ffa
o h S
7
together with certain systems in Michigan, like the C h n v egro Sc u rl & Qau id ec___. 1 ,8 0 0 ,6 4 6 C h ic a loo RSce A ltc P it t s ____ 1 ,9,95 ,5 8 6 8
De
R io G r n
g
o n ..................
1 6 2,60
B o s t o n & M a in e __________
1,079,591 U nion P a cific ( 3 ) . ................
1 ,9 5 1 ,4 0 7
Pere Marquette and the Michigan Central, which
C h ic a g o S E a s t I l li n o is ..
c
1 ,868,401
R e p re se n tin g 18 ro a d s
S e a b o a rd A ir L in o .............
1 ,8 5 8 ,5 9 8
have been deriving special advantages by reason of
in o u r c o m p i la t i o n ..$ 3 1 ,2 7 0 ,3 7 3 L o n g I s l a n d ...........................
1,706,961
Decreases. B in g h a m S G a r fie ld ____
c
1 ,6 7 1 ,4 6 9
the wonderful growth and expansion of the auto­ S ou th ern R y ..........................$ 1 8 ,7 2 0 ,8 7 2 K a n a w h a Sc M i c h ............. 1 ,4 2 6 ,6 1 5
P e n n sy lv a n ia ( 3 ) ________ a l6 ,2 0 5 ,5 5 2 S t L o u is S ou tln v ( 2 ) ____
1 ,4 1 9,56 6
mobile industry. To the number of roads distin­ C h e sap e a k e & O h io ______ 8 ,7 7 9 ,2 5 3 D u l M is s a b e Sc N o r t h . . . 1 ,3 8 2,57 6
Illin ois C e n t r a l..................... 8 ,1 6 0 ,0 9 5 E lg in J o lie t S E a s t ...........
c
1 ,3 4 1,914
guished for better net (in this of course we refer only N o r fo lk Sc W e s t e r n ........... 7 ,5 2 0 ,4 2 2 C u m b e r la n d V a lle y ______ 1 ,1 6 3 ,6 0 0
L o u is v ille & N a s h v i l l o . . . 0 ,8 6 4 ,9 9 3 S p o k a n o P o r t S S e a t t l o ..
c
1 ,1 2 9 ,8 4 7
to roads having quite large gains) there must also be N o rth e rn P a c ific ________ 6 ,8 3 2 ,3 1 8 M o b ile Sc O h io .................... 1,1 H i,060
P h ila d e lp h ia & R e a d in g - 6 ,6 1 6 ,5 4 3 M o K a n S T e x o f T e x . .
c
1 ,0 0 4 ,0 9 2
P
u rg h & L a k o E r i e . .
added a prominent New England road in the Boston Mitts bu ri P a c ific __________ 0 ,5 9 4 ,7 4 4 G e o r g ia ................................... 1 ,0 3 1 ,7 5 0
is so
6 ,1 0 1 ,2 0 2 M is so u r i K a n s a s S T e x .
c
1 ,0 0 2 ,0 6 3
S
e rn
a c ific 8 ) ____
4 ,7 2 9 ,9 0 9
& Maine and one of the Eastern trunk lines, namely A o u th t ic CP a s t L in(o ______ 4 ,2 7 0 ,4 8 6
tla n
o
R e p r e s e n tin g 52 r o a d s
In d u r c o m p i la t i o n .$ 15 7 ,0 4 5 ,5 58
the Erie, the 1919 improvement in the net in these C e n t R R o f N o w J e r s e y . 3 ,8 5 8 ,0 4 9
T is is t h o
s u lt f o
e P
an
R .
g
e r ith th o P n y
two cases being ascribable no doubt to the extra­ v a a ia hCompanyr eaDd th r thitts e n n sy lvC iniain nR ti, to h e thg o wc S t. L o ueis ,n sthl­
n
o P
b u rg h
c
a
C ic a
S
o
P e n n sy lv a n ia R R . re p o r tin g $ 1 2 ,5 1 0 ,0 3 9 d e cre a s e , th o P e n n sy lv a n ia Com­
ordinarily poor showing made in 1918.
pany $ 1 ,8 8 3 ,1 7 3 In crease a n d th o P . O . C . S S t. L . $ 5 ,5 7 8 ,0 8 6 de cre a so.
c
T
u re s
co
o ope t n
th
Y r
C
In the case of the Pennsylvania Railroad the figures itsb lf.h e s o cfigd in g m eor e lya rio v e r athx ilia ryr a aiod s co f tr oo N o w a dos, k liken traol
e
In lu
th
v
us
u
n
on
lle d ro
e th
M ic h ig a n C e n t r a l, th o “ B ig F o u r ,” & c ., th e w h o le g o in g t o fo r m t h o N ow
(which cover the lines directly operated East and Y o r k C e n tra l System, th o resu lt Is a loss o f $ 8 ,7 9 5 ,2 7 3 .
W est of Pittsburgh and Erie) show an increase in
W hen the roads £tre arranged in groups or geo­
the large sum of $26,803,349 in the gross, but a loss graphical divisions according to their location,striking
of no less than $16,205,552 in the net. For the New illustration is furnished of the part played by rising




THE CHRONICLE

M aii. 6 1920.]

expenses in diminishing the net earnings. In the
group summaries the irregularities in the compari­
sons as between different roads in the same sections
naturally disappear, permitting the main controlling
factors, like the rise in operating cost, to reflect the
evidence of their presence. It accordingly happens
that while every geographical section without any
exception records considerable improvement in the
gross earnings, on the other hand every geographical
division without any exception also registers a
decrease in the net. And this decrease in the net in
the case of some of the groups is both large in amount
and in ratio. Our summary by groups is as follows;
SU M M A R Y DY GROUPS.

■Gross EarnlngsIncrease ( + ) or
Decrease (— ) .

Seellon or Group—
'

1919.
1918.
Jan. 1 to Dec. 31—
S
S
Group 1 (3 roads)’, New E ngland. 219,021,427
208,290,273
Group 2 (37 roads), Hast A M id ..1,395,302,183 1,304,005,294
003.940,202
Group 3 (29 roads), M iddle W est. 030,558,055
078,342,797
Groups 4 A 5 (30 roads), Southern 098,005,090
Groups 0 A 7 (31 roads), N orthw . 1,108,024,985 1,044,109,288
Groups 8 A 9 (49 roads), Southw . 813,582,809
735,750,727
Q roup 10 (12 roads), Pacific Coast 301,591,845
280,472,270

$
%
+ 10,731,154 5.15
+ 30,750,889 2.25
+ 32,018,393 5.40
+ 20,202,293 2.99
+ 04,815,097 0.21
+ 77,820,142 10.58
+ 21,119,509 7.53

T otal (202 roads).........................5,173,047,054 4,915,510,917 +258,130,137

-Mileage
1919.
7,302
28,877
21,750
38,523
00,774
Groups N os. 8 A 9 . 54,247
10,500

1919.
S
S
7,329 19,758,640 20,013,456
28,878 149,880,989 184,125,505
21.785 91,152,294 100,670,885
38,429 95,995,359 158,501,528
00,801 191,881,593 201,643,158
54,590 139,092,974 151,661,258
10,443 70,810,881 82,376,488
1918.

5.25

-Net EarnlngsInc. ( + ) or Dec, (—).
1918.
.

$
%
— 254,816 1.27
— 34,244,576 18.50
— 15,524,591 14.55
— 62,560,169 39.40
— 12,701,505 0.27
— 12,508,284 8.29
— 5,559,607 6.76

233,985 234,204 704,578,730 908,058.338 — 143,479,008 15.80
N O T E .— Group I. Includes all o l tho New England States.
Group II. Includes all of New York and Pennsylvania except that portion west of
Pittsburgh and Buffalo; also all of New Jersey, Delaware and M aryland, and the
extreme northern portion of West Virginia.
Group 111. Includes all of Ohio and Indiana; all o f Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined Include the Southern States south o f the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined Include the northern peninsula of M ichigan, all of
Minnesota, W isconsin, Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas C ity; also all of M ontana, W yom ing
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined Include all o f Kansas, Oklahoma .Arkansas and
Indian Territory, Missouri south o f St. Louis and Kansas C ity, Colorado south
o f Denver, tho whole of Texas and the bulk of Louisiana; and that portion of New
M exico north of a lino running from tho northwest corner o f the State through
Santa Eo and cast of a lino running from Santa Fo to El Paso.
Group X. includes all of W ashington, Oregon, Idaho, California, N evada. Utah
arid Arizona and tho western part of New M exico.

W o now add our detailed statement for the last
two calendar years classified by groups the same
as in the table further above and giving the figures
for each road separately.
E A R N IN G S O F U N IT E D S T A T E S R A IL W A Y S JA N . 1 T O D E C . 31.
----- Net-------------------- Gross-------------Group I.
1919.
1918.
1919.
1918.
Inc. or Dec.
New England—
$
S
S
S
S
Bangor A Aroostook 5,287,300
4,863,222
293,927
623,700
— 329,779
6,500,212
Boston A M alno____ 72,583,880 09,911,393
5,480,621 + 1,079,591
Can Pac Lines In M o 2,754,954
2,409,201 dcf279,8.55 def287,898
+ 8,043
Central V e r m o n t -.. 5,852,309
5,188,812 def580,581 def399,726
— 180,855
Or T r Lines In N E . 3,034,153
2,007,000 def675,242 def489,770
— 185,460
5,114
M aine C entral_____17,638,178 16,416,178
385,432
— 380,318
N Y N II A IIartfordlOO,545,119 102,294,212 14,071,738 14,547,089
— 475,951
4,540,589
R u t la n d .................... 4,838,534
363,327
153,408
+ 209,919
T otal (8 roads). . 219,021,427 208,290,273

Group II.
East MIddle—

-Gross-

19,758,640

1919,
1918.
1919.
$
S
S
Atlantic C ity ______
4,452,104
4,252,270
1,023,714
Baltimore A O h io .. 182,020,010 174,191,448 12,750,891
Balt d i e s A A tl____
1,003,332
1,430,440
defl3,176
2,249,660
Buffalo A Susq.........
2,157,830
def416587
Buff ltoch A P it t s .. 13,955,592 18,479,059 def 1073,135
Central It It of N J . . 44,837,302 44,790,070
4,563,351
Contral Now Engl’d 0,757,409
0,003,150
613,237
Cumberland V nllcy. 5,033,301
5,917,543
1,043,437
Delaware A Hudson 34,749,709 34,789,804
3,078,205
Del Lack A W e s t .. . 71,824,047 68,740,076 15,768,790
E rlo............................. 91,797,507 87,855,401
3,981,671
Fonda Johns A G lov 1,251,051
448,252
1,123,137
Lehigh A Ilud Itlvcr 2,687,520
2,470,851
644,933
Lohlgh A Now E n g. 3,981,318
3,989,895
1,025,201
Lehigh Valley............ 04,528,890 05,580,770
5,320,590
Long Island.............. 24,381,074 22,241,150
3,795,124
Maryland Del A Va 1,350,188
1,101,324
def30,470
M onongahcla......... .. 3,052,007
3,211,550
1,259,397
M on ong C o n n e c t ... 1,954,320
2,473,704
53,194
M o n t o u r .................. 1,199,498
1,307,415 def240,320
N Y Central........... 310,715,575 294,823,035 61,774,941
N Y Out, A W e s t .. 10,909,616 10,895,005
1,105,470
N Y I’ hlla A N o rf. 8,208,307
7,032,494
1,019,391
N Y Susq A W est. 3,915,610
4,353,420
134,182
P en n sylvan ia.......... 378,091,498 308,481,751 22,073,031
Pcrklornen_________ 1,121,837
1,117,383
559,426
Phlln A R e a d in g ... 72,871,823 80,769,504
8,263,049
I’ hlla Beth A N E . .
835,404
1,472,854
7,268
Pitts A Shawm ut___ 1,115,125
1,343,008 defl86,500
l ’ ltts Shaw A N o r .. 1,125,750
1,210,348 def335,09fl
Port R eading......... .. 2,377,412
2,037,218
805,642
South Buffalo...........
949,683
1,503,090
78,145
Staten Island It T _ . 2,234,071
1,934,751
272,435
Ulster A D elaw are.. 1,215,809
1,000,444
dcf88,515
Union HR o f Penna 7,710,270
7,078,314
dcf39,422
W est Jersey A Sea 8 11,971,021 10,599,543
820,001
Western M arylan d. 14,010,410 15,402,351
18,042

20,013,450
— 254,810
----- Net-------------------------- 1918.
Inc. or Dec.

s

1,351,264
13,599,268
7,505
defl7,929
902,451
8,421,400
666.802
2,207,037
3,436,080
18,814,392
191,087
420,248
523.732
1,205,774
8,240,744
5,502,085
def40,437
937,094
260,442
def6,504
62,419,331
920,482
1,349,001
559,350
34,583,070
530,576
14,880,192
222,870
40,823
def490,006
844.802
310,394
234,325
dcf8,200
723,172
493,084
def 124,096

s

— 327,550
— 848,377
— 20,681
— 398,658
— 1,975,586
— 3,858,049
— 53,505
— 1,103,000
— 357,875
— 3,055,590
+ 3,789,984
+ 22 ,00 4
+121,201
— 180,573
— 2,914,154
— 1,700,901
+ 9,9 67
+ 321,703
— 213,248
— 233,816
— 044.390
+ 184,988
— 329,670
— 425,168
-12,510,039
+ 28 ,85 0
— 0,616,543
— 215,602
— 227,329
+154,910
— 39,100
— 232,249
+ 38,110
— 80,315
— 762,594
+ 332,317
+ 142,738

T otal (37 roads) 1,396,302,183 1304005294 149,880,989 184,125.505 -34,244,570




Group III,
Middle West—

921
3,585,906
13,417,604
11,017,274
5,000,956
3,137,163
1.108.340
2,812,980
71,403,970
1,557,034
1,999,026
3.413.341

1919.
S
809,050
2,056,579
1,691,040
dcfl71,027
dcf.385,084
def27,130
710,674
16,429,004
7,710
1,159,537
def490,790

----- Net----- -Inc. or Dec.
1918.
S
$
390,484
+ 419,160
4,250,326 — 2,193,747
— 134,444
1,725,490
— 798,933
027,900
— 371,173
def 13,911
13,900
— 41,030
470,042
+ 240,032
19,508,082 — 3,079,678
68,570
— 60,860
901,720
+ 257,817
def381,800
— 108,996

11,039,823
7,207,727
19,370,033
13,155,801
5,890,134
9,343,905
68,520,087
22,650,381
1,453,750

1,745,072
897,120
4,312,001
1,961,912
202,400
542,432
21,002,672
5,157,750
40,971

+ 446,972
1,298,700
732,782
+ 104,338
2,135,981 + 2,176,680
2,707,069
— 745,157
1,689,015 — 1,426,615
— 361,401
903,893
17,450,015 + 3,652,557
— 8,874
5,106,624
309,682
— 262,711

95,530,322
87,224,888
28,955,012
32,992,273
1,800,140
10,129,060
8,300,127
48,240,411
13,592,172

10,803,238
2,514,660
8,719,311
4,032,345
def542.609
430,109
1,322,932
4,455,348
1,731,301

8,980,005
8,093,352
5,639,460
10,627,089
defl25,235
1,176,865
1,881,990
8,121,802
2,326,321

---------- Gross----------1919.
1918.
$

Ann A rbor________
4,533,990
Bessemer A Lake E . 12,508,700
Chic Ind A L o u ls v .. 12,355,827
Chic T II A S E ____ 4,094,195
Cln Ind A W estern. 3,204,570
Cln Leb A Northern. 1,153,261
Cincinnati Northern 2,872,209
CIcv Cln Ch A St L . 73,850,450
D etroit A M ackinac. 1,687,342
D ot A T ol Sh L in o .. 2,458,395
D et Tol A I r o n to n .. 3,705,755
E ric System—
C hicago A E r i e ... 10,401,398
Grand Rapids A Ind 8,238,030
Grand Trunk W e st. 22,342,005
Hocking V alley____ 11,054,517
Kanawha A M ic h .. 4,324,755
Lake Erie A Western 9,784,820
M ichigan C e n tra l.. 78,844,387
N Y C ldc A St Louis 23,475,553
Newburg A So Shore 1,328,300
Penn System —
Pennsylvania C o . 106,342,509
P Cln Ch A St L . . 93,000,303
Pcre M arquette____ 35,443,137
Plttsb A Lake E rie. 28,034,188
Plttsb A W est V a . . 1,452,609
Toledo A Ohio C ent 9,078,910
Toledo St L A W e st. 8,267,877
W abash....................... 48,847,085
Wheel A Lake E ric. 12,600,840

S

+ 1,883,173
— 5,678,686
+ 3,079,851
— 6,594,744
— 417,374
— 740,750
— 659,058
— 3,660,454
— 695,020

T otal (29 ro a d s).030,558,055 603,940,202 91,152,294 100,676,885— 15,524,591
----- Net---------------------------------------- Gross---------------Groups IV. A V.
1918.
Inc. or Dee.
1919.
1918.
1919.
Southern—
$
5
S
8
$
425,738
— 6,838
Alabama A V lcksb. . 2,794,550
2,470,856
418,900
2,193,120 — 127,157
Ala Great S outhern. 10,529,739
9,296,035
2,065,963
818,085
— 107,434
2,548,441
710,651
Atlanta A W est P t . . 2.778,564
— 445,007
Atlanta Blrm A A tl. 4,901,072
4,703,381 def780,081 dcf335,074
Atlantic Coast Line. 03,558,451 50,992,329 10.058.541 14,329,027 — 4,270,486
382,492 — 284,722
1,397,254
Birmingham S outh.
567,350
97,770
1,185,978
+ 22 9 ,2 7 4
1,415,252
Caro Clinch A O h io. 5,970,135
4,811,539
4,674,711 — 2,214,764
Central o f G e o r g ia .. 21,690,511 20,092,888
2,459,947
698.484 — 399,600
Charles A W C a r o .. 3,121,630
298,884
3,015,886
Chesapeake A O h io. 71,475,010 73,720,797 10.798.542 19,577,795 — 8,779,253
2,874,602 — 2,060,011
Cln N O A Tex P a c . 10,313,085 15,478,641
814,591
2,098,519
— 237,913
Florida East C oast. 10,121,222
8,841,222
1,860,606
2,357,731 — 1,031,750
0,710,503
1,325,981
G eorgia....................... 0,389,987
1,021,743 def388,488
Georgia A F lo r id a ..
998,346
dcf27,618
— 360,870
Georgia Sou A F l a .. 4,374,501
3,694,801
445,263
— 192,686
252,577
514,927
— 483,376
G ulf A Ship Is la n d .. 2,490,260
31,551
2,548,060
263.485
— 243,529
G ulf M obile A N o r. 2,823,500
2,418,292
19,950
Louisville A N a s h v .107,514,965 101,392,792 14,970,828 21,835,821 — 0,864,993
853,644 — 192,435
Loulsv Ilcnd A St L . 2,914,103
2,858,463
601,209
279,795 — 487,213
1,240,990 def207,418
Mississippi C entral. 1,011,409
709,729 — 1,116,060
M obile A O hio......... 15,030,715 14,840,901 def40fl,331
4,133,838 — 2,573.331
1,560,507
Nashv Chatt A St L 20,014,134 21,757,403
503,430 — 325,223
178,213
2,197,315
New Orl Great N o r . 2,294,550
1,282,302 — 760,779
521,523
0,474,718
NcwOrl A Northeast 0,440,802
N orfolk A W estern. 70,925,000 82,004,034 12,904,314 20,424,730 — 7,520,422
480,083
— 86,402
5,753,04 4
Norfolk Southern . . 0,591,228
393,681
390,466 — 275,425
115,041
1,285,495
Northern Alabama* 1,079,559
3,340,161
— 267,663
7,104,372
Rich Fred A P o to m . 7,743,234
3,072,498
5,570,313 — 1,858,598
Seaboard Air L in e .. 41,183,532 38,923,100
3,717,715
Southern R a ilw a y ..129,787,812 120,574,297 16,043,000 34,703,872— 18,720,872
170,377
— 49,669
1,519,490
South R y In M is s .. 1,864.983
120,708
299 280 — 636,215
3,011,812 def330,929
Tennessee C e n tra l.. 2,489,538
2,028,527
+ 271,777
Virginian.................... 12,075,305 11,900,444
2,900,304
1,952,942
+ 74 ,82 2
W ashington South'n 4,532,783
2,027,764
4,027,035
713,464
— 82,882
West R y of Alabama 2,540,171
030,582
2,558,203
5,745,471
— 78,464
Y azoo A Miss Valley 24,952,130 22,477,009
5,007,007
Total (3 0 ro a d s )..698,605,090 078,342,797
--------------- Gross--------------Groups VI. A VII. 1919.
1918.
Northwest.
S
$
B A O Chic T e r m .. 2,058,947
1,761,480
Belt R y of C hicago. 3,780,322
3,899,705
Chicago A A l t o n . .. 25,272,334 24,358,601
Chic A East Illinois. 24,795,181 20,753,092
Chic A N orth W est. 139,589,915 127,295,078
Chic Burl A Q uincy. 154,011,438 144,172,769
Chicago Great W est 22,128,189 19,116,924
Chicago J u n c tio n ... 3,712,478
3,435,784
Cldc M llw A St P _ . 150,370,394 134,772,945
Chic Peoria A St L . 1,730,078
2,147,466
Chic St P M inn A O 27,732,019 24,829,981
D id A Iron R a n g e .. 7,901,600
8,978,930
Dul Miss A N o r t h .. 19,994,713 21,545,271
D id So Shore A A tl. 4,758,601
4,824,187
Dul W innipeg A Pac 1,913,689
1,712,060
East St L C o n n e c t.. 1,229,439
1,118,382
Elgin Joliet A E ast. 19,310,380 20,685,049
Great Northern____ 106,533,739 100,661,007
Green Bay A W est’n 1,213,613
1,019,050
Illinois Central......... 107,880,835 107,320,201
Indiana Harbor Belt 0,562,912
5,591,235
Mineral R ange.........
753,220
1,143,534
M inneap A St Louis 13,384,871 12,028,300
M l n n S t P A S S M . 42,601,595 35,995,293
M inn A Intcrnat’I . . 1,073,849
992,094
Northern P a c if ic ... 100,739,353 102,908,259
Pcorln A Pekin U n .. 1,243,748
1,300,394
Quincy Om A K C ._ 1,117,415
1,057,825
St Jos A G r’d Island 2,932,823
2,588,577
Toledo Peoria A Wes 1,645,768
1,045,592
Union Pacific............110,819,515 98,443,305

95,995,350 168,561,528— 62,500,169
----- Net------Inc. or Dec.
1919.
1918.
S
*
$
+ 327,586
def 610,031 def938,217
+ 274,096
398,452
124,356
3,681,232 — 1,962,609
1,718,623
2,607,532 — 1,808,401
799,131
20,010,628 17,797,100 + 2,213,422
33,518,475 32,105,163 + 1,413,322
1,333,827 + 1,489,199
2,823,020
— 155,421
dcf,511,731 dcf356,310
+ 705,143
11,808,089 11,103,546
— 365,404
def759,101 def393,097
+ 469,772
3,945,782
4,415.554
— 845,737
4,234,188
3,388,451
12,205,262 13,587,838 — 1,382,576
— 208,132
561,166
353,034
— 69,672
226,663
156,991
+ 6 5 ,3 6 6
defl31,781 dcfl97,147
5,899,772 — 1,341,914
4,557,858
19,805,721 10,271,497 + 3,534,224
— 30.928
134,950
104.022
8,975,755 17,135.850 — 8,160,095
+ 259,182
def547,295 dcfS06,477
— 133,667
42,272
def 91,395
— 276,852
667,204
380,352
6,304,085 + 1,950,120
8,254,811
— 86
29,190
29,110
24,659,039 31,391,967 — 0,832,318
— 222,758
def431,205 def208,447
+ 148,661
d e fll6 ,3 3 8 def264,899
+ 68,843
29,546
88,389
— 131,118
def22,621
d ef153,639
30,882,830 38,505,555 — 1,682,719

T otal (31 ro a d s ).. 1108924985 1044109288 191.881.693 204.043.168— 12,761.665

-Gross----------------1919
1918.
S
S
Atch T o p A S F e ___179,904, 498 162,309,130
G ulf C olo A S F e . 22,184, 340 18,885,098
Panhandle A S Fe. 0,708 470
5,809,657
Chicago It I A I’ a c . . 111,578 055 99,809,557
Chic R I A G u lf.. 5,040, 028
4,420,008
C olorado A Southern 12,970 644 12,947,088
Ft W orth A Den C 11,102 302
7,950,341
C olorado A W y o m _ .
915 ,051
1,123,241
D env A R io Grande. 33,010 ,257 31,352,214
Denver A Snlt L ake. 2,911 ,010
2,055,509
F t Smith A W estern 1,640 460
1,296,857
Galveston W harf___
988 ,814
1,019,838
Internat A Grt N o r . 14,410 300 13,470,888
K C M e x A O r ie n t.. 1,511 840
1,259,075
K C M e x A O of Tex 1,322, 210
1,188,057
Kansas C ity South. 15,111 ,997 15,250,400
Kansas C ity T erm ’ l . 1,388 ,293
1,247,830
Louisiana A A rkan. 2,220 ,760
1,071,051
Louisville R y A N av 3,542 034
3.078,059
M idland Valley____ 3,952 ,822
3,504,780
Missouri A N o A rk . 1,687 ,827
1,404,131
M o Kans A T e x a s .. 34,272, 092 33,230,334
M o K A T of T exas. 25,244, 514 19,810,330
1,783,304
M o Okla A G u lf____ 1,517, 850
Missouri P acific____ 03,577 ,081 89,012,397
New Orl T e x - M e x . 2,063, 689
1,885,024
B e a u S o u r L A W . 1,364, 108
1,417,974
St L Brown A M . 5,540, 631
4,448,927
Groups VIII. <fc IX.
Southwest—

1919.

$

49,402,254
3,883,882
301,742
14,555,889
946,312
2,316,378
3,413,008
104,679
7,359,285
def797,565
259,233
116,901
def779,287
dcf493,981
def004,480
2,966,043
219,691
30,588
249,857
539,170
d cf511,734
5,081,930
82,473
def878,430
10,219,457
284,957
130,341
1,600,390

----- Net------Inc. or Dec.
1918.
S
S
47,450,754 + 1,945,500
— 171,287
4,055,109
— 90,040
457,782
+ 784,907
13,770,982
— 145.699
1,091,911
3,440,790 — 1,125,412
1,913,719 + 1,499,349
— 103,419
268,098
0,058,739 + 1,300,546
+ 36.484
def834,049
+ 82,851
170,382
— 245,247
362,148
1,833,885 — 2,613,172
— 148,973
def34 5,008
— 279,479
dcf325,001
— 759,363
3,725,400
+ 84,891
134,800
— ISO,612
211,200
— 242,228
492,085
— 343,313
882,489
— 495,089
d cfl6 ,6 45
6,083,993 — 1,002,063
1,147,105 — 1,064,692
dcf326,909
— 651,627
10,380,659 — 6,161,202
— 103,528
388,485
— 324,997
455,338
+ 181,129
1,419,261

THE CHRONICLE

932
Groups VIII. & IX.
(Con.)

-------------

------Net-------

OSS

1919.

$

St Louis-San F r a n .. 78,552,125
F t W orth & R io G 1,665,481
St L S F of Texa s. 1,537,640
S t L M Bdge & Term 3,217,134
St Louis Southw est. 13,750,285
St L Southw ofT cx 6,910,878
St Louis T ra n s fer.. 1,144,253
San A nt & Ar P a s s .. 4,516,591
South Pacific SystemGalv Harris & S A 21,957,495
H ous & Tex C en t. 9,720,533
H ous F, A W T e x . 2,396,164
4,234,597
Louis W estern—
M org La & T e x .. 8,665,807
Texas & N ew O rl. 8,140,178
Term R R o f St L ___ 4,002,717
Texas & P acific____ 36,212,438
Texark A Ft Sm ith. 1,495,014
T rinity & Brazos Val 1.454.328
Utah ........................... 1,309,865
Vicks Shreve A P a c. 3.323.329
W lch Falls & N W _ .
2,308,744
T otal (4 9 r o a d s )..813,582,8

1919.
1918.
s
S
69,812,604 18,124,022
1,151,032
139,158
98,108
1,366,345
3,620,589 dcf326,286
3.606,529
13,035,153
6,553,608 d e fl,277,949
304,455
1.080,329
4,370,334 def908,964

Inc. or Dec.
1918.
$
$
14,560,628 + 3,563,394
+ 91,252
47,906
— 88,920
187,028
— 476,862
150,576
— 537,835
4,144,364
— 881,731
def396,218
+ 131,289
173,166
— 868,969
dof39,995

21,273,847
9,041,981
2,087,716
4,348,162
8,351,731
7,445,600
3,882,410
27,294,833
1,281,122
1,162,730
1,409,235
2,689.104
1,068,157

6,287,718 — 1,193,978
— 701,758
2,644,970
— 22,336
521,638
— 448,342
1,999,635
2,773,003 — 1,065,256
— 420,275
1,292,096
— 181,817
689,298
5,394,452
+ 680,413
— 130,682
442,563
def420,004
— 27,938
— 115,376
704,705
+ 164,199
465,747
+ 204,829
def321,646

5,093,740
1,943,212
499,302
1,551,293
1,707,747
871,821
507,481
6,074,865
311,881
def447,942
589,329
629,946
d e f i l e ,817

735,756,727 139,092,974 151,661,258— 12,568,284

Group X .
Pacific Coast—

Inc. or Dec.

1919.
““ 1918.
$
S
3,450,747
Bingham A Garfield 1,314,960
E l Paso & Southwest 12.761,391 14,790,468
Los Ang & Salt Lake 17,209,932 14,517,378
2,706,332
Nevada N orth ern .. 1,579,440
5,702,398
Northwest P a c ific .. 6,682,459
Southern P a c i f i c ...169,728,932 153,948,641
4,478,691
Arizona E a stern .. 3,681,307
912,904
Spokane Internat*.
1,072,680
8,496,944
Spok P ort A Seattle 7,275,264
Union Pacific System—
Oregon Short Line 38,260,580 34,136,853
Ore-Wash R R A N . 28,367,003 26,264,957
W estern P a cific____ 13,657,297 11,065,963

1919.
S
dcf74,815
3,874,948
4,524,617
483,883
1,432,187
40,280,447
879,518
341,103
2,170,824

1918.
S
1,596,654
6,161,448
3,645,690
1,362,575
1,728,630
40,295,743
1,742,185
307,702
3,300,671

S
— 1,671,469
— 2,286,500
+ 878,927
— 878,692
— 296,443
— 15,296
— 862,667
+ 33,401
— 1,129,847

13,162,216
5,629,941
4,112,012

12,527,367
6,533,478
3.174.345

+ 634,849
— 903,537
+ 937,667

T otal (12 r o a d s ) ..301,591,845 280,472,276

76,816,881

82,376,488 — 5,559,607

Grand tot. (202 rds)5173647,054 4915516,917 764,578,730 908,058,338-143,479.608
N et decrease, 15.80% .
* Eleven months’ figures only.

EQUIPMENT TRUST AGREEMENTS EXECUTED BY
THE DIRECTOR-GENERAL AND LEADING
RAILROADS APPROXIMATE $360,000,000.
Equipment trust agreements, it is announced, have been
finally executed by the Director-General of Railroads and
some seventy leading railroad companies, together with the
Guaranty Trust C o. of N ew York as trustee, covering
approximately $360,000,000 worth of new rolling stock,
built and building. This rolling stock was ordered by the
United States Railroad Administration during the period of
Federal control of railroads and it has been allocated to
the railroad companies named below and accepted by them.
For the most part it has already been completed and put in
use.
The agreements mentioned are drawn substantially in one
of the conventional forms of such equipment contracts, with
the Director-General acting as vendor of the rolling stock,
while the railroads as purchasers bind themselves each on
its own account, to operate the cars and locomotives, which
have been allotted to them under a lease arrangement pend­
ing the completion of the purchase, the rentals payable
sufficient to meet the maturing installments of principal
and interest of the notes issued by them individually on
account of the purchase price.
In this instance the notes are to be issued to the DirectorGeneral for the full value of the equipment purchased
at the outset to an aggregate amount equal in the case of
each road to the total of certain “ minimum purchase prices”
named in the leases, later to the full purchase cost when and
as determined, but not exceeding certain agreed “ maximum
purchase prices.” The title, also, to all of the equipment
allocated to each road will remain vested in the trustee until
the road has duly paid off its entire issue of notes, principal
and interest.
The notes, while issued from time to time as the equip­
ment is delivered to the roads are all to be dated Jan. 15
1920, payable both principal and interest, in gold of present
standard. Each issue will mature in fifteen equal instal­
ments on Jan. 15 in each year, 1921 to 1935, both inclu­
sive, and will bear interest at 6 % per annum, payable semi­
annually, July 15 and Jan. 15 at the office of the trustee in
N ew Y ork C ity. They will be subject to redemption at
the option of the maker prior to maturity at 103 and interest
on any interest date after 60 days’ notice, but only as en­
tire issues. There are three trust agreements in all, one to
cover the rolling stock already delivered in full, another
covering the cases in which only a part of the equipment
has been delivered and the third including tho sales of equip­
ment to some six or eight receivership roads.
In one respect these note issues are unique. It is import­
ant the Government should be in a position to market a
large part of the notes whenever money conditions are favor­
able, and it is therefore provided that the notes of each issue
maturing in any year after 1930 may be stamped at the re­
quest of the holder with the following words to indicate that
they will rank subordinate as to the payment of principal




[Vol* no.

and interest to the unstamped notes due from 1921 to 1930,
inclusive:
Statement which May he Stamped on Notes Maturing After 1930.
F o r v a lu e r e c e iv e d a n d as a n In d u ce m e n t t o p u rch a sers o f u n sta m p ed
n o te s , th o h o ld e r o f this n o t o h as ca u se d th e s a m e t o b o s ta m p e d p u rsu a n t
t o A r t ic le 11 o f th e E q u ip m e n t T r u s t A g re e m e n t m e n tio n e d in th o n o t o ,
a n d , as p r o v id e d in said A r t ic lo 11, t h o u n sta m p e d n o te s shall b o p a y a b le
in p re fe re n ce a n d p r io r it y t o th o s ta m p e d n o te s o u t o f a n y m o n e y s re c e iv e d
o r c o lle c t e d b y th e tru stee u n d e r sa id E q u ip m e n t T r u s t A g ro m o e n t u p o n
e n fo r ce m e n t o f its rig h ts o r rem ed ies in ca s o o f a d e fa u lt o f t h o ca rrier.
[T h e tru st d e e d fu r th e r p r o v id e s th a t s u ch p a y m e n ts ns to t h o u n sta m p e d
n o te s shall b e m a d e p r o ra ta o n all s u ch n o te s a n d th e c o u p o n s th ereon
w ith interest o n o v e r d u o Interest w ith o u t p re fe re n ce b e tw e e n th o u n sta m p ed
n o te s o r as b e tw e e n p rin cip a l a n d in to re s t.— E d .)

B y way of explanation on this point the trust agreements
say:
T h e p u rp o s e o f th is A r t ic le 11 Is t o m a k o s u ita b le p ro v is io n e n a b lin g th o
h o ld e r o r h o ld e rs o f sa id n o te s t o in d u c o p u rch a ses o f u n sta m p e d n otes b y
m a k in g t h e s a m e p a y a b le as afo re said in p re fe ro n co a n d p r io rity t o s ta m p e d
n o te s o u t o f a n y m o n e y s re c e iv e d o r c o lle c t e d b y t h e tru s te e u p o n e n fo r c e ­
m e n t o f its rig h ts o r rem ed ies in ca se o f a d e fa u lt o f t h e ca rrie r. T h e
s ta m p in g o f a n y s u ch n o te s sh a ll o p e r a te as an a gro o m o n t b in d in g u p o n
th o h o ld e rs o f said n o te s a n d u p o n th o tru steo; b u t n eith er th e s ta m p in g
o f s u ch n otes n o t a n y th in g in th is A r t ic lo 11 co n ta in e d shall in a n y w ise
a ffe c t th o ca rrie r o r Im pair o r a ffe c t a n y o b lig a tio n o f th e ca rrior o r a n y
rig h t, t it le o r r o m e d y o f th o tru s te e u n d e r a n y o f th e p ro v is io n s o f this
a gre e m e n t o r th e lia b ility o f t h o ca rrier u p o n a n y o f said n o te s , w h eth er
s ta m p e d o r u n sta m p e d , o r u p o n a n y o f th o c o u p o n s fo r in torest th e re o n .

The right to enter into tlieso trust agreements was con­
ferred on the Director-General by Act of Congress, approved
N o v . 19 1919 (V . 109, p. 1668, 1955) for tho purpose of en­
abling him to reimburse the Government for the largo ex­
penditures made on account of rolling stock by tho United
States Railroad Administration. This act contemplated
the formation of tho National Equipment Corporation, but
that method of financing it has boon definitely dropped,
at least for the time being, as appears from tho following
press dispatch dated at Washington March 3.
(Comparo
V . 109, p. 2406):
Washington, March 3 .— D ire c to r -G e n e ra l H in es a n n o u n ce d t o -d a y th a t
th e c o n d it io n o f t h o m o n e y m a rk e t in t h o la st s e ve ra l m o n th s h a d n o t b o o n
s u ch as t o w a rran t th o ca rr y in g th ro u gh o f th o N a tio n a l E q u ip m en t C o r ­
p o ra tio n p la n , w h ic h as p r o p o s e d b e fo r e th o ra ilro a d s w ero re tu rn ed t o
p r lv a to c o n tr o l. T h o m e th o d w h ich th o G o v e r n m e n t m a y pu rsu e in th o
sale o f e q u ip m e n t o b lig a tio n s In th o e v e n t th a t it d e cid e s n o t t o ca r r y th e
in d e b te d n e ss lts o lf w ill b o d e p e n d e n t u p o n th o m a r k o t c o n d itio n s .
A ll t h o e q ip m o n t t h a t w as pu rch a sod b y th o R a ilro a d A d m in is tr a tio n
fo r th o v a rio u s ra ilro a ds, co n sistin g o f a b o u t 100 .00 0 ca rs an d a p p r o x im a te ly
1,930 lo c o m o tiv e s , h as been fin a lly a llo c a te d , an d a c c o p te d b y t h o vai^ous
r o a d s ,” said M r . H in e s . " T h o D iv is io n o f F in a n ce s a d vises th a t w h ere
ra ilroa ds w e ro a b le a n d w illin g t o p a y fo r t h o c o s t o f su ch e q ip m o n t in
cash th is has be e n d o n e ; th a t in th o o t h e r in sta n ce s th o G o v e r n m e n t has
a cc o p te d In p a y m e n t fo r th o c o s t o f th o e q u lp m o n t th e e q u ip m e n t tru st
o b lig a tio n s o f th o in d iv id u a l ca rriers, w h e re b y s u ch c o s t is to b o rep a id In
flfte o n a n n u al in sta llm e n ts a t 6 p er ce n t in to re st.
" E q u ip m e n t tru st o b lig a tio n s h a v o bo o n a cc o p te d fr o m 74 ra ilroa d c o m ­
p a n ie s. T h e y a re th o o b lig a tio n s o f th o in d iv id u a l carriers, a g g reg a to
a b o u t $ 3 6 0 ,0 0 0 ,0 0 0 a n d a re in s u ch fo r m as t o e n a b le th o G o v e r n m e n t,
s h o u ld it s o d eslro, t o c a r r y o u t th o p lan fo r t h o cr e a tio n o f a n a tion a l
e q u ip m e n t co r p o r a tio n th a t w o u ld issuo Its o w n o b lig a tio n s a n d th rou gh
th o s ale o f s u ch o b lig a tio n s re im bu rse th o G o v e r n m e n t . I f it s h ou ld b o
d o o m e d d e sirab le , h o w e v e r , fo r t h o G o v e r n m e n t t o sell th o in d iv d u a l
o b lig a tio n s o f th o carriers, it is in a p o s itio n t o d o s o , o r , If It p re fe rs, It ca n
h o ld th e m , re c e iv in g t h e a n n u al p a y m e n ts .

The names of the various companies which havo entered
into equipment trust agreements with tho Director-Genoral
and the maximum amount of equipment notes issuablo by
each is disclosed by tho following special statement compiled
for tho “ Chronicle.”
Railroads Executing Equipment Trust Agreements with Director-General and
Total Issues of Equipment Notes Authorized Thereunder.
Authorized
Authorized
Name of Company—
(not to exceed).
Name of Company—
(not to exceed).

Alabama Great Southern R R . 8170,985 Kansas C ity Southern U y ____
995,242
Ann Arbor R R ...........................
862,502 Kansas C ity Terminal R y ____
219,560
A tch Topeka A Santa Fe R y . . 7,917,480 Lake Erie A Western R R ____
701,307
Atlanta Blrm & Atlantic R y r . 1,026,242 Louisville A Nashville R R ____ 2,869,809
Atlantic Coast Line R R ................................ 450,035
Loulsvlllo A Nashville R R ____ 8,279,590
Atlantic Coast Line R R ............ 6,273,773 Maine Central R R ......... ............. 1,315,169
Atlantic Coast Line R R and
Michigan Central R R _______ 5,495,776
Louisville A Nashville R R ,
Minneapolis A St Louis R R . . 1,505,973
Joint lessees o f Georgia R R . 1,284,060 Missouri Kansas A Texas R y . 1,429,456
Baltimore & Ohio R R .................19,135,498 Missouri Paclflo R R .................. 2,609,014
Boston A Maine R R .................. 6,948,715 Missouri Pacific R R .................. 2,609,014
Buffalo Rochester & Pitts R y . 2,263,456 Missouri Pacific R R .................. 2,671,947
Carolina Cllnchf A Ohio R R . 6,792,625 Missouri Pacific R R .................. 2,690,017
Central Railroad of N J ........... 6,294,114 M obile A Ohio R R ....................
034,500
Charleston A W Caro R y . . .
879,720 M organtown A Klngwood R R 2,829,320
Chesapeake A Ohio R y _______10,606,400 Nash Chatt A St Louis R y . . . 1,369,537
Chesapeake A Ohio R y ............ 1,778,400 New Y ork Central R R .............. 14,848,010
Chicago A Alton R R ................ 1,908,005 N . Y . N . II. A Hartford R R . . 4,813,930
Chic Burlington A Quincy R R 6,561,925 Norfolk A Southern R R ............
137,251
Chlutgo A East Illinois R R . .
803,340 Norfolk A Western R y .............. 7,073,080
Chicago Great Western R R . .
715,805 Northwestern Pacific R R ____
293,240
Chic Ind A Louisv R y .............. 1,091,283 Pennsylvania R R .......................01,921,394
Chicago Junction R y ................
504,086 Pero Marquette R y ....... ............. 10,739,920
Chic M llw A St Paul R y ......... 18,142,700 Pittsburgh A Lake Erie R R . . .
658,451
Chicago A N oith W est R y . . . 10,744.075 Pittsb M cK ees A Yough R R . 3,015,439
Chic R ock Isl A Pacific R y . . . 8,762,610 Rich Frederick A Potom R R . 1,075,351
Chlo St Paul M inn A Om R y . 2,537,710 Ru.land R R .................................
409,100
Chicago A W est Ind R R .........
310,015 St Louis San Francisco R y . . . 3,030,130
Cin New Ori A T ex Pae R y . . . 1,040,095 St Louis San Francisco R y _ 3,030,130
_
Cleve C ln Chic A St L R y ____ 5,654,805 St Louis San Francisco R y _ 3,030,130
_
Colorado A Southern R y _____ 1,185,381 St Louis San Francisco R y . . . 3,030,130
Delaware A Hudson C o ............ 4,365,545 St Louis San Franclsoo R y ___ 2,907,591
D etroit Toledo A Ironton R R .
879,720 Seaboard Air Lino R y .............. 1,826,095
501,000 Southern Pacific C o .................. 3,072,450
D etroit T oledo Shore Line____
Erie R ailroad............................... 4,958,442 Southern R y ................................ 10,977,193
Ft W orth A Denver C ity R y . .
544,135 Spokano Port A Seattle R y ___
879,720
Georgia R R — See Atlantlo
Terminal R R Assn o f St L . . .
360,490
Coast Line and Louisville A
Texas A Pacific R y .................... 2,525,289
Nashville above.
Toledo A Ohio Central R y . . . 2,377,995
Grand Trunk R y o f C a n a d a ..
983,585 T oledo St Louis A W estern .. 1,127,260
Grand Trunk Western R y ------ 3,278,585 Vhglnian R y ............................... 1,839,160
Great Northern R y ___________ 4,632,716 Wabash R y .................................. 12,111,160
H ocking Valley R y ....................... 1,617,100 Washington Southern R y ____
460,868
Hocking Valley R y .................... 1,372,505 Washington Terminal C o ____
108,147
Illinois Central R R ..................... 10,103,597 Western M aryland R y _______
921,735
Indiana Harbor Belt R R _____
668,680 Wheeling A Lake Erlo R y ____ 4,918,370
Kanawha A Michigan R y ------ 1,159,797

923

THE CHRONICLE

M ar. 6 1920.]

(fiwxxmt %muts mxft discussions

B IL L

OF

B R IT ISH

LO O K IN G

CHANCELLOR

TO R E D U C T I O N
SILV ER

C O N T IN U E D

O F FE R IN G

OF B R IT IS H

TREASURY

B IL L S .

T h e usual offering of n in ety-d ay B ritish T reasury bills
w as disposed o f this week b y J . P . M o r g a n & C o . on a dis­
count basis of 6 % , the sam e as in other recent w eeks. T h e
bills in this w eek’s offering are dated M a rch 1.

C O N T IN U E D

OFFERIN G

OF

FRENCH

TREASURY

OF

EXCHEQUER

OF F IN E N E S S

IN

C O IN A G E.

T h e attention of our readers is called to the circular of
Sam uel M o n ta g u e & C o . of L o n d on , which we publish on a
subsequent page (see page 9 4 1 ) in this w eek’ s issue of our
paper w ith regard to the introduction of a bill b y the B ritish
Chancellor of the Exchequer to am end the law as to the
standard fineness o f silver coin in the U n ited K in g d o m .

NEW

YORK FED ERAL RESERVE B A N K O N CO N TRAC­

B IL L S .

TIO N OF B A N K C R E D IT A N D H IG H M O N E Y R A T E S

A n o th er b lock of French T reasu ry bills was disposed of
b y J . P . M o rg a n & C o . this w eek. T h e y were again disposed
o f on a discount basis o f 6 % , the figure to which the rate
w as advanced som e tim e a go . T h e bills in this w eek’s offer­
ing are dated M a r c h 5 .

In the report on business conditions in th e N e w Y o r k
Federal R eserve D istrict, issued under date of F e b . 2 0 b y
the Federal Reserve agen t, b u t n ot m ad e public u n til
M a rch 3 , it is stated th at “ the effect of the increase in the
Federal Reserve B a n k discount rates, a n n o u n c e d o n J a n . 2 1 ,
is evident in a generally conservative a ttitu d e o f banks a nd
business m en tow ard industrial expansion a t this tim e , and
in a substantial liquidation o f speculative c o m m itm e n ts.”
O n the subject of credit and bank ing the report also says:

SU B SC R IPTIO N S

TO

FRENCH

TO B E R E C E I V E D

IN TE R N AL

5%

LOAN

U N T I L M A R C H 20.

W it h regard to the new French Internal 5 % loan of 1920
now being offered in this country and France, it was an­
nounced in the N e w Y o r k “ Su n ” of F e b . 21 th at inform ation
has been received from the French G overn m en t through the
French E m b a ssy a t W a sh in g ton th at the Consulate-General
of France will receive now w ith ou t any charges subscriptions
for the now loan until M a rch 2 0 .
D etails of the loan were
given in these colum ns F e b . 2 1 , page 7 0 3.

S U B S C R I P T I O N S TO I T A L Y ' S S I X T H L O A N .

R o m e cablegram s to the daily papers under date of M a rch

4 said:
T o t a l s u b scr ip tio n s t o th o six th lo a n a m o u n t t o a b o u t 1 8,1 75 ,0 0 0 ,0 00
lire, o f w h ich 1 ,1 7 5 ,0 0 0 ,0 0 0 c o m o s fr o m a b r o a d , S ig n or S ch a n zer, M in is te r
o f t h o T r e a s u r y , a n n o u n ce d t o -d a y . T h e s u b scr ip tio n lists c lo s e d W e d n e s ­
day.

Subscriptions to the loan were opened in Jan u ary, as an­
nounced in our issue of J an . 17, page 2 0 3 .

E X T E N S IO N

OF

SU B SC R IPTIO N

DATE

GOVERNM ENT IN TE R N AL

OF

LOAN.

B E L G IA N
.

T h o G u a ra n ty T ru st C o . o f this c ity , w hich, as indicated
in our issue o f F e b . 14, pago G08, has been soliciting sub­
scriptions, subjeot to confirm ation and a llotm en t, on behalf
of its Bolgian office for the account of the Belgian G ov ern ­
m e n t, to tho la tter’s 5 % In tern al Prem ium Loan of 2 ,5 0 0 ,­
0 0 0 ,0 0 0 fran cs, announces th at arrangem ents have been
m ad e to oxtond the dato for receipt o f subscriptions for the
bonds from M a r c h 6 to M a rch 13 in Brussels. T h e com p an y
further states th at it will accept subscriptions for its Brussels
office up to and including M a r ch 11.

P R O P O S E D L O A N O F $ 5 0 ,0 0 0 ,0 0 0 I N

U . S. F O R P O L A N D .

In reporting th at a privato loan of $ 5 0 ,0 0 0 ,0 0 0 is expected
to bo effected in the U n ited States in behalf of P oland ,
new spapor advices from W a sh in g ton M a rch 1 said:
A n n o u n c o m o n t w as m a d e t o -d a y a t t h o P o lish L e g a tio n th a t n e g o tia tio n s
fo r flo a tin g th o b o n d s in this c o u n t r y h a d b e e n c o n c lu d e d w ith th e P e o p le ’s
In d u s tria l T r a d in g C o r p o r a tio n , o f N o w Y o r k , a n d t h o lo a n w ill b o t h o first
in this c o u n t r y t o a n y o f t h o S ta tes arising o u t o f t h o w a r.
W h tlo It is a ga in st t h o p o lic y o f t h e U n ite d S ta te s G o v e r n m e n t t o g iv e
o ffic ia l a p p ro v a l t o t h o flo a t io n o f p r iv a t o lo a n s t o fo re ig n G o v e r n m e n ts ,
n e v e rth e le ss , t h o fe a tu re s o f th o b o n d issue, It is u n d e r s to o d , h a v e bo o n
p res en ted t o t h o T r o a s u r y a n d S ta to D e p a rtm e n ts a n d n o o b je c tio n s h a v e
b oon in terp os ed t o t h e p r o je c t .
T h e lo a n w ill b o a r 6 % in te re s t a n d w ill m a tu r e a t t h e e x p ira tio n o f 20
y e a r s . T h o fu n d s roa lizod w ill b o u sed b y th e P o lish G o v e r n m e n t fo r th e
gen eral p u rp os es o f r e c o n s tru ctio n . O n ly a fe w w eeks a g o t h o W a r F in a n ce
H oa rd a d v a n c e d t o th o H aldw in L o c o m o t iv e W o r k s $ 5 ,0 0 0 ,0 0 0 t o b e u sed
fo r t h o c o n s tr u c tio n o f lo c o m o tiv e s fo r t h o P o lish G o v e r n m e n t.

On M a roh 1 a Copenhagen cablegram to tho daily papers
said:
P o la n d Is d e m a n d in g 3 1 ,5 0 0 ,0 0 0 ,0 0 0 m arks In g o ld as in d e m n ity fro m
S o v io t R ussia in t h o p o a c o n e g o tia tio n s n o w g o in g fo r w a r d , th o N a tio n a l
T ld e n d o learn s.

IN D IA N

G O V E R N M E N T 'S
SPE C U LA TIO N

IN

EFFORTS

TO

STOP

RUPEES.

T h o “ W a ll Street Journal” of M a rch 1 printed the following
London advices:
T o p ro v o n t s p e c u la tio n In o x c h a n g e , th o In d ia n G o v e r n m e n t has an­
n o u n c e d th o rig h t t o rofu so a n y ton d er fo r th o p u rch aso o f resorv e co u n c il
d ra fts w ith o u t p rop or roasons b o in g a ssign ed.
It is s ta te d th a t a large
s u m , rep resen tin g th o savin gs o f th o K ngllsh p o o p lo in In d ia , is a w a itin g
r e m itta n c e t o In d ia , a n d th o aim o f the G o v e r n m e n t p o lic y Ls t o distingu ish
b o tw e e n th o gon u in o rem ittor a n d th o sp e c u la to r .




’ ’ D u r in g t h e la st th ir t y d a y s th e ro h a s b e e n a g r a d u a l r e d u c tio n in b a n k
lo a n s in this d is tr ic t, m o r e th a n t w o -th ir d s o f w h ich h a s b een In th e d e c lin e
o f lo a n s s e cu re d b y s to c k s a n d b o n d s . S in ce la s t O c to b e r , w h e n b a n k
lo a n s in th is d is trict w ere a t th e ir h ig h e st p o in t , t h e y h a v o d e clin e d 9 % .
T h e c o n tr a c tio n o f b a n k c r e d it w h ic h h as ta k e n p la c e in th is d is t r ic t ,
p a r tic u la r ly in N e w Y o r k C it y , h as n o t h a d Its co u n te r p a r t in th e c o u n t r y
as a w h o le . In th o f o u r w e e k s e n d e d F e b . 13, th e 71 b a n k s in N e w Y o r k
C it y w h ic h r e p o r t w e e k ly t o th e F e d e ra l R e s e r v e B o a r d re d u c e d th eir lo a n s
$ 1 7 8 ,0 0 0 ,0 0 0 . T h e 733 re p o r tin g b a n k s elsew h ere in t h e U n ite d S ta te s ,
h o w e v e r , in cre ase d th e ir lo a n s in th o sam o fo u r w e e k s ' p e r io d $ 6 7 ,0 0 0 ,0 0 0 ,
th e r e b y p a r tia lly o ffs e ttin g t h o d e cre a s e m a d e in N e w Y o r k C it y . T h e
r e d u c tio n o f lo a n s o n s to c k s a n d b o n d s , in s o fa r as a n y h as b e e n m a d e ,
h as tak e n p la c e in tills d is t r ic t . T h u s , w h ile N e w Y o r k C it y b a n k s w ere
r e d u c in g s u ch lo a n s $ 13 0 ,0 0 0 ,0 0 0 , b a n k s olsew h ero k e p t th e m o n th e a v e r ­
a ge a lm o s t s ta tio n a r y a t th e le v e l o f a m o n th a g o .
B a n k d e p o sits in this d is tr ic t d e clin e d r a p id ly , c o n tin u in g t h e m o v e m e n t ,
u n u su al fo r this tim e o f y e a r , w h ic h w a s o b s e r v e d a m o n th a g o . T h e
d e p o sits o f N e w Y o r k C it y b a n k s d e cre a s e d fr o m J a n . 16 t o F e b . 13, $ 2 7 5 .­
0 0 0 ,0 0 0 . O f th is $ 1 3 6 ,0 0 0 ,0 0 0 w a s in a sin gle ite m o f G o v e r n m e n t d e ­
p o sits, w h ic h h a v o b e e n w ith d ra w n r a p id ly d u rin g th e p e r io d . E ls e w h ere
in th o c o u n t r y , d e sp ite th o in creaso in lo a n s , d e p o sits h a v e d e c lin e d $ 1 1 6 .­
0 0 0 ,0 0 0 .
T h o e v id e n c e s o f c o n tr a c tio n in d ic a te d a b o v e are n o t r e fle c t e d in th e
re p o rts o f th o F e d o ra l R e se rv e B a n k s . O n t h e c o n tr a r y , m e m b e r b a n k s
h a v e m a te ria lly in creased th e ir d e m a n d s o n th e ce n tr a l in s titu tio n s , n o t
o n ly in th is d is trict b u t elsow h ero. T h o to ta l e arn in g assets o f th e F e d e ra l
R e s e r v e B a n k o f N o w Y o r k o n F e b . 20 w ere $ 1 ,1 0 0 ,0 0 0 ,0 0 0 , n o t m u c h
b e lo w th o m a x im u m fo r th is b a n k re a ch e d e a rly in J a n u a ry w h en th e T r e a s ­
u r y r e q u ire d sp e cial a c c o m m o d a t io n . In a d d itio n t o th o loa n s o u ts ta n d in g
o n F o b . 20, h o w o v e r , s h o u ld b o co n sid e re d $ 4 8 ,1 0 0 ,0 0 0 o f p a p e r w h ic h th is
b a n k h a d re d is co u n te d w ith o th e r F e d era l R e se rv e B a n k s a n d ca rried as a
c o n tin g e n t lia b ility . T h o a g g re g a te , $ 1 ,1 4 8 ,1 0 0 ,0 0 0 , is th o la rgest v o lu m e
o f lo a n s th u s fa r fo r this b a n k . T h o w ith d ra w a l fr o m th o b an k s o f G o v e r n ­
m e n t d e p o sits, u n til t h e y aro n o w a t a m in im u m , a c c o u n ts t o a c o n s id e ra b le
d e gro o f o r th e increaso in lo a n s.
T h o g o ld reserves o f th o F ed era l R e se rv e B a n k o f N e w Y o r k d e c lin e d fr o m
$ 5 7 2 ,0 0 0 ,0 0 0 o n J a n . 16 to $ 5 2 7 ,0 0 0 ,0 0 0 o n F e b . 2 0 . T h is re d u c tio n , w h ic h
h as p rog ressed w ith fa ir co n s is te n c y s in ce m id -s u m m e r, r e fle c ts n o t o n ly
th e losses o f g o ld t o th o in te rio r o f th e c o u n t r y b u t th e v e r y m a te ria l w it h ­
d ra w a ls fo r e x p o r t. S in ce J a n . 16 g o ld h a s b e e n w ith d ra w n fr o m th is
b a n k f o r e x p o r t, c h ie fly t o S o u th A m e r ic a , in th e a m o u n t o f $ 4 7 ,1 2 1 ,0 0 0 ,
a n d $ 10 ,0 0 0 ,0 0 0 h as bo o n r e c e iv e d fr o m C a n a d a . T h o n e t loss o f $ 3 7 ,1 2 1 .­
0 00 a c c o u n ts la rg e ly fo r th e d e clin e o f $ 45 ,0 0 0 ,0 0 0 in g o ld reserves s in ce a
m o n th a g o . In th o sam o p e rio d th e lo ss o f g o ld in th o en tire s y s te m , in ­
clu d in g N e w Y o r k , h as b e e n $ 74 ,0 0 0 ,0 0 0 .
A fte r th e ra p id fa ll in th is b a n k ’s F e d era l R e se rv e n o to c irc u la tio n w h ic h
t o o k p la c e a fte r th e h o lid a y s , th e usual soasonal rise b e g a n , b u t a t a s o m e ­
w h a t a cce n tu a te d p a ce . S in co J a n . 15, w h en th o c irc u la tio n s to o d a t th e
lo w p o in t th u s fa r in 1920, F ed era l R e se rv e n o te s in circ u la tio n h a v e in ­
creased $ 6 2 ,0 0 0 ,0 0 0 , u n til o n F e b . 2 0 t h e y a m o u n te d t o $ 8 1 7 ,4 0 0 ,0 0 0 ,
o n ly $ 1 0 ,0 0 0 ,0 0 0 b e lo w th o h igh p o in t o f 1919. A sid e fr o m th o p r a c t ic a lly
u n iv ersal e m p lo y m e n t o f la b o r a t h ig h w a g es, th e cu rre n t p rice scales a n d
o th e r fu n d a m e n ta l fa c to r s , w h ic h p r o d u c e a d e m a n d fo r cu r r e n c y , a t le a st
$ 1 0,0 0 0 ,0 0 0 o f F ederal R e se rv e n o te s o f this d is trict h a v e b e e n se n t t o C u b a ,
w h e re U n ite d S ta tes c u rre n c y is legal te n d e r, fo r use in m o v in g th e s u g a r
crop.
T h o e ffe c t o f these m o v e m e n ts h as b e e n re fle c te d in th e reserv e p e rce n t­
a ge o f th is b a n k , w h ich fell fr o m 4 1 .4 o n J a n . 16 t o 3 7.1 o n F e b . 20 a n d in
th a t o f th e s y s te m as a w h o le w h ic h d e clin e d in th e sam e p e r io d fr o m 4 5 .1
t o 4 2 .7 , th o lo w e s t p o in t y e t r e a ch e d .

Discussing “ M o n e y R a te s” the report says:
T h e c o n d it io n s w h ic h p re v a ile d in th o m o n e y m a r k e t d u rin g th e p re ced in g
m o n th w ere c o n tin u e d in to th o p e rio d Just p a st w h ic h in creasin g a cu ten es s.
I lig h rates fo r ca ll a n d tim e m o n e y , a n d th o in a b ility o f b ill dealers a n d c o m ­
m ercial p a p e r d is tr ib u tin g h o u se s t o a ttr a c t a n y w id e d e m a n d d e sp ite
a d v a n c e d o ffe r in g ra tes, w ere in sh a rp c o n tr a s t w ith th o s ta to o f th in g s
n o r m a lly o xiston t a t th is s e a s o n . G o v e r n m e n t w ith d ra w a ls fr o m t h e
b a n k s in u n u su ally large a m o u n ts w oro a cc o m p a n ie d b y flu ctu a tio n s in c a ll
m o n e y q u o ta tio n s ra n g in g as h ig h as 2 5 % w ith ren ew als f o r a co n sid e ra b le
p a rt o f th e p e rio d q u o t e d b e tw e e n 10 a n d 1 7 % . T h o re d e m p tio n o f a m a tu rin g issue o f c e r tifica te s o f in d e b te d n e ss e a rly in F e b r u a r y a ffo r d e d n o
a p p a r e n t r e lie f t o th o m o n e y m a r k e t. T im o lo a n s c o n tin u e d p a ra ctic a lly
u n o b ta in a b le , th o u g h b o rro w e rs b id 9 j^ a n d 1 0 % fo r m o n e y o n in d u s tria l
c o lla te r a l.
L a tte r ly , t h e s itu a tio n h a s b e c o m e easier, la rg e ly as a resu lt
o f th o liq u id a tio n w h ich h as o cc u r r e d in t h e s to c k m a r k e t, a n d ca ll lo a n s
w ere m a d e an d re n e w e d a t 6 % : b u t tim e m o n e y co n tin u e s s ca rce w it h rates
n o m in a lly a t 8J^ a n d 9 % .

FEDERAL

RESERVE

P R E M IU M

BANK

AND

OF N E W

YORK ON

GOLD

D E P R E C IA T E D C U R R E N C IE S .

O n the subject of “ T h e G old Prem ium and D epreciated
Currencies” the Federal R eserve B an k of N e w Y o r k has the

,

924

THE CHRONICLE

following to say in its report on businoss conditions in the
New York Fedoral Reserve Bank, made public on tko 3rd
inst.
I n th e m a in th e fa ll in E u r o p e a n e x c h a n g e s, w h ic h lias, o f c o u r s e , been
gen era l, a n d n o t c o n fin e d t o rela tion s w ith th o U n ite d S ta te s, rep resen ts
la rg e ly a n e n d e a v o r t o a d ju s t o u r cu r r e n c y a n d th a t o f o th e r n a tio n s t o th o
in fla te d a n d co r r e s p o n d in g ly d e p re cia te d cu rre n cie s o f E u r o p e . T h is is
r e v e a le d b y th o rise in th e g o ld p re m iu m in L o n d o n s te p b y s te p w ith th o
fa ll in s terlin g . T h e r e n o r m a lly exists b e tw e e n a ll co u n tr ie s w h ic h h a v e
e x te n d e d tra d e w ith e a c h o th e r , a ce r ta in b a la n c e b e tw e e n th e p rice le v e l,
th e sta te o f cu r r e n c y a n d t h e r a te o f e x c h a n g e . T h u s , fo r e x a m p le , in G r e a t
B r ita in , p rices s in ce th o w a r b e g a n h a v e risen a t lea st o n e -th ird m o re th a n
in th e U n ite d S ta tes, w h ic h r o u g h ly co r r e s p o n d s t o th e fa ll in e x c h a n g e a n d
th o a m o u n t o f t h o p re v a ilin g g o ld p r e m iu m . In te rm s o f g o ld th e n , th e
g en era l p r ic e b a la n c e b e tw e o n th e t w o c o u n trie s rem a in s in a b o u t th o sam e
c o r r e s p o n d e n c e as b e fo r e . M o r e o v e r , th e a ctu a l q u a n t ity o f A m e r ic a n
p r o d u c ts s eriou sly a ffe c t e d b y p re s e n t e x c h a n g e rates is re la tiv e ly sm a ll.
S o fa r as th e great p r o p o r t io n o f o u r e x p o r ts is c o n c e r n e d , t h e y m u s t b o
ta k e n a t th o p rices o b ta in a b le , fo r c in g a co r re s p o n d in g p rico in th o d op re sia te d cu rren cies o f E u r o p o . T h e r e is a p r e v a le n t id e a t h a t th o p o s t-w a r
n eed s o f E u r o p o h a v e o n o r m o u s ly in creased o u r e x p o r ts t o th a t c o n tin e n t,
a n d t h a t it is this w h ic h h a s c r e a te d th e p resen t d is tu r b in g s itu a tio n . T h is
h as little ju s t ific a tio n in fa c t . O n th e w h o le , w ith G e r m a n y , A u s tria an d
R u s sia o u t o f th e m a r k o t, t h o p r o p o r t io n o f o u r e x p o r ts t o E u r o p o h a s n o t
s e n sib ly c h a n g e d . I t w a s 6 0 % in 1913. I t w a s 6 3 % la st y e a r . T h a t o f
E n g la n d , F ra n c e a n d I t a ly h as s o m e w h a t a u g m e n te d , b u t e v e n h e ro th e
g a in is re la tiv e ly s m a ll. T h e s e re la tio n s a re c le a rly b r o u g h t o u t in th e
d iag ra m s o n th o n e x t p a g e .
M u c h h as beon said as t o t h o h ig h ly u n fa v o r a b le s ta te o f E n g la n d ’s tra d e
a n d b a la n c e s. Y e t a re v ie w o f h e r o x p o r ts fo r th o y e a r s h o w s an u n b r o k o n
rise, m o n th b y m o n t h , t o re c o r d figu re s; a n d a c o r r e s p o n d in g d e cre a s e in h e r
a d v e rs e b a la n ces. F o r 1919 th is b a la n c e w a s 6 69 m illio n s s te rlin g ; b u t a
la rge p a r t o f im p o r ts w a s fo r r e s to c k in g , n o w a p p a r e n tly w ell a d v a n c e d .
J a n u a r y ’s figu res s h o w e d a m a r k e d im p r o v e m e n t. E x p o r t s w ere a h u n d re d
p e r c e n t o v e r e ith er 1918 o r 1917, a n d a t th o ra te o f six b illio n s o f o u r m o n e y
fo r th e y e a r ; w h ile, e v e n w ith h e a v y c o t t o n ta k in g s , Im p o rts w ere u p less
th a n 6 0 % o v e r th os e y e a r s . S u ch a g a in , c o n tin u e d , w o u ld s o o n g iv e
G r e a t B rita in an o x p o r t b a la n c e in h e r fa v o r , a th in g she has n o t h a d in
lo n g y e a rs . T o th is is t o b o a d d e d th o e s tim a te d h a lf b illio n ste r lin g o f
s o -c a lle d “ in v is ib le o x p o r t s .” s h ip p in g ch arge s a n d in te re st; w h ic h v e r y
c o n s id e r a b ly oxeced s th o Interest o n h e r fo re ig n b o rro w in g s .

INCREASE BY NEW YORK FEDERAL RESERVE BANK
I N BUYING RATE FOR ACCEPTANCES.
Concerning a further advance, which has been made by
the Federal Reserve Bank of Now York in its buying rate
for bank acceptances, the “ Wall Street Journal” of Feb. 28
said
T h o N e w Y o r k F. d cra i R o s e rv o B a n k h as a ga in ra ised its b u y in g rate
o n b a n k a cce p ta n ce s 14. o f 1 % . T h e n o w p u rch a so ratos o f th o co n tr a l
in s titu tion are 5 K % fo r 3 0 -d a y b ills , b% fo r 6 0 -d a y b ills a n d 5 *A% fo r
9 0 -d a y b ills . T h is a c tio n w as tak on t o b rin g th o b a n k ’s b u y in g ra to s m o re
in lin e w ith th o o p e n m a r k o t ra to s, w h ic h h a v o r e c o n t ly b o o n a d v a n c e d
b y d oa lers.
__________________________________

BANK CALL OF COMPTROLLER OF THE CURRENCY
THIS TIME COMES ON A HALF DA Y. '
The call for statement of condition of tho national banks,
issued this week by the Comptroller of the Currency prompts
the following in the Now York “ Commercial” of March 5:
B an k ers a re a n tic ip a tin g s o m o u n u su al fig u re s in c o n n e c t io n w ith th o last
call o f th o C o m p t r o lle r o f th e T r e a s u r y . T h o r e p o rts w ill b o m a d e as o f
S a tu r d a y , F e b . 2 8 , a h a lf d a y a n d fo r th o re a so n th a t busin ess will s h o w
a b o u t h a lf t h e o rd in a ry v o lu m o fo r th o d a y , th o s h ifts In d e p o sits will n o t
b o c o m p le te d as is t h o ca se w h e n re p o rts a re m a d e o n fu ll d a y s .
T h o cu rren t ca ll is th e fir s t t o b o m a d e as o f a S a tu r d a y in a n u m b e r o f
y ea rs , if n o t in th e h is to r y o f th o s y s te m . T h e result o f th e c a ll as it will b o
r e fle c te d in t h o roj>orts is n o t e x p e c te d t o a ffe c t th o to ta ls o f th o v a rio u s
item s t o a n y ex te n t, fo r th e re a s o n th a t in t h o co n s o lid a te d r e p o r ts th o b a l­
a n ces will b o a b o u t th e s a m e , b u t s o m o o f th e b a n k s will s h o w de cre a se s
w h ere o rd in a rily th e y w o u ld s h o w in creases, a n d o th e rs will s h o w ju s t th e
o p p o s it e .
.
N o es tim a te ca n b e m a d e as t o th e e x te n t o f th o s h ifts , n o r as t o th e im ­
p o r ta n c e o f th e decrea ses in cid e n t t o t h o re d u c e d v o lu m e o f bu sin ess, b u t
it is e x p e c te d th a t t h e y will b e im p o r ta n t onoitgh t o a ttr a c t a tte n t io n , n o t ­
w ith s ta n d in g th e fa c t th a t th e y will h a v o little a ctu a l s ig n ific a n c e in c o n ­
n ec tion w ith th o co n d itio n s o f th o b a n k s.

INCREASE IN RESERVES IN FEDERAL RESERVE
BANK OF NEW YORK— SILVER DEPOSIT BY
TREASURY.
Tho weekly statement issued by tho Federal Rosorvo
Bank of New York last Saturday (Fob. 28) has attracted
quite as much attention as that of tho previous week, when
a deficit of 33.9% (1.1% below the minimum) in tho roserves
against deposits was shown. The fact that the Bank had
in issuing its statement of Feb. 21 changed tho practico
previously employed of publishing its ratio of gold hold as a
reservo for note issues, after sotting asido 35% as cover for
its deposits, and in lieu thereof had adoptod a now method
whereby it first deducted 4 % in gold as roservo for its note
issues, leaving the balance to apply to doposits, caused no
little comment last week. Tn its weekly statement of last
Saturday the reserve against doposits was raised to 35.2% ,
a trifle beyond tho legal requirement— but this showing was
made possible only through a deposit of 850,000,000 in tho
Federal Reserve Bank by tho Treasury. As bearing on this
the weekly statement of the Fedoral Reserve Board at Wash­
ington, issued Feb. 28, said:




[Vol. 110.

G o ld reserves s h o w a fu r th e r re d u c tio n o f a b o u t 3 m illion s, w h ile th o
increase o f o v e r 60 m illion s in o th e r re se rv e cash rep resen ts la rge ly a transfer
o f s ilv e r a c c u m u la te d b y th o T re a s u ry w ith a v ie w t o m e e tin g O riental
d e m a n d s . S ilv e r so tra n sferred will g r a d u a lly b o u sed fo r th a t p u rp os o b y
th e N o w Y o r k F ed era l R e se rv e B a n k , w h ic h is c o n d u c t in g th o o p e ra tio n
u n d er th o d ir e c tio n o f th e F ederal R e se rv e B o a r d . M e a n w h ile , t h e transfer
serves t o rep le n ish th e b a la n c e o f th e T r e a s u r y w ith th o N o w Y o r k B an k
in a n ticip a tio n o f M a r . 15 d e m a n d s w ith o u t ca lls u p o n d e p o s ito r y b a n k s .

One of the comments which this movo elicited was the
following in the New York “ Times” of Mar. 2:
In b a n k in g circle s it ca n b o said th a t th ere w as n o great en th u siasm o v e r
th e w a y th e lo ca l R o s e rv o b a n k r e h a b ilita te d its roserv o p o s itio n . P erh ap s
tho m o s t d ra stic cr iticis m t o o k th o a n gle th a t th e re m ig h t b o a q u e s tio n
raised as t o th o a v a ila b ilit y o f this silv e r fo r re s e rv e p u rp o s e s. B u t th a t is
d ra stic cr itic is m . T h e s itu a tio n Is b a d e n o u g h , a t b e s t , w ith o u t ra isin g
legal p o in ts . T h o $ 5 0 ,0 0 0 ,0 0 0 silv e r Is a tra n s ie n t ite m , w h ich m a y d is ­
a p p e ar w ith in a s h o rt tim e , ju s t as th o g o ld h e ld b y t h o b a n k Is d isa p p ea rin g
th ro u g h e x p o r t s h ip m e n t. T h o q u e s tio n w as a sk e d y e s te r d a y — a n d th ere
a p p e a re d t o b e n o s a tis fa c to r y a n sw er t o It— as t o w h at w o u ld h a p p e n w hen
th o se reserves d id d isa p p e a r. L o a n s , if th e fig u re s m oan a n y th in g , are
n o t c o m in g d o w n , w h ile reserv es a re . S o o n o r la te r , a n d p r o b a b ly v e r y
s o o n , th o b a n k ’s a b ilit y t o fin d n ow a n d u n u su al reserves will ro a ch its
lim it.

The doposit of silver in tho Federal Rosorvo Bank sorved
to recall tho announcement made by tho lattor last Docomber (and published in our issue of Doc.13, pago 2215), re­
garding tho arrangements mado botweon tho Treasury and
tho Federal Reservo Board whereby standard silvor dollars
that were free in tho Treasury would “ until further notice
bo delivered against other forms of monoy to tho Division
of Foreign Exchango of the Federal Rosorvo Board, which
will, through tho Federal Rosorvo Bank of New York, co­
operating with the branches of American banks in tho Orient,
employ such dollars in regulating our oxchangos with silver
standard countries.” It was tho understanding that the
banks to which tho motal would be sold woro tho Interna­
tional Banking Corporation, tho Park-Union Foroign Bank­
ing Corporation, and the Asia Banking Corporation. Anont
this, the “ Wall Street Journal” of March 1 said:
D e p o s it o f $ 5 0 ,0 0 0 ,0 0 0 silv e r In th o N . Y . F ederal R e se rv e B an k b y the
T re a s u ry D e p a r tm e n t w h e re b y th e fo r m e r ’s reserv e aga in st d o p o sit was
raised t o 3 5 .2 % (Instead o f o th e rw is e fa llin g t o a b o u t 3 1 % ) has o c c a s io n e d
a g o o d deal o f interest in b a n k in g circle s. T h e r e w as m u ch s p e c u la tio n ns
to th o m e a n in g o f this o p e ra tio n .
E a r ly la st D e c e m b e r th e F ed era l R e s e r v e B o ard a n n o u n c e d th a t It had
en tered in to an a rra n g e m e n t.w ith th re e N ew Y o r k b a n k in g firm s d o in g b u s i­
ness in th o O rien t w h e re b y th o T r e a s u r y D e p a r tm e n t w o u ld sell t o th em
silver d o lla rs ly in g in th o gen eral fu n d o f t h e T re a s u ry . T h o b a n k s in
q u e stio n w ere th o In tern a tion a l B an k in g C o r p o r a t io n , T h o I’ a rk -U n ion
F oroig n B a n k in g C o r p o r a tio n a n d th o A sia B a n k in g C o rp o ra tio n . T h es e
c o n ce rn s w e re a llo w e d t o a cq u ire th o silv e r th ro u g h th o te n d e r o f cu rren t
fu n d s . T h e y w ere t o d isp o s e o f th o silv e r in S hangh ai in o rd e r t o s ta b iliz e
th e A m e r ic a n d o lla r in C h in a .
A t th a t t im e th ere w as a b o u t $ 6 0 ,0 0 0 ,0 0 0 o f silv o r d o lla rs In th e gen eral
fu n d o f th o T re a s u ry .
(T h is , o f co u rse , is n o t th o silv e r in th o trust fu n d
against o u ts ta n d in g silv e r ce r tific a te s .)
O n ly a sm all a m o u n t o f this silver
has so fa r been a cq u ire d fo r o x p o r t to th o F a r E a s t, as last w e e k .th o T r e a ­
s u ry 's s ta te m e n t s h o w e d $ 5 8 ,0 0 0 ,0 0 0 a v a ila b le s ilver In th o gen eral fu n d .
T h is arra n g e m e n t for,sellin g s ilver t o t h e O rien t w as t o b e co n d u c t e d th rou gh
the N . Y . F ederal R e se rv e B a n k .
It a m o u n te d t o a cr e d it o f th e s ilver
d ollars in th o gen eral fu n d in fa v o r o f t h o lo ca l In stitu tion .
It Is ov ld o n t
th e re fo re , t h a t, in th e p re d ica m e n t w h ich th o N . Y . l t w - r v o B an k was
p la ce d as regards its reserv o p o s itio n , t h e F ed era l R e se rv e B o ard ca m e t o its
assistance, so th a t th o N . Y . in s titu tio n e o id d o b ta in im m ed ia te b on efits
o f th o silv e r in its reserves. T h e silv e r ca n o n ly b o u s e d , h o w e v e r , fo r sale to
th o O rien t.

QUESTIONNAIRE OF NEW YORK FEDERAL RESERVE
BANK TO ACCEPTANCE DEALERS.
A questionnaire which tho Foderal Rosorvo Bank of Now
York has addressod to bank acceptance doalors, calls for the
following information, according to tho “ Wall Street Jourmal” of Fob. 26:
.
H o w m a n y b ills b o u g h t?
F r o m w h o p b o u g h t?
H o w m a n y w o ro s o ld ?
T o w h o m s o ld ?
R a n g e o f rates pa id d u rin g J a n u a ry a n d F e b ru a ry ?
D iffe r e n t m a tu r itie s ?
R a n g o o f s e llin g p r ic e s ?
R a n g o o f ca ll m o n o y b o rro w in g s o n a c c e p ta n c e s ?

Tho “ Wall Stroot Journal” also says:
W h ile it Is n o t d e fin ite ly k n o w n w h a t p ro m p te d th e cen tral b a n k to
seek this in fo r m a tio n , it is u n d e rs to o d th a t th o R e s e rv e a u th o rities are
c o m p ilin g d a ta o n b o th t h o m o n o y a n d bill m ark ets.
O n o b a n k e r v e n tu re d th o o p in io n th a t p e rh a p s t h e F oderal R eserv e
B o a r d is e n d e a v o r in g t o a sce rtain th o ca u s o o f th o la rg e n u m b e r o f ban k
a c ce p ta n ce s n o w h e ld b y th o R e s e rv o b a n k s. T h is b a n k e r b e h o v e d th a t
t h o lo ca l In stitu tion w as so o k in g this d a ta fo r pre se n tatio n t o th o B o a r d .

RESIGNATION OF ALBERT STRAUSS FROM FEDERAL
RESERVE BOARD.
The resignation of Albert Strauss as a momber of tho
Fedoral Rosorvo Board was mado known this woolc. In his
lottor of withdrawal M r. Strauss reminded tho President that
ho had accepted tho position as a war duty with tho under­
standing that ho “ should bo freo to resign whonover tho first
after-effects of tho war had somewhat spoilt themselves.”
In accepting tho resignation the President indicated his
reluctance to consent to M r. Strauss’s retirement, stating

THE CHRONICLE

M a r . 6 1920.]

that tho lattor’s withdrawal “ will be a distinct loss to the
public sorvico.” M r. Strauss who had beon a member of
tho firm of J. & W . Seligman & Co. of Now York since 1901
was named as Vice-Governor of the Reserve Board on Sept.
19 1918 to succeed Paul M . Warburg, resigned. Tho follow­
ing is M r. Strauss’s letter tendering his resignation to Presi­
dent Wilson:
February 24 1920.
I)rar M r. President:— I h e r e b y te n d e r m y re s ig n a tio n as a m e m b e r o f
th e F ederal R eserv o H oard.
In la y in g d o w n at th is t im e th e o f f i c e w h ich y o u e n tru ste d t o m e , a n d
w h ich I h a v o fe lt it a h igh h o n o r t o h o ld , it is p e rh a p s p ro p e r t o recall th a t
I a c c e p t e d th o p o s itio n o s a w a r d u t y a t th e u r g e n t in s is te n ce o f S e cre ta ry
M c A d o o , a n d w ith th e u n d e rsta n d in g t h a t I sh o u ld b o fre e t o resign w h en ­
e v e r t h e firs t a fte r -e ffe cts o f t h e w ar h a d s o m e w h a t s p oilt th e m se lve s.
M y personal plans w o u ld b e g r e a tly fa c ilita te d sh o u ld y o u fin d it p o ss ib le
t o a c c e p t m y resign ation in th e n ear fu tu r e , i f p o ss ib le , r e lie v in g m o b y
M a r c h 15.
P erm it m o , in retirin g , t o express m y a p p re cia tio n o f th e o p p o rtu n itie s
a ffo r d e d t o m o u n d er y o u r e ffe c t iv e le a d e rsh ip , o f a ssisting, h o w e v e r
s lig h tly , in th o business o f th o w ar.
I re m a in ,
V e r y r e s p e ctfu lly ,
(S ig n e d ) A L B E R T S T R A U S S .

The President, White House.

In his lottor of acceptance President Wilson said:
The White House, Washington, March 2 1920.
M y DearMr. Strauss:
I h a v o r e c e iv e d w ith reg ret y o u r re s ig n a tio n o f y o u r m e m b e rsh ip o n th o
F ederal R e s e r v e H oard a n d h a v o n o te d y o u r desire t o b o re lie ve d if p o ss ib le
b y M a r c h 15.
I fu lly u n d e rsta n d th o rea son s w h ich m a k e it n ecessary
fo r y o u t o retire fr o m th o G o v e r n m e n t s e rv ice a n d I re lu c ta n tly a c c e p t y o u r
res ig n a tion , t o ta k a e ffe c t M a r c h 15.
For nearly th reo years y o u h a v e s e rv e d th e G o v e r n m e n t w ith sin gular
d is t in c t io n . S h ortly a fter t h e n a tio n w en t in to w ar y o u r e s p o n d e d t o th o
ca ll o f th o S ecreta ry o f th e T r e a s u r y fo r s e rv ice a n d re n de re d v a lu a b le
a ssista n ce In th o c a p a c ity o f special a d v ise r t o t h o T r e a s u r y in m a tte rs
relatin g t o fo re ig n cr e d it. L a te r y o u b e c a m e a m e m b e r o f th e W a r T r a d e
H oard.
In O c to b e r y o u a c ce p te d m em b ersh ip o n th e F ederal R e se rv e
Board a n d b e ca m e its V ic o G o v e r n o r , w h ile a t th o s a m e tim e y o u c o n tin u e d
t o a d v ise th o T rea s u ry in fo re ign m atte rs a n d t o s e rv o o n th o W a r T r a d e
H oard u n til Its dissolu tion a fte r th e a rm is tice . Y o u re n d e r e d e q u a lly fin e
service, t o t h o n a tion fo r several m o n th s in P aris as o n o o f th o fin a n cia l a d ­
visers t o th o P e a c e C o m m is s io n . Y o u r w ith draw al will b o a d istin ct loss
t o th e p u b lic s e r v ic e .
I a m gratefu l t o y o u fo r w h at y o u h a v e d o n e a n d
w ish y o u t o k n o w th a t y o u h a v e m y b e st w ishes fo r y o u r co n tin u e d w e lfa re
a n d h a p p in ess.
C o r d ia lly y o u r s ,
(S ig n ed )
W O O D R O W W IL S O N .
H on. A L B E R T STR A U SS,

Federal U'scrrc Board, Washington, D. C.

M r. Strauss has taken occasion to issue the following
statement:
T h o r o Is n o tru th w h a to v e r in th o s ta te m e n ts a n d su gg e stio n ? a p p e arin g
In certa in now spapr.rs t o th o e ffe c t th a t m y re s ign a tio n as a m o m b o r o f th o
F ederal R osorv o H oard w as ca u se d o r in flu e n c e d b y d iffe re n ce s w ith m y
collea gu es as t o m atters o f p o lic y o r o th e rw is e , o r in ten d ed as a p r o te s t
a ga in st p o lit ic a l, s ection a l o r o th e r p ressu re. T h e r e h a v e b e e n n o d iffe r­
en ces w ith m y collea gu es a n d th e ro has b o o n n o a tt e m p t b y a n y o n o t o
oxert a n y s u ch prossuro o n th o B oat'd.
I a c c e p te d th o o ffic e as a w ar task a n d I resign ed bo ca u se I fe lt th a t th e
tim e h a d c o m e w h on I m ig h t fa ir ly d o s o . T h a t is th e w lio lo s to r y . T h e r o
Is n o th in g sen sa tion a l t o b o e x tra cte d fr o m it.

GEORGE W..NORRIS TO RESIGN FROM FEDERAL FARM
LOAN BOARD TO BECOME GOVERNOR OF THE
FEDERAL RESERVE BANK OF PHILADELPHIA.
George W . Norris, Director of the Federal Farm Loan
Board, was this week elected Govornor of tho Federal
Rosorvo Bank of Philadelphia, succeeding E. P. Passmore,
who retired from tho governorship on March 1 to become
President of tho Bank of North America, of Philadelphia.
Mr. Passmore’s resignation was referred to in our issue of
Jan. 31, pago 425. M r. Norris will resign from the Farm
Loan Board on April 1.
M r. Norris is a member of tho Philadelphia bar and was
formerly a partnor in tho banking firm of E. B. Smith &
Co. Following his withdrawal from the banking business
lie was dologatcd by M ayor Blankenburg, of Philadelphia,
to take a placo in tho lattor’s staff. M r. Norris was was
director of tho Federal Reserve Bank of Philadelphia when
named to tho directorship of tho Federal Farm Loan Board.

PLANS FOR EXCHANGING TEMPORARY LIBERTY
BONDS INTO PERMANENT SECURITIES.
Advices to holders of temporary Liberty bonds regarding
the exchange of such temporary certificates into permanent
bonds are contained in a statement issued by tho Federal
Rosorvo Bank of Now York on March 4. Last week, pago
818, wo printed the information convoyed by tho Acting
Governor of tho Bank, J. II. Caso, to the banking institu­
tions in tho local Federal Rosorvo district. Tho following
is this wook’s statement:
H old ers o f o v e r o n o b illio n d o lla rs in T h ir d L ib e r ty L o a n b o n d s will
b egin o n M a r c h 15 th o exch a n g e o f th eir p resen t te m p o r a r y b o n d s in to p e r ­
m an en t b o n d s co n ta in in g all th o c o u p o n s t o m a tu r ity . T h o e x c h a n g e in
this F ed era l R osorv o d istrict w ill b e u n d e r t h o d ire ctio n o f t h o F ederal
R ese rv o H ank o f N ew Y o r k , b u t in m o s t ca ses th o va rio u s b a n k in g in s titu ­
tion s w ill a rra n g o w ith th o F ederal R o so rv o H ank t o so cu ro th o perm a n en t
b o n d s In s u fficie n t q u a n titie s t o m ak e th e cx ch a n g o fo r th eir cu sto m e rs.




935

In a sm u ch as th e r o w e r e m o r e th a n th re o m illio n orig in a l s u b scrib ers t o
t h o T h ir d L o a n in this d is tr ic t a n d a la rg o q u a n t ity o f b o n d s issued in t h e
o th e r d istricts w ill u n d o u b te d ly b o e xclia n g o d th ro u g h t h o F ed era l R e se rv e
B a n k o f N o w Y o r k t h e task o f issuing th o b o n d s w ill b o a la rg o o n o . H o ld e rs
o f $50 a n d $ 100 b o n d s m a y m a k e th oir exch a n ges a t th o o f f i c e o f th o L ib e r ty
L o a n A s s o c ia tio n , 19 W e s t 4 4 th S tr e e t, N o w Y o r k , w h ile t h o gr o a t v o lu m e
o f exch an ges w ill b e g r e a tly s im p lifie d fo r o th e r b o n d h o ld e r s , s in ce th e y
w ill b o a b le t o se cu re th o n o w b o n d s th ro u g h th eir o w n b a n k o r tru st c o m ­
p a n y w ith o u t g o in g t o th e F e d e ra l R e s e rv e B atik .
I t is e x p e c te d th a t b o n d s o f th o F irs t a n d S e co n d L o a n s , b o t h 4 % a n d
4 M % issues, w ill b o o xch a n g e d fo r p e rm a n e n t b o n d s a fte r A p r il 1. In th e
cases w h ero th e se b o n d s w ill h a v o c o u p o n s a tta c h e d h o ld e rs s h o u ld d e ta c h
t h o c o u p o n s a n d h o ld thorn u n til m a tu r ity w h e n t h e y ca n b o ca s h e d in th e
usual m an n er. H o ld e rs o f t h o 4 % b o n d s w ill re c e iv e in retu rn 4 ]4 % b o n d s
o f t h o s am e lo a n w ith all c o u p o n s a tt a c h o d u n lo s s in m a k in g th o e xch a n g e
t h o y s p e c ific a lly ask fo r 4 % b o n d s In re tu r n .
H o ld e rs o f t h o te m p o r a r y b o n d s w h o a v a il th e m se lv e s o f t h o assista n ce
o f th e ir o w n b a n k s in e ffe ctin g th o e xch a n g e s w ill p resen t a n d s u rren d er
th e ir p resen t b o n d s t o th o s o in s titu tio n s w ith c o u p o n s d e t a c h e d . T h e
b an k s w ill in tu rn m a k o t h e n e ce ssary e xch a n g e s o f 4 X % b o n d s fo r p e r ­
m a n e n t b o n d s a n d w ill r e c e iv e th e t e m p o r a r y 4 % b o n d s fo r c o n v e r s io n a n d
e xch a n g e in t o t h o p e rm a n e n t 4 \ i% b o n d s . T h is s e r v ic e w ill b e u n d er­
tak en b y t h o v a rio u s b a n k in g in s titu tio n s fo r th e ir c u sto m e rs w ith o u t
ch a r g e .
T iro F irst L ib e r t y L o a n 3 V % b o n d s a n d t h e V ic t o r y L ib e r t y L o a n 3 M %
3
a n d 4 % % b o n d s w e re issued b y t h o G o v e r n m e n t in p e rm a n e n t fo r m , as
w e r e th o registered b o n d s o f all th o G o v e r n m e n t w a r lo a n s a n d th e re fo re
n o n e o f these b o n d s n e e d b o o ffe r e d fo r e x c h a n g e . T h e d a te fo r co n v e r s io n
o f th e te m p o r a r y b o n d s o f th o F o u r th L ib e r t y L o a n o n w h ic h t h e la st
c o u p o n w ill n o t m a tu r e u n til O c t . 15 1920 h as n o t y e t b e o n a n n o u n c e d .
B o n d h o ld e rs o ffe r in g t e m p o r a r y c o u p o n b o n d s fo r e x c h a n g e m a y r e c e iv e ,
i f t h e y desire, p e rm a n e n t b o n d s in reg istered fo r m .
_
In o rd e r t o e ffe c t e xch a n g e s as c o n v e n ie n t ly a n d as e ffic ie n tly as p o ss ib le ,
th e F ederal R e s e r v e B a n k w ill issue a circ u la r a d d ressed t o all in c o r p o r a te d
b an k s a n d tru st c o m p a n ie s in t h o d is tr ic t u rg in g th e m t o u se th e fo rm s
w h ich h a v o b e e n p re s crib e d b y th o T r e a s u r y fo r e ffe c tin g th o e x c h a n g es.

REMOVAL BY CHICAGO BOARD OF TRADE OF
RESTRICTION AFFECTING TRADING IN CORN. __
The restriction which limited individual trading in corn
to 200,000 bushels was removed by tho Chicago Board of
Trade on Feb. 24. Tho rule had been in force since M ay 19
1919, and was adopted at tho request of tho Food Adminis­
tration. The Chicago “ Tribuno” says:
I t [the ru ling] a p p lie d t o C h ic a g o , S t. L o u is a n d K an sa s C it y s im u l­
ta n e o u s ly , a n d is r o m o v o d in th o s am o w a y . T h o r o Is n o lim it o n o p e r a ­
tio n s n o w . N o re p o rts o f tra d os t o th o S e cre ta ry ’s o f f ic o th a t h a v o b oon
m a d e d a ily w ill b o n ecessary u n til th o a d v e n t o f o a ch cu rre n t m o n th , s u ch
c o n tr a c ts b e in g s u b je c t t o th o lice n sin g re q u ire m e n ts o f th o F o o d C o n tr o l
A c t . S u p erv ision a n d co n tr o l o f s u ch tra d in g w ill b o co n tin u o d as in th e
p a st.

U. S. SUPREME COURT DECIDES IN FAVOR OF U. S.
STEEL C O R P O R A T I O N . __________
In an opinion handed down on March 1 the United States
Supremo Court has affirmed the decree of tho District Court
of tho United States for the District of Now Jersey, dis­
missing tho Government suit for the dissolution of tho cor­
poration and its subsidiary companies. Tho Government
had alleged that tho corporation was engaged in illegal res­
traint of trade and tho oxerciso of monopoly. The opinion
of the Supremo Court was read by Associate Justice M c­
Kenna and was concurred in by Chief Justice White and
Associate Justices Ilolmos and Vandowater. A dissenting
opinion was given by Justice Day, Justices Clarke and Pit­
ney joining in tho minority opinion. Justice McRoynolds
and Brandeis took no part in the conclusions of the Court.
M r. McRoynolds having been Attorney General whon the
Government’s suit was instituted, and M r. Brandies having,
before his appointment to tho bench, expressed his opinion
as to tho status of tho Steel Corporation under the anti­
trust act when ho appoared before a Senate Committee in
1911 inquiring into tho subject of trusts. Tho majority
opinion handed down by tho Supremo Court on Monday
last states that “ wo havo seon that tho Judges of tho District
Court unanimously concurred in the viow that tho corpora­
tion did not achiovo monopoly, and such is our deduction,
and it is against monopoly that tho statute is directed, not
against an expectation of it, but against its realization, and
it is certain that it was not realized.” It also says:
T h o su gg estion t h a t lurks in th e G o v e r n m e n t ’s co n te n tio n th a t t h o a c ­
c e p t a n c e o f th o C o r p o r a t io n ’s p rice s is th e s u b m ission o f im p o te n c o t o
irresistible p o w e r is, in vie w o f t h e t e s tim o n y o f t h e c o m p e tito r s , u n te n a b le .
T h e y , as w o h a v e seen , d e n y restrain t in a n y m easuro o r illegal In fiu on co o f
a n y k in d . T h e G o v e r n m e n t , th e re fo re , is r e d u c e d t o th o assertion th at
th e s ize o f th e C o r p o r a tio n , th e p o w e r it m a y h a v e , n o t t h e e x e r tio n o f th e
p o w e r , is an a b h o rre n ce t o th o la w , o r as th o G o v e r n m e n t s a y s , “ th e c o m ­
b in a tio n e m b o d ie d in t h e C o r p o r a tio n u n d u ly restrains c o m p e titio n b y its
necessary e ffe c t a n d , th e re fo re , is u n la w fu l, regardless o f p u r p o s e .”
“A
w ron gfu l p u r p o s e ," th e G o v e rn m e n t a d d s , is " m a t t e r o f a g g r a v a t io n .”
T h e Illegality is sta tis tica l, p u rp o s e o r m o v e m e n t o f a n y k in d o n ly is
em phasis. T o assent t o t h a t, t o w h at estrem es w o u ld w o b o le d . C o m ­
p e titio n con sists o f business a c tiv itie s a n d a b ility — th o y m ak o Its lifo, b u t
th ero m ay b o fa ta lities in it. A re th o a ctiv itie s t o b o e n c o u ra g e d w hen
m ilitan t a n d su p p ressed o r re g u la te d w h en triu m p h a n t b o ca u s o o f th e
d o m in a n ce a tta in e d ?
T o s u ch pa tern a lism th o G o v e r n m e n t’s co n te n tio n ,
w h ich regards p o w e r ra th er th a n its use th e d e te rm in in g co n sid e ra tio n ,
seem s t o c o n d u c t , c e r ta in ly c o n d u c t s , w e m a y s a y , fo r it Is th o in e v ita b le
lo g ic o f the G o v e r n m e n t's co n te n tio n th a t c o m p e titio n m ust n o t o n ly b e

926

THE CHRONICLE

re e , b u t th a t it m u st n o t b o p ressed t o th e a s c e n d e n c y o f a c o m p e t it o r fo r
n a s c e n d e n c y th ere is t h e m e n a co o f m o n o p o ly .

[V o l . 110

th ro u gh s u c h a c t io n . % T h e y w e r o in s titu te d firs t in “ stress o f p a n ic ,” b u t
th e ir p o t e n c y b e in g d e m o n stra te d t h o y w e r o a fte r w a rd c a lle d t o c o n tr o l
p rices in p e rio d s o f in d u strial c a l m .”
“ T h o y w e r o p o o ls w ith o u t p en a l­
tie s ” a n d m o r o e ffic ie n t in s ta b iliz in g p rice s . B u t it w as th o fu r th e r d e cla ­
ra tio n th a t “ w h en jo in t a c tio n w a s e ith er c o n fu s e d o r w ith d ra w n t h o C o r ­
p o r a t io n ’s p rice s w e r o c o n tr o lle d b y c o m p e t it io n ."
T h e c o r p o r a t io n , it w as s a id , d id n o t a t a n y tim e a b u se th o p o w e r o r as­
I n t h e t o b a c c o case', t h e re fo re , as in th e S ta n d a rd O il c a s e , t h o c o u r t h a d
c e n d e n c y it p o ss e s se d . I t re sto re d t o n o n o o f th o b ru ta litie s o r tyra n n ies
t o d ea l w ith a p ersistan t a n d s y s te m a tic la w b re a k e r m a s q u e ra d in g u n d e r
th a t th o cases lllu stra to o f o th e r c o m b in a tio n s . I t d id n o t se cu re fre ig h t
legal fo r m s a n d w h ic h n o t o n ly h a d t o b o s tr ip p e d o f its d isg u ise s , b u t
a rrested in its ille g a lity . A d e c r e e o f d is s o lu tio n w a s t h e m a n ife s t in stu r- ro b a te s ; it d id n o t in creaso its p r o fits b y re d u c in g t h o w ages o f its o m p lo y ecs w h a te v e r it d id w as n o t a t th o exp e n se o f la b o r ; it d id n o t in creaso its
m e n t a lit y a n d in e v it a b le .
W o th in k it w o u ld b e a w o r k o f sh eer s u p e r­
p ro fits b y lo w e rin g t h o q u a lity o f its p r o d u c ts , n o r cr o a to an a rtific ia l
e r o g a tio n t o p o in t o u t th a t a d e cre e in t h a t ca s e o r in t h o S ta n d a r d Oil
ca se fu rn ish es n o e x a m p le fo r a n y d e cre e in th is.
s c a r c ity o f th e m ; it d id n o t o p p re ss o r c o c r c o its c o m p e tito r s — its c o m p e t i­
tio n , th g h
u
w as
d id o t u n
co
e
In conclusion the court says “ we are unable to see that lo ca litie o ub y v ig ourcoins , its pfa ir;s itth e ron b o lo wdersell its ainm pin tito r s in s o m o
s
re d
g
rice
th o s e m
ta e d elsew h ere,
the public interest will be served by yielding to the conten­ o r re q u ire its c u sto m e rs t o en ter in to c o n tr a c ts lim itin g th olr p u rch ases o r
tion of the Government respecting the dissolution of the re strictin g th e m in rcsa lo p rice s; it d id n o t o b ta in c u sto m e rs b y secret
s r d p
re s
o
its u b lish e p
s.
company or the separation from it of some of its subsidiaries re b ahte r eow ase n a rtu id e nfre m a t itp a tte m p d d ricecru sh its c o m p e tito r s o r d r iv o
T e
o ev
c th
te t o
and we do see in a contrary conclusion a risk of injury to th e m o u t o f t h e .m a rk et, n o r d id it ta k e cu sto m e rs fr o m its c o m p e tito r s b y
the public interest, including a material disturbance of, and un fair m ean s, a n d in its c o m p e titio n it se e m e d t o m a k o n o d iffe re n ce b o tw
c
t it o
In e e
said
m n
ys a
it may bo serious detriment to the foreign trade, and in illueen la rge aan d“ sm a ll d oom p e ly inrgs .u p o n dIts d ,wit iso w e r tin fix aa nyd w aain tan d
stra ted th t in stea
f re
o n p
o
m
in
submission to the policy of the law and its fortifying pro­ p rice s, th e C o r p o r a tio n a t its v e r y b e gin n in g s o u g h t a n d o b ta in e d th o assist­
hibitions the public interest is of paramount regard. We a n ce o f o th e rs . ’ I t c o m b in e d its p o w e r w ith th a t o f its c o m p e t it o r s . I t
d id
a
p
in a d f
e lf, a
think therefore that the decree of the District Court should a n d nboyt h ssvoociao w e r w ith nits o c oitsp e titon d. th o co n tr o l it o xerted w as o n ly in
a
tio n
m
rs
bo affirmed. In part the majority opinion of the court
T h is s u m m a ry o f th o o p in io n s , g iv o n n ecessarily in p a ra p h ra se, d o c s n o t
a d e q u a te ly rep resen t th eir a b ilit y a n d s tr e n g th , b u t it h as v a lu e as in d ica tin g
follows:
th e co n te n tio n s o f th o p a rtie s , a n d th o u ltim a te p r o p o s itio n s t o w h ic h th e
S u p rem o C o u r t o f t h e U n ite d S tates— N o . 6— O c to b e r T e r m , 1919.— T h e
co n te n tio n s a ro a d d re ss e d . T h o o p in io n s in d ic a te th a t t h o o v id o n c o a d m its
U n ite d S tates o f A m e r ic a , a p p e lla n t , v s . U n ite d S ta tes Steel C o rp o ra ­
o f d iffe re n t d e d u c tio n s as t o th e gen esis o f t h o co r p o r a tio n a n d th o p u rp o s e
t io n et a l.
o f its o rg an ize rs, b u t o n ly o f a sin gle d e d u c tio n as t o th o p o w e r 16 a tta in ed
A p p e a l fr o m th o D is tr ic t C o u r t o f th e U n ite d S tates fo r th e D is tr ic t o f
a n d c o u ld exercise.
N e w J ers ey.
T h o a lte rn a tiv e s a ro p e rp lo x in g , in v o lv e c o n flic t in g co n sid e ra tio n s, w h ic h ,
S uit aga in st th o St el C o r p o r a t io n a n d ce r ta in o th e r co m p a n ie s w h ich it
reg ard ed in iso la tio n h a v o d iv e r s o te n d e n cie s . W o h a v o s co n th a t th e
d irects a n d c o n tr o ls 1 y r e a s o n o f t h e o w n e rsh ip o f th e ir s t o c k , it a n d th e y
J u d ge s o f t h o D is tr ic t C o u r t u n a n im o u s ly c o n cu rr e d in th o v ie w th a t th e
b e in g s ep a ra tely a n d c o lle c t iv e ly ch a r g e d as v io la to r s o f th o S h erm an A n t i­
C o r p o r a tio n d id n o t a c h ie v e m o n o p o ly , a n d s u ch is o u r d e d u c t io n , a n d it
T r u s t a c t.
is a ga in st m o n o p o ly th a t t h o s t a t u t o Is d ir e c te d , n o t a ga in st an e x p e c ta tio n
I t is p r a y e d th a t it a n d t h e y b o d iss o lv e d b e ca u s e e n g a g e d in illegal re­
o f it, b u t a ga in st its re a liza tio n , a n d it is ce rta in th a t it w as n o t re a lized .
strain t o f tr a d e an d t h e ex e r cise o f m o n o p o ly .
T h o o p p o s in g c o n d itio n s w e ro u n d e re stim a te d . T h o p o w e r a tta in e d w as
S pecial ch a r g es o f ille g a lity a n d m o n o p ly a re m a d e a n d special redresses
m u ch gr e a te r th an th a t p ossessed b y a n y o n o c o m p e t it o r — it w as n o t greater
a n d rem ed ies are p r a y e d , a m o n g o th e rs t h a t th e re b e a p r o h ib itio n o f s to c k
th an th a t p ossessed b y all o f th e m . M o n o p o ly , th e re fo re , w as n o t a c h ie v ­
ow n ersh ip a n d exercise o f rig h ts u n d e r s u ch o w n e rsh ip , a n d th a t th e ro shall
ed, a n d c o m p e tito r s h a d t o b o p e rsu a d e d b y p o o ls , a ss o cia tio n s , t ra d o m e e t­
b o s u ch ord ers a n d d is tr ib u tio n o f t h e s to c k a n d o th e r p ro p e rtie s as shall b e
ings a n d th ro u g h t h o so cia l fo r m o f din n e rs, all o f th e m , it m a y b o , v io la tio n s
in a c c o r d a n c e w ith e q u it y a n d g o o d co n s c ie n c e , a n d “ shall e ffc c t u a t o th o
o f th o la w , b u t tra n sien t in th e ir p u rp o se s a n d e ffe c t .
p u rp o s e o f th e A n ti-T r u s t a c t .”
G en era l r e lie f is a lso p r a y e d .
T h e y w e r o s ca tte re d th ro u g h th o ye a rs fr o m 1901 (th o y e a r o f th o fo rm a ­
T h e S teel C o r p o r a tio n is a h o ld in g c o m p a n y o n ly .
T h o o th e r c o m ­
tio n o f th o c o r p o r a t io n ), u n til 1911, b u t , a fte r in sta n ces o f su ccess a n d fa il­
p a n ies are th e o p e ra tin g o n e s , m a n u fa ctu re r s in t h e iro n a n d ste e l in d u s try ,
u re, w e r o a b a n d o n e d n in o m o n th s b e fo r o this su it w a s b r o u g h t. T h e r o is
tw e lv e in n u m b e r. T h e r e a re , b e sid e s , o th e r c o r p o r a tio n s a n d in d iv id u a ls
n o e v id e n c e th a t t h o a b a n d o n m e n t w as in p r o p h e c y o f o r d re a d o f s u it, a n d
m o re o r less c o n n e c te d in t h e a ctiv itie s o f th o o th e r d e fe n d a n ts th a t are
th o Illegal p ra ctice s h a v o n o t be e n re su m e d , n o r is th e ro a n y o v id e n c o o f a n y
a lleg ed t o b e instru m en ts o r a cc o m p lic e s in th e ir a c tiv itie s a n d o ffe n d in g s;
in te n tio n t o re s u m e th e m , a n d c e r ta in ly n o "d a n g e r o u s p r o b a b ility ” o f
a n d th a t th ese a c tiv itie s a n d o ffe n d in g s (s p e a k in g in gen eral term s) e x te n d
th e ir r e s u m p tio n , th o te st fo r w h ich S w ift & C o . v s . U n ite d S ta te s, 196,
fr o m 1901 t o 1911, w h en th o b ill w as file d , a n d h a v e illu stra tiv e p e rio d s o f
U . S ., 3 9 6 , is c it e d .
sig n ifica n t a n d d e m o n stra te d ille g a lity .
I t is o u r co n c lu s io n , th e re fo re , as it w a s th a t o f th o J u d ge s b e lo w , th a t th o
Issue is ta k en u p o n a ll th e se ch a r g e s , a n d w o see a t a g la n c o w h a t detail o f
p ra ctice s w ero a b a n d o n e d fr o m a c o n v ic t io n o f th eir fu t ilit y , fro m th o o p e ­
circu m sta n ces m a y b o d e m a n d e d , a n d w o m a y fin d ou rselves p u z z le d t o
ra tio n o f fo r c e s th a t w e ro n o t u n d e rsto o d o r w ere u n d e re stim a te d , a n d th o
c om p res s th e m in to an o p in io n th a t w ill n o t b o o f fa tig u in g p r o lix ity .
case Is n o t p e cu lia r, an d w o m a y s a y in passin g th a t th o G o v e r n m e n t c a n n o t
T h e ca se w a s h ea rd in th o D is tr ic t C o u rt b y fo u r J u d g e s . T h e y agreed
fear th eir re s u m p tio n , fo r It d id n o t a va il its e lf o f th o o ffe r o f th o D is tr ic t
t h a t th e bill s h o u ld b o d ism iss e d , t h e y disa greed as t o th o re a s o n s fo r it.
C o u r t t o retain ju ris d ictio n o f th e ca u s o in o rd e r th a t if illegal a cts s h o u ld
(223 F e d . 55.)
b o a tte m p te d t h e y c o u ld b o restra in ed .
O n e op in io n (w r it t e n b y J u d g e B u ffin g t o n a n d c o n cu rr e d in b y J u d g e
W h a t, th e n , ca n n o w b o urged aga in st t h e C o r p o r a t io n ?
C a n co m p a r i­
M c P h e r s o n ) expressed th e v ie w t h a t th o Steel C o r p o r a tio n w a s n o t fo rm e d
sons in o th e r reg ard s b o m a d e w ith its c o m p e tito r s , an d b y su ch co m p a rison s
w ith th e in te n tio n o r p u rp o s e t o m o n o p o liz e o r restrain tra d e a n d d id not
g u ilty o r in n o c e n t e xiste n ce b o assign ed it ?
I t is gre ate r in s ize a n d p ro ­
h a v e th e m o t iv e o r e ffe c t “ t o p re ju d ic e th o p u b lic interest b y u n d u ly re­
d u c t iv e p o w e r th an a n y o f its c o m p e tito r s , equal o r n e a rly equal t o th e m a ll.
s trictin g c o m p e t it io n o r u n d u ly o b stru ctin g t h e co u rso o f t r a d o .”
Tho
b u t its p o w e r o v e r p rice s w as n o t a n d is n o t c o m m c n s u r a to w ith Its p o w e r
c o r p o r a t io n , in th e v ie w o f t h o o p in io n , w a s a n e v o lu tio n , a natural c o n ­
to p rodu co.
s u m m a tio n o f th e te n d e n cie s o f th e in d u s try o n a c c o u n t o f ch a n g in g c o n d i­
I t is tru o th e ro is s o m o te stim o n y te n d in g t o s h o w th a t th o C o r p o r a tio n
tio n s , p ra c tic a lly a c o m p u ls io n fr o m " t h o m e ta llu rg ica l m e th o d o f m ak in g
has s u ch p o w e r , b u t th e ro w as also te s tim o n y a n d a co u r s o o f a ctio n te n d in g
steel a n d th o p h y sica l m e th o d o f h a n d lin g i t , ” th is m e th o d a n d th e c o n d i­
s tr o n g ly t o th o c o n tr a r y . T h o c o n flic t w as b y th o J u d ge s o f th o D is tr ic t
tio n s con seq u en t u p o n it t e n d in g t o co m b in a tio n s o f ca p ita l a n d energies
C o u r t u n a n im o u s ly re s o lv e d aga in st th o o x ls to n co o f th a t p o w e r , a n d In d o ­
ra th er th a n d iffu sio n in in d e p e n d e n t a c tio n . A n d th e co n c e n tr a tio n o f
in g s o th o y b u t g a v e e ffe c t t o th o gre ate r w e ig h t o f th o o v id o n c o .
p o w e r s (w o a ro still rep resen tin g th e o p in io n ) w a s o n ly su ch as w as d e e m e d
I t is ce rta in th a t n o s u ch p o w e r w as e x e r te d . O n th o c o n tr a r y , th e o n ly
n ecessary a n d im m ed ia te ly m a n ife s te d its e lf in im p r o v e d m e th o d s a n d
a tte m p t a t a fix a tio n o f p rice s w a s, as a lre a d y s a id , th ro u g h an ap p eal t o a n d
p r o d u c ts a n d in an increase o f d o m e s tic a n d fo re ig n tra d o . In d e e d an
co n fe d e r a tio n w ith c o m p e tito r s , a n d th o re c o rd s h o w s , besid es, th at w h en
im p o r ta n t p u rp ose o f th o o rg a n iz a tio n o f th o c o r p o r a tio n w a s th o b u ild in g u p
c o m p e titio n o c c u r r e d it w a s n o t in p re te n co , a n d th o C o r p o r a tio n d eclin ed in
o f th o e x p o r t tra d e in steel a n d iro n w h ic h a t th a t t im e w as s p o r a d ic , t h o
p r o d u c tiv e po w e rs— t h e c o m p e tito r s g r o w in g cith e r against o r in co n so m ere d u m p in g o f th o p r o d u c ts u p o n fo re ig n m ark ets.
q u c n c o o f th o c o m p e t it io n .
I f aga in st th o c o m p e t it io n , w o h a v o an In stan ce
N o t m o n o p o ly , t h e re fo re , w a s th o p u rp o se o f t h e o r g a n iz a tio n o f th o C o r ­
o f m o v e m e n t a ga in st w h a t th o G o v e r n m e n t Insists w as an Irresistiblo fo r c e ;
p o r a tio n , b u t co n c e n tr a tio n o f e ffo rts w ith resu ltan t e co n o m ie s a n d b e n e fits .
if in co n se q u e n c e o f c o m p e t it io n , w o h a v o an illu stra tion o f th o a d a g o th a t
T h o te n d e n c y o f th e in d u stry a n d th e p u rp o s e o f th o C o r p o r a tio n in
“ c o m p e titio n Is th o life o f tr a d o ” a n d is n o t easily rep ressed. T h o p o w e r o f
y ie ld in g t o it w as expressed in c o m p re h e n siv e co n d e n sa tio n b y th o w o r d
m o n o p o ly in th e co r p o r a tio n u n d e r eith er illu stra tion is a n u n te n a b le
“ In te g r a tio n ,” w h ich s ig n ifies c o n tin u ity in th e p ro ce ss o f th o in d u s try fro m
a ccu sa tio n .
o r e m in es t o th o fin ish ed p r o d u c t.
W o m a y p a u so h e ro fo r a m o m e n t t o n o t ic e illu stra tion s o f th o G o v e r n ­
T h o o th e r o p in io n (b y J u d g e W o o lle y a n d c o n cu rr e d in b y J u d g e H u n t,
m e n t o f t h o p u rp o s o o f th o C o r p o r a tio n , in sta n cin g its a cq u is itio n a fte r its
223 F e d . 161) w as in s o m e p a rticu lars in a n tith esis to J u d g e B u ffin g t o n ’s.
fo rm a tio n o f c o n tr o l o v e r th o S h e lb y S teel T u b e C o m p a n y , t h o U n io n S teel
T h o v ie w w a s expressed th a t neith er th e Steel C o r p o r a tio n n o r th o p re ce d in g
C o m p a n y , a n d , s u b s e q u e n tly , th o T cn n e ss e o C o m p a n y . T h e r o is d is p u to
co m b in a tio n s , w h ich w ere in a senso its a n te ty p e s , h a d th o ju s t ific a tio n o f in­
o v e r t h o reason s fo r th eso a cq u isitio n s w h ich w e shall n o t d e ta il
r*.
d u strial co n d itio n s , n or w ere th e y o r it im p e lle d b y th o n ec e ss ity fo r in tegra­
T h e r e Is, h o w e v e r , an im p o r ta n t c irc u m sta n co in c o n n e c t io n w ith th a t o f
t io n , o r c o m p e lle d t o u n ito in co m p re h e n siv e en terp rise b e ca u s e s u ch h a d
th o T cn n e ss e o C o m p a n y w h ich is w o r th y t o b o n o t e d . I t w a s s u b m itte d
b e c o m e a c o n d itio n o f su ccess u n d er th o new ord ers o f th in g s.
O n th o c o n ­
t o P re sid e n t R o o s e v e lt a n d h o g a v o i t his a p p r o v a l. I lls a p p r o v a l, o f co u rso,
tr a r y , th a t th e organ izers o f th e C o r p o r a tio n a n d th e p r e c e d in g co m p a n ie s
d id n o t m a k o it le g a l, b u t it g iv e s assu ran ce o f its le g a lity , a n d w o k n ow fr o m
h a d illegal p u rp os o fr o m th o v e r y b e g in n in g , a n d t h e C o r p o r a t io n b e c a m o
h is earnestness in th o p u b lic w c lfa r o h o w o u ld h a v o a p p r o v e d o f n o th in g
“ a co m b in a tio n o f co m b in a tio n s b y w h ic h , d ir e c tly o r in d ir e c tly , a p p r o x i­
th a t h a d oven a t e n d e n c y t o its d e trim e n t. A n d h o testifie d h o w as n o t d e ­
m a t e ly 180 in d ep en d en t c o n ce rn s w ere b r o u g h t u n d e r o n e bu sin ess c o n tr o l,
ce iv e d a n d th a t h o b e lie v e d th a t " t h o T o n n e ss e o C o a l a n d Iro n p c o p lo h a d a
w h ic h , m easu red b y t h o a m o u n t o f p r o d u c tio n , e x te n d e d t o 8 0 % o r 9 0 %
p r o p e r t y w h ic h w as a lm o s t w orth less In th olr h a n d s , n ea rly w orth less to
o f th o entire o u tp u t o f th o c o u n t r y , a n d th a t its p u rp o s o w as t o s ecu re gr e a t
th e m , n e a rly w o rth le ss t o th o c o m m u n itie s in w h ich it w a s s itu a te d , a n d
p r o fit s , w h ich w ere th o u g h t p o ss ib le in th o ligh t o f th o h is to r y o f its c o n ­
en tire ly w orth less t o a n y fin a n cia l in s titu tio n th a t h a d th o secu rities th o
stitu en t co m b in a tio n s , a n d t o a cco m p lis h p e rm a n e n tly w h a t th o s e c o m b in a ­
m in u te th a t a n y p a n ic c a m o , a n d th a t th o o n ly w a y t o g lv o v a lu e to It w as
tion s h a d d em on stra ted c o u ld b o a cco m p lis h e d t e m p o r a r ily , a n d th e r e b y
t o p u t it in th o h a n d s o f p c o p lo w h o so p ossession o f it w o u ld b o a gu a r a n tee
m o n o p o liz e a n d restrain tra d e .
th a t th e re w as v a lu o t o I t ."
T h e org an izers, h o w e v e r (w e a ro still re p re s e n tin g t h o o p in io n ) u n d eres­
F ro m this d igression w o return t o th o c o n sid e ra tio n o f t h o c o n d u c t o f th o
tim a te d th e o p p o s in g c o n d it io n s a n d a t th o v e r y b eg in n in g t h o C o r p o r a tio n
C o r p o r a tio n t o its c o m p e t it o r s .
B esid es th o circ u m sta n ce s w h ich w o h a v o
in s tea d o f re ly in g u p on its o w n p o w e r so u g h t a n d o b ta in e d t h o a ssista n ce a n d
m e n tio n e d , th e ro a ro o th e rs o f p r o b a tiv e s tr e n g th . T h o c o m p a n y ’s o ffic e r s ,
t h o c o -o p e r a tio n o f its c o m p e tito r s (th o in d e p e n d e n t c o m p a n ie s ). In o th e r
a n d , as w e ll, its c o m p e tito r s a n d cu sto m e rs, te stifie d th a t its c o m p e titio n
w o r d s , t h o v ie w w as exp ressed th a t t h o t e s tim o n y d id " n o t s h o w ft h a t th o
w as gen u in e, d ire ct a n d vigorous.^ and w as re fle c te d in p rices and p r o d u c tio n .
C o r p o r a tio n in a n d o f its e lf e v e r p o ssessed o r o xe rte d s u ffic ie n t p o w e r
N o p ra ctica l w itn ess w as p r o d u c e d b y t h o G o v e r n m e n t In o p p o s it io n . I ts
w h en a c tin g a lo n e t o c o n tr o l p rice s o f t h e p ro d u c ts o f th o i n d u s t r y ."
co n te n tio n Is based o n t h o a ssorted s iz o a n d d o m in a n c e o f th o C o r p o r a tio n —
I t s p o w e r w as e fficie n t o n ly w h e n in c o -o p e r a t io n w ith its c o m p e t it o r s ,
alleged p o w e r fo r o v il, n o t th o exe rtio n o f th o p o w e r in e v il. O r as co u n sel
a n d h e n c e it co n c e r te d w ith th e m in th e e xp en se o f p o o ls , a ss o cia tio n s , tra d e
p u t it, “ a c o m b in a tio n m a y b o illegal b c c a u s o o f its p u rp o s o ; It m a y b o Illegal
m eetin g s, a n d fin a lly in a s y s te m o f din n ers in a u g u ra te d in 1907 b y th o
b e ca u s e it a cq u ire s a d o m in a tin g p o w e r , n o t as a result o f n orm a l gr ow th
res id en t o f t h e c o m p a n y . E . I I . G a r y , a n d c a lle d “ t h o G a r y d in n e r s .”
a n d d e v e lo p m e n t, b u t as a result o f a c o m b in a tio n o f c o m p e t it o r s ." C o m ­
h o d in n ers w er e co n g re g a tio n s o f p ro d u c e rs a n d " w e r e n o th in g b u t tra d o
p e tito r s , itf isr said,^ fo llo w e d th o C o r p o r a t io n ’s p rice s b e ca u s e th e y m a d e
c e t in g s ," su ccessors o f th e o t h e r m ean s o f a ss o cia te d a c tio n a n d fc o n t r o l

Discussing the question as to whether the Standard Oil
and tobacco cases furnish a guidance to the conclusions of
the court, the majority opinion states in part:




M ar . 6 1920.

THE CHRONICLE

m o n e y b y t h e im it a tio n . I n d e e d , t h e im ita tio n is u r g e d as a n e v id e n c e o f
t h e C o r p o r a t io n ’s p o w e r .
C o m p e t ito r s , d ea lers a n d cu sto m e rs o f th e C o r p o r a t io n t e s tify in m u lti­
t u d e th a t n o a d v e n titio u s in te rfe re n ce w a s e m p lo y e d e ith er t o fix o r t o
m a in ta in p rice s , a n d t h t th e y w ere co n s ta n t o r v a rie d a cco r d in g t o n a tu ra l
c o n d itio n s . C a n th is te s tim o n y b o m in im iz e d o r dism issed b y in fe rrin g
t h a t, as in tim a te d , it is a n e v id e n c e o f p o w e r , n o t o f w ea k n ess, a n d P o w e r
exerted n o t o n ly t o su p p ress c o m p e t it io n , b u t t o c o m p e l t e s t im o n y ?
The
s itu a tio n is In d eed sin gu la r, a n d w o m a y w o n d e r a t it.
B u t th e re a ro o t h e r p a ra d o x e s . T h e G o v e r n m e n t d o c s n o t h e s ita to t o
p res en t c o n tr a d ic t io n s , th o u g h o n ly o n e c a n b e tru e , s u ch b e in g , w e w ere
t o ld in o u r s c h o o l b o o k s , t h o “ p r in c ip le o f c o n t r a d ic t io n .”
In on e, co m ­
p e tito r s (t h o in d e p e n d e n ts ) a re re p re se n te d as s u p p ressed b y t h o su p e rio r
p o w e r o f t h e C o r p o r a t io n . I n t h e o t h e r t h e y a ro re p re se n te d as a sc e n d in g
t o o p u le n c e b y im ita tin g th a t p o w e r ’s p rice s , w h ich th e y c o u ld n o t d o i f a
d is a d v a n ta g e fr o m th e o th e r c o n d it io n s o f c o m p e t it io n , a n d y e t c o n fe d e r a te d
__
____. .
a c t io n is n o t a ss orted .
I f it w ero, this s u it w o u ld ta k e o n a n o th e r c a s t. T h o c o m p e tito r s w o u ld
ce a s e t o b o tlio v ic tim s o f t h e C o r p o r a tio n a n d w o u ld b o c o m o its a c c o m ­
p lic e s . A n d t h c r o Is n o o th e r a lte rn a tiv e . T h e su gg e stio n t h a t lu rk s in t h e
G o v e r n m e n t ’s c o n te n tio n th a t t h o a c c e p t a n c e o f t h o C o r p o r a t io n ’s p rices
Is t h o su b m is sion o f im p o t e n c e t o irresistible p o w e r Is, in v ie w o f t h e te sti­
m o n y o f th o c o m p e t it o r s , u n te n a b le . T h e y , as w e h a v e 6 ce n , d e n y restra in t
in a n y m easu re o r illegal In flu e n ce o f a n y k in d . T h e G o v e r n m e n t, th e re ­
fo r e is ro d u c o d t o t h e assertion t h a t th e s iz e o f t h e C o r p o r a t io n , t h o p o w e r it
m a y h a v e , n o t t h o ox er tio n o f th o p o w e r , Is a n a b h o rre n ce t o t h o la w ,
o r as th o G o v e r n m e n t s a y s , " t h e c o m b in a tio n e m b o d ie d in th e C o r p o r a tio n
u n d u ly restrain s c o m p e t it io n b y its necessary e ffe c t a n d , t h e re fo re , is u n ­
la w fu l, reg ard less o f p u r p o s e .”
” A w r o n g fu l p u r p o s e ," th e G o v e r n m e n t
a d d s , is " m a t t e r o f a g g r a v a t io n ."
. ^
T h o ille g a lity is s ta tic a l, p u rp o s e o r m o v e m e n t o f a n y k in d o n ly is em
p h a sis. T o a ssen t t o t h a t, t o w h a t e xtrem es w o u ld w o b o le d . C o m p e ti­
t io n con sists o f bu sin ess a c tiv itie s a n d a b ility — t h e y m a k e its life , b u t th e re
m a y b e fa ta litie s in it. A r e th o a c tiv itie s t o b o e n co u ra ge d w h en m ilita n t
a n d s u p p ress ed o r r e g u la te d w h en triu m p h a n t b e ca u s e o f t h e d o m in a n c e
a tt a in e d ?
T o s u c h p a te rn a lism t h e G o v e r n m e n t ’s c o n te n tio n , w h ic h r e ­
g a rd s p o w e r ra th er th a n its u so t h o d e te rm in in g co n s id e ra tio n , seem s t o
c o n d u c t , c o r ta in ly c o n d u c t s , w o m a y s a y , fo r it is t h e In e v ita b le lo g ic o r
th o G o v e r n m e n t ’s c o n te n tio n t h a t c o m p e t it io n m u s t n o t o n ly b o fre e , b u t
t h a t it m u s t n o t b o pressed t o th o a s c e n d e n cy o f a c o m p e t it o r fo r in a sc e n d o n c y th c r o Is t h o m e n a ce o f m o n o p ly •
.
T h e C o r p o r a t io n was* fo r m e d in 1901, n o a c t o f aggression u p o n its
c o m p e t it o r s is ch a r g e d a ga in st it, it c o n fe d e r a te d w ith th e m a t tim e s In
o ffo n s o a ga in st th o la w , b u t a b a n d o n e d t h a t b e fo r e th is su it w as b r o u g h t,
a n d s in c o 1911 n o a c t in v io la tio n o f la w ca n b o esta b lish ed a gain st It e x c e p t
Its ox is ton co b o s u c h an a c t . T h is is u r g e d , as w o h a v o se e n , a n d th a t th e
in te res t o f th o p u b lic is in v o lv e d , a n d th a t s u ch in te re st is p a ra m o u n t t o
c o r p o r a t io n o r c o m p e t it o r s .
G r a n te d — th o u g h it is d iffic u lt t o s e e h o w
th e re ca n b o restra in t o f c o m p e t it o r s in t h o tr a d e n o r co m p la in ts b y cu s ­
tom ers— h o w ca n it b o w o r k e d o u t o f th e s itu a tio n a n d th ro u g h w h a t p r o p ­
o s it io n o f l a w . O f c o u r s o If ca lls fo r n o th in g o th e r th a n a rig h t a p p lica tio n
o f t h o la w , a n d t o rep ea t w h a t w o h a v o said a b o v e , shall w e d e cla re th e la w
t o b o th a t s ize is an o ffo n s o , e ve n th o u g h it m in d s its o w n busin ess, b e ca u s e
w h a t it d o c s is im ita te d ?
T h e C o r p o r a tio n is u n d o b u to d ly o f im p re ssivo
s iz o a n d it tak es a n e ffo r t o f re s o lu tio n n o t t o b o a ffe c te d b y it o r t o exa g­
g e r a te its in flu e n c e . B u t w o m u s t a d h e re t o t h e la w . a n d th o la w d o c s n o t
m a k e m o r o s ize a n o ffo n c e o r t h e e x is te n ce o f u n e xe rto d p o w e r an o ffe n s e .
I t , w o ro p o a t, req u ires o v e r t a c ts , a n d tru sts t o its p ro h ib itio n o f th e m a n a
a n d Its p o w e r t o repress o r p un ish t h e m . I t d o c s n o t c o m p e l c o m p e t it io n ,
n o r ro q u lro all th a t is p o s s ib le ..
T h o S teel C o r p o r a t io n b y its fo r m a tio n u n ite d u n d e r o n o c o n tr o l c o m ­
p e tin g c o m p a n ie s , a n d th is, it is u r g e d , a c o n d it io n w as b r o u g h t a b o u t in
v io la tio n o f th o s ta tu te , a n d th e re fo re illeg a l, a n d b e c a m e a co n tin u a lly
o p e r a tin g fo r c o w ith th o p ossession o f p o w e r u n la w fu lly o b ta in e d .
B u t th c r o a ro co u n te r v a ilin g c o n sid e ra tio n s. W e h a v e seen w h a te v e r
th o ro w a s o f w r o n g in te n t c o u ld n o t b o e x e c u te d , w h a te v e r w as o f evil
e ffe c t w a s d is c o n tin u e d , b e fo r e th is s u it w a s b r o u g h t , a n d th is, w o th in k ,
d e te rm in e s th o d c c r c o . AVo s a y th is in fu ll rea liza tion o f th o req u irem en ts
o f t h o la w . I t Is clea r in its d e n u n cia tio n o f m o n o p o lie s , an d e q u a lly cle a r
in its d ire ctio n t h a t th e co u rts o f th o n a tio n shall p ro v e n t a n d restrain th e m
(Its la n g u a g e Is t o p re v e n t a n d restrain v io la tio n s o f th o a c t ) , b u t th o c o m ­
m a n d Is n ecess a rily s u b m is siv e t o t h o co n d itio n s w h ic h m a y exist a n d th o
usual p o w e r s o f a c o u r t o f e q u ity t o a d a p t its rom edies t o th o s e c o n d itio n s .
I n o t h e r w o r d s , It Is n o t o x p o c to d t o e n fo r ce a b s tra ctio n s o r d o in ju r y
t h e r e b y , it m a y b o , t o th o p u rp o s e o f t h o la w . I t is this fle x ib ilit y o r
d is c r e tio n — in d e e d , ossontiai fu n c tio n — th a t m ak es its v a lu e in o u r ju ris­
p r u d e n c e , v a lu o in this ca s e as in o th e rs . W o d o n o t m oan t o s a y t h a t th o
la w Is n o t Its o w n m easu re a n d th a t it ca n b o d isre ga rd e d , b u t o n ly t h a t th o
a p p r o p r ia te r e lie f in oach in s ta n c o is r e m itte d t o a c o u r t o f e q u ity t o d e ­
te rm in e , n o t , a n d lo t us b o e x p licit in th is, t o a d v a n c o a p o lic y c o n tr a r y t o
t h a t o f t h o la w , b u t In s u b m ission t o t h o la w a n d Its p o lic y , an d In e x e c u t lo n o f b o t h .
A n d it Is c e r ta in ly a m a tte r o f c o n sid e ra tio n th a t th e re w as
n o legal a tta c k o n t h o C o r p o r a tio n u n til 1911, to n ye a rs a fte r its fo r m a tio n
a n d th o co m m o n c o m o n t o f its ca re e r. W e d o n o t , h o w e v e r , spe a k o f t h e
d e la y s im p ly as t o Its tim o o r th a t th o ro Is cs to p p a l In it b o ca u s o o f its tim e ,
b u t o n a c c o u n t o f w h a t w as d o n o d u rin g th a t t im e — m a n y t h e m illion s o f
d o lla r s s p e n t, t h o d e v e lo p m e n ts m a d e an d t h o enterprises u n d e rta k e n , th o
In v estm en ts b y th o p u b lic th a t h a v o be e n In v ited an d a ro n o t t o b e ig n o re d .
A n d w h a t o f th o foreign tr a d e th a t h as be e n d e v e lo p e d an d e xists? T h o
G o v e r n m e n t , w ith s om e in co n sis te n cy , it seem s t o u s , w o u ld re m o v e th is
fr o m th e d ecree o f d iss o lu tio n .
In d e e d , it is p o in te d o u t th a t u n d e r C o n ­
gressional legis la tion in t h e W e b b a ct th o fore ign tra d e o f th e C o rp o ra tio n
Is reserv ed t o It. A n d , fu r th e r, it is s a id , th e C o r p o r a tio n has c o n stru c te d
a c o m p a n y c a lle d th e P r o d u c ts C o m p a n y w h ich ca n b e " v e r y ea sily p re ­
s e rv e d as a m ed iu m th ro u g h w h ich th e steel business m ig h t reach th e b ala n ce
o f th o w o r ld ," a n d th a t in th e d e cre e o f "d is s o lu tio n th a t co u ld b e p r o v id e d .
T h o p ro p o s itio n a n d s u gg estion s d o n o t co m m e n d th em selves. W o d o n o t
s c o h ow th e Steel C o r p o r a tio n ca n b o s u ch a b en eficia l In s tru m en tality in th o
tra d e o f th o w o r ld a n d Its b e n e flc o n c o p re s e rve d , a n d y e t b o s u ch an evil i n ­
s tru m e n ta lity In t h e tra d e o f th o U n ite d S tates th a t it m u st b e d e s tr o y e d .
A n d b y w h o m a n d h o w shall all t h o a d ju s tm e n ts o f p re s e rv a tio n o r d e stru c­
tio n b o m a d e ?
H o w ca n th o C o r p o r a tio n b o sustained a n d its p o w e r o f
co n tr o l o v e r Its s u b sid ia ry co m p a n ie s b o reta in ed a n d exercised in th e foreign
tra d e a n d g iv e n u p In th o d o m e s tic t r a d e ? T h e G o v e rn m e n t presents n o
solu tion o f th o p r o b le m .
T h e G o v e r n m e n t , Jiow over, t e n t a t iv e ly presen ts a p ro p o s itio n w h ic h has
s o m e t a n g ib ility .
I t su b m its th a t ce r ta in o f th e su b sid ia ry c o m p a n ie s aro
so m e c h a n ic a lly e q u ip p e d a n d so o ffic ia lly d ire cte d as t o b e released a n d
r e m itte d t o In d ep en d en t a c tio n a n d in d iv id u a l interests a n d th e c o m p e titio n
t o w h ic h s u ch in terests p r o m p t, w ith o u t a n y d istu r b a n c e t o busin ess.
T h o c om p a n ies aro e n u m e ra te d . T h e y aro t h o C arn e gie Steel C o m p a n y (a
co m b in a tio n o f th o o ld C arn egie C o m p a n y , th o N a tio n a l Steel C o m p a n y
a n d t h o A m e r ic a n Steel H o o p C o m p a n y ), th o F ederal Steel C o m p a n y , th o




937

T e n n e sse e C o m p a n y a n d th e U n io n Steel C o m p a n y (a c o m b in a tio n o f t h e
U n io n Steel C o m p a n y o f D o n o r a , P a ., a n d Sharon Steel C o m p a n y o f S h a ron
P a ., a n d S h aron T in P la te C o m p a n y ) . T h e y are fu lly in te g r a te d , it is s a id ;
p ossess th e ir o w n su p p lie s, fa cilitie s o f tra n s p o r ta tio n a n d d is tr ib u tio n .
T h e y are s u b je c t o n ly t o th e Steel C o r p o r a tio n is, in e ffe c t , th o d e c la r a tio n ,
in n o th in g b u t its c o n tr o l o f t h e ir p rice s . W e m a y s a y a n y p a r e n th e tic a lly
th a t t h e y aro d e fe n d a n ts in th e suit a n d ch a r g e d as o ffe n d e rs , a n d w e h a v e
th o str a n g e circ u m sta n ce o f v io la to r s o f t h o la w b e in g u r g e d t o b e u s ed as
e x p e d ie n ts o f th o la w . B u t le t u s see w h a t gu id e t o a p ro d e d u r e o f d issolu ­
t io n o f th e C o r p o r a tio n a n d . th e d isp e rsio n as w ell o f its s u b sid ia r y c o m p a n ic s , fo r t h e y are asserted t o b o illegal co m b in a tio n s , is p r a y e d . A n d
th e f a c t m u st n o t b o o v e r lo o k e d o r u n d e re stim a te d . T h e p r a y e r o f t h e
G o v e r n m e n t ca lls fo r n o t o n ly a d isr u p tio n o f p resen t c o n d itio n s , b u t t h e
re s to ra tio n o f t h e co n d itio n s o f t w e n t y ye a rs a g o , i f n o t lite r a lly s u b s ta n ti­
a lly . Is th e re gu id a n c e t o this in t h o S ta n d a rd Oil ca se a n d th e T o b a c c o
T ru st c a s e ? A s a n elem en t in d e te rm in in g t h e answ er w o shall h a v e t o
c o m p a r e th e cases w ith th a t a t b a r , b u t th is c a n o n ly b e d o n o in a gen era l
w a y , a n d th e la w n ecessarily m u st b o k e p t in m in d ; n o o th e r c o m m e n t o n
it is n e ce ss a ry. I t h as re c e iv e d so m u ch e x p o s itio n t h a t it a n d all it p r o ­
s crib e s a n d p ro scrib e s s h o u ld b o co n sid e re d as a c o n s c io u s ly d ir e c tin g
^ T h c T s t'a n d a r d Oil C o m p a n y h a d its o rig in in 1882, a n d th r o u g h s u cces siv e
fo rm s o f c o m b in a tio n s a n d agen cies it p rog ressed in illegal p o w e r t o th o d a y
o f th e d e cre e , o ve n in a tte m p tin g t o circ u m v e n t b y o n e o f its fo rm s th e d e ­
cisio n o f a co u rt against i t , a n d its m e th o d in u sin g its p o w e r w as o f t h o k i n d
th a t J u d g e W o o lle y d e sc rib e d as “ b r u t a l,” a n d o f w h ic h p ra ctice s , h o s a id ,
th e S teel C o r p o r a tio n w as a b s o lu te ly gu iltless. W e h a v o e n u m e r a te d t h e m ,
a n d th is referen ce t o th e m is e n o u g h , a n d o f t h e p ra ctice s th is co u r t s a id n o
d isin terested m in d c o u ld d o u b t th a t th o p u r p o s e w as “ t o d r iv e o th e rs fr o m
th o fie ld a n d t o e xclu d e th e m fr o m th e ir rig h t t o tr a d e , a n d th u s a c c o m p lis h
t h o m a s te ry w h ic h w as th e e n d in v ie w . ’ ’ I t w a s fu rth e r said th a t w h a t w as
d o n o a n d th o fin al cu lm in a tio n " i n t h e p la n o f th e N e w Jersey c o r p o r a t io n
m a d e m an ifest th e c o n tin u e d e xisten ce o f t h e in te n t a n d Im pelled t h e (e x ­
p a n sio n o f th e N e w Jersey c o r p o r a tio n . It w as t o th is c o r p o r a tio n , w h ic h
rep resen ted th e p o w e r a n d p u rp o s o o f all th a t p re c e d e d , t h a t t h e suit w a s
a d d ressed a n d th o d e cre e o f th e c o u r t w a s t o a p p ly .
W h a t w o h a v e q u o t e d co n tra s ts th a t ca s e w ith t h is . T h o c o n tr a s t is
fu r th e r e m p h a sized b y p o in tin g o u t h o w in th e ca se o f t h o N e w Jersey c o r ­
p o r a tio n th e origin al w r o n g w as r e fle c te d in a n d m a n ife s te d b y t h e a c t s
w h ic h fo llo w e d th o o r g a n iza tio n as d e sc rib e d b y t h e c o u r t . I t sa id t h e
exercise o f th o p o w e r w h ic h resu lted fr o m th a t o r g a n iza tio n fo rtifie s t h e
fo r e g o in g co n clu sio n s (as t o m o n o p ly , & c.) s in ce t h e d e v e lo p m e n t w h ic h
c a m e , th e a cq u isitio n h e re a n d th e re w h ic h en su ed o f e v e r y e ffic ie n t m ea n s
b y w h ic h c o m p e titio n co u ld h a v e b e e n asserted , th o s lo w , b u t resistless
m e th o d s w h ic h fo llo w e d b y w h ic h m ean s o f tr a n s p o r ta tio n w ere a b s o r b e d
a n d b r o u g h t u n d er c o n tr o l, th e s y s te m o f m ark etin g w h ic h w as a d o p te d b y
w h ic h th e c o u n tr y w as d iv id e d in to d istricts a n d t h e tr a d o in e a ch d is trict
in o il w as tu rn ed o v e r t o th o d e sig n a te d c o r p o r a tio n w ith in th e c o m b in a tio n
a n d all oth ers w ere e x c lu d e d , all le a d t h o m in d u p t o a c o n v ic t io n o f a p u r ­
p o s e a n d in te n t w h ic h w o th in k is s o ce r ta in as p ra ctica lly t o ca u se t h o s u b ­
je c t n o t t o b o w ith in t h o d o m a in o f re a so n a ble c o n te n tio n .

The tobacco company case has tho same bad distinctions as tho Standard
Oil case The illegality in which it was formed (thcro wero two American
Tobacco Companies, but we use the names as designating tho now company
as representing tho combinations of the suit) continued, indeed progressed,
in tho intensity and definace to tho moment of decree. And it is tne inti­
mation of the opinion, if not its direct assertion, that the fom ation o f the
company (the word “ combination" is used) was preceded by the intimi­
dation of a trado war "Inspired by one or moro of the minds which brought
about and became parties to that combination.”
In o th e r w o r d s, th o p u rp o s o o f th e co m b in a tio n w as sign alled t o c o m p e t i­
to rs a n d th o c h o ic e p resen ted t o th e m w as s u b m ission o r ru in , t o b o c o m e
p a rtie s t o th o illegal enterprise o r b o d riv e n " o u t o f t h e b u s in e s s ." 1 m s w a s
th e p u rp o s e a n d th e a ch ie v e m e n t, a n d t h o pro ce sse s b y w h ic h a c h ie v e d ,
this c o u r t en u m erated t o b e t h e fo r m a tio n o f n e w c o m p a n ie s, ta k in g stocK
in o th e rs t o o b sc u re th e result a ctu a lly a tta in e d , b u t a lw a ys t o m o n o p o liz e
a n d reta in p o w e r in th o h a n d s o f th o fe w a n d m a s te ry o f t h o tra d e ; p u t t in g
c o n tr o l in th e ha n d s o f se e m in g ly in d e p e n d e n t co r p o r a tio n s as barriers t o
th o e n tr y o f o th e rs in to t h e tra d e ; th o ex p e n d itu r e o f m illions u p o n m il li o n s
in b u y in g o u t p lan ts n o t t o u tilize th e m b u t t o clo s e thorn b y c o n s t a n t ly
recu rrin g stip u la tio n s b y w h ic h n u m b e rs o f p e rso n s, e m p lo y e e s, w ere r e ­
q u ire d t o b in d th em selves g en era lly fo r lo n g p e r io d s , n o t t o c o m p e t e in t h e
^ I i T t h e t o b a c c o ca s e , th e re fo re , as in t h o S ta n d a rd Oil ca s e , th o c o u r t
has t o deal w ith a persisten t a n d s y s te m a tic la w b re a k e r m a s q u era d in g
u n d e r legal fo rm s, a n d w h ic h n o t o n ly h a d t o b o s tr ip p e d o f its d isgu ises
b u t arrested in its ille g a lity . A d ecree o f d iss o lu tio n w a s t h e m a n ifes t
in s tr u m e n ta lity a n d in e v ita b le . W o th in k it w o u ld b e a w o r k e r s n ot*
s u p e re ro g a tio n t o p o in t o u t th a t a de cre e in t h a t ca s e o r in t h e S ta n d a rd
O il ca se fu rn ish es an e x a m p le fo r a d e cre e in th is .
»
.
In co n clu s io n w o are u n ab le t o see th a t th o p u b lic Interest w ill b e s e r v e d
b y y ie ld in g t o t h e co n te n tio n o f th e G o v e r n m e n t re s p e ctin g th e d iss o lu tio n
o f th o c o m p a n y o r th o se p a ra tio n fr o m it o f s o m o o f its su b sid ia rie s ; a n d w e
d o s c o in a c o n tr a r y c o n clu sio n a risk o f In ju ry t o th e p u b lic in te re s t, in clu d ­
in g a m aterial d istu rb a n ce o f , a n d , it m a y b o seriou s d e trim e n t t o , th e rorelgn tra d e . A n d in s u b m ission t o th e p o lic y o f th o la w a n d its fo r t ify in g
p ro h ib itio n s th e p u b lic interest is o f p a ra m o u n t re g a r d .
W e th in k , th e re fo re , th a t th e d e cre e o f t h e D is tr ic t C o u r t s h o u ld he
a ffir m e d .

_

.

i

The suit was begun in 1911 in the New Jersey Federa
Court and has been one of the longest, most voluminous
and most costly proceedings in Supreme Court annals, ln e
case was twico argued in the high court, in March, 1917,
and again last October. Postponement of consideration of
this and other Government anti-trust suits was decided upon
while tho war was in progress during 1918. Tho dissenting
opinions of the court aro referred to in another item.

DESSENTING OPINION IN U. S. STEEL CASE.
In another article we refer to the majority opinion of the
U. S. Supreme Court affirming the action of tho District
Court in dismissing the decree for tho dissolution of the
United States Steel Corporation. As therein stated a dissonting opinion was givon by Justice Day and was con­
curred in by Justices Pitney and Clarke. Justice Day
contends that tho record seems to leave no fair room for a
doubt that the United States Steel Corporation and its
subsidiary corporations were formed in violation of the

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THE CHRONICLE

Sherman Anti-trust Act. Justice Day states that ho is
“ unable to see force in the suggestion that public policy
or the assumed disastrous effect upon foreign trade is suffi­
cient to entitle the combination to immunity. “ Its resources,
strength and comprehensive ownership of the means of pro­
duction, enable it,” says Justice Day, “ to adopt measures
to again, as in the past, effectually dominate and control
the steel business.” Justice Day also said “ it is affirmed
that to grant the Government’s request for a decree of dis­
solution would not result in a change in the conditions of the
steel trade. Such is not the theory of the Sherman Act.
That Act was framed in the belief that attempted or accom­
plished monopolization of combinations which suppressed
free competition wero hurtful to the public interest, and that
a restoration of competitive conditions would bonefit tho
public. We have here a combination in control of one-half
of the steel business of tho country. . . . I t seems to
mo that if this Act is to be given effect the bill under the
findings of fact made by tho Court, should not be dismissed,
and the cause should bo remanded to tho district court,
where a plan of effective and final dissolution of tho corpora­
tions should be enforced by a decree framed for that pur­
pose.” The following is the dessenting opinion:
T h is re c o rd s eem s t o m o t o le a v e n o fa ir r o o m fo r a d o u b t th a t th o d e fo n d ­
a n ts, t h e U n ite d S ta tes S teel C o r p o r a t io n a n d th e severa l su b sid ia r y c o r ­
p o ra tio n s w h ic h m a k o u p th a t o rg a n iz a tio n , w e ro fo rm e d in v io la tio n o f th o
S herm an A c t .
I a m u n a b le ( o a c c e p t th o c o n c lu s io n w h ich d ire cts a d is ­
m issal o f th o b ill in s tea d o f fo llo w in g th o w ell s e ttle d p r a c tic e , s a n ctio n e d
b y th e p re v io u s d ecis ion s o f th is C o u r t , re q u irin g th o d iss o lu tio n o f c o m ­
b in a tion s m a d e in d ir e c t v io la tio n o f t h o la w .
I t ap p ears to b e th o r o u g h ly e sta b lish e d th a t th e f o r m a tio n o f th e c o r p o r a ­
tion s h ero u n d er co n s id e ra tio n co n s titu te s c o m b in a tio n b o tw e e n c o m p e tito r s
in v io la tio n o f la w , a n d in te n d e d t o r e m o v e c o m p e t it io n a n d t o d ir e c tly
restrain tra d e . I a g ree w ith th e c o n clu sio n s o f J u d ge s W o o lo y a n d H u n t
expressed in t h e c o u r t b e lo w th a t t h e co m b in a tio n s w ero n o t s u b m ission s
t o busin ess c o n d itio n s , b u t w e r e d e sig n e d t o c o n tr o l th em fo r illegal p u r ­
p oses, regardless o f o th e r co n se q u e n c e s, a n d “ w e ro m a d e u p o n a sca lo
th a t w as h u g o an d in a m an n e r th a t w as w i l d ," a n d "p r o p e r tie s w ero assem ­
b led and c o m b in e d w ith less re g ard t o th e ir Im p o r ta n c e as Integral p art o f
and in tegrated h o le th a n t o th o a d v a n ta g e s w h ich existed b o tw e e n t h e m ."
T h o s o J u d g e s fo u n d th a t th o c o n stitu e n t c o m p a n ie s , o f th o U n ite d S tates
S teel C o r p o r a tio n , n in e in n u m b e r, w e ro in th e m se lve s co m b in a tio n s o f ste e l
m a n u fa ctu rer s, a n d t h o e ffe c t o f t h e o rg a n iza tio n o f th e s e co m b in a tio n s
was t o g iv e a c o n tr o l o v e r th o in d u s try a t le a st equ al t o th a t th e re to fo re
possessed b y t h o con s titu e n t co m p a n ie s a n d th e ir su bsidiaries.
“ T h a t th o S teel C o r p o r a tio n w a s a c o m b in a tio n o f co m b in a tio n s b y w h ich
d ir e c t ly o r In d irectly 180 in d e p e n d e n t co n ce rn s w ero b r o u g h t u n d e r o n e
c o n t r o l.”
T h o e n orm ou s o v e r ca p ita liz a tio n o f co m p a n ie s a n d t h o a p p r o ­
p ria tion o f $ 1 0 0 ,0 0 0 ,0 0 0 In s to c k t o p r o m o t io n expen ses w e ro re p resen ted In
th e s to c k Issues o f n ow o rg a n iza tio n s thus fo r m e d , a n d w ore th o basis u p o n
w h ich la rgo d iv id e n d s h a v e be e n d e cla re d fro m th o p ro fits o f th o bu sin ess.
T h is rec ord s h o w s th a t t h e p o w e r o b ta in e d b y th o co r p o r a tio n b r o u g h t
u n d er its c o n tr o l la rg o c o m p e t in g co m p a n ie s w h ic h w ero o f th e m se lve s
Illegal co m b in a tio n s a n d s u cce e d e d t o th e ir p o w e r ; th a t s o m o o f th o o rg a n ­
izers o f th o S teel C o r p o r a tio n w e ro p a rtie s t o th o p ro ce e d in g co m b in a tio n s ,
p a rtic u la r ly in th eir ille g a lity , a n d b y u n itin g th em u n d e r a c o m m o n
d ir e c tio n , in te n d e d t o a u g m e n t a n d p e rp e tu a to th eir p o w e r . I t is th o
irresistiblo co n c lu s io n fr o m th e se p rem ises th a t gre a t p ro fits t o b o d e riv e d
fr o m u n ified co n tr o l w ero th o o b je c t o f th e so o r g a n iza tio n s.
T h e c o n te n tio n m u st b o r e je cte d th a t th o c o m b in a tio n w as an in e v ita b le
e v o lu tio n o f industrial te n d e n cie s co m p e llin g u n io n o f e n d e a v o r . N o th in g
c o u ld a d d t o th e v iv id a c c u r a c y w ith w h ich J u d g e W o o lo y , s p e a k in g fo r
h im self a n d J u d g e H u n t, has s ta te d th e ille g a lity o f th e o rg a n iz a tio n a n d its
p u rp ose t o co m b in e in o n e great c o r p o r a tio n th e p re v io u s c o m b in a tio n s b y a
d ire ct v io la tio n o f th e p u rp o s e s a n d term s o f th e Sherm an a c t.
F or m a n y yea rs, as th o re c o r d discloses, this un law fu l o r g a n iz a tio n e x ­
erted its p o w e r t o co n tr o l a n d m ain ta in prices b y p o o ls , a ss o cia tio n s , tra d e
m eetings a n d as th e resu lt o f d iscu ssion a n d a greem ents a t th e s o -ca lle d
“ G a r y d in n e r s ," w h ere th e assem bled tra d e o p p o n e n ts secu red co -o p e ra tio n
a n d jo in t a c tio n th ro u g h th o m a c h in e ry o f special co m m itte e s o f c o m p e tin g
co n ce rn s , a n d b y p ru d en t p ro v is io n to o k in to a cco u n t th o p o ss ib ility o f
d e fection a n d th e m eans o f c o n tr o llin g a n d p e rp e tu a tin g th a t industrial
h a rm o n y w h ich arose fr o m th o co n tr o l a n d m ain te n an ce o f p rices.
It in ev ita b ly fo llo w s th a t th e c o r p o r a tio n v io la te d th o la w In its fo r ­
m ation a n d b y its im m ed ia te p ra ctice s. T h o p o w e r th u s o b ta in e d fro m the
c o m b in a tio n o f resou rces a lm o s t un lim ited in th o a gg re ga tio n o f co m p e tin g
o rg an iza tion s h a d w ith in its co n tr o l th o d o m in a tio n o f th o trad o a n d the
a b ility t o fix p rices a n d restrain th o free flo w o f c o m m e rce u p o n a scale
h eretofore u n a p p ro a ch e d in th o h is to r y o f c o r p o r a te o rg a n iza tio n in this
cou n try.
T h es e fa cts e s ta b lis h e d , as it seem s t o m e th e y a re b y th e r e c o rd , it fo llo w s
th a t if tho Sherm an a c t is t o b e giv e n e ffic a c y th ere m ust b o a d e cre e u n d o ­
ing so far as p o ss ib le th a t w h ich h as been a ch ie v e d in o p e n , n o to rio u s and
co n tin u e d v io la tio n o f th e p ro v is io n s .
T agree th a t this o ffers n o o b je c tio n t o th e m ere size o f a c o r p o r a t io n , nor
t o th o c o n tin u e d exertion o f its la w fu l p o w e r , w h en th a t size a n d p o w e r h a v e
been o b ta in e d b y la w fu l m eans a n d d e v e lo p e d b y natural g r o w th , a lth o u gh
its resou rces, ca p ita l a n d s tren gth m a y g iv e t o su ch c o r p o r a tio n a d o m in a t­
in g p la c o in th e busin ess an d in d u stry w ith w h ich it is c o n ce rn e d .
It is
en titled t o m ain ta in its size a n d th o p o w e r th a t leg itim a te ly goes w ith it,
p r o v id e d n o law has been transgressed in a tta in in g it. H ut I u n d ersta n d
th e reiterated d ecision s o f this co u rt co n stru in g t h e S herm an a c t t o h o ld th a t
th is p ow er m a y n ot lega lly b e d e riv e d fr o m co n sp ira cie s, c o m b in a tio n , or
co n tr a c ts in restrain t o f tra d e . T o p erm it this w ou ld b o t o p ra ctica lly
annu l th o S herm an law b y ju d icia l d e cre e .
T h is p rin cip le h as been so o fte n d e cla re d b y th e d ecision s th a t it is o n ly
necessary t o reft r t o so m e o f th e m .
It Is th o s c o p e o f su ch c o m b in a tio n s a n d
their p ow er t o stifle a n d suppress c o m p e titio n a n d cr e a te o r te n d t o cre a to
m on op olies w h ic h , as w o h a v e d e cla re d so o fte n as t o m ak e its r e ite ra tio n
m o n o to n o u s , it w as th e p u rp o so o f th e S herm an a ct t o c o n d e m n . In clu din g
all co m b in a tio n s a n d con sp ira cie s t o restrain th o fre e and natu ral flo w o f
tra d e in th e ch an n els o f In ter-sta te c o m m e r c e .
W h ile it w as n o t tin; p u r­
p o s e o f th e a ct t o co n d e m n norm al a n d usual c o n tr a c ts t o la w fu lly exp a n d
busin ess a n d fu rn ish le g itim a te tra d e , it d id in ten d t o e ffe c t iv e ly reach
a n d co n tr o l all con sp ira cies a n d co m b in a tio n s o r c o n tr a c ts o f w h a te v e r fo rm
w h ich u n d u ly restrain c o m p e titio n a n d u n d u ly o b s tr u c t th o natural co u rse




I\ OL. 110.

o f tra d e , o f w h ic h , fro m th eir n atu re or e ffe c t , h a v e p r o v e d e ffe c tiv e to
restrain in te rs ta te co m m e rce .
T h is s ta tu to h a s been e n fo r ce d fo r n e a rly f o r t y y e a rs . I t h as been fr e ­
q u e n tly b e fo r o t h o c o u rts fo r co n sid e ra tio n a n d th o n a tu re a n d ch a ra cter o f
th e r e lie f t o b o gr a n te d aga in st c o m b in a tio n s fo u n d g u ilty o f v io la tio n s o f It
h a v e been th o s u b je c t o f m u c h c o n sid e ra tio n . I ts ln to rp ro tio n h a s b c c o m o
a p a rt o f t h o la w its o lf and i f ch an ges are t o b e m a d o n o w in Its co n s tru c tio n
a n d o p e r a tio n it scorns t o m o th a t exe rtio n o f su ch a u th o r ity rests w ith
C o n gre ss a n d n o t w ith th o co u rts.
T h o fo u r th s e ctio n is in te n d e d to g iv o t o c o u r ts o f e q u ity o f th o U n ited
S ta tes th o p o w e r t o e ffe c t iv e ly co n tr o l a n d re g u la te v io la tio n s o f th o a c t .
In n o n o o f th o cases w h ich h a v o been b e fo r o th e c o u rts w as th o ch a r a c ter
o f th o r e lie f t o b o g r a n te d , w h ere org a n iza tio n s w ero t o b o w ith in t h o c o n ­
d e m n a tio n o f th o a c t , m o re th o r o u g h ly c o n sid e re d th an in th o S ta n d a rd
O il a n d th o t o b a c c o cases. In th o fo rm e r ca s o , co n sid e rin g t h o m easuro
o f re lie f t o b o g r a n te d in th o ca so o f a c o m b in a tio n , ce r ta in ly n o t m ore
o b n o x io u s to t h o S herm an a c t than th o c o u r t n o w fin d s th o o n e u n d er c o n ­
sid e ra tio n t o b o , this c o u r t d ecla res th a t it m u s t b o t w o fo ld In ch a r a c te r .
F irst, t o fo r b id th o d o in g in th o f u t u r o o f a cts lik e th o s o w h ic h w o h a v o fou n d
t o h a v o been d o n e in th o p a st w h ich w o u ld b o v io la tiv e o f th o s ta tu te s.
S e co n d , t h o e xe rtio n o f su ch m easu ro o f re lie f as will e ffe c t iv e ly d is s o lv e th e
c o m b in a tio n fo u n d t o exist In v io la tio n o f th o s ta tu to , a n d th u s neu tralize
th o e xten sion a n d co n tin u a lly o p e ra tin g fo r c e w h ich th o p ossession o f th e
p o w e r u n la w fu lly o b ta in e d h as b ro u g h t a n d w ill c o n tin u e t o b rin g a b o u t.
In th o A m e r ic a n T o b a c c o C o m p a n y ca so th o n a tu ro o f th o r e lie f to b o
g r a n te d w as a ga in g iv e n c o n sid e ra tio n , a n d it w as th o ro c o n c lu d e d th a t th o
o n ly e ffe ctu a l r e m e d y w as t o d is s o lv o th o co m b in a tio n a n d th o co m p a n ies
co m p risin g it, a n d fo r th a t p u rp o s o th o ca u s e w as ro m a n d o d t o th o D is tr ic t
C o u r t t o d e te rm in e a m e th o d o f d iss o lu tio n a n d o f rec re a tin g fr o m th o e le ­
m en ts c o m p o s in g it “ a n ew c o n d itio n w h ich sh o u ld b o in h o n e st h a rm o n y
w ith a n d n o t re p u g n a n t t o th o l a w ."
In th a t ca so th o c o r p o r a tio n d iss o lv e d h a d lo n g boon in cx is to n co and
th o o ffe n d in g co m p a n ie s w ere o rg a n ize d ye a rs b e fo r o th o su it w a s b ro u g h t
a n d b e fo r o th o d e cre e o f d iss o lu tio n w as fin a lly m a d o . Such fa cts w ore c o n ­
sidered n o va lid o b je c tio n t o th o d iss o lu tio n o f th eso p o w e r fu l o rg an iza tion s
•as th o o n ly e ffe c t iv e m eans o f e n fo r cin g th o p u rp oses o f t h o A n ti-T r u s t
a c t . T h e s o cases h a v e been fr e q u e n tly fo llo w e d in this c o u r t a n d in th e
lo w e r F ederal c o u rts in d e te rm in in g th o n a tu re o f re lie f to b o g r a n te d , and
I s c o n o o c c a s io n t o d e p a rt fr o m th e m n o w .
A s I u n d e rsta n d th o co n clu sio n s o f th o c o u r t a ffir m in g th o d e c r e e d irectin g
dism issal o f t h o b ill, th o y a m o u n t to this: T h a t th ose c o m b in a tio n s , b o t h th e
h o ld in g c o m p a n y a n d th o su b sid iaries, a lth o u g h o rg a n ize d in plain v io la tio n
o f t h o A c t , n everth eless a ro im m u n e fro m a d c c r o o e ffe c tu a lly e n d in g th o
co m b in a tio n s a n d p u ttin g it o u t o f th eir p o w e r t o a tta in th o u n la w fu l p u r­
p oses s o u g h t b e ca u s o o f s o m o reasons o f p u b lic p o lic y ro q u lrin g s u c h c o n ­
clu sio n s.
I k n o w o f n o p u b lic p o lic y th a t s a n ctio n s a v io la tio n o f th o la w , n or o f
a n y in co n v e n te n c o t o tra d o, d o m e s tic o r fo re ig n , w h ich s h o u ld h a v o th o
e ffe c t o f p la c in g co m b in a tio n s in d e fia n c e o f th o law fo r b id d in g s u ch c o m ­
b in a tio n s . S u ch a c o n clu sio n d o e s v io le n c e t o th o p o lic y w h ich th o law w as
in to n d e d t o e n fo r co , runs c o u n t e r to th o d e cis io n s o f th o c o u r t , a n d neces­
sarily results in a p ra ctica l n u llifica tio n o f th e A c t Itself.
T h o r o Is n o m istak in g t h e term s o f th o A c t , as th o y h a v o h it lu v t o been
in terp reted b y this c o u r t.
It w as n o t Intended to m e re ly su p p ress un fair
p ra ctice s, b u t , as its h is to r y a n d term s a m p ly s h o w . It w as Inten d ed to m ak o
it crim in a l to fo r m co m b in a tio n s o r en g a g e In c o n sp ira cie s o r c o n tr a c ts in
restra in t o f In te r-S ta te tra d o . T h o re m e d y b y in ju n c tio n a t th o Instance
o f th o A tto r n e y -G e n e r a l w as g iv e n to o n a b lo th o c o u rts t o p r o h ib it such
co n sp ircle s , & c . , an d this c o u r t , in te rp re tin g its p ro v is io n s , h a s h o ld th a t
th o p ro p e r e n fo r ce m e n t o f th o A c t requires decrees to en d co m b in a tio n s b y
d iss o lv in g th em a n d restorin g as fa r as p o ss lb lo c o m p o t lt iv o co n d itio n s .
I am u n a b le t o s c o fo r c o in th o su gg e stio n th a t p u b lic p o lic y o r th o as­
su m e d d isa strou s e ffe c t u p o n fo re ig n tra d o Is s u fficie n t t o e n title tlio c o m ­
b in a tio n t o Im m u n ity . N o r ca n I y ie ld assen t t o th o p r o p o s itio n th a t this
co m b in a tio n has n o t a cq u ire d a d o m in a n t p o s itio n in th o t ra d o o n a b lin g it
t o co n tr o l prices a n d p ro d u c tio n w h en it sees fit to e xe rt Its p o w e r .
Its
to ta l assets D e c . 31 1913 o x c c o d c d $ 1 ,8 0 0 ,0 0 0 ,0 0 0 ; its o u ts ta n d in g ca p ita l
s to c k w a s $ 86 8 ,5 8 3 ,6 0 0 ; Its su rp lu s, $ 15 1 ,7 9 8 ,4 2 8 ; Its ca sh o n h a n d o rd in a rily
w as $ 7 5 ,0 0 0 ,0 0 0 . T h is su m a lo n e e xc e e d e d th o to ta l c a p ita liza tio n o f
a n y o n o o f its c o m p e tito r s a n d , w ith a sin gio e x c e p tio n , th o to ta l c a p ita l­
ization a n d su rp lu s o f a n y o n e o f th e m . T h a t s u ch a n o rg a n iz a tio n thus
fo r tifie d a n d e q u ip p e d c o u ld , if It saw f it , d o m in a te th o tra d o w o u ld seem
to o plain to req u iro a rgu m e n t.
Its resou rces, s tre n gth a n d c o m p r e h e n s iv e ow n e rsh ip o f t h o m oan s o f p ro­
d u c tio n e n a b lo it t o a d o p t m easures t o a ga in , as In t h o p a st, e ffe ctu a lly
d o m in a te a n d co n tr o l th o steel bu sin ess.
F rom th o earliest d e cis io n s o f this
co u r t it h a s been d ecla red th a t it w as t h o c ffe c t lv o p o w e r o f su ch o rg a n ­
ization s to c o n tr o l a n d restrain c o m p e t it io n a n d th o fre e d o m o f tra d o that
C on gress in to n d e d t o lim it and c o n tr o l. T h a t th o oxo rclso o f th e p ow er
m a y b o w ith h o ld , o r exerted w ith fo rb e a rin g b o n o v lo e n co , d o e s n o t p lace
such co m b in a tio n s b e y o n d th e a u th o r ity o f th o s ta tu to w h ich w as Intended
to p r o h ib it th eir fo r m a tio n a n d w h en fo rm e d , t o d o p r lv o th e m o f th o p ow er
u n la w fu lly a tta in e d .
It is said th a t a c o m p le te m o n o p o liz a tio n o f th o steel busin ess w as never
a tta in e d . T o insist u p o n s u ch results w o u ld bo b e y o n d th o requ irem en ts
o f th e stat u te, a n d In m ost cases p ra ctica lly im p ossib le
It is a ffir m e d th a t t o gran t the G o v e rn m e n t a d e cre e o f d iss o lu tio n w ould
not result in a ch a n g e o f th e co n d itio n s in th e steel tra d e , S u ch Is n ot the
th e o r y o f th e S herm an A c t . T h a t Act was fra m e d In th e b e lie f th a t a t­
te m p te d or a cco m p lis h e d m o n o p o liz a tio n or co m b in a tio n s w h ich suppressed
fre e c o m p e titio n w ir e hu rtfu l t o th e p u b lic in terest, a n d th a t a re sto ra tion
o f c o m p e t it iv e c o n d itio n s w o u ld benefit th e p u b lic.
W o h a v o here a co m b in a tio n In co n tr o l o f o n e -h a lf th o steel bu sin ess.
If
th o p lan w as fo llo w e d , as in th e t o b a c c o ca se o f re m a n d in g th o case to tho
D istrict C o u r t, a d cc r e o m igh t b o fra m e d restorin g th o c o m p e t it iv e c o n d i­
tion s as far as p r a c tic a b le .
In th a t ease th e s u b je c t o f re c o n stru ctio n so as
t o re sto re such co n d itio n s was e la b o r a te d u p o n an d c a re fu lly co n sid e re d .
In m y ju d g m e n t , th e p rin c ip le s th ere laid d o w n , if fo llo w e d n o w , w ou ld
m ak e a v e r y m aterial d iffe re n ce In th e steel In du stry.
In stead o f o n e d o m i­
n a tin g c o r p o r a tio n w ith sca tte re d c o m p e t it io n , there w o u ld b o c o m p e t it iv e
c o n d itio n s th ro u g h o u t the w h ole trad e, w h ich w ou ld cu rry in to e ffe c t the
p o lic y o f th o law .
It seem s t o m e th a t if tn ls a ct is to be giv e n e ffe c t t h e 1)111, u n d e r th e fin d le g o f fa ct m a d e b y th o c o u r t , sh o u ld n o t b e dism issed a n d th o ca u se sh ou ld
b e r e m a r d e d to t h e D istrict C o u r t , w here a p lan o f e ffe c t iv e a n d fin a l dis­
s o lu tio n should b o e n fo r ce d b y a d e cre e fra m e d fo r th a t p u rp oso.

JUDGE GARY ON SUPREME COURT DECISION IN
UNITED STATES STEEL CASE.
In expressing gratification at (lie decision of£the Supreme
Court, Judge Elbert H. Gary, Chairman^oflthe Board of 1ho

United States Steel Corporation, had the following to say
on M a r. 1:
A ll tlio m e m b e rs o f th e o rg a n iz a tio n o f th e U n ite d S tates Steel C o r p o r ­
a tio n a n d its su b sid iarie s a re, o f co u rse , m u ch g r a tifie d b y th e d e cis io n o f
th e S u p rem o C o u r t o f th e U n ite d S tates, w h ic h , as I u n d e rsta n d , h o ld s th a t
the c o r p o r a tio n w a s n o t in its e lf an o rg a n iza tio n in v io la tio n o f t lie S herm an
A c t , an d in gen era l a ffir m s th e d e cis io n o f th e C ir cu it C o u r t o f A p p e a ls .
T h o s e o f us w h o w ero in tim a te ly c o n n e c t e d w ith th e cr e a tio n o f th e c o r ­
p o ra tio n a n d w ith its p rin cip le s an d p o licie s fro m th a t tim e un til th e present
h a v e n e v e r d o u b t e d th a t tlie fin a l d e cis io n in th e ca so o u g h t t o b e in its
fa v o r . T h e r e h a s n ev er b e e n a n y in te n tio n o n o u r p a rt t o v io la te th e
S h erm an L a w .
It has b e e n o u r e n d e a v o r t o b o o f real b e n e fit t o o u r
e m p lo y e e s , o u r cu stom ers, o u r c o m p e tito r s a n d e s p e cia lly t o t h e general
p u b lic , a n d t o b e o f in ju ry t o n o o n e . T h a t w e m a y h a v e failed in som e
resp ects Is q u ite p oss ib le .
T h e fa c t th a t a m in o rity o p in io n , e n d o rs e d b y th ree a b le ju d g e s , was
file d in t h e ca s o em phasizes th e n ecessity o n th e p a rt o f industrial m an agers
to o b s e r v e th e req u irem e n ts o f all s ta t u t o r y p ro v is io n s a n d t o k e e p c o n ­
s ta n tly in m in d th e rights a n d in terests o f th e p u b lic .
I th in k fr o m th e
b eg in n in g sentim ent, h a s g e n e ra lly be e n fa v o r a b le t o th e C o r p o r a tio n a n d ,
if s o , it is beca u se w e h a v e tak en p a in s t o p u b lish th e fa cts co n c e r n in g ou r
m a n a g em en t, o u r c o n d itio n s a n d o u r in te n tio n s.
A d e cre e o f d iss o lu tio n w o u ld h a v e b e e n a c a la m it y .
It w o u ld seriou sly
h a v e In terfered w ith Industrial p rog ress a n d p r o s p e r ity . T h e d e cis io n ,
as m a d e, will Im m ea su ra b ly a d d t o th e gen eral feelin g o f c o n fid e n c e in th e
va lu e o f p r o p e r ty a n d in t h e o p p o r t u n it ie s o f business e n terp rise.

PRESIDENT

WILSON

RAILROADS

939

THE CHRONICLE

M ar. 6 1920.]

SIGNS

BIL L

F OR

RE T U R N

OF

TO P R I V A T E O W N E R S H I P .

a n d th o u n rep ea led p ro v is io n s o f th o said F ederal C o n tr o l A c t o f M a r c h
21 1918.
.
In Witness whereof, I h a v e h e r e u n to s e t m y h a n d a n d ca u se d th o seal o f
th o U n ite d S tates t o b o a ffix e d .
D o n e b y th e P re sid e n t in th o D is tr ic t o f C o lu m b ia th is 2<8th d a y o f F e b ­
ru a r y in th e y e a r o f o u r L o r d N in e te e n H u n d re d a n d T w e n t y a n d o f th o
in d e p e n d e n ce o f th e U n ite d S tates th o o n e h u n d re d a n d fo r t y -fo u r t h .
(S ig n ed )
W OODROW
W IL S O N .

By the President:
F R A N K L . P O L K , Action Secretary of Stale.

W ith the completion of tho arrangements for the formal
restoration of the roads to thoir owners on Fob. 29 by D i­
rector-General Hines, instructions wero issued to operating
representatives of tho Railroad Administration informing
them that they would “ roport to tho proper officials of the
corporations which resume control at 12.01 a. m . M arch 1 .”
On that date, it was stated, only a small part of tho organiza­
tion created by former Director-General M cA doo would
remain extent. Regional officials, Federal managers and
treasurers and many high officials comprising tho DirectorGeneral’s staff ceasing to function as such at tho designated
hour. M r. Hines, it is stated, will continue in his present
capacity until about M ay 1. Ho still has beforo him, it is
said, tho settlement of thousands of claims, contracts and
grievances. Only 147 of tho 230 compensation contracts
with the railroads, it is roported, wero actually signed during
Government control, and tho othors, it is addod, will continuo
to be the subject of negotiations. W ith tho descontinuance
of Federal control the Director-General turns over properties
and equipment valued at approximately 820,000,000,000,
to their old direction, free except for tho jurisdiction retained
in tho newly enacted bill; tho transportation systoms which
had been operated as a unit under Federal control since
Dec. 28 1917 are again divided among thoir 230 respective
corporate owners with tho release of Government control.
A report reviewing tho management of tho roads under his
direction was issued by M r . Hines on Fob. 28. One ex­
tract therefrom wo give herewith:

The railroads and transportation systems of the country
wero returned to their owners on March 1, with the relinquishmont of Government control on that day. The return
was effected under the railroad bill enacted into law on Feb.
28, on which day it received President W ilson’s approval.
Before signing the bill the President had sont it to the D e­
partment of Justice for an expression of view as to its valid­
ity by U . S. Attornoy-Gonoral Palmer, and had also referred
the moasuro to Direetor-Gonoral of Railroads Walker D .
Ilincs. As indicated in our issuo of Saturday last (pago 819
the Attornoy-Gonoral returned the bill to the President on
Fob. 27 with an opinion to the effect that tlioro was no con­
W h ile all th e a ctiv itie s in cid e n t t o th e p u b lic s e rv ice a n d o p e r a tio n side
stitutional objection to the now legislation. M r. Hines, it o r th e R a ilro a d A d m in is tr a tio n will b e d isc o n tin u e d as o f M a r c h 1, c x c o p t
as t o sm all fo rce s te m p o r a r ily re ta in e d t o re c e iv e t h o fin a l re p o rts a n d c o n ­
was stated on Feb. 27, had mado a study of the measure
s o lid a te th e r e c o rd s a n d d isp ose o f th o in cid en ta l m atte rs w h ich ca n n o t b e
sinco it had first boon taken up in conference between the c o m p le te d b y t h e e n d o f this m o n th , it will b o n e ce ss a ry, o n th e o th e r h a n d ,
Houso and Sonato, and is said to have roported that ho re­ t o co n tin u o a n d in s o m e instances te m p o r a r ily o n largo tlio b ra n ch e s o f th e
garded it as abodt the best legislation that could bo obtained o rg a n iz a tio n d e a lin g w ith th e se m atters re la te d t o se ttle m e n t w ith th e
o r tio
under the circumstances. W ith tho signing of the bill co r plio aa c cn s .n tin g b ra n ch o f th e org a n iza tio n w ill, o f co u rse , co n tin u e to
T
ou
by President Wilson on Feb. 28 lie dispatched to tho repre­ be o f th o h ig h e st im p o r ta n c e . T h e n e w ly o rg a n ize d D iv is io n o f L iq u id a ­
tio n o f C la im s is d e v e lo p in g Its o rg a n iz a tio n t o c o n sid e r a n d d isp ose o f
sentatives of the railroad brotherhoods a reply to their re­
cla im s w h ich m a y b e p resen ted o n a c c o u n t o f a lleged u n d e r-m a in ten a n c e
quest that ho veto the bill; in this reply, which is given in o f w a y a n d str u ctu re s a n d e q u ip m e n t a n d also cla im s t o th e e ffe c t th a t
full in another article in to-day’s issuo of our paper, the c o r p o r a tio n s o u g h t n o t t o b o ch a r g e d w ith im p r o v e m e n ts alleged t o h a v e
President told the heads of tho brotherhoods that “ I cannot been m e re ly fo r w a r p u rp o se s a n d n o t fo r th e tr a ffic o f t h o ra ilro a ds in q u e s ­
tio n . T h is d iv isio n will h a n d le cla im s o f o th e r s o r ts , in clu d in g s u p erv is ­
share the apprehension of yourselves and your constituents io n o f cla im s p re s e n te d t o th e I n te r -S ta te C o m m e r c e C o m m iss ion fo r
as to tho provisions of the law concerning tho Labor Board. re p a ra tio n o n a c c o u n t o f alleged e xce ssive rate.
T h e D iv is io n o f F in a n ce w ill, o f c o u r s e , h a v e t o fu n c t io n a c t iv e ly fo r a
I beliovo thoso provisions arc not only apropriato in tho
c o n sid e ra b le p e rio d , a n d th e D iv isio n o f L aw will n ecessarily h a v e t o c o n ­
interest of the public which, after all, is principally composed tin u e un til fin al se ttle m e n t o r until t h e e ve n tu a l tra n sfe r o f th e re m a in in g
of workers and their families, but will be found to bo particu­ legal p ro b le m s t o s o m e o th e r G o v e rn m e n ta l a g e n c y .
larly in tho interest of railroad employees as a class.” Tho
Tho development of water transportation instituted by
President also on tho 28th issued a proclamation carrying tho Railroad Administration, is to bo continued, it is under­
into effect tho provisions of the railroad Act under which stood under the direction of tho W ar Department. The
Federal control of the roads is terminated, and vesting in whole organization which has handled this part of tho Rail­
Director-General Hines authority to oxerciso the duties road Administration’s duties will be transferred to the juris­
incidont to tho winding up of tho Government’s adminis­ diction of Secretary Baker. This includes tho operation
tration of tho affairs of tho roads. Tho following is tho of barges and towboats on tho Mississippi River betweon
Proclamation issued by the President:
St. Louis and New Orleans; between tho Alabama coal fields
Ity the President of the United States of America
and the Gulf of M exico on the Warrior River project; on the
New York Barge Canal, and on tho Delaware & Raritan
A P R O C L A M A T IO N :
These waterway systoms are regarded by M r .
Whereas, th e a c t a p p r o v e d F i b . 28 1Q20 e n title d " a n act t o p r o v id e fo r Canal.
th o te r m in a tio n o f.F e d e r a l co n tr o l o f t h e ra ilroads a n d syste m s o f tra n s­
Hines as representing a ‘ ‘fine beginning,” and in relinquish­
p o r ta tio n ; t o p r o v id e fo r (lie se ttle m e n t o f d isp u te s b e tw e e n carriers an d
ing control of them ho advocates a continuation of the de­
th eir e m p lo y e e s ; t o fu r th e r a m e n d an A c t e n title d " a n A c t t o re g u la te c o m ­
velopment “ in order that a practicable test may be made of
m erce' a p p r o v e d F e b . I 1887, as a m e n d e d , a n d for o th e r p u r p o s e s " c o n ta in s
cer ta in p r o v ls lo ia w ith referen ce t o th o te rm in a tio n o f F ederal co n tr o l o f
utilizing the nation’s inland waterways.”

ra ilroa ds a n d s y s tem s o f tra n s p o r ta tio n , a n d
Whereas, S e c tio n ‘2 11 o f said A c t is as follow s:
S e c tio n 211 - A l l pow ers a n d d u ties co n fe rre d o r Im posed u p o n th e
P resident b y th o p re ce d in g se ctio n s o f th is a c t , e x c e p t th e d e sig n a tio n
o f th e a gen t u n d er S ectio n 2 0 6 , m a y b e exe cu te d b y h im th ro u g h such
a g e n c y o r a g e n c h s as h o m a y de te rm in e .
Mow, therefore, I, W o o d r o w W ils o n , President o f t h e U nited S ta tos, u n d er
a n d b y v ir tu e o f th o p o w e r a n d a u th o r ity so v ested in m e b y said A c t , a n d
o f all oth er p ow er s m e h e r e to e n a b lin g , d o h e r e b y d esign ate an d a ppoin t
W a lk e r 1). H int's. D ire c to r -G e n e ra l o f R a ilro a d s, o r his s u cce sso r in o ffic e ,
eith er p e rs o n a lly o r th rou gh s u ch d iv isio n s, agents o r p e rso n s as h e m a y
a p p o in t, t o exercise a n d p e rfo rm till an d sin gular th e p o w e r s a n d d u ties
c o n fe r r e d o r im p os ed u p o n m e b y th e p ro v is io n s o f said a ct o f F e b . 28
1020, e x c e p t t h e d esig n a tio n o f th e a ge n t u n d e r S e ctio n 206 t h e r e o f; a n d
h e r e b y c o n fir m a n d con tin u e in h im , a n d his su ccessors in o f f ic e , all p o w e r s
a n d a u th o r ity h e r e to fo r e d e le g a te d u n d e r th o F ederal C o n tr o l A c t , a p ­
p r o v e d M a rch 21 1018 exce p t as such p o w e rs a n d a u th o rity h a v e b e e n lim ­
ited in tlio said a c t o f F e b . 28 1020.
T h e said W alk er 1). H ines, D ire c to r -G e n e ra l o f R a ilr o a d s , o r ills s u c­
cessor In o f f i c e , is h e r e b y au th o riz e d a n d d ir e c te d , u n til o th e rw is e p r o v id e d
b y p r o c la m a tio n o f th e P resident o r b y a ct o f C o n gre ss , t o d o a n d p e rfo rm
as fu lly In all res p ects as th e P resid en t is a u th o riz e d t o d o all a n d sin gular
th e a cts a n d tilin gs necessary or p ro p e r in o rd e r t o ca r r y in to e ffe c t th e p r o ­
vision s o f this p ro cla m a tio n , th e p ro v is io n s o f said A c t o f F e b . 28 1920,




RAILROAD
MANDS

UNIONS

AGREE

THROUGH

TO

SETTLE

CUM M IN S-E SCII

PRESIDENT'S LETTER

WAGE

DE­

BILL—

TO U N I O N S .

Tho profuse criticisms and protests directed against the
Cummins-Eseh bill by the railroad unions proved of no avail
and on Feb. 28, as noted above, President Wilson affixed
his signature to the measure which thereby becamo a law.
Samuel Gompers, president of the American Federation of
Labor, on March 1 characterized the action of the President
“ as quite regrettable, but irrevocable.” M r. Gompers,
who at tho time was in M iam i, Fla., stated that wliilo organ­
ized labor was much opposed to tho bill no further action
would bo taken in regard to it. “ 1 speak for them all,”
ho said “ when I say that the action of the President in sign­
ing the bill is to bo regretted.”

THE CHRONICLE

930

Definite steps were taken on the following day (March 2)
looking toward settlement of the railroad wage controversy
which has been pending since last August. Representatives
of railroad workers, with the exception of ono group (the
Maintenance of W a y Brotherhood) after a session of three
days in Washington agreed to co-operate with tho Govern­
ment and the railroads in giving a trial of the new transpor­
tation act with its arbitration clauses, and President Wilson
in letters to both the Association of Railway Executives and
heads of the fifteen workers’ organizations requested that
they select representatives ‘to sit on the bi-partisan wage
board provided for in tho railroad bill.
Prompt action was urged by the President in order that
the negotiations between employer and employee might not
longer be delayed. The President, in his letters, said he
had turned over direction of tho preliminary wage negotia­
tions to Director-General Hines, who was entrusted with
details of the winding up of Government control by the
President in his proclamations turning back tho roads.
Both the railroad executives and the union heads were asked
to notify the Director-General of their representatives on
the board, and were informed that M r . Hines woidd arrange
for the first meeting at which will be determined all ques­
tions of procedure. Agreement of the unions to give the
law a thorough trial was regarded, it was said, as making
remote prospects of a strike.
The statement issued by tho unions on March 2 making
known their attitude on the subject said that while the rail­
way employees still considered tho Cummins-Esch act
obnoxious, they had decided that “ as American citizens wo
feel that in the interests of railroad labor thero is nothing
for us to do at present except to co-operato with each other
in the prompt creation of the machinery provided for in this
law .” Tho unions’ announcement in full follows:
N o tw ith s ta n d in g th e fa c t th a t la b o r in gen eral a n d ra ilro a d la b o r in p a r­
tic u la r , w ith t h e fu ll s u p p o r t a n d c o -o p e r a t io n o f o th e r b o d ie s rep re se n tin g
A m e r ic a n c itiz e n s, u rged th e C o n g r e ss n o t t o pass th e ra ilro a d b ill, a n d th o
P res id en t t o v e t o th o s a m e a n d re tu rn it t o C o n g r e ss , w o a ro n o w o ffic ia lly
a d v is e d th e P resid en t h as s ig n ed th o b ill a n d it is a law .
L a b o r ’s criticism s a n d p ro te sts a ga in st this le gisla tion aro m atte rs o f
r e c o r d a n d w ere p resen te d t o th o C o n g r e ss , th o P resid en t a n d th o p u b lic .
W o h a v e n o t ch a n g e d o u r v io w s in reg ard t o th is le gisla tion a n d th e re fo re
d o n o t in d ors e th o la w ; h o w e v e r , as A m e r ic a n citizen s w o fe e l t h a t in th o
in terests o f ra ilroa d la b o r th e ro is n o th in g lo ft fo r us t o d o a t p reson t e x c e p t
t o c o -o p e r a t e w ith e a ch o th e r in t h o jprom pt cr e a tio n o f th e m a c h in e ry
p r o v id e d fo r in this la w .

President W ilson’s letter to the railroad unions, under
date of March 1, reads:

[Vol.

no.

as su gg e ste d b y y o u , s e le c t re p re s e n ta tiv e s w h o w ill thus c o n s t itu te a b i ­
p a rtisa n b o a r d fo r th o p u rp o s o o f a tte m p tin g b y co n fe r e n c e t o a g re o u p o n a
s o lu tio n o f this w a g e p ro b le m .
I n a c c o r d a n c e w ith th o assu ra n co I g a v o la st A u g u s t a n d re p e a ted in
s u b sta n ce in m y le tte r o f th o 13th in s t., I sh all a t o n c o r o q u e s t t h o carriers
a n d th o e m p lo y e e s t o jo in in this a c t io n . I b e lio v o s u ch a s to p w ill g o fa r
to w a r d c la r ify in g a n d m atu rin g th o s u b je c t fo r fin a l d is p o s itio n . In fa c t
th o s o r t o f b o a r d th u s c o n te m p la te d b y S e ctio n 301 ap p oars t o b o .an a p p ro ­
p ria te s u b s titu te fo r th e c o m m it t e o o f e xp o rts w h ic h I h a v o h e r e to fo r e
s u g g e ste d , a n d , in d e e d , s u ch a b o a r d w ill b o a u th o riz e d t o g o fu r th e r than
s u ch a c o m m it t e e c o u ld h a v e g o n o .
HfJ.w
W h ilo it is tr u o th a t th o p ro v is io n s o f S e ctio n 3 07 o f th o R a ilro a d b ill
r e la tin g t o th o L a b o r B o a r d w ill p r o b a b ly a lso c o m o in to o p e r a tio n as t o
th is w a g o m a tte r , n ev erth eless th o b i-p a rtisa n b o a r d ca n m a k e a great
deal o f p rogress w h ic h w ill m a te ria lly d im in ish t h e t im e t o b o co n su m e d
b y th o L a b o r B o a r d ; a n d w h ilo th o b i-p a tisa n b o a r d is fu n c t io n in g , th o
a p p o in tm e n t a n d o rg a n iza tio n o f th o L a b o r B o a r d ca n b o e x p e d ite d .
I c a n n o t sh a re t h o a p p re h e n s io n o f y o u r s o lv c s a n d y o u r c o n stitu e n ts as
t o t h o p ro v is io n s o f t h o la w co n ce rn in g th o L a b o r B o a r d . I b e lie v e th ose
p ro v is io n s a ro n o t o n ly a p p r o p r ia te in th o in terest o f t h o p u b lic , w h ic h ,
a fte r a ll, is p rin c ip a lly c o m p o s e d o f w o rk e rs a n d th eir fa m ilie s, b u t w ill
b e fo u n d t o b o p a rtic u la r ly in t h o in te re st o f ra ilroa d o m p o ly o c s as a class.
T h o a rg u m e n t th a t th e p u b lic re p re se n ta tiv e s o n th o L a b o r B o a r d w ill
b o p r e ju d ic e d a ga in st la b o r b e ca u s e d ra w n fr o m classes o f s o c ie ty a n ta g o ­
n is tic t o la b o r ca n a n d o u g h t t o b o o v e r c o in o b y s e le c tin g s u ch p u b lic re p re ­
s e n ta tiv e s as c a n n o t b o ch arge d w ith a n y s u ch p r e ju d ic e s . N o r d o I a n ­
tic ip a t e th a t t h o p u b lic re p re s e n ta tiv e s w ill b o a ga in st w a g o increases b e ­
ca u s e th e y in v o lv e ra te in creases.
N o t o n ly m u s t p u b lic re p re se n ta tiv e s b o s o le c te d w h o ca n b o rolled
u p o n t o d o ju s t ic e , b u t th o bill its o lf p r o v id e s th a t th o L a b o r B o a r d shall
establish rates a n d w ages a n d salaries w h ich in th o o p in io n o f th o b o a r d
aro “ ju s t a n d r e a s o n a b le ,” a n d it is fu rth e r p r o v id e d th a t th o e n tlro L a b o r
B o a r d shall b e g u id e d b y th o v e r y im p o r ta n t s ta n d a rd s w h ich a ro p r o v id e d
in la w , th o s e s ta n d a rd s in c lu d in g th o w ages p a id fo r sim ilar k in d s o f w ork
in o th e r in d u strie s, t h o r e la tio n b e tw e e n w ages a n d th o c o s t o f liv in g , th o
d e gre e o f re s p o n s ib ility , t h o ch a r a c te r a n d irreg u la ttry o f th o e m p lo y m e n t
a n d th o co r r e c tio n o f in eq u a lities as th o resu lt o f p ro v io u s a d ju s tm e n ts .
C o u p le d w ith th o d ire ctio n t o th o L a b o r B o a r d t o ta k o in to co n sid era tion
th ese im p o r ta n t s ta n d a rd s is th o h ig h ly Im p o r ta n t d ire ctio n t o th o c o m ­
m ission t o p re s crib e rates s u fficie n t t o a d m it o f th o p a y m e n t o f th o reason ­
a b le o p e ra tin g expen ses, in clu d in g , o f co u rso , fa ir rates o f w a g es.
M y h o p e s a ro th a t th o p u ttin g in to e ffe c t o f th ese p ro v is io n s w itli a ca rofu lly s e le c te d L a b o r B o a r d , w h o so p u b lic re p re se n ta tiv e s ca n b o rolled u p on
t o b o fa ir t o la b o r a n d to a p p re cia te th e p o in t o f v ie w o f la b o r th a t it is n o
lo n g e r t o b o co n sid e re d as a m e ro c o m m o d it y , w ill m ark th o b eg in n in g o f a
n ow era o f b e tte r u n d e rsta n d in g b e tw e e n t h e ra ilroa d in a p ag e m o n ts a n d
th e ir e m p lo y e e s a n d will furnish a d d itio n a l safeg u a rd s t o th o Just interests
o f ra ilroa d la b o r .
I am s u ro th a t e v e r y a g e n c y w h ich w ill b o in v o lv e d in th o cr e a tion o f
t h o L a b o r B o a r d a n d th o c o n d u c t o f n e g o tia tio n s fu lly a p p re cia te s th a t th o
w a g o d e m an d s a ro en title d t o th o earliest p o ss ib le co n sid e ra tio n a n d d is­
p o s itio n , a n d th e re fo re I d o n o t a n ticip a te d e la y in th o a p p o in tm e n t a n d
o rg a n iza tio n o f th o L a b o r B o a r d o r In th o o th e r n ecessary s to p s .
S in ce re ly y o u r s ,
W O O D R O W W IL S O N .
M e s srs. W M . I I . J O H N S T O N .
M e s sr s. B . M . J E W E L L .
M . F. R YA N ,
W . S. S T O N E ,
L O U IS W E Y A N D ,
T IM O T H Y SH EA,
JO H N J. H IN E S ,
L. E. SH EPPARD,
JAM ES N O O N A N ,
W . G. LEE,
J A M E S J. F O R R E S T E R ,
S. E . I I E B E R L I N G ,
D . W . IIE L T ,
E . J. M A N IO N ,
JA M E S W . K L E IN .

The White House, March 1 1920.
Gentlemen'.— In m y le tte r o f F o b . 28 t o th e e xe cu tive s o f la b o r org a n iza ­
tion s re la tiv e t o th e w a g e d e m a n d s w h ic h y o u r org a n iza tio n s h a v o be e n
Prior to tho passage of the railroad bill the chiof execu­
pressin g, I s a id , referrin g t o t h o n o w tra n s p o r ta tio n a c t:
‘ ‘T h e bill h a v in g n o w b e c o m e a la w th e w a y is o p e n fo r im m e d ia te a c tio n
tives of the principal railroad unions sent a letter to Prosidont
o n th e w a g e m a tte r in a c c o r d a n c e w ith th o term s o f th o b ill. S e ctio n 301
Wilson on Feb. 14 in which they virtually agreed to accept
o f t h e bill e v id e n tly co n te m p la te s th a t th e carriers and e m p lo y e e s s h o u ld ,
tho President’s plan for settlement of the wago demands of
as su gg ested b y y o u , s e le c t re p re se n ta tiv e s w h o w ill th u s c o n s t itu te a b i­
p artisan b o a r d fo r th e p u rp o s e o f a tte m p tin g b y c o n fe r e n c e t o a gre o u p o n a
2,000,000 workers they claim to represent. Tho President's
s o lu tio n o f this w a g e p r o b le m . I n a c c o r d a n c e w ith th o assu ra n co I g a v e
settlement plan was originally outlined in a lotter presented
la st A u g u s t a n d r e p ea ted in s u b s ta n c e in m y le tte r o f th o 13th in s t., I shall
a t o n c e req u es t th o carriers a n d th e e m p lo y e e s t o jo in in th is a c tio n .
to a committee of three, representing the unions, which
“ I b eliov o s u ch a s te p w ill g o fa r to w a r d c la r ify in g a n d m a tu r in g th o s u b ­
called at tho W hite House on Fob. 13.
j e c t fo r fin a l d is p o s itio n . I n fa c t , t h o s o rt o f b o a r d thus c o n te m p la te d b y
The reply of the union executives, whilo expressing general
S e ctio n 301 a p p ears t o b o a n a p p r o p r ia te s u b s titu te fo r th o c o m m is s io n
o f exp erts w h ich I h a v o h e r e to fo r e s u g g e ste d , a n d , in d e e d , s u ch a b o a r d
agreement with tho principles laid down in tho President's
w ill b o a u th oriz ed t o g o fu r th e r th an s u ch a c o m m is s io n co u ld h a v o g o n e .
earlier letter, nevertheless stated that “ wo feel justified in
“ W h ile it is tru e th a t th o p ro v is io n s o f S e ctio n 307 o f th o ra ilro a d bill
saying that wo do not beliovo tho railroad employees will
rela tin g t o t h o la b o r b o a r d w ill p r o b a b ly also c o m e in to o p e r a tio n as t o this
w a g e m a tte r, n ev erth eless, t h o b i-p a rtisa n b o a r d ca n m ak e a gr e a t d ea l o f countenance any plans which contemplate further delay.”
prog ress w h ich w ill m a te ria lly dim in ish th o tim e t o b e c o n s u m e d b y th o
Tho Brotherhood of Maintenance of W ay Employees did
la b o r b o a r d ; a n d w h ile th o b i-p a rtisa n b o a r d is fu n c tio n in g th o a p p o in tm e n t
not subscribe to the proposals submitted by tho President.
a n d org a n iza tion o f th o la b o r b o a r d ca n b o e x p e d it e d .”
I,
th erefore, roq u es t th a t y o u r o r g a n iza tio n s s e le c t su ch n u m b e r o f rep ­ striko had been called by tho hoads of this union cffoctivo
A
res en ta tives as m a y seem a p p r o p r ia te t o th e m t o c o n d u c t t h o co n fe r e n c e a n d
Feb. 17. A t the President’s request tho strike was called
n e g o tia tio n c o n te m p la te d b y S e ctio n 3 0 1 , t o th o en d th a t s u ch rep resen ta ­
tiv e s m a y p r o m p tly m e e t in c o n fe r e n c e w ith t h o re p re se n ta tiv e s se le cte d
off on Fob. 14.
b y t h o ra ilroa d co m p a n ie s in a c c o r d a n c e w ith th o re q u e s t I a m m ak in g o f
In a statement on Fob. 14 supplementing their lottor to
th e m , a n d m a y th u s in itia te t h o n ecessary p ro ce e d in g s.
tho President, tho officials of tho different railroad unions
I shall b o o b lig e d if y o u w ill a d v is o th o D ire c to r -G e n e ra l o f R a ilro a d s as to
th e rep resen ta tiv es s o le c te d as h e ro re q u e s te d . A s s o o n as h o re ce iv e s su ch
declared thoir conviction that a settlement of tho contro­
a d v ic e as t o t h o rep resen ta tiv e s s e le c te d b y t h e ra ilro a d c o m p a n ie s , h o w ill
versy along any lines other than on tho principles tlioy sot
a rra n g o fo r all s u ch rep re se n ta tiv e s t o b e g in th e ir co n fe re n ce s , a n d a t su ch
forth would bo “ at best a makeshift.” They held those
co n fe re n ce s q u e s tio n s o f p ro ce d u re ca n b e s e ttle d an d a n y q u e s tio n th a t
m a y b o raised as t o w h e th e r t h o n u m b e r o f re p re se n ta tiv e s o f e ith er th o
principles to bo fundamental and appealed to the public “ not
e m p lo y e e s o r carriers is s u ffic ie n t ca n also b o d e a lt w ith .

The President’s letter of Feb. 28 , quoted in tho above, in
full Avas as follows:
T H E W H IT E H O U SE .

Washington, Feb. 28 1920.
Gentlemen:— Y o u r le tte r o f th e 14th in st. a n d th o s u b se q u e n t a rgu m e n ts
p resen ted o n y o u r b e h a lf w ith re fe re n ce t o th e s u b je c t o f p o n d in g cla im s fo r
w a g e increases h a v e h a d m y ca re fu l co n s id e r a tio n . T h e pa ssag e o f th o
ra ilroa d b ill b y th o H o u s e o f R e p re se n ta tiv e s o n th e 21st in st. a n d b y th o
S en a te on th e 2 3d in s t., h a s m a d e it e v id e n t th a t I co u ld n o t a c t u p o n
y o u r s u gg estion s u n til it s h o u ld b o d e te rm in e d w h eth er th o b ill w o u ld
b e c o m e a la w o r n o t . I t w as m a n ife s t th a t if th o b ill sh o u ld b e c o m o a la w
t h o n e g o tia tio n a n d c o n sid e ra tio n o f th o w a g e m a tte r o u g h t t o p ro ce e d
in h a r m o n y th e re w ith .
T h e b ill h a v in g n o w b e c o m e a la w , th o w a y is o p e n fo r im in o d ia to a c tio n
o n th o w a ge m a tte r in a c c o r d a n c e w ith th e term s o f th o b ill. S e ctio n 301
th e bill e v id e n tly co n te m p la te s th a t th o carriers an d e m p lo y e e s s h o u ld ,




to fear that any wago increases granted us will provo a stop
in tho so-called ‘vicious cyclo’ of ovor-incrcasing prices.”
Tho statement just quotod is givon in full further below.
President Wilson’s lettor to tho union executives sotting
forth tho Government’s settlement plan was as follows:

Feb. 13 1920.
Gentlemen:— I ad d ress y o u as th o c h ie f e x e c u tiv e s o f th o la rgest ra ilroa d
o rg a n iza tio n s, w h ic h aro a m o n g th o m o s t im p o r ta n t Industrial d o m o cra clos
In th o c o u n t r y .
I ask y o u t o b rin g this m essago a n d its en clo su re t o th o
a tte n tio n o f y o u r m om b ers o n all th o ra ilro a d s t o th o e n d th a t th o y , a t first
n a n d , m a y u n d e rsta n d th o G o v o r n in o n t’s v io w as t o th o p reson t s itu a tio n .
I a m c o n fid o n t t h a t w ith this p erson al u n d e rsta n d in g o n th o ir p a rt t h o y w ill
soo t h a t th o p o s itio n o f th o G o v o r n m o n t is n o t o n ly ju s t t o all in terests, b u t
is , in d o o d , u n a lte ra b le , a n d a lso p r o te c ts th o in terost o f th o r a ilro a d em ­
p lo y e e s .
T h o fu n d a m e n ta l t h o o r y o f la b o r o rg a n iza tio n s Is th a t th o ir in om b orsh ip
is in to llig o n t a n d ca p a b le o f re a ch in g o n llg h to n o d co n c lu s io n s , a n d I th in k it

M ar . G 1920.]

THE CHRONICLE

Is o f p a ra m o u n t lm p o r ta n c o a t tlio p re se n t tim o th a t th is groat b o d y o f
A m o r ic a n citizen s shall h a v o th o fu lle st o p p o r t u n it y p e rs o n a lly t o co n sid e r
t h o n a tio n a l p ro b le m o f ra ilro a d w a g es in Its n a tio n a l a sp e ct, a n d sh all n o t
in th o a b s on co o f this o p p o r t u n it y fo r m e rr o n e o u s im p r e ss io n s o n t h o basis
o f lo c a l o r fra g m e n ta ry In fo rm a tio n .
I h a v o r o c o lv o d t w o lette rs o n th is gen eral s u b je c t , sig n e d b y all b u t t w o
o f th o ox ec u tlv os t o w h o m this lo tto r is a d d re ss e d . I h a v o ro a d th o s e le tte rs
w ith th o g reatest ca ro a n d h a v o ta k e n th e m fu lly in t o co n sid e ra tio n .
O n t h o 25th o f la st A u g u st I p u b lic ly a n n o u n ce d th o c o n v ic t io n t h a t a la rgo
p erm a n en t an d gen eral incroaso In r a ilro a d w a g es o u g h t n o t t o b o m a d o u p o n
th o basis o f th o lo v c l o f th o c o s t o f liv in g th e n p r e v a ilin g , i f t h a t c o s t o f
liv in g lov ol w oro t o b o m ere ly te m p o r a r y , a n d I c o u n se le d ra ilro a d em p lo y e e s
t o h o ld their d em a n d s In a b o y a n c o u n til th o tim o s h o u ld a rriv o w h en it c o u ld
re a s o n a b ly b o d eterm in ed w h e th e r t h a t le v e l o f th o c o s t o f liv in g w as te m ­
p o r a r y o r n o t. T h e y h a v o p a tr io t ic a lly a n d p a tie n tly p u rsu e d th is co u rse ,
a n d in gen eral h a v o sh ow n an a d m lra b lo s p ir it in d o in g s o .
I th e n a n ticip a te d a n d m a d o it clea r in m y p u b lic s ta te m e n t th a t th o tim e
f o r d eterm in in g w h eth er o r n o t th o lo v c l o f th o c o s t o f liv in g w a s su ch as t o b o
th o basis o f a re a d ju stm e n t o f w a g es m ig h t n o t a rriv o un til a fte r th o e xp ira ­
tio n o f F ed era l c o n t r o l, a n d a c c o r d in g ly g a v e m y assu ran co t o th o ra ilro a d
e m p lo y e e s th a t in t h a t o v o n t I w o u ld co n tin u o t o uso th o in flu o n c o o f th e
E x o c u tiv o to soo t h a t Justlco w as d o n e th e m .
F od ora l co n tr o l w ill en d in slx to c n d a y s , a n d in a c c o r d a n c e w ith th o p o lic y
as ex p la in ed t o th o e m p lo y e e s . It is n o w e m in e n tly re a s o n a b le a n d p ro p e r
t h a t I ta k e su ch s top s as w ill rcassu ro th e m t h a t th eir cla im s w ill b o p ro p e rly
a n d p r o m p tly d isp o s e d o f . T h is is all th o m o ro necessary b e ca u s e in e v ita b ly
th o c h a n g o fr o m F ed era l c o n tr o l t o p r iv a te c o n tr o l w ill, in th o a b s e n c e o f
s p ec ia l p ro v is io n , in v o lv o d e la y in d e a lin g w ith th ose m a tte rs w h ic h c o u
n o t b o oth orw iso th a n d isq u ie tin g t o th o e m p lo y e e s.
I w is h , th o re fo ro , t o a n n o u n ce t o a ll r a ilro a d e m p lo y e e s a t this tim o th a t
I p r o p o s o t o c a r r y o u t th o fo llo w in g s tep s:
•1. I n th o o v o n t th a t in c o n n e c tio n w ith th o retu rn t o p r iv a to c o n tr o l p r o ­
v is io n s sh all b o m a d o b y la w fo r m a c h in e ry fo r d e a lin g w ith ra ilro a d w a go
m a tto r s , I shall p r o m p tly uso m y in flu e n c e , a n d s o fa r as s u ch la w co n fe rs
p o w o r u p o n m o , I shall p r o m p tly exorcise th a t p o w e r , t o b rin g a b o u t th e
ea rliest p r a c tic a b le org a n iza tio n o f th o m a c h in e ry th u s p r o v id e d .
2 . I n th o o v o n t th a t n o s u ch p ro v is io n is m a d o b y la w fo r d oa lin g w itn
th eso m a tters , I shall e m p lo y th o in flu o n co o f th o E x o c u tiv o t o g o t th e ra il­
r o a d co m p a n ie s a n d th o ra ilro a d e m p lo y e e s t o Join p r o m p tly in th o cre atio n
o f a trib u n a l t o ta k o u p th eso p r o b le m s a n d ca rr y thorn t o a co n clu s io n .
3 . I s h a ll a t o n c o co n s titu te a c o m m itte e o f e xp o rts t o ta k o th o d a ta
a lre a d y a v a ila b le In th e v a rio u s re c o rd s o f th o U n ite d S tates R a ilro a d A d ­
m in istra tio n , in clu d in g th o re c o rd s o f th o L a n o C o m m iss io n a n d o f tho B o a r d
o f R a ilr o a d W a g e s a n d W o r k in g C o n d itio n s , a n d t o a n a ly z o th o sam o s o as
t o d o v o lo p in th o s h ortest p o ss ib lo tim o th o fa c ts b e a r in g u p o n a ju s t a n d
re a s o n a b le basis of w ages fo r th o va rio u s classes o f r a ilro a d e m p lo y e e s , w ith
d u o reg ard t o all fa cto rs r e a s o n a b ly b e a r in g u p o n th o p r o b le m , and s p e c ific ­
a lly t o th o fa cto rs o f th o a v o ra g o o f w ages p a id fo r sim ilar o r a n a lo g o u s la b o r
f o r o th e r Industries In th is c o u n t r y , th o c o s t o f liv in g , a n d a fa ir liv in g w a g e ,
s o as t o g o t th o p ro b le m s in s lia p o f o r th o oarliost p o ss ib lo fin al d isp o s itio n .
T h o vlow s o f this B o a r d w ill s o rv o as a g u id o t o m o in c a r r y in g o u t the
assu ra n co I g a v o t o th o e m p lo y e e s la st s u m m e r t h a t I w o u ld a so th e full
In flu on co o f th o E x o c u tiv o t o soo th a t ju s tic o w a s d o n o t h e m , a n d w ill,
b o llo v o , b o a m oan s o f a v o id in g w h a t m ig h t oth e rw ise b o a lo n g -d r a w n o u t
in v e stig a tio n o f fa c t s . W h ilo I p r o p o s o t o a c t a t o n c o in re g a r d t o this
m a tto r , a n d t o a v o id a n y d o la y in d o in g s o , I s h a ll, n e v e rth e le ss , in v ito th o
c o -o p e r a tio n o f th o ra ilro a d c o r p o r a tio n s , a n d b o llo v o th e y w ill ap p re cia te
t h a t It is t o th eir in terest as w ell as t o th o p u b lic Interest t o g e t th eso m a t t e r s
p r o m p tly so ttlo d .
I am su ro It w ill b o a p p a r o n t t o all re a s o n a b le m on a n d w o m e n In ra ilro a d
s e r v ic e th a t th eso m o m o n to u s m a tto rs m u s t b o h a n d le d b y an a g e n c y w h ich
ca n c o n tin u o t o fu n c tio n a fte r M a r c h 1, a n d , th e re fo re , c a n n o t a t th o p roson t
s ta g o b o h a n d led to a c o n clu sio n b y th o R a ilr o a d A d m in is tr a tio n .
T h o a c c o m p a n y in g r e p o r t w h ich th o D lr o c to r -G o n c r a l o f R a ilro a d s has
m a d o t o m o m ak es It cloa r th a t it has bo o n w h o lly im p r a c tica l fo r th o R a il­
r o a d A d m in is tr a tion t o d isp o so o f theso m a tte rs u p t o th o presen t tim o.
N o t o n ly w oro th o d em an d s fo r gen eral w a g o increases n ecessarily h o ld in
a b o y a n c o b y reason o f th o p o lic y a n n o u n ce d b y th o G o v e r n m e n t last s u m ­
m e r, b u t tho d om a n d s fo r Increases t o c o r r e c t in eq u a lities w ero s o gen eral
a n d 'fa r-r ea c h in g as t o b e c o m e in th o m so lvo s d o m a n d s fo r gen eral w a go incroasos, a n d w oro s o co m p lo x a n d c o n flic t in g t h a t, d e sp ito co n tin u o u s a p p li­
c a tio n o n th o p a rt o f th o B o a r d o f R a ilr o a d W a g o s a n d W o r k in g C o n d itio n s
a n d th o oth er a gon cios o f th o R a ilr o a d A d m in is tr a tio n , th o s u b je c ts co u ld
n o t b o proson tod fo r ov en p re lim in ary co n sid e ra tio n b y th o D ire c to r -G o n e ra l
u n til th o proson t m o n t h , a n d th on In an in c o m p le te fo r m a n d w ith a la ck
o f a b ility on th o p a rt o f th o W a g o B o a r d t o re a ch an a gre e m e n t g r o w in g
o u t o f th o la rgely c o n flic t in g c o n d it io n o f th o d a ta as p re s e n te d .
N o t q u lto six m o n th s h a v o elapsed s in ce I e xpressed m y b e lie f an d h o p e
th a t th o th on high c o s t o f liv in g co u ld b o r e g a r d e d o n ly as te m p o r a r y . T h is
h igh c o s t o f liv in g (w h ic h in so m o re sp e cts has b c c o m o o v e n h igher b u t in
o th e r rosp octs has a lre a d y b e gu n t o re s p o n d t o th o c o r r e c tiv e fa cto rs w h ich
h a v o boon a n d aro a t w o r k ) , Is th o p r o d u c t o f in n u m e rab le in flu e n c e s, m a n y
o f th e m o f w o r ld -w id o o p e r a tio n . In th o n a tu ro o f th in gs these re a d ju st­
m e n ts co u ld n o t corao w ith r a p id ity .
T h o ca m p aig n w h ic h th o G o v e r n m e n t has in a u g u ra ted t o a id in c o n tr o llin g
th o c o s t o f livin g has b oon s to a d lly g a in in g in m o m e n tu m , w ill co n tin u o t o b o
a gg ressively c o n d u c t e d , a n d , I b e lio v o , w ill h a v o an im p re ssive ly b e n e ficia l
e ffe c t , a n d this n o tw ith s ta n d in g th o fa c t th a t s o m o o f th o m o s t n eed ed
rem ed ial m oasuros w h ich I ro c o m m o n d c d t o C on gress h a v o n o t boon a d o p te d .
H o w e v e r , p re p a ra tio n , co n sid e ra tio n a n d d isp o s itio n o f these im p o r ta n t
w a g o m a tters o u g h t n o t , in m y o p in io n t o b o p o s tp o n e d fo r a fu rth er in d e fi­
n ite p o r io d , a n d I b e lio v o th o m atte rs in v o lv e d o u g h t t o b o tak e n u p a n d
d isp o s e d o f on th eir m erits a t th o earliest p ra ctica b le tim o .
P o n d in g t h o c o n s id e ra tio n o f th eso p ro b le m s b y th o D ir e c to r G eneral o f
R a ilro a d s and b y m o , a t le a st o n o class o f ra ilro a d e m p lo y e e s h a s in d ica te d
its un w illingness t o a w a it a co n c lu s io n , a n d has a n n o u n ce d its in te n tio n o f
str ik in g . A str lk o o f ra ilro a d e m p lo y e e s w o u ld a t a n y tim o b o h ig h ly in­
ju rio u s t o th o p u b lic , a n d p a rtic u la r ly a t th is tim o w o u ld b o h a rm fu l, n o t
o n ly t o th o on tlro c o u n t r y , b u t t o th o ra ilro a d e m p lo y e e s as w oll. A n y
In terru ption o f tra n s p o r ta tio n w ill, o f co u rse h a v o a serious a d verso e ffe c t
o n th o industrial llfo o f th o n a tio n a t a p e cu lia rly p o litica l p e rio d .
U n d e r th o c irc u m sta n ce s , th o ro fo ro , 1 h a v o th o rig h t t o re q u e s t, a n d I d o
r o q u o s t, th a t a n y r a ilro a d la b o r o rg a n iza tio n w h ich has a s trik o o rd er o u t ­
s ta n d in g shall w ith d ra w s u ch o rd e r im m e d ia te ly a n d a w a it th o o r d e r ly
s o lu tio n o f this q u e s tio n . T h o r a ilro a d m e n o f A m e r ic a h a v o s to o d lo y a lly
b y tliolr G o v e r n m e n t t h r o u g h o u t th o w ar— t h o y m u st in th o p u b lic interest
a n d in tliolr o w n Interest co n tin u o t o d o s o d u rin g this d o llc a to p e rio d o f
r e a d ju stm e n t.
I b o llo v o th a t e v e r y in to llig o n t r a ilro a d o m p lo y o o w ill re c o g n iz o th o o xtrom o lm p o r ta n c o o f c o n tin u e d c o -o p e r a tio n w ith th o G o v e rn m e n t in this
m a t t o r , a n d t h a t a n y oth e r co u rso w ill p r o v o n o t o n ly a g r a v e in ju ry t o th o
p u b lic , o f w h ich ra ilroa d la b o r is s u ch an Im p o r ta n t p a r t, b u t a serious b lo w
t o th o Im p orta n t p rin c ip le o f c o lle c t iv e b a r g a in in g , a n d w ill m e re ly d e la y




931

ra th e r th a n e x p e d ito th o ju s t a n d p r o m p t s o lu tio n o f th ose im p o r ta n t m a t­
ters. C o r d ia lly y o u r s ,
W O O D R O W W IL S O N .

This is the reply which tho union officials made to the
above:

Washington, D. C.. Feb. 14 1919.
The President, the White House:
Mg Dear M r. President— W o , th e u n d e rsig n e d c h ie f e x e c u tiv e s o f th e

ra ilw a y la b o r org a n iza tio n s s ig n a to r y h e r e to , h a v o b e e n jo in t ly c o n fe rrin g
o n y o u r le tte r o f F o b . 13, a n d n o t e th o fo llo w in g co n clu sio n s h a v o b een
re a ch e d b y y o u :
1. “ C o n s id e ra tio n a n d d isp o s itio n o f th eso im p o r ta n t w a g o m atto rs o u g h t
n o t , in m y o p in io n , t o b o p o s tp o n e d fo r a fu r th e r in d e fin ite p e r io d , a n d I
b e lio v o th o m atte rs in v o lv e d o u g h t t o b o ta k e n u p a n d d isp o s e d o f o n their
m e rits a t th o earliest p ra ctica b le t im e ."
W o u n d e rsta n d fr o m this th a t y o u a ro re fe rrin g t o th o p o lic y o f th e
G o v e rn m e n t as a n n o u n c e d A u g . 25 1919, a n d th a t y o u n o w b e lio v o th o tim e
has a rriv e d w h en p r o m p t d isp o s itio n o f gen eral w a g o increases fo r ra ilw a y
la b o r s h o u ld b e m a d o . I n th o in terest o f la b o r in gen era l, a n d e s p e c ia lly
ra ilro a d la b o r a n d r a ilro a d o p e r a tio n , w o aro o x te rm e ly g r a tifio d t o n o te th a t
y o u n o w r e c o g n iz o th o n e c e ss ity fo r p r o m p tly d isp o s in g o f th ose v e x a tio u s
p ro b le m s . A ls o th a t y o u re c o g n iz o th a t ra ilro a d la b o r h as p a tr io t ic a lly
a n d lo y a lly c o m p ile d w ith y o u r r o q u o s t o f A u g . 25 1919.
2 . W e aro fu rth e r g r a tifie d t o n o t e t h a t y o u n o w s ta te th a t d u o rog ard
sh all b o g iv e n “ t o all fa c t o r s re a s o n a b ly b e a r in g u p o n th o p r o b le m , a n d s p e ­
c ific a lly t o th o fa c to r s o f t h o a v e ra g e f o w a g es p a id fo r sim ilar o r a n a lag ou s
la b o r fo r o th e r industries in th is c o u n t r y , th o c o s t o f liv in g , a n d a fa ir
liv in g w a g o .”
, ,
, ,
. . ,
W o h a v e be e n e s p e c ia lly p le ase d w ith y o u r re c o g n itio n o f theso p rin c ip les .
I t has been o u r fe e lin g th a t th e p re se n t m o v e m e n t has b o o n d iffe r e n t fr o m
w h a t is o rd in a rily te rm e d a w a g o m o v e m e n t .
W o h a v o fe lt th a t o u r w a g os s h o u ld b e a d ju s te d t o m e e t r a d ica l ch an ges
in liv in g c o n d itio n s , th a t th e G o v e r n m e n t w as m o r a lly b o u n d t o con sid er
th o s itu a tio n , a n d t o assure us as fa r as p o ss ib lo t h a t th is w o u ld b e d o n e
b e fo r o th e te rm in a tio n o f F e d e ra l co n tr o l o f th e ra ilro a d s .
_
D u r in g t h o o n tire p e r io d o f th o w a r w e fe lt a n d a c te d u p o n th e p rin cip le
t h a t o u r c o u n t r y ’s e m e rg e n cy w a s n o t a p e r io d fo r d e m a n d in g an im p r o v e ­
m e n t in o u r e c o n o m ic c o n d it io n s . W o h a v o be e n re lu c ta n t t o b e lio v o t h a t
th o R a ilro a d A d m in is tr a tio n c o u ld n o t fin a lly d isp o so o f th e se w a g o m atters
b e fo r e th e e x p ira tio n o f G o v e r n m e n t c o n tr o l, an d aro g r e a tly d is a p p o in te d
t h a t a fte r d u o c o n sid e ra tio n y o u a lso th in k th a t this is im p r a c tic a b le .
W o u n d e rsta n d fr o m y o u r le tte r t h a t y o u h a v e d e fin ite ly d o c id o d t h a t th o
s u b je c t m a tte r m u s t b o d e a lt w ith in o n o o f th o t w o fo llo w in g m e th o d s .
1. “ In t h o o v o n t t h a t in c o n n e c tio n w ith th o re tu rn t o p r iv a te c o n tr o l
p ro v is io n sh all b o m a d o b y la w fo r m a c liin r o y d e a lin g w ith r a ilro a d w a g e
m a tte rs , I sh all p r o m p tly uso m y in flu e n c e , a n d s o far as s u ch la w co n fe r s
p o w e r u p o n m o I sh all p r o m p tly exorcise th a t p o w o r t o b rin g a b o u t t h e
earliest p r a c tic a b le o rg a n iza tio n o f th o m ch in e r y th u s p r o v id e d .
2 . “ In th o o v o n t th a t n o s u ch p ro v is io n is m ad o b y la w fo r d e a lin g w ith
theso m a tte rs , I shall e m p lo y th o in flu o n c o o f th o E x e c u tiv e t o g o t t h e
ra ilro a d co m p a n ie s a n d th o ra ilro a d e m p lo y e e s t o jo in p r o m p tly in t h e
cr e a tio n o f a trib u n a l t o ta k o u p those p ro b le m s a n d ca r r y th e m t o a c o n In th is co n n e c tio n w o h a v o b o o n p re s sin g th o n e c e ss ity fo r im m ed ia te
re lie f a n d urge th a t y o u d o n o t r e q u iro us t o a w a it th o cr e a tio n o f a trib u n a l
b y le gisla tio n t o d e a l w ith th is p r o b le m . W o feel ju s tifie d in s a y in g t h a t
w o d o n o t b e lio v o th a t ra ilro a d e m p lo y e e s w ill w illin g ly a c c e p t a n y p la n
w h ic h co n te m p la te s d e la y .
I t is o u r earnest c o n v ic t io n t h a t th o s itu a tio n w a rran ts us u r gin g t h a t y o u
p r o m p t ly In d ica te t o ra ilro a d la b o r t h a t y o u w ill c r e a te b y a g r e e m e n t s
s pecial tribu n a l t o d e a l w ith th is s p e c ific a n d im p o r ta n t p r o b le m .
W ith a full re a liza tio n o f o u r resp o n s ib ilitie s , h o w e v e r , w o h a v o d e c id e d
t o s u b m it t o o u r c o n s titu e n c y th o a d v is a b ility o f th o cr e a tio n o f a s p ec ia l
jo in t co m m is s io n c o m p o s e d o f an eq u a l n u m b e r o f rep resen ta tiv es s e le c te d
b y th o ra ilro a d co m p a n ie s a n d th o r a ilro a d la b o r o rg an iza tio n s s ig n a to r y
h c r o to b y a g re e m e n t, a n d in v e ste d w ith fu ll a u th o r ity t o d e a l w ith th is
p a rtic u la r c o n tr o v e r s y o n th o basis o f th e fo llo w in g prin cip les:
1. R a te s o f p a y fo r sim ilar o r a n a lo g o u s services in o th e r in d u stries.
2 . R e la tio n o f rates o f p a y t o in creased c o s t o f liv in g .
_
3 . A b a s ic m in im u m liv in g w a g o s u fficie n t t o m ain ta in a ra ilr o a d m a n s
a v e ra g o fa m ily u p o n a s ta n d a rd o f h e a lth a n d re a s o n a ble c o m fo r t .
4 . T h a t d ifferen tials a b o v o this b a s ic m in im u m liv in g w a g o b o esta b lis h ed
g iv in g a m o n g o th e r th in g s, d u o reg ard t o skill r e q u ir e d , r e s p o n s ib ility
assum ed a n d h a z ard in cu rre d ; d e cis io n o f this tribu n a l t o b o h a n d e d d o w n
w ith in s ix ty d a y s a fte r a greem en t t o e stablish it, a n d t o b e fin a l a n d b in d in g
u p o n all ra ilro a ds in th o U n ite d S tates a n d e m p lo y e e s w h o m w o re p re sen t.
In co m p lia n c e w ith y o u r re q u e s t th a t w o s u b m it y o u r m essage a n d Its
e n closu re t o th o m e m b e rsh ip s, w o h a v o issued a call fo r th o n e ce ssary rep re­
se n tative s o f th o o rg an iza tio n s t o m o o t in W a s h in g to n , D . O .. F e b . 2 3 , w h en
rour le tte r o f F e b . 13 a n d e n c lo s u re , to g o tlie r w ith th o a b o v o p r o p o s a l, w ill
)o p re se n te d t o th e m fo r c o n sid e ra tio n a n d d e te rm in a tio n .
T e n d in g this a c tio n o n o u r p a r t, w o r e s p e ctfu lly re q u e s t t h a t y o u ta k e
locossary s top s t o p la co th is p r o p o s itio n b e fo re th o e x e c u tiv e s o f th o r a ilr a y c o m p a n ie s an d s ccu r o th e ir a gre e m e n t th e ro to , s o th a t w h e n o u r ro p ro e n ta tiv e s co n v e n e o n F o b . 23 w o w ill b o a b lo t o p la c o b e fo r o th e m a d e fin ite
>asis f o r fin a l a c tio n .
S in cerely a n d c o r d ia lly y o u rs ,
E . J. M A N IO N ,
P re sid e n t O rder o f R a ilr o a d T e le grap h e rs.
D . W . n E L T .I
T ro s id e n t B r o th e r h o o d o f R a ilr o a d S ignalm en o f A m e r ic a .
JAS. J. F O R E S T E R ,
,
G r a n d P re s id e n t B r o t h e r h o o d o f R a ilw a y a n d S tea m sh ip C lerk s,
F ro ig lit H a n d le rs , E xp re s s a n d S ta tio n E m p lo y e e s .
W M . n. J O H N S T O N ,
.
, .
,
b y F re d I lo w lt t , In te rn a tio n a l P re s id e n t In te rn a tio n a l A s s o cia tio n
o f M a ch in is ts.
E . C O R R IG A N ,
.
rep resen tin g W . S . S to n o , G r a n d C h ie f E n g in e e r, B r o t h e r h o o d
o f L o c o m o t iv e E n gin e e rs.
T IM O T H Y SH EA,
A c t in g P re s id e n t B r o t h e r h o o d o f L o c o m o t iv e F irem en a n d E n gin e m e n .
L. E. SH EPPARD,
P re s id e n t O rd e r o f R a ilw a y C o n d u c to r s .
W . G. LEE.
P re s id e n t B r o th e r h o o d o f R a ilr o a d T ra in m e n .
S. E . H E B E R L IN G .
P re s id e n t S w itc h m e n ’s U n io n o f N o r t h A m e r ic a .
J. W . K L E IN ,
G r a n d P re s id e n t, In te rn a tio n a l B r o t h e r h o o d o f B la ck sm ith s,
D r o p F o rg e rs a n d H o lp crs o f A m e r ic a .

933

[V o l . 110.

THE CHRONICLE

JAM ES P. N OON AN ,
In te rn a tio n a l P res ld o n t, In te rn a tio n a l B r o th o r h o o d o f E le c tr ic a l
W ork ers.
M A R T IN F. R Y A N .
G en era l P re s id e n t, B r o th e r h o o d R a ilw a y C a r m e n o f A m o r lc a .
L O U IS W E Y L A N D ,
A c t in g I n te rn a tio n a l P re s id e n t, I n te rn a tio n a l B r o th o r h o o d o f
B o ile r m a k e rs , I r o n S h ip bu ild e rs a n d H elp ers o f A m e r ic a .
H . J. IIY N E S ,
In te rn a tio n a l P re s id e n t, A m a lg a m a te d S h eet M e t a l W o r k e r s ’
In te rn a tio n a l A llia n co .
B. M . JEW E LL,
A c t in g P res id en t, R a ilw a y E m p lo y e e s ’ D e p a r t m e n t o f A m e r ic a n
F e d e ra tio n o f L a b o r .

The statement issued by the officers of the railroad unions
on Feb. 14, which we have already referred to above, read
as follows:
T h o P res id en t h a s t o ld us th a t th e a tt it u d o o f th e G o v e r n m e n t is o n o o f
ju s t ic e t o a ll in teres ted . W o r e c e iv e th a t assu ra n co w ith th o sam o p a tr io t­
ism a n d p a tie n c e w ith w h ic h , as h e s ta te s, w o h a v e p u rsu e d th o co u rso ho
r e q u e s te d o f us la st A u g u s t. W o in te rp re t it t o m e an th a t in th o re a d ju st­
m e n t in cid o n t t o th o ro tu r n o f th o r a ilro a d s t o p r iv a to o w n e rsh ip th o e c o n ­
o m ic sta tu s o f th e ra ilw a y w o r k e rs is t o b e co n s e r v e d a n d r e h a b ilita te d in th o
s a m e d ogroo t h a t, a n d ju s t as u n im p a ire d a s, th o p h y s ic a l a n d fin a n cia l
c o n d it io n o f t h o p r op erties is t o b o ro s to re d fo r th o s o c u r ity a n d b o n o fit o f
h o ld e rs o f r a ilroa d s to c k s a n d b o n d s . W o ask n o th in g m o r e , ju s tic o a n d
a s q u a ro deal c a n n o t y ie ld as loss.
T h e in tolora b lo b u rd o n o f th o h igh c o s t o f liv in g , w h ic h th e P re sid e n t
p o in ts o u t h as in s o m e re s p e cts b e c o m e o v o n h ig h er th a n it w as w h en h e
a d d ressed us six m o n th s a g o , c a n n o t b e b o r n o In d e fin ite ly b y th o ra ilw a y
w o r k e rs , n o m a tte r h o w p a tr io t ic or p a tio n t t h e y m a y b o .
I lo n c e w o fool
w o s h o u ld n o t b o a sk e d t o a w a it roliof th r o u g h m a c h in e ry t o b o cr e a te d b y
th e C o n g r e ss , a n d w o h a v e d e c id e d t o p la c o b o fo r o o u r m e m b e rs h ip th e
P r e s id e n t’s a lte rn a tiv e p ro p o s a l th a t a jo in t trib u n a l b o a p p o in te d b y a gree­
m e n t t o d ea l w ith o u r p ro b lo m o n th o b r o a d p rin cip le s o f th o liv in g w a g o ,
e q u a lit y o f c o m p e n s a tio n as c o m p a r e d w ith o th e r Industries, a n d a fair
a n d p r o p o r tio n a te d iffe re n tia l fo r h a z a rd s, s k ill, e ffic ie n c y a n d exp e rie n ce .
W o s u b m it a lso th a t a n y d e te rm in a tio n o r a d ju s tm e n t n o t b a s e d u p o n th o s e
fu n d a m e n ta l p rin c ip le s w ill b o a t b e st a m a k e sh ift.
T h o A m er ic a n p e o p le n e e d n o t fe a r t h a t s u ch w a g o Increases as m a y in
Justico b o g r a n te d us w ill p r o v e a s to p in th o s o -c a lle d " v ic io u s c ir c le ” o f
e v e r -in cre a s in g p rices a n d resu ltan t h ig h e r c o s t o f liv in g , p r o v id in g th o
fo r c e s o f th o G o v e r n m e n t aro alert a n d d e te rm in e d t o p re v o n t u n d u o p r o ­
fite e r in g , a n d t h a t C on g r oss w ill pass re m e d ia l a n d c o r r e c tiv e m easures
r e c o m m o n d c d b y th e P re s id e n t. I t is th o co n scie n ce le ss p y r a m id in g o f
p r o fit s , a n d n o t th o in creasin g circ lo o f co s t s In cid on t t o g iv in g la b o r a liv in g
w a g o , th a t th o p u b lic s h o u ld b o o n g u a rd a g a in s t. L a b o r , a ssured o f un i­
fo r m ly fa ir trea tm en t a n d r e lie v e d o f distress a n d w o r ry d u o t o in a d e qu a te
w a g os, w ill a lw a y s , th ro u g h greater e ffic ie n c y a n d a dosiro t o g iv e a squ aro
d ea l for a squ aro d e a l, h o ld la b o r co s ts o n a s o u n d o c o n o m ic lo v o l b y in creas­
in g p r o d u c tio n o r s e rv ice .
W o h a v o a sk od th o c o m m itte e s t o m e o t in W a s h in g to n , D . C ., M o n d a y ,
F e b . 2 3 , t o c o n s id e r a n d pass u p o n th o e n tire w a g o m a tte r . W o ask tho
A m e r ic a n p e o p le t o soe t h a t w o aro m o t h a lfw a y In o u r e ffo r ts t o s o ttlo
s a n e ly a n d fa ir ly , b u t s p e e d ily , a great a n d t r y in g p r o b lo m .

Voluminous correspondence which had passed between the
representatives of tho railroad workers and Walker D . Hines,
Director-General of Railroads, along with a communication
which M r . Hines had sent to the President outlining tho
program which, in effect, was approved by President W ilson,
was made public at tho W hite House, Feb. 14, after the
reply of tho union leadors to the President’s letter had been
received. Tho substance of this correspondence was givon
in Washington advices of Fob. 14 to tho N ew York “ Tim es”
as follows:
T h o firs t o f th oso is a letter se n t t o M r . I lin o s b y th o C o m m it te e o f W o r k ­
ers o n F e b . 9 , in w h ic h t h o y s o t fo r t h th o ir d o m a n d s fo r w a go increases.
I n th is le tte r t h e a ssertion is m a d o a n d e m p h a siz e d th a t, in th o b o llo f o f th o
ra ilw a y w or k e rs , C o n g r e ss has n o t u p h e ld th o h a n d s o f th o P re s id e n t in his
e ffo r t t o r e d u c e liv in g c o s t s , re fu sin g h im le g is la tio n a sk e d a n d o th erw ise
em ba rrassin g h im .
T h o e m p lo y e e s a lso h e ld t h a t le gisla tio n p o n d in g b o fo r e C o n g r o ss a n d
d e a lin g w ith th e retu rn o f th e ra ilw a ys p r o v id e d fo r th o s a fe g u a rd in g o f th o
Interests o f th o ca p ita l classes o w n in g th o ra ilro a d s , b u t n o t f o r th o w elfa ro
o f th o w or k ers . T h e c h a r g e w as m ad o — a n d th is is s ig n ifica n t in v io w o f tho
fa c t t h a t th o w ork ers d o n o t w ish t o h a v e fin a l a c tio n tak on o n th eir d o m a n d s
b y a trib u n a l cr e a te d b y C o n gro ss— th a t C o n g r e ss w a s n o t In a n y sonso
m e e tin g th e to s t fr o m th o v ie w p o in t o f th o w o r k e rs , a n d th a t n o h o p o w as
seen fo r ju s tic o in le g is la tio n w h ic h m ig h t b o a d o p t e d ..
A n a tt a c k w a s m a d e a ga in st " p r o fit e e r s ” w h o , It w a s h e ld , w ore re a lly
r e s p o n s ib le f o r p r e s e n t-d a y c o n d itio n s .
T h o fa c t t h a t th e w r ok ers co n sid e re d it h o p eless t o lo o k fo r ju s tic o fr o m
C o n g r e s s w as em p h a siz ed in a s u p p le m e n ta ry le tte r se n t t o M r . H in es o n
F e b . 11.
T h o D ire c to r -G o n o r a l s u b m itte d his s id o o f th o ca se t o P re s id e n t W ils o n in
a le tte r d a te d F e b . 12. I I o s ta te d t h a t s o m a n y d o m a n d s o f a c o n flic t in g
ch a r a c te r h a d b een m a d o fo r w a g o increases th a t it so o m e d a h o p o le s s task
f o r th e R a ilr o a d A d m in is tr a tio n t o a tt e m p t a re a d ju s tm e n t b y M a r c h 1,
w h on th e r o a d s w ill g o b a c k t o p riv a to c o n tr o l. I t h a d bo o n e s tim a te d ,
M r . H in es s a id , t h a t it w o u ld c o s t $ 37 5 ,0 0 0 ,0 0 0 a y e a r s im p ly t o re a d ju s t
w ages o n th e basis req u es ted b y m o s t o f th o o rg a n iza tio n s o f w o r k o rs .

P a lm e r o f th o in te n tio n o f th o G o v e r n m e n t . M r . P a lm er t o o k the p o s itio n
h o w o u ld h a v o n o a lte rn a tiv e i f a strik o w as d o cla rcd , a n d his p la in d u t y
w o u ld b o t o e n fo r c o th o la w a n d p r o t e c t th o p u b lic Interests.
T h a t th ero is a b u n d a n co o f law u n d o r w h ich th o D o p a rtm o n t c o u ld p ro co o d
is a d m itte d b y b o t h s id es. B o th th o L o v o r fo o d c o n tr o l A c t a n d th o r a ilro a d
c o n tr o l A c t c o n ta in d ra s tic p ro v is io n s t o p r o v o n t a g on eral ra ilro a d s trik o a n d
b o t h th eso la w s, passed as w a r m easu res, aro In fu ll e ffe c t a n d w ill rem ain
s o u n til p e a co Is fo r m a lly p r o cla im e d b y th o P re sld o n t.
S e ctio n 9 o f th o L o v e r A c t p r o v id e s th a t “ A n y p orson w h o co n sp ire s , c o m ­
b in e s, agrees o r arran ges w ith a n y p erson (a) t o lim it th e fa cilitie s fo r tran s­
p o r t a tio n , p r o d u c in g , m a n u fa ctu rin g , s u p p ly in g , s to r in g o r d o a lln g in a n y
n ecessaries: (b ) t o re s trict th o s u p p ly o f a n y n ccossarlos; (c ) t o r e s trict th o
d is trib u tio n o f a n y necessaries; (d ) t o p r o v e n t, lim it o r lesson th o m a n u fa c ­
tu re o r p r o d u c tio n o f a n y n ecessaries in o rd e r t o cn h a n co th o p rico t h e r e o f,
s h a ll, u p o n c o n v ic t io n th e re o f, b e fin e d n o t e x c e e d in g $ 1 0 ,0 0 0 o r b o im ­
p ris o n e d fo r n o t m o re th a n tw o y e a rs , o r b o t h ."
T h is p ro v is io n w as fu lly tested in th o m in e rs’ s tr ik o , w h on J u d g o A n d o rs o n ,
o f In d ia n a p o lis , p ro ce e d in g u n d e r it , g r a n te d th o G o v e r n m e n t ’s a p p lic a tio n
fo r an in ju n c tio n a ga in st th o o ffic ia ls o f th o U n ite d M in e W o rk e rs an d w as
p re p a re d , e v id e n t ly , t o m ak e th o in ju n c tio n p o rp o tu a l w h on an a gre e m en t
b e tw e e n th o G o v e r n m e n t a n d th o m in ers w a s re a ch e d u n d er w h ich th o s trik o
w a s c a lle d o f f .
'
T h o R a ilr o a d C o n t r o l A c t is e q u a lly s tr in g e n t in Its a n ti-s trik o p r o v is io n s .
S e ctio n 11 s a y s :
“ T h a t o v o r y p o rso n o r c o r p o r a t io n , w h o tlie r carrier or s h ip p e r , o r a n y re­
c e iv e r , tru s te o , lessee, a g e n t o r person a c tin g fo r o r e m p lo y e d b y a ca rrior or
s h ip p e r o r o th e r p e rs o n , w h o sh all k n o w in g ly in terfere w ith o r im p e d o tho
p o ss e s sio n , u se, o p e ra tio n o r c o n tr o l o f a n y r a ilro a d p r o p e r t y , r a ilro a d o r
tra n s p o r ta tio n s y s to m h ith e rto o r th e re a fte r tak e n o v o r b y th e P re s id e n t, o r
shall k n o w in g ly v io la to a n y o f th o p ro v is io n s o f a n y o rd o r o r re g u la tio n m ad o
in pu rsu a n ce o f this A c t , shall b o g u ilty o f a m is d e m o a n o r a n d s h a ll, u p on
c o n v ic t io n , b o p u n ish ed b y a fin e o f n o t m o re th a n $ 5,0 00 o r , i f a p o rs o n , b y
im p r is o n m e n t fo r n o t m o r e th a n tw o yea rs, o r b o t h .”
T h is p r o v is io n , t o o , has bo o n te ste d In th o c o u r t s . D u rin g a lo c a l striko
o n th e S ou th ern P a c ific R a ilr o a d in C a lifo r n ia , th e strikers le ft a train s ta n d ­
in g u p o n th o m a in tra ck s , w h o re u p o n th o G o v e r n m e n t a sk e d fo r an in ju n c ­
tio n a ga in st th o strik ers u p o n th o g r o u n d th e y h a d " im p e d e d " t h o p osses­
s io n , use, A c ., o f th o r o a d . T h o C o u r t s u sta in e d th e plea a n d th o s tr ik o w as
o rd e re d a b a n d o n e d .
H o w e v e r , A t t o r n e y G en eral P a lm e r is o f tho o p in io n th a t n oith or o f theso
s ta tu te s is n ecessary t o p re v o n t a gon eral r a ilro a d s trik o.
H o b e lio v cs tho
c o m m o n la w is e n tire ly c ffo c t lv o t o p r o t e c t th o c o u n t r y a ga in s t th o terrible
results o f a tio -u p o f th o tr a n s p o r ta tio n s y s to m
“ T h e rig h t o f a n y an t o w o rk o r t o q u it w o rk a t w ill is u n q u o s t lo n c d ,"
th o A t t o r n o y G on era l s a id .
“ T h a t is fu n d a m e n ta l. B u t th e re is a lim it
to all p erson al rig h ts, a n d n o m a n ’s lib o r ty o f a c t io n o x to n d s b e y o n d th o
p o in t w h ere it clash es w ith th o lib o r ty o f th o p u b lic .
I d o n o t b o llo v o th a t
a n y cla ss o f m en has a legal o r m o ra l rig h t t o c o m b in o or co n s p ir e t o d o th a t
w h ic h w o u ld resu lt in s ta r v in g o f in n o c e n t c h ild re n , p a ra ly z in g th o indus­
tries o f th o n a tio n a n d o r in flic tin g u p o n th o c o u n t r y u n to ld m lsories. T h o
n a tio n h a s fu ll p o w e r u n d e r th o C o n s titu tio n a n d th o law s t o p r o t e c t Itself
a g a in s t all s u ch c a la m it ie s ."
F o r tifie d th u s , th o D e p a r tm e n t o f J u s tico w as ro a d y fo r th o b a t t lo in th o
p u b lic In terest, a lth o u g h h o p in g it w o u ld n o t b o o b lig e d t o in v o k o th o law
t o p ro v o n t a gen eral str ik o . N o th re a ts w ere issued a ga in st th o u n io n , b u t
the o ffic ia ls o f th o d o p a r tm o n t, a c t in g u n d e r in stru ctio n s fr o m th o A tto r n o y
G e n e ra l, w oro p ro p a ro d fo r a n y c o n tin g e n c y .

In a statomont on Fob. 15, W . G . Leo, President of tho
Brothorhood of Railroad Trainmon, mado known that he
had no intention of calling an independent striko. M r . Loo,
speaking at Dotroit, was quoted as follows:
I t o ld th o E x o c u tiv o C o m m ltto o o f s ix teen a n d th o o th e r flv o G ra n d L o d g e
o ffic e r s t h a t I h a d s p e n t a q u a rte r o f a c e n tu r y b u ild in g u p th o org a n iza tion
a n d th a t I w o u ld n o t Jcop ard izo its o xlsto n co n o w . O u r b r o t h e r h o o d has
w o n th o c o n fld e n c o o f la b o r , busin ess a n d th o p u b lic b y ca re fu l a n d c o n s o r v a tiv o p o lic ie s, a n d fo r th o sak o o f th o fe w m ilita n ts in th o o rg a n iza tio n
w o w ill n o t s a c rlfic o it all in an im p o s s ib le a tte m p t.

P R E S I D E N T W I L S O N ' S L E T T E R TO T I I E A S S O C I A T I O N
OF R A I L W A Y

EXECUTIVES.

President Wilson on M ar. 1 wrote a lottor to Thomas De
W itt Cuylor, Chairman of tho Association of Railway Execu­
tives, requesting him to appoint roprosontativos for tho
bi-partisan wago board by which it is proposed to sottlo tho
ponding wago domands of tho railroad unions. Tho Presi­
dent’s letter was as follows:

Dear Sir:— O n th e 2 5th o f last A u g u st I p u b lic ly a n n o u n ce d th o c o n v ic t io n
t h a t a p e rm a n e n t re a d ju stm e n t in ra ilro a d w ages o u g h t n o t t o b o m a d e u p on
t h o basis o f th e leve l o f th o c o s t o f liv in g th en p re v a ilin g if th a t c o s t o f liv in g
leve l w ere t o b o m e re ly t e m p o r a r y , a n d l co u n se le d ra ilro a d e m p lo y e e s t o
h o ld th eir d e m a n d s In a b e y a n c e u n til th e t im e sh o u ld arriv e w h e n it c o u ld
r e a s o n a b ly b o d e te rm in e d w h eth er th a t le ve l o f t h e c o s t o f liv in g w a s te m ­
porary or n ot.
I th e n a n tic ip a t e d , a n d so s ta t e d , th a t t h o t lm o fo r d e te r­
m in in g w h e th e r o r n o t th o level o f th e c o s t o f liv in g w a s s u ch as t o b e th e
basis o f a p e rm a n e n t r e a d ju s tm e n t o f w ages m ig h t n o t a rrlvo u n til a fte r th e
e x p ira tio n o f F e d e ra l c o n tr o l, a n d I g a v e m y a ssu ra n ce t o t h e r a ilro a d e m ­
p lo y e e s th a t in th a t e v e n t I w o u ld c o n tin u e t o use t h o in flu e n c e o f th o e x e c u ­
t iv e t o see th a t ju s t ic o w a s d o n o th e m .
D u rin g th o m o n th o f F e b ru a ry 1920, t h o w a g e d e m a n d s, w h ich w ere th u s
h e ld in a b e y a n c o h a v o b o o n th o s u b je c t o f re n e w e d a n d ca re fu l c o n s id e r a tio n
b y m o . In a c o m m u n ic a t io n t o re p re s e n ta tiv e s o f r a ilro a d e m p lo y e e s I
e xpressed th o o p in io n t h a t, in v ie w o f t h e la pse o f tlm o d u rin g w h ich th o
Looking upon the unions’ tentative acceptance of the m a tte r h a d b e e n h e ld in a b e y a n c e , m y ju d g m e n t w as th a t it o u g h t n o t t o b o
p o s tp o n e d fo r a fu r th e r in d e fin ite p e r io d , b u t , o n th o c o n tr a r y , o u g h t t o bo
President’s settlement plan as having “ obviated a pitched
battle between the Government and the railroad brother­ tak e n u p a n d d isp o s e d o f o n its m erits at t h o ea rliest p r a c t ic a b le tim e ; a n d
I also e x p la in ed th a t s u ch a m a tte r m u st b o h a n d le d b y a n a g e n c y w h ich
hoods,” a Washington correspondent of the Philadelphia c o u ld c o n tln u o t o fu n c t io n a fte r M a r c h 1, th e d a to o f th o te rm in a tio n o r
F ed era l c o n tr o l, a n d s ta te d th a t in th e e v e n t p r o v is io n s h o u ld b o m a d o b y
“ Press” declared on Fob. 15: “ It can be said upon tho
highest authority that the Department of Justico was pre­ la w fo r m ach in e ry fo r d e a lin g w ith ra ilro a d w a g o m atters I w o u ld p r o m p tly
uso m y in flu e n c e t o b rin g a b o u t t h e earliest p r a c tic a b le o r g a n iz a t io n o f th o
pared, in the event of a general strike being called, to begin m ach in e ry th u s p r o v id e d .
S in ce t h o ra ilro a d co m p a n ie s h a v o n o w re s u m e d th o o p e r a t io n o f th er
injunction proceedings immediately against tho officials of
p ro p e rtie s, a n d sin co th o tra n s p o r ta tio n a ct h a s b o c o m o a la w , t h o w a y Is
tho brotherhoods, ask that strike orders bo rescinded and o p e n fo r th o im m e d ia te h a n d lin g o f th o w a g o m a tte r in a c c o r d a n c e w ith th o
that union funds bo tied up and mado unavailable.”
p r o c e d u r e co n te m p la te d b y th a t la w .
I b e llo v o all will agree th a t th o m a tte r c a lls fo r th o ea rlie st d is p o s it io n and
According to tho “ Press” correspondent:
fo r th o m o st a c t iv o a n d earnest c o -o p e r a t io n t o a v o id a n y d e la y w h a te v er
T h e b r o t h e r h o o d o ffic ia ls w e re fu lly a d v is e d o f th eso p re p a ra tio n s a n d h a d
b een I n form ed b y th eir a tto r n e y s o f w h a t t h o y m ig h t e x p e c t. N o r w a s th oro ) in b rin g in g it t o a co n clu s io n . S e ctio n 301 o f t h o T r a n s p o r ta tio n A c t c o n a n y s e c r e t u p o n th e p a rt o f D ir e c to r G en eral llln o s o r A t t o r n o y G en era l ( te m p la te s th a t th o carriers a n d e m p lo y e e s m a y a n d o u g h t t o se le ct rop ro-




THE CHRONICLE

M ar. 6 1020.]

sentatlven w h o will in e ffe c t co n s titu te a b i-p a rtisa n b o a r d fo r th e p u r p o s e
o f a tte m p tin g b y c o n fe r e n c e t o a gree u p o n a s o lu tio n o f waste p r o b le m s
s u b je c t t o o th e r p r o visions o f th e la w .
p lo y e e s on all th e ra ilroa ds w h ich h a v e b e e n u n d e r Federal c o n tr o l, a n d In
v ie w o f th e m a n ife s t d e sir a b ility a n d Justice o f t h e earliest p o ssib le d isp o s i­
tio n o f t h e d e m a n d s , I re q u e s t th a t t h e ra ilro a d co m p a n ie s se le ct su ch
n u m ber o f rep res en ta tiv es as m a y se e m a p p ro p ria te t o th e m t o c o n d u c t
th e c o n fe r e n c e and n e g o tia tio n co n te m p la te d b y S e ctio n 3 01, t o t h e en d
th a t s u ch rep resen ta tiv es m a y m eet in co n fe re n ce w ith re p re se n ta tiv e s s e l­
ecte d b y t h e e m p lo y e e s in a c c o r d a n c e w ith th e re q u e s t I a m m a k in g o f th e m
a n d th u s in itia te t h e n ecessary p ro ce e d in g s.
I shall b o o b lig e d if y o u will a d vise th e D ire c to r -G e n e ra l o f R a ilro a d s as t o
th e rep res en ta tiv es se le c te d as h e r e q u e s te d . A s s o o n as he r e c e iv e s su ch
a d v ic e a n d a d v ic e as t o re p re se n ta tiv e s se le c te d b y th e e m p lo y e e s, h e will
a rra n g e fo r all s u ch rep resen ta tiv es to b e g in their co n fe re n ce s , a n d at su ch
co n fe re n ce s q u es tion s o f p ro ce d u re ca n b e se ttle d a n d a n y q u e s tio n th a t m a y
b e raised as t o w h eth er th e n u m b e r o f re p re se n ta tiv e s o f eith er th e carriers
o r o m p lo y o c s is s u ffic ie n t ca n a lso b o d e a lt w it h .
I u n d ersta n d th a t y o u r a ss o cia tio n represents a lm o s t all th e p rin cip a l ra il­
ro a d co m p a n ie s in th e c o u n t r y , a n d l a m p r o c e e d in g o n th e a ss u m p tio n th a t
w h atev er is d o n e b y th e ra ilro a d co m p a n ie s in clu d e d in y o u r a s s o cia tio n will
fo r p ra ctica l p u rp o s e s servo as an e ffe c t iv e a n d a d e q u a to d e a lin g w ith th o
p r o b le m , a n d t h a t o th e r ra ilro a d co m p a n ie s so far as t h e y m a y b o In te re ste d ,
will s p e e d ily a ss o cia te th e m se lve s w ith th e co m p a n ie s o f y o u r a ss o cia tio n
In c a rr y in g th e m atter fo r w a r d .
I a m t h e re fo re , n o t u n d e rta k in g t o a d d ress
in d iv id u a lly all th e r a ilroa d co m p a n ie s in th o c o u n t r y .
I e n c los o a c o p y o f m y le tte r o f th is d a te t o th o e x e c u tiv e s o f th e la b o r
o r g a n iza tio n s w h ich h a v e b o o n p re ssin g th eir d e m a n d s h a v in g gen eral r e la ­
tio n t o th o ra ilroa d e m p lo y e e s o n th o ra ilro a ds w h ich h a v e b e e n u n d er
F cd ora l co n tr o l a n d w ith w h ich o rg a n iza tio n s th o D ire c to r -G e n e ra l a n d I
h a v e b c o n in c o n fe r e n c e .

Following tho completion of tho railroad bill by the Con­
gressional conforeos, a conference was held on Feb. 19,
between Director-General of Railroads Walker D . Ilines and
tho Standing Committee of tho Association of Railway
Executives to consider questions pertinent to tho labor pro­
visions of tho bill. A t tho conclusion of the conference the
following joint statement was issued by tho Director-General
and the railroad executives:
T h o D ir c c to r -G c n e r a l h a d a c o n fe r e n c e this m o r n in g w ith a c o m m it t e e
o f ra ilroa d e x e c u tiv e s . H o e x p la in e d to th e m th e s itu a tio n as t o th e w a g e
p ro b le m s n o w p e n d in g . T h o e x e c u tiv e s exp ressed th em selves .as fu lly
a p p r e c ia tin g th o d e sir a b ility o f e x p e d it in g - theso m atte rs s o as to a d m it
o f th eir earliest p r a c tic a b le d is p o s itio n . In re sp o n se t o an in q u ir y fr o m th e
D ire c to r -G e n e ra l th e y s ta te d t h a t u p o n rc u q e st o f th e P resid en t o r D ir e c to r G en era l th e y w o u ld p r o m p tly su gg est th e nam es o f e xp e rts as re p re se n ta tiv e s
o f th o c o r p o r a tio n s t o s erv o o n th e c o m m it t e e o f e xp e rts w h ich th e P resi­
d e n t in ills letter o f F e b . 13 t o th o c h ie f e x e c u tiv e s o f th o ra ilro a d la b o r
org a n iz a tio n s in d ica te d it w as his p u rp o s e t o c o n s t itu te .
T h e tim e a n d m e th o d o f c o n s titu tin g th o c o m m it t e e o f e xp e rts will b o
fu r th e r con sid ered b y th o D ir c c to r -Q e n e r a l w ith th o c h ie f e x e c u tiv e s o f th o
a b o r org a n iz a tio n s b e fo r e m a k in g a s p e c ific re c o m m e n d a tio n t o t h e P r e s i­
d e n t as t o th e a ctu a l c o n s titu tio n o f t h a t c o m m it t e e .

F . 1). U N D E R W O O D O P P O S E D TO H I G H E R R A T E S .

F . D . Underwood, President of tho Erio Railroad, in a
statomont mado on March 1 with tho return of tho railroads
to privato control declared his opposition to class freight
rates and to higher passongor fares. Ho also said:
In fa c t , I th in k p assenger faros sh o u ld b o re d u ce d t o 2 cen ts a m ile th ro u gh ­
o u t th o c o u n t r y , e x c e p t p e rh a p s o n ce rta in linos s e rv in g a lim ited te rrito ry
a n d u p o n w h ic h th cr o aro p e cu lia r c o n d it io n s . T h o ra ilroads a n d th o p u b lic
w ill in tim o c o m o t o u n d ersta n d th a t those g r o a t enterprises ca n b e st p ro sp e r
a n d th o p u b lic b e st b o s e rv e d a n d p r o te c te d b y c o m m o d it y fre ig h t rates.
T h o pa ssen ger fa ro is a d ir e c t ta x o n th e p o o p lo . C o m m o d it y freigh t
ra te s , t o th o In d ivid u a l, m ean a lm o s t n o th in g . F o r in sta n ce , a m an d o e s n ’ t
w o r r y p a r tic u la r ly i f h o has p a id 6 ce n ts fre igh t o n his o v e r c o a t , b u t i f h o
is c o m p e lle d t o p a y f iv e o r six d o lla rs m o re than h o fo rm e rly d id fo r a trip
b a c k t o ills o ld h o m o , h o th in k s h o is b e in g r o b b e d . C o m m o d it y freigh t
rates im p o s e th o loast ta x o n th o th in gs in g re ate st uso a n d h igh er ta x o n
c o m m o d itie s o f c o m p a r a tiv e ly lim ite d uso.
T h e r e is a cer ta in b ra n d o f saw s m a n u fa ctu re d in an E astern c it y . O n
a trip t o th o P a c if ic C o a s t I p rice d th o saw s in v a rio u s citie s, a n d I fo u n d
th em s oilin g fo r e x a c t ly th o s am e p rice in San F ra n c is co as th e y d id in th o
c it y o f m a n u fa c tu r e . AVliat d iffe r e n c e d o e s th o fre igh t ra to m a k e in th a t
ca se t o th o c o n su m in g p u b lic ?
I lo w o v e r , I th in k th o in creased p assen ger
faros t o th o P a c ific C o a s t m a d o co n sid e ra b le d iffe re n ce .

JAMES

SPEYER ON

NEW

RAILROAD

LEGISLATION.

James Spoyer, of Spoyer & C o ., is one of those who has
expressed it as his belief that tho future will prove that tho
now railroad law “ is a constructive measuro, and a first stop
in the right direction.” M r. Spoyer points out that tho now
law oinbodies a compromise between widely divergent viows
and recommendations, urged by special interests, and “ like
all compromises it is not wholly satisfactory to any one.”
Ho, nevertheless, states that “ tho mon who framed it, and
tho legislators who voted for it havo, I am sure, tried to put
a law oil our statuto book which would bo for tho benefit of
tho country as a wholo.” Ho also says:
W h ile .attem pting t o d o v is o m ean s t o m o o t th o Just d e m a n d s o f th o
e m p lo y e e s, th o law trios a t th o s a m o tim e t o m in im iz e th o d a n ge rs o f in te r­
r u p tio n s In t h o c o u n t r y ’s tra n s p o r ta tio n sy s te m th rou gh s trik e s, & c . I t
a lso a tto m p ts t o d o Justlco t o th o g r o a t n u m b e r o f p o o p lo w h o a ro m o re o r
Jess d e p e n d e n t, d ir e c t ly o r in d ir e c tly , o n th o v a lu o a n d in c o m e o f th eir
s a v in g s in v e ste d in ra ilroa d se cu ritie s. I t also e n d e a v o r s b y p re scrib in g a
d e fln lto retu rn th ro u g h a d e q u a te ra te s, t o ro-ostablish th o c r e d it o f th o
c o m p a n ie s , s o t h a t t h e y m a y o b ta in th o n ocossary a d d itio n a l fu n d s fo r th e
u p k eep o f th eir p r o p e r t y , a n d fo r th o in croaso in fa cilitie s a n d e xten sion s,
c o n s t a n t ly c a lled fo r b y t h o g r o w th o f th o c o u n t r y ’s business a n d p o p u la tio n .
I t Is t o b o h o p e d th a t th o p ro v is io n s o f S o ctio n 6 , in stru ctin g t h o C o m m is ­
sion t o fix t h o rates h igh e n o u g h , d u rin g th o n e x t tw o ye a rs, t o y ie ld a b o u t
o n BTOUp v a lu a tio n s , w ill b o o ffo c t iv o in re sto rin g th o c o n fid e n c e o f




933

in v e sto rs , tak e n in c o n ju n c t io n w ith t h o p r o te c tio n a ffo r d e d th e m th ro u g h
G o v e r n m e n t su p e rv is io n o f s e c u r ity issues, based o n v a lu e s , a n d w ith th o
o th e r p ro v is io n s fo r co n s o lid a tio n s a n d fo r str e n g th e n in g t h o c o n tr o l b y th e
In to r -S ta t o 'C o m m e r c e C o m m is s io n , w h o so m e m b e rs h ip is e n la rged fo r this
a d d itio n a l w o rk a n d h e a v ie r re sp o n sib ilitie s.
In a n y e v e n t, C o n g r e ss , u n d e r t h o lea dersh ip o f m en lik e S e n a to r C u m ­
m in s a n d S en ators U n d e r w o o d , R o b in s o n , P o m e re n o a n d K e llo g g , a n d
C on gre ssm e n S m a ll, P o u , C risp a n d B la c k , w h o h a v o c o u r a g e a n d a clea r
v is io n , h as n o t bo o n s u b se rv ie n t t o t h e sp e cia l pleas o f p o w o r fu l in terests on
cith e r s id e , a n d I c o n s id e r t h o n e w la w as th e m o s t c o n s t r u c tiv e m easure,
a ffe c tin g o u r ra ilro a ds, e n a cte d d u rin g t h o la st 20 o r 25 y e a rs .
D u r in g th o last tr y in g d e c a d e o f “ ra ilro a d b a it in g ,” I n e v e r h a v e lost
fa ith th a t if th e A m e r ic a n p e o p le o n c e u n d e rsto o d a n d realized th e im ­
p o r t a n c e o f d e a lin g fa ir ly w ith th e in v e sto rs , la rge a n d sm all, t h e y w o u ld
u ltim a te ly insist o n a “ squ are d e a l” fo r t h e " r a ilr o a d s .”
A m e r ic a n c o m m o n
sense h a s a t last b e gu n t o assert itself, a n d th o first s te p o n th o rig h t ro a d
h a s b e e n ta k e n , b u t it is o n ly a first s te p .
T h e real te st o f th e v a lu o o f this n o w la w will o n ly c o m e , w h on it is c o n ­
stru e d a n d a p p lie d . E x p e rie n c e has sh o w n th a t e v e n t h o v e r y b e s t in ­
te n tio n s o f legislators m a y b o n e u tra liz e d , a n d th a t a la w m a y o v e n b e
tu rn ed in to a w e a p o n t o d e fe a t th e v e r y o b je c t s It w a s in te n d e d t o s e r v o ,
fo s te r a n d p r o t e c t .
,
A great deal will d e p e n d o n th e ch a r a c te r a n d q u a lific a tio n s o f th o th ree
now m em b ers o f th e In te r-S ta te C o m m e r c e C o m m is s io n w h ich th o P re sid en t
is a b o u t t o a p p o in t.
H e h a s it in his p o w e r t o s tre n gth e n t h e co n s tr u c tiv e
elem en t o n th e C o m m iss io n , o r h o ca n th ro u g h his a p p o in tm e n ts s tre n gth en
o th e r ele m e n ts, t h a t h a v o fo r y e a rs , p a r tly th ro u g h m is c o n c e p tio n , d o n e su ch
im m e a su ra b le d a m a g o t o ra ilro a d c r e d it a n d th e re b y also t o th o b est
in terests o f o u r c o u n t r y .
W o ca n o n ly h o p e t h a t P resid en t W ils o n ’s c h o ic e will b o a w ise o n e , fr e e
fr o m p u re ly p o litica l c o n sid e ra tio n s, s o th a t all q u e stio n s m a y b o Judged
a n d d e c id e d o n th eir m erits, a n d n o t w ith a v ie w t o p leasin g e ith er “ la b o r ”
o r “ c a p ita l” , o r a n y s pecial cla ss o f e ith e r. U nless th o la w is fa ir ly a n d
libe rally co n stru e d , a n d is u sed t o r e h a b ilita te th o cr e d it o f th e ra ilroa d s ,
a n d t o s tre n gth e n th o c o n fid e n c e o f ou r p e o p le in th eir ra ilro a d In v e stm en ts,
it will p r o v e a fa ilu re , a n d su ch fa ilu ro m ig h t e a sily le a d t o G o v e r n m e n t
o w n e rsh ip , t o w h ich a v e r y la rge m a jo r it y o f A m e r ic a n s aro t o -d a y o p p o s e d .
O n e th in g , h o w e v e r , seem s p e r fe c tly clea r: It is u tte rly fu t ile t o th in k a n d
ta lk o f th o U n ite d S tates assu m in g a n d k e e p in g th o fin a n cia l a n d m oral
lea dersh ip o f th o w o r ld , if w o c a n n o t m a n a g e o u r o w n a ffa irs h o n e s tly an d
fearlessly in s u ch a w a y as t o p r o te c t th o in v e stm e n ts a n d sav in g s o f o u r ow n
citizen s in o u r o w n h o m o secu rities.

PART

PLAYED
ING

BY

M AIL

JANUARY

REVENUES

IN

SWELL­

EARNINGS.

M o st of tho returns of railroad earnings now coming to
hand for the month of January show extraordinary large
improvement in gross and net aliko as compared with the
corresponding month last year. Lest this bo misunderstood
and bo construed as implying a great change for the better
in tho operation and business of the roads, wo deem it im­
portant to point out that tho increases follow in largo part
from the fact that in the January returns for 1920 there is
included an estimate of the back mail pay for tho years
1918 and 1919 accruing to the Railroad Administration in
connection with tho decision of the Interstate Commerce
Commission of December 23 1919. The addition in this
way to gross and net has been approximately $53,00 0,0 00.
To show how individual roads and systems have been a f­
fected through the inclusion of this item wo havo prepared
tho following.
The statement is self explanatory but we
may use one road for illustration. Thus it appears by the
first two columns of figures that tho Now York Central
gained $5,375,685 in gross and $2 ,440 ,25 2 in net, but the
last two. columns show that this was because mail earnings in
1920 were $5 ,119 ,49 6 against but $366,468 in 1919.
Name of Road.

— Increase or Decrease—
In Gross.
In Net.

A la b a m a & V ic k s b u r g ..
+ 55,1
A n n A r b o r _______________
+ 7 9 ,'
A lo li T o p o k a & S an ta F o + 7 ,1 4 9 ,'
G u lf C o lo & S anta F c . + 1.151,1
P a n h a n d lo & S an ta F o + 3 6 5 ,:
A tla n ta & W e st P o i n t . .
+ 5 5 ,.
A tla n ta B irm & A tla n t ic . + 1 4 2 ,:
— 34,<
—
A tla n t ic C it y ____________
A tla n t ic C o a s t I.ln o ____
+ 9 3 2 ,:
B a ltim o r e & O h io _______ + 4 .0 1 1 ,.
B & O C h ica g o T o rm in a l
+87.
+120.1
B a n g o r & A r o o s t o o k ____
B e lt R a ilw a y o f C h ica g o + 1 6 3 ,,
B ossem or & L ako E r i e . .
— 23„
B in gh am & G a r iio ld ------+ 6 ,i
B irm in gh am S o u t h e r n ..
— 2 1 ,1
B o s to n & M a in o -------------+ 1 ,332,
B u ffa lo & S u sq u o h a n n a .
+ 3 3 ,'
B u ffa lo R o c h & P i t t s b . .
— 77,
C an l ’ a c L ines in M a in o
+47,
C a r o C lin c h ! & O h io ____
+ 1 2 8 ,:
C o n tra l o f G e o r g ia --------- + 7 5 2 ,
C o n tra l N o w E n g l a n d ..
+12.
C o n tra l V e r m o n t________
+104.
C h o s a p e a k t & O h io ______ + 3 8 8 ,.
C h ica g o & A lt o n ------------- + 5 0 8 ,
C h ica g o & E ast I llin o is . + 8 3 9 ,:
C h ica g o & N o r th W e s t . . + 3 ,2 9 7 ,:
C h ic a g o B url & Q u in c y . + 4 ,9 2 3 ,
C h ic a g o G r e a t W e s t e r n . + 603,1
C h ic a g o In d & L o u i s v .. + 4 4 5 ,'
C h ica g o J u n c tio n _______
+ 3 3 ,:
C h ic a g o M ilw & St P a u l. + 3 ,3 3 9 ,'
C h ic R o c k Isl & P a c i f i c . + 4.3 41 ,1
C h ic . R o c k Isl & G u lf + 2 8 9 ,'
C h ic St P aul M in n & Ora + u 9 5 ,:
C h ic T e r r o lla u t o & S E .
+ 8 9 ,'
C in e In d & W e s te r n ____
+ 143,1
C in e N e w Orl & T o x P a c + 2 4 5 ,
C o lo r a d o & S o u th e rn ___ + 1 3 3 ‘
F t W o r t h & D e n v C it y + 3 2 7 ,:
T r in ity & B ra zos V a l ,
+ 5 / .1
C o lo r a d o & W y o m in g ___
- — 7 ,'
4
D ela w a re & H u d s o n ____ + 1 0 8 ,(
D o la w a ro L a c k & W e s t . + 1 9 3 ,1

-------- Mail Earnings-------Jan. 1920. Jan. 1919.
$
$
s
S
2,5 8 3
4 9 ,1 1 8
3 ,4 0 2
4 5 ,9 o 0
3 ,0 9 3,54 1
172,045
17.484
3 2 2 ,26 8
1 01.700
5,771
2 ,4 0 0
39,831
6,031
9 0,3 77
1,716
14, .,08
6 4,0 18
7 7 0 ,72 0
1,805.761
113.128
7 0 .6 9 5

3 ,7 4 9

2 5 ,5 0 2
147

2 ,2 5 9

3 8 4 ,75 4
4 ,6 0 4
4 9,5 00
2 ,2 7 4
26,3 58
3 9 9 .42 0
15.602
5 9,2 78
506 ,64 4
412,381
664 ,70 9
1,7 9 1,49 0
2 .9 8 0 ,0 3 3
3 3 0 .65 4
2 0 3 .65 9

4 5.4 56
631
6 .3 6 4
1,974
975
2 4,2 67
1,708
4 .7 2 0
3 3,9 99
15,000
4 5 ,4 2 9
140,707
208 .86 4
18,942
16,975

2,487*191
2 ,0 8 0 ,5 0 6
95.9 33
3 9 8 ,98 8
17,958
6 9,0 33
233 ,29 4
151 039
109,820
9 .8 2 2
159
15,929
3 8 ,3 3 4

1 45,880
102,970
4 .5 8 8
2 5 057
1,000
6,121
1 3.6 06
9 .6 5 9
6 ,2 8 0
1,322
155
1 1,262
2 4,2 63

Name of Hoad.

[VOL. 110

THE CHRONICLE

934

— Increase or Decrease—• --------M ail Earning;
In Gross.
In Net.
Jan. 1920. Jan. 1919.

D e n v e r & R io G r a n d e .. + 8 5 2 ,3 7 6
+ 6 6 7 ,1 1 1
D e n v e r & S alt L a k e ____
+ 1 0 8 .9 8 7
+ 2 ,6 6 2
D e t r o it & M a c k in a c ____
+ 1 7 ,5 2 7
+ 1 5 ,8 3 2
D e t & T o l S h ore L i n e . . .
— 18,763
— 51,1 62
D e t r o it T o le d o & Ir o n to n
— 11.6 06
— 2,1 2 3
D u lu th & Iron R a n g e ___
+ 2 5 ,1 9 5
+ 3 ,2 4 4
D u lu th M is sa b e & N o r t h
— 47,357
— 6 5 ,6 42
E a s t S t L ou is C o n n e c t ’g
+ 1 6 ,7 8 9
+ 1 1 ,4 8 1
E lg in J o lie t & E a s t o r n .. — 2 1 1 ,6 6 5
— 160,236
E l P a s o & S o u th w e s te r n . + 2 7 0 ,0 0 2
+ 1 3 8 ,2 8 9
E r ie ........................................... + 1 ,2 3 9 ,2 9 1
+ 2 0 0 ,0 2 4
C h ic a g o & E r io _______
+ 1 7 5 ,0 7 9
+ 3 6 .7 2 2
F lo r id a E a s t C o a s t ..........
+ 1 8 1 .8 0 1
+ 2 2 3 ,8 3 3
F o n d a J oh n s & G l o v e r . .
+ 1 5 ,0 1 7
+ 9 ,0 0 7
+ 4 0 .1 6 1
— 9.2 8 3
F t S m ith & W e s t e r n ____
G a lv e s to n W h a r f _______
+ 2 ,2 7 3
— 2 2 ,0 10
G e o r g ia & F l o r i d a ............
+ 3 5 ,2 8 6
— 4 0 ,7 3 2
G r T r k L ines in N e w E n g
+ 6 ,3 9 5
+ 1 4 4 ,4 2 9
— 252 .50 6
G r a n d T ru n k W e s t ........... + 2 1 8 ,5 4 5
G r e a t N o r t h e r n .............+ 1,277 535
+ 8 0 0 ,1 8 1
G u lf & Ship I s la n d ______
+ 9 7 ,2 5 3
+ 4 2 ,8 1 3
G u lf M o b ile & N o rth e rn + 1 3 3 ,0 2 2
+ 3 6 ,4 8 7
+ 6 1 1 .3 4 9
+ 3 8 8 ,6 8 9
H o c k in g V a ,le y .............
I llin o is C e n t r a l................... + 3 ,7 5 1 .9 3 5 + 2 ,4 6 2 ,3 7 8
In te r n a t & G r e a t N o r t h . + 6 2 2 ,8 4 0
+ 3 0 0 ,1 7 6
K C M e x ic o & O r i e n t . . .
+ 8 8 ,7 8 4
+ 4 5 ,4 1 9
K C M & O o f T e x a s ...
+ 8 4 ,4 9 5
+ 5 5 ,7 4 7
K a n s a s C it y S o u t h e r n .. + 2 3 5 ,3 4 4
+ 1 7 1 ,1 7 4
' T e x a r k & F o r t S m it h .
+ 5 9 ,6 6 3
+ 6 1 ,2 2 1
K a n sa s C it y T e r m i n a l ..
+ 19.148
— 12,311
L eh ig h & H u d s o n R iv e r .
— 8 ,9 0 5
+ 3 ,6 1 5
L eh ig h & N e w E n g la n d .
+ 6 1 ,2 3 2
+ 2 7 ,5 2 5
L eh ig h V a lle y ....................
+ 4 2 4 ,9 1 1
— 514,711
L o s A n g eles & S alt L a k e + 3 3 1 ,1 1 4
+ 1 3 5 ,5 7 6
L ou is ia n a & A r k a n s a s .. + 1 6 1 ,8 5 9
+ 1 1 5 ,1 8 0
L o u is v ille & N a s h v i l l o . . + 2 ,0 1 3 ,5 0 2
+ 7 0 3 ,4 0 8
L o u is v H en d & S t L o u is .
+ 1 2 ,6 5 4
+ 1 6 .9 5 2
M a in e C e n tr a l....................
+ 1 8 7 ,9 3 0
+ 1 6 4 ,1 4 8
M id la n d V a lle y ..................
+ 8 1 ,5 3 5
+ 2 5 ,3 1 4
M in n e a p o lis & S t L o u is . + 5 7 6 ,9 2 8
+ 5 9 8 ,7 0 2
M in n St P aul & S S M . .
+ 3 1 6 ,8 4 6
— 2 5 6 ,3 8 5
M is siss ip p i C e n t r a l______
+ 1 ,1 0 8
— 3 6 ,3 8 6
M is s o u r i & N o r t h A r k . .
+ 2 7 ,6 5 9
+ 3 2 ,9 4 7
M is s o u r i K a n s a s & T e x a s + 8 5 0 ,6 0 0
+ 6 3 9 ,3 5 8
M o K a n & T e x o f T e x a s . + 844 .54 3
— 7 5 ,8 43
M is s o u r i O k la & G u l f . . .
+ 7 2 ,9 9 6
— 2 3,5 26
M is s o u r i P a c i f i c _________ + 3 ,6 8 4 ,5 9 5 + 2 ,5 8 5 ,5 2 7
M o n o n g a h e la C o n n e c t ’g
+ 1 0 ,8 1 4
+ 9 9 ,6 2 6
M o n t o u r __________________
— 4 ,1 4 7
+ 1 1 ,4 6 0
N a s h v ille C h a tt & St L .
+ 6 4 0 ,7 1 3
+ 5 3 9 ,5 5 6
N e v a d a N o r t h e r n _______
— 13,359
— 14,100
N e w b u r g h & S ou S h o r e .
— 2 ,4 0 5
— 1,9 7 5
N e w Orl & N o r t h E a s t . .
+ 2 2 4 ,5 4 2
+ 1 1 7 ,0 7 4
N e w O rlean s G r e a t N o r .
+ 2 6 ,6 5 8
— 8 ,0 1 4
N e w Orl T e x & M e x i c o . .
+ 7 5 ,8 0 6
+ 4 5 ,3 6 4
B ea u S L & W e s t e r n ..
+ 2 1 ,0 7 4
— 3 ,8 7 6
S t L B ro w n s & M e x . .
+ 2 0 7 ,2 2 8
+ 6 8 ,3 3 8
N e w Y o r k C e n t r a l______+ 5 ,3 7 5 .6 8 5 + 2 ,4 4 0 ,2 5 2
C in cin n a ti N o r t h e r n ..
— 8 ,6 3 8
— 7 ,8 7 0
C le v C in C h ic & St L . + 2 ,0 2 9 .3 7 8 + 1 ,4 1 0 ,4 0 5
In d ia n a H a r b o r B e l t . .
+ 4 8 ,6 4 9
— 181,130
K a n a w h a & M ic h ig a n
+ 7 2 ,0 2 0
+ 6 2 ,5 8 6
L a k e E rio & W e s t e r n . + 1 6 8 ,9 2 9
+ 1 6 6 ,5 4 5
M ic h ig a n C e n t r a l____ + 1 ,0 7 8 .7 2 1
+ 6 1 ,1 4 0
P it ts b & L a k e E r i o . . .
— 8 ,5 9 9
— 175,924
, T o le d o & O h io C e n tra l + 1 7 3 ,0 2 9
+ 8 1 ,5 5 9
N Y C h ic a g o & St L o u is . + 1 2 4 ,2 9 4
+ 7 ,6 1 4
N Y N II & H a r t f o r d . . . + 2 ,9 2 6 .3 0 1 + 1 ,5 8 0 .2 7 3
N Y O n ta rio & W e s t e r n .
— 5 8 ,3 5 5
— 126 ,06 5
N Y S usq * W e s t e r n . . .
— 1,8 8 7
— 117,839
N o r fo lk & W e s te r n ______ + 7 3 5 ,1 8 1
— 3 3 ,9 03
N o r fo lk S o u th e rn _______
+ 2 6 2 ,1 8 8
+ 2 0 5 ,4 3 4
+ 3 7 ,1 9 1
+ 5 5 ,3 6 2
N o r th e r n A la b a m a ______
N o r th e r n P a c i f i c . . ...........+ 1 ,5 1 6 ,7 1 0
+ 8 5 0 ,9 5 7
„ M in n & I n t e r n a t ...........
+ 2 0 ,4 9 0
+ 1 7 ,0 2 6
N o rth w e s te rn P a c i f i c . . .
+ 1 9 7 ,2 8 5
+ 1 1 8 ,2 2 3
P e n n s y lv a n ia ____________ — 437 ,50 9 — 3 ,0 5 8 ,1 8 7
B a lt C h e s & A t la n t ic .
— 2 8 ,0 6 7
— 3 8 ,9 1 2
C in e L e b a n o n & N o r t h
— 10,116
— 2 4 ,5 5 2
C u m b e r la n d V a l l e y . .
+ 2 ,1 0 1
+ 3 4 ,2 9 5
L o n g Is la n d ----------------+ 1 5 6 ,9 8 9
— 2 4 ,4 3 5
M a r y ’d D e l & V irgin ia
— 3 8 ,2 1 3
— 3 8 ,4 1 8
N Y P h ila & N o r f o l k .
— 3 5 ,3 1 7
— 168,525
M o n o n g a h e la __________
— 11,391
— 8 1 ,4 6 6
T o le d o P eoria & W e s t .
+ 1 8 ,8 5 8
— 12,3 36
W Jersey & Sea S h oro
— 3 1 ,6 5 4
— 109,804
P en n s y lv a n ia C o ______+ 2 ,0 3 4 ,1 0 5 + 1 ,3 3 0 ,2 9 4
G ra n d R a p id s & I n d . .
+ 3 2 0 .3 3 4
+ 2 1 0 ,0 4 4
„ P it ts C in C h ic & St L . + 3 ,2 0 3 ,2 3 8 + 1 ,6 3 8 ,3 7 1
P e o r ia & P ek in U n i o n . .
+ 4 2 ,5 0 6
+ 3 5 ,6 6 6
P e re M a r q u e t t e __________ + 6 4 3 ,3 7 8
— 8,001
P e r k io m e n ............................
+ 2 9 ,0 1 6
+ 1 4 ,2 4 8
P h ila d e lp h ia & R e a d in g .
+ 9 8 0 ,8 4 1
+ 4 3 6 ,9 8 1
P h ila B eth & N e w E n g . .
— 3 2 ,0 8 7
— 3 6 ,3 5 4
P itts b u r g h & S h a w m u t .
+ 8 ,0 2 3
+ 2 1 ,7 1 9
P it ts b & W e s t V ir g i n i a ..
+ 4 0 ,8 6 0
+ 3 8 ,5 7 8
P it t s S haw & N o r t h ____
+ 2 8 ,3 5 5
— 786
P o r t R e a d in g ------------------— 3 3 ,4 4 7
— 2 9 ,6 7 4
Q u in c y O m a h a & K C _ _
+ 3 8 .6 2 1
+ 1 8 ,7 1 3
R ic h m F red & P o t o m a c .
— 6 7 ,8 1 2
— 8 3 ,3 0 4
W a s h in g to n S o u th e rn .
— 7 1 ,1 7 7
— 9 5 ,2 6 0
R u t l a n d --------------------------+ 1 5 6 ,4 2 8
+ 1 1 6 ,8 5 7
St J o s e p h & G r a n d I s l’d .
+ 6 0 .8 4 5
+ 4 8 ,9 1 9
St L ou is -S a n F r a n c i s c o .+ 1 ,2 1 9 ,4 2 8
+ 4 0 9 ,4 3 2
+ 3 6 7 ,3 3 4
St L o u is S o u th w e s t______ + 5 7 0 ,4 6 2
S t L S ou th w o f T e x a s . + 2 6 1 ,8 5 7
- 2 4 8 ,5 5 4
St L o u is T r a n s fe r _______
+ 4 6 ,4 4 5
+499
S ea b oa rd A ir L in o _______ + 1 ,4 5 4 ,9 4 7
+ 8 7 2 ,3 8 6
S ou th B u ffa lo .................. ..
— 8 1 ,1 9 6
— 4 2 ,4 7 5
S ou th ern P a c if ic _________ + 3 ,1 8 6 ,4 5 2 + 1 ,6 1 3 ,3 8 0
A riz o n a E a s t e r n ______
— 1,013
+ 9 ,0 7 3
G a lv H arris & S A n t . . + 3 0 9 ,9 0 8
+ 7 8 ,1 3 8
H o u s & T e x a s C e n t . . + 3 9 2 ,6 2 6
+ 2 2 2 ,1 1 1
H o u s E & >V T e x a s ...
+ 2 4 ,2 0 1
— 3 5 ,7 32
L ou is ia n a W e s t e r n . . . + 1 4 2 ,5 8 4
+ 1 0 2 ,7 8 5
M o r g a n s L a & T e x a s . + 2 0 6 ,5 6 5
+ 2 8 0 ,3 9 1
T e x a s & N e w O r le a n s . + 2 5 6 ,3 6 0
+ 1 7 5 ,0 8 4
S otithern R a ilw a y _______ + 3 ,9 1 9 ,2 4 7 + 2 ,0 9 9 ,7 5 9
A la b a m a G r e a t S o u th . + 1 0 5 ,7 7 7
+ 9 3 ,1 7 3
G eorgia S o u t h * F l a . .
+ 1 5 3 ,0 1 1
+ 7 7 ,6 0 6
M o b i l e * O h i o . .............
+ 3 7 5 ,5 7 4
+ 8 3 .9 6 1
S ou th ern R y in M i s s . .
+ 7 6 ,7 8 9
+ 4 3 ,4 0 2
S p o k a n e I n t e r n a t i o n a l..
+ 5 9 ,4 5 0
+ 3 7 ,6 7 3
S p o k a n e P o rt! & S e a t t le . + 2 0 7 ,2 0 4
+ 2 2 2 ,3 0 9
S ta ten I s l’d R a p id T r a n .
— 16,331
— 2 8 ,5 7 4
T en n ess ee C e n t r a l ...........
+ 4 5 ,7 2 2
+ 6 3 ,5 6 2
T e r m R R A ssn o f St L _ _
+ 6 3 ,7 9 5
+ 9 3 ,2 3 3
St L M e r B d g e & T e r m
+ 7 7 ,9 7 3
— 8,5 9 3
T e x a s & P a c ific __________ + 8 2 8 ,6 6 3
+ 5 3 6 ,2 2 6
T o le d o St L o u is & W e s t . + 2 3 7 ,8 2 3
+ 3 8 ,8 6 7
U lster & D e la w a r e ______
+ 3 3 ,0 0 1
+ 2 3 ,0 8 5
U n io n P a c ific ------------------- + 3 ,1 3 1 ,5 3 3 + 2 ,0 1 0 ,1 3 7
O r egon S h ort L i n e . . . + 1 ,2 2 2 ,8 9 3
+ 9 4 3 ,8 7 1 .
O r e -W a s h R R & N a v .
+ 8 6 6 ,6 4 1
+ 5 2 9 ,5 7 5
U n io n R R o f P e n n ...........
+ 4 ,7 0 1
— 134 ,92 5
V ic k s S h r e v e * P a c i f i c . . + 1 1 8 ,6 9 7
+ 4 5 ,0 5 2
V i r g i n i a n . . . ....................... + 3 4 1 ,5 7 7
+ 3 3 2 ,9 9 4
W a b a s h --------------------------+ 6 5 ,1 9 0
— 4 9 0 ,1 3 4
+ 8 5 ,8 8 0
+ 2 9 1 ,6 9 0
W e ste rn M a r y la n d --------W e ste rn P a c ific .................. + 4 7 5 ,6 1 5
+ 3 3 3 ,0 1 7
W e ste rn R y o f A la b a m a .
+ 3 7 ,7 9 1
+ 5 8 ,0 5 6
W h e e lin g & L a k e E r i e . . + 2 5 5 ,1 2 4
+ 1 5 2 ,9 7 6
W ic h ita F a lls & N W . . .
+ 6 9 ,4 2 1
— 51,7 59
Y a z o o & M is siss ip p i V a l + 7 4 4 ,6 0 2
+ 3 0 8 ,3 2 7




2 86 ,32 9
2 ,9 2 9
2 ,6 9 8

1 6 ,5 33
1,7 0 2
2 ,8 0 6

2 ,8 8 8
15.460
12,529

1,5 9 9
6 95
1 ,3 2 2

145,497
537 ,48 7
100,213
15.433
2 00
1,265

14,4 44
3 4 ,0 7 8
5 ,8 5 9
15,233
3 46
1 ,3 3 6

2 3 ,3 3 2
1,753
16.790
2 ,5 6 6 ,3 6 8
3 7 ,3 69
59,8 26
3 ,7 4 6
1 ,6 9 4 ,2 5 4
2 52 ,7 3 0
17,791
2 8 ,1 28
188 ,41 5
12,091

1,376
1,753
16.679
151.666
2 ,0 0 0
2 .9 6 5
4 ,5 3 6
101.346
16.3 50
1 1,3 40
1,8 6 0
7 ,9 8 9
869

4 ,5 5 8
931
2 2 2 ,6 3 4
14,284
2 4 ,0 25
1,332,191
2 9 ,5 1 5
147 ,91 2
2 4 ,4 1 4
2 3 8 ,4 0 0
186.161
15,171
3 0 ,5 3 5
5 2 6 ,8 3 2
3 7 6 ,0 2 9
10,0 05
1 ,8 1 5 ,5 6 0

3 50
71
13,9 30
7 ,2 4 2
1,6 5 9
9 5 ,2 2 8
1,7 2 5
14,632
1,5 5 7
14.6 83
1 6 ,2 67
1.0 1 7
2 ,6 4 3
3 0 ,7 5 5
2 5 ,1 0 4
1,3 8 6
126 ,91 2

71
3 8 5 ,7 8 4
6 55

71
2 8 .4 5 6
1 ,2 0 9

6 0 .7 1 7
1,189
2 8 ,7 8 4
7 ,6 8 7
8 6 ,0 34
5 ,1 1 9 ,4 9 6
3 4 ,1 9 0
1 ,1 0 7 ,0 1 0

2 ,9 5 7
1,263
1 ,0 0 5
515
6 ,2 7 5
3 6 6 ,4 4 6
1,8 0 0
6 2 ,0 0 0

1,721
9 2 ,4 0 8
6 3 8 ,9 7 4
4 0 ,1 7 8
3 ,6 8 5
56,011
1 ,1 3 2,24 4
10,653
17,7 59
4 4 6 ,9 5 9
8 0,5 09
10,543
1 ,2 0 1 ,5 5 6
1,271
5 1,0 85
4 9 1 ,1 6 6
11.392
1,6 5 6
3 8 ,3 6 0
4 7 ,5 0 2
5 ,1 2 8
4 ,0 9 5
4 ,5 6 0
2 ,0 9 9
5,8 0 3
1 ,6 5 5 ,4 3 5
137,353
2 ,7 5 3 ,5 9 9

963
5 .3 2 0
3 8 ,5 9 4
2 ,8 2 8
3 ,6 8 1
2 ,9 6 2
7 3 ,4 2 6
4 ,8 2 0
1,203
3 9 .4 0 8
5 ,1 3 0
6 00
7 8 ,6 3 5
1,272
4 ,6 1 4
2 8 5 ,6 7 2
9 29
116
2 ,5 0 0
9 ,4 1 0
876
2 ,5 4 8
170
2.5 8 1
4 ,0 3 2
1 06 ,3 5 5
9 ,9 2 9
175 ,96 1

4 84 ,7 0 3
12,972
180,911

2 4 ,6 9 0
410
1 5 ,8 89

214
6 ,9 9 0
2 78

108
3 78
3 49

3 4 ,0 5 3
2 0 6 ,4 9 3
1 26 ,53 5
8 2 ,4 5 3
4 0 ,4 7 6
9 9 ,2 9 7
122 ,17 2
114 ,22 5

2 ,3 4 0
1 0 ,5 00
6 ,0 0 0
5,8 1 1
3 ,1 1 5
6 6 ,4 1 8
7 ,9 6 9
7 ,1 1 5

7 61 ,5 7 7

4 7 .4 1 3

1 ,9 3 0 ,3 8 3
20,151
180,311
1 42 ,73 0
2 9 ,5 3 4
3 6 ,5 3 6
7 8 ,7 6 4
6 2 ,2 4 8
2 ,4 0 6 ,1 1 5
114,336
9 0 ,0 1 8
198 ,31 7
3 0 ,7 2 5
600
6 6 ,2 2 0
206
3 7 ,4 8 5

1 19 ,62 4
/
1,8 0 0
1 2,4 99
11,552
2 ,4 4 7
2 ,7 5 9
4 ,9 9 5
4 ,5 9 8
144,381
7 ,2 6 0
5 ,8 0 4
1 1,2 99
1,7 6 9
734
8 ,1 1 6
2 06
2 ,5 5 8

4 1 7 ,4 3 5
3 ,2 0 0
17,144
2 ,3 8 2 ,2 3 6
5 7 8 ,1 5 4
4 16 ,70 6

2 5 ,6 2 4
5,481
1,678
140 ,00 0
3 8 ,9 9 0
29,001

3 4 ,1 4 6
4 7 ,2 1 0
4 8 ,4 6 5
5 6 .9 80
5 9 ,1 8 2
4 1 ,5 9 5
2 ,0 7 4
17,7 54
2 5 0 .9 9 6

2 ,3 6 4
2 ,2 4 2
6 5,5 68
4 ,1 8 5
3 ,4 6 5
2 ,5 0 0
1,6 7 0
1.8 3 7
1 5 ,6 07

IN T E R -S T A T E
UPON

COMMERCE

SPACE

B ASIS

FOR

C O M M ISSIO N
C A R R YIN G

D E C ID E S
M A IL S.

Under a decision of the Inter-State Commerce Commis­
sion made public on Jan. 15 compensation for the trans­
portation of the mails is to be computed on the basis of space
instead of the basis of weight. The circumstances under
which the case came before the Commission are narrated as
follows by Commissioner M cC hord, who wrote the report:
T h is p r o c e e d in g w a s in s titu te d a n d c o n d u c t e d u n d e r p r o v is io n s o f s ec­
t io n 5 o f th e A c t o f C o n g r e ss o f J u ly 28 1 91 6 , 39 S ta t ., 4 2 5 . T h o A c t
a u th o riz e s a n d d ire cts th e P o s tm a ste r-G e n e ra l t o r e a d ju s t th o co m p e n s a tio n
t o b e p a id c o m m o n carriers b y ra ilro a d fr o m a n d a fte r th e 3 0 th d a y o f J u n e
191 6 , o r as s o o n th e re a fte r as p r a c t ic a b le , fo r th e tra n s p o r ta tio n a n d h a n d ­
lin g o f th o m alls a n d fu rn ish in g fa cilitie s a n d s e rv ice s in c o n n e c tio n th ere­
w it h , u p o n c o n d it io n s a n d a t ra te s th erein p r o v id e d . I t a lso e m p o w e rs a n d
d ir e c ts this C o m m is s io n , as so o n as p r a c t ic a b le , t o fix a n d d e te rm in e fr o m
t im e t o tim e th e fa ir a n d r e a s o n a b le ra te s a n d co m p e n s a tio n fo r th e tran s­
p o r t a tio n o f m all m a tte r b y ra ilro a d c o m m o n carriers, a n d th e s e rv ice c o n ­
n e c te d t h e re w ith , a n d t o p re s crib e th e m e th o d o r m e th o d s , b y w e ig h t, o r
s p a c e , o r b o t h , o r o th e rw is e , fo r a sce rtain in g th o ra to o r c o m p e n s a tio n .
T h e r e is a fu r th e r p r o v is io n th a t p o n d in g o u r d e cis io n t h e e xis tin g m e th o d s
a n d rates o f r a ilro a d -m a il p a y shall re m a in In e ffe c t , e x c e p t o n s u ch ro u tes
o r s y s te m s as t h o P o s tm a ste r-G e n e ra l shall s e le c t, a n d t o th o e x te n t h o
m a y fin d It p r a c t ic a b le a n d necessary t o p la c e u p o n t h e s p a ce s y s te m o f p a y
in th e m an n er a n d a t t h e ra te s p r o v id e d , w ith o u r c o n s e n t a n d a p p r o v a l,
in o r d e r t o p r o p e r ly p re s e n t t h e m a tte rs re fe rre d t o in o th e r s e ctio n s o f .
th e A ct.
I t Is a lso p r o v id e d t h a t all c o m m o n carriers b y ra ilro a d aro r e q u ire d t o
tra n s p o r t s u ch m ail m a tte r as m a y b e offe re d b y th o P o s t O ffic e D e p a r t m e n t ,
h e r e in a fte r ca lle d th e d e p a r tm e n t, in th e m a n n e r, u n d e r th o c o n d itio n s a n d
w ith th e s e rv ice p re s crib e d b y th o P o s tm a ste r-G e n e ra l; a n d th a t th e y shall
b o e n titled t o re c e iv e fa ir a n d r e a s o n a b le co m p e n s a tio n fo r s u ch tra n s p orta ­
t io n a n d fo r th e s e rv ice c o n n e c t e d th erew ith .
T h o P o s tm a ste r-G e n e ra l is t o file w ith u s a s ta te m e n t s h o w in g t h o trans­
p o r t a tio n r e q u ire d o f all r a ilw a y c o m m o n ca rriers, In clu din g th o n u m b e r,
e q u ip m e n t, s ize a n d c o n s tr u c tio n o f th e cars necessary fo r th o tra n s a c tion
o f th e b u sin e ss; th o s e r v ic e , b o t h term in al a n d cn r o u te , w h ic h th o carriers
a ro t o re n d e r ; a n d all o th e r in fo r m a tio n w h ic h m a y b o m ateria l t o th o
in q u ir y .
F o llo w in g th e p a ss a g e o f th e A c t th e P o s tm a ste r-G e n e ra l m a d o a p p lic a tio n
t o us fo r o u r co n se n t a n d a p p r o v a l t o p la c e u p o n th o s p a c o s y s te m o f p a y ,
in th e m an n er a n d a t th o ra te s p r o v id e d in th e la w , ce r ta in ro u te s o r s y stem s
s e le c te d b y h im as th o s e fo u n d p r a c tic a b le a n d n e c e ss a r y . B y o rd e r o f
A u g . 29 1916 w e g a v e c o n s e n t a n d a p p r o v a l a n d th e P o s tm a ste r-G e n era l
s ta te d th o ro u te s a n d s y s te m s s o s e le c te d u p o n th e s p a c o basis o f p a y fr o m

Nov. 1 1916.

, ,

T h e P o s tm a ste r-G e n e ra l th e re a fte r file d h is s ta te m e n t c o n ta in in g th o
m a tte rs a n d th in g s r e q u ire d b y th e la w , a n d c o p ie s w e re se rv e d u p o n all
c o m m o n carriers b y ra ilro a d in t h e c o u n t r y . S u b se q u e n tly th e d e p a rt­
m e n t a n d ra ilro a d s a greed u p o n a w e ig h in g a n d s ta tistica l p e r io d , herein ­
a fte r ca lle d th e te st p e r io d , b e g in n in g M a r c h 27 a n d e n d in g A p ril 3 0 1917,
d u rin g w h ic h th e re s h o u ld b e p r o c u r e d d a ta w ith re fe re n ce t o s p a co in
p a ssen ger train s d e v o t e d t o th o several s e rv ice s p e r fo r m e d In a n d b y sa id
train s a n d th o o p e r a t io n o f th e s p a c e , a n d also d a ta w ith r c fe r e n co to th e
re v e n u e s a n d e xp e n d itu re s o f th e .r a ilro a d s in a m an n e r a n d fo r m t o s h o w
t h e rev e n u e s d e riv e d fr o m p a ss e n ge r, b a g g a g e , exp ress a n d m all s e r v ic e ,
a n d th e c o s t o f p e r fo r m in g e a ch s e rv ice .
A c c o r d in g ly t h o P o s tm a ste r-G e n e ra l d ire cte d t h a t th e m ail b o w e ig h ed
u p o n all m ail r o u te s In th o c o u n t r y fo r th e te st p e r io d . U p o n fo rm s a n d
u n d e r in stru ctio n s p re p a re d Join tly b y th e d e p a r tm e n t a n d a c o m m it t e e
se le cte d b y th e ra ilro a d s , ca lle d th e R a ilw a y P a y C o m m it te e , re p o rts w ero
re n d e re d b y th e gre ate r p a r t o f th e m a il-ca rr y in g ra ilro a d s s h o w in g th e
d is tr ib u tio n o f s p a ce in care m o v in g in p a ssen ger tra in s, th e r e v e n u e d e riv e d
fr o m th e s evera l classes o f pa ssen ger s e r v ic e , a n d a d iv is io n o f th o c o s t
th e r e o f as b e tw e e n p a ssen ger a n d fre ig h t a n d as b e tw e e n p a ssen ger, b a g g a g e ,
m ail a n d exp ress. T h e re p o rts w ero c h e c k e d , re v ie w e d a n d c o r r e c te d b y
co r r e s p o n d e n c e . T h e b a s ic figu re s a n d th e tota ls u s e d b y b o th p a rties In
th e ir ca lcu la tio n s w ere th e r e b y b r o u g h t in to h a r m o n y .
T h o p o in ts In d is­
p u t e aro n a rro w e d c h ie fly t o th e a p p o r tio n m e n t o f s p a c e a n d t o a lesser
e x te n t th e a p p o r tio n m e n t o f exp en ses.
T h e s tu d y o f th o sta tis tica l d a ta c o n ta in e d In th o re p o rts a n d r e d u c tio n
o f th e m t o ta b u la tio n s a n d sta te m e n ts re q u ire d a p e rio d o f n e a rly tw o years
o f p a in sta k in g e ffo r t o n th e p a r t o f b o t h th e d e p a r tm e n t a n d th o ra ilro a d s .
T h e s o e ffo r ts h a v e re s u lte d in v e r y c o m p le te s h o w in g as to s p a co d e v o t e d In
p a ssen ger train s t o p a ss e n ge r, b a g g a g e , express a n d m ail s e rvice s , reven u es
d e riv e d fr o m e a ch s e r v ic e , a n d th o c o s t t h e r e o f. E x te n d e d h ea rin gs w ero
h a d a t w h ic h a la rg e n u m b e r o f sta tis tica l a n d o th e r e x h ib its w ere file d a n d
exp la in e d b y th e ir co m p ile r s . N u m e ro u s w itn esses, w h o s u b m itte d e v i­
d e n c e re s p e ctin g all ph ases o f t h e o p e r a tio n o f m all ca rria g e b y ra ilro a d a n d
th e se rvice s in c o n n e c tio n th e re w ith , w ero p r o d u c e d b y th e d e p a r tm e n t a n d
ra ilro a d s . T h o case w as s u b m itte d t o u s o n b r ie f a n d In a rg u m e n t.

The Commission in its report goes exhaustively into the
subject of the controversy between tho railroads and the
Post Office Department, and says in part:
D e te r m in a tio n o f a b asis u p o n w h ic h th o co m p e n s a tio n o f ra ilro a d s fo r
tra n s p o r tin g th e m alls o f th e c o u n t r y sh ou ld b o c o m p u t e d h as b e e n a p er­
p le x in g p r o b le m fr o m th e b e g in n in g . T h c r o aro m a n y circu m sta n ce s a n d
co n d itio n s In c o n n e c t io n w ith Its tra n s p o r ta tio n th a t d o n o t o b ta in w ith
re s p e c t t o a n y o th e r t r a ffic . T h e s e rv ice is v a rie d In ch a r a c te r a n d Is
re n d e r e d u n d er s u ch c o n d it io n s w ith re g a r d t o s p e e d a n d ca ro th a t n o
s y s te m h as y e t be e n d e v is e d t h a t h as m e t th o a p p r o v a l o f b o t h th o d e p a rt­
m e n t a n d t h e ra ilro a d s .
I n 1870 th e P re s id e n t a p p o in te d a co m m is s io n k n o w n as th o H u b b a r d
C o m m is s io n t o In v estiga te a n d r e p o r t o n th e s u b je c t o f ra ilw a y-m a il p a y .
I n A p ril 1878 a r e p o r t w as m a d e b y it in w h ic h it w as r e c o m m e n d e d th a t
a s y s te m w h ic h r e c o g n iz e d s p a c e , c o s t a n d sp e e d s h o u ld bo es ta b lis h ed .
O th e r co m m is s io n s o r c o m m itte e s o f th e C o n g r e ss o r t h o d e p a rtm e n t m a d o
r e p o rts t o th e C o n g r e ss in 1883, 1 901, 1911 a n d 1914. W ith o u t g o in g In to
d e ta ils. It is s u ffic ie n t t o s ta to th a t e a ch o n o r e c o m m e n d e d th e a d o p tio n
o f s o m e s p a co s y s te m , e x c e p t th e W o lc o t t -L o u d C o m m is s io n in 1 901, o n o
m e m b e r o f w h ic h , in a s e p a ra to r e p o r t , fa v o r e d th e s p a co b a s is. T h o
co m m is s io n o f 1883 re c o m m e n d e d th a t a s y s te m w h ic h w o u ld tak o Into
c o n s id e ra tio n “ w e ig h t, s p a ce a n d s p e e d ” s h o u ld b e a d o p t e d . T h o r e p o r t
o f a c o m m itte e in 1914 w a s t o t h o e ffe c t th a t th e s p a ce b asis s h o u ld b o
a d o p te d . T h e la tte r r e p o r t re su lte d in th e p a ssag o o f th o A c t u n d e r w h ic h
th is p r o c e e d in g w as In s titu te d .
D u rin g all th eso y e a rs th ere has b e e n ceaseless c o n tr o v e r s y b e tw e e n th o
ra ilro a d s a n d th e d e p a r tm e n t. T h e c h ie f co n te n tio n o r th o fo r m e r h a s been
th a t p a y m e n ts h a v e b e e n u n re a so n a b ly lo w fo r th e s e rv ice r e n d e r e d . O n

935

THE CHRONICLE

M ar . 6 1920

th e o th e r h a n d , th e d e p a r tm e n t h as c o n te n d e d , w ith e q u a l e a rn e stn e ss, t h a t
p a y m e n ts h a v e b e e n g reater th a n t h e r e q u ire d s e rv ice w a rr a n te d . T h e
s u cce s siv e In v estig a tion s w ere c o n fr o n t e d w ith th e s a m e d iffic u lt y o f d e te r ­
m in in g t h e c o s t o f th e s e rv ice o n a n y b a s is. I n th e In sta n t p r o c e e d in g
ex tra o rd in a ry e ffo r t s h a v e b e e n m a d e t o d e te rm in e th e c o s t t o th e ra ilro a d s
o f tr a n s p o r tin g t h e m alls o f th e c o u n t r y . T h e resu lts o b ta in e d are fa ir ly
o p e n t o cr iticism In s o m e r e s p e cts; n ev e rth e le ss w c h a v e b e fo r e us e n o u g h
relia ble d a ta t o e n a b le us t o r e a ch an a p p r o x im a tio n o f th e c o s t o f th e s e n d e e
as a g u id e t o t h e es ta b lis h m e n t o f ra te s o f c o m p e n s a tio n t o th e ra ilro a d s
t h a t shall b e fair a n d re a s o n a b le . H a v in g re a ch e d this c o n c lu s io n , w e are
c o n fr o n t e d w ith th e p r o b le m o f th e m an n e r in w h ic h t h e s e rv ice shall b e
s ta ted t o d e te rm in e its a m o u n t as t h e b a s is o f p a y m e n t .

G e n e ra l m a y a c c e p t ca rs a p d a p a r tm e n ts o f g re a te r le n g th th a n th o s e o f
the s ta n d a rd re q u e s te d , b u t n o co m p e n s a tio n s h a ll b e a llo w e d fo r s u c h
e xcess le n g th s, e x c e p t th a t w h ere an o v e r siz e ca r is fu rn ish ed sto r a g e u n its
m a y b e a u th o riz e d th erein o n th e basis o f a c tu a l m e asu re m e n t.
In c o m p u t in g th e ca r-m iles o f fu ll a n d a p a r tm e n t ra ilw a y -p o s t o f f ic e
ca rs, t h e m a x im u m s p a ce au th orized In eith er d ire ctio n o f a ro u n d -tr ip
c a r ru n shall b e regarded as th o s p a ce t o b e c o m p u te d In b o th d ir e c tio n s .
In c o m p u tin g th o m iles o f s e rv ice o f a s to r a g e c a r o r lesser u n it, th e m a x i­
m u m s p a ce a u th o riz e d in e ith er d ir e c tio n o f a r o u n d -tr ip c a r ru n s h a ll b e
re g ard e d as th o s p a co t o b e co m p u te d In b o t h d ire ctio n s unless a n y p a r t o f
th e ca r c o n ta in in g s u ch u n it b e u sed b y th e ra ilro a d c o m p a n y In th e retu rn

The report also said:

m ovem en t.
.
_
5 . A ll regu lar au th o riza tio n s f o r fu ll ra ilw a y p o sta l ca rs , a p a r tm e n t ra il­
w a y p o s t o ffic e cars a n d fu ll sto rag e ca rs m a y b o d isc o n tin u e d , in a c c o r d a n c e
w ith th o n eed s o f th e se rv ice , a t established r a ilw a y passen ger o r fre ig h t
d iv isio n p o in ts o r Junctions a t w h ich th o train is sch e d u le d t o s to p .
6 A ll un its o f e m e rg e n cy s p a c e n e e d e d t o s u p p le m e n t regular a u th o ri­
z ation s shall b e o f 3 . 7 , 15 o r 30 fe e t w ith o u t d u p lic a tio n o r g r o u p in g , a n d
s u ch u n its shall b e d is c o n tin u e d , increased o r d e cre a s e d a t a n y p o in t w h e re
a flu c tu a tio n in th o v o lu m e o f m all ca rried req u ires a ch a n g e fr o m o n e u n it

W it h r c s p o c t t o t h e w e ig h t b asis th e r a ilro a d s c o n te n d ; (1 ) T h a t p a y m e n t
a c c o r d in g t o th e w eig h t ca rrie d is t h e o n ly basis o f p a y m e n t fo r tra n s p o r ta t lo n o f m ail m a tte r w h ic h p r o p e r ly m easu res t h e v o lu m e o f th e tr a ffic
h a n d le d , m ak es p r o p e r d is tr ib u tio n o f t h e p a y a c c o r d in g t o th e re la tiv e
a m o u n t o f t r a ffic h a n d le d , a n d is in k e e p in g w ith o rd in a ry p rin c ip le s a p p lie d
t o t h e a ssessm en t o f ch a rge s fo r tr a n s p o r ta tio n o f p r o p e r t y ; (2) th a t u n d er
t h e w e ig h t b asis p a y m a y b e . a n d is. m a d e fo r ea ch sepa l a te cla ss o f s e rv ice
t o a n o th e r .
,
.
.
7 . W h e n e v e r a r e g u la rly a u th o rize d u n it o f s to r a g e o r c lo s e d -p o u c h
a d ju s te d t o p a r tic u la r ch a r a c te r is tic s; (3) t h o w e ig h t basis Is fo u n d e d o n
s p a c e , c o m b in e d w ith an e m e rg e n cy u n it, necessitates th o use o f m o r e th a n
c o r r e c t p r in c ip le s ; th e w eig h t h a u le d a n d t h o d is ta n ce o f th e h a u ls a ro th e
30 fe e t o f linear s p a ce in a b a g g a g e c a r , o r sto r a g e c a r used e x c lu s iv e ly fo r
n r lm o fa c t o r s ; It insures d ir e c t re s p o n s e t o t h e v o lu m e o f t h e t r a ffic , eith er
th e m alls, a 6 0 -fo o t c a r shall b e au th orized a n d pa id fo r o n th o basis o f th e
as a w h o le o r b y In d ivid u a l ra ilro a d s ; (4) it is o n ly b y t h o a d o p tio n a n d
ro u n d trip , p r o v id e d th e c a r is n o t used b y th e ra ilro a d c o m p a n y in th e
m a in te n a n ce o f a w eig h t-b a s is s y s te m t h a t a ra tio n a l s ch e m e o f p a y m e n t
c a n b o d e te r m in e d , w h ic h w ill re a d ily re s p o n d t o an Increase In t h e a m o u n t
o p p o s ito d ir e c tio n .
,
, ___
...
8 . W h e n e v e r a re g u la r a u th o r iz a tio n is e x c e e d e d o n 5 0 % o r m o r e o f t h e
o f m all m a tte r t r a n s p o r te d ; (5) t h a t it Is ea sily a p p lie d , an d r e d u c e s t o a
trip s d u r in g a p e r io d o f 30 c o n s e c u tiv e d a y s , t h e n e x t h igh er u n it shall b e
m in im u m d e p a r tm e n t ru le an d re g u la tio n .
.
. _
a u t h o r iz e d . T h is ru le w ill n o t a p p ly t o t h e m o n t h o f D e c e m b e r .
W it h re s p e ct t o th e p r o p o s e d p la n o f t h e ra ilro a d s t h e d e p a r tm e n t asserts
9 W h e r e th e r a ilro a d co m p a n ie s a re re q u ire d b y t h e d e p a r tm e n t t o
t h a t th o ra tes w o u ld y ie ld th e ra ilro a d s a n n u al co m p e n s a tio n g r e a tly n
p e r fo r m s id e , term in al o r tra n s fe r s e r v ic e , th e y shall b e s e p a ra te ly c o m ­
ex c ess o f t h a t w h ic h Is fa ir a n d r e a s o n a b le fo r s e rv ice p e r fo r m e d : th a t in
p e n s a t e d fo r s u ch s e r v ic e , un less th e s e rv ice is p e rfo rm e d in o r d ir e c t ly c o n ­
m a n y r es p ects t h o ra tes w o u ld re su lt In in e q u a litie s o f p a y m e n t b e tw e e n
tig u o u s t o r a ilw a y term in als a n d d e p o t s . T h e a m o u n t t o b e p a id th e r e fo r
r a ilro a d s , a n d t h a t th e ra te s aro all u n d u ly h ig h b e ca u s e b a s e d o n e xce ssive
shall b e m easu red b y th e a m o u n t p a id b y t h e ra ilro a d t o c o n tr a c to r s p lu s
a n d u n re a so n a b le ca lcu la tio n s as t o s p a ce o p e r a te d .
,
3 % - a n d w h ere th o s e rv ice is p e r fo r m e d b y a g e n ts o r e m p lo y e e s o f th e r a il­
I t Is a sserted th a t th o p ro p o s a l o f a 3 -c e n t ra te fo r c lo s e d -p o u c h s e rv ice
r o a d co m p a n ie s th o p a y m e n t shall b e fo r th e v a lu e o f th e p r o ra ta tim e o f
is a n u n n eces sa ry c o m p lic a t io n a n d u n ju s tifie d b e ca u s e P r o d u c tiv e o f u n ­
s u ch r a ilw a y a g e n ts o r e m p lo y e e s w h ile e n g a g e d in re n d e r in g s e r v ic e ,
re a s o n a b le res u lts; th a t If it w a s in te n d e d b y th is p r o v is io n t o g iv e t o s h o rt
in c lu d in g c o s t o f v e h icu la r s e rv ice t h a t m a y b e n e c e ss a r y , w ith t h e a d d it io n
r o u te s a d d itio n a l p a y fo r th o spe cial s e rv ice o f h a n d l l n g c l o s e d p u c h c s .t n o
p u r p o s e w o u ld n o t b e a cc o m p lis h e d ; t h a t as a m a tte r o f f a c t it w o n Id a d d
° f W h e r e th e r a ilro a d c o m p a n ie s c o n tr a c t fo r s u c h s e rv ice c o n tr a c ts shall
c o m p a r a tiv e ly litt le t o th o p a y o f s h o rt ro u te s ; t h a t t o t h e e x c lu siv e ly
b e le t t o t h e lo w e s t re s p o n s ib le b id d e r u p o n a d v e r tis e m e n t. R e a d ju s tm e n t
c lo s e d -p o u c h r o a d s It w o u ld a d d less th a n $ 7 0 0 ,0 0 0 p e r a n n u m a n d th e s h o rt
fo r s u c h s e rv ice shall b e m a d e a n n u a lly . T h o r a ilro a d c o m p a n ie s shah s u b ­
lin es a s a w h o lo w o u ld r e c c lv o less th a n $ 1 ,0 0 0 ,0 0 0 p e r a n n u m , w h ile th e
m it c e r tifie d c o p ie s o f e a ch c o n tr a c t t o t h e P o s tm a ste r-G e n e ra l o n o r b e fo r e
tru n k lines w o u ld re c e iv e n e a rly $ 4 ,0 0 0 ,0 0 0 a d d itio n a l p e r a n n u m .
I t Is in sisted b y th e d e p a rtm e n t t h a t th o p r o p o s a l o f th o ra ilro a d s Is J u ly 1 o f e a ch y e a r s h o w in g th o r a te o f p a y m e n t fo r th e en su in g y e a r , a n d
th e a m o u n ts s p e c ifie d in s u ch c o n tr a c ts p lu s 3 % shall b e a c c e p t e d as t h e
s u b je c t t o th o o b je c t io n s w h ic h h a v e b e e n u r g e d a ga in st th e o ld s y s te m ,
b a s is o f p a y m e n t b y t h e P o s tm a ste r-G e n e ra l h e r e to fo r e p r e s c r ib e d . T h e
a n d t o an a d d itio n a l o b je c t io n th a t w eig h in gs aro t o b e c o n d u c t e d b y rail­
ra ilro a d co m p a n ie s shall a lso fu r n ish t o P o s tm a ste r-G e n e ra l e a ch y e a r ,
r o a d e m p lo y e e s , a n d th a t It is w h o lly im p r a c tic a b le t o c o n d u c t a w e ig h in g
o n o r b e fo r e J u ly 1, a d e ta ile d s ta te m e n t o f th o d a lly tim e co n s u m e d in
o f t h o m ails b y ra ilroa d e m p lo y e e s In t h e m an n e r n e ce ssary t o p r o d u c e th e
h a n d lin g th o m alls b y th e ir a ge n ts o r e m p lo y e e s a t e a ch p o in t w h e re s id e ,
resu lts r eq u ired w it h o u t s u b sta n tia lly d u p lic a tin g th e su p e rv is io n a n d c o s t
te rm in al o r tran sfer s e rv ice is p e r fo r m e d , w h ic h s ta te m e n t shall b e v e r ifie d
b y th o d e p a r tm e n t n ece ssary u n d e r a w e ig h in g c o n d u c t e d b y e m p lo y e e s
b y a re s p o n s ib le o ffic ia l o f th e c o m p a n y co n v e r s a n t w ith th o fa c t s , a n d s u c h
v e r ifie d s ta te m e n t shall c o m p u t e th o p r o ra ta p a y m e n t o f th e a g e n t o r e m ­
° f O b J o ° l>neJ n^ f 0t h o d e p a r tm e n t t o a n y w e ig h t-b a s is s y s te m a re s ta te d
o
p lo y e e p e rfo rm in g th o s e r v ic e , b a s e d o n t h e tim e a c tu a lly c o n s u m e d , a n d
t h e a m o u n t n a m e d in th o s ta te m e n t p lu s 3 % shall co n s titu te t h e b a s is
08
T h e* w clg h t-b a s ls s y s te m In v o lv e s t h e c o s t o f w e ig h in g , t h o ta b u la tio n
o f p a y m e n t fo r th e n e x t ensu in g y e a r , u n less in spe cial ca s e s, a n d fo r g o o d
o f w eigh ts a n d th e c o m p u t a tio n o f th o p o u n d o r to n -m ile s .
. . .
c a u s e , t h e P o s tm a ste r-G e n e ra l m a y re q u ire fu r th e r s ta te m e n ts a n d v e r i­
2 . U n d e r a n y s y s te m w e ig h ts ta k e n d o n o t rep resen t th o a ctu a l w eig h ts
fic a tio n s fr o m a n y p a rtic u la r ra ilro a d c o m p a n y a t o th e r p e rio d s o f th e y e a r .
c a r r ie d , b u t a rc s u b je c t t o a r b itr a r y a d ju s t m e n t.
.
10 T h a t fr o m tim e t o t im e , a t le a st o n c e in t w o y e a rs , th e P o s tm a s te r 3 . T h o w e ig h t-b a s is s y s te m is n o t fle x ib le a n d d o e s n o t co m p e n s a to
G e n e ra l, u p o n n o t ific a tio n t o t h e ra ilro a d s , a n d w ith th eir p re s e n ce a n d
ra ilroa d s fo r u n u su al c o n d it io n s t h a t m a y arise a fte r t h e w e ig h in g is c o m a ssista n ce , shall c o n d u c t te sts t o d e te rm in e th o n u m b e r o f sack s a n d o u t s id e
p a ck a g e s t h a t w ill fill a f o o t o r 3 fe e t o f s p a ce in a c a r . a n d th e resu lts th ereor
Pl04t.e<A ll u n u su al c o n d it io n s t h a t e xist d u rin g t h o w e ig h in g p e r lo d w h ic h
shall b e r e fle c te d in ch a n ge s o f ru le s , w h e re n e c e ss a r y , in th e c o u n t o f s a c k s
a ffe c t t h o w e ig h t o f th o m ails ca rr ie d o v e r ro u te s a re n ecessarily r e fle c te d
a n d p a ck a g e s as th e b asis f o r m e a s u r e m e n t.
_ .
._
in t h o a m o u n t o f c o m p e n s a tio n b a s e d t h e r e o n .
__
1 1 . T h a t th e p ro v is io n s o f th o A c t o f J u ly 28 1 91 6 , e x c e p t as h ere
5 . T h o w e ig h t-b a s is s y s te m giv e s n o r e c o g n itio n t o fr e q u e n c y o f s^r v J^e.
m o d ifie d , shall re m a in In fu ll fo r c e a n d e ffe c t .
___
I n o th e r w o r d s , a ra ilroa d w h ich carries 5 .0 0 0 p o u n d s p e r d a y o n t w o train s,
1 2 . T h a t p a y m e n ts fo r tra n s p o r ta tio n o f t h o m ails, a n d th e se rv ice s
o n o e a c h w a y , r o c c iv c s e x a c tly th e sam e p a y o n th o w e ig h t-ba sis as a ro a d
c o n n e c t e d th e re w ith , shall b o m a d e e a ch m o n t h a fte r th e s e rv ice h a s b e e n
candying 5 ,0 0 0 p o u n d s in 10 tra in s p e r d a y . I t co s ts th e ra ilro a d m o re t o
«
fo u r r o u n d t r i p , d .M y . o T O d n s u t o ta l o [ M X X I p o u n d , t o d l
p e r f o r m e d . _________________ _______ .__________ .
tr a in s , th a n it d o c s t o haul th e sam e ca r o n e r o u n d t r ip , e y e " ^ o u g h it
ca rr ies th e s a m e a g g re g a te w e ig h t. T h e a m o u n t ° f m all ca rr ie d In a ca r
PROTE ST B Y P O S T M A S T E R -G E N E R A L A G A I N S T
d o e s n o t m a te r ia lly in crease th o c o s t , b u t m u ltip lie d o p e r a tio n d o e s in

C H A N G E S I N R A I L W A Y M A I L P A Y PROPOSED
^ ^ C o m p e n s a t i o n b a s e d c h ie fly u p o n w e ig h t is n o t a n In ce n tiv e t o th e s
d e p a r tm e n t o r t h o ra ilro a d s t o e c o n o m iz e ca rs o r s p a ce u s e d , n o r d o e s it
t e n d t o s ta n d a r d iz a tio n o f e q u ip m e n t.
_ _

Tho following are the conclusions of the Commission:
A fte r co n sid e ra tio n o f a ll t h o fa c ts a n d circ u m sta n ce s o f re c o rd w e aro
o f o p in io n a n d f in d :
,
..
, .. „
1. T h a t th o s p a ce -b a sis s y s te m in a u g u ra ted u n d e r a u th o rity o f t h e A c t
o f J u ly 28 1010. 39 S t a t ., 4 1 2 , 4 2 5 -4 3 1 . shall b o c o n tin u e d as h erein m o d ifie d
a n d b o o x ton d ed to a ll m ail rou tes; a n d th a t th o P o s tm a ste r-G e n e ra l s h a ll,
o n o r b o fo r o M a r c h 1 1920, p la c o o n th o s p a ce b asis th e ro u te s n o w p a d
o n th o w eig h t b a s is.
A .
2 . T h a t tho Initial a n d te rm in al a llo w a n ce s p e rm itte d in th o A c t sna
b o ca n c e le d a n d a b o lis h e d , p a y m e n t in lieu th e r e o f b e in g in c lu d e d in th e
ra tos h erein after p r e s c r ib e d .
„
.
3 T h a t th o fa ir a n d re a so n a ble ra te s o f p a y m e n t fo r tra n s p o r ta tio n o r
m ail m a tte r as o f N o v . 1 1916 an d t o J an 1 1918 a r e »
“

For Each Mile of Service—

Cents.

For Each Mile o f Service—

Cents.

B y a 6 0 -ft . R .P .O . c a r ....................... 27 B y a 7 -ft . sto rag e s p a c e -------------- 4 H
B y a 3 0 -ft . a p a r tm e n t c a r --------------15 B y a 3 -ft . sto r a g e s p a c e -------------- 2 M
B y a 1 5 -ft . a p a r tm e n t c a r --------------10 B y a 1 5 -ft. clo s e d -p o u c h s p a c e . . 10
B y a 6 0 -ft . s to r a g e c a r ------------------- 28 B y a 7 -ft. c lo s e d -p o u c h s p a c e . . . 5
B y a 3 0 -ft . s to r a g o s p a c e --------------- 15 B y a 3 - f t . c lo s e d -p o u c h s p a c o . . . 3
B y a 1 5 -ft. s to r a g o s p a c e .............. - - 8
___
__
F o r s e p a ra te ly op e ra te d ra ilroa ds n o t e x c e e d in g 100 m ile s in le n g th , a n d
n o t loss th a n 5 0 m iles in le n g th . 2 0 % a d d itio n a l t o th e a b o v e rates; an d
s e p a ra te ly o p e r a te d ra ilro a ds leas th an 50 m ile s in le n g th . 5 0 % a d d itio n a l.
Provided, T h a t th o m in im u m p a y m e n t o n a n y m ail r o u te , o v e r a n y p a r t o f
w h ic h m all is tra n s p o r te d n o t less th an six d a y s a w e e k , sh a ll b e $ 50 p e r
T h o fa ir an d rea son a ble rates o n a n d a fte r J a n . 1 1918 a ro 2 5 % a d d itio n a l
t o th o ratos p ro s crib e d as o f N o v . 1 1916.
. .
T h o la w fix e s th e ra te s fo r ra ilro a ds w h ic h w e r o c o n s tr u c te d in w h o le
o r In p a r t b y a la n d g ran t m a d o b y C o n g r e ss a t 8 0 % o f th o s e h eroin p r o ­
s c r ib e d
4 . W h o r e a u th o riz a tio n s a ro m a d o fo r cars o r a p a r tm e n ts o f th e sta n d a rd
len g th s o f 6 0 , 3 0 a n d 15 fe e t, a n d th o ra ilroa d c o m p a n y is u n a b le t o fu rn ish
s u ch ca rs o r a p a r tm e n ts o f th o le n g th a u th o riz e d , b u t furnishes ca rs o r
a p a r tm e n ts o f lesser le n g th , b u t w h ic h a ro a c c e p te d b y th e d e p a r tm e n t
t o b o s u ffic ie n t fo r th o s e rv ice , p a y m e n t sh a ll b o m a d o o n ly fo r th e a ctu a l
s p a c o fu rn ish ed a n d u s e d , t h e co m p e n s a tio n t o b o n o t e x c e e d in g p ro rata
o f t h a t p r o v id e d fo r th o s ta n d a rd le n g th a u th o riz e d . T h e P o s tm a s te r -




BY

SHORT L IN E

R A ILR O AD S.

A protest was lodged on Feb. 10 by Posmaster-General
Burleson against tho changes in the decision of the Inter­
State Commerce Commission in the railway mail pay case
proposed by the short line railroads, whereby these roads
sought to increase their compensation over that allowed under
the decision. A s to these proposed changes and the objec­
tions vpiccd by the Postmaster-General, the “ Journal of
Commerce” under date of Feb. 10 said in Washington
a<T JnonV oquest o f th e s h o r t lin o ra ilro a d s t h a t th e C o m m is s io n ’s fin d in g b e
a m e n d e d as t o e ffe c t m ail ro u te s in ste a d o f ra ilro a d s o f th e le n g th d e sig n a te d
It w a s said b y th e P o s tm a ste r-G o n e ra l t h a t:
“ T h is w o u ld d e fe a t th o p u rp o s e o f a n y d iffe r e n tia tio n in ra to s. I f an
a d d it io n t o th o gen eral ra te o f co m p e n s a tio n is t o b o a llo w e d fo r s h o r t lin e
ra ilro a d s it m u s t b o b a s e d u p o n reason s g r o w in g o u t o f th o d iffe ren ces In
th o c o s t o f o p e r a tio n . T h e s e d iffe re n ce s m ig h t g r o w o u t o f th e le n g th
o f th o m ail r o u t e ."
T h is ro q u e s t, It w as re c o m m e n d e d , s h o u ld b o d e n ie d .
T h o P o s tm a ste r-G e n e ra l a lso re c o m m e n d e d t h a t d e n ia l b o g iv e n t o th e
fu r t h e r re q u e sts o f th e s h o rt lin e ca rrie rs, p e r fo r m in g m ail tra n s p o r ta tio n
s e r v ic e , t h a t th o m in im u m p a y p r o v id e d sh a ll b o a p p lie d t o sp a co ro u tes f r o m
a n d a fte r N o v . 1 1 91 6 , a n d t o w e ig h t ro u to s fr o m J u ly 1 1916 t o M a r c h 1
1920; th a t a fin d in g a n d o rd e r b o m a d e fix in g an increase in th e ra tes o n
a ll w e ig h t ro u te s f o r th o p e r io d b e tw e e n J u ly 1 1916 a n d M a r c h 1 1920,
t h a t a fin d in g a n d o rd e r b o m a d e fix in g an in creaso o f p a y o n all w e ig h t
r o u to s o p e ra te d b e tw e e n J u ly 1 1916 a n d N o v . 1 1916 w h k f c w e r e m a d e
s p a c o r o u te s o n N o v . 1 1916; t h a t an o rd e r b o m a d e s ta tin g t h a t th e p er­
fo r m a n c e o f sld o a n d te rm in al m ossonger s e rv ice o f f th e rig h t o f w a y is n o t a
le g a l o b lig a tio n o n th e p a rt o f th e carriers.
. . .
„
T h e P o s tm a ste r-G e n e ra l a lso re c o m m e n d e d t h a t th e C o m m iss io n d e n y th e
s h o r t lin es re q u e sts th a t a n o rd e r b o issued t o th e -P o s tm a ste r-G e n era l th a t
h e in clu d e in th o re a d ju s tm e n t o f p a y s e ve ra l a m o u n ts d ir e c t ly p a id o u t
sin ce J u ly 1 1 9 1 6 . f o r sid e a n d m essenger s e r v ic e , a n d also a m o u n ts reta in ed
as fin e s fo r refu sal t o p e r fo r m s u ch s e rv ice ; th a t an o rd e r b o issued fix in g t h e
w e ig h t, s izo. p o sta g o a n d co n d itio n s f o r th o tr a n s p o r ta tio n o f p a rce l p o s t
m ails.

936

THE CHRONICLE

“ T h e r e a p p ears t o b o a fu r th e r m is u n d e rsta n d in g b y r e s p o n d e n ts ,” said
th e P o s tm a s te r-G e n e ra l, “ t o th e e ffe c t t h a t tho ju r is d ic tio n w h ich h a d b e e n
g iv e n th o P o s tm a ste r-G e n e ra l h a d b y th is n o w A c t b e e n tra n sfe rre d to th e
I n t e r -S ta t e C o m m e r c e C o m m is s io n . B o th th e o rie s are u n fo u n d e d . I t
w ill b o fu r th e r n o t e d t h a t n o q u e s tio n a risin g u n d e r S e ctio n 6 o f th e P o s ta l
A c t ca n b o c o n sid ered o r p a ss e d u p o n b y th o I n te r -S ta te C o m m e r c e C o m ­
m is s ion u n til th e P os tm a ste r-G e n e ra l sh all p r o p o s e s u ch c h a n g e a n d s u ch
p ro p o s a l is p res en ted t o th e In te r-S ta te C o m m e r c o C o m m iss io n fo r its
a p p r o v a l as p r o v id e d fo r th a t s e c tio n .
T h o P o s tm a ste r-G e n e ra l has n o t
p r o p o s e d in th is p r o c e e d in g a n y ch a n g e s c o n te m p la t e d b y S e ctio n 6, a n d
th erefore n o a c tio n c o u ld b o tak e n b y th o I n te r -S ta te C o m m e r c o C o m m is ­
s ion u n d er th a t a u t h o r it y in th is p r o c e e d in g ."
T h is fa c t , it w a s p o in t e d o u t , fu r n ish e d g r o u n d fo r th e d en ia l o f th e
s h o r t lin o carriers req u ests fo r a m e n d m e n ts t o th e C o m m is s io n 's fin d in g .

NORTH D AK O TA

SU PREM E COURT HOLDS RECEN TLY

ENACTED

LAWS

U N C O N S T IT U T IO N A L .

Tho Supreme Court of North D akota, on Jan. 1G, by a
voto of 4 to 1, declared unconstitutional House bill N o . GO,
enacted at the recent special session of the North Dakota
Legislature— Justice J. E . Robinson cast tho dissenting
opinion. W ith regard to the decision tho St. Paul “ Pioneer
Press” of Jan. 17 said:
'
T h e d e cis io n o f th e c o u r t a ffe c ts p r a c t ic a lly o n e -h a lf o f th e s o v e n t y -t w o
law s a d o p te d a t th e re c e n t s pecial session o f th o le gis la tu re , b e in g law s u rged
b y th o T o w n le y fa c t io n , w h ic h fa ile d t o r e c e iv e th e t w o -th ir d s v o t e t o m ak e
th e m e m e rg e n cy a c t s , e ffe c t iv e te n d a y s a fte r p a ssag e .
Ifr N e a r th e clo s e o f t h o sp ecia l session H o u s e bill 6 0 , w h ic h d e cla re d all a cts
o f th e s p e c ia l session e m e r g e n c y la w s, w as In tro d u c e d a n d p a sse d b y a
m a jo r it y v o t e . U n d e r its p r o v is io n s G o v . F ra z ie r a n d th e s ta n d p a t N o n ­
p a rtisa n s h o p e d t o g e t im m e d ia te a c tio n on law s d e sig n e d , th eir o p p o n e n ts
s a id , t o p u n ish A tto r n e y -G e n e r a l L a n g e r, S ta te A u d ito r IC osltzky a n d o th e r
in su rg on t S ta to o ffic ia ls w h o h a d , b y in d e p e n d e n t a c t io n in severa l ca s e s,
c o m e u n d e r t h e b a n o f T o w n le y ’s disp lea su re.
I m m e d ia te ly a fte r th e L egislatu re a d jo u r n e d , A tto r n e y -G e n e r a l L a n g e r
ru led H o u s e b ill 60 u n c o n s titu tio n a l, a n d s te p s t o b rin g th o m a tte r b e fo r e
th e S u p rem e C o u r t w ere in a u g u ra te d . P e titio n s w ere a lso file d ask in g a
refe re n d u m v o t e o n th o m easu re , b u t G o v . F ra zie r has th u s far fa ile d t o call
an e le c tio n f o r t h a t p u r p o s e . T o - d a y ’s d e cis io n o f th e S u p rem e C o u r t
w ill ren der a v o t o o f th o p e o p le u n n e ce s sa ry , it Is b e lie v e d . .
A c c o r d in g t o C h ie f J u s tice C h ris tia n s o n , th o c o u r t d e c is io n , in e ffe c t ,
d e cla re s th e la w u n co n s titu tio n a l.
J u s tice R o b in s o n , in h is d iss e n tin g o p in io n , sa y s:
“ T h e m a jo r it y d e cis io n will s e rio u sly im p e d e a n d h a m p e r th o Industrial
p r o g r a m o f th o S ta te . I t w ill la rg e ly u n d o th o w o r k o f th e s pecial session ,
tio th o h a n d s o f t h e la w m ak ers a n d th e h a n d s o f th e G o v e r n o r a n d le a v e
th e S ta to lik e a sh ip w ith o u t a c a p t a in .
I t m a y in d u c e several a m e n d ­
m en ts t o t h e c o n s t itu tin a n d a recall o f th o c o u r t p o w e r t o u n d o a n y a c t
o f th o L e g is la tu r e .”

Tho acts embraced in the legislation which tho Court
declares unconstitutional, are said to include the anti-lying
law, creating an inquisitorial committee; a law giving the
Governor power to confiscate under martial law any private
property, and to muster overy able-bodied man into military
service to hold and operate it; acts tying the hands1of in­
surgent State officials and depriving them of appropriations;
a law creating a State constabulary, and a law usurping
tho prerogatives of tho Attorney-General and conferring
them on the Governor.
U . S. S U P R E M E C O U R T D E C I D E S N E W
TAX

LAW

IN V A L ID

— R U LIN G

YORK IN C O M E

vl<S T O N O N - R E S I D E N T S

ON O K L A H O M A

LAW .

Whilo upholding the right of States to impose income taxes
on non-residents, the United States Supremo Court on
March 11 declared the N ew York Stato income tax' law
invalid in so far as it denies to non-residents the exemptions
granted to its own citizens. Tho findings of the Court were
given in two decisions, one affecting tho Oklahoma law and
the other the N ew York law. In tho former the Court held
that a State unquestionably had authority to lovy incomo
taxes against non-residents on incomes derived from
property within tho State. Tho distinction between tho
Oklahoma and N ew York laws, it appears, was that the
Oklahoma law gives non-residents and citizens tho same
exemptions, while tho Now York law denies to non-residents
exemptions granted its own citizens. In tho Oklahoma pro­
ceedings Charles B . Shaffer of Chicago sued the Stato
Auditor to enjoin collection of incomo taxes loviod on incomo
derived from Oklahoma oil wells. In tho other caso Com p­
troller Travis of Now York was enjoined by tho Yalo &
Towno Manufacturing C o ., having a plant in Connecticut,
from collecting incomo taxes from its employees without
giving them the exemptions given Now York citizens under
the N ew York law. U . S. District Judge John C . Knox
last August declared the Now York law invalid as to non­
residents, and his decision was noted in those columns
A u g. 9 , pago 540. Tho opinions of tho Supremo Court
this week were rendered by Justice Pitney, with Justico M c Reynolds dissenting in tho N ew York case. Reciting that
thousands of Connecticut and N ew Jersey citizens work in
Now York in competition -with N ew Yorkors, and yet the
non-residents wore called upon under tho Now York law
to pay taxes on exemptions from which Now York residents




[V o l . 1L0.

arc free, Justice Pitney declared the law to bo manifestly
unfair, saying:
In th o c o n c r o te th o p a rtic u la r in cid e n t o f th o d isc rim in a tio n is u pon
citize n s o f C o n n e c tic u t a n d N o w J o rs e y , n e ith e r o f w h ic h has an in co m e
tax la w . W h e th e r th o y (C o n n e c t ic u t a n d N o w J orsoy n o n -re sid e n ts) m u st
p a y a ta x u p o n th o fir s t $ 1 ,0 0 0 o r $ 2 ,0 0 0 o f in c o m o . w h ile th oir (N o w V ork )
a sso cia te s d o n o t , m ak e s a su b sta n tia l d iffo r e n c o . W o a ro u n a b le t o fin d
g r o u n d fo r th o d is c rim in a tio n , a n d aro co n stra in e d t o h o ld th a t it Is an
u n w a rra n te d d en ia l t o th e citize n s o f C o n n e c tic u t a n d N o w Jo rso y o f th e
p rivile ge s and im m u n itie s e n jo y e d b y th e citize n s o f N e w Y o r k .
T h o su gg estion fr o m N e w Y o r k co u n se l th a t th o a d ja c o n t S ta te s m ig h t
lo v y co u n te r d isc rim in a tio n s a ga in st N e w Y o r k citize n s w a s d ism issed b y
th o c o u r t w ith th o d e cla ra tio n th a t "d is c r im in a tio n c a n n o t b o cu re d b y re­
t a lia tio n .”
In su sta in in g th o O k la h o m a la w th o C o u r t said :
In o u r sys te m o f G o v e r n m e n t th o S ta tes h a v o gon cra l d o m in io n , a n d ,
s a v in g as re stricte d b y th o F e d e ra l C o n s tit u t io n , c o m p le te d o m in io n o v e r
all p e rs o n s , p r o p e r t y a n d busin ess tra n sactio n s w ith in th oir b o r d e r s . C ort a in ly th o y a ro n o t re stricte d t o p r o p e r t y ta x a tio n n o r t o a n y p a rtic u la r
fo r m o f excises. •
T h a t th e S ta te fr o m w h o so law s p r o p e r t y a n d busin ess a n d Industry
p r o te c tio n an d s e c u r ity w ith o u t w h ic h p r o d u c tio n a n d o c c u p a t io n w o u ld b e
im p o s sib le , is d e b a r re d fr o m o x a ctin g a sh a re o f th o s e ga in s in th o fo r m o f
in c o m e taxes fo r th o s u p p o r t o f th o G o v e r n m e n t is a p ro p o s itio n s o w h o lly
in co n sis te n t w ith fu n d a m e n ta l p rin c ip le s as t o b o re fu te d b y m o ro s ta te ­
m e n t.
A n d w o d e e m it cle a r u p o n p rin c ip le s as w ell as a u th o r ity th a t Just as a
S ta to m a y im p o s e gen eral In co m o taxes u p o n its o w n citize n s a n d ro sld o n ts,
w h o s o p orson s aro s u b je c t to its c o n tr o l, It m a y , as a n ocossary c o n so q u o n c o ,
le v y a d u t y o f liko ch a r a c te r u p o n in co m e s a cru in g t o n o n -re sid e n ts from
th e ir p r o p o r ty o r busin ess w ith in th o S ta to , o r thoir o c c u p a t io n s ca rrlod
o n th e re in , e n fo r cin g p a y m e n t b y an exorcise o f a ju s t c o n tr o l o v e r p orson s
a n d p r o p e r ty w ith in its b o rd e rs .

In the case of tho New York law non-rosidonts havo been
denied under tho Act tho exemption of $1,000 for single
persons, $2,000 for married persons and $200 for dopondonts
State Comptroller Travis in a statement issued on March 1
with regard to tho Supremo Court’s ruling said:
L e g is la tio n is n o w p e n d in g b e fo r e th o S ta to L e gislatu re t o r e m e d y those
d e fe c t s . In a n tic ip a tio n o f a d e cis io n a s h as been ron dorod t o -d a y , h o ld in g
th e s e p ro v is io n s u n c o n s titu tio n a l, n o n -re sid e n t ta x p a y e rs h a v o boon
g r a n te d th irty d a y s a d d itio n a l fr o m M a r c h 15 in w h ic h to file rotu rn s.

On March 2 tho Sonato and Assembly Committoos on
Taxation at Albany reported favorably tho bill dosignod to
amend tho incomo tax law so as to givo non-rosidonts the
samo porsonal exemptions under tho law as aro grantod to
residents. t
____________________________
E X T E N SIO N

OF

T IM E

C O R P O R A T IO N S,

FOR

UNDER
TAX

F IL IN G

RETURNS

FEDERAL

OF

IN C O M E

LAWS.

Tho timo limit for filing roturns of incomo by corporations,
is extended from M a r. 15 to M a y 15, in “ extraordinary
cases and upon propor application to tho Commissioner of
Internal Rovenuo, sotting forth tho reasons why tho roturns
cannot bo completed.” Tho announcement mado by the
Commissioner of Internal Revenue this week says:
I n v ie w o f th o fa c t th a t co n sid e ra b le d if f ic u lt y is b e in g e xp e rie n ce d b y
c o r p o r a tio n s a n d th o ir re p re se n ta tiv e s in th o p re p a ra tio n o f in co m o tax ro­
tu rn s fo r th o y e a r 1919, co lle c to r s o f internal ro v o n u o a ro h o r o b y a u th o riz ed
t o a c c e p t t e n t a t iv e c o r p o r a tio n roturns f o r th o ca le n d a r y e a r 1919 o n o r
b e fo r o M a r . 15 1920. E a c h rotu rn m u st b o a cco m p a n ie d b y a t loast o n ofo u r th o f th o es tim a te d a m o u n t o f ta x d u o , to g o tlie r w ith a s ta te m e n t s o ttin g
fo r th th o reason w h y th o rotu rn c a n n o t b o c o m p le te d w ith in th o p roscrib ed
tim o a n d a fo rm a l re q u e s t fo r th o e x te n s io n . A n y d e fic ie n c y in th o first
in s ta lm e n t w ill b e a r in terest a t th o ra te o f 6% p e r a n n u m .
A n exte n sio n o f ,t i m o is h o r o b y g r a n te d t o c o r p o r a tio n s , in s u ch casas to
f ilo c o m p le te roturns o n o r a b o u t M a y 15 1920. T h o to n ta tiv o roturn su b­
m itte d in a c c o r d a n c e w ith th o fo r e g o in g sh o u ld be o n fo r m 1120, o n w h ich
s h o u ld b o w ritte n p la in ly a cro ss th o fa c o “ T o n t a tiv o r o t u r n ." O n ly th o
e s tim a te d a m o u n t o f ta x d u o n e e d b o s ta te d .
T o n t a tiv o returns file d u n d er th is a u th o r ity w ill b o ha n d lod in c o lle c t o r s ’
o ffic e s In th o m an n e r p re s crib e d fo r th o h a n d lin g o f sim ilar rotu rn s last
y e a r.
A fu r th e r o xton sion o f tim o w ith in w h ic h t o filo roturns w ill n o t b o g ran ted
e x c e p t in e x tra o rd in a ry cases a n d u p o n p ro p o r a p p lic a tio n t o th o C o m m is ­
s io n e r o f In te rn a l R o v o n u o , s e ttin g fo r th th o reasons w h y th o returns ca n n o t
b e c o m p lo te d .

NEW

T A X A T IO N

MEASURE

CONGRESSMAN

IN TR O D U C E D

BY

ACKERMAN.

Soveral bills widoly affecting the rovonuos of tho country
were introduced in tho House of Representatives by Congress­
man Earnest R . Ackorman on Feb. 28. One of them ropcals
the oxcess profits tax and imposes in lieu thereof a tax of
twenty-five cents on overy $100 worth of salos on all articles
of merchandise. Tho othor bills proposo a tax of two conts
on chocks, notes and drafts, and a tax of ono cont on oacli
100 matches sold or given away. A fourth bill would per­
mit tho deduction of last year’s incomo and oxooss profits
tax when making tho incomo tax return. Estimates mado
by tho Congressman on figures received from various gov­
ernment agencies and bankers in different sootions of tho
country, show that tho twenty-fivo conts would yiold a re­
turn considerable in oxcoss of tho sum paid into the Treasury
through tho imposition of tho oxcoss profits tax. For 1917,
tho only year for which figuros aro available on all individual
partnership, and corporation roturns, it was ono billion nine

hundred million dollars. The excess profits tax has boon
held by men liko Otto H . Kahn and otliors equally high in
tho financial world as students of economics, to bo one of tho
greatest drawbacks to business and production and therefore
ono of tho largost contributing factors to the maintenance of
tho high cost of living. Its ropoal has been repeatedly urged,
but until somo other means of rovonue was found tho sug­
gestion was not given serious consideration. M r . Ackerman
has suggostod tho alternative, and ono that increases tho
rovonuo. Tho tax on checks is proposed as two cents re­
gardless of tho amount of tho paper. This source is esti­
mated as good for moro than $20,000,000 to tho Government.
Tho match lovy represents approximately $12,000,000 moro.

NEW

YORK

C O M M U N IT Y

C la ss 6 . O n o m e m b e r b y th o S en ior C ir c u it J u d g e o f th e U n ite d S ta tes
C ir c u it C o u r t o f A p p e a ls o f th e S e c o n d C ir c u it.
C la ss 7 . F iv o m e m b e rs b y th o T ru ste e s C o m m it te e , n o n e o f w h o m shall
b o e x e c u tiv e o ffic e r s o f th e tru stees.
I n illu stra tio n a n d e x p la n a tio n o f th o uses a n d p u rp o s e s t o w h ic h th e
in c o m e m a y b o a p p lie d th o fo llo w in g illu stra tiv e p u rp o se s a ro c ite d .
(a ) F o r a ssistin g p u b lic e d u c a tio n a l, ch a r ita b le o r b o n o v o lo n t Institu­
tio n s, w h e th e r s u p p o r te d w h o lly o r In p a r t b y p r iv a t o d o n a tio n s o r b y
p u b lic ta x a tio n .
(b ) F o r p r o m o tin g s c ie n tific re se a rch fo r th o a d v a n c e m e n t o f h u m a n
k n o w le d g e a n d th o a lle v ia tio n o f h u m a n s u ffe rin g o r th o s u ffe rin g o f ani­

TRUST.

Tho formation is announced of tho Now York Community
Trust, tho scopo of which, according to resolution and decla­
ration croating tho trust, is stated to bo world-wide, but
“ primarily in tho interests of the inhabitants of tho commun­
ity comprising tho City of New York and its vicinity, rogardless of race, color or creed,” and having for its object
tho encouragement of gifts, bequests and trusts for the
benefit of tho community and tho application of progressive
and flexible mothods in thoir administration. The New
York Community Trust is modeled somewhat upon the plan
o f tho Cleveland (Ohio) Foundation, which was established
a little moro than five yoars ago and at tho present time has
rocoivod gifts, living trusts and bequests estimated to aggrogato ovor $100,000,000. In order to insure business manage­
ment and provido for tho safety of tho principal of gifts
mado to tho Now York Community Trust, the plan provides
that tho Trust Companies of tho city and other banking in­
stitutions having trust powor, shall act as trustees. Tho
following trust companies, it is announced, liavo to date
adoptod tho resolution and declaration and are proparod to
accept bequosts under it:
K q u lta b lo T r u s t C o
N ow Y ork T ru st C o.
I r v in g T r u s t C o .
M e t r o p o lita n T r u s t C o .
F ra n k lin T r u s t C o .
M o r c a n tilo T r u s t C o .
A m e r ic a n T r u s t C o .
H udson T ru st C o .

C o lu m b ia T r u s t C o .
U . 8 . M tg o . & T ru st C o .
T it le G u a r a n te e & T r u s t C o .
M a n u fa c tu re rs T r u s t C o .
K in g s C o u n t y T r u s t C o .
F id e lit y T r u s t C o .
H a m ilto n T r u s t C o .
C o m m e r c ia l T ru s t C o .

Alvin W . Kroch, President of tho Equitablo Trust Co.
has boon elected Chairman of tho Trustees Committeo, and
Frank J. Parsons, Vico-Presidont of tho United States
Mortgago & Trust C o ., Acting Director of tho New York
Community Trust. The Community Trust Plan, upon
careful study, prosents many points of interest, but broadly
statod its objects m ay bo summarized as follows:
1. T h o p res erv a tion o f th o p rin cip a l o f c h a r ita b le g ifts.
2 . T h o p re v e n tio n o f o b s o l e s c e n t in c h a r ita b lo g ifts b y m ak in g possib le
c o u r t a c t io n , d e la y o r oxp on so, th o tra n sfer o f th o in c o m e o f a fu n d fr o m a
c h a r it y w h ich has o u t liv e d its u sefulness, t o s o m e a c tiv e p u b lic b e n e v o le n ce
w h o so s c o p o shall b o as n e a rly as p o ss ib lo w ith in th o orig in al desires o f th e
d on or.
. „
. ..
3 . T h o c r e a tio n o f a s tr o n g e r a n d b e tto r c o m m u n it y feelin g a n d th o a t­
ta in m en t o f b r o a d c o m m u n it y p u rp oses th ro u g h th o uso o f th o u n re stricte d
in c o m o fr o m g ift s , b o th la rgo a n d sm a ll.
4 . T h o s e cu rin g fo r e sta b lish e d ch aritie s a n d fo r in v e stig a tio n a n d re ­
search o r fu n d s w h ic h m ig h t n o t o th e rw is e b o o b ta in a b le .
5 . T h o assu ra n co o f th o d o n o r s , t o th o c h a r it y , a n d t o th o p u b lic , o f th o
h ig h est d egreo o f ca ro a n d r e s p o n s ib ility In th o in v e stm e n t a n d re in v e st­
m e n t or th o p rin c ip a l o f ch a r tla b lo g ifts th ro u g h th o c o -o p e r a tio n o f th o
t r u s t co m p a n ie s , a d e q u a te ly e q u ip p e d a n d a u th o riz e d t o a c t u n d e r th o la w .
(5. O p p o r t u n ity fo r m en o f sm a ll m ean s w ith n o d ire ct d e sce n d a n ts t o
m ak o co n tr ib u tio n s t o a c o m m o n c o m m u n it y fu n d .
7 . T h o o p p o r t u n it y fo r m e n o f la rgo m ean s a fte r h a v in g ca re d fo r th eir
o w n , t o p r o v id o th a t th o resid u u m o f th o ir esta tes shall re m a in in t a c t, th e
in c o m o t o b o u sed fo r p u b lic p u rp o s e s.

Tho plan provides that tho income of tho Trust shall bo
distributed by a committeo which shall consist of cloven
citizens of tho United States and residents of tho community,
soloctod for knowledge of tho educational, charitable or
bonovolont needs of tho inhabitants of tho community. In
no ovont shall moro than tlireo of tho members belong to the
samo religious soot or denomination. N o porson holding a
public offico shall bo a member of said Committee, and if
any mombor of said committeo shall bo appointed or elected
to any public offico, such member shall thereupon and with­
out further notion or proceedings whatovor, ceaso to bo a
member of tho committee. Tho committee shall bo con­
stituted, nominated, appointed and classified as follows:
G lass 1 . O n o m o m b o r b y th o P re s id e n t o f th o C h a m b e r o f C o m m e r c e o f
t h e S ta te o f N o w Y o r k .
C lass 2 . O n o m o m b o r b y th o M a y o r o f th o C it y o f N o w \ o r k .
C la ss 3 . O n o m o m b o r b y th o P re s id e n t o f th o N o w Y o r k A c a d e m y o f
M o d lc ln o .
C lass 4 . O n o m o m b o r b y th o P re s id e n t o f th o A s s o cia tio n o f t h o B a r o f
t h o C it y o f N o w Y o r k .
„ „
C la ss C. O n o m o m b o r b y th o P re s id e n t o f th o B o a r d o f T ru ste e s o f th o
B r o o k ly n I n s titu te o f A r ts a n d S cien ces.




937

THE CHRONICLE

M ali. G 1920.]

m a ls .
(c ) F o r th o ca ro o f th o s ic k , a g e d a n d h e lp le ss .
(d ) F o r th o ca re o f n e e d y m e n , w o m e n a n d ch ild re n .
(o) F o r a id in g in th o r e fo r m a tio n o f ( I ) v ic tim s o f n a r c o tic s , d ru g s and
in to x ic a tin g liq u o rs, (2) released in m a tes o f p en a l a n d r e fo r m a t o r y instlbntio n s, a n d (3) w a y w a rd o r d e lin q u e n t p erson s.
(f) F o r th o im p r o v e m e n t o f liv in g a n d w o r k in g c o n d it io n s .
(g) F o r p r o v id in g fa cilitie s fo r p u b lic r e c re a tio n .
(h ) F o r th o e n c o u ra g e m e n t o f sa n ita tio n a n d m easures fo r th o p re v e n tio n
o f d ise a se .
.
(j) F o r in v e stig a tin g o r p r o m o tin g th o in v e stig a tio n o r o f resea rch in to
th o ca u ses o f ig n o ra n ce , p o v e r ty a n d v ic e , p re v e n tin g th o o p e r a tio n o f s u ch
ca u ses, a n d re m e d y in g o r a m e lio ra tin g th o c o n d it io n s re su ltin g t h e r e fr o m .

Tlio Community Trust Plan is now operativo in tho follow­
ing cities:
C h ic a g o
B oston
P h ila d e lp h ia
S t. L o u is
C le v e la n d
D e t r o it
P itts b u rg h
A tt le b o r o
H o u s to n
In d ia n a p o lis
W o r c e s te r

P r o v id e n c e
M ilw a u k e e
M in n e a p o lis
L in co ln
L o u is v ille
L o s A n g e le s
N e w O rleans
S e attle
S pok an e
S iou x C it y
H o n o lu lu , n . T .

B u ffa lo
W in sto n -S a le m
A s h e v ille
S alisb u ry
H ig h p o in t
P e o ria
N o w a r k , N . J.
C in c in n a ti
T u ls a , O k la .
R ic h m o n d
H a rris b u rg

The Now York Community Trust, having had in its for­
mation tho advantages of tho oxporience which has gone
before, seems destined to fill a useful and increasingly im ­
portant place in tho affairs of tho community in tho years
to come. In a number of instances, it is statod, Trust Com ­
panies which havo adoptod tho resolution have already
been named under wills as trustee for the Now York Com ­
munity Trust. It is added that the amount of theso be­
quests cannot bo determined at this time.

C O M M I T T E E O F A . B. A . U R G E S P L A N F O R P R I V A T E L Y
OWNED

MERCHANT

M A R IN E .

Tho American Bankers’ Association, through its Commit­
tee on Commerce and Marino, presented a statement to the
Committee on Commerco of tho United States Sonato on
Feb. 16, urging for tho propor maintenance and development
of this country’s foreign trado, a privately owned and oper­
ated inorchant marine. Tho Bankers’ Association Committee
advocated the working out, at tho earliest possiblo m om ent,
of a plan providing oquitably for tho disposal of tho Govern­
ment-owned merchant fleet to responsible American ooncorns
at prices fairly corresponding to the value of suoh vessels
in the markots of tho world, woll-established shipping
firms having, in this disposal, thoir reightful opportunity
to oxpand thoir business. Tho Committeo, in its statement,
expressed tho opinion that the Government should adopt
as a definite policy that it will in no manner or form oompote
with established steamship lines, as is the caso to-day. W e
believe that in this attitude will bo found the groatest en­
couragement and the groatost sitmulus for individual in­
itiative.” The Committee asserted “ that present condi­
tions more than over demand a speedy determination of
shipping policy, and that such policy should, first of all, be
based on the fact that private initiative and experience in
shipping cannot safely bo sot aside in favor of experimenta­
tion in untried fiolds.” Tho Committeo statod that, if tho
Government should docido to disposo of its moroantilo ship­
ping, after first fixing a reasonable price thereon, tho plan
probably would call for the paymont in cash by the purchasers
of a cortain percentage, possibly 2 5 % of tho agreed price,
the balance to bo paid in installments, and said that, under
such circumstances, it would endeavor to uso its best efforts,
as a branch of tho American Bankers’ Association, to co­
operate in studying, formulating and recommending a safe
and consistent plan of ship financing for tho bonefit and
guidance of all concerned.
The Commerco and Marino Committeo, which has as its
Chairman John M cH u gh , Vico-Presidont of tho Mechanics
and M etals National Bank of N ow York C ity, is oomposed
of fifteen representative bankers from all sootions of the
country, and tho President of tho American Bankors’ Asso­
ciation, Riohard S. Hawes, Vice-President of the First
National Bank in St. Louis, St. Louis, M o ., is a mombor of
it. Tho statement was presented for tho Committee by
William F . Collins, its secretary.

938

THE CHRONICLE

IT E M S A B O U T B A N K S , T R U S T C O M P A N IE S , E T C .
The public sales of bank stocks this week aggregate 24
shares and were all made at auction. A sale of Corn E x change Bank stock was made at 440— 129 3^ points, higher
than the price paid at the last previous sale a year ago.
Seven shares of stock of tho Bank of America wore sold at
611, the last previous sale having been made in M arch 1917
S 570; iwira
7 Bank oVAm7ruSW_

_ Lf u

11.9Com Exchange Bank..........440

„

BS n '

C« ,T

440

440

I f

PZ

Mar

[Vol. 110.

Siven a summary of tho A ct for ready referonco, and a brief
ae. ounfc of tho history of Federal regulations pertaining to
e
rai,roads and other common carriers, beginning with tho
enaetment of the Inter-State Commerce Act in 1887. Copies
of tbe booklet, we are informed, may be had upon request
to tho comPany.
4
The Mercantile Bank of tho Americas announces tho
I °Pem ng at Puerto Cabello of tho fourth branch of its Vone-

f S

1 9 1 9 — 3 10 5 4

^iiela.n affiliate, the Banco M orcantil Am ericano do Caracas.

IAccording to recent figures, 5 2 %

of Puerto Cabollo’s exports
go to the United States and 6 7 % of its import trade comes
from the United States. The export trade is largely do4
Prudent upon tho size of tho coffee and cacao crops which
Otto H . Kahn, of Kahn, Loeb & C o ., sailed on M a r. 2 are t}16 principal exports. Tho Mercantile Bank of the
on tho Cunard liner Kaiserin Auguste-Victoria for a trip to Americas also announces tho opening of a branch at Clogeo
Europe during which he will visit Great Britain, France, de Avila, Cuba, of its affiliate, tho Banco Mercantile AmoriBelgium and Italy. M r . K ahn, who expects to bo away cano do Cuba,
----- ♦
-----about three months, stated that he will not go to Germany.
B A N K -N e w York.

'

— (^Mechanics Bank.................. 854 a8854 a8854 Oct. 1917 114M%
a Dollars per share; par value of shares $50 each.

I

.
*
Imbrie & Co. in announcing recently that they were
prepared to meet the requirements of those desirous of investing in foreign exchange, issued a circular saying in part:

Frank Stemple was appointed an Assistant Managor of
*ho Foreign Department of the National Bank of Commerce
in N ew York on M a r. 1. Ho has been connected with tho
bank since October 1915.

For the first time the general public in America is beginning to realize tho
___ «___
effect of foreign exchange upon its commercial and industrial prosperity
Wo have had from a great many gf our clients inquiries as to a method of I T ae Colum bia Trust C o. of this city has roadv for dis­
investment directly in currencies of European countries.
I trihiifinn
“ ri
1 •
.
._.k
They are inclined to believe
trioution its third edition of Ownership Certificates, InThat tho solution of the problem must rest with tho general public.
form ation at tllO Source, W ithholding at tllO Sourco.” This
That thoso who do their share may bo directly benefitted.
'
digest of these three phases of the Federal Incom e Tnv T.nm
In response to this growing demand for a simpio method of direct invest- is Considered esneciallv useful fn hinlra im s i »
•
‘ ,
ment in pounds and francs, wo are prepared to issue interest-bearing re- v ,
,
P
Y llSCtUl to banks, trust companies and
Ceipts representing deposits with our correspondent banks in Paris and brokerage houses.
London.
___ ____
Theso receipts will bear interest in the same way as bank deposits in
m.
.
.
this country bear interest. They will bo callable for withdrawal on 31 days’
1 be American Trust Co. and tllO Now York Titlo & M o rtnotice in writing to us and will bo payable at that time In New York funds gage Co. have purchased a site at 2f)F IT Mnninmm
;
at the ruling rate of exchange on day of withdrawal. At present sterling V,rnnHvn
,
^ MontagUO Street,
is about 33% discount and francs arc at about a 65% discount.
-DrooKiyn,
UOlirt otreet, to accommodato tllO growing"

t

------«-----business of tho two institutions. Tho building is of an
Tho N ew York agency of the Hongkong & Shanghai attractivo Doric typo with pillared front, easily adaptabloBanking Corporation at 36 W all S t., this city (W ade for b a k in g purposes and with tho improvements and present
Gard’ner, agent), announces that the dividend for tho last eciuipment of tho bank and Titlo company will furnish tho
half of 1919 of tho Corporation was as follows: £ 2 5s. per American Irust Co. and tho Now York Titlo & Mortgage
share, £ 3 10s. bonus per share. This is in addition to the C o ’ ono of tl10 besfc banking sites in tho financial contro of
£ 2 5s. per share paid for the first half of 1919, making a B r? oklyn. President Harry A . Kahlor, at tho Now York
total of £ 8 per share for tho year; 8 2 ,000 ,00 0 Hongkong I office, Broadway and Cedar Street, announced that imcurroncy were added to silver reserve; 81 ,0 0 0 ,0 0 0 (Hong- mediate possession would bo taken of a part of tho building
kong) were written off bank premises; 83 ,250 ,00 0 (Hong- and. the remainder will bo occupied as soon as oxisting leases
kong) wero carried forward to next account.
expire.
For the purpose of providing additional needed spaco the
United States Mortgage & Trust Co of this city has just
completed extensive alterations and improvements in its
main office at 55 Cedar St. Tho outstanding feature is the
construction of a spacious and artistic mezzanine which

Tho American National Bank of M t . Vornon, N . Y . , is
the name of an institution for which a charter’ is sought,
H* the application to tho Comptroller of tho Curroncy tho
capital is fixed at 8100,000.
----- ♦
------

completely surrounds the mam banking room. The motif
An application has been mado to tho Comptroller of tho
and finish harmonize with the adjoining construction, thus Curroncy for a charter for Peoples National Bank of Elizapreserving tho architectural style of the main banking room, both, N . J ., capital 8200,000.
which is in the Italian Renaissance, and which has long
___ 4____
been recognized as one of the most distinctive and attractive
©rpn non boo b
.. , „ ,
examples of bank architecture in tho city.
m
, 3 ? ° ° T l beon addcd to the capitaI of tho City Bank
___ 4____
trust Co. of Syracuse, N . Y . , making tho samo 82 ,000,000
rrbo n
. m
, ~
,,
,
instead of 81 ,500,000. The proposal to enlarge tho o m ifil
Y ° n u 0 n MarCV
0pencd
an office at 268 Grand S t., betwen Chnstio and Forsyth
streets, for the transaction of a genera commercial banking
business and the maintenance of a complete service for foreign
drafts, cable transfers and money orders. Tho first floor
of the building, which was formerly occupied by the M utual
Alliance Trust C o ., will be occupied by tho general banking
department, and the foreign department will bo located in
the basement. Both floors have been remodeled and fitted
with all conveniences for the transaction of business. Tho
new office is being opened in order to provide more quickly
and efficiently for the constantly increasing volume of foreign
exchange business handled by the company. Special
arrangements have been mado for sending m oney, through
this office, by cable or mail, to any accessible part of tho
world, including Poland, Central Europe and the Balkans,
Harry Lawton, who has had charge of the overseas service
at the main office and who has had a wide exporionco in international banking, will be manager of the Grand St. office.
The Guaranty Trust Co. of New York has issued a booklet
on the Transportation A ct of 1920 (tho Esch-Cummius Bill)

was ratified b* th0 stockholders on Feb. 7. The s e U W price
v
of the new stock (par 8100) is 8200 per share
T h V n ow
stock is payable 1 0 % on subscription, 1 5 % April 1st 1920
2 5 % each on June 1, A u g. la n d Oct 1
/o P
___
*
.
^ Tho Peoples National Bank of Malone, N . Y . (capital
$150,000),^ has been placed in voluntary liquidation, its
ass° t s having been taken over by tho Peoplos Trust Co. of
M alone.
----- *-----Georgo F . Hills, President of tho State Bank & Trust C o.
of Hartford, C onn., and of tho Hartford Clearing House*
Association, died on Fob. 20 following an illness of loss than
ttvo weeks. M r . Hills was 82 years of ago. M r. Hills had
been associated with tho Stato Bank & Trust Co. for 65 years,
having entered tho institution as a discount clerk on Sopt. 18
1854, becoming Cashier in 1865 and President in 1889.
H e became President of tho Clearing House Association in
1910 at the timo of tho death of II. A . Redfiold.
___ «-------------------

under which the railroads of the United States have been
A t the regular meeting of tho directors of the Union Trust
returned to their owners. The text of the law, as reported | C o. of Providenco, R . I ., on March 1 Georgo W Gardiner
by the Conference Committee of Senators and Representa- , and D r. John W . Keefe wero elected directors t f tho company
tives, is printed in full and carefully indexed. There is also 1
___ «____
me company.




M

ar

. 6

1920.]

TH E CH
______________________________RO N ICLE

Group insurance has boen provided for tho employees of
the Old Colony Trust C o. of Boston, according to an an­
nouncement made by President Philip Stockton on Fob . 1 •
Tho plan adopted by the company requires no medical ex­
amination. Each employee is insured for an amount equal
to his or her annual salary, if less than $5,000. It affects
about 030 employees. The insurance which is made appli­
cable to all tlioso who have been in the employ of the com­
pany for at least a month will continue in force only while
the group policy is effective and while the employee is work­
ing regularly for the company. The policy provides that
(1) in tho ovont of death at any time the insurance will bo
paid to tho designated beneficiary; (2) that in the event of
permanent total disability before the age of sixty the insur­
ance will bo paid to the employee, and (3) that upon proper
application and payment of premiums any employee at the
termination of his employment may take out insurance of
like amount without physical examination. It is pointed
out that while it is hoped that tho group policy will be con­
tinued from year to year, it now is being tested as an ex­
periment.

939

R . II. Schryver, President; George W . Bright. Chairman o f t h e B oard;
O. A . M iller. Vice-President; Carl J. H ostcr, Vice-President. J . F . S ton e.
Vice-President; John H . Lange. Cashier and Secretary; L eo J. S ^ la e ch te r.
A uditor; John B . D u ry. Asst. Chasler; John Blanpled, Asst. Secretary.

A stock affiliation of the National Bank of Elyria and The
Lorain County Savings and Trust Company of Elyria, Ohio,
has been affected. The two institutions will retain their
separate existence, but will be operated under the direction
of a joint Finance Committee. The capital of tho National
Bank of Elyria is $250,000, and the Lorain County Savings
and Trust Company has increased its capital from $200,UUU
to $250,000; combined capital, surplus and undivided profits
of the two institutions will aggregate approximately $900,000
total assets $8,500 ,00 0. Property has been purchased and
plans have been drawn for a now structure for the use of
The National Bank of Elyria immediately adjoining the
present 10 story building of Tho Lorain County Savings
and Trust Company. The title of the National Bank of
Elyria has been recently changed to the First National Bank
in Elyria. Elyria is a city of 30,000 people, growing rapidly.

.

A t a meeting of the directors of the First National Bank of
Boston, M a ss., it was voted to recommend to the stock­
holders that tho capital of the bank bo increased from
$7,500,000 to $15,000,000. Tho stockholders will meet on
March 29 to act on tho proposal. Tho now stock will be
offorod to shareholders of record April 1 at par, v iz., $100
por share. The increased capital is to become effective
April 15 1920.

Edward N . Heinz, Assistant Cashier and Manager of the
Foreign Department of the Fort Dearborn National Bank, of
Chicago has left for New York , from which city he sails for
Europe where he will study economic conditions for the t ort
Dearborn Banks in all countries now accessible. He will
also come in personal contact with the b an k s foreign cor­
respondents. M r . Heinz will attend the industrial fairs at
Leipzig, Germany; Lille, France; and Brussells, Belgium.
Before returning home he will visit Spain, Italy, Turkey,
Greece, Hungary, Austria, Czecho-Slovakia, the Scandinav­

Tho stockholders of the Exchange Trust Co. of Boston
ian countries and England.
will meot March 9 to take action upon a proposal to author­
W.
Frank M cClure, Advertising Manager of the hort
ize tho President to petition tho Bank Commissioner for Dearborn National Bank and Chairman of the advertising
approval of an increase of tho capital stock of the company. council of the Chicago Association of Commerce, has been
It is plannod to increase the capital from $600,000 to $ 1 ,­ appointed by M ayor Thompson, Chairman of the advisory
000,000 by an issue of 4,000 additional shares of a par valuo council of the Chicago Boosters’ Publicity C lu b., Inc. The
of $100 each. It is also proposed to sell tho new shares at advisory council will handle tho $1,000,000 a year campaign
$200 por sharo and to carry tho amount received from tho to spread Chicago’s fame and advantages to all parts of the
salo of said new stock over and above the par value, as world. The other member of the advisory council are:
surplus.
Henry Shott, Montgomery W ard & C o .; S *
Ja™es
S. Kirk Company; R .A . Brown, Marshall, Field & C o .,
Tho Phillipsburg Trust C o. of Phillipsburg, N . J ., is E S LaBart, Wilson & C o.; Dana Howard, Commonwealth
advertising for bids for the erection of a now banking house
to bo locatod adjoining its prosont quarters. Bids are ad­
vertised to bo presented on or boforo March 15 and the plans
and specifications for the building are on filo at its office,
as well as that of the architect, William M . Michlor of the
Drako Building, Easton, Pa. Tho trust company began
businoss on Juno 4 1917 and is tho only trust company in
Warren County, N ew Jersey, at the present writing. Tho
doposits to dato aro approximately ono half million of dollars
and the officers aro O . D . M cConnell, President and Trust
Officer; Thomas Newm an, Vice-President and W . Sargeant
N ixon,’ Secretary and Treasurer.

Edison Company; Earl Barber Alfred Decker: & Cohn;
F W
Ileiskell, International Harvester C o ., S. Ldgrm ,
Sprague, Warner & C o.; L . G . Reynolds, Stewart-W araer
Speedometer Company; H . C . Darger, Blue Valley Creamery
Company, and II. Greenbaum, W ieboldt s Department
Stores.

Four hundred business men in Cedar Rapids, Iowa, at­
tended a banquet on the evening of Jan. 23 , in honor of John
Fletcher, Vice-President of tho Fort Dearborn National
Bank, Chicago. The affair was in the nature of a home­
coming, as M r . Fletcher was a former resident of Cedar
Rapids, leaving there to come to Chicago fifteen years ago.
W altor I I . Lippincott has boon elected President of the Tho banquet was under the auspices of the Chamber of
Logan Trust C o. of Philadelphia, P a ., succeeding Howland Commerce and Rotary Club and proved a delightful affair.
C om ly, who has been mado chairman of tho Board. E . After eleven years in Cedar Rapids, M r. Fletcher went to
Claronco Miller has boon olected a Vice-President. M r . Chicago as Assistant Cashier of the Drovers National Bank.
Lippincott and M r . Miller aro both members of tho firm of In 1910 he became President of the Drovers National Bank.
In 1914, he was chosen Vice-President of the Fort Dearborn
Bioron & C o ., of Philadelphia.
XTofirtnn.l Rfl.nk.
•
The Merchants National Bank of Butler, P a ., has increased
its capital from $100,000 to $200,000.
A now institution, namely tho M ount Vernon Savings Bank
of W ashington, D . C ., is being organized by R . Golden
Donaldson and C . C . Tucker. Tho bank which is to be
located at N inth and K Streets, is to liavo an authorized
capital of $200,000, it is planned to begin business as soon as
$100,000 of capital and a surplus of $25,000 has been sub­
scribed. W illiam R . B aum , who has resigned as cashier
of tho Security Savings & Commercial Bank of Washington,
will be cashier of tho bank now being formed.

An increase of $100,000 in the capital of tho Palmer N a ­
tional Bank of Danville, 111. is announced by the Comptroller
of the Currency, the amount being raised from $200,000 to
$300,000.
The Comptroller of the Currency reports that the National
Bank of Decatur at Decatur, 111., has increased its capital
from $250,000 to $300,000.

A t a special meeting of the stockholders of the Detroit
Savings Bank of Detroit, M ic h ., on Feb. 26, tho recom­
mendation of the directors that tho present capital of $750,­
The election of John H . Lange as Cashier and Secretary
000 and surplus of liko amount bo increased to $1 ,500 ,00 0,
of the Citizons Trust & Savings Bank of Columbus, Ohio,
was ratified. The stock (par $100) is to bo sold to stock­
to succood tho lato Waltor English, was announced on Jan.
holders of dato M a y 1 1920 at $200 per share. This in­
31 by tho President of the bank, R . H . Schryver. M r .
crease is brought about through tho issuanco of 7,500 ad­
Lange had been connected with tho Stato Banking Depart"
ditional shares. The new capital is to become effective
mont for sovon years. Tho following is tho present list of
M a y 1 1920.
officors of tho bank:
.




910

THE CHRONIC LI

The First & Security National Bank of Minneapolis has
changed its name to the First National Bank of Minneapolis.
Announcement of the proposed change was made in these
columns Jan. 3 1 .
1 he first bonus check given by the State of Minnesota to
the men of the State who served the country during the war.
was promptly deposited by the recipient M elvin C . Melandl
in tho Farmers’ & Mechanics’ Savings Bank of Minneapolis,
which points to his action as an admirable example of thrift
which others receiving State bonus claims might profitably
follow. The bonus chedk amounted to $435.
The Second W ard Securities Co. of Milwaukee announces
m r ° f lts.ChleaS ° offioe at 105 South La Salle Street,
G
with W . E . Lewis, resident Vice-President, in charge. The
company will assist, it is announced, in all kinds of legitimate
financing and will underwrite security issues to develop the
resources of this central region. The officers are: Jos E
Uihlein, President; Albert C . Elser, Robert A . Uihlein
Henry C . Quarles, Envin C . Uihlein. R . S. Peotter’
Gustav Wollaeger Jr., and W . E . Lewis, Vice-Presidents;
Russell Jackson, counsel; G . L. Weiglo, Secretary and
Treasurer; J. B . Angle and R . T . Phillips, Assistant Secre­
taries; and W alter F . Thomas, Assistant Treasurer.
Hie City National Bank of Oshkosh, W is ., has increased
ts eapital from $200,000 to $300,000.
According to the weekly bulletin of tho Comptroller of tho
Currency, tho Union National Bank of Bartlesville, Okla
has Increased its capital from $100,000 to $200,000.
An application for a charter for the American National
Bank of Okmulgee, Okla., has been made to tho Comptroller
of the Currency. The capital is fixed at $150,000.
The Comptroller of tho Currency reports tho issuance of a
charter for tho Globo National Bank of Denver, Colo with
a capital of $200,000. D . H . Staley is President and
August Loehwing, Cashier. The bank succeeds tho Com­
merce State & Savings Bank of Denver. Tho application
for tho charter for the national bank was referred to in our
issue of Jan. 3.

(VOL 110

£ 1 ,1 5 0 ,0 0 0 was sot aside as a special contingency account
for writing down tho bank’s investments; £5 0 ,0 0 0 was allo­
cated to the staff widows and orphans fund and £150 000
was added to reserve fund. From tho balanco remaining,
£ 1,22b,OS 1, the directors recommondod that tho payment of
a dividond at the samo rato for tho last half year, amounting
less income tax, to £5 97 ,6 16 , and a bonus of 3s. per shard
for tho^samo period, also less incomo tax, amounting to
£1 23 ,6 45 , be paid, leaving a balanco of £5 05 ,4 20 to bo
carried forward to tho profit and loss account of tho current
year, as against £4 72 ,7 55 brought forward from 1918.
During tho year, tho report states, tho bank took ovor tho
W est Yorkshire Bank, L td ., and oponod now branches in
Old Bond Street, W ., at Barnard Castlo, Berkhamstod,
Carlisle, Croydon, Grantham, Ilorno B ay, Holyhoad,
lvendal, Knighton, Lowes, Penrith, Preston, Scarborough
Stourport, Teddington, Wallington, Whitohavon and else­
where. In addition, a largo number of sub-branches have
been oponed or re-opened. In his statomont concerning tho
assets and liabilities of tho institution, Sir Richard V .
Vassar-Smith, B art., chairman of tho bank, said in part:
, l. D “ rin[ th,c y e a r wo h a v ° , as a lre a d y s ta te d , a cq u ire d fu r th e r shares in
g
Sat
° a n k ° ! S“ t' a n d a n d th0 L o n d o n & R iv e r P la to B a n k , s o
th a t b o th th o a m o u n t a n d th e v a lu o o f o u r h o ld in g s a re h igh er. T h e r e has
been n o fu rth e r ca p ita l p la c e d in o u r fo re ig n b a n k .
I m a y m e n tio n hero
th a t th o title o f th a t b an k has boon a itorod fr o m " L lo y d s B a n k (F r a n c o ! &
N a tio n a l P ro v in cia l B a n k (F ra n ce ) L im ite d " t o " L l o y d s & N a t i o n a l
P ro v in cia l F oreig n B a n k L im it e d .”
I t Is sh o rte r, a n d . as o u r i m s i m J has
e xten d ed o u ts id e tho b o rd e rs o f F ra n c o , m o ro a p p ro p ria te .

A t the meeting, also, tho following resolutions with regard
to tho bank s capital and reserve fund wero submitted to tho ^
shareholders and passed:
T h a t pursuant t o A r tic le 124 o f th e A r t i c l e o f A s s o c ia tio n , th is
gen eral m e e tin g o f tho s h a reh old ers o f L lo y d s B a n k L im ite d , o n th e r e c o m ­
m e n d a tio n o f tlio b o a r d , d ire ct t h a t, o u t o f th o m o n e y s now s ta n d in g t o th e
cr e d it o f th o rc s c r v o fu n d , a su m e q u iv a le n t o f £2 p er sharo o n oacli o f th e
shares o f th o b a n k o f £50 oach issued as a t th o 2 0th J a n u a ry , 1920 , bo
ca p ita Ized b y cre d itin g £2 p e r sharo in p a rt p a y m e n t o f th o a m o u n t u n p a id
o n ea ch su ch sharo, m ak in g th e to ta l a m o u n t p a id u p th oroon £10 p e r sh a ro
th e w h o le o f w h ich will ran k fo r all d iv id e n d s a n d bo n u se s w h ich m a y b o
p a id In re sp e ct o f a n y p eriod s u b se q u e n t t o th o 3 1st D e c e m b e r , 1919 .
(2) T h a t th o c a p ita l o f th o b an k bo Increased fr o m £00 000 000 t o £72 500 ,00 0 b y th o cr e a tio n o f 2 .5 0 0 .0 0 0 n o w sh ares o f £5 o a c h . '
’
(3) T h a t th e d ire cto rs o f th o b a n k bo a u th o riz e d to issuo 2 ,3 5 5 456 now
shares o f £5 o a ch (su ch shares to bo p r o v is io n a lly a llo t t e d w ith rig h t o f ren u n f . n o 'll t0„ V '030 shaV‘ho,tIor3 w h o w cro registered as h o ld e rs d f shares o n
th o 20th o f J an u a ry , 1920, a t th o ra to o f tw o n ow shares o f £5 o a ch fo r o a ch
share o f £50 th en hold b y th em , u p o n p a y m o n t o f tho sum o f £2 2 s. (id.
p e r sharo, o f w h ich £1 is to b o a p a y m o n t in re s p e ct o f c a p ita l a n d £1 2s Oil
t h w T T . b y T o ° f p ro m lu m ‘ A n d th a t a » y o f su ch now shares o f w h ich
th o p ro v is io n a l a llo tm e n t m a y n o t h a v e boon a c c o p to d In th o p roscribed
m a n n e r o n o r b e fo re tho 10th M a r c h , 1920, b y sh a re h o ld e rs o r b y th o p e r­
sons In w h oso fa v o r th o y m a y h a v o re n o u n ce d s u ch a llo t m e n t , sh all b o a t
th o d isp osal o f th o d ire cto rs , t o b o a llo tte d anil Issued to s u ch p erson s o r
co m p a n ie s a n d u p o n such term s a n d c o n d itio n s as th o d ire cto rs m a y d o term ln o.
*

A consolidation has been arranged of the two oldest finan­
cial institutions in Emporia, Kansas, namely tho Citizens
National Bank and the Emporia National Bank. Tho re(4) T h a t th o said now shares s h a ll ran k pari passu in all re s p e cts w ith t h o
sultmg institution, which will bo known as tho Emporia- issued sharo c a p ita l o f th o b a n k , a n d s h a ll on titlo th o h o ld e rs to r a n k in
Citizens National Bank, will have a capital of $500,000 and re sp e ct o f th o £1 p a id up on a c c o u n t o f ca p ita l fo r all d iv id e n d s a n d bon u ses
ma
resources of more than $4,000,000. F. C . Newman Presi­ w h ich1919.y bo p a id in respect o f a n y p erio d s u b se q u e n t to th o 31st D e c e m ­
ber,
dent of the Citizens National Bank, will be President of
tho enlarged institution, and L . Jay Buck, President of
The 138th semi-annual report of tho Bank of Now South
the Emporia National Bank, its Vice-President.
Tho
\\ ales (head offico Sidnoy) for tho six months onding Sept. 30
merger is expected to become effective in about sixty days
1919, presented to tho shareholders at thoir half-yearly
It is planned to erect a new four-story bank building in the
mooting held in Sidnoy on N ov . 28 last, is at hand. The
near future.
report shows not profits, after deducting rebate on ourront
bills, interest on deposits, paying incomo, land and othor
XT1. ? 6 ? a sa! Nat,onal B aak of Wichita, Kans., and tho
^
National Bank of Commerce of Wichita, Kans. have been taxes, reducing valuation of bank premises, providing for
consolidated under the charter of the Kansas National Bank bad and doubtful debts, and fluctuations in the value of
of Wichita and under the corporate title of tho First National investment securities, and including recoveries from debts
Bank in W ichita, with a capital of $1,000,000. The com­ previously written off as bad, of £3 02 ,4 26 and making with
£137,31«3, representing undivided balance from tho previous
bined capital prior to consolidation was $400,000.
six months, £439,739 available for distribution. Out of
J * ■ * _PiUespie’ lateIy cashier of the Tension National this total an interim dividend at tho rato of 1 0 % per annum
D
Bank of Dallas, lias been elected Active Vice-President and for tho quarter ended Juno 30 last was paid amounting to
Cashier of the Central State Bank of Dallas. M r. Gillespie £9 9,038.
From tho balanco remaining, £340,700, tho
is manager of tho Dallas Clearing House Association, Chair­ directors recommended that £1 00 ,0 00 bo appropriated to
man of tho committee on Federal reserve relations of the pay a quarter’s dividend to Sept. 30 1919 at tho rato of 10 %
1 exas Bankers Association and a director of the Association
per annum; £330 to take care of interest at 5 % per annum
of Reserve City Bankers.
to June 30 1919 in capital paid in advanoe on othor than tho
fixed dates in respect of the new shares on tho London Sharo
Tho sixty-second annual report of Lloyd’s Bank, Ltd.
Register and £100,000 to augment tho rosorvo fund of tho
(head offico London) for tho calendar year 1919, submitted
bank (making tho same £ 3 ,2 0 0 ,0 0 0 ), leaving a balance of
to the shareholders at their ordinary gonerai meeting hold at
£140,370 to bo carried forward to tho ourront half-year,
Birmingham, England, on Fob. 3 last, is at hand. It shows lo ta l assots are given in the roport as £6 7,036,249. Tho
net profits for tho year, after making provision for rebate,
paid-up capital of tho Bank of New South Wales is £ 4 ,0 0 0 ,­
income tax, bad debts, contingencies, & c., of £ 2 ,8 7 6 303
000, with resorvo land of £3 ,200 ,00 0 and roservo liability
whioh with £4 72 ,7 55 , tho balanco brought forward from
of proprietors £4 ,000 ,00 0. . During the half-year branches
1918, made tho sum of £3 ,349 ,05 8 available for distribu­
wero opened at Mathoura (Now South Wales) and at
tion. Out of this total an interim dividend of 14s. 6d. per
Kaikohe (Now Zoaland) and tho branch at Eaglehawk
share, being at tho rate of 18Y%% per annum, and amount­
(Victoria) was closod, making tho total number of branches
ing less incomo tax, to £5 72 ,3 77 , was paid for tho half year
and agencies 340. Tho H on. Sir C . Iv. MacICellar is Presiended June 30 last; £200,000 was written off bank promises;
dentjof tho institution and Sir John Russell French, General




Manager. Sir Frederick Green is Chairman at the London
office, 29 Threadneedle Street, E . C . 2.
Tho Choson Industrial Bank Ltd. of Seoul, Chosen, in its
semi-annual statement to Juno 30 1 9 1 9 , reported that tho
profits, after deducting expenses, providing for interest on
doposits, robato on bills and for all bad and doubtful debts,
amounted to yen 115,381, to which was added tho Govern­
ment subsidy, yen 43,000, making a total of yen 153,381,
which it was p r o p o s e d to appropriate as follows:
Yen (excluding
the shares held
by the Govern­
ment) .
D iv id e n d 7 % p or a n n u m ......................................................................
Itosorvo fu n d t o p r o v id o fo r l o s s ......................................................R obot vo fu n d t o oq u a liz o d i v i d e n d -------------------- - ..................... B on u s a n d a llo w a n c e s ----------------------------------------------------------------

c h a r a c te r . I t is fa ir ly s a fe t o a ss u m e t h a t a fre e m a r k e t fo r s ilv e r in I n d ia
w ill in t h e lo n g r u n . re s u lt In d o in g a w a y w ith t h e n e e d fo r c o in in g m o r «
s ilv e r ru p e e s fo r s o m e t im o t o c o m e . T h o e m b a r g o u p o n t h e p r iv a t e im
p o r t a tlo n o f s ilv e r in t o In d ia n o t o n ly c a u s e d t h e m o lt in g o f ru p e e s b u t a lso
in cr e a s e d h o a r d in g , o w in g t o a fe a r o f a gre ate r s c a r c it y o f th is m e ta l in th e
fu tu r e . W h e n th o b a z a a rs a re s u p p lie d fr e e ly w ith s ilv e r , a n d th e p r c
o f silv e r in In d ia fa lls In c o n s e q u e n c e b e lo w th e m e ltin g v a u lo o f t h o ru p e e
it is re a s o n a b le t o e x p e c t t h a t c o in s w ill b o re s u rr e cte d fr o m th o s o il . a n d
w h e re v e r elso t h e y m a y lia v o b e e n s e c r e t e d , a n d th a t th e r e w ill b e a n
a b u n d a n c e o f h o a r d e d s ilv e r r u p e e s b r o u g h t in to c ir c u la t io n , a h o h u g e
co in a g e o f In d ia in r c c o n t y e a rs e n c o u ra g e s th is id e a .
It is w o r th y o f n o t ic e t h a t , as t h o In d ia n B aza a rs a re n o t lik e ly t o b u y
a b o v e th o m o ltin g v a lu o o f t h e ru p e e in I n d ia , th e p r ic o t h e y c a n p a y .as
w ell as th o c u r r e n c y p o u n d v a lu e o f th o r u p e e , w ill b o t h la rg e ly b o m easu red
b y th o p re m iu m o n g o ld in th is c o u n t r y .

00
J,OU5' J
2 .5 0 0 00

11,000 00
Yen 158.381 40

Tho bank has a capital of yon 10,000,000, a reserve fund
of yen 013,770; its total assets on June 30 1919 amounted
to yon 49,751,191. Tho capital is divided into 200,000
shares of 50 yon oach, of which yon 4,197,940 is paid up,
the full amount being paid up on 6,598 shares hold by the
Government, and 20 yen on each sliaro other than tlioso held
by tho Government. W ith regard to tho aims of tho bank,
its President Taro Mishima writes us as follows.
T h o b a n k w as esta b lish e d In S o o u l, C h o s o n (K o r e a ), on O c to b e r 1st o f
east y ea r b y G o v e r n m e n t special c h a r te r t o p r o m o t e m o re v a rio u s e c o n o m ic
antorprlsos In C h os on , a n d a t th o sam o tim o th o b a n k u n itin g a gricu ltu ra l
b n d Industrial b a n k s, six In n u m b e r, existed u n til th a t th n o th o b a n k has
a o c o m o th o la rgest b a n k o f th o k in d In p on n isu la , still m o ro th o b a n k b ein g
a u th oriz ed t o isouo d eb en tu res th o b a n k raised th e m ro ce n tly o n h o m o

Indian Currency Returns
18515
4033

18329
3947

3 510
1162
1560
8 250

3534
1038
1560
8250

T h o co in a g e d u rin g th o w e e k e n d in g 7 th in s t. a m o u n t e d t o 67 la cs o f
T h e s t o c k In S h a n gh ai o n th o 3 1st u lt . co n s is te d o f a b o u t 2 6 .1 5 0 .0 0 0
o u n ce s in s y c e o , 1 1 ,0 0 0 ,0 0 0 d o lla rs , a n d 40 la cs o f s ilv e r b a r s a n d U . S .
d o lla r s , a s c o m p a r e d w ith a b o u t 2 4 .6 5 0 .0 0 0 o u n c e s in s y c e o 1 1 ,0 0 0 .0 0 .
d o lla rs a n d 80 la cs o f s ilv e r b ars a n d U . S . d o lla rs o n t h o 2 4 th u lt.
Q u o ta tio n s fo r b a r s ilv e r p e r o u n c o s ta n d a rd :
Cash.
2 \ fo s.
Cash. 2 Mos.'
85 H d
F e b . 6 ...........................8 8 d .
SCi'Ad.
7 ........
...........8 9 d .
S 7% d. A v e r a g e ' 1 1 II1 1 1 1 l l l . ^ d . 8 6 .8 3 3 d .
9 " ' ..................S S ^ d .
8 0 H d . B a n k r a t e -------------------------------------y - 2 so
10~.................... 88^cl. 87Hd- B ar g o ld p er o z . fin e --------------- 120 s .
11 — ....................8 9 M d .
87K d.
T h o q u o t a t io n s t o - d a y fo r c a s h a n d fo r fo r w a r d d e liv e r y a r e . r e s p o c tlv o ly
m d . a b o v e a n d V»d. b e lo w th o s o fix e d a w e e k a g o .

T h o to ta l a m o u n t o f e x p o r t d o n e b y C h o so n d u rin g th o h a lf y e a r u n der
review was 100,83 0 ,0 0 0 y e n . In clu din g g o ld a n d s ilv e r b u llio n , a n d th o to ta l
a m o u n t o f Im port d o n o d u r in g th o sam o p e rio d w as 1 25,430,000 y o n , m a k n g
a gran d to ta l o f 2 2 0 ,2 6 0 ,0 0 0 y o n .
A s c o m p a r e d w ith th o c o r re sp o n d in g
p eriod o f la s t jroar, th o oxporfc sh ow s an Increase in v a lu e o f 3 9 ,7 2 0 ,0 0 0 yen
( 0 5 % ) a n d th o im p o r t 5 7 ,6 1 0 ,0 0 0 y o n .

THE ENGLISH GOLD AND SILVER MARKETS.
W e roprint the following from tho weekly circular of
Samuel Montagu & Co. of London, written under date of

ENGLISH FINANCIAL MARKETS—PER CABLE.
Tho daily closing quotations for securities, & c., at Loudon,
i reported by cablo, havo boon as follows tho past week.
London,
Feb.2S. Mar. i.
Week ending Mar. 5.
Sat.
Mon.
Sliver, per oz____ _____ --d . 83M
84
id.
Gild per fine ounce.......... _.122s.4d. 1 2 ls. 6 d.
Consols, 2'A per cents.......... Holiday 49 H
British, 5 per cents................ Holiday 87H
British, 4 Vi percents-----------Holiday 80M
French Rentes (In Paris), fr. 57.85
57.901
French War Loan (lrt Paris) , f r . ................ —

Mar. 2.
Tucs.
83 H
Il9s.6d.
49
87 M
i
80
57.52

Mar. 3.
Wed.
83 X
1 2 0 s.
49 M
87 H
79 H
57.90

Mar. 4.
Thurs.
84
119s.
49 H
88

79 H
58.20

Mar. r0
Fit.
77 H
IHa.fld
49H
,8 8 V
*
80
67.90
,

Tho prico of silver in Now York on tho same day has boon:
S ilve r In N. Y., per o z .. cts.130

1311i

132

131 V
i

131'-4

1- ) ,

OOLD

T h o B an k o f E n g la n d g o ld ro s e tv o a ga in s t Its n o te issue has a ga in in
cr e a s e d s u b s ta n tia lly , th o t o t a l - £ 1 0 5 , 2 3 2 . 5 6 0 - l s £ 2 .9 5 3 .5 0 5 m o r o than
th a t In la st w e e k 's r e tu r n .
G o b i has c o n tin u e d In g o o d re q u e s t fo r so v cr a l q u a rte rs , a m o n g s t w h ich
fig u r e S ou th A fr ic a . S traits S e ttle m e n ts . S o u th A m e r ic a a n d th e tra d e .
T h o p r ic o fell fr o m th e r e c o r d q u o t a t io n o f 127s. 4 d . o n th o 5 th Inst, t o
123s. O d., a n d h a s rem a in e d w ith in Cd. o f th a t fig u re u n til t o - d a y , w hen
th o flrm nosa o f th o A m e r ic a n e x c h a n g e ca u s e d a fa ll o f 3 s.

S IL V E R .
T h o m a r k e t has s h o w n c o n s id e r a b le stea d in ess d u rin g th e w eek w ith an
In clin a tio n u p w a r d . In th o co u r s e o f w h ic h a n ow re c o rd p rice fo r cash
d e liv e r y , n a m e ly . 8 9 J ^ d ., w a s e s ta b lis h e d y e s t e r d a y . T o - d a y . h o w e v e r ,
th e s tr o n g r e c o v e r y o f th o A m e r ic a n e x c h a n g e a n d a fa ll in th e C h in a
ex c h a n g e lia v o b r o u g h t a b o u t a fa il. T h o im m in e n ce o f th o C h in e se N e w
Y e a r, w h ich Is d u o o n th o 2 0th In s t., d o u b tle s s ca u s e d th o r e d u c tio n o f tho
S h a n gh ai taol ex c h a n g o t o - d a y fr o m 9 s. 3 d . t o 8 s. l i d .
C a b lo a d v ic e s a n n o u n co th a t th o fo llo w in g sh ip m e n ts o f b a r s ilv e r w ero
m ad e fr o m S an F r a n c is c o o n th e 7 th In s t.: 2 ,9 6 3 ,0 0 0 o u n ce s t o S hangh ai
a n d 8 7 5 .0 0 0 o u n ce s t o H o n g k o n g .
T h e n o t ic e g iv o n t o P a rlia m e n t o n th o 10th In st, th a t th e C h a n c e llo r o f
th e E x c h e q u e r w o u ld In tro d u c e a b ill t o a m e n d th e la w as t o th e s ta n d a rd
fin en ess o f silv e r c o in in th o U n ite d K in g d o m a n d o th e r pa rts o f l l is M a je s ­
t y 's d o m in io n s Is o n o m o ro s to p , a n d a m o s t Im p o r ta n t o n e , in re d u c in g
th o u r g e n c y o f th o s ilv e r d e m a n d fo r c o in a g e , fo r o b v io u s ly th o in te n tio n
o f th e bill will b o t o r e d u c o th o fin e n e s s o f th e m eta l s tr u c k . T h o co u n trie s
a ffe c t e d will b o A u s tra lia , th o W e s t A frica n c o lo n ie s , a n d o th e r p la c e s w h ero
s te r lin g c o in s , o f a n om in a l v a lu o sim ila r t o th o s o o f th o U n ite d K in g d o m ,
pass c u r r e n t.
R e c e n t ly It has b e e n p ro p o s e d th a t th o q u a lity o f C a n a d ia n
s u b sid ia r y s ilv er c o in s sh o u ld b o r e d u c e d t o .800 fin e . A r e d u c tio n in
q u a lity o f s te r lin g s ilv e r c o in (.9 2 5 ) t o .800 fin e w o u ld n o t s o lv e th e d iffi­
cu lties o n a c c o u n t o f w h ic h th o b ill is t o b o in t r o d u c e d , fo r th e c o s t o f
p r o v id in g th o m eta l w o u ld still e xc e e d th e n o m in a l v a lu e . F o r in s ta n c e ,
th e v a lu o o f th o s ilv er In an o u n c e o f m e ta l .800 fin e w o u ld b e , a t t o -d a y s
p r ic e , 7 6 .7 5 d ., w h ilst th o co in s s tr u ck th e re fro m w o u ld , u n less t h e p re se n t
legal ’gross w eig h t o f th e co in s b o a lte r e d , o n ly pass cu rre n t fo r 6 6 d . E v e n
.700 q u a lit y w o u ld c o s t 0 7 .1 5 d . In o th e r w o r d s . If th e s ilv e r co in a g e Is t o
b e b r o u g h t b e lo w Its m e ltin g v a lu e , th o w o lg h t o f th o co in s a n d (o r) th o
fin en ess m u s t b e re d u c e d t o a n a d e q u a te e x te n t.
T h e a n n o u n c e m e n t t h a t th o e m b a r g o u p o n p r iv a te im p o r ts o f s ilv e r in to
In d ia a n d th o Im port d u t y h a v o b e e n r e m o v e d , is o f c o n s id e ra b le Interest.
T h o p r o h ib itio n o n e x p o r t w ill still r e m a in . T h e n a tiv e s o f In d ia will
e n jo y a p r iv ile g e n o t p o sse sse d In th e U n ite d K in g d o m , fo r , In I n d ia , th o
p r o h ib itio n o f u sin g g o ld a n d s ilv e r c o in s o th e rw is e th a n as cu r r e n c y has
been c a n c e le d .
__
A t t o - d a y ’fl p rico h o r o , a n d 111 ru p e e s p e r 100 tola s fin e (th o p r o a b b le
q u o t a t io n In I n d ia ), th o p a r is 2 s. $ % d ., in w h ich is In clu d e d 1 > * % fo r th o
c o s t o f tra n s m is sion , in te re s t, & c .
T h e c o n s u m p t io n o f silv e r b y th o In d ia n B a za a rs in th o o ld d a y s uso to
b o a b o u t 3 5 ,0 0 0 ,0 0 0 o u n ce s p er a n n u m .
W e h a v e n o w t o d o w ith a p e o p lo
e n r ic h e d b y th e w ar a n d r a tio n e d as t o g o ld . In th ese cir c u m s ta n c e s , o v e n
a la rger a n n u a l a b s o r p tio n is p o s s ib le . T h e r e s to ra tio n o f a free m ark e t
will b e v e r y w e lc o m e t o th e In d ia n B a z a a rs, t o w h o m silv er s p e c u la tio n
p ossessed k e e n a t t r a c t io n , lin k e d as th o d e m a n d fo r th o m e ta l has a lw a y s
b eon t o t h o p ro s p e cts o f h a r v e s t . F o r c e d fo r a w h ile t o tra n sfer th o exerciso
o f th eir s p o r tin g in s tin c ts t o th o te n d e rin g fo r g o ld o ffe r e d b y th o G o v e r n ­
m e n t, th e y w ill t u r n w ith re n e w e d zest t o th o o p p o r t u n it y o f a m u ch larger
m argin o f p r o fits a ffo r d e d b y o p e r a tio n s in s ilv e r , n o w p h e n o m e n a lly h igh
In p r ic o , a n d lia b le t o w id e flu c tu a tio n s fr o m ca u ses r e m a r k a b ly d iv e rs e In




Feb. 7.

Jan. 3 1 .

Jan. 2 2 .
(I n L a cs o f r u p e e s )—
18495
N o te s in c ir c u la t io n —
------------------------------------4099
S ilver c o in a n d b u llio n in I n d i a . - - ------------------41)JJ
811v o r c o in a n d h u llio n o u t o f I n d ia ----------------qqor
3 386
G o ld c o in a n d b u llio n in In d ia
. .........................
d^8b
1200
G o ld c o in a n d b u llio n o u t o f I n d ia --------- ----------.
{£ ' "
1560
Securities (Indian G ov ern m en t)-....................... - .
U>bd
8250
Securities (British G overnm ent).............. ..............

• From tho roport of tho bank wo take tho following:

Fob. 12 1020:

941

THE CHRONICLE

M aii. 6 1920.]

Clearings by Telegraph— Sales of Stocks, Bonds, &c.
— Tho subjoined tablo, covoring clearings for tho current
week, usually appears on tho first pago of each issue, but on
account of the length of tho other tables is crowded out
once a month. Tho figures are received by telegraph from
other leading c i t i e s . ____________________________ __
1920.

1919.

Per
Cent.

New York___
Chicago........ Philadelphia..
Boston___ ..
Kansas C lty..
St. Lou Is____
San Francisco
Pittsburgh__
Detroit . . . . .
Baltimore. . .
New Orleans..

$4,003,365,050
675,029,526
410,451.939
306,073.453
243,338.069
160,500.245
146,555,761
. 141,913,820
*100,320,469
82,091,312
67,817.021

$3,183,360,302
476,047,261
319,166,826
237,992,596
177,746.275
128,561,303
98,741,885
108,000,295
68.215,377
67,247,588
48,402,232

4-28.6
+ 48.1
+ 28.6
+28.6
+36.9
+ 24.8
-+ 48.4
+ 31.4
+ 32.4
+ 2 2 .1
+ 40.1

Eleven cities. 5 d a ys..
Other cities, 5 days..

$6,427,456,668
1,239,486,793

S4.913,481.940
904,278,817

+ 30.8
+ 37.1

Total all cities. i days.
All cities. 1 day

$7,666,943,461
1,465,026,718

$5,817,760,757
1,024.272,745

+ 31.8
4-42.1

$9,122,870,179

$6,812 033.502

+ 33.3

Clearings— Returns by Telegraph.
lVedfc ending Merck 6 .

Total all cities for w eek ..................
* Partly estimated.

Our usual monthly dotailed statement of transactions on
tho New York Stock Exchange is appended. The results
for the two months of 1920 and 1919 aro given bolow:
Two Months 1919.

Tiro Months 1920.
Descrip­
tion.

Actual
Value.

Par Value
or Quantity.

41,745,469
Stock / Slis.
\Val . $3,710,470,000 $3,297,873,889
84,318,341
99,215,000
R R . bonds
U. H. Gov't
489,371,139
524,120,200
bonds - .
State, Ac.,
48,649,093
51,317,000
bonds__
Bank stocks

Actual
Value.

A rer. Par Value
Price nr Quantity.

Acer.
Price.

24,069,206
88.9 $2,278,936,705 $2,075,703,726 91.1
63,036,623 89.9
70,104,000
85.0
93.4

346.177,500

329,253,647 95.1

94.8

98,841,000
28,700

98,530,244 99.7
59,652 >07.8

$2,566,583,892 91.8
Total . . . $4,385,122,200 $3,920,212,465 89.4 $2,794,087,905

Tho voluino of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in
1920 and 1919 is indicated in the following:
.
1919.

1920.
Mth.

Number
of
Shares.

Values.
Par.

Actual.

Number
of
Shares.

Values.
Par.

Actual.

$
$
S
$
1,126,755,705 1,037,426,808
Jan.. 19,880,166 1,781,060,201 1,611,927,486 11,858,465 1.152.181.000 1.038,276.918
Feb 21.865.303 1.929.409.800 1.685.946.403 12.210 741

942

THE CHRONICLE

. The following compilation covers the clearings bv months
since Jan. 1 in 1920 and 1919:
M ONTHLY CLEARINGS.
Clearings, Total All.

Month.

1920.

%

1920.

1919.

%

S
S
$
$
January. 41,605,136,819 32,428,137,754 +28.3 18,395,416,713
February 33.226.993.772 25.808,147.986 + 28.7 15.082,941,349 14,567,494,920 + 26.3
11.613.895,474 + 29.9

The course of bank clearings at leading cities of the country
for the month of February and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
-February--------------- ----------Jan. 1 to Feb. 28-291920.
1918. 1917.
1920.
1919.
1918.
1917.
$
S
S
12^259 12,794 41,354 32,055 26,978 27,921
C licago..................... 2,417 1,981 1,784 1,742
5,273
4,326
3,809
3,826
Boston_____________1,370 1,105
953
906
3,186
2,583
2 ,111
1,937
Philadelphia______ 1,777
1,457 1,223 1,252
3,952
3,289
2,746
2,649
St. Louis_________
671
567
545
472
1,450
1,284
1,193
1,063
Pittsburgh..............
622
487
261
300
1,320
1,080
580
634
San Francisco____
579
454
360
307
1,301
1,027
793
684
Cincinnati...............
258
214
170
145'
567
492
359
327
Baltimore________
326
294
157
164
741
663
340
352
Kansas City______
924
693
740
465
2,047
1,539
1,587
1,049
Cleveland________
467
326
262
222
1,049
765
602
508
New Orleans______
270
215
198
132
623
494
443
284
Minneapolis______
162
122
116
95
370
300
257
222
Louisville...............
63
83
92
87
143
200
182
192
Detroit___ ..............
435
262
173
200
902
583
399
433
Milwaukee......... ..
126
114
104
93
204
251
216
196
Los Angeles_______
278
138
in
115
594
296
243
249
Provldence
53
37
41
38
124
88
94
89
Omaha____
223
200
188
124
528
449
389
206
Buffalo____
155
78
77
65
344
187
167
152
St. Paul___
70
59
53
49
158
133
115
107
Indianapolis
73
49
57
47
155
117
117
108
Denver____
126
94
78
52
287
216
162
115
Richm ond..
251
192
144
87
582
427
309
189
Memphis_________
118
65
62
39
280
158
125
93
Seattle___________
156
119
109
67
331
283
230
144
Hartford .................
38 27
28
30
84
62
63
69
Salt Lake City___
78
49
44
44
163
116
107
107
Total................... 30,236 23,675 20,389 20,133 68,172 53,069 44,716 43,905
Other cities............. 2,991 2,133 1,866 1,497
6,060
5,167
4,086
3,307
Total all..............33,227 25,808 22,255 21,630 74,832 58,236
Outside New York 15QS3 11 614 0 006 8.836 33.478 26.181 48,802 47.27^
21.824 19.35
(0 0 0 ,0 0 0 s
omitted.)

O th e r W e s t e r n and S o u t h e r n clearings brought forward

Clearings at—

1919.
Kansas C it y ...
M inneapolis...
Omaha.............
St. Paul...........
D enver..
St. Joseph_
_
Des M oines..
Sioux City_
_
Duluth______
W ichita...........
Lincoln______
Topeka______
Cedar Rapids.
Colorado Sp’gs
Pueblo
F argo________
Sioux Falls___
Fremont..
Waterloo .
Helena_______
Billings...
Hastings .
Aberdeen____
Joplin. .*______
Grand Forks..
Lawrence_____
Iowa City........
Oskosh ______
Kan.City, Kan
Lewlstown____
Great Falls

Inc. or
Dec.

8l0U city
X
wiehan

Lincoln
Topeka
Cedar Rapids__
Colorado Springs.
Pueblb_______
Fargo________
Fremont..........
W aterloo____
Helena_______
Billings............
Hastings______
Aberdeen_____

Tot.oth.West 1900809398 1476081427 + 28.8 4.248,179,234 3,354,296.394
+ 20.6
St. Louis......... 671,260,960 567,244,948 + 18.2 1,449,698,911 1,284,296,575 + 12.9
Now Orleans.. 270,169,709 215,296,592 + 25.5 622.865.658 493,615,782 + 26.2
Louisville_____ 62,995,414 82,835,184 — 23.9 142,760,176
28.7
Houston______ 106,187,204 57,680,811 + 84.1 240,971.034 200,167,657 — 81.1
132.776.010 +
Galveston____ 29,443,700 16,130,586 + 82.5
64,771,300
43,383,252
Richm ond____ 250,737,010 192,440,601 + 30.3 581,512,126 426,677,714 + 49.3
+ 36.3
Atlanta..............256,070,217 191,217,012 + 32.2 620,538,708 463,493,045 + 33.9
Memphis......... 117,736,324 05,477,402 + 79.8 279,874,569 158,359,149
+ 76.7
Savannah......... 40,947,927 23,270,683 + 76.0
98,489,754
63,109,770
Nashville........ 80,835,056 57,461,970 + 51.1 204,888,608 130,216,336 + 85.5
Fort W orth ... 70,367,376 72,078,348 + 6.0 174.092.658 137,703,422 + 57.3
+ 20.4
Norfolk............ 43,325,060 32,371,903 + 33.8 100.8S0.833
79,761,692
26.5
Birmingham . . 72,657,005 46,397,610 + 56.6 160,833,786 101,149,892 + 59.0
+
Augusta.......... 17,010,409 10,739,381 + 58.7
45,114,530
25,251,044 + 78.7
Knoxville------- 12,544,718 10,059,546 + 24.7
28,696,891
21,487,371 + 3.3.E
Little R o c k ... 50,553,978 19,339,020 + 161.4 109,383,426
43,255,928 + 152.9
Jacksonville... 48,220,822 32,768,211 + 47.2 160,749.974
68,808,469 + 49.2
M obile............
8,994,689 6,148,999 + 46.3
20,628,871
14,014,890 + 47.2
Chattanooga.. 30,288,957 19,118,639 + 58.4
67,227,574
45,115,557 + 49.0
Charleston___ 17,000,000 12,764,783 + 33.2
42,498,838
29,349,003 + 44.8
Oklahoma___ 50,891,664 35,730,259 + 42.4 109,614,063
77,061,553 + 42.3
Macon ............ 30,112,923 5,915,019 + 409.1
68,563,214
14,467,243 + 373.9
Columbia......... 14,534,407 7,717,909 + 88.3
34,924,571
17,292,722 + 102.0
Beaumont___
6,417,963 5,976,951
+ 7.4
14,318,084
12.420.010 + 15.5­
Austin............... 7,006,876 37,289,123 — 81.2
15,878,011
58,520,765 — 72.9
Vicksburg........
1,707,049 1,471,018 + 16.0
4,401,666
3,759,950 + 17.1
Wllm’ton.N. C. 4,277,736 3,271,869 + 30.8
0,396,352
7,769,849 + 20.9
Columbus, Ga. 3,911,946 2,819,281 + 37.3
8,223,286
6,407,973 + 27.2
Jackson........... 2,831,738 2,570,679 + 10.2
6,644,72.3
5,515,871 + 20.5
El Paso............ 26,586.956 20,612,465 + 29.0
55 792,968
43,242,324 + 36.0
T u lsa ............... 53,086,000 36,021,856 + 47.4 104,523.013
74,817,716 + 39.7
Muskogee........ 17,429,304 11,109,637 + 56.9
38,506,024
23,891,265
61.2
D a lla s............ 164,048,145 96,721,697 + 69.6 358,808,640 216,647.577 + 65.6
+
Newport News. 3,565,453 3,689,193 — 3.4
9,011,029
8,994,476 + 0 .2
M ontgom ery.. 8,277,000 6,176,947 + 31.0
20,307,718
13,771,952 + 47.5
Tam pa............. 10,355,977 7,818,374 + 3
21,77.3,105
16,410,670 + 32.7
Texarkana___
3,318,518 3,075,295 + 7.9
7,167,601
+ 4.9
6,832,571
Raleigh............. 7,195,218 3,332,221 + 116.0
16,416,840
8,226,931 + 99.6
Shreveport----- 21,303,850 10,664,608 + 99.9
46,822,671
24,034,789 + 04.8
Wac9 ............... 13,145,000 9,029,850 + 45.6
31,641,000
20,438,346 + 64.8
Port A rthur...
1,651,098 1,293,379 + 27.7
3,400,852
2,777,388 + 22.4
Wichita Falls.. 17,014,515 12,168,267 + 39.8
42,160,691
20,396,733 + 100.7
T o t .Southern 2738644902 2058354129 + 33 0 6.189 839.747 4.635.811.862
+ 33 5

Inc. o
Dec.

%
186,964,498 + 13.
34,504,72c
+ 9.59,854,798 — o.e
17,674,854 — 16.4
+ 8.5
20,004,23-1
16,589,762
+ 1.1
13,546,150 — 0 . 0 1
9,430,544
+ 8 .1
3,973,548 + 47.8
7,941,365 + 37.7
4,862,932 + 2 1 . 6
2,414.546 + 29.7
2,223,513 + 41.7
500,000 + 80.0
572,124 + 32.4
1,820,636 + 20.5
526,502 + 34.1
1,288,597 + 75.7
1,589,297 — 11.9
1,055,035
+ 7.5
409,086 + 116.0
1,035,514 + 24.8
8

1918.

1917.

$
213,924,719
30,951,503
04,944,458
17,361,330
23,625,592
20,355,081
13,584,350
10,698,716
3,568,468
8,299,602
6,269,112
3,052,945
2,703,547
325,000
679,858
1,565,814
1,030,729
2,129,265
1,550,640
944,794
950,000
826,569

S
127,007,898
29,496,555
39,918,541
14,370,379
14,768,060
18,020,794
14,087,545
7,532,149
4,205,838
5,536,375
5,377,093
3,800,000
4,073,030
349,848
589,487
1,375,856
830,510
2,740,816
1,720,032
913,391
897,415
604,843

Tot. oth. West

423,803,983

389,142,152

+ 8.9

435,342,161

298,289,455

St. Louis_____
New Orleans_
_
Louisville______
Houston_______
Galveston.........
Richm ond____
Atlanta..............
Memphis______
Savannah______
Nashville______
Fort Worth___
Norfolk________
Birmingham___
Augusta..............
Knoxville_______
Little Rock____
Jacksonville........
M obile_________
C' attanooga___
Charleston______
Oklahoma______
M a con _________
A ustin................
Vicksburg_______
Jackson________

161,431,651
58,400.337
12,162,444
24,948,042
7,016,400
55,987,291
58,567,316
26,109,015
9,226,089
20,063,693
19,445,931
9,615,120
18,098,701
3,819,682
2.327,039
11,380,655
12,189,620
2,167,617
7,049,299
3.500.000
11,471,880
11,045,604
1.600.000
284,471
581,222
10,777,529
3,962,678
32,000,000
5,016,229

143,960,462 + 1 2 . 1
55,735,189
+ 4.8
21,505,427 — 43.4
13,254,606 + 8 8 . 2
3,800,000 + 84.6
47,218,019 + 18.6
48,972,673 + 19.6
18,769,172 + 39.0
6,358,319 + 45.1
16,676,132 + 20.3
9,534,855 + 103.9
6,752,735 + 42.4
14,226,219^ + 27.2
2,543,077 + 50.2
2,213,310
+ 5.1
4,401,649 + 158.5
8,699,977 + 40.1
1,078,451 + 29.1
4,360,740 + 01.7
2.500.000 + 40.0
8,180,091 + 40.2
2.225.000 + 396.4
9,933,058 — 83.9
371,037 — 23.5
604,516 — 12.5
8,358,022 + 28.9
2,410,725 + 64.4
20 ,000,000 + 60.0
2,681,773 + 87.1

156,329,949
59,884,110
30,701,217
13,458,913
4,300,000
37,720,180
48,415,137
15,378,389
9,030,580
15,496,963
14,500,427
6,931,972
4,507,755
4,883,444
2,827,149
5,532,335
4,382,780
1.550.000
3,958,198
2,980,894
8,383,014
1.925.000
5.500.000
379,379
511,419
7,940.673
2,337,799
15,000,000
2,634,003

132,612,900
30,640,336
21,720,287
13,500,000
4,161,825
23,740,832
23,373,576
9,920,592
5,913,323
10,329,678
11,319,570
5,706,701
3,7007,78
1,585,841
2,847,813
3,017,442
4,300,092
1.500.000
3,176,568
2,453,203
6,011,468
1,445,758
5,000,000
209,728
467,378
6,495,339
1,542,658
10,999,455
1.550.000

Total Southern
Inc. or
Dec.

1$
%
024,010,930 692,935,213 + 33.3 2,047,343,202 1,538,565,171
162,305,721 122,106,692 + 32.9 370,131,471 306,441,371 +33.1
222,901,957 199,782,575 + 11.6 528,279,647 449,096,251 +20-s
70,448,996 58,843,733 + 19.7 157,916,331 132,795,438 + 18.9
126,459,289 93,826,746 + 34.8 286,385,403 216,495,208 + 32.3
71,545,482 68,443,209 + 4.5 164,474,838 158,968,467
+ 3.5
50,117,490 35,238,334 + 42.2 105,290,576
77,590,117 + 35.7
42.327.000 37,170,863 + 13.9
95.905.000
8.3,685,378 + 14.6
25,184,768 21,126,360 + 18.9
55,019,929
72,180,996 — 23.8
53,871,390 36,864,037 + 46.1 123,416,972
74,006,304 + 66.8
21,860,030 15,608,742 + 40.1
46,411,940
33,652,839 + 37.9
14,372,146 13,181,948
+ 9.0
32,584,312
26,203,007 + 24.4
11,125,560 8,469,434 + 31.4
23,055,129
18,164,942 + 26.9
4,832,409 2,980,611 + 62.1
10,224,023
6,388,284 + 60.0
3,622,745 2,670,525 + 35.6
7,665,507
5,877,501 + 30.4
8,985,943 8,675,761
+ 3.6
21,530,827
20,990,557
+ 2.6
13,898,993 10,905,000 + 27.5
31,942,070
24,161,391 + 32.2
2,885,430 2,253,033 + 28.1
6,566,228
5,540,343 + 18.5
8,180,952 5,910,062 + 38.4
16,403,868
12,703,657 + 29.1
8 ,000,000 8,493,382 — 5.8
17,516,963
19,220,855 — 8.9
5,322,805 4,261,074 + 24.9
10,439,315
9,442,926 + 10.6
3,099,899 1,837,204 + 68.7
0,645,358
4,221,499 + 57.4
5,944,668 4,705,487 + 26.3
13,304,947
10,345,383 + 28.6
7,921,060 5.977.000 + 30.9
16,541,840
13.679.000 + 20.9
6 .1 1 1 . 0 0 0
4.345.000 + 40.6
13.315.000
10.842.000 + 22.8
1,728,705 1,450,014 + 19.
3,794,501
3,193,957 + 18.8
2,856,418 1,884,464 + 51.6
5,572,641
3,930,226 + 41.8
2,633,817 1,944,267 + 35.4
5,820,246
4,406,209 + 32.2
16,010,339 2,340,441 +584.2
20,494,089
6,707,562 + 205.5
2,213.517 1,850,216 + 19.6
4,181.561
4,799,452 — 12.9
0,476145 Not lncludel din total 14,532,045 Not Included In total




ICansas City
Minneapolis
Omaha____
St. Paul..............
Denver_________
St. Joseph
Des Moines____

_
Dallas_
Shreveport.

Two Months.

1919.

S
212,302,367
37,745,354
55,908,001
14,782,646
21,778,746
16,812,074
13,541,150
10,195,000
5,874,390
10,938,547
5,910,019
3,131,782
3,150, /3 /
900,000
957,408
2,194,040
700,258
2,264,611
1,400,000
1,134,055
883,510
1,292,679

T
,ulsil
I M uskagee.

from first pagO.

Month of February.

Week ending February 28.
Clearings at1920.

Clearings Outside New York.

1919.

[Vol. 110.

600,245.555

488.080.4541 +23.0

487.385,685

349.255.499

C a n a d ia n B a n k C le a r in g s . — The clearings of the Cana­

dian banks for the month of Fobruary 1920 show an incroaso
over the same month of 1919 of 3 9 .9 % , and for the two
j months since Jan. 1, the gain reaches 3 8 .2 % .
February.

Clearings at—
1920.
Canada—
Montreal____
T oron to_____
Winnipeg____
Vancouver. .
Ottawa_____•
_
C algary.........
Edmonton___
Victoria_
_
Hamilton .
Quebec___
Regina___
H alifax______
St. John ______
Saskatoon ___
London.............
Moose Jaw. . .
Lethbridge___
Fort William.
Brandon ____
Brantford___
New Westm'ter
Mcdlcino Hat .
Peterborough .
Sherbrooke_
_
Kitchener____
Windsor ______
Prince Albert .

1919.

2

538,611,26390,838,269
168,615,962
62,489,007
34,031,751
- 30,013,101
19,500,000
11,160,92-1
24,675,006
24,960,565
13,912.975
16,01.3,622
11,727,802
7,281,663
12,774,846
5,627,371
2,787,419
3,528,317
2,497,698
4,774,589
2,418,964
1,632,528
3 ,177.88S
3,873,413
4,002,016
10,238,521
1,709,674

Two Months.
Inc. or
Dec.

1920.

1910.

S
%
S
360,083,689 4“ 49.< 1,152,638,460
276,222,922 + 41.fi 838,812,501
130,362,229
29.: 375,579,69c
51,550,19c + 2 1 . 2 127,1S7.851
25,773,501 + 32.1
75,002,898
19,002,82c + 53.1
67,651,505
13,028,81.1 + 43.£
43,988,021
7,844,282 4- 42.3
22,770,226
19,024,626 + 29.7
63,843,465
17,807,808 + -1 0 . 2
52,409,074
11,383,839 + 2 2 . 2
32,042,094
— 7.3
17,283,981 i
37,502,481
10,030,552 + 16.3
26,664,069
5,786,446 + 25.8
16,054,075
10,628,108 + 2 0 . 2
28,752,857
5,360,682 4* 4.8
12,688,270
2,403,362 + 16.0
6,126,073
2,353,941 + 50.0
7,510,905
1,856,467 + 34.5
5,627,137
3,554,985 4" 34.3
10,401,741
1,984,505 + 21.9
4,970,249
1,290,848 + 26.5
3,874,424
2,480,985 + 27.8
7,040,104
3,282,532 + 18.0
8,859,313
2,842,089 4- •0 . 8
1
9,094,896
4,663,924 + : 19.6
21,058,018
1,276,928 + 33.2
8,799,703

T o t a l.......... 1412875218 1009821065' 4- 31.9

Inc. or
Dec.

S
%
788,622,087 + 40.2
589,879,899 + 42.2
310,464,389 + 2 1 . 0
97,300,224 + 30.7
55,781,145
34.0
44,384,067 + 52.4
28,991,659 + 51.7
16,849,174 + 35.1
41,346,083 + 30.2
38,748,551 + 35.3
25,073,322 + 24.8
37,338,902 + 0.4
25,913,454 + 21.7
13,-167,250 + 19.2
22,982,856
25.1
12,438,910 + '.!,()
5,012,481 + 9.2
5,458,606 + 37.6
4,403,524 + 27.8
7,789,531 + 34.3
4,124,070 + 20.5
3,004,861 + 29.0
5,847,808 + 20.5
6,883,879 + 28.7
n
5,800,432 +
10,031,202 + 109.9
2,753,004 + 38.0

052 012 615 2.207.88<)..no + 38.2

clearings for tho week onding Fob. 26, in comparison
withjthesame week of 1919, show an increaso in tho aggrogato
Week ending February 26.

Clearings at—
1920.
Montreal
Toronto.
Winnipeg.
Vancouver.
Ottawa
Quebec.
Hallfax
Hamilton.
St. John
L ondon__________ "
Calgary ____________
Vlstorla .
Edmonton .
Regina.
_
_
Brandon ___________
Lethbridge................
Saskatoon
Brantford
Moosejaw .
Fort William
New Westmlnstc
Mcdlcino Hat . .
Peterborough__
Shcrbrooko____
Kitchener_____
Windsor.
Prince A lbert.

1917,

131,772,654
94,406,052
37,187,925
16,734,718
7,034,975
7,069,481
3,750,076
5,905,841
2,791,244
2,883,673
7,640,336
2,813,625
5,130,499
3,112,007
590,537
626,849
1,771,942
1,145,450
1,325,040
708,145
034,198
372,068
781,250
987,857
935,690
2,275,134
456,988

69,551,768
49,899,798
29,602,483
6,697,975
4,844,694
4,051,673
2,318,848
4,440,193
1,693,458
1,922,808
4,490,828
1,471,372
2,240,746
2,155,606
399,975
485,007
1,222,152
098,808
798,519
495,123
251,244
478,840
186,580
694,592
503,393

Total Canada.............. 340.904.254 226.620.902

204,677
50.4 213.320.546 191,783.143

C om m ercial anti i l l iscc 11an to us 31cm£
S T O C K OF M O N E Y IN T H E C O U N T R Y .— The follow­
ing table shows the general stock of money in the country,
as well as the holdings by the Treasury and the amount in
circulation on the dates given:
-Stock of Money Feb. 1 ’20--------Money in Circulation■
—

in U. S.

afield inTreas. Feb. I 1920. Feb. 1 1919.
S

i s s 'f f i i

'u s a m

SubsfdfarysUverfI I I I I I I I I 2*32','7*84,726 5,263,797 227,520,929
oon’Sov'aoa
Treasury notes of 1890.................... .........
United States notes............ 346,681,016 25,953,688 320,727,328
Federal neserve n otes .._.c3 ,125.885,275 35,641,195 2,844,890,405

939,281,718
624,900,575
87,479.957
233,185,955
233,945,697
1,784,915
335,165,841
2,443,956,123

733.108.190 78.031.376 655,076.814 673',187.434
National bank notes.
T o t a l................................ 7,744,769,263 626,142,749 5,846,086,199 5,726,261,029
Population of continental United States estimated at 106,735,000 (d). Circulatl<nl This Statement of money held In the Treasury as assets °J. ^ n a t l o n M
does not Include deposits of public money In hederal Reserve banks*ind In. national
banks and special depositaries to the credit of the Treasurer of the United States
ftIT Includes° *440^807^008°10 Federal Reserve Gold Settlement Fund deposited
b
with Treasurer of the United States.
•
.
.
c Includes own Federal Reserve notes held by Federal Reserve banks.
W rt«.-O n F 8 b Cl 1920 Federal Reserve banks and Federal R o o m 1 agentsR
held
against Federal Reserve notes S796.438.360 Kohl coin and btUUon. $231 748 280
gold certificates and $245,353,675 Federal Reserve notes, a total of Sl,273,o40.315,
against SI .395.536.055 on Feb. 1 1919.___________________ .
■

Auction Sales.— Am ong other securities, the following,
not usually dealt in at the Stock Exchange, victq recently sold
at auction in New Y ork, Boston and Philadelphia:
B y Messrs. Adrian H . Muller & Sons, New York:
Shares. Stocks.
Per cent
20 Phelps-Dodge Corp................ 230
5 Natl. Sugar Mcf. of N. J ----- 140
7 Bank of America.................... 611
35 U. S. Natural Gas.................‘
100 Golden King Mg., LoUlsv.,
$ 1 0 each_______________
18 Wolden King Mg., pref., $10
each____________________ $131
20 Southern Malleable Iron—
lot
15 U. S. Shipbuilding, p r e f...
15 U. S. Shipbuilding, com —
10 Empire Portl. Cement, pref

Shares. Stocks.
Per cent.
6 Mechanics Bank of Bklyn.,
$50 each................. $8 8 ) 4 per sh
1,200 Dunn Petrol. Corp., SI each
Sl.80-S2.05 per sh.
1,000 Alpers Chemical, SI each— $11 lot
11.9 Corn Kxchangc Bank---------- 440
100 Steel A Tube, pref................ 8 8
40 East. Pennsylv. Rys., pf-$7 persli.
120 East. Pennsylv.Rys..corn.SI per sh
Bonds.
Per cent.
$5,000 Texas A Okla. RH. 1st 5s,
1943, ctfs. dep.............................. 16)4

B y Messrs. R . L . D ay & C o ., Boston:

S per sh.
Shares. Stocks.
$ per sh.' Shares. Stocks.
80 Atl. Coast Co., $10 each----- 113J4
12 rights 4tli-AtlantIo Nat. Bk_. 25
173 rights Quincy Mkt. C. S. A
15 National Shawmut Bank------ 294*4
W ., com_____________ 13)4-13)4
1 llwight Mfg., $500 par------ 1407)4
22 rights Edison El. 111. of Brock. 31c.
11 West Point M fg........ ............ 333
9 Hood Rubber, pref................. 101 >4
65 rights Great Falls M fg------ 17)4-18
22 Pittsfield Electric................... 106
15 Lyman Mills-----------------------180
Bonds.
Per Cent
10 Merrimack Mfg., pref---------78)4
$2,000 New Scollay Bldg. Trust 1st
1.500 Now England Power, pref-----100
4Hs, 1934...................................... 90
17 Springfield F. A M . Ins......... 265

B y Messrs. W ise, Hobbs & Arnold, Boston:

$ per sh.
Shares. Stocks.
$ per sh.' Shares. Stocks.
60 Iler8 chellSpillmah, pf.,$50ca.45
1.500 New England Power, p r e f... 100
5 Puget Sound Trac., L. A P.,
5 Massachusetts Cq on Mills. 155
pref., unstamped_________ 50
10 Nashua Mfg., com m on......... 251
3 Plymouth Cordage-------------- 225
5 U. S .‘Worsted, Is pref------- 8 8
1 Booth M fg., pref..................... 105
2 U. S. Worsted, 2d pref...........80)4
2 New Bedford Cot. Mills, pref. 95
5 Sullivan Machinery________ 170
44 rights Great Falls M fg---------17)4
7 Walter Baker, Ltd-------------- 130
100 New England Fuel Oil----------- 50
26 rlghtsKdls.Kl.Ill. of Brock. 29c.

B y M essrs. Barnes & Lofland, Philadelphia:

S per sh
Shares. Sleeks.
$ per sh Shares. Slocks.
1X rights to subscribe Ins. Co. of
1 Fourth Street National B an k..320
North America at $20..$13 lot
65 Peoples Trust, $50 each.............45
15 Mechanics Insur., $25 each.. 52)4
144 rights to subscribe Ins. Co. of
81 Phlla. Life Insur., $10 each.. 10
North America at $20------ 714-8
3 Nor. Liberties Gas, $25 each. 34X
20 Quaker City National Bank..125
8 Phlla. Bourse, com., $50 each 6)4- "
10 Northern Trust...................... 501
17 Phlla. City Pass. R y . . .......... 105
10 Commercial Trust................302
2 Germantown Pass. R y ______8 8
5 Penn. Col. for Ins., A c ..580-581
13 Drovers A Merch. Nat. Bank 60
30 Phlla. Co. for Guar. M tges..l30
12 Aldlno Trust____________ 160
Per sent.
12 Logan Trust......................... 125-145 Bonds.
$5,000 United Gas A Elec. coll. 6 s,
2 Commonwealth T. I. A T — 235
1045................................................ 56 V
4
3 Klro Assn, of Phlla., $50 each.330

National Banks.— Tho following information regarding
national banks is from tho offico of tho Comptroller of tho
Curroncy, Treasury Department:
A P P L IC A T IO N S F O R C H A R T E R .

Capital.

F or organization o f national banks:
T ho First National Bank o f D oclo, Id a h o-------------------------------$25,000
C orrespondent. N . II. T hom as, D eclo, Idaho.
T ho American National Bank o f Lewiston, Id a h o------------------100,000
C orrespondent, F. S. Randall, Lewiston, Idaho.
T ho N ational Bank of Frankfort, K ans.........................................
25,000
Correspondent, James K ennedy, Frankfort, Kans.
T ho Farmers National Bank o f H itchcock, O k l a . -------- --------25,000
Correspondent, George Klien, H itchcock, Okla.
T ho N ational Bank or C om anche, O k l a . . - . . . . - - ................ 7- 50,000
Correspondent, O. S. W ade, C om anche, Okla.
T ho First National Bank o f I’adon, O k l a . . . . ...............................
25.000
Correspondent, C . M . Seran, Paden, Okla.
T ho First N ational Bank o f Volant, P a ---------- ------------------------25,000
C orrespondent. John M . Graham, V olant, l a .
T ho Union National Bank o f Huron, S. D _ . ---------------------------100,000
C orrespondent, A . K . Gardner, Huron, S. I).
T h o Citizens National Bank o f Strawn, T e x . . . .........................
50,000
C orrespondent, John II. Bennett, Strawn, T ex.
The First N ational Bank o f Plckton, T e x -------------------------------25,000
Corrospondont, A . F. Payne, Plckton, T ox.
(T o succeed the Farmers & Merchants Bank o f P lckton.)
For conversion o f State banks:
T h e First N ational Bank o f La Habra, C al-----------------------------SoU.UUO
Conversion o f tho First Bank o f La Habra.
C orrespondent, James II. W alkor, La Habra, Cal.
T he First N ational Bank o f Calhan .C o l o . . . . . . . . . . . . . . - — 25,000
Conversion o f the Farmers Stato & Savings Bank o f Calhan.
Correspondent, Tho Farmers Stato A Savings Bank o f Calhan
T ho Exchango National Bank o f C lyde, K a n s . . - . . - - - - - - - - 25,000
Conversion o f the State Exchango Bank o f C lyde.
C orrespondent, C . L. Potter, C lyde, Kans.
4 0 ,0 0 0
T he Farmers National Bank o f Leonard, N . D
Conversion o f tho Farmors Bank o f Loonard, N . D .
C orrespondent, John W . G oodm an, Loonard, N . D .
T he First N ational Bank o f R ockford , O h i o - - - - - - - - - - - -------50.UIHJ
Convi rsion o f the Farmers Savings Bank o f R ockford.
C orrespondent, F’armers Savings Bank, R ock ford , Ohio
T o t a l ---------------------------- --------------------------------------------------------------- ------




943

THE CHRONICLE

M ar . 6 1920.]

$64 0 ,0 0 0

C H A R T E R S ISS U E D .

Capital.

° rT h o aCRyg NatfotnaV B a n k o f A m a r illo , T e x - - - - - ........ - - - ..............

$ 1 0 0 ,0 0 0

6 S ! ? :......
.

100.000

President, P . S. W olfe; Cashier, C . L . Garrett.
T he First N ational Bank o f Bingham C an yon, U t a h - - - - - - - President, G eo. E . Chandler; Cashier, Eugene Chandler.
T he First N ational Bank o f R ice, T e x . - - - - - - - - - - - - - ..............
President, W . A . Stockard; Cashier, C . L . G regory.
__.
Conversion o f State banks:
T he Farmers & M erchants N ational Bank o f Ivanhoe, M in n _ Conversion o f the Lincoln C ounty Stato Bank o f Ivanhoe.
President. H . J. Tillemans; Cashier. F . U. Kluozny.
T ho Tradesmens N ational Bank o f Oklahom a W t y . O k l a - . - Conversion o f the Tradesmens State Bank o f Oklahoma C ity
President, Frank J. W ikoff; Cashier, O . P . Vanco.

100,000
25.000
tm
2 5 ,0 0 0

•H
2 5 0 ,0 0 0

w

- - - - - - - - - - - - - - - - - - - - - - - - - __- - - - - - — - - - -

T o ta l

' "

in c r e a s e s

o f

$ 60 0 ,0 0 0

A m o u n t*

C A P IT A L .

4

T h o F irs t N a tio n a l B a n k o f W y t h e v ille , V a . F r o m $ 5 0 ,0 0 0
tn *51100 000
---------------..----------------------------------— -----T h e F irst N a tio n a l B a n k o f F 'airfax, S . C .
F ro m $ 2 5 ,0 0 0 t o
T lf(',( F ?rst' N a tio n a l B a n k o f A tm o r e , A la .

IjOlliUUU
25 000

F r o m $ 2 5 ,0 0 0 t o

qqq

T l u ? s ’t K atthew"s N a tio n a l B a n k , S t. M a t th e w s , S . C . F r o m
JM
$ 8 0 ,00 0 t o $ 1 6 0 , 0 0 0 - - - - - - - - - - - - - - - - - - 7
- Vgh’ nn n ' in
T h o F'irst N a tio n a l B a n k o f H e m e t, C a l. F r o m $ 5 0 ,0 0 0 t o
S I 00 000
__------------------------------- - - T h e D u b u tfu e N a tio n a l B a n k " 'D u b u q u e , I o w a . F ro m $ 1 0 0 ,0 0 0

8U,U
oUiUUvi
^ Qoo

W in d er N a tion a l B a n k " W in "d er,'G a . F r o m $ 1 0 0 ,0 0 0 't o * 2 0 0 ,000
1 0 0 ,00 0
T h e F irst N a tio n a l B a n k o f R o c k y M o u n t , N . C .
F ro m $ 5 0 ,7 g qqq
The* F irs * N a tio n a l B a n k o f M a d is o n , N . J .
F ro m $ 5 0 ,00 0 to
$ 100 0 00
_ ________________ _ ______ ___________ _____ _______ _
T h e C itiz e n s "N a tio n a l"B a n k o f A n d e r s o n , S . C . F r o m $ 1 5 0 ,Th<? °B el 1^ N a tio n a l * B a n k o f P fiie v illo , K y .

scion nO
O

o u .uuvj
7 5 'o 00

F r o m $ 5 0 ,0 0 0 t o

.

______ _______________ ___________—

T h e F'irst N a tio n a l B an k o f C a le x ic o , C a l.

ou.uuw

F r o m $ 1 0 0 ,0 0 0

to

^ Q00

Tlfe* T ren u m Y N a tio n a l " B a n k , T r e m o n t , 111.

F r o m $2"5,bbb

to

^ Q00

T lfe^ C lity N a tio n a l B ankf o f H o llis , O k la .

F r o m $ 2 5 ,6 6 6

to

^ q^ q

to

jq q qqq

F ir s l° 'N a t io n a l''B a n k " 'o f “H a rrisb u rg , P a .

F rom

$ 1 0 0 ,6 6 6

T I u T J?i’n th *Na tio b a i_B ank" o f "P h ila d e lp h ia , P a .

F r o m $ 4 0 0 ,6 6 6

T h e F i r s t ' N A U on af B an k" o f ” M a r y v U io , T o n n .

F r o m $ 5 0 ,6 6 6

T h e L a w ro n ccb u r g N ational" B a n k , L a w r e n c c b u r g , K y .
T im 00i’i^t°N atkH ?M ° ° a n k - o f T la r t lo y "," io w a .

^
^

F rom

F ro m $"5"o',b"ob t o

25 0 00

Tlfe7f a r m e r s * M e r ch a n ts N ational" B a n k o f A lc o ste r , S. D .
F ro m $ 2 5 ,0 0 0 to $ 5 0 , 0 0 0 - - - - - - - - - - - - - - - - - - - - ^ - - - V ihrTnnn
T h o C i.ize n s N a tio n a l B an k o f G a s to n ia , N . C .
F r o m $ 1 0 0 ,0 0 0

200 0 00

T h o F irst N a t io n a l B a n k o f San J o se , C a l.

^ qq

T h e F irst N a tio n a l B a n k o f J e ffe rso n , G a .

F rom

$ 3 0 0 ,6 6 6

F r o m $"50,000

to

T h e F irst "N ational" B a n k o f E lg in , N o b . F r o m $ 2 5 ,0 0 0 t o
$ 5 0 ,0 0 0 ........ ....................................................................................................... -

T otal

qqq

, crn f>00
25,U0"

........................................................................................................$1,575,000
V O L U N T A R Y L IQ U ID A T IO N .
Capital

T h o F irst N a tio n a l B a n k o f W h ite P la in s, N . Y - - - - - - - - ................ $ 10 0 ,0 0 0
C o n s o lid a te d w ith C o u n t y T r u s t C o . 01 W h ite P lain s.
T h e San M ig u o l N a tio n a l B a n k o f L a s Y o g a s, N . M o x - - - - - - - 1 0 0 ,00 0
B usiness tak en o v e r b y th o First: N a tio n a l B an k o f L as V egas.
T h e M e r ch a n ts N a tio n a l B a n k o f th e C it y o f N o w Y
o r k ^ 0 0 0 ,0 0 0
L iq u id a tin g A g e n ts , P rosiaon t a n d d ire cto rs o f th o B a n k o f th e M a n h a tta n
S u cceed ed b y th e M e r ch a n ts B a n k o f th e C it y o f N o w Y o r k .
T h e P ion eer N a tio n a l B an k o f R it z v ille , W a sh - ---------7 o ,0 0 0
L iq u id a tin g A g e n t, O . I I. G roen o. A ssets ta k en o v e r b y th o
F irst N a tio n a l B an k o f R it z v ille .
noo
T h e S ta te N a tio n a l B a n k o f C o r d e ll, O k la - - - - - - - - - - - - - - T .v lo r
L iq u id a tin g C o m m it to e , I . I I . H u ll, W . F . T a y lo r , a n d J . A . l a y l o r .
S u cceed ed b y O k la h om a S ta te B a n k o f C o rd o ll.
T h o C en tra l N a tio n a l B a n k o f T a h lo q u a h , O k la --------------------------25.UUU
L iq u id a tin g A g o n t , E . C . M c M ic h a o l.
_ .,
.
S u cce e d e d b y th e G u a r a n ty N a tio n a l B a n k o f T a h lo q u a h . _ _ _ _ _ _ _ _

$3,330,000
C H A R T E R S R E -E X T E N D E D .
T h o C it y N a tio n a l B a n k o f C lin to n , I o w a . C h a rte r r c -e x t o n d c d u n til
clo s o o f business o n M a r c h 5 1940.
________________________________ __

DIVIDENDS.
Tho following shows all the dividonds announced for the
future by largo or important corporations:

Name of Company.

When
Per
Cent. Payable

Books Closed.
Days Inclusive.

Railroads (Stenml.
Mar. 10 Holders of rec. Mar. 1
Boston A Maine, preferred...... ............... * 2
2>4 Apr. 1 1 Holders of reo. Mar. l-i
Canadian Pacific, common (quar.)------’eb.t26a
Holders of rec. F
2 H Mar. 20
t Delaware A Hudson Co. (quar.)--------0 1 rcc, Keb
Erie A Pittsburgh (quar.)......................... 8714c. Mar. 10 Holders of rec. Mar. 28
10a
1 V
x Mar. 15 Holders
Fonda Johnstoicn & Gloversv., pref. (««■)Mar. 10 Holders Of ret reo. 25a
2
Keokuk A Des Moines, preferred...........
Holders of rec Mar. 13
Vxhlyh Valley, common (quar.)................ ♦8714 c April 3
of rcc Mar. 13
Preferred (quar.)------------------------------ ♦SI .25 April 3 Holders of rcc, Mar. 8 a
April 1 Holders
1
Lackaicanna HR. of N. J. (quar.)-----------April 1 Holders of rcc. Mar. 24a
3
Newark < Bloomfield--------------------------ft
1 !4 April 1 Holders of rec. Mar. 13a
N. 4 '. Lackananna & Western (quar.)----Holderr
reo
1H Mar. 19 Mar. 20 >1 to Keb. 28a
Norfolk A Western, common (q u a r.)..
April 13
1
1 % May
Northern Pacific (quar.)............................
50o Mar. 11 Holders of reo Feb. 20a
Reading Company, first pref. (q u a r .)...
April 8 Holders of reo Mar. 23a
50c
Reading Company, 2d pref. (quar.)----Mar. 15
Mar. 15 Mar. 11 to
1
St. Joseph South Bend < Sou., common—
fc
Mar. 15
J4 Mar. 15 Mar. 11 to
Common (ex tr a )...-----------------Mar. 15
to
2)4 Mar. 15 M a r . 11
Preferred............................ ..........
lH April 1 Holders of rec Feb. 280
Southern Pacific Co. (quar.)-----April 1 Mar. 14 to April 13
2H
Union Pacific, common (quar.)..
April 13
April 1 Mar. 14 to
2
Preferred____________________
3)4 April 15 Holders of rec April 5a
Warren RR_____________________
Street and Electric Railways.
Arkansas Valley M y., L. A P., prof, (q
Brazilian Trac., Light A Pow., pref. (q
Krankford A Southwark Pass. Ry. (qu.)
Galreston-Ifouston Klee. Co., pref..
Montreal Tramways (quar.)..........
Ottawa Traction (quar.).............. . .
Philadelphia Traction...................

Mar. 15 Holders of rec.
Apr. 1 ♦Holders of rec.
Apr. 1 Holders of rec.
Mar. 15 Holders of rec.
Mat. 30 Holders of rcc.
Apr. 1 Holders of reo.
1
Apr. 1 ♦Holders of rcc.
♦ $2
S3 Apr. 1 Holders of rec.
I X Apr. 1 Holders of rec.
of rcc.
Tri-City Ry. A Light, pref. (quar.)............ ♦1)4 April 1 ♦Holders of rec.
1)4 Apr. 1 Holders
United Light A Railways, pref. (quar.)..
♦SI.75 Apr. 1 ♦Mar. 23 to
W «f End Street Ru., Boston, com..............
1)4 Mar. 16 Holders of rcc.
West Penn Railways, pref. (quar.) — .
1 H
♦1)4
S4.50
3
2)4

Feb. 28
Mar. 15
Mar. la
Mar. 5a
Mar. 22
Mar. 15
Mar. 10
Mar. la
Mar. 15a
Mar. 20
Mar. 15a
Apr. 1
Mar. 1

944

THE CHRONICLE

N am e o f Com pany.

Per
When
Cent. Payable

Books Closed.
Days In clu sive.

Banks.

Commerce, N ational B ank o f (quar .).

2K

April

Holders of rec. Mar. 20a

[Vol. 110,
Per
When
Cent. Payable

N am e i f Com pany.

Miscellaneous (Continued)
Dominion Iron*Steel, pref. (quar.)____
Dominion Oil (monthly)..........
Dominion Steel Corn. (quar.)..
Dominion Textile C om . (quar.)______
D raper Corporation (qu ar.) ____ ..
duPont (E.I.) dc Nem. & Co., com. (qu.)
Debenture stock (quar.)......................
duPont (E.I.) de Nem. Pow.,com. (qu.)
Preferred (quar.).............. ..............
Durham Hosiery Mills, com A & B (qu.)
Common A * B (extra)......................
Eastern Steamship, pref. (quar.) (No. 1
1
EasternSteel.com. (qu.) (in L .L . bonds)
First and second preferred (quar.)__
Eastman Kodak, common (quar.)_____
Common (extra)....................................
Preferred (q u a r.)................................
Efsenlohr (Otto) & Bros., pref. (quar.)..

Books Closed
Days Inclusive

April
Holders of rec. Mar. 13
♦Holders of rec. Mar. 15
April
Holders of reo. Mar. 15
2
Apr.
Holders of rec. Mar. 15
*3
Apr.
♦Hoi lers of rec. Mur. 6
Miscellaneous
Holders of reo. Feb. 28
4K Mar
Adcance-Kum ely, p ref. (quar.) ........ .......
*1K April
Holders of rec. Mar. 15
Apr. 26 Uoldere of roo Apr. 10
IK
Ajax Rubber (quar.).................... .........
SI.50 Mar. 15 Holders of rec. Mar. 10a
•Holders ot ree. Apr. 20
*1 K May
A llis-Chalm ers A lfa ., pref. (quar.) ........
1K Apr. if Holders of rec. Mar. 31a
•Holders of rec. Apr. 20
•l K May
Amalgam ated Leather Cos., I n c ., com.(qu.
April
$1
Holders of rec. Mar. 20
Hi April
Holders of reo. Mar 20a
Preferred (quar. ) . . .............. ..............
IK April
Holders of rec. Mar. 20
Holders of rec Mar 20a
K April
A m erican Bank N ote, pref. (quar.) ____
*1K April
♦Holders of rec. Mar. 15a
*18
Mar. 3 ♦Holders of rec. Mur. I!)
American Beet Sugar, prel. (quar.)_
_
I K Apr.
Holders of rec. Mar. 13a
12 K Apr. 16 Holdere of rec. Apr. 1
Amer. Bosch Magneto (quar.)________
2K Apr.
Holders of rec. Mar. 15a
IK Mur. 16 Holders of reo. Mur. 1
American Can, preferred (quar.)______
IK Apr.
Holders of rec. Mar. 17a
2K April
Holders of rec. Feb. 2
A m er. Car A Foundry, com. (qu ar.) ___
3
April
Holders of rec. Mar. 15a
7K April
Holders of roc. Feb. 28a
Preferred (quar.) .................... .............
IK April
Holders of rec. Mar. 15a
April
Holders of rec. Feb. 28a
American Chicle, preferred (quar.)____
I K Apr.
Holders o free. Mar. 20
April
Holders of rec. Mar. 20a
A m erican C igar, p ref. (qu ar.) .................. ♦IK April
♦Holders of rec. Mar. 15a Eteclric Storage Battery, com. A pref. (qu.)
2K Apr.
Holders of rec. Mar. 15
American Express (quar.)____ ________ $1.50 April
Holdere of rec. Feb. 28
F.lk Horn Coal Corp., preferred (quar.).
75c. Mar. IP Holders of ree. Mar. la
A m er. Fork A H oe, com. (qu ar.) ________
IK Mar. 15 Holders of rec. Mar. 5
E rie Lighting, preferred ( q u a r .) .. ............
IK
Holders of ree. Mar. 15
American Hide A Leather, pref. (quar.)
IK Apr.
Holders of reo. Mar. 13a Fairba ks, M orse A Co., new com .(N o. 1) ,$1.25 Apr
Mar. 30 Holders of rec. Mar. 16
Amer. International Corp.com.&pf.(qu.)
IK Mar. 31 Holders of rec. Mar. 16a Famous Players-Lasky C orp., com. (quar.) *$2
Apr.
♦Holders of reo. Mar. 16
• American Locomotive, common (quar.).
IK Mar. 31 Holders of rec. Mar. 12a Fa stfeel D rill a Tool C orp., pref. (quar,). 2
Mar,
Fob. 28 to Feb. 29
Preferred (quar.)...................... .........
IK Mar. 31 Holders of reo. Mar. 12a Federal Mining & Smelting, pref. (quar.)
K Mar. 15 Holders of rec. Feb. 24a
Amer. Manufacturing, common (quar.)
*1K Mar. 31 ♦Holders of rec. Mar. 15
Fisk Rubber, common (quar.).............. . *75c Apr.
■Holders of reo. Mar. 15
Common (extra)........................ .......... •5
Mar. 31 ■Holders of rec. Mar. 15
Galena-Signal, old and new (quar.)____ *2
Mar. 31 •Holders of reo. Feb. 28
Preferred (ouar.)___________________ ♦IK Mar. 3 'Holders of rec. Mar. 15
General Chemical, pref. (quar.)..............
IK April l Holders of ree. Mar. 1 8 <
j
A m er. Public Service, p ref. (qu ar.) _____
IK April 1 Holders of rec. Mar. 15
General Cigar, debenture pref. (quar.).
I K Apr. 1 Holders of reo. Mar. 24o
American Radiator, common (quar.)...
3
Mar. 31 Mar. 22
Mar. 31
Ge eral Electric ( q u a r .) .. . .............. ......... *2
Apr. If 'Hoi 'ere of reo. Mar. 2(1
Common (extra)__________ _________
4
Mar. 31 Mar. 22
Mar. 31
General Tire & Rubber, pref. (q u a r.)...
I K April 1 Holders of rec. Mar. 20
A m er. Smelters Securities, pref. A ( q u .).. ♦IK April 1 ♦Mar. 13
Mar. 21
Globe Soap, common (quar.) ____________
I K Mar. 15 M ar. 2
to Mar. 15
Preferred B (quar.) ___________________ ♦IK April 1 ♦Mar. 13
Mar. 21
Common (e x t r a ) .. ..................................
K Mar. 15 Mar. 2
to Mar. 15
American Smelting & Uefg., com. (quar.)
Mar. 15 Feb. 28
Mar.
First and second preferred (quar.) ____
I K Mar. 15 Mar. 2 to
Mar. 15
Am erican S n u ff, com. ( q u a r .)...
3
April 1 Holders of rec. Mar. 12a
Special preferred (q u a r.). ......................
I K Mar. 16 Mar. 2
to Mar. 15
Preferred (quar.) ....................................
IK April 1 Holders of rec. Mar. 12a
Special preferred (extra) ................ .......
K Mar. 15 Mar. 2 to Mar. 15
A m er. Steel Foundries, com. (quar.) ...... . *7.5c Apr. 15 Holders of rec. Apr. 1
Goodrich (B. F.) Co., common (quar,)..
I K May 15
rs of rec. May 5a
Preferred (quar.) ........ .............
♦IK Mar. 31 Holders of reo. Mar. 15
Preferred (quar.)___________ _______
I K April l
Amer. Stores, 1st & 2d pref. (quar.)___
April
Mar. 21 to Anr. 1
Preferred (quar.)____________
I K July 1 Holdere of rec. June 21a
American Sugar, common (quar.)_____
Apr.
Holders of reo. Mar. la Grnsselli Chem ical, common (quar.)
I K Mar. 31 Holders of rec. Mar. 15
Common (extra)....................................
Apr.
Hold ere of reo. Mar. la
Common
(extra) _____ _____________
K Mar. 31 Holders of rec. Mar. 15
Preferred (quar.)...................... I I I I I .
>s Apr. If Holders of reo. Mar. la
Preferred (quar.) ....................................
IK Mar. 31 Holders of rec. Mar. 15
Amer. Telephone* Telegraph (quar.)..
2
April
Mar. 20 to Mar. 30
Great Northern P a p e r . ................................
Mar. 3 ‘ Holders of rec. Feb. 21
Am erican Thermos Bottle ______________ $0
Apr. 15 Holders of rec. Apr. 5
E xtra ______________ ________________ :.3>4 Mar. 3 ‘ Holders of rec. Feb. 21
American Tobacco, preferred (quar.)__
IK Apr.
Feb. 15
to Mar. 15
Gulf States Steel, first preferred (quar.). ♦IK o Apr. 1 ‘ Holders of reo. Mar. 15
A m erican Wholesale C orp., pref. (quar.). ♦IK April
♦Holders of rec. Mar. 15
Second preferred (quar.)...................... *1K Apr. 1 ‘ Holders of roc. Mar. 15
A m erican Woolen, com. A pref. (q u a r.)..
IK April 15 Mar. 19 to April 1
Ilarbison-Walker Refrue., pref. (
IK Apr. 20 Holders of reo. Apr. 10
A. T. Securities (quar.)........ ............ .
'$1.25 Mar. 15 Holders of rec. Mar. 5
H art, Schaffner A M arx, pref. (qu
. *1K Mar. 31 ♦Holders of ree. Mar. 20
Arizona Silver (monthly) ________ ______
3c. Mar. 15 Holders of roc. Mar. 1
Apr. I Holders of reo. Mar. 15a
. $1
Arm our A Co., preferred (qu ar.)............... ♦IK April
♦Holders of reo. Mar, 15
2K Apr. 1 Holders of rec. Mur. 13
Associated Oil (quar.) ................
*1K April 15 ♦Holders of reo. Mar. 26
I
IK Apr. 1 Holders of roc. Mar. 13
A lla n . G u lf A W. I . SS. Lines, pf. (qu.) . .
April
Holders of rec. Mar. 10
. 2
Mar. 26 Mar. 10 to Mar. 25
Atiantio Refining, common (quar.)____
v ° Mar. 15 Holders of reo. Feb. 21a Hercules Pouder, common (quar.).
Common (extra) ______________
2
Mar. 25 Mar. 16 to Mar. 25
Atlas Powder, common (quar.)________
8
Mar. 10 Feb. 29 to Mar. 9
.
IK Apr. 16 Holders of rec. Mar. 31
Autosales Corporation, pref. (quar.) ___
Mar. 31 Holders of rec. Mar. 15
I , Apr. if Holders of ree. Mar. 31
BarnsdaU Corporation (quar.) __________ ♦62Kc April 15 Holders of rec. Mar. 31
H u p p Motor Car, preferred (quar.).
IK Apr. 1 Holders of roc. Mar. 20
Barrett Company, common (qu ar.) ______
♦2
Apr.
♦Holders of rec. Afar. 15
) *50c ■ Mar. 16 ♦Holders of reo. Feb. 27
Preferred (quar.) __________ .
*1K Apr. 15 ♦Holders of rec. Mar. 22
*3
Mar. 16 ♦Holders of roo. Mar. 9
Beater Board Cos., com. (quar.) ........ I '$1
Apr
♦Hol lers of rec. Mar. 15
. *1K Mar. 16 ♦Hoiedre of rec. Mar. 9
Preferred (quar.) ............
Anr
“
Holders of rec. Mar. 15
Intcrlake Steamship (quar.) I
2
April 1 Holders of reo. Mar. 20
Belding Paul Cortlcelll, Ltd., pref____ *3K Mar. 15 Holders of reo. Mar. 1
Extra ..........................
2
April 1 Holders of reo. Mar. 20
Betblebom Steel, com. A & B (quar.)..
I K Apr.
Holders of reo. Mar. 16a
. 3K Mnr. 15 Holders of reo. Feb. 25a
Eight per cent preferred (quar.)___
2
Apr.
Holders of reo. Mar. 16a International Sait (quar.).
IK Apr. 1 Holders of reo. Mar. 15a
Seven per cent preferred (quar.)___
IK Apr.
Holders of rec. Mar. 16a
Apr. 1 Feb. 25 to Mar. 1
Booth Fisheries, pref. (quar.) _______
.\
*1K April 1 Holders of rec. Mar. 13
Jo rd a n M otor, common (quar.)... ............. 52 H Mar. 31 Holders of reo. Mar. 13
Borden Company, preferred (quar.) -IK Mar. 15 Holders of rec. Mar. la
Preferred ( q u a r .) .. .......... ..... ...............
IK Mar. 31 Holders of rec-. Mar. 13
..
6
Mnr. 31 Holders of coup. No. 77r K elly-S prln qfield T ire, preferred (q u a r,)..
IK Apr. 1 Holders of reo. Mar. 15
.. *1K Apr. 1 ♦Holders of rec. Mar. 20
Kennecott, Copper Corp. (quar.)............
25c. Mar. 31 Holders of rec. Mar. la
.. $2
Mar. 16 Holders of reo. Feb. 21
Capital distribution..............................
25c. Mar. 31 Holders of lec. Mar. la
.
2
Mar. 31 Holders of rec. Mar. 20
3
Keystone Tire * Rubber, com. (quar.) _ _
Apr. 1 Holders of rec. Mar. 1
.5
..
2c. Mar. 10 Holders of rec. Mar. id
Kresge (3. S.) Co., preferred (quar.)___ •IK Apr. 1 ♦Holdere of roc. Mar. 15
California Packing Corp.
Mnr. 16 Holders of rec. Feb. 28a
,}K
*1
Mny 1 Holdere of ree. Apr. 20
Calumet & Arizona Mlnii
Mar. 22 Holders of rec. Mar. 5a Kress (S. H .) A C o., com. (quar.) ______
. $1
Preferred (quar.) ................................
♦IK Apr. 1 ♦Holders of reo. Mar. 20
Cambria Ir o n ___________
April 1 ♦Holders of rec. Mar. 15
Lackawanna Steel, common (quar.)..
IK Mar. 31 Holders of roc. Mar. dlO
Cambria Steel (quar.)...
.
IK Mar. 15 Holders of roc. Feb. 28a Lehigh Valley Coal Sales (quar.). . .
. $2
Apr. 1 Holders of rec. Mar Is
.
K Mar. 15 Holders of rec. Feb. 28a Liberty Motors, common ............................
*2K Apr. 1 ♦Holders of reo. Mar. 20
Canada Steamship Lines, com .’ (quar.)I!.
IK Mar. 15 Holders of rec. Feb. 28
Preferred (qu ar.) .................................... ♦2
Apr. 1 ♦Holders of ree. Mar. 2 )
Preferred (quar.)___________ ______ _.
IK April I Holders of rec. Mar. 15
Iggett A Myers Tobacco, pref. (quar.)
IK Anr. I Holders of ree. Mar.dlSa
Canadian Car A Foundry, pref. (q u a r.)..IK April 10 Holders of rec. Mar. 26
Lindsay Light, preferred (quar.)........ ..
*1K Mar. 31 'Holders of roc. Fob. 2>a
Canadian General Electric (qu ar.) ______ .
2
April 1 Holdere of rec. Mar. 13
L o re Star Gas, rew stock (N o. 1)..............
*5 c. Mar. 31 Holders ot reo. Mar. 18
.
2
April 1 Holders of rec. Mar. 13
L o rlllard (P.) C o., common (q u a r .). ........
3 . Apr. 1 Holders of rcc. Mar. 15a
- *3K April 1 Holders of rec. Mar. 13
Preferred (q u a r ,). ............................................. Apr. 1 Holders of rec. Mar. 15a
IK
.
2
Apr. 1 Holders of rec. Mar. 20
Mackay Companies, com. (quar.)..........
IK April 1 Holders of rcc. Mat. 6a
IK Apr. 1 Holders of rec. Mar. 20
I
April 1 Holders of rec. Mar. 6a
Preferred (quar.)................................. ‘
*
) 8KC. Mar. 31 Holders of rec. Mar. 20
M a n ali Sugar, preferred (quar.) ..............
i H Apr. 1 Holders of rec. Mar. 15
. c4
Mar. 30 noldere of reo. Mar. 28a M ay Departme t Stores,
1
Apr.
♦Holders of roc. Mar. 15
6
July 30 Holdere of rec. July 26a Mergenthaler Linotype pref. (quar.) ___
2K Mar. 31 Holders of rcc. Mur. 3a
(quar.)..............
Case ( J . I.) Thresh. Mach.Vpnf'(q'imr~.) .
IK April 1 Holders of rec. Mar. 15a M exican Petroleum, common (quar.) ........
*2K Apr. 10 ♦Holders of reo. Mar. 13
) *1K Mar. 31 ♦Holders of rec. Mar. 16
♦2
Preferred ( q u a r .) .. ................ ...............
Apr. 10 ♦Holders of reo. Mar. 13
IK Apr. 1 Holders of rec. Mar. 10a Middle States Oil (monthly)....................
10c Apr.
Holders of rec. Mar. 20a
2 K Apr 1 Holders of rec. Mar. 10
2
M ill Factors C orp., Class A (quar.) ..........
Apr.
Holders of reo. Mar. 20
.
IK April 1 Holders of rec. Mar. 10
Montana Power, common (quar.)_____
K Apr.
Holders of rec. Mar. 13a
Central Teresa Sugar, preferred (quar .). .
2
\pr. 1 Holders of rec. Mar. 15
Preferred (quar.). . ...................... .
Apr.
Holders of ree. Mar. 13a
. *2K Apr. 1 ♦Hol lers of rec. Mar. 15
Montreal Cottons, common (quar.)____
Mar. 15 Holders of rec. Feb. 29
Mar. 31 ♦Holders of rec. Mar. 10
)
IK Mar. 16 Holders of rec. Fob. 29
Preferred (quar.)..................................
Common (extra)...............
*50c Mar. 31 •Holders of rec. Mar. 10
I K April
National Aniline A Chemical, nref (qu.)
Holders of rec. Mar. 15
Preferred (qliar.) (No. 1) .
♦IK Mar. 31 ♦Holders of rec. Mar. 10
National Biscuit, common (quar.)_____
April 15 Holders of ree. Mar 31a
Chicago Telephone (quar.). .
•2
Mar. 31 •Holders of reo. Mar. 30
$ *
N ational Breweries (Canada) (quar.) ___
Apr
Holders of ree. Mar. 15
Childs Company, commbn
.
IK Mar. 10 Feb. 28 to
Mar. 10
4
National Candy, common.....................
Mar. 10 Feb 18 to
Feb. 24
Preferred (quar.)..........
IK Mar. 10 Feb. 28 to Mar. 10
5
Common (extra)...................... ...........
Mar. 10 Feb. 18 to
Feb. 24
Ciino Copper Co. (quar.)
. 37K0. Mar. 31 Holders of reo. Mar. 12a
First and second preferred..................
3M Mar. 10 Feb 18
Feb. 24
Cities Service—
National Casket (quar.).......................... *1K Mar. 30 Fob. 10
Feb. 10
*K April 1 ♦Holders of rec. Mar. 15
E xtra..................................................... *1
Mar. 30 Feb. 0
Fob. 10
. * /lK April 1 ♦Holders of rec. Mar. 15
Extra (payable In stock)...................... *«5
Mar. 30 Feb. 6
Feb. 10
•K April 1 ♦Holders of rec. Mar. 15
Nat. Enameling & Stamping, corn, (qu ) 1 Km Mar. 20 Holders of rec. Feb. 28a
Cities Service, Bankers’ Shares (m onthly)., 50.25c April 1 Holders of rec. Mar. 15
Preferred (quar.)................................
lK m Mar. 31 Holders of roo. Mar. I la
ciu elt, l'cabodp A Co., h e . , pref. (quar.)
IK Apr. 1 Holders of rec. Mar. 20
N ational Grocer, common (quar.) ............
*2
Mar. 31 ♦Holders of roc. Mar. 2l
Coca-Cola Co. (No 1).............................. •*1
April 2 •Holders of rec. Mar 13
National Lead, common (quar.)
I K Mar. 31 Holders of rcc. Mar. 12a
Colorado Power, preferred (quar.)____
IK Mar. 16 Holders of rec. Feb 28
National Lead, preferred (q u a r.)..I_
_
I K Mar. 16 Holders of rec. Feb. 20a
Columbia Graphophone, com. (q u a r .)..
»25c.
April 1 Holders of rec. Mar. 15a National Sugar (quar.) ........................
IK April
Holders of rcc. Mar. 8
Preferred (quar.) _____________
IK April 1 Holders of rec. Mar. 15a National Transit (extra).................. I I ..
*6»c Mur. 15 Holders of roe. Feb. 28
Colum bia Sugar (quar.) ..............
*3
April 1 •Holders of rec. Mar. 20
25c Mar. 31 Holders of ree. Mar. 12a
Nevada Consolidated Copper Co. (quar.)
1
Computlng-Tabulating-Rscordlng (qu.)
Apr 10 Holders of rec Mar. 25a Now York Air Brake (ouar ) ............
2K Mar. 21 Holders of roe. Mnr. 2a
Connecticut Power, pref. (quar.).
IK Mar. 1 Holders of rec. Feb. 26a
New York Transit (quar.)........................
4
\pr. If Holders of rec. Mar. 22
Consolidated Gvt Elec. L. A P B it’ (qu ) *!2
Anrll 1 •Holders of rec. Mar. 15
N iagara Falls Power, common (quar.) ___
IK Mar. 16 Holders of ree. Mar. 8
Consolidated Gas (New York) (quar.)..
IK Mar. 16 Holdere of reo. Feb. 10a
Preferred (quar.) __________ ________ _
1K Apr. 15 Holders or rec. Mar. 31
Cons. Interstate Callahan Mlnlmr(quar ) 50cl Mar. 30 Holders of rec Mar 15a
2
Nllce-Boment-Pond, common (quar.)_
_
Mar, 21 Holders of rec. Mar. la
Continental Can, common (quar.) _ _____
IK Apt. 1 Holders of rec. Mar 19a North American Co. (quar.) ............ .
IK Apr. 1 Holders of reo. Mar. 18
Preferred (quar.)____ ______
1 Holders of >ec. Mar 19a Ohio Cities Gas, preferred (qu ar.) ........ .
IK Apr
IK Apr. 1 Holders of reo. Mnr. 15
Continental Motors Corp., pref. (quar.) . . ♦IK April 15 1
'April 7 to April 15
•SI 2f Mar. 31 Holders of reo. Fob. 28
Ohio Oil (quar.)....................................
*3
Continental Oil (quar.)
Mar. 10 <
■Holders of rec. Feb. 21
**2 75 Mar. 31 ♦Holders of rec. Fob 28
Extra ...................................................
Continental Oil A Kef. (month y )
2
Mar. 16 Hohlers of rec. Mar. 5
Oklahoma Producing <•Reft i 'g, com (qu )
{
'pr.
IB I 'ere of reo. Mar. 15
Copper Ranee Co. (quar ) ___
50c. Mar. 15 Holders of rec. Feb 20
Orvheum Circuit, In c ., com m on. ............ 50r. Apr. 1 Mar. 16
to
Apr. 1
Crescent Pipe Line (quar.)_________ HI
75c Mar. 15 Feb. 22 to Mar. 15
Preferred (quar.) ....................................
Apr. 1 Mar. 16 to
Apr. I
Crucible Steel, preferred (quar.) ........
IK Mar. 31 Holders of rec. Mar. 16a Ottawa Car (quar.) ........................ ..
.
T
Apr. I II 4 lers of rec, Mar. 15
Cuba C a re Sugar, preferred (qu ar.). . . . . . ♦IK ,Apr. 1 ♦Hoi lers of rec. Mar. 15
Owens Bottle Co., common (quar.) ___
*75c Apr. I Holders of ree. Mar. 22
Cuban-American Sugar, common (quar > 2K April 1 Holders of reo. Mar, 15a
Preferred (quar.)......... ......... .............
Preferred (quar.)_______
IK April 1 Holders of rec. Mar 15a Pabst Brewing, preferred (qu ar.) .............. ♦ I K Apr. 1 Holders of rec. Mar. 22
Mar. If Mar. 7 to Mar. 16
Davies (William) Co.. Inc., Class A (qii t $1
I
Mar. 15 Holdere of reo. Mar. 1
Pacific Te'ep. (• Tele /., preferred (quar .) .' *1K Apr. If Hoi 'ers of ree. Mar. 31
Davis-Daly Copper C o.......... .......... ..
25o. :Mar. 30 Holders of rec. Mar 10
Packard Motor Car. preferred (quar.)..
IK Mar. 16 Holders of ree Feb. 29*
.\pr. 1 •Holders of rec. Mar. 15
Detroit & Cleveland Navigation (quar.). •2
Pan-A m cr. Petrol. A T ran sp.. com. (quar.) ♦81.50 Apr. 10 Holders of ree. Mar. 13
Detroit Edison (quar.) ____
♦2
■ pr. 1 *
A
Common, Class B (quar.) ........ ............ ♦SI.50 Apr. 10 Holders of ree Mnr. 13
Detroit Iron A Steil, com. (qu ar.).
♦2K /April 15 *
Preferred (quar. . _................................ ♦ I K
Apr. 1 Holders of reo. Mar. 13
Preferred (gum .) ...... ........... ............
Anrll
•
s
Parkp Davis A Co (quar.)......................
1
Mur.
Diamond Match (quar.)_______ II. 1
.1 ♦IK 1 15 ♦Holders of rec. Anr|| 2 86a Peerless Truck A Motor (quar.)............I ♦$iIK April 1 Mar 23 of to M«r. 31
2
Mar. 15
of reo. Feb.
Vprll
Holders
rec.
Dodge M a nufacturin g, common (quar.)
IK iApr. 1 Holders of ree. Mar. 27
E xtra............................................. . . .
K
nrll I Holder* of ree. Mnr.
Common (extra).................... _ _
.
1
tApr. 1 Holders of ree. Mar. 27
Penmans. Ltd., common (quar.) ........
2
May 16 Holder* of reo. May 5
Preferred (q u a r.). _____ _______ I IIII
IK ,Apr. 1 Mar. 21 to Mar. 31
Preferred (quar >.................................
IK May 1 Holdere of roo. Apr. 21
Dominion Glass, Ltd., common (quar.)
1
,Apr. 1 Holders of roe Mar. 15
Pennsy'ra ia Rubber, common (quar.)
♦ K Mar. 31 II 1lers of ree. Mar. IS
1
Preferred (quar.)____ _____ ________
IK ,Apr. 1 Holders of ree Mnr 15
Preceded h u or.)
.................. ..
♦IK Mnr. 31 " | 'o r , „ f r.w . Sf'IP . 15
Trust Companies.

Guaranty (quar .) .......... .......... . _.
M ercantile (quar.) (N o . 1)................




Mar. 31 Holders of rec. Mar. 10
Apr
♦Holders of rec. Mar. 15

IK

♦10c Apr.

IK

ft

ft

1

Name of Company.

945

THE CHRONICLE

M ar . 6 1920.]
When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

S t a t e m e n t o f N e w Y o r k C it y C le a r in g H o u s e B a n k s
a n d T r u s t C o m p a n ie s . — The following detailed statement

shows tho condition of the N ew York City Clearing House

Miscellaneous {Concluded).
The figuros for the
IK Apr. 1 Holders of rcc. Mar. 19a members for the week ending Feb. 28.
Pennsylvania Water & Power (quar.) —
separate banks are the averages of the daily results. In the
Pettlbonc-Mulllken Co., 1st S 2il pf .(qu) *1K Apr. 1 Holders of rec. Mar. 15
c
43.75c. Mar. 16 Holders of rco. Feb. 19a case of totals, actual figures at end of the week are also given;
Philadelphia Klcctrlc (quar.)..................
Apr. 1 Holders of rcc. Mar. 15a
2
Pierce-Arrow Motor Car, prof, (quar.)..
Apr. 1 Holders of rec. Mar. 20a
2
PlercoOU Corporation, pref. (quar.)----50c Mar. 16 Holders of rec. Mar. la
Pittsburgh Brewing. common (quar.) —
NEW YORK W EEKLY CLEARING HOUSE RETURNS.
Mar. 10 Holders of reo. Feb. 18a
2
Pressed Steel Car, common (quar.)----(stated in thousands of dollars—that is, three ciphers [,000] omitted.)
IK Mar. 15 Holders of rec. Feb. 25a
Proctor < Gamble, prel. (quar.)........ ..
fc
IK April 1 Holders of rec. Mar. 15
Provincial Pu per Mills, I.td., com. (quar )
IK April 1 Holders of rcc. Mar 15
Preferred (quar.)...................... .
N a t’ l
te ser v e
Aprd 15 "Holders of rcc. April 1
♦3
Net
CLEARING
Quaker Oats, common (quar.)----Bank
Tim e
N et
with
•1H May 29 ‘Holders of rcc. May 1
Capital Profits. D iscou n t . Cash
HOUSE
Preferred (quar.)____________
Circu
De
D em and
Legal
in
Mar. 29 "Holders of rec. Mar. 6
Invest
•si
MEMBERS
Quincy Mining (guar.)..................
Mar. 31 Holders of rec. Mar 17a
Vault, Jeposi D ep osits. posits. ation
2
Nat’l, Dee .31 merits.
(.000 omitted.)
Ballway Steel-Sprint?, common (quar.)..
a Week ending State, N ov.12
lories.
1K Mar. 20 Holders of rec. Mar. r<
«fcc.
Preferred (quar.).................... ....... - - 25c. Mar. 31 Holders of rec. Mar. 12a
Feb. 28 1920. Tr.Cos.,Nov.12
Uay Consolidated Copper Co. (quar.)..
Apr. 1 Holders of rec. Mar. 10
IK
Remington Typewriter, lsl pref. (quar.) . .
Apr. 1 Holders of rec. Mar. 10
Average. leera ge Average Average. Average A v g *
2
Members of
Second preferred {quar.) — ................
$
S
S
$
$
S
S
S
Fed. Res. Bank
Rco Motor Car (quar.)............................ ♦25c. Apr. 1 •Holders of ree. Mar. 15
731
35,840 4,319
830 4,923
May 1 Holders of rcc. April 24a Bk of NY, NBA 2,000 6,660
62,873
IK
Republic Iron * Steel, common (quar.)
82.110 8,214 ___
9S.512 2,586 11,980
IK April 1 Holders of rec. Mar. 15a Manhattan Co. 2,500 8,260
Preferred (quar.).............. .................
23,838 1,091 1,155
690 2,710
30,304
3,000 3,323
IK Mar. 31 Holders of rec. Mar. 22
Merchants’ Nat
Itlordon Pulp & Paper, pref. (quar.)----,0 0
132,524 3,917 1 0
25c Mar. 20 Mar. 10 to Mar. 21
6,000 12,100 161,981 9,379 17,717
Mech & Metals
St. Joseph Lead (quar.)-------------___
,1 0 3,947 27,083
25c Mar. 20 Mar. 10 to Mar. 21
31,522 1 1
Bank of America 1,500 7,304
E xtra .............. ....................... - Holders of rcc. Feb. 28
55,815 558,390 14,707 66,370 ♦583,399 39,293 1,411
National C ity .. 25,000
San Joaquin Power S Light, pref. (quar.)
c
431
71,947 1,594
3.000 9,869 100,189 1.701 9,864
1M Mar. 15 Holders of rec. Mar. la
Savago Arms Corporation, com. (quar.)
Chemical Nat
136
532
17,057
466 2,347
Apr. 30 Holders of rec. Mar. la Atlantic Nat.
21,085
5
1,000
1.000
Common (extra)------- -----------288
4,051
Mar. 15 Holders of rec. Mar. la Nat Butch A Dr
6,213
1 0 463
1
143
300
1K
First preferred (quar.)-----------90,298 5,670 4,775
Mar. 15 Holders of rec. Mar. la Amer Exch Nat 5.000 6,668 130,077 1,934 12,361
IK
Socond preferred (quar.)--------266,667 5,414 ___
IK Apr. 1 Holders of rec. Mar. 15
NatBkof Comm 25,000 29,085 350.9S9 2,866 35,111
Sears, Roebuck & Co., pref. (quar.)
_
50 _ _
24,866
1,730 3,664
500 I , 153 27,601
I K Mar. 31 Holders of rec. Mar. 15
Sherwin-Williams Co. of Can., pref. (qu.)
Pacific B ank...
100,709 12,159 4,406
Mar. 31 ♦Holders of rcc. Mar. 12
Chath A Phenlx 7.000 6,875 120,827 5,259 14,238
South Penn Oil (quar.)..........................10
0
134,986 ______
April 1 Holders of rec. Mar. 10a Hanover Nat . .
134,547 5,105 18,929
3.000 19,056
South Porto Rico Sugar, common (quar.)
970
162
38,642
April ■1 Holders of rec. Mar. 10a Citizens’ Nat . .
54,519 1,036 5,771
2
3.000 3,599
Preferred (quar.)__................ .........
___
t
40,18(1
Apr. 1 Holders of rec. Mar. 15
36,127 2,103 5,725
2
2 .0 0 0 2,683
Metropolitan _
South West Pam. Pipe L ins {quar.)..
154,902 7,464 ___
Mar. 15 Holders of rec. Feb. 28
2
Standard O n * Electric, pref. (quar.)
Corn Exchange h4,620 8.925 145,679 8.99) 21,053
51
69
28,294
35,256
670 3,704
1.500 8,269
2 K Mar. 15 Holders of reo. Feb. 14
Standard Oil (California) (quar.)----Imp A Trad Nal
163,803 3,444 4,865
Mar. 15 Holders of rec. Feb. 14
1
5.000 20,274 212,224 1,323 21,549
National Park..
E xtra __________________________ _
50
607
Mar. 15
9,717
Mar. If Feb. 3 to
325 1,548
3
10,537
668
1.000
Standard Oil (Indiana) (quar.)..........
East River Nat
630
Mar. 15
19,479 _____
Mar. 15 Feb. 3 to
837 2,859
3
23,608
Second National 1,000 4,298
171,134 2,414 8,264
963 22,411
Mar. 15 "Holders of rec. Feb. 28i
Standard OH (Kansas) (q u a r.)............. •3
First National.. 10,000 33,631 289,248
115,715 3,51!) 2,258
Mar. 15 Holders of rec. Feb. 28a Irving Nat B k..
3
6,000 8.281 141,126 3,586 16,993
E xtra ___________________ ______ —
892
19S
13,090
631 1,088
14,298
Apr. 1 ‘Mar. 10 to Apr. 1
385
*3
1,000
Standard Oil (Kentucky) (quar.)...........
N Y County Nal
0,804 ______ —
940
Mar. 15 •Holders of rec. Feb. 20
167
8,291
*5
710
1,000
Standard oil of N. J., common (quar.).
Continental__
0
294,102 17,954 1,1 0
*IK Mar. 15 •Holders of rec. Feb. 20
Chase Nat Bank 115,000 20,439 380,443 5,395 41,373
Preferred (quar.)------------------ -------20.322 ______ —
Mar. 15 Holders of rec. Feb. 20a Fifth Avenue .
20,372 1,080 3,008
4
500 2,401
Standard Oil of New York (quar.).........
8,623 ______ —
357 1,176
9,022
Apr. 1 •Holders ot rec. Feb. 27
*3
90S
200
Standard Oil (Ohio) (quar.)..................
Commercial Ex
_
9,593 ______ _ 420 1,249
9,466
Apr. 1 •Holders of rec. Feb. 27
*1
400
740
Commonwealth
E xtra____________________________
20
1
7
17,311
908 2,378
Apr. 15 •Holders of rec. Mar. 31
17,642
2,114
1,000
Stewart Mfg., com. {quar.)...................... ♦SI
Lincoln Nat . . .
388
203
13,883
482 2,054
14,265
May 1 •Holders ot rcc. Apr. 15
♦2
1,000 1,367
Preferred {quar.).......... - .....................
Garfield N a t..
246
513
11,923
268 1.531
Apr. 1 •Hol lers of rec. Mar. 15
17,056
514
1,000
Stromberg Carburetor (quar.) — - - - - ­ ♦SI
Fifth National
67
540
45,867
Apr. 1 Holders of rec. Mar. 10
46,793 1,060 0,273
2
4,194
1,000
Swift ,fc Co. Iquar.)_ _ ------------- .
Seaboard N at..
67,800 3,7^3 1,927
609 9,019
Apr. 1 Holders of rec. Mar. 20
4
87,940
Thompson-Starrett C o., p referred ....
Liberty N a t... 5.000 6,830
400
592
14,039
22,764
849 2,218
$1.75 Mar. 20 Holders of rec. Mar. 6
1,448
Todd Shipyards Corporation (quar.) —
Coal A Iron Nat 1.500
386
424
18,390
479 2,141
18,482
1,387
1.000
E xtra.................................... - ............... SI.25 Mar. 20 Holders of rcc. Mar. 6
Union E xch..
30,667 5,402 —
42,717
683 4,170
*5c. Apr. 1 •Holders of rec. Mar. 11
1.500 2,656
Tonopah Extension Mining (quar.).-----Brooklyn Trust
230,381 14,343 ___
896 30,711
Mar. 13 Holders of rcc. Feb. 28
285,527
IK
Tooke Brothers, preferred (quar.)..........
Bankers Trust g20,000 <(18,489
50,879 2,951 ___
Apr. 1 Holders of rec. Mar. 5a U S Mtge A Tr
731 6,921
56,581
2
2,000 •1,807
Underwood Typewriter, common (quar.)
IK Apr. 1 Holders of rec. Mar. 5a Guaranty Trust 25,000 29,965 553,364 2,812 54,868 ♦485,477 37,149 ___
Pr iferred (quar.)..................................
351 ___
11,342
275 1,622
Mar. 15 Holders of rec. Mar. 5
12,553
2
1,365
1,000
Union Bag A Paper (quar.)------------------Fidelity T rust..
76,091 6,155 ___
81,913 1.093 11,127
Union Carbide < Carbon (quar.)
f■ S I. 25 Apr. 1 •Holders of rec. Mar. 6
Columbia Trust 5.000 7,267
3,359
31,550 2,039
Apr. 1 Holders of rec. Mar. 15a Peoples Trust.
32,200 1,05!
fio
l ,635
1,200
Unltod Cigar Storos of America, co m ..
59,833 2,256 ___
450 8,682
82,076
206
IK Mar. 15 Holders of rec. Feb. 27a New York Trust 3.000 I I ,
United Cigar Stores, preferred (quar.)..
21,92(1 1,658
6 6 2,954
6
25,400
I K Apr. 1 Holders of rec. Mar. 15a Franklin Trust
1.000 1.326
United Dyowood, common (quar.).........
973
23,573
48f 3,626
Apr. 1 Holders of rcc. Mar. 15a Lincoln Trust22,713
831
IK
1,000
Preferred (quar.)--------------- --------- 0 < 4,155 28,089 1.262 50
0
Apr. 15 Holders of rec. Mar. 20i Metropolitan Tr 2 .0 0 0 g 3 ,4 9 3
41,931
3
United Fruit (quar.)................................
1,043
12,28)
458 1,28(
17,554
1,300
1,000
United Paperboard, prof. (q u a r.)..— - •IK April 15 ♦Holders of rec. April 1
Nassau N.Bklyn
993
03.90C
1,890 8,757
64,491
I K Mar 13 Holders of rec. Mar. la Irving Trust Co
3.000 1.6S0
U. 8. Cast Iron PIpo A F d y „ pref. (qu.)
1 ,6 6
28
Mar. 31
Mar. 31 Mar. 16 to
1
U. S. Gypsum, common (quar.)----------Farm Loan A Tr 5.000 11,711 119,328 4,165 14,21C *128,945
167
19,987
Mar. 31
534 2,812
23,402
1K Mar. 31 Mar. 16 to
890
1.000
Preferred (quar.)___________________
Columbia Bank
Mar. 15 Holders of rec. Mar. la
2
U. S. Industrial Alcohol, com. (quar.)..
Mar. 1
221,220 400,204 4,908,048 *97,712 540,607 c3,929,560 214,214 36,493
I K Mar. 30 Feb. 28 to
United Statos Steel Corp., com. (qusr.)
Average..
Mar. 15
1*4 Mar. 16 Mar. 7 to
U. 8. Worsted. 2d pref. (No. 1)..............
$1.50 Mar. 31 Holders of rec. Mar. 12a Totals, actual co ndltlon
4,915,001 98,001 551,626 c3,929,238 213,813 36,002
Utah Copper Co. (quar.)........
4,905,552 97,11 523,05: 3,922,73) 215,lOf 36,992
1K Mar. 27 Holders of rec. Mar. 17
Utilities Securities Corp., pref. (quar.)
Totals, actual co ndltlon
00
Mar. U Holders of rec. Mar. 11
4.939.141 1 ,Ilf 546,482 4,984,044 216,414 36,901
2K
Valvnllno Oil, common (quar.) ..............
Totals, actual co ndltlon
April 3 Holders of rec. Mar. 15
2
Wabasso Cotton (qunr.)......................
/ Federal R< serve Bo nk
15o Mar. 10 Holders of rec. Mar. 1
Not Me
Wayland Oil A Gas. common (quar.)
State Banks
----19,68) .........
1,311
50c April 1 Holders of rec. Mar. 15
18,927 2,467
500
Weber A Hcllbroner, common................
Greenwich Bank
—
5,511 .........
331
691
9
5,52,’
* 1 « June 1 ♦Holders of rcc. May 15
250
Preferred (quar.)---------------------------Bowery Bank.
1 ___
1
29,271
1,76"
1
20,544 3.55)
IK Mar. 10 Holders of rec. Feb. 27
1,000
West’h'se.C 'hnreli .KcrrACo.. Ino. (quar.)
N Y Prod Exch
—
32,17! 32,18
Holders of rcc. Feb. 27
2 ,26(
4,14
5 64,691
1H Mar. 10
2,000
Preferred (quar.)..............
..........
State Bank
2K Apr. 1 Holders of rec. Mar. 15
Weyman-Bruton Co., com. (quar.). . . . .
—
80,63! 32,29
0
1 115,681 1 ,86- 5,68(
1 \ Apr. 1 Holders of rec. Mar. 15
3,750
Preferred (quar.).......... .......................
Average.
Mar. 31 Holders of rec. Mar. 17a
$1
White Motor (quar.)..............................
86,98! 32,37 5 -----Mar. 10 Holders of rec. Mar. la Totals, actual co
8 116,31f 10.80. .5,565
1
Wire Wheel Corp., preferred (monthly)
86,29 32,17 ) ___
5,99
t 114,84f 10,78
1K \pr. 1 Holders of rec. Mar. 17
Woods Manufacturing, preferred (quar.)
Totals, actual co
___
86,69 > 31,77
5,86
7 115,441 10,49
I K April 1 Holders of rec. Mar. 10a Totals, actual co ndltlon
Wool worth (F. W .) Co., preferred------IK Apr. 1 Holders of ree. Mar. 20a
Worthington Pump A Mach., pf. A (qu.
Holders of rec. Mar. 20a Trust Comps
era 1 Re erve B 7U
n h ereof Fee
I K Apr. 1
Preferred B (quar.)______ ___ —
95
—
30,66
97 1 3,06 )
0
44,47'
l K Apr. 15 Holders of rec. Apr. 5
W'orthlnnton Pump <t Mach., com. (quar.
Title Guar A Tr
26 0 -----19,21 )
/>
93 > 2,03 1
Apr. 1 Holders of rec. Mar. 17
1 27,5K
Yale A Towne Manufacturing fn"ar t
Lawyers T A Tr
• From unofficial sources, t Declared subject to the approval of Director-Genera
49,87
1,21 5 -----1,91 ) 5,68
1 71,99(
9,000 18,731
of Railroads, 1 Tho New York Stock Exchange has ruled that stock will not be
quoted ex-dividcnd on this date and not until further notice, a Transfer books not
50,41 5 1,21 1 ___
,8
8 72,515 1 6 l 6,76
Totals, actual co ndltlon
closed for this dividend. 6 Less British Income tax. d Correction. « Payable in
50,29 1 1,21 6 ___
1,83 8 5,87
1
72,261
■took. / Payable In common stock, g Payable In scrip. A On account of accumu­ Totals, actual co ndltlon
49,33 ) 1,22 2 .
1,84 ) 5,92
4
71,00)
Totals, actual oo ndltlon
lated dividends. < Payable In Liberty Loan bonds.
• Payable to holders of record Jan. 31
. .. .
0 5,095,72 110,48B551,97 UI4,057,07 247,727 36,493
J Declarod *2 payable In quarterly installments on March .10, June 30, Kept, su Gr’ d aggr. avge 233,970
— 82 6 — 1,89 6 — 40.67 —2,38 5 — 594
. — 14,07
and Dec. 30 to holders of record on March 15. June 15, Sept. 15 and Dec. 15, Comparison, pre v. week
1 5,103,82 t 110,73 8562,95 )e 4 ,066,63 5 247,399 36,002
reH
|'i°Doclarcd (1% payable In quarterly Installments on March 20. May 31, Aug. 31 Gr’s aggr, acfl cond’n
+7.30 7 — 1,00 1 — 990
. +11.15 +1,00 2+2801 7
and Nov. 30 to holders of record on Fob. 28, May 11, Aug. 11 and Nov. 10, re- Comparison, pre week
1 109,73 6534.93 1 4,059,32 8248,490 36,992
4 5,092,66
H n Declared 7% payable In quarterly Installments on March 31, June 30. Sept. 30 Or’d aggr, aot’l cond’ n
,,<
7 5,125,00 l 112,410 558,20 ( 4,120,00 1249,40 7 36,901
Gr’d aggr, act’!cond’n
and Dec 31 to Holders of record on March 11. June 10, Sept. 10 and D e,. 11.
1 5,183,07 6109,302 569,45 6 4,175,27 5 252,!)f 838,715
Gr’d aggr, act’lcond’n
» Declared 7% payable In quarterly Installments.
4 5.240,69 5 106.01 4 564,942 4.166,56 v 219,94 9 38,604
Or’d nggr. aot’lcond’n
» Declared 5% payable In quarterly Installments.
................

___
_
_

r Transfer received In order In London on or before March 10 will be In time to
lie passed for payment of dividend to transferee.
.v Also declared ono-twentleth of a share In common stock.
v Declared 8% payable.4% as above and 4% Sept. 30 to holders of reo. Sept. 25.
x Payable Mareh 1 1920.
. .
• At rate of 8% per annum from date of Issue. Oot. 6 1919.

B o s t o n C le a r in g H o u s e B a n k s .— W o givo bolow a sum ­
m ary showing tho totals for all tho item s in tho B oston
Clearing H ou se weekly statem en t for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Peb 28
1920.
S
3.214.000
Circulation..............................
Ixjans, dlsc’ ts * Investments. 587.482.000
Individual deposits, Ino). U. S 433.385.000
Due to hanks_____________ _ 111.899.000
Time deposits.......................... 16.752.000
1.967.000
United States deposits........ *
Exchanges for Clearing House 18.734.000
Due from other hanks............ 53.247.000
Cash In bank <t In F. R. Bank 73.465.000
Reserve excess In bank and
25.332 000
Federal Reserve Bank ..

Changes from
previous week.

Feb. 21
1920.
$
3.247.000
586.788.000
433.265.000
110.885.000
16.637.000
2.951.000
19.983.000
56.078.000
71.081.000

S
3.210.000
592.983.000
430.402.000
111.807.000
16.782.000
7.367.000
20.129.000
59.375.000
70.127.000

Dee.
Inc.
Inc.
Inc.
Inc.
Dee.
Dec.
Dec.
Inc.

33,000
691,000
120.000
4,014.000
115.000
984,000
1,249,000
2,831,000
2,384,000

Inc.

1.550.000 23.773.000 23.353.000

• Formerly Included under the head of “ Individual Deposits.




STATEMENTS OF RESERVE POSITION OF CLEA.R1NG HOUSE BANK
AND TRUST COMPANIES.

Feb. 14
1920

%

* Includes denoslts In foreign branches not Included In total footings, as follows*
National CUv S . $135,903,000: Guaranty Trust Co., $75,059,000 Farmers’ Loan
& Trust (*o <22 OSS 000
Balances carried In b an k s in foreign countries as reserve
or^fnitfh dejmslto were: National City Bank, $36,708,000: Guaranty Trust Co..
57,539,000 Farmers’ Loan A Trust C o.. $4,757 000 c Deposit In foreign branches
not Included, d U. S. deposits deducted, $23,594,000. e U. 8. deposit* deducted.
$18,029 000
Bills payable, rediscounts, acceptances and Other llablllUes.
$1,142,710,000. f As of Jan. 21 1920. k As of Jan. 1 1920. h As of Feb. 14 1920

Cash
Reserve
in Vault.
Members Federal
Reserve banks___
State banks*...... .....
Trust companies*__
Total
Total
Total
Total

Feb. 28___
Feb. 21___
Feb. 14___
Feb. 7 ___

Reserve
in
Depositaries

Total
Reserve.

a
Reserve
Required.

Surplus
Reserve.

10,86+000
1,910,000

S
$
S
S
540.607,000 540,607,000 516.100,000 24,507,000
950,240
5.680.000 16,544.000 15,593,760
115,050
7,596,000 7.480.950
5.686.000

12.774.000
12.403.000
12.251.000
11.728.000

551.973.000
553.869.000
561.684.000
567.140.000

$

564.747.000
566.272.000
573.935.000
578.868.000

539,174.710
544,476.760
550,201,910
554,737,240

25,572.290
21,795,240
23,733,090
24,130,760

946

THE CHRONICLE
Actual Figures.

Cash
Reserve
in Vault.
M em bers Federal
Reserve b a n k s..
State banks*.........
Trust com panies*.
T otal
T otal
T otal
T otal

Feb. 2 8 ..
Feb. 2 1 . .
Feb. 1 4 ..
Feb. 7 . .

Reserve
In
Depositaries

Total
Reserve.

STATE

Reserve
Required.

Surplus
Reserve.

Week ended Feb. 28
1920.

34,4*10,670
713,240
68,750

12.677.000
12.625.000
12.321.000
12.227.000

35,192,660
8,071,420
23,162,169
26,931,380

575.627.000
547.558.000
570.584.000
581.683.000

540,434,340
539,486,580
547,421,840
554,751,620

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 N ew York City not i n the C learing H o u s e , as
follows:
S T A T E B A N K S A N D T R U S T C O M P A N IE S IN G R E A T E R
N E W Y O R K , NOT IN C L U D E D IN C L E A R IN G H OU SE S T A T E M E N T .

{Figures Furnished by Slate Banking De partmenl.)

Differences from

SnecJe

aIMl lnvestments...................................................... $ 7 7 (u ff,3 0 0 D e c ! $ “,6^2,9*00
D ec.
203,500
Currency" and’ bank" "n'o'tes 1111111.111111111111111
17 915 800 Inc.
221,700
Deposits with Federal Reserve Bank o f N ew Y o r k ..
73 205 r
,oo Inc. 2,411,700
826*356*300 Doc. 2.817,600
T o ta l, deposits------------------------------------------------------D eposits, eliminating amounts duo from reserve de’
posltaries, and from other banks and trust com ln ^ ' Y - ,9lty ’ exchanses and U. S. deposits $780,286,300 Dec. 5,787,300
----------------------------------- 137,070.900 Inc.
S.OTUOO
Percentage ot reserve, 19.7%
RESERVE.
_ . .
---------Slate Banks----------- Trust Companies----Cash In v a u lts....................................... $25,117,400 15.21%
$74,187,900 14.04%
Deposits In banks and trust cos____ 9,961,700
6.03%
27,803,900
5.28%
T otal..................................................... $35,079,100

21.24%

$101,991,800

19.30%

Banks and Trust Companies in New York City.— The
averages of the New York City Clearing House banks and
trust companies com b in ed with those for the State banks
and ^ ust. companies in Greater New York City outside of
the Clearing House, are as follows:

Jan. 24____________
Jan. 31........................
Feb. 7................
Feb. 1 4 ...................
Feb. 2 1 . ____________
Feb. 28.......................

Loans and
Investments.

Demand
D eposits.

6.157.850.600
6.152.354.000
6.196.334.100
6.106.291.800
6.033.287.000
5.965.254.400
5.965.254.400
5.911.523.100
5.977.547.400
6.002.477.800
6,085,367.900
6,190,394,500
6.148.908.100
6.091.136.800
6.027.329.800
6.009.316.400
5.932.509.000
5,887,539,200
5,871,814,300

5,011 .330.800
5.997 ,701,600
5,056 ,029,200
5,032 ,629,900
4.998 ,912.400
4.957 .903,600
4.957 ,903.600
4,893,,718,700
4.977,,633,400
4.874,.397.000
4.978,,225,000
4.997,,475,100
4,946..748.500
4,979 ,339,100
4,930 ,832,900
4,959 ,253,200
4,922 .639,900
4,883 ,820,600
4.837 ,357,300

Capital a s o f N o v . 12.
Surplus as o f N o v . 12.
Loans A Investments.
S p e c ie .........
Currency A bk. notes
Deposits with the F.
R . Bank o f N . Y _ .
D ep osits_
_
Reserve on d ep osits..
P . C . reserve to d ep ._

Differences from
previous week.

$
27.400.000
50.520.000
702,958,000 Dec.
8,254,300 Dec.
33,828,500 Inc.
69,499,400
838,650,700
128,209,600
20.5%

Y O R K C IT Y .

Trust Companies.
Feb. 28
1920.

Differences from
previous week.

$

$
$
.104,700,000
179,330,000
1,908,000 2,051,539,400 D ec. 17,248,700
359,000
11,164,200 Inc.
9,600
406,200
20,302,100 Dec.
124,200

Dec. 3,144,600
217,758,200 Inc. 1,693,600
Dec. 13,405,300 2,085,143,700 D ec. 11,001,000
Dec. 1,616,900
294,587,100 Inc. 2,503,500
Inc.
0.5%
17% Inc.
. 0 .1 %

Non-Member Banks and Trust Companies.— Follow
mg is tho report made to the Clearing Houso by cloaring
non-member institutions which are not included in the
Clearing House Return’ ’ on the following page:
R E T U R N OF N O N -M E M B E R IN S T IT U T IO N S O F N E W Y O R K C L E A R IN G
H O U SE.

{Slated in thousands of dollars—that is, three ciphers [000 omitted.)
CLEARING

Net Loans
Capital Profits Dls-

Week ending
Feb. 28 1920.

Nat.bks.Dec. 3 Invest
Statebks N o v li ments,
T r.co s.N o v . 12 &c.

N O N -M E M R R U S

Reserve
Net
Net
Nat'l
Cash
with Demand Time Bank
in
Legal
De­
De­ Circu­
Vault. Deposl posits. posits. lation.
lories.

Members o f
Fed'l Res. Bank
Battery Park N at.
Mutual Bank..
New Netberland..
W R Grace A Co'f
Yorkvllle B a n k ...
First Nat, Jer City

$
1.50C
200
600
500
200
400

$
l,5 1 f
6.36
663
1,038
723
1,332

17,720
12,671
10,835
8,859
12,855
8,937

222
302
234
19
353
626

2,129
1,762
1,350
1,139
1,225
755

12,912
12,404
8,663
6,072
7,354
7,044

83
434
138
2,924
6,070

Total__________

3,400

5,90.'i 71,886

1,756

8,360

54,449

9,649

Bank of Wash Hts.
Colonial Bank___
International Bank
North Side, Bklyn

100
600
500
200

440 3,239
1,217 14,718
289
6,991
267
6,577

406
1,460
756

70S

200
1,236
554
372

3,332
15,606
6,922
5,904

"366
1,109

Total...................

1,400

2,214 31,525

3,330

2,362

31,764

1,535

Average Average Average Average Average Average
$
$
$
$
$
S

* Total Cash

In Vault.

Reserve In
Depositaries

$

136.751.700
136.421.700
134.385.200
141.456.700
139.286.400
139.471.300
142.616.300
146.126.200
144.328.500
152,867,900
147.113.100
150.519.400
136,692,800
135.734.500
130.482.500
134.336.100
138.651.200
135,817.600
136.837.300

698.812.600
687.726.600
719.908.100
708.102.100
690.738.000
698.932.400
698.288.400
673,870,700
700.844.200
656.641.800
729.999.100
664.736.800
703.777.800
671.113.200
675.721.600
682,179.300
667.361.800
642.654.000
673.921.100

* This item Includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.

New York City State Banks and Trust Companies.—
lu addition to the returns of “ State banks and trust com­
panies in New York City not i n the C learing H o u s e ,” furnishod
by the Stato 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
aro made up, see “ Chronicle,” V . 98, p. 1661.
The provisions of the law governing the reserve requiroments of Stato banking institutions as amended M a y 22
1 9 1 7 w e r o P u r l i s l i e d in the “ Chroniclo” M a y 19 1917 ( V
104, p 1975). The regulations relating to calculating the
amount of deposits and what deductions aro permitted in the
computatKm of tho reserves were given in the “ Chroniclo”
April 4 1914 (V . 98, p. 1045).

*393
588

State Banks

Not Members of the
Fed'l Reserve Bank
::::

__

T rust Companies

Not Members of the
Fed'l Reserve Bank
Hamilton Tr.Bkln.
Mech Tr, Bayonno

500
200

1,048
465

9,012
8,288

600
326

360
211

7,211
3,524

4,744

700

1,513

17,300

926

571

10,735

5,776

__
__

Grand aggregate.. 5,500 9,633 120,711
Comparison prevlo is week ............ + 353

6,012
— 74

11,293 a90,948
— 177
+ 789

10,900
+ 43

+ 13

6,086
6,046
5,743
5,794i

11.116
10,960
10,717
10,5371

96,159 10,917
90,071
94,038 10,974
94,596 16,' 568

600

Total__________

Gr’d aggr, Feb. 14
Gr’d aggr, F eb. 7
Gr’d aggr, Jan. 31

5,500
5,500
5,500
5,500

9,633 20,358
9,633 20,869
9,836 120,579
9,836,118.467

* U. S. deposits deducted, $388,000.
Bills payable, rediscounts, acceptances and other liabilities, $9 607 000
Excess reserve, $83,950 decrease.

Philadelphia Banks.— The Philadelphia Cloaring House
statement for tho week ending Fob. 28 with comparative
figures for tho two weeks preceding, is as follows. Rosorvo
requirements for members of tho Federal Resorvo systom
aro 1 0 % on demand deposits and 3 % on time doposits, all
to be^kopt with the Federal Resorvo Bank. “ Cash in
vaults” is not a part of legal resorvo. For trust companies
not mombers of tho Federal Reservo systom tho rosorvo
required is 1 5 % on demand doposits and includes “ Rosorve
with legal depositaries” and “ Cash in vaults.”
Wk. ending Feb. 28 1920.
Two ciphers (00) omitted. Members of
F.R.System

Trust
Cos

Feb. 21
Total.

C ap ita l___________________ $32,8 75,0
$4,000,0 $36,875,0
Surplus and profits.,______
86,313,0
11,094,0
97,407,0
Loans. dUo’ ts A Inveslm’ ts 769,757,0
34,877,0 801,034,0
Exchanges for c le a r. House
28,176,0
472,0
28,048,0
Duo Irons banks__________ 119,755,0
12,0 119,767,0
Bank deposits____________ 136,882,0
231,0 137,113,0
Individual deposits_______ 502,163,0
19,976,0 522,139,0
Tlm o deposits____________
6,628,0
1,679,0
8,307,0
T otal deposits____________ 645,673,0
21,880,0 667,559,0
U .S . deposits (not lncludod)
1,105,0
R es've with Fed. Res. Bank
50,731,0
50,731,0
Res've with legal deposit's.
2,476,0
2,476,0
Cash In va u lt*............... ......
13,311,0
930,0
14,-241,0
Total reserve A cash h o ld ..
04,012,0
3,406,0
67,448,0
Reserve required__________
49,309,0
3,011,0
52,350,0
Excess res. A oahh In v a u lt.
14,733,0
.365,0
15.098,01
* Cash In vault Is not counted ns reserve for Federal Reserve

___

___
___

1920.

Feb. 14
1920.

$30,875,0 $36,875,0
97.044.0
07,032,0
804,199,0 804.350.0
28.080.0
27,951,0
125,170,0 121.091.0
139,203,0 136.702.0
526,893,0 527.931.0
8,417,0
8.238.0
674,513,0 672.931.0
1,455,0
3.524.0
52,656,0
50.121.0
2,417,0
2.458.0
14,501,0
13.879.0
69,574,0
60.458.0
52,580,0
52.783.0
10,994,0
13.075.0
bank members.

““ ®
ta*ement were given in the statement of Deo. 14, 1917, published in tho “ Chroniolo” Deo 29 1917 naLo 2523
- —
9 ^ s Z e,e f i 23„ '™
•
A 3 A 1 L -L V
F u r th e r re d u c tio n s in G o v e r n m e n t a n d o th e r d e m a n d d e p o sits a c c o m p a n led b y m o d e r a te liq u id a tio n o f loa n s a n d in v e stm e n ts a ro in d ic a te d in th e
F e d e ra l R e s e r v e B o a r d ’s w e e k ly s ta te m e n t o f c o n d it io n o n F e b 20 o f 804
m e m b e r b a n k s in le a d in g citie s.
H o ld in g s o f G o v e r n m e n t se cu ritie s d e c lin e d 16.2 m illio n s , T r e a s u r y
c e r tific a te s b e in g 1 4.8 m illion s less th a n th o w eek b e fo r o w h ile L ib e r t y
b o n d s a n d V ic t o r y n otes s h o w b u t n o m in a l ch a n g e s .
W ar p a p e r e x c lu siv e
o f r e d is c o u n ts , fell o f f 6 .7 m illio n s a n d s lig h tly m o re a t th o N e w Y o r k C Ity
c f ^ t = ' o r S 0KSldJ!rab ^ i 12 rgf r liq u id a t io n is in d ic a te d fo r loans se cu re d b y
s to c k s a n d b o n d s , w h ic h s h o w a d e cre a s o fo r th e w eek o f 6 4 .5 m illio n s fo r
r q A ° P 0 | g ,bia n k s • ar>d o f 32.3 m illio n s fo r th o m e m b e r b a n k s in N e w Y o r k
l
m il^nn s0 n f ew h l? h S oni 1 ln,y.®stln o n ts (e x c lu siv e o f re d is co u n ts ) w en t u p 7 2.8
1
9
,'° n s ’ J f w h ic h 3 9 .4 m illion s re p re se n ts th o sh a re o f th o N e w Y o r k C it v
'rnnnr HnJ'unni?8l\ifc o f
a b o v e ch a n g e s , to ta l loan s a n d in v e stm e n ts of
aJ *™ po(Ft ‘ nk b a n k s (less r e d is co u n ts ) s h o w a de cre a se o f 14.6 m illio n s a n d
th o s e o f N e w Y o r k C it y b a n k s a de cre a se o f 1.5 m illion s
R e d is c o u n ts o f c u s to m e r s ' p a p e r w ith th o F ed era l R e s e rv e b a n k s in creased




195

G r’d aggr, Feb. 21

C O M B IN E D R E S U L T S O F B A N K S A N D T R U S T C O M P A N IE S IN
_______
G R E ATE R NEW YO RK .

25.................... _
1.................... ..
8 ___________
15........................
22_____________
2 9 _____________
6 _____________
13........................
2 0 ....... .................
27_____________
Jan. 3 _____________
Jan. 10_____________
J an . 17______________

Feb. 28
1920.

$
$
$
551,626,000 551,626,000 517,215,330
ld .s o s 'o o o
5.562.000 16,370,000 15,656,760
1,869,000
5.762.000
7,631,000
7,562,250
562.950.000
534.933.000
558.263.000
569.456.000

T R U S T C O M P A N IE S IN N E W

State Banks.

$

w vio v* A U i U <U Xktol-1 VU IliU llv .

Oot.
N ov.
N ov .
N ov.
N ov.
N ov .
D ec.
D eo.
D eo.
D eo.

BANKS AND

b

and T n H enm°nne T rVV et l} Ire.< 0n nct flemftn<1 deposits In the ease o f State banks
f
n nc
q
i
fncliiSi£
?
'
,b ut ln the case ot members o f the Federal Reserve banks
F r b ‘><?
of rcscrye rcri’ ilrcd on not tim e deposits, which was as follows
F c " t 2* ; ? M 2®’420: F eb- 2 - 36,505,710; Feb. 14, $6,516,120; Feb. 7, $6,585,000
and m ist cnmnaC 0 Ch ll rei l ° n net demand deposits ln the case of State banks
nie ‘7 re?
corapan es’
ln the case °* members o f the Federal Reserve Bank
Feb d a$6 4 ? 80^ w
28S
° ^
on net t,m e deposits, which was as follows
1 cb. 28, $6,414,300, Feb. 21, $6,453,120: Feb. 14, $6,492,420: Feb. 7, $6,613,590

Week Ended—

[Vol. 110.

„

d u rin g th e w eek b y 3 .4 m illio n s , a n d bills p a y a b le b y 6 6.1 m illio n s . W a r
? ‘\ p
ne,r o
h0lt1
I
,.}In dcr d is c o u n t f o r all re p o rtin g b a n k s w o n t tip fr o m 1,243 t o
1 .3 0 1 .3 m illion s th e la tte r fig u re c o n s titu tin g o v e r 8 5 % o f th o to ta l a m o u n t
o f w ar p a p e r h e ld b y th o R e s e rv e b a n k s. O th er p a p e r h e ld u n d e r d is c o u n t
^ i h0c ? ^ se.rv.e b a n k s fo r r e p o r tin g b an k s to ta le d 756.1 m illio n s, o r o v o r
9 0 % o f th e to ta l o f this class o f p a p e r h o ld b y th o F ed era l R eserv o b a n k s .
1 h o N e w Y o r k R e se rv o B a n k re p o rts an increase fr o m 5 0 8 ,.3 t o 5 2 9 .7
m illio n s in w a r p a p e r a n d a r e d u c tio n fr o m 235.1 t o 2 2 0 .0 m illio n s in o t h e r
p a p e r h e ld u n d e r d is c o u n t fo r Its c i t y m e m b e rs
,OV/e,ro ? enn,.d c p °;sit\ rShwY a . ^ h e r d e clin o o f 9 7 .5 m illio n s fo r th o
n
fn?ie^ f £ 12K f ? H i n ns m .N o w .Y o , ,k Clfcy ) . While o th e r d e m a n d d e p o s its (n e t
5
r
fell o f f a b o u t 189 m illio n s a t all r e p o rtin g b a n k s a n d 9 3 .9 m illion s a t t h e
*y?rk
b a n k s * T im e d e p o sits s h o w a n in crease fo r th o w eek o f
b .5 m illio n s .
R e se rv e b a la n c e s ca rried b y all ro p o r tin g b an k s w ith th o F e d ­
eral R e s e rv e b a n k s d e c lin e d 5 .3 m illio n s . F o r th e N o w Y o r k C it y b a n k s
r£ (Vlp t jo n u n d e r th is h e a d a m o u n ts t o 18.9 m illio n s . C a s h in v a u lt
tell o f f 14.4 m illio n s , t h e d e cre a s e a ffe c t in g m o ro o r less u n ifo r m ly all classes
o f r e p o r tin g in s titu tio n s .

947

THE CHRONICLE

M ar . 6 1920.]

Data for all reporting banka In each dlatrlct.

Threo ciphers (000) om itted.

Chicago. St. Louis. Minneap. Kan. Citv Dallas. San Fran.
Boston. New York Philadel. Cleveland. Richm’d. Atlanta.

Three ciphers (000) omitted.

65
$34,605
61.837
12.723
41,749

Total.
805
$268,882
598,218
210,643
685,692

Q9
$41,842
62,013
23,426
52,693

82
$26,551
34,967
9,792
21,109

47
$14,015
28,784
6,849
27,506

107
$20,927
61,553
39,142
104,734

35
$17,177
14,037
4,069
18,800

35
S7.170
10,533
2,387
12,209

83
$14,627
21,652
5,257
12,050

44
$19,573
18,204
4,014
25,951

$96,647 $179,974

$92,419

$77,154 $226,356

$54,083

$32,299

$53,586

$67,742 $150,914 $1,763,435

$65,315 $000,646

39,704 458.241
191,719 1,345,005
071,049 3,560,272
79,459 052,225
124,151
24,303
788,029 5,064,470
134,122 389,546
29,007
3,151

80,697
201,181
536,619
65.348
18,216
652,267
26,364
2,357

85,593
341.843
844,813
98,475
32,080
860,988
354,984
4,996

33,010
105,380
349,399
37,488
17,936
360,030
99,682

98,482
22,040
59,908 477,542
366,655 1,474,345
36,672 201,118
66,824
14,096
309,289 1,439,271
131.627 587,755
7.721

28,855
161,760
330,298
44,703
10,583
364,458
119,292
1,553

15,556
29,010
252,992
24,258
8,173
231,082
62,339
228

19,508
77,136
483,436
53,399
14,861
474,504
90,104
1,215

35,053
230,787
27,993
10,890
256,595
43,421
1,852

409,789

82,983

92,018

45,445
500

, 44,350
125

129,787
—

32,499
—

15,036
150

24,548
1,800

23,034

30,743

39,200
85

1,029,432
2,660

45,467
72,529

104,652
241,139

77.255
42,168

7,902
41,143

8,368
20.360

3,172
26,128

10,558
136,004

7,816
48,215

1,842
36,520

3,338
43,122

59
6,805

1,468
39.274

271,897
753,407

40
$13,011
14,532
7,717
30,055

U . 8 . bonds to secure circ u la tio n ...
Other U . 8 ., lncl. Liberty b o n d s ...
0 . 8. Victory notes...................... —
0 . 8 . certificates of indebtedness—
Loans and investments, exclusive of
bills rediscounted with F . R .
and other banks:
Loans sec. by U . 8. war obllgat'n.
Loans sec. by stocks and bonds.
All other loans and Investments.
Reserve balances with F . R . B ank.
Cash in vault_____________________
N ot demand deposits— ..............—
Bills payable with F. R . Bank:
8oc. by U. 8. war obligations-----Bills rediscounted with F . R . Bank
Sec. b y U. 8. war obligations------

2.

56
$11,097
26,781
11,458
47,611

113
$48,287
243,325
83.809
291,225

Data for Banka In Federal Reserve Bank and Branch Cltlea and All Other Reporting Banka.

Three ciphers (000) omlllcd.

Feb. 20.

Feb. 13.

Feb. 20.

71
38,940
208,731
72,823
274,921

71
38,590
210,101
72,243
273,183

Num ber o f reporting banks............
U. 8 . bonds to securo circulation.
Other U. 8. bonds, inch Lib. b d s.
0 . 8. Victory notes— ..................

594,117 595,415
onus and Investments, oxcl. of
bills rediscounted with F . R .
and other banks:
428,336 435,582
Loans sec. by U . 8 . war obllg.
Loans see. by stocks and bonds. 1,181.377 1,213,675
All other loans and Investments 3,135,884 3,096,535
Reserve balances with F . R . bank 607,629 626.485
115,177
110,569
Cash in vault.....................................
Not demand deposits------------------ 4,553,649 4,647,471
295,877 298,216
TImo deposits----------------------------70,831
28,341
Bill's payable with F. R . Bank:
428,522 401,394
Secured by U . 8 . war obllgat’ns

80,449

67,781
361,987
857.699
141,245
37,429
970,238
268,489
3,822

66,886
384,940
850,880
138,845
38,097
985.018
267,156
12,121

57.501

56,154

335
97,157
122,210
45,401
79,263

335
97,160
122,207
45,729
83,600

805
268,882
598,218
210,643
685,692

805
269,234
596.991
212,863
700,532

1,729,178

420,525

424,503

344,031

348,696

1,763,435

1,779,620

2,690,614

925,379
918,699
98,868
98,520
128,265
126,055
698,246
418,233 416,299 3,168,814 3,233,294
2,330,808 485,031 486,187
1,71)9,149 1,704,627 9,939,096 9,866,320
6,161,375 2,014,755 2,000,318
172,855 1,399.137 1,404,429
172,462
210,765 204,913
1,026,661
384,163
369,842
84,968
81,188
79,029
75,201
220,166
1,756,475 11,415,149 11,604,105
8,022.297 1,793,938 1,825,333 1,734,757
2,505,014
1,153,365 806,372 802,136 552.023 549.513 2,511,464
156,904
59,387
14,289
5,257
26,953
9,391
115.662
962,535
101,132 1,029.432
98,722
193,546
667.857 230,792
699.918
3,535
2,660
775 '
775
2,260
1,385
500
500

1,158,500
\9,975,131

694,124
2,265,550
6.215.192
1,015,910
213.453
7,886.454
1,153.069
44,739

106.911
235,091

6,191
112,077

6,085
109,480

239,123
596,324

247,501
593,570

17,751
96,450

16,457
90,584

15,023
60,633

16.548
57,233

271,897
753,407

18.4

18.6

10.8

10.5

15.6

15.7

15.6

15.C

13.4

13.6

15.3

R atio of U . 8 . war securities and
war paper to total loans and
Investments, per cen t---------------

T h e Federal Reserve B a n k s.— Following is the weekly

S

S

S

S

B

s i

m illion s in o th e r reserve ca sh rep resen ts la rg e ly a, t r a M fe r o r s u v w a c c u m

t h e l% d era l Itekervo B o a r d .

M e a n w h ile , th e tra n sfer serves t o re -

11 m in thn b a la n c e o f t h e T r e a s u r y w ith th e N e w Y o r k B a n k in a n tlc ip a -

seen in an
W
5 2 ^
o r 48.1 % . w ere
o f a b o u t 1,57.1 mlIIi° ,1*
s
247 g m illio n s , o r 15.7 % b y V ic t o r y n o te s , a n d
a ecu red
L lb e^ .y o f t ^ w ’ h v V r S s u r y c e r tific a te s , as a ga in st 4 6 .3 , 1 6.1 ,
a n d 7 m6 % °S f* a L t a i oT0 l b525 2 m illion s o f w a r p a p e r r e p o r t e d t h e w eek
37
b o fo r o .

C o m b in e d RaaonaaEa

an d

L i a b iu t ib b

o p tu b

Bold coin and certificates------------ ­
Gold settlement fund, F. R . Board.
Bold with foreign agencies..............

$
$
206.877.000 $200,973,000
385.594.000 396.138.000
112.822.000
112.822.000

Total gold held by banks............
Bold with Federal Reserve agents..
Gold redemption fund......................

705.293.000 709.933.000
1,145,479,000 1,150,798,000
109.083.000
116.064.000

RESOURCES.

11,225,462
336.514
9,945,267
1,633.657
552,634
j 1,078,992

280,506 j
741.387

323,153

26.0

15.4

statement issued by the Federal Reserve Board on F eb . 27:
D is c o u n te d p a p e r h e ld b y t h o C le v e la n d , A tla n t a , C h ic a g o , M in n e a ­
p o lis K ansas C it y a n d D a llas b a n k s in clu d e s 8 6 .9 m illio n s o f bills d is c o u n te d
fo r t h e N e w Y o r k a n d P h ila d e lp h ia b a n k s , as a ga in st 9 3 .9 m illio n s th e w eek
b e fo r e , w h ile a c c e p t a n c e h o ld in g s o f th e boston , C le v e la n d , A tla n t a ,
K a n sa s C it y an d San F ra n c is co b a n k s a re in clu s iv e o f 2 2 .5 m i' li9 n* ?,CP oReJ
p u rch a se d fr o m th o N o w Y o r k a n d B o s to n b a n k s , c o m p a r e d w ith 3 0 .4
m illio n s r e p o r te d th e w eek b e fo r o b y C h ic a g o a n d th e b an k s
G o v e r n m e n t d e p o sits s h o w a n in crease fo r th e w e e k o f
m e m b e rs ’ reserv e d e p o sits an in crease o f 4 3.1 m illio n s . OthOT d ep osit® ,
in c lu d in g fo re ig n g o v e rn m e n t cr e d its , fell o f f 0 .3 m illio n , w h ile th e flo a t
ca rr ie d b v th e R e se rv e b an k s (tre a te d as a d e d u c t io n fr o m gross d e p o sits)
in creased b v 2 3 m illio n s , w ith th o resu lt th a t n e t d e p o s its w o r k o u t a t
98 8 m d lio n s in excess o f th e F e b . 20 to ta l.. F e d e ra l R e se rv e n o t e c ir c u ­
la tio n s h o w s a fu r th e r e x p a n s io n fo r th o w eek o f 4 2 .9 m illio n s , th e E a s te rn
b an k s a n d C h ic a g o re p o r tin g th e largest a d d itio n s t o th e ir o u ts ta n d in g
F o d p n l R e se rv e n o te c ir c u la tio n . O n t h e o th e r h a n d , th e b a n k s a g g re­
g a te liab ilities o n F ederal R e se rv e b a n k n o te s in c ir c u la tio n s h o w a fu r th e r
rC T h o i< rge life r e a s e s ^ n n o t o a n d d e p o s it lia b ilitie s a re p r a c t ic a lly o u t ­
la
w e ig h e d b y th o ga in o f 4 7 .8 m illio n s in ca s h re s e rv e s, w ith th e resu lt t h a t
th e b a n k s reserv e ra tio sh ow s b u t a slig h t d e clin e fo r t h o w e e k fr o m 4 2 .7
to 4 2 .5 % .

F e d bb ab RBaEBVE B ank b AT

Feb. 27 1920. Feb. 20 1920.

772
262,760
698,676

194
70,804
145,293
54,489
153,917

998,879 1,006,421

81 696

Feb. 20.

Total.

Feb. 13. Feb .20’20. Feb .13’2CL Feb .21 19.

194
70,804
144,588
53,913
151,220

276
101,270
329,491
112.645
463,015

276
100,921
331.420
111.329
455,209

50
1,438
24,945
15,361
38,705

Feb. 20.

Feb. 13.

101,212
226,586

Bills rediscounted with F. R . B'K
Bocured by U. 8 . war obllgat ns

a

Feb. 13.

Feb. 20.

Feb. 13.

50
1,439
27,341
14,824
38,092

All Other
Reporting Banks.

All F.R.Bank Cities. F. R. Branch Cities.

Chicago.

New York.

s S

918,699
3,044
143,277 3,168,814
837,831 9,939.096
77,999 1,399,137
369,842
27,729
613,566 11,415,149
472,228 2,511.464
59,387
4,523

the.

C lobb

o-

Boa.NEaa F e d . 27 1920.

Jan. 9 1920. Feb. 28 1919.
13 1920 FV*. 6 1920. Jan. 30 1920. Jan. 23 1920. Jan. 16 1920.
S
$
$
$
' %
$
$
345.762.000
220.301.000
202.425.000 205.393.000 225.156.000 220.347.000 212.119.000 380.263.000 463.484.000
434.160.000 439.524.000 441.499.000 456.260.000
424.832.000
5,829,000
123.322.000
120.323.000
117.322.000
114.321.000
114.321.000
112.822.000
815.075.000
753.874(090 779.001.000 779.168.000 788.702.000 723.886.000 1,187,760,000
740.079.000
1,209,608,000
1,121,757,000 1,116,427,000 1,119,426,000 1,126,261.000 1,136,320,000
120.163.000
107.977.000
118.850.000
121.221.000
114.229.000
121.259.00U
126.544.000

2,122,998,000
2,012,656,000 2,026,650,000 2,043,878,000 2.041,371.000
65,725,000
1,966,836,000 1,969,814,000 1,988,380,000 1,991,560.000
60,728,000
60,403,000
61,246,000
61.277.000
63,096,000
64,133,000
65,626,000
116,379,000
2,102,099,000 2,188,723,000
2,087,896,000 2,104,281,000
2,083,215,000 2,035.440.000 2,052,513,000 2,054,656,000 2.073.933,000
Total reserves.
1,386,348,000 1,351,454,000 1,352.085,000 1,667,965,000
Bills discounted:
211.855.000
1,572,980,000 1,525,203,000 1,409,562.000 1,451,557,000 1,457,892,000 767.110.000 748.611.000 727.670.000
880.531.000 833.321.000 823.873.000 751.982.000 716.465.000 575.789.000 675.675.000 574.722.000
276.919.000
554.750.000 561.313.000
531.367.000 632.703.000 542.600.000
Bills bought In open market....................
2,654,477,000 2,156,739,000
2,836,035,000 2,758,289,000 2,735,670,000 2,729,247.000 2.675,740,000
2,890,227,000
27,094,000
26.836,000
27,036,000
27,036,000
Total bills on hand--------------------------- 2,984,878,000
27,036,000
26,776,000
26,775,000
26,775,000
26,775,000
264,000
64,000
0 . B. Government bonds---------- --------64,000
64,000
63,000
63,000
63,000
155,688,000
68,000
0 . H. Victory N otes--------------------------276,064,000 276,421,000 276,765,000 319,684,000 302.406,000
4,000
267,511,000 268,610,000 290,317,000
O. b . certificates of lndobtodncss...........

Total gold reserves.........- .............
Legal tender notes, silver, A c---------

All other earning assets------------------------

3.061.192.000 3,039.191,000 3,033,112,000 3,022,524,000
. 3,279,232,000 3,185,675,000 3.153,190,000
10,461,000
10,493.000
10,559,000
10,586,000
11,103,000
11,144,000
.
11,226,000
s
896,971.000 933.128,000 1,022,633,000 1,116,852,000
1,029,653,000 1,052.333,000
12,865,000
12,130,000
from gross d e p o s i t s . ... - - - - .- - - — - . 1,026,726,000
12,260,000
12,232,000
12,114,000
12,724,000
12,276,000
5,403,000
redemp. fund agst. h. R. bank note!S
6,483,000
5,341,000
5,048,000
4,122,000
3,851,000
.
3,681,001
All othor resources...................... .............
6,074,412.000 6,171,747,000 0,272,446,000
6,278,487,000 6.285,375,000 6.040,685,000
Total resources...- - - - - - .................... . 6,416,356,000
87.529.000
LIABILITIES.
87.589.000
87.892.000
89.119.000
89.674.000
90.531.000
.
90,702,001
120,120,000
120,120,000
Capital paid In--------------------------120,120,000 120.120,000
120,120,000
120,120,000
.
120,120,001
34.698.000
90.448.000
72.974.000
Burplus---------- ----------- ---------------42.446.000
24.218.000
75.587.000
.
133,91.3,(M
X
•
Government deposits--------------- 1,850,712,000 1,859,149,000 1,943,561,000
. 1,871,961,001 1,828,891,000 1,837,865,00(1 1,869,438,000 720.520,000
849,854,000
795.782.000
654.735.000
880.451,000
815,600,001
.
810,402,(XX
107.800.00C
95.097.000
95.418.000
95.876.000
97.044.000
95.360.000
.
95,026,(XX

Total earning assets..
Bank premises----------

2,983,983,000 2,339,525,000
10,410.000
9,713,000
1,021.696,000
13,254.000
5,241.000

653,465,000
6.813.000
8.497.000

6,136,683.000 5,206,736,000
81.452.000
87.451.000
22.738.000
120,120,000
210.547.000
27.798.000
1,850,219.000 1,620,972,000
494.653.000
763,146,000
124.032.000
96,425,006

2,935.913.00C 2.737,588,000 2.450.204.000
C
2.839.578.000 2,662,495,O X 2,739,624.00C 2.840,476,000
Total gross deposits----- —-------------- . 2,911,302,001 2.815.450.000 2.959.087.000 2,891,775.00C 2,850.944,00( 2,844.227.00C 2.849.879.00C 2,914,368,00C 2.472.307.000
134,042,000
259,099,000
258.482.00C
254.843.00C
F. R . notes In actual circulation------- . 3,019,984,001 2.977.124.001
248,780,00C 250,630,001
245,810.000
45,993,000
18,057,000
20.523.CXX
24.492.00C
W. U. bank notes In circulation— net 1 ab. 237,131,00 ) 240,858,001
1
25,302,001
28,396,00C
31,106,000
34,404,001
..
37,117,00
All other lia b ilities....------------—- —
6.272.446.000 0.136.083,00C 5.206.736.000
6,285.375.001 6.040.685.01X 6.074.412.001 6.171.747.00C
a 6,278.487.001
Total liabilities.................................... . . 6.416.356.nm




948

THE CHRONICLE

Ratio o f gold reserves to net deposit and
F- It. note HaOUltles com bined
Ratio o f total reserves to net depositfand
F. It. note liabilities com bined
Ratio o f total reserves to F . It. notes" In
circulation after setting aside 35%
__against not deposit liabilities______

[Vol. 110

Feb. 27 1920 Feb. 20 1920 Feb 13 1920 Feb. 6 1920. Jan. 30 1919,
Jan. 23 1920. Jan. 18 1920 Jan. 9 1920 Feb. 28 1919.
40.1%

41.3%

41.9%

42.8%

4 3 .2 %

43.5%

43.8%

42.5%

45.4%

49.7%

42.7%

43.2%

44.1%

44.5%

44 8%

45.1

45.4%

61.3%

47.1%
47.4%
48.2%
49.7%
50.5%
51.0%
51.5%
51.5%
63.1%
"
S
$
days bills bought In open m arket.
$
135.779.000
139.153,000
137,611,000
123,716.000
115,267,000 122.411.000
days bills discounted____________ 1,570,405,00 1,511,016,000
115,446,001
103.555.000
82.023.000
1,457,971,000 1,432.954,000 1,385.117.000
days U. 3 . oertlf. o f Indebtedness.
1.328,917,000 1,386,691.00c 1,433,979,000 1,511,355,000
8,881,000
5,772,001
24,053,000
14,472,000
13,061.000
days municipal warrants________
11,293.000
52,457.00(1
39,889.000
18.714.000
days bills bought In open m arket.
113.915.655 117.033.000 127.339.000 136.158.000 127.669.000 116.004.000
days bills discounted____________
l o i . i ’oY.ow)
205.442.000 219.421.000 223.711.000 172.123.000
103",643",000
76,479! 000
206.267.000 217.142.000
days U. 3 . cortlf. o f Indebtedness.
172,077,009
150,000.000
7.508.000
11,570,000
57.883.000
6,000,000
4,500.000
4,586,000
16-30 days municipal warrants___
5,136,000
2,574.00(1
3.151.000
81-60 days bills bought In open m arket!
i97,4bb!56
197.387! oO
O 207,592! 000 222,786! 000 2 1"),2b"s!o6o
.........V,66o
81-60 days bills discounted
229.157.000 237,365,00
237",367",66("
433,705,00) 425.383.000 357.350.000 320.861.000
93.318.000
309.576.000 298.901.000 323,307,00(1 312.205.000
<
2ays u s - cert|f- o f Indebtedness
6.500.000
19,337,009
2 0 2 , 0 1 0,000
10,853,000
11,179,000
28.524.000
81-60 days munlolpal warrants................
10 868,000
11,850,000
7.797.000
61-90 days bills bought In open m arkot.
84,273,00
78.159!oo5
' !l o 6 o
"7 6 ,0 5 8 ,0 6 0
7"2.09"o!555
69.169.000
81-90 days bills discounted____________
108.217.000
121.761,00(
228,496,000
1.30.157.001
188.067.000 239.209.000 201.197.000
25.067.000
255,093,000 288.043.000
81-90 days U. 8 . certlf. o f Indebtedness
196,111,000
160.942.001
4.000,000
8 6 .2 2 1 . 0 0 0
4,000,000
5,500,000
6 , 000,000
46.152.000
81-90 days municipal warrants..................
6,100,000
6,600,000
8,328,000
330,000
Over 90 days bills bought In open market
Over 90 days ollls discounted .
15,463,00
14,637,000
15,074,000
16,404.000
Over 90 days oertlf. o f Indebtedness.” !
18.304.000
20,455.000
21,879.000
240,562,000 227.931,000 243,911,000 239,913,000
22,554,000
22,321,000
184.098,000 243,368,000 246,203,000 243,243.000
Over 90 days municipal warrants
136,624,000
Federal Reserve Notes—
Outstanding________ ,____________
3,254,806,001 3,221.789,000 3,187,974,000 3,139,652,000
3,130.783,000
Held by banks______ I ! ! ! ! ! ! ! ! !
234,822,001
244,665,000 228,887,000 247,877,000 279.839,000 3,146,156,000 3,177.290,000 .214,314.000 ,678,606,000
301,929,000 327,411,000
329,946,000
206,299,000
In actual circulation__________________ 3,019,984,001
2,977,124,000 2.959,087,000 2,891,775,000 2,850,944,000
Fed. Res. Notes (Agents Accounts)— '
2,844,227,000 2,849,879.000 .914,368,001
472,307,000
Received from the C om ptroller......... ........ 6,399,320,000 6,372,900,000
Returned to the C om ptroller______ ! ! ! ! ! 2,814,520,009 2,791,937,009 6,300,000,000 6,222,280,000 6.187.120.000 6.172.260.000 6.163.780.000 ,152,300,001 ,056,760,000
2,766.147,000 2,732,255,000 2.689.869.000 2.645.496.000
2.596.262.000
549,149,000 940,247,000
Amount ohargeable to Fed. R es. agent 3,584,800,00'’ .580,963,000
533.853.000 3,490.025,000
in hands o f Federal Reserve A gent______
329,994,000 359,174,000 345.879.000 350,373,000 3.497.251.000 3,526,764,000 3,567,518,000 .603,151.001 .116,513,000
366.468.000j 380,608,000 390,228,000 358,837 00(i 437,907,000
Issuod to Federal Reserve banks
,254,806,001 ,221,789.000 ,187,974,000 3,139,652,000
How Secured—
3 ,130,783,000 3,146.156,000 3,177,290,000
244,314,001 ,678,606,000
By gold coin and certificates________
246.148.000 241.148.000 244,148,000 240,148,000 ~27o7l48!oOO
By lawful m oney________________
246,148,000 242,148,000
248,148,000
229,147,000
By eligible paper______ ” 1111!
409",327",001 ,o"70',99l!o6o ,066,217,000 2,023.225,000
2,011,357.000 2,019,895,000 2,040,964,000
Gold redemption fund_____
034.806.000 ,490,816,000
97,804,000
102.890.000
97,579,000
102.742.000
93,167.000
91,979,000
96,105.000
With Federal Reserve Board . ! ................
105.786.000
801.527.000 806.760.000 780,030,000 737.537.000
87,438,000
786,111.000, 788,134,000 798,073,000 855.574.000
871,175,000
T o t a l .....................................................
.254,806,000 221.789.001
187,974,000 3.139.652.000 ,130.783,000 3,146,156.000
3,177,290,000 3,244,314.000
678,606,000
Eligible paper delivered to F R Agent
.930.572 001 834 158,000 761,176.000 2.690.261.000
2.647.947.000 2.067.810.000 2.614.659.000 2,590.549,000
W E E K L Y STATE M E N T O F R ESO U R CE S AND LI A B IL IT IE S 'O F EACH O F T H E 13 FED ERAL
RESERVE BAN K S A T CLO SE O F BUSINESS FEB 27 1920.

Distribution by Maturities—

1-15
1-15
1-15
1-15
18-30
16-30

,

Two ciphers (00) omitted.
RESOURCES.

Boston. New York.
s

Phita.
s

Cleveland Richmont Atlanta
%
*
S

Chicago. St. Louis Minneap Kan.Clip

Dallas.

SimFran

s
24,268,(
67,808,
13,426,1

S
7,018,(
14,019, (
2.933.C

11.185.1
29.746.1
5,190,1

40,505,
3S,017,(
4,708,(

23,970,6
32,182,0
2,470,0

46,121,
705,293,0
89.797,( 1,145,479,0
10,698,1 I 110,004,0

89,290,0
632,0

58,022,0 140,610,o ' 1,900,836,0
831,0
222,01 116.379.0

Gold coin and certificates______
Gold Settlement Fund, F . R . B ’c
Gold with Foreign Agencies____

S
9,892,C
60,019,0
8,236,0

118,312,0
23.501.0
41.406.0

13,064,(
38,767,0
9,251,0

2,331,(
32,826,
5,528,1

8,544,
14,616,
4.002.C

T otal gold held b y b a n k s . . . . .
G old with Federal Reserve agentr
G old redemption fund___________

78.147.0
89.259.0
15.460.0

183.219.0 40,434,( 61,082,0
308.402.0 86,210, C 124,045,0
25,000,0 12,869,1
1,905,0

40.685.0
32.135.0
10.747.0

27,222,1 105,502,
54,541,( 204,693,0
5,928,C 19.690,0

23,331,
29,015,
52,017,C 33,581,(
0.379.C
210,(

Legal tender notes, silver, *0 ____

182,860,0
5,851,0

516,621,0 139,513,0 187,032,0
99,718,0|
398,0
821,0

83,567,0
337,0

87,691,0 329,885,0
1,758,0
2,246,0

82,327,0
3,503,0

T otal reservos______________
188.717.0
Bills discounted: 8ecured"by"Government war obligations (a) 104.470.0
All other______
75.954.0
Bills bought in open market (b ). 16.079.0

616,339,0 139,911,0 187.853.0

83.904.0

89.449.0 332.131.0

85.830.0

62,808,0

89.922.0

630,281,o 'l6 5 ,020,0 125.830.0

59.453.0 146.838.0 2.083.215.0

79.783.0
24.669.0
10.427.0

62.838.0 177.199.0
39.795.0 195,033,0
16.741.0 09,518,0

51.153.0
54.842.0
10.524.0

28,252,0
40,504,0
4,110,0

37.762.0
60,807,0
0,837,0

53.904.0 56.482.0 1.572.980.0
17.944.0 51.102.0 880.531.0
1,750,0 87.253.0 531.367.0

231,'257|o|

918,(
30,490,
9,026,(

o !752!o

70,119,0

s
3.773.C
14.255,
5.303.C

*
t
7,218, )
354,
18,751,
40,790,(
3,040,(
5,415,

62,806,
62,

*

S
206.877.0
385.594.0
112.822.0

196,503,0 1,084,223,0 218,220,0 246,103,0 114,879.0 119,374,0
442,350.0 116,519,0 72,860,0 105,406,0 73,598,0 194.837,0
539,0
1,457,01 1,385,0
833,0
2,084,878,0
1,235,0
114,0
4,477,0
1,153,0
116,0
8,868,0
3,900,0
5,0
2,032,0
............
50.0
26,775,0
10,0
3,0
21,595,0
08,0
23,436,0 12,260,0 15,665,0 39,770,0 17,491,0
8,480,0 15,987,0
8,300,0 ll",1 8 l!o 267,511,0
T otal earning assets___________ 218,642,0 1,148,056,0 250,625,0 270,382,0
128,374,0 135,156,0 486.597.0 135,163,0 81.402.0
Bank premises_____________ ” ”
130,261,0 85.864.0 208,050,0 3.279.232.0
1.135.0
3.094.0
500,0
641.0
563.0
506.0
2,116,0
860,0
515.0
402.0
Uncollected items and other" d~o"
597.0
231.0
11,226,0
duotlons from gross d ep osits.. 79,560,0 225,266,0 87,085,0 91,688,0 69,262,0
41,995,0 141.084.0 75,274,0 24.138.0 84,094,0 57.522.0
8% redemption fund against
49,158,0 1.020.720.0
Federal Reserve bank notes . .
1.072.0
2.607.0
1,300,0
1,101,0
591.0
815.0
1,807,0
407,0
318.0
All other resources..
971.0
562.0
212 n
665.0
294,0
847,0
12,276,0
261.0
343,0
176.0
615,0
287,0
72,0
247,0
114,0
213,0
3,081,0
T otal resources______
489.420.0 1,996,209,0 479,633,0 551.926.0 283,037,0 268,097,0
964.350.0 297,887.0 109,373,0 306.557,0 204,112,0 405.755.0
LIABILITIES.................
0,410,350,0
Capital paid In................ .. .
7.210.0
23.845.0
8.194.0
9.919.0
4.546.0
3.526.0 12.638.0
4.123.0
3.137.0
3.483.0
S u rp lu s______________________ ”
4.097.0
5.984.0
8.359.0
45.082.0
90.702.0
8.805.0
9.089.0
5.820.0
4.695.0 14.292.0
3.724.0
3.569.0
6.110.0
3.030.0
Government deposits___I . ! ! ! " ! !
7.539.0
4.892.0
91.635.0
4.812.0
120,120,0
3.221.0
2.081.0
3.090.0
4.040.0
4.148.0
1.522.0
3.802.0
3.601.0
Due to members, reserve aocount 121.248.0 735.151.0 99.450.0 140.318.0 63.217.0 56.785.0
7.009.0
133.013.0
Deferred availability Items______ 61,828,0
167.525.0 81.032.0 77,131,0 61.512.0 35.881.0 206.124.0 67.133.0 51.543.0 94.877.0 04.232.0 111.883.0 1.871.901.0
100.086.0 60.832.0 17.112.0 71.053.0 39.890.0 29,920,0|
All other deposits_____________ ”
5.562.0
41.915.0
810.402.0
0,968,0
5.998.0
3,674,0
2.750.0
9.760.0
3.901.0
2.194.0
3.057.0
2.107.0
6.480.0
05.026.0
T otal gross deposits___________ 193.530.0 1,036,226,0 192.262.0 226,668,0 130.484.0
F. R . notes In actual circulation. 259.702.0 826,287,0 242.540.0 283,835,0 129.535.0 98.500.0 386.010.0 130.014.0 72.371.0 173.989.0 109,950,0 155,292,o' 2.911.302.0
145,778,0 508.925.0 138.778.0 81.787.0 102.214.0 77,089,0
F. R . bank notes in circulation
323.514.0 3.010.984.0
— net liability_______
18,273,0
49.426.0
19,925,0
14.386.0 37,531,0 13,939,0
7,558,0 18,718,0
All other liabilities_______
9,669,0 11,051,0 237,131,0
2,346,0
15.343.0
2,038jo
2,490,0 ^ l 'l O l ’o
1,206,0
4,954,0
1,309,0
951,0
1,423,0
___ 1___,u
891,0
2,375,0
37,117,0
T otal lia b ilit ie s ...____________ 489,420,0 ,996,209,0 479,033,0 551,926,0 283,037,0
268,097,0 964,350,0 297,887,0 109,373,0 300,557,0 204,112,0
Memoranda— Contingent liability
105,755,0 6,410,356,0
Discounted paper rediscounted as endors 5r on:
with otuer F. R . banks
47,950,0 aa ns* n
Bankers' acceptances sold to
80,875,0
............
other F . R . banks_____ __
5,173,0
(a) Includes bills discounted for
,173,0
............
other F. R . banks, viz________
9,865,0
11,100,0 33.410,0
4,000,0
5,000,0 23,500,0
(d) Includes bankers' acceptances bought fr >m other F. k . DanKs:
W ith their endorsement
5,036,0
5,087,0
—
5,050,0
W ithout their endorsem ent___
3,250,6
............
............
l/>,173,0
700,0
............
................
3.408.0
7
n
STATE M E N T O F FE D E RA L R ESE RV E A G E N T S A C C O U N T S A T CLOSE O F BUSINESS FEB. 27 1920.
U. 8 . Governm ent b o n d s ___
U. 8 . Governm ent V ictory bonds
U. 8 . certificates o f Indebtedness

Two ciphers (00) omitted.

Boston. New York.

Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap. Kan.City. Dallas

Federal Reserve notes:
%
Received from C om ptroller___ 514,360,0 2,052,940,0 538,380,0 523,020,0 309,820,0
312,000,0 906,520,0
Returned to C om ptroller____ 2i4:i55;oi:525;87b:5
s o t .SSLW jfr a S f fijR

g

Chargeable to F . R . A gent___ 300,205,0'1,026,064,0 270,598,0 322,232,0
In hands of F . R . A gent______ 34,760,0| 105,800,0! 14,580,0 26,540,0 162,189,0 203,061,0 562,987,0 169,711,0
27,854,0 51,585,0 19,830,0 14,040,0
7,700,0| 4,420,0
Issued to F . R . bank, less amt
returned to F . R . Agent for
redemption:
265,445,0 920,264,0 256.018,0 295,692,0 134,335,0 151.476.0 543,157,0
155.071.0 83,387,0 108,094,0
Collat’l security for cu tst’g notes
Gold coin and otfs. on hand___
188.740.0
29.025.0
2.500.0
...
4,000,0 13.052.0
Gold redemption lu n d ..
_
15,259,0
14,662,0 13,321,0 15.020.0
2,135,0
4.041.0
9,548,0
2 , 686,0
1,229,0
2,157,0
Gold Set’ m 't Fund, F . R . B ’d . 74,000,0
105,000,0 72,889,0 80,000,0 30,000,0
Eligible paper, mln’ rn required 176,186,0 611.862.0 169,808,0 171,647,0 102 , 200,0 48,000,0 195,145,0 45,931,0 19.300.0 35.860.0
96,935,0(338,464,0 102.454.0 49.806.0 70.077.0
T o t a l ____________ __ ________ 265,445,0 920,264,0 256,018,0 295,692,0 134,335,0
151.470.0 543,157,0 155,071,0 83,387,0 108,094,0
Amount of eligible paper deliv­
ered to F . R . A g e n t . . . . . _____ 196,503,0 1,082,151,0 193,620,0 242,582,0
F. R . notes outstanding________ 265,445,0 920,264,0 256,018,0,295,692,0 111.999.0 110,230.0 442,176,0 110.519,0 60.356.0 105.375.0
134.335.0 151,476,0 543,157,0 155,071,0 83.387.0 108.094.0
P. R . notes held by ban k_______
5,743,0
93,977,01 13,478,0 11,857,0
4,800,0| 5,698,0] 34,232,01 16,293,0
1,600,0
5,880,0
F R . notes In actual circulation. 2 5 0 ,7 0 2 ,0 * 8 20 ,2 8 7 .0 242,540,0 283,835,0 129,535,o '145.778,Ql508.025.0^138,778,q U i ,787,0
102,214,0




San Fran.

Total.

S
%
*
155,080,0 211,320,0 149,780,0 422.000. 6.399.320.0
0
63,993,0 08,800,0 55,028,0 152.000. 2.814.520.0
0
—
13,775,0

8,510.0

3,584,800,0
329,904,0

80.377.0 261,490,0 3,254,806.0
8.831.0
240.148.0
6.367.0 11.379.0
97,804,0
16.984.0 78.418.0 801.527.0
48.195.0 171,693,0 2,109,327.0
80,377,0 201,490,0 3,254,806,0
73.598.0 180.463.0 2,030,572,0
80.377.0 201.490.0 3,254,800,0
3,288,0 37,070,01 234,822,0
77,089,0

949

THE CHRONICLE

M a s . (i 1920.1

active and generally strong in tono as tho week draws to a
close. Of a list of 22 notably active issues, 14 havo ad­
vanced and 4 aro unchanged, leaving only 4 to show a
fractional decline.
.
.
W a ll Street, F rida y N ig h t, M a r c h 5 1920.
The Inter. M er. Marines aro conspicuous for an advance
R ailroad a n d M iscellan eou s S t o c k s — Throughout the of nearly 3 points and tho local tractions, including Hudson.
U. S. steels
weok Iho security inarkots havo been dominated by a very & M anhattan, havo been unusually strong.
firm monoy market and by rapidly advancing foreign ex­ havo been strong, in sympathy with tho shares, while U. b .
Rubber 5s and A m . Tel. & Tel. Gs have shown a tendenoy to
change ratos. Call loans havo been quoted from day to day
weakness. Tho week’s operations havo included a largor
at or near 1 0 % and storling exchange advanced from about
number of issues than usual.
$3 40 on M onday to over S3 09 to-day. The effect has
U n ited States B o n d s.— Sales of Government bonds at
boon a limited volume of business in stocks and an irregular
the Board aro limited to SI ,000 2s coup, at 101 and tho various
movement of prices. For example, Balt. & Ohio closes 3 Liberty Loan issues. T o -d a y ’ s p rices are given below , b o r
points lowor than it sold on M onday, while Can. Pac. is weekly and yearly range see fo u rth page f o llo w in g .
points higher. A t tho same time Now Haven has declined
cb. 28. lfa r . 1. M ar. 2. M a r. 3. M ar. 4. il
2 % points, Texas & Pac. 2 and Atchison and Northern Pac.
95.70
9 5 .60
95.70
95.00
94.50
\yi .
On tho other hand, St. Paul declined 3 points and First L ib erty L oan
( High
95.40
95.40
91.90
94.40
94.34
3 ^ s , 15-30 year, 1932-47 { Low .
g.5.60
9 5 .60
95.50
95.00
recovered half tho loss, whilo So. Pac. advanced 3 points
94.34
IClose
IS a tr iu e r s 7

( G h e t t o .

3

and has lost half tho gain.
As noted abovo, miscellaneous stocks have all moved to a
higher level. General Motors shows a gain of 1 8 % points
and Mexican Pet. 1 5 % . Atlantic Gulf & W . I. has covered
a range of 11 points, Cruc. Steel 8 % , A m . Sumatra 8,
several others from 5 to 7 and all close at or near tho
highest.
t
The following sales havo occurred this week of shares not
represented in our dotailod list on tho pages which follow:
Sales
fo r
W eek.

S T O C K S.
W eek ending M a rch 5.

Range fo r W eek .
L ow est.

Par

$ ver
700 9 9 H
American E xp ress.. . 100
200 12)4
Am La France F H — 10
400 15)4
Ann Arbor— .............. 100
200
Preferred....................100
100 1350
Atlantic Refining-------100
22C 112)4
Preferred..................... 100
600 too
ltaldwln Locom, pref.100
4t 62 y.
Barnet L eath er.. .n o pat
200
6)4
Brunswick Term inal. 100
200 101)4
Burns Bros, pref____ 100
300
8)4
Chicago A Alton------ 100
8
300
C A E 111 pref rtfs d e p ..
300 101
d u e t t , Peabody, p f-100
ISO 75
Continental insttr------ 21
200
Duluth S H A A tl------ 100
8)4
300
Preferred___________ 100
lot) 99M
Durham Hosiery, p f.1 0 0
Fum Play-Lanky, p f.1 00 4,900 85)4
300 85
Gen CJlgar, deb p r e f.. 100
soo 84 Vs
Gen Motor 7 % del). .10 0
Gen M o t tern ctfs./io par 63,100 24)4
1lender M b?...................100 2,000 30
Hupp M o t o r .________ 100 2,400 13)4
400 72
lot M o t T rk , 1st p f-.lO O
300 61)4
2d preferred............. 100
300 83)4
Int Nickel, pref_____ 100
Liggett A Myers rig h ts.. 1,725 15)4
Loews, Inc.............no par 7,900 25)4
Loose-Wiles, 1st pref. 100
10( 100
100 29
Mathleson Alkali_____ fiO
100 27
Maxwell M otor ctfs dep.
201 20
2d pref ctfs of dep-----I0( 60
M St P A S H M leased -100
40< 90
Montana Power, pref 101
10( 61
N Y C A SI L , 1st pf 10<
30( 13
Norfolk S outhern ___100
lot 90
Penney (J C ), pref— 10C
20< 89
30( 116
10( 207
500 168
:
100| 65

H ighest.

Range since Jan. 1 .
Lowest.

H ighest.

S per share. $ per share. $ per share.
share.
M ar
I-'cb 102
Mar 5 95
Mar 3 02
Mar 2 12)4 Feb 14)4 Jan
5 13
Mar
F'eb
Jan 17
7
Mar t
Mar 3 16
Feb 27 V, Feb
Feb 28 26 M M ar 5 23
Mar
Mar 1370
Mar 3 1370 M ar 4 1350
’cb l i t
Feb
M ar 4 112 X F
Mar 4 113
Mar 4 98)4 Fefc 102)4 Jan
Mar 2 100
Jan
Feb 93
Mar 4 62)4 Mar 4 65
Jan
8
6)4 Mar 21 5)4 Feb
Mar 3
Mar
Feb 105
Mar ? 98
105
Mar 3
6
Feb 11)4 Feb
Mar 1
Mar 5 10
9)4 Jan
Feb 28
454 Jut'
9
Mar 2
Jan
Feb 101
101
Mar
Mar 2 101
Jan
Feb 28 7 1 '4 Fct 82
Feb 28 75
5)4 l-'eb
Mar 4
3)4 Jan
M ar 1 5
Feb
Feb 28
7)4 Jan 11
M ar 3 10
Mar 3 9 9 1i Mar 31 99*4 Mar 102)4 Jan
Fel 90)4 l-'cb
Mar 2 89)4 Mar 5i 85
I-'cb 94)4 Jan
1
Mar 4 85)4 Mar 3 85
l-'eb
l-'eb 90
Mar 1 84
3 87
5 24)4 Mar 25)4 |Mar
M ar 5 25)4 M ar
Mar 38)4 Feb
Mar 2 33 U Feb 28 30
Jan
l-'eb 16
Mar 5 13
Mar 1 14
Jan
Mar 84
Mar 4 75)4 Mar 1 72
Feb 69)4 Jan
Mar 3 61),' Mar 1 60
Feb
Mar 5 83)4 Mar 88
Mar 3 86
Jan
M ar 5 1614 Feb 28 14)4 Jan 18
Jan
Mar 5 25)4 Feb 32
Mar 1 31
Jan
Feb 100
Mar
98
Mar 3 100
Mar 31)4 Jan
Mar 4 29
1
M ar • 29
Feb 35)4 Jan
Mar 5 18
Mar 6 27
Fel) 30)4 Jan
Mat 2 21)4 Mar f) 20
Jan
l-'eb 60
Feb 28 50
Feb 28 50
Feb 100)4 Jan
Mar • 99
2
M ar 2 99
l-’eb
Fet 61
Feb 28 55
Feb 24 61
Feb 14)4 Feb
Mar 4 10
Mar 1 14
Jan
Feb 91
Feb 28 90
Feb 28 90
Mar i 88)4 Fel 94)4 Jan
Mar 4 89
Jat 117)4 Jan
M ar : 116
Mar 4 116
Jan
Fel 247
-'()<
Mar 1 • )
Mar 1 207
Mar E 156)4 Fel 19554 Jan
Mar £ 177
Fel 65)4 Jan
Mar
64
05
Mar

T R A N S A C T I O N S A T T H E N E W YO R K . S T O C K E X C H A N G E
D A IL Y . W E E K L Y A N D Y E A R L Y

Shares’.

Par Value.

Railroad,

<tC.,
Bonds.

*39 ,253 .50 0
03.119.500
47.084 .50 0
42 ,124,000
80,609,200
77.612.500

*1,4 44,5 00
1.981.000
1.860.000
2.5 10.0 00
1.547.000
1,819,500

3,0 53,4 27 ? 3 70,523,200

$11,192,000

447,900
720,025
521.850
480,910
910,892
876.850

M on day.......................
T uesday.
...............
Thursday....................
I-'rlday.........................

State. M u n .
d; Foreign
Bonds.
$533,500
1.498.500
1.882.500
2.220.500
1,662,000
1,968,000

111

Slocks.
W eek ending
M urch 6 1920

$6,291,000
11.009.000
10.820.000
9.0 26.0 00
8.9 10.0 00
9.0 61.0 00

Total sales In *1 ,0 0 0 units.............
S econd L ib erty L oan
( High
4s. 10-25 year conv. 1942 (Low
IClose
Total sales In *1 ,0 0 0 u n i t s ...
S econd L ib erty L oan
I High
4s, convertible, 1932-47
(L o w .
[Close
Total sales In *1,0 00 units—
T h ir d L ib erty L oan
( High
4 w s of 1928
[L o w .
IClose
Total sales In *1 ,0 0 0 u n its ..
T h ir d L ib erty L oan
I High
4 w s o f 1st L L o o n v ,'3 2 -’47( Low.
IClose
Total sales In *1,0 00 units............
T h ir d L ib erty L o a n
I High
4 tea of 2d L L c o n v ,,2 7 -’421 Low .
IClose
Total sales In * 1 ,0 0 0 units.............
F o u r th L ib erty L o a n
! High
4WS of 1933-38
1 Low
IClose
Total sales In *1 ,0 0 0 u n it s ...
F o u rth L ib erty L oan
( High
4W S ,lst LL 2d conv.'32-47< Low .
IClose
Total sales In *1 ,0 0 0 units---------V ictory Lib erty L oan
[ High
4 w sc o n v gold noves,’22-23( Low .
74
IClose
Total sales In * 1 ,0 0 0 units.............
V ictory L ib erty L oan
| High
3 « s .o o n v gold notes, '22-2 3 (Low
IClose
T otal sales In *1 ,0 0 0 units..........

211
89.60
89.40
89.42
162
90.20
89.90
90.20
125
92.30
9 2 .20
92.30
918
91.10
90.40
90.90
60
90.01
89.84
9 0 .0 1
767
90 .20
90.10
90.20
1,334
97.50
97.50
9 7 .5(
1
97.44
97.32
97.38
1,530
97.40
97.30
97.31
1,293

729
89.66
89.20
89.50
184
90.20
90 00
90 .20
28
92.30
92.10
92.28
1,525
91.10
90.90
90.90
156
90.06
89.84
89.98
1,654
90.14
90.00
90.01
3,379
9 7 .5(
9 7 .5<
9 7 .5(
1
97.44
97 .2 '
97.32
1,512
97.4'
97.29 7 .2f
1.948

571
90.00
89.30
89.94
419
90.10
90 00
9 0 .40
35
92.68
92 .20
92.30
2,266
91.30
90.90
91.30
57
90.34
89.40
90.02
1.55C
90.4S
90 .Of
90 . It
2,477

593
89.94
89.70
89.70
125
90 .60
90 .00
90 .60
22
92.42
92 .30
92.36
1,606
91.34
91.00
91.26
122
9 0 .2 0
89.40
9 0 .0 0
1,620
90.4C
90.14
90.28
2,138

—
_____
_____

_____
_____
_____

9 7 .5<
97.10
97.32
1,37'
97 .4'
97.10
97.40
l,5 8 r

97 .4 '
92.28
97.38
1, 21:
9 7 .4(
97.32
97.32
1,072

450
89.90
89.70
89.70
152
90.38
90.10
90.38
34
92.42
92.32
92.40
1,558
91.34
91.06
91.20
7€
90.00
89.74
89.90
1,794
90 .20
90.02
90.14
2,782
97.50
97.50
97.50
25
97.44
97.34
97.44
1,234
97.46
97.34
9 7 .4C
99f

97.46
97.38
97.42
1,952
9 7 .46
9 7 .36
97.48
611

Foreign E x ch an ge.— Sterling ruled strong practically
throughout and toward tho close of tho week advanced sen­
sationally, registering gains of moro than 38 cents for tho
weok. Trading was intermittently active. Continental
and noutral exchange shared in tho upward movement, al­
though to a lossor extent, with francs and liro leadors in the
firmness.
T o - d a y 's (F r id a y ’s) a ctu a l ra to s fo r s te r lin g e x c h a n g e werei 3 58
3 6 5 ' i fo r s ix ty d a y s , 3 G 2 J 4 @ 3 6 9 f o r ch e q u e s a n d 3 6 2 0 3 70 fo r
ca b le s . C o m m e rc ia l o n b an k s sig h t 3 0 0 ) 4 @ 3 6 / M . s ix ty d a y s 3
3 62LS n in e tv d a y s 3 5 2 )4 @ 3 50 H . a n d d o c u m e n ts fo r p a y m e n t (s ix ty
days) ’3 5 5 h |>3 6 % . C o t t o n f o r ’ p a y m e n t 3 6 0 M @ 3 6 ? X , a n d grain
f° T X “ ( l l S 8 " a c t u a l - r a t e s fo r P aris b a n k e rs ’ fra n c s w e r e 1 3 .7 0 ®
t
13 87 fo r lo n g a n d 13.71(5)13.80 fo r s h o r t. G e r m a n y b an k ers m ark s a ro
n o t y e t q u o t e d fo r lo n g a n d s h o rt b ills . A m s te rd a m b an k ers g u ild ers w ere
37 1-1(5@ 30 15-10 fo r lo n g a n d 37 7 -1 6 @ 3 7 5 -10 fo r s h o rt.
E x ch a n g e a t Paris o n L o n d o n , 4 9 .9 0 fr .; w eok s ra n g e , 4 8 .5 3 fr . h ig h a n d
4 9 .0 0 fr . lo w .
T h e ra n g o fo r fo re ig n e xch a n g e fo r th o w e o k f o llo w s Cables.
Cheques.
Sterling Actual—
3 70
3 6 9 )4
H ig h fo r th e w e e k ................................... 3 6 5 )4
3 3 9 )4
3 3 8 )4
L o w fo r th o w e e k ____________________
3 3 4 )4
Paris Bankers' Francs—
13.66
13.68
H igh fo r th o w e e k ____________________ 13.70
14.22
14.24
L o w fo r th o w e e k --------------------------------- 14.35
Germany Bankers' Marks—
1.07
*1.05
H igh fo r t h e w e e k ___________________
____
'
1.01
0 .9 9
L o w fo r th e w e e k ____________________
____
Amsterdam Bankers' Guilders—
37 M
3 7 )4
H ig h fo r th o w e o k .....................................
37 1-16
3 6 )4
365-4
Low fo r th e w e e k ____________________ 36 3 - l b
_
D o m e s t i c E x c h a n g e .— C h ic a g o , p a r. S t. L o u is , 1 6 @ 2 5 c . p W * 1 .0 0 0
d is c o u n t. B o s to n , p a r. San F ra n c is co , p a r . M o n tr e a l, $112 50 p er
$ 1,0 00 p re m iu m . C in cin n a ti, p a r.

O u tside M a rk et.— “ Curb” trading proceeded in listless
fashion this week, prico movements being without definite
J a n . 1 to M a rch 6.
W eek ending M a rch 0 .
trend, an upward movement being usually followed by
Sales at
N ew York Stock
realizing, in which most of the improvement was lost. Oil
1919.
1920.
E xchange.
stocks continued to monopolize attention. Dominion Oil
24 ,544,038
45,256,190
4,474,832
3 ,DOS,127
Stocks- No. shares___
was heavily traded in up from 12 % to 2 2 % and down to
*2,6 92,2 79 ,4 05
Par value....................... *350,52 3,2 00 $413,342,700 $4 ,021,730,700
*2 8 ,7 0 0
1 7 K , tho close to-day being at 1 7 % . Carib Syndicate lost
Bank shares, par______
Ponds.
two points to 20, moved up to 32 and ends tho week at 30.
$3 93,333,000
*572,910,200
Government bonds___ *55,117,000 $47,155,500
102,677,500
110.548.500
Gilliland Oil sold up some fivo points to 44, tho final figure
3,830,500
0,705.000
State, m un., A o ., bonds
77 ,868,000
108.063.500
7,7 64,0 00
11,192,000
UK . and mlsc. b o n d s..
to-day being 4 3 % . Houston Oil com. advanced from 95 to
$5 73,878,500
110 ‘ Internat. Petroleum improved from 6 3 % to 74, re­
$792,458,200
$70,07 I 000 *58 ,750 ,00 0
Total bonds.
acted to 6 8 % and finished to-day at 71. Invincible Oil was
D A I L Y T R A N S A C T IO N S A T T H E B O S T O N . P H IL A D E L P H IA A N D
up fivo points to 35 and closed to-day at 34. Simms I eB A L T IM O R E E X C H A N G E S .
troleum after a fractional decline t o 3 5 % , rose to 38, dropped
Baltim ors
Philadelphia
Boston
back to 35 and closed to-day at 3 6 % . In industrials General
W eek ending
Asphalt com ., on moderate transactions, advanced over
Shares Bond Sales
Bond Sales Shares Bond Sates
Shares
M a rch 5 1020.
cloven points to 89 H and closed to-day at 89. There was
$10,000
651
$33,297
3,080
$180,150
0,940
good buying of tho new Cuban-Amorioan Sugar stock w . l.
33.500
1,688
27.700
8,859
152,550
12,529
M on d ay.....................
35.500
2,884
42,600
8,390
53,650
up from 41 to 4 2 % and down to 39, with tho final transac­
10,216
16,000
02,200
6,423
4,808
73,250
12,038
W e d n esd a y _______
tion at 40. Indian Packing sold up from 1 2 % to 1 4 % a n d
20.500
4,332
27.760
5,689
69,750
17,892
Thursday..................
28,000
2,521
40,090
12,303
at 1 3 % finally. Swift International roso from 3 6 % to 43
10,000
16,091
F r id a y ......................
and closed to-day at 4 2 % . Submarine Boat sofd up from
$143,500
18,499
*233,547
43,795
$535,350
75,712
T otal_____ ______
13 to 17. Willys Corp. com . dropped from 24 to 19.
.
S tate a n d R ailroad B o n d s.— N o sales of State bonds Bonds wero quiet and about steady.
A complete record of “ curb” market transactions for the
havo been reported at tho Board this weok. Tho market
for railway and industrial bonds has boon increasingly week will bo found on page 959.
T otal.........................




$9,765,000 $55,117,000

950

New

York Stock Exchange—Stock Record, Daily, Weekly and Yearly

J
,
O C C U P Y IN G TH R E E P AG ES
_______________ b o r record o f sale s d u r in g t h e w eek o f sto c k s u s u a lly In a c tiv e , see p reced in g

BIQH

AND

LOW 3ALB PRICBS—PBR SBARB, NOT PBR CBNT.

Saturday
F eb . 28

Tuesday
M a rch 2

W ednesday
M a rch 3

Thursday
M a rch 4

Friday
M a rch 5

S a lts
fo r
th t
W eek

STOCKS
H E W YO R K STOCK
EXCHANGE

J
p age.

PBR SH A R K
R ange sin ce J a n . 1.

On b a s is o f 100-sAars lo t s

PBR SH AR K
R a n g e f o r P r e c io u s
Y e a r 1919

L o w e st
Highest
Lowest
H igh tel
e S p e r shar
$ per share S per share 3 per share S h a res
R a ilroad s
P ar
S p e r sh a re
S p er sh a re
, t p e r sh a re S p e r sh a re
%
82% 83
82% 827S
82
82%
81% 82%
6.500 Atoll Topeka <k Santa Fe__100
76 Feb 11
85% Jan
80% Doc 104 M a y
78
78
78
77% 7778
76% 76% *76% 77%
1.700
____________
D o pref
.76 Feb 13
82 Jan
76% Deo
89
Jan
*8
812
8?8
*7
8
*8
9
*8
*8
9
300 Atlanta Btrm * A tlantlo__l66
6% Feb 4
8% Fob 24
6
M ar
15% July
877* 877S
87
% *86
88
86% 87%
87% 88
87% 87%
1,300 Atlantic Coast Line R R ..1 0 0
84 Feb 11
93 Jan
87% Deo 107 M a y
37
37l8 38%
>8
36% 37
35*8 36
35% 36%
35% 35% 19,933 Baltimore A Ohio_________ 100
275g Fob 13
38% Fob 2
28% Dec
55% M ay
48
48l4
%
48
48
47% 48
47% 471
47
47
1.700
D o pref.
42 Fob 13
49% Feb 2
38% Doc
59% M ay
1312 14
%
13
13
*13% 14
14
14
13% 13%
2 , 000 : Brooklyn Rapid T ra n sit..1 0 0
10% Feb 10,
14% Fob 24
10
Deo
33% July
*9% 1012
%
*9% 101 2
10
10%
*9% 10%
9%
9%
___________
100
Certificates of deposit
7 Jan 3
10% Fob 21
5
Doc
28% July
121% 123
119% 1211 2 1187g 120
118% 120% 121 % 122 %
6,100 Canadian Pacific___________100
115% Feb 1 1 1 134 Jan 3
“ ' '
120% Dec 1707* July
56% 57
%
56
57
553-t 50
55% 56
56
56%
3.500 Chesapeake A Ohio_______100
~
47 Feb 13
58% Feb 21
51% Dec
68% M ay
10 % 10 %
%
10
101
9%
9%
10
10
*9% 10
3,000 Chicago Great W estern
100
7 Feb 13
10% Fob 20
7% Jan
12 July
26l2 27%
26% 27
26% 26*
26
26
25% 26
26% 26%
2,000
D o pref__________________ 100
21 Feb 13
27% Fob 28
21
Doc
307* M a y
39% 40%
38
%
37% 38* 1 37% 38%
37% 38%
38
38% 20.200 Chicago MUw A St P a u l.. 100
30% Fob 01 41% Fob 24
31% Doc
5734 59
52% July
58
%
57% „8l
56% 573*
55% 571.
56
57% 12.100
D o pref__________________100
45% Fob 13
59% Fob 24
48% Dec
76 July
*85
87
86% 87
85% 85*
85
85
86
86 %
86
86 %
1.300 Chicago A N orthw estern.. 100
75 Feb 13
87% Feb 20
85
N ov 105 M a y
*110 120 *113
*115
118
114
114
*114
118
115
115
200
D o pref_______________
100 113 Fob 131 120 Jan
116
Doc 133
Jan
38% 41%
357* 377*
8
37% 38s!
35% 38
37
38
174.100 Chlo Rook Isl A P a o ..............100
23% Feb 13
40% Feb 27
22% Jan
32% July
75
761
4
76
761.
75
75
74
75% *75
76%
3.500
7 % preferred______________ 100 64% Feb 13
78 Feb 21
68
Deo
65
66
84 June
2
65% 65%
64
64%
64
65
*64% 66
3.300
6 % preferred______________ 100 51 Feb 11
06% M ar 1
55% Aug
73 July
Chlo St P M inn A O m a h a .. 100
58% Jan 2
63 Fob 20
57
Dec
82
Jan
*44% 50
*44% 49
*45
*44% 51
300 Clev Cln Chlo A St L o u is .. 100
42 Feb 6
51
M ar 1
32
Feb
547g June
2
68
08
____
*63
*63
*63
68
100
D o pref........ ....................... 100
63 Feb 11
68 Fob 24
63 Sept
74 July
25
26
8 ......................
23% 24
900 Colorado A Southern...............100 20 Feb 11
27 Feb 19
19
Doc
31% M a y
.............
D o 1st p r e f _____________ 100
47% Fob 18
50% Fob 10
48
Deo
58% July
---------Do
2d pref______________100
43 Jan 16
43 Jan 16
45
Feb
93
93
51% M ay
*93
96
947* 95
95
95
94% 94i
600 Delaware A Hudson_______100
89% Feb 13
96 Jan 5
91% Doc 116 M a y
170
171
171
*170
173
172% 172% 173% 173%
500 Delaware Lack A W e ste rn ..5 0 166 Feb 10 191 Jan 31
172% Mar 217 M a y
" 7 % “ 8%
7%
7%
7%
7
7%
7
7%
7%
7%
3,900 Denver A Rio Grande_____ 100
6 Feb 13
9 Jan 3
3% Apr
15
157*
14% 16
15% July
14% 14%
14% 14%
14
15
14% 14% 13,700 D o pref___________________100
9 Feb 1 1
16% Fob 24
0% Feb
1434 15:
14% 15%
24 July
14i2 1478
14% 147g
14
14%
14% 14%
9.600 Erie__________________________ 100
9% Feb 13
15% Feb 21
12% Dec
24% 24%
20% M ay
23% 25
23% 24
23% 23%
23
24
23% 23%
4.300
Do
1st pref_____________ 100
17% Feb 13
25 Fob 24
18% Doc
33 July
17
17%
17% 171 l *16% 17% *16% 17
16% 17% *16
17%
900
Do 2d p r e f._____________ 100
12% Feb 9
17% Feb 24
13% Doc
77
777*
23% July
77% 78
77% 78*s
77
771,t
77
77%
77% 777g
8,450 Great Northern pref________100
68% Fob 11
8 1 % Jan 5
75% Deo 100% M ay
36
36% *3634 371
36% 367*
36% 36%
37
37%
37% 38
3.100
Iron Ore properties.-W o par
33 Fob 13
41 Jan 3
31% Jan
*7
9
52% July
9
9
*7
10
*6
9
*6
9
*6
8
100 G ulf M ob A Nor tr c t f s . . .l 0 0
7 Jan 24
9
M ar 1
7 Sept
127* July
L *28% 28% *30
331.
*28% 33
*28% 30
28% 28% *28
100 Preferred__________________ 100
28 Jan 24
33 Feb 24
30
Doc
87
87
40% July
87
87
87
87
87
*85
88
85
1,342 Illinois Central...................... 100
80% Fob 13
90% Jan 3
8578 Deo 104 M ay
4%
4%
4
4
4
4
4
4%
4
3%
3%
3.200 lnterboro Cons C o r p ..W o Par
3% Fob 13
4% Fob 27
3(8 Mar
13% 137g *13
14
9% June
13% 13%
13% 13%
13
13%
13
2.500
D o pref__________________100
9% Feb 13
14% Feb 21
10
Dec
18
18%
31% June
17% 18
17
17%
17
16% 17 4
17
17% 17%
4.600 Kansas C ity Southern_____ 100
13% Fob 13
19% Feb 24
N ov
47% 48
2 5 '4 M ay
48
48
*47
49
45% 45% *46
48
*45
48
800
Do
pref________________ 100
43% Jan 9
48% M a r I
Dec
11% 12
*9% 12
67 M a y
*9% 12
*9% 11% *10
12
10
12
300 Lake Erie A W estern.......... 100
8% Feb 13
12 Fob 24
Feb
*2 0
21% *20
2P
14 July
*20
21% *20
21% *20
21%
21% 2 2 %
700
Preferred__________________ 100
16 Feb 11
22% M ar 5
Dec
45% 46'%
45% 46
25 M a y
*45% 46
45
4578
45 % 4534
45% 45%
2.300 Lehigh Valley________________ 50
40% Fob 13
47
Fob 24
40% Dec
101% 101%
00% June
103% 103% 103
103
103% 103% 103
103
900 Louisville A Nashville____ 100
98 Feb 11 1 1 2 % Jan 5
1017* Aug 122% M ay
*43
47
*43
46
45
46%
45% 45%
400 Manhattan R y guar_______100
39% Feb
48 Jan 7
37% Deo
17
"l7 "
18%
88
Jan
17
18*s
17% 18
17% 18
*17% 17% 12.600 Mlnneap A St L (n e w )____ 100
9 Fob 13
18% Fob 28
9% Jan
*70
72
*71
24% July
73
73
70% 70%
71% 72
72% 72%
500 Minn St P A S S M ................. 100 63 Feb 18
74% Jan 5
70
Doc
98% M ay
10 % 10 %
10% 10%
9%
93g 10%
9%
9%
9*4
7.300 Missouri Kansas A T e xas. 100
6 Feb 1
11 Fob 21
4% Feb
16% 17%
16% July
15% 17%
16
16
15
15%
14% 16
*15
17%
1.500
D o pref__________________100
8% Feb 11
18 Fob 19
8% Jan
30% 31%
25% July
29% 31
29% 30
28% 29%
27% 29
28
29
34.300 Missouri Pacific trust otfs.100
21 Feb 11
31% Fob 28
22% N ov
387* July
47% 49
47% 49%
47
47%
45% 47
44% 46
*45% 46%
5.200
D o pref trust ctfs_____ 100
36 Feb 11
49% Fob 24
37% Deo
*5%
6%
58% June
*5%
6
5%
5%
*5%
6
*5%
5%
5%
200 N at Rys of M ex 2d pref___ 100
1% Fob 13
6% Jail 8
4% Doe
14 M ar
46% 46% *45% 48%
44% 44%
45
45
45
800 New Orl Tex A M ex v t 0 ..1 0 0
39% Feb 11
47% Fob 20
28% Apr
60 Sept
72
721
71% 72%
71*8 72%
71
72
71% 71%
71% 72%
5.800 New York Central................. 100
64% Feb 13
73% Fob 19
06% Dec
33% 33%
83% June
32
33%
32
32
32% 32%
31
32% *31
32%
1,000 N Y Chicago A St L o u is .. 100
23% Fob 1
3 3 ![ Feb 28
23% Sept
33% July
61
61
*58
62
*55
62
*55
62
56
60
*56
60
100
First preferred_____________ 100 55 Feb
61 Fob 24
00% Doc
70
Apr
*44
48
*44
49
*44
48
*44
48
43
48
44% 44%
100
Second preferred__________ 100 43 Fob 16
47% Fob 2
40
N ov
53% July
34% 35%
34 % 35%
33% 34%
32% 34%
32% 33%
33
33% 75,900 N Y N H A Hartford_____100
23% Fob 11
3(1% Feb 27
25% Doc
407 July
8
2 0 % 21 4
20% 2034 *19
20
19% 19%
20
20
19
20
1.800 N Y Ontario A W estern . ..1 0 0
16 Fob 6
21% Fob 28
16% N ov
24% July
94
94
94
93
94%
93
94%
94% 94% *91
95
1.100 Norfolk A W estern________ 100
88 Feb 13
99 Jan
12% M ay
95
Doc
77% 77%
79%
78% 79
7S7g 7878
78% 78%
78% 78%
8.500 Northern Pacific___________ 100
68% Feb 11
81% Jan
997* M ay
77
Deo
42% 42%
42% 43
42% 43
42% 427*
42% 42%
42% 42% 15,550 Pennsylvania.....................
50
40 Fob 11
43% Feb 2
397* Doc
48% M ay
2934 31%
30% 31%
29*8 30%
28% 297g
28% 29%
29% 29% 33.300 Pere Marquette v 1 0 .............100
23% Fob 13
32 Feb 19
12% Jan
33% Deo
67% 67%
66% 66 %
66
66
66
66
500
D o prior pref v t 0 ____ 100
62 Fob 10
08 Fob 27
56
Mar
70
Doo
49
49
46% 46%
20C
D o pref v t 0 ___________ 100
46% M ar 4
51 Jan
39
Apr
63% Doc
*64
67
63
63
64% 64%
64
65%
65
65
*62
66
50C Pitts Cln Chlo A St L o u is .. 100
50 Feb 1
06 Fob 2
44
Apr
72 Sopt
28% 29
27% 28%
28
28
27% 27%
27% 28
28
28
2,800 Pittsburgh A West V a _____100
21% Feb 11
29% Feb 20
24
Deo
74
74
4 4 % June
*73
77% *72
77% *73
78%
72
77% *72
77%
100
D o pref............... ................ 100
70 Fob 11
79% Jan
75
Dec
84% Juno
75% 76%
75
76
75
78%
74
75%
74% 75%
75
76
21,100 Reading_______________________ 50 64% Feb 11
77% Jan
737g Dec
93% June
*33
33% *32% 33%
33
33
33
33
*327* 34
200
Do
1st pref_____________ 60
33
M ar 2
30 Jan 13
33
Dec
38% Feb
*32
35
*33
35
*3378 35
*3378 35
*337g 35
D o 2d pref________________ 6
33% Fob 9
35% Jan 13
33% Doc
39% M a y
24% 25%
23% 25
23% 24*8
22% 23%
22% 24%
23% 24
40,200 8 t Louls-San Fran tr o t fs .,1 0 0
15% Feb 13
25% Feb 2
10% Jan
27% July
30
32
32% 3234
32
32% *29
32%
33
33
33
33
2,000
Preferred A trust c tfs ..1 0 0
23% Jan 14
34 Fob 20
20
Doc
37 M a y
17
177g
'16
17% *16
17
*10
17
* 16
17
*16
17
500 St Louis Southwestern____ 100
11 Feb 11
18 Fob 2
107g Doc
2 3 % Juno
29
29%
29% 29% *28
29
*27% 28%
27% 28
*27
28%
800
D o pref........................... . . 1 0 0
21 Fob 11
30 Feb 21
23
Doc
377* June
9
9%
9
9%
9
9
9
9
834
8%
9
9
1,300 Seaboard Air H u e _________ 100
6% Feb 11
9% Feb 19
0% Dec
12 July
17% 18%
18% 18%
18
18*8
17
17
17% 18%
17% IS
3,000
D o pref............... ................. 100
12% Fob 13
18% M ar 1
12
Dec
94% 95%
23% July
94% 9.,%
95
97%
95
96%
94% 96%
95% 96% 59,700 Southern Paclflo C o ..............100
88% Fob 13 1 0 5 % Jan 3
9 178 N ov
24% 26%
15 June
25% 26%
25
257g
237g 25%
23% 24%
24
24% 96,700 Southern Railway__________ 100
18 Fob 13
20% M at 1
56% 57%
20% Dec
33 M ay
57
57%
56% 57
*56% 57%
56
56%
57
57
1,200
D o prof.................................100
50 Feb 13
53% Feb 2
36% 38%
627g Dec
72% M ay
36% 37%
36% 37%
34% 36%
35% 36.%
357* 367* 13,300 Texas A Pacific____________ 100
25 Fob 13
43% Jan
13
13
27% Jan
70% July
12% 12%
12 % 12 %
400 Third Avenue_________________100 12 Feb 9
145g Feb 27
14% 15% *14
‘
11
Dec
26% July
16
*14
15% *13
16
* 13
15% *12
15
2,100 Tol St L A W trust receip ts..
10% Fob 19
15% Fob 28
22
23
*20
5 M ay
13% July
23
*20
23
*20
23 . *
*19
23
300
Preferred certificates d ep ._
21
Fob 20
24 Jan
*30
32% *30
10 M ar
32% *30
25% July
32% *30
32% ' *30
32i
*30
32%
Twin C ity Rapid T r a n sit.. 100
28% Fob 1
35 Jan 26
118
118% 119
29% Dec
60 June
120% 118% 120
118% 119%, 118% 120
119% 120% 12,600 Union Pacific____________
100 110 Feb 13 124% Jail
66 % 66 % *66
119% Aug 138% M ay
67
66 % 66 %
66 % 66 %
6 6 % 66 %
66
661
4
1,500
D o pref.............................. IIlOO
65 Feb 16
69% Jan 3
9%
9%
63
Deo
74% Mar
9%
9%
9%
9%
*9% 10
9% 10
10% 107*
1,800 United Railways In v e s t.. .1 0 0
8% Feb
12% Jan 10
23
23
167* July
7% Jan
*22% 24
• 23
23
*22% 23
24% 24%
25
26
D o pref................................... 100
1,400
20% Fob 13
2 9 % Jan 27
10
10%
15
Jan
10
10%
34% July
9% 10%
9%
9%
9%
9%
9%
97*
8,900 W abash_____________________ iqo
7% Fob 11
10% Feb 24
29% 30%
7% Dec
29% 30%
13% July
28% 29%
27% 28%
27% 28%
27% 28% 16,300
D o pref A ....................... I I 100
20% Fob 11
31
Fob 24
20% Dec
38 M ay
19
19
100
D o pref B .............................. 100
14% Feb 1
20% Fob 19
14
Deo
25% July
4
11% 11%
11
11%
10% 11
10% 11
11
11
8,000 Western Maryland (new )..1 0 0
8% Feb 13
12% Feb 24
20
20 %
147* July
20
9% Apr
20
*18
20
*18
20
*17
20
*18
20
1,000
D o 2d pref______________100
14% Fob 13
20% Fob 19
26
27 8
30% July
16
Deo
26
26% *25
26%
25
25
25
25% *24% 26
3,100 Western Paclflo______________ 100 20% Fob 13
27% Fob 19
*59
61
26 July
60% 60%
17
Feb
60
60
59% 597g *58% 60
*58
60
D o pref.................................. 100
600
54% Fob
64 Jan
13% 13' %
61% Jan
52% Fob
13
13%
13
13%
12 % 12 -%
12% 13
12% 13
8.600 Wheeling A Lake Erie R y .1 0 0
9% Feb 13
21% 22
14% Fob 20
18% Sept
7% M ar
22
22
21
21%
1.300
D o pref........................... . . . 1 0 0
10 Fob 11
22% Feb 20
28% Sept
*28
32
17
Jan
*28
32
20% 30% *29
32
*28
32
30% 30%
200 Wisconsin Central_________ 100
26 Feb 6
417* M a y
33 Feb 24
25
Dec
In d u str ia l Ac M iscellaneous
4 *30
34
29% 30
31
31
*29
32
400 Adams Express______________ 100 25 Fob 11
o5 Fob 24
29% Apr
*37% 40
387* 39
04 M a y
39
40
38% 38%
38% 38%
3.100 Advance Rum ely___________ 100 34% Feb
6
45% Jan
21
Jan
54 July
4 *66
68
*65% 69%
67% 67% *66
68 %
200 D o
pref................................... 100 65 Feb 13
72 Jail 12
70
*68
56% Jan
76 June
70
69
69
72
73
74
75
1.300 Ajax Rubber I n o ........ ........... 50
05% Feb 13
88% Jan
2
66
Jan 113 July
2
1%
1%
17g
1%
1%
* 1%
2
1%
2
2.100 Alaska Gold M ines_____
10
1% Fob 11
2 Jan
1% Doc
4% Jan
1%
1%
1%
2
2
2
500 Alaska Juneau Gold M ln ’g .1 0
1% Feb
2% Jan
1% Jan
3% July
1 38
39%
38% 39
*38
39%
39% 40%
39% 41%
9,800 Allts-Chalmors M fg _______________10030%
Feb537* Jan
20
30
Jan
61% Oot
2
80% 80% *80
85
*80
83
*80
84
*80
84
400 D o
pref....................................100 80% M ar 1
92 Jan
817* Jan
1 86% 86%
97 Sopt
86
86 % *85
87
86 % 86 % *86
88 %
400 Amer Agricultural C h o m .. 100
82 Feb 11
95 Jan 28
87 Sept 113% M ay
1
90*2 90% *89% 92
91% 91% *90% 92
*91
93%
300 D o
pref....................................100 89 Fob 11
90% Jan 16 292
Dec 103
M ar
41% 41%
42
42
200 American Bank N ote_______60
39 Fob 13
40% Jan
33
Jan
56 July
Preferred.................................. 50
45 Jan
4 5 % Jan 28
*79
42
Jan
40
Oct
79% 80
*79
79% 80-%
81
81
2.400 American Beet Sugar...........100
74% Fob 13
90% Jan
*82
62 1 Jan 101% Oot
*82
91
*82
91
*82
*82
91
*82
91
D o Pref................................ 100
90 Jan 20
93 Jan
84% Jan
95 M ay
109
109
111 112 % 113% 114%
1.400 Amer Bosch M a g n e to ..W o par 105 Fob 13 128% Jan
40% 41
84% M ay 1437* N ov
40i2 427*
41% 43
41% 42
42% 43%
43
44
16,700 American C an____________ .1 0 0
38% Feb 25
61% Jan
427* Feb
*96% 100
68% Sept
97
97
*96% 98
96% 96% *96
97
500
Do
pref....................................100 95 Fob
101 Jan
29 8
Deo 107% Juno
127% 130% 128% 130% 128% 130% 130% 132% 131% 133%
17,300 American Car A F ou n d ry.100 124% Fob 25 1 4 3 % Jan
84% Feb 148% N ov
112 % 112%
100
D o pref............................................. 100 112%
Feb 26 Feb
110%
41
41
397g 40*8
113
Jan 119 July
40% 40l2 *40
41
41% 44
43
43
2,500 American Cotton Oil.......................... 100 39%
M ar 1
54% Jan
39% Jan
07% July
D o pref_________
100 93
Apr
88
Jan
12%
12% 12%
12% 13%
13
13%
13
13%
9,400 Amer Druggists Syndicate.10
11% Jan 9
1 5 % Jan 14
14% M ar
18% 20%
10% N ov
18% 19%
19
19%
19
20%
20% 21%
8,300 American Hide A Leather. 100
18% M ar 1
30% Jan 3
43% July
91
13% Jan
95
90% 93
93
94%
94% 98%
98
99% 15,600
D o pref.................................100
00% M ar 2 122 Jan
39% 40
71% Jan 142% Oot
40
40
40% 40%
43
43
700 American Ice............................100
38 Feb 6
47 Jan
76% June
37% Aug
60
60
59% 597g
60
60
60
60
60% 60%
1,000
Do
pref................................... 100 53 Feb 13
68 Jun
89
64% Jan
76% June
88% 90
89% 90
89% 91
91% 94
93% 95
25,200 Amer International C o r p .. 100
87 Feb 13 120% Jan
77
77
52% Feb 132% Oot
*76
79
77% 78
*77
79
78
79%
79
3,200 American Linseed___________100
74 Fob 13
*92
86% Feb
89
N ov
95
*91
44% Mar
95
*92
95
*92
95
*92
95
*92
95
D o pref.................................100
92% Fob 25
y 91
9 9 % Jan 27
91%
98% Apr
91
85 Mar
94%
92
93%
91% 93%
92% 94%
93% 95
44,800 American Locomotive.............100
82 Feb 13 105% Jan 3
*103
106
58
Jan 117% Oct
105% 105*1 * 104 106
105
106
106
106
*105
107
200
D o pref.................................. 100 104 Fob 13 106% Jan 14
100
Jan 109% July
*30% 34
*30% 32% *30% 33
*30% 33
*30% 33
Amer M a lt A Grain____ N o par
30% Feb 13
44 Jan 2
l 19% 20
63
Aug
20
39% Deo
20%
20 % 20 %
20 % 20 %
20% 23%
22% 23% 16,900 Am Ship A Com m Corp .n o par
10% Fob 13
30% Jan 5
l *80 , 81
47% Oot
*80% 81% *80% 82
26
Deo
♦80% 82
81% S 1% | *81
82
100 A m Smelt 8ecur pref ser A . 100
80 Feb 14
82 Jail 14
60 1 | 60
94% June
60
79% Deo
60%
59% 60%
60
60
59% 62%
62% 62%
7,600 Amer Smelting A Refining. 100
50% Feb 13
72 Jan 3
*94
95
89% July
61% Doo
*94
95
►94% 96
95% 95%
94% 94% I 95
95
400 D o ----------- ----------- - .......... *93% Fob 13 100% Jw 13
nref__________________ion
------------------------------------------------ .------------------n
94 Dec 109% July

$ per share
82
82
78
78

__
__

............

__

__

* Bid and asked prices; no sales on this day.




t Ex-rlghts.

f Less than 100 shares, a Ex-dlv. and rights. * Ex-dlvldend.

v Full paid

951

New York Stock Record— Continued— Page 2
For record of sales during th e week of stocks usually Inactive, see second page preceding.
B 1 U II A N D

LO W

S A L K P R IC E S — PER S H A R E

N O T PER C E N T .

Tuesday
M a rch 2

STOCKS
N E W Y O R K STO CK
EXCHANGE

PER S H A R E
Range sin ce J a n . 1.
On basts o f 100-share lots
Lowest

H ighest

PER SH AR E
R ange f o r P reciou s
i'ea r 1919
Lowest

Highest

_

$ per share f$ per sh a r e
$ per share
In d u s, & M isc all. (C o n / Par $ per share
$ per share
101% Dec 140 Sept
80 Feb 13 11534 Jan 5
American Snuff--------------..1 0 0
*105
115
47
July
33% M ay'
46% Jan 6
39 Feb 25
Am Steel Found tem c tft -3 3 '
41
41%
90% Aug
91
Dec
93% Jan 19
90
M ar 4
Pref temp ctfs_______ N o par
90% 90%
1111.4 Jan 148*8 Oct
American Sugar R c fln ln *..1 0 0 123% Feb 13 141% Jan 7
127
127l2
124
124
113% Jan 119 M a y
M ar 2 118*4 Jan 20
Do
pref______________ . . 1 0 0 116
114
119
73
Aug 120*2 June
99 Jan 5
77 Feb 13
Amer Sumatra Tobacco— 100
87
8812
"823.1 8312
92% Jan 3
90*8 Gee 100 M a y
84 Feb 16
Do
preferred---------------- 100
*8412 80>2
95
Dec 108*8 M ar
9 6 % Jan 13 100*8 Jan 30
Amer Telephone & T eleg.-lO O
97*8 98l2
191*8 Feb 314*2 Oct
25 Feb 13 283 Jan 5
American Tobacco------------- 100
*225 210
Jan
93% D ec 106
97*4 Jan 7
92% M ar 3
Do
pref (new)........... . . 1 0 0
*90
9212
45% Jan 169% Dec
Amer Woolen of M a ss— . . 1 0 0 112% M ar 3 165% Jan 2
117*2 120
94*8 Feli 110*4 June
Do
pref_________________ 100 101% Feb 13 105% Jan 29
103 103
*10212 104
69
Oct
27% Jart
0134 Jan 3
38*4 Feb 23
Amer Writing Paper pref— 100
43'4 44ti
29
July
41
41*8
11
Jan
21% Jan
15% Feb 13
Amer Zinc l.cad & S m e lt.. . 2 5
1914 19*s
65
July
40
Jan
59% Jan
50 Feb 13
Do
pref__________________ 25
54
55
54% 'N o v
77*8 July
05% Jan
51 Feb 13
Anaconda Copper M in in g ..5 0
5734 585s
I
Jan
9*8 N ov
0% Jan
3% Feb 10
Assets Realization----------------- 10
17% Jan
65*2 Dec
07*4 Jan
45*8 Feb 25
Associated D ry Goods-------100
48% 50%
*44
82
Aug
61
M ar
*42
50
74% Jan 17
47
04*4 M ar 5
Do
1st preferred-----------100
043, 04*4
*05
80% M a y
*
0912
58% Feb
*081
75*4 Jan 7
70% Feb 10
Do
2d preferred_______100
*65
70
70
*05’
N ov
*
______________ *05
70
68
Jan 142
107 Feb 11 125 Jan
Associated OH--------------------- 100
114
*108
117
*108
92
Feb’ 192*8 Oct
*108
120
137 Feb 26 176% Jan
151*2 10,700 A tl Gulf & W I SS Line— .1 0 0
142% 151% 148
76% M a y
64
Jarr
14012 143
75 Jan
63 Feb 25
Do
pref_________________ 100
300
64% 64%
63
63
*02
05
75*8 D ec
65% Dec
74% Jan
54*8 Feb 26
57*8 19,100 A T Securities Corp-------no par
z57
55>2 503.1
14% Nov
20*4 Dec
19% Jan
13
M ar
000 Autosales Corporation---------50
15
*13
13
13
29
Oct;
35*2 Dec
30*8 Jan 15
25 Feb 14
28%
* 20 %
64*8 Jan 156% Oct
*20
2812
103% Feb 13 123% Jan 10
100
111% 112*4 253",566
103
Jan 145 July
107
10812 107*8 1101.1
M ar 3 134*8 Jan 3
100 114
1,900
118% 119%
114*i 14*4 —
110
Feb 119 M a y
100 105 Feb 18 111*2 Jan 0
— Do
2*8 M a y
1% Jai
1*8 Jan 6
1 Feb 9
.2 0
" l% " " 2 6 6
1*8
1>8
45
Oct
*1
26 Sep
1%
317s Jan
1%
1%
17% Feb 11
2234
5,500 Bethlehem M otors------ N o par
21l2 22U
21
21*i
21
55% Jan 107*4 July
9 5 % Jan 30
20*1 20*4
77% Feb 27
500 Bethlehem Steel Corp-------100
82%
Oct
79
80
55*8 Jan 112
81% Feb 26 102% Jan
D o Class B com m o n ..1 0 0
877g 45,500
84*2 *8512 ‘ 8414 8538 85
87%
90
Dec 108 July
83*4 84*4
83*2 80
97 Jan 14 102% Feb 24
D o preferred___________ 100
101% Jan; 116 Sept
108 Feb 13 114 Jan
D o cum conv 8 % preflOO
i io % 110.2
25
July
II
Dec
110% 111
15 Jan 9
10 Feb 13
Booth Fisheries............... N o par
10% 10*8
Aug
10
10%
10U 10U
85% D ec 102
♦10
10*4
93% Fob 27
91 Jan 13
Brooklyn Edison, In c---------100
941.1
92 M a y
41
D ec
50% Feb 14
49% Feb 5
Brooklyn Union G as............. 100
*52
50
52
54
71
Feb 112% July
*49
54
*50
93 Feb 27 10538 Jan 2
Brown Shoe, In c ----------------- 100
*881.1
*88% 95
97
Aug 101 M a y
96 Feb 18 100 Jan 12
D o preferred___________ 100
*953,i
90
90
Apr
115
Dec 166
93 Feb 4 120 Jan 5
Burns Bros__________________100
*99
103
*99
17
Oct
11% Jan 9
103
5% Feb
*98
7% Feb 5
Butte Copper & Zinc v t c — 5
3934 July
9U
9%
9*8
16
Jan
9
9%
26 Jan 6
15 Feb 11
B u tte rlc k ___________________ 100
19
18*8 183g *18
18*8
19*2 19*2
37% July
16*8 Feb
2 9 % Jan 12
22 Feb 5
Butte & Superior M in in g ..1 0
25% 20%
25
26*8
25
26
*24
24
54*4 M a y
19% Dec
24
2 8 % Jan 6
17 Feb 0
Caddo Central OH & R e f . . 100
22
23%
22la 2338
19
20*!
87% Deo
18*2 18*2
48% Jan
18*2 18*1
8512 Jan 28
California Packing-------N o par z74 Feb 27
70
70%
70
75
74*8 751,
74% 74*i
20*8 Jan
71% 74*8
56*8 Oct
46 Jan 3
27*4 Feb 13
California Petroleum...........100
30
37*4
3534 3738
33
34
32*i 34
64% Jan
32% 32*2
86*8 Sept
7512 Jan 0
65 Feb 10
D o pref__________________100
*09
70%
09
701
00
08
07
86*4 July
07
09
50*4 M ar
*07
68 Jan 2
59% Feb 13
Calumet & Arizona M in in g. 10
02
0214 62% *01
*00
02
01
00
Aug
00% 00%
91*2 Jan 101
90 Feb 25 101 Jan 24
Case (J I) Thresh M pf c tf. 100
99
99
9834 983.
99
56% Feb 110% July
99
97*8 97*8
72 Feb 13 104*4 Jan 5
Central Leather------------------- 100
80% 81*4
77lg 781.1
7012 79
70*2 79*2
104% Jan 114 July
78*2 79
D o pref__________________100 104% Feb 14 108% Jan
105
105%
107
107 *103
107 *103
31
Jan
*104
67*2 July
013g Jan 3
45% Feb 26
Cerro do Pasco C o p ..-W o par
48
483S
"•>7 "
47%
40
40*2 47
47
40%
65*2 N ov
30% Apr
62 Jan 7
47 Feb
Certain-Teed Products.W o par
52
52
50% 50%
90
N ov 141% N ov
Chandler M otor C a r ...W o par 117% Feb 20 14478 Jan 30
125*4 128*8
126" 122*12 122" 122*4 123 1
124
122
68
Apr 113% N ov
124*4 121
78 Feb 26 100% Jan 3
Chicago Pneumatic T o o l ..1 0 0
83*8 83%
81
__
*88
90
80
29*4 July
80
16*4 Dec
21% Jan
15% Feb 11
Chile Copper------------------------ 25
17
17%
1G38
iois
lOti 17
10% 17
10
50*8 July
32% Feb
10*2
31*8 Feb 26
41*8 Jan
Chino Copper........ ...................— 0
33% 34%
32%
3212
33%
32»8 33
Deo
33
32% 34
60*8 Feb 108
87 Feb 11 106 Jan
Cluett, Peabody & C o -------100
*88
90
*8 8
*88
88
88
89%
*85
43*8 N ov
37% N ov
40*4 Jan
3 3 % Jan 19
Coca C ola______________ N o par
37% 37%
37
30
371g
30<2
38
50
July
34*4 Feb
37
%
44% Jan
37*2 37_
30% Feb 11
Colorado Fuel < Iron-------100
fc
39
49
38l4
69
Oct
39% Feb
38
38*2 38%
38
07 Jan
53 Feb 13
Columbia Gas < Elec-------- 100
fc
56% 56*8
50
53
53'% ’ 533.i 537;
75*4 Oct
53
53*i
50*4 Oct
36% Feb
05% Jan
Columbia Graphophone N o par
43% 44%
41%
41
41*8
95% Oct
40% 41*8
10% 41
91% Dec
923,4 Jan 14
89 Feb 10
D o pref__________________1 ° °
*83
89
♦
}8 0
580
63*4 July
89
37*4 Jan
56 Jan
"
44 Feb 26
Computlng-Tab-Rccordlng 100
*46"
*45
50
*44
75 June
47
*44
54
Aug
47
63% Jan 31
55% Feb 10
Consolidated Cigar-------N o par
*57
58
863s July
5712 57<2
*57
57*2 *57
*78
Aug
82% Jan 30
*70% Feb 13
D o preferred___________ 100
*7812
79
*70
78% *77
*70
78
78*4 Doc 10638 July
75 Feb 11 18712 Jan
Consolidated G as (N Y ) — 100
81%
78
81
77% 77*i
23
Oct
77
77
5*8 Apr
20*i Jan
10*4 Feb 10
Cons Inter-State Call M g . -1 0
IOI4
lOti 191*8
19*8 19*8
37*2 N ov
3 0 '2 Dec
19*8 19*
31% Jan 28
25 Feb 27
Consolidated Textile. . . N o par
20
20
20
201.
05% Feb 103*4 Jijno
*25
25*8 25%
933s Jan
78 Feb 13
Continental C an, In c ...........100
81
*78
79% 80
100*2 Oct 110 June
Do
preferred--------------- 100 10034 Jan 13 10234 Jan 22
100 105
105
*100
153g Oct
1084 Sept
13% Jan ‘
10% M a r 3
Continental Candy Corp N o par
10*4 10*4
10 %
99
Oct
10*1 10*4
46
Jan
*10*1 11
90 Jan
76% Feb 13
Corn Products R e fin in g .. 100
81%
803i 82*8
79
81%
102
Jan 10978 July
79% 79%
Do
preferred__________ 100 101 Jan 26 107 Jan 9
*104l4 105%
100
104
105% *105
Oct
52% Feb 261
105
20
*103*i
Crucible Steel of A m erica. 100 189 Feb 25 233*2 Jan
195*4 198*4
193
195
199
91
Jan 105 July
192*4 195*: 190
96% M ar 5 100 Jan 7
Do
preferred__________ 100
*90
98
*98
98>2
55
Dec
20*8 Jan
54% Jan 7
39% Feb 20
Cuba Cano Sugar......... N o par
417g 43*8
4Us 4112
877s Deo
09*2 M ar
79% Feb 13
85*8 Jan 21
Do
preferred__________ 100
80
80
79*8 8 0
Oct
150
Jan 410
450 Jan 26
Cuban-Amcrlcan Sugar— 100 40 0 Jan
*370 400
*320 410
16% M a y
10% Jan
Jan 3
10% Feb 13
13
Dom e M inos, L td ----------------- 10
12
12%
12
12
43
July
23*8 Dec
20% Feb 26
28 Jan 2
Elk Horn Coal Corp
21*8 23
July
49
39
Deo
33 Feb 17
39 Jan 10
Do
preferred___________ 50
*32% 41
43 June
24*g Dec
20 Feb
29 Jan 2
Emerson-Brantlngham-------100
*20
20
88
Dec 101 June
91 Jan 3
8212 Jan 21
D o p r e f e r r e d ...-----------100
*82% 80
Deo
80 June 150
99
M ar
147 Jan 0
E ndlcott-Johnson---------------- 50
10434 108*4
99
104*4 104% 108
99% 103
101*2 108%
1017a Aug 107% Dec
D o preferred___________ 100 100% Feb 27 104 Jan 3
101 101
100*4 101
83
Dec 123 July
95 Jan 5
65% Feb 11
Famous Players Lasky N o par
72
73*4
72
09
08*8 70
23*2 July
09
70%
08*4 70
4
O»0
10 Jan 6
13*4 Jan 28
Federal Mining & Smelting 100
14
*11
14
*10
14
*10
48% July
25
!« .
33*8 Jan 28
26% Jan 2
D o preferred----------------- 100
*28% 30*4
29
29
30
30
OCt
38% liiti 173
29*4 29*i
100% Feb 13 130*4 Jan 5
Fisher B ody Corp--------N o par
*1 1 0 135
135
125 ♦110
125
115
55
Oct
115
39% N ov
1 15*8 ♦110
33 Feb 6
48 Jan
Fisk Rubber_________________ 25
30
30*8
35*1
30
35*4
35*4
04*8 July
37%
35*4 30*i
317g Dec,
30
20% Feb 10
3012 Jan
Freeport Texas C o ------- N o par
24 s4
23*s
23*2 23*8
23% 23%
23*4 24%
38*4 July
15
Dec
12 Feb 11
19% Jan
Gaston W & W , I n c ...W o par
13% 15
131 a 1312
957g July
47
Jan
75*8 Jan
68% Feb 27
General Cigar, In c------------ 100
04*8
04
_
_____
04
04%
03*8 03*8
Oct
04%
04
144% Feb 170
General Electric_________ — 100 152% Feb 11 172 Jan
162%
16912 100
157 *150
158*2 160
158 *150
118% Jan 4 06 % N ov
158
225% Feb 17 345 Jan
General M otors Corp---------100
233% 238*2 230*2 242*8 242% 247% 245 253%
95 June
82
Jan
240 243% 238 245
73% Feb 13
89*4 Jan
D o preferred___________ 100
78
78
1
____
79
78
78*4
94*4 Apr
78*4 78%
79
8212 Feb
*78
69% Feb 13
85% Jan
D o Debenture stock — 100
71
71
70% 701
70*8 71%
69% 71%
*70% 73
93*s Oct
71
56% Jan
71
857g Jan
64% Feb 26
Goodrich Co (B F ) ................ 100
09*8 71%
07% 70'
00 8 07%
00*2 07
05% 07
102
Aug 109% Apr
05*8
92
M a r 3 102*4 Jan
D o preferred------------— 100
92% 92%
92
92
92*2 92*2
80
Jan
92*2 92%
93
93
47% Dec
36 Feb 25
55% Jan
Granby Cons M 8 4 P . . . . 1 0 0
137% 38
*30
38
30*4 36%
37
37
53*4 N o v
30
46*8 Dec
30*2
49*4 Jan
!?l% M a r 5
Gray & D avis, Inc--------------- 25
3234 34%
32% Dec
47*2 July
2934 Feb 13
38% Jan
Greene Cananea C o p p e r .. 100
32
32
33
34
33
*32
*31% 34
89*8 Oct
49% Feb
5734 Feb 25
847g Jan 8
_
Gulf States Steel tr ctfs— 100
64% 07%
54% Jan 100% Dec
86 Feb 10 108 Jan 19
Hartman Corporation---------100
88
*80
87
*80
87
♦80
87
713s July
40
Feb
80*4 80*4 *80
50 Feb 13
6234 Jan 6
Haskel & Barker C ar— N o par
58*4 60
57% 68
57
67*4
57
♦54
65
57
687g July
42% Feb
50% Feb 13
61*4 Jan 3
Inspiration Cons C op p e r.. . 2 0
53% 537g
51*8 51*8
51*4 52
51% 51*4
10% Jan
37*4 July
51*4 51*4
13% Feb 13
22% Jan 3
Intornat Agrleul Corp-------100
17% 17%
10*1
10*4
*10
10*4 10*i
17
17
17*2
917s July
48
Jan
69 Feb 11
83 Jan 3
D o preferred . . -------- 100
73
*70
*08*4 70% *08*4 70*2
70
70
*08*2 72
110% Jan 149% July
Inter Harvester (n e w )-------100 112% Feb 17 135 Jan 5
117
117
11(1
117
no
110
Deo 120 June
115 Jan 2 1 111
D o Preferred, n e w .... 1 0 0 110*4 M ar
21% Jan
67*4 July
27% Feb 11
51*8 Jan 3
Int Mercantile Marine-------100
30%
31% 33*2
33*8 3578
31
31
30*i 31
30*8 31%
92*4 Feb 128% M a y
76% Feb 13 l i b s Jan 5
D o preferred-----------------100
91*4
89%
80
83
80*8
82
82*8
82
83
337* June
81*4 82%
20*8 Dec
26*4 Jan 7
19% Feb 13
International Nickel (T h e)-2 5
20% 21
21%
21
20% 20%
20 4 21%
82
N ov
30% Jaw
19*8 20*s
70*4 Feb 26
89% Jan 3
International P a p e r ..-------100
74
70*4
72*8 73*8
72*2 73
July
71*4 73*2
80
02
Jab
73
73*2
70 Feb 16
7978 Jan 3
D o stamped pref........... -1 0 0
N ov
65
34
Dec
36% M a r 1
51*2 Jan 27
Iron Products Corp— N o par
39
3912
41
38
M ar
30% 39%
42
48
*40
15
D ec
14 Feb 11
21*4 Jan 9
Jewel T e a, In c---------------------100
15*4 15*i
15*2 15%
M ar
15% 16*8
91
38*8 Dec
39% Feb 11
45% Jan 10
D o preferred___________ 100
41
July
44
24*4 DOC
23% Feb 11
30 Jan 5
Jones Bros T e a , In c-----------100
*23
23
—
—
*22
20
Apr
25
*22
20105
Apr 130
*25~
Kayscr (Julius) < C o --------- 100 106 Feb 18 118 Jan 6
fc
Nov
68
Jan 164
Kelly-Sprlngfleld Tiro.......... 25 106 Feb 25 152% Jan 5
io s " fob"" 107% 1 0 8 " 107% 1 0 8 " i 0 8 ‘ ib is '
101% Dec 110*4 Oct
96 Feb 13 105 Jan 21
Temporary 8 % preferred 100
99
991.1 99*4
99
102
*98
102
*99
34
Jan 114*4 Oct
66
M ar 4
90 Jan 6
Kelsey W heel, Inc...................100
70
70
♦65
70
*05
70
*05
43
July
70
*65
27*8 N o v
27*8 Feb 13
33*8 Jan 5
Kennecott Copper-------N o par
29%
281.1 28*4
28*4 28%
28*8 28*i z28% 28*8
38*8 Deo 126% July
247g Feb 13
48*2 Jan 5
Keystone Tire & R u b b e r ...1 0
31%
30
30
31%
28
30*4
62% Jan 107*4 N ov
28*2 29
63 Feb 26
91*4 Jan 5
Lackawanna Steel--------------- 100
07*4 08
07*8 08
00
08
83
Jan
33
Deo
05*8 00*4
38 Jan 8
40 Jan 20
Laclede Gas (St Louis)-------100
----- -—
—
—
40
Oct
21
Jan
28 Feb 11
38*8 Jan 0
—
1,100 Lee Rubber & T ire-------N o par
33%
32%
"3 0 *
195
Dec 250*4 Aug
Liggett & M yers T ob acco. .1 0 0 105% Feb 25 207 Jan 10
165
165
105
*157
105
*157
105
105 ♦160
♦157
107
Jan 115 July
106 Feb 21 109*8 Jan 31
D o preferred___________ 100
110
100
100
105 *100
*102
105
27** Deo
105 ♦100
*102
25% Dec
17 Feb 6
28 Jan
Loft Incorporated---------no par
19%
19%
19%
19
19% 19*
81
July
18*4 19*8
*18% 19%
40% Feb
45 Feb 11
70 Jan
Loose-WIlos Biscuit tr c tfs. 100
62
50
61
*48
61
51
53
*48
52
94
Feb 120 June
*48
112 Feb 11 115% Jan 19
D o 2d preferred_______ 100
107
127
127
*110
127
♦110
♦110
127
July
*110
120
147*4 Apr 245
Lorlllard ( P ).............................. 100 145 Feb 5 183*4 Jan
153
155
♦148
155
♦148
165
♦145
155
*145
107
Jan 115 July
110t2 Jan
D o preferred . . . _______ 100
106
100
*104
*104
107
♦104
107
*104
107
f Full paid. n Old stock, z Ex-dlvldend
a Ex-dlv. and rights.

__

_

• Bid and asked prices; no sales on this day.




t Less than 100 shares.

952

New York Stock Record— Concluuoii— Page 3
For r e c o r d o f galea d u r in g t h e w eek o f s to c k s u s u a lly I n a c t lie , see t h ir d parte p r e ce d in g .

MQH AND LOW SALE PRICES—PER SHARE. HOT PER CENT.
Saturday
Monday
Tuesday
Wednesday T hursday
Friday
Feb. 28
March 1
March 2
March 3
March 4
March 5
$ per shar 3 per share $ per share $ per share S per share
5 per share

S a les

for
th e

Wteh

PER S H a r o .

Range since Jan. 1.
On basis of 100 sbars lots
hottest

H ig h est

PER .utA.UU
M a nge f o r P r e v io u s
Y e a r 1919
L o w e st

Highest

In d u strlalS cM isc.lC o n .) Par $ p e r sh a re
* p e r sh a re
* p er share * per share
M aekay Com panies______ 100
64
Feb 16
6934 Jan 7
03 Deo| 79% M ay
♦60
62
*62
65
Do pref............................... 100 01
F e b l 1 64
Jun28 *03 June
30
30
06 July
M anhattan Shirt___________25
28
F e b 11
33% Jan 6
28
Aug
*23
25
38% July
*23
25
*24
28
*23
Martin Parry C o r p _no par
23
Feb25
30% Jan 8
23
D ec
31% N ov
28
200 Maxwell M otor, I n c ............ 100 ls % Feb 13 3534 Jan 6
—
. . . - ....................
01 July
20% Jan
D o 1st pref____________ 100
47% F ebII
63% Jan 5
50% Jan
84% July
100
D o 2d pref........................ 100
20
F e b l3
30% Jan 10
19% Jan
46% June
120
115 120
119% 120
400 M ay Department S to r e s.. 100 117% Feb25 131
Jan 2
*103' 110 * I 6 .r 1 0 *101 110
00
JaD 131% Oot
T ”
*103 110
101 110
D o preferred____________ 100 105% Kehl3 107
Jan 12 104
166% 1691
Jan 110 M ay
163 170% 166 169
168 172i4 171% 177% 177 181
76.000 Mexican Petroleum________100 101
F e b ll 222
___
Jan 3
*94% 100
102% Jan 204
Got
*97
*95 100
D o pref.................................100 95
Feb 10 105
217* 217
Jan 0
21% 21%
99
Dec| 113% Sept
21 % 2 1 %
21tj 22*4
22
22
22 % 2 2 %
2,090 Miami C opper_______________ 5 21% Feb 0
20
Jan 6
30% 321
31% 333*
21 Nov| 32% July
32
33%
32i4 33>s
33
34%
34% 35% 58.000 Middle States Oil C orp _____ 10
22% Feb 0
71% Jan 6
43% 44
32 Oct
43% 45%
71% N ov
44% 45l4 447* 455*
45% 46%
45% 46% 14.000 M idvale 9 ’ eel * O rd n a n ce ..50
42% Feb20
52% Jan 6
*03% 05
*63
65
40% Febl 02% July
*63
65
*63
65
*63
65
65
65
100 Montana Power___________ 100
61% Feb 10
69% Jan 7
*40% 41
41
41
54 N ov
41% 41% *4014 43l2 427* 44
83 July
43 % 43
709 Mullins B od y__________ no par
30% Feb 13
357, 357
61
Jan 5
353* 357*
40 Nov
53
Oct
30l2 3612 *3554 37
30% 36%
36% 36%
7,509 National A cm e_____________ 50 x35% Feb 1
3
52
38% Jan 19
62
29% Jan
*51
55
43% July
*52
55
5412 54%
55
58
58
59%
3,800 Nat Aniline A Chera vtc.no par
44
Feb 13
—
72% Jan 3
—
*84
86
45 Sopt
75 Nov
♦84
86
*84
80
85% 85%
85% 85%
300
83
D o preferred v t c ........... 100
Feb 13
89% Jan 6
—
N ov
91% Oct
—
------ -----110 110
100 National Biscuit__________ 100 110 M ar 3 125
Jan 3
Aug 139
Oct
D o preferred___________ 100 112
FeblO 110
*66" 6 5" '6 5 * 00%
Jan 9
Dec|xl21
Mar
67
68t2 *65
*05
70
70
70
70
" 6 6 6 National Cloak A S uit____100
03
Feb26
*95 100
80
Jan 3
*95 102
Jan
02 July
*95 102
*95 103
*95 101
*95 100
D o preferred.....................100
91% Feb 19 102% Jan 13
9
Dec 108% M ay
9%
97*
9
9
9%
9
9
9%
2,100 Nat Conduit A C ab le.N o par
8
Feb 6
*67% 70
11% Jan 6
*67% V o "
8% Dec
24% July
70
70
*70
72
71
71
71% 72
1.000 Nat Enam'g A S ta m p 's ...1 0 0
66% Feb25
*98 100
89% Jan 2
199% 99%
45% Feb
88% June
99l2 9912 *99 102
*98 101
*98 100
145 ■ D o pref_________________ 100 99% F e b ll 102% Jan 7
*75
78
75% 757* *70
93
Jan 104 M ay
78
76
70%
77
77%
77% 78%
1.200 National Load....................... 100 72% Fcb20
*104% 107% *104% 107% ♦101»4 106 *10134 100
80% Jan27
64
Jan
01% Oot
105 105
107% 103
326
D o prof............................ .100 105 M ar 4 110
14
Jan 3
14
14% Hi*
102 Sept 112 July
14
14%
14
15%
14% 147*
15
15
14
2,800 Nevada Consol Copper
Feb2S
05% 96
17% Jan 5
0734 99
13% N ov
217, July
294
9512 94
90
97
97
*95
1,500 New York Air B rake____100
92
Feb 13 117% Jan 5
*30
40
33
33
01% Feb 145% Oct
*30
37
*30
35
33
33
35
400 New York D o c k ___________ 100
30
Feb 10
*45
5)
48% Jan 3
*45
60
19% Feb
70% July
*48
50
48
48
*45
50
*45
200
D o preferred___________ 100
45
Feb 11 01
*52
Jan 3
56
54
54
44% Mar
75 July
*51
56
*53
55
*52
54
*51
100 North American C o ______ 100
60
Feb 4
*53
54
58
Jnn28
57% 57%
47
Jan
541* 54%
07 July
54
66% 537* 56
56% 57
2 .200 N ova Scotia Steel A C oal. . 100
50% F e b ll
77% Jan 5
41% 42
41% 42%
40
Jan
07 June
41J4 42l4
42% 43
43
44%
44% 45% 18,100 Ohio Cities Gas (T h e )......... 25 •r3l% Feb 13
*45
50% Jan 3 u35% Feb
49
*45
49
017* July
*45
49
*45
49
*45
49
*45
49
Ohio Fuel Supply.....................25
44
Feb 13
5
51% Jan 2
6%
5%
5%
43
Jan
55 July
1
6'* 5 4
5%
5%
5%
5%
5%
5% 26,700 Oklahoma Prod A Ref of Am 5
4% Feb 19
5% M ar 5
7%
7%
* 6%
74
3
7
7>*
73g
8%
7
7
8
8
1,900 Ontario Silver M ining____ 100
5
Feb 19
*115 120 *115 120
9% Jan'JO
5% Mar
120 120
Il'% N o r
117 1337* 117 125
121 121
120
200 Otis Elevator______________ nopar
Feb 13 142
*28
Jan 2
29
*27
277,
128 Nov 149 N ov
28<4 28>4
28% 28l’
28% 297g
29% 29%
4,400 Otis Steel__________________ nopar28
Fob20
*54
417* Jan 5
56
♦53
65
34% Dec
39% N ov
54
54
*53
55
55
55
*54
56
51
300 Owens B ottle_______________25
___
Feb 13 05
Jan 2
68
68
40 Mar
74
Oot
70
68
68
68 % 68 % *65
70
400 Pacific D evelopm ent_______ __
08 M ar 1 78
46% 46"%
Jan 2
44
45
467* 407*
70% Dec
80
Oot
4734 48%
49% 49%
49% 49%
44
1.300 Paolflo
Oas A Eleotrlc_100 M ar 1 01% Jun 5
31% 31%
32
32
58% Deo
75% July
*32
34% *32
34% *33% 31%
200 Paclflo
Mall S 3 .5 31
Feb 20
38-% Jan 9
29% Fob
42% July
37% 39%
600 Pacific Teleph A relog____ 100
37
Janl3
42% Jau20
'8034 82% '80% 82%
22
Jan
41
Dec
80l2 82l2 '82% 85% ’ 85% 88%
85% 89% 105,000Pan-Am Pet A T r a n s _______ 50
71% Fob 13 108% Jan 2
76% 77
76% 77
761* 76i2 78
07
Jan 140% Oot
79%
80
82%
82
83%
6,000
D o Class B ........................ 50 07% Fob 1 103>g Jan 3
3
38
38
*37
39
02% Dec 1047* Deo
38
*37
39%
39% 40%
600 Parish A Bingham .........no par
37
Feb 18 47% Jan 0
23
23
24
24
42
Dec! 47% Nov
23
24l4 23% 23%
23% 24% *23% 23%
1 ,‘200 Penn-Seaboard S f l v t 0 No par
19% Feb25
*38
3534 Jan 0
39
36% 36%
27% Apr
361* 4 0l*
68 July
39
40% ♦38% 39% *38% 39%
3,600 People's Q U C (C h ic). .100
35% 35%
33
Feb 0
42
Feb 9
36
36
32
Doe
357* 36%
57 M ay
35% 36%
36% 37%
37% 38%
8.900 Philadelphia C o (P lt t s b )...5 0
34% Feb 13 42% Jan 10
62
63%
517, 53%
30
Jan
43
Apr
51% 63%
52% 53%
53% 54%
54% 57
39.600 Plorce-Arrow M C ar___No par
48% F ebl
82% Jan 3
....
98
997,
38% Jan
99
Oot
♦967* 100
200
D o pref............................. 100
94 M ar _ 108% Jan 8
10% 17%
101% Jan 111
17% 17% ’ 171* *17%
Oot
177* 18
18
18%
18% 19%
9,300 Pierce Oil C orporation___ 25
15% Fob 13
—
23% Jan 8
___ *9034 93% 92% 92% *923* 93
10
Jan
28% M ay
93
93%
93% 93%
600
Do
pref______ ________ 100
89
F ebl
64% 54%
98
Jan 7
53% 54
93
Dec 105% Oct
541* 541*
5334 53%
54% 66
55% 55%
4,200 Pittsburgh Coal of Pa......... 100 51% Feb 13 037g Jan 3
*88
89
45
Fob
*88
89
74% July
----89
89
89
89% 89%
89% 89%
600
D o pref________________100 89
Feb25
91% Jan24
17% 17%
85% Mar
98 M ay
1734 17*4
17% 17%
17% 18%
19
20
19% 19%
1.900 Pond Creek C oal___________ 10
16
F ebl
91
27% Jan 5
91%
12% Feb
31% Oot
92
92
92
93
90
92
92% 94%
93
94%
4,100 Pressed Steel C ar................100
81
Feb 13 103% Jan 3 *59
102% 102% 102 102
Feb 109
Oot
102% 102%
300
D o pref_______________ 100 100% Jan 7 1041* Feb 2
_ _
_
100
M ar 100 July
*03
68
*
68
65
65
100 Public Serv Corp of N J ..1 0 0 05 M ar 3
113 113
08
Jan28
00
Dee
91% Jan
113 113%
113% 114% 113% l i t
114% 115%
2.000 Pullman C om pany________100 1(19 Feb 13 117% Jan 5
75
757,
110 N ov 132% July
75
78%
77
777*
76
77%
77
79%
79% 80%
5.800 Punta Alegre Sugar_________50
74
Feb25
90
Jan 7
—
—
91
91
*
61
Apr
98% Deo
92
*89% 93
93% 94
*93
95
*9% F ebl
800 Railway Steel Spring_____100
102
Jan 10
08% Feb 107% N ov
104 *102% 107 ♦103 107 *101
107
100
D o pref.....................
100 103% Feb 6 100% Feb'.'O 104
17% 177*
17% 177,
Feb 112 June
17% 17%
17% 177*
17% 18%
18%
18
7.400 Ray Consolidated C o p p e r .. 10
17V, M ar 1 22% Jan
71
71
10 Mar
27% July
71
71% 72
73
74
1.000 Remington Typewriter v 10 160 62% Febla 94 Jan
*36
♦
42
08 Aug 105% Got
* 3 5 ' 30
39
39
*37
41
300 Replogle Steel__________ no par
34% Feb20
4.3% Jan
85% 87
84% 88
40
Dee
63% DOO
86% 87% 87% 90
88% 90% 127.400 Republic Iron A Steel_____ 100
84 ig Feb27 124% Jan
—
—
71% Jan 145 N ov
------ ------ _
D o pref.......................
100 100 F e b l8 100% Jan 13 100 Jan 100% July
' 37' V o * '3 8 ' 38'
1.600 Republic M otor T ru ck .N o par
37 M ar 4
55*4 Jan
99% *983* *99% *
44% Sept
71% Nov
98
98
98%
98% 101% 100% 102% 55.100 Royal Dutch C o (N Y shares).
93% F e b ll 110% Jan27
—
___
84
Aug 121 July
15% 15%
15% 157*
15% 15%
15% 16%
16% 16%
3.400 St Joseph Lead.................... . . 1 0
14% Jan 2
72% 72 % *64
10% Jan 10
12% Dee
17 July
67
*
68
*64
69
*65
67%
64% 64%
200 Savage Arras C o rp ...............100
64% M ar 5
14% 15
77
Jan28
03% Jan
94% o o t
15
15%
15
15%
15
1538
15% 15%
15% 16%
4.800 Saxon M otor Car Corp No p ir
13% Fob 13
21% Jan 13
215 215
0% Mar
29
Aug
215 218 *2
219 *212 218 *210 218 *210 218
700 Sears, Roebuck A C o____ 100 214
Feb 13 240
Jan 5 108% Fob 230% Deo
11% *11% 12
11% 12
*11
12
11
11%
11 % 11%
700 Shattuok A ril C opper______ 10
127* Jan 5
10% Febl.'l
*78% 80
10
Fob| 10% July
76% 77%
75% 77%
76% 80%
79% 81
23,900 Shell Transp A Trading____£2
73% M ar 2
387* 39%
90% Jan28
74
D oc
81% Dec
38% 397,
39% 41%
39
40%
40% 41% 120,000 Sinclair c o n s OH Corp No par
34% Feb 0
65% C5%
48% Jan 5
665* os
*
• % D ec
11
04% Nov
70
*65% 70
68 % 70
70% 71
2.400 81oss-8hoflleld Steel A Iron 100
04
Febl.'l
9234 92% *90
82% Jan26
40% Feb
89 N ov
98
*
98
*90
98
*90
98
*92
98
100
D o preferred__________ 100
89
Jan23
92% Fob28
110 110
85. Mar
97% July
102 115 *1
115 *102 115 *102 115 *102 110
100 So Porto R ico Sugar pref 100 HO
Feb28 110
Jan 6 107
—
Jun 117 Sept
------ -----—
............ Standard Milling .................100 120
Jan 7 124
F e b ll 148
---__
Jan| 160
Oot
...........
D o preferred__________ 100 ____ _______
*55
67
85% Janl 91% June
56
57
*.
57% 57%
58
60%
60% 62%
7.100 Stromberg-Carburet .N o par
50
F e b l 3 80% Jan 2
80% 82%
8O3 83
4
30% Jan 109% Oot
82% 83%
83% 86
86% 88% 85.400 Studebakor Corp (The) ..1 0 0 80% Feb25 115% Jan 5
45% Jan 151
Oot
100 100
100
D o p r e f .......................
100 09 Fob25 101% Jan31
*110 116
02
Jan 104% N ov
113 113
»4 *iii 115 114% 118 122' i £2
1.100 S tu tiM otor Car of A m .N o par 100% - ebld 1371* Jan 0
F ■
42% Feb 1417* Oot
43% 43%
44
44
44% 45
400 Superior Steel C o rp 'n ......... 100
41
Febl.'l
60% Jail 3
' ‘ 9%
0%
32
Jan
97* 10
647* June
10
10% 10
10
10
10%
2,200 Tonn C opp A C tr ctfs.N o par
9% F obl3
12% Jan 4
174 175
172 17734 173
9% Dec
17% May
3 176 181% 179 183
.1
181 184% 41,700 Texas Com pany (T h e )_____ 100 160% F e b ll 231
Jan 2 184
65
66
Jan 345
66
677*
Oot
65% 67
62% 65
647g
62
63% 65% 18,500 T obacco Products C o r p . . 100
«1
F ebl3
951, Jan 3
*90
9
72% Jan 116 June
*90% 95
*90
95
*90
93
*90
95
*90
95
--------D o pref.............................. 100
90% Feb25 100
Jan 7
21 % 22 %
215* 223*
07% Doc 120 June
s4 225*1 24%
24% 26
25% 26% 71.100 Transcontinental O i l .. No por
20
Fob 6 38% Jan 6
56% 66%
34% Doc
57
57
02% N ov
% — .
50% 58%
58% 681
1,700 Transue A Williams S t.N o pur
64% Fel>13
60% Jun 3
717* Oct
37% Jan
167 172
167 172
Underwood Typew riter___100 108
F ebl4 190
Jan 2
116
Jan 197% Deo
*88
89
88
88
*87
89
*85
90
100 Union Bag A Paper C o rp . 100
88 M ar 2 90 Jan 0
30% 307*
30% 31%
75
Jan 100 July
31
2H% *31%; 32%
32
33
33
34
30,400 Union Oil....... ................... no par 27% F e b ll
38
Jan 0
42% 42%
45% Oct
42% 43
34% Dec
43
431% 43
43
*42
44
43% 44%
1,700 United Alloy Steel..........N o par
401* F ebl
63
Jan 5
*130 134 *132 134% *125 134 *125 134% *125 134%
68% July
37% Jan
134 134%
300 United D ru g............................. 100 125% F obl3 14.8
Jan 14
*49% 50
00% Jan 176% July
497* 497*
49% 4934 *491,i 50
49% 49% *49% 60%
»4
700
D o 1st preferred............... 50 48% FebI3
63
58i* M ay
Janl3
60 July
Do
2d preferred............. 100 ....................
*1 80 ' 183*
91
Jau 105 July
179*4 180' *179% 183' " 183" 184 ' ‘'186% 186'% 1 87 ' 188
' MOO United Fruit...........................joo 176
I’o b l l 201% Jan 3
66% 67% 66% 683*
Oot
167
Fob 215
1 07
6734
67% 69%
70
7H, 30,900 United Retail Stores . . N o par
04
Febl.'l
90% Jan 3
16*4 16%
80% Aug 119% Oct
■ -­
8
*16
17%
16% 161,,
600 U S Cast I Pipe A F d y ____100
15% F ebl3
25% Jan 3
*46% 46% *44*4 46
14
Jan
38% Aug
'4 '46% 46% *44% 46% *44% 47
400
D o pref............................. 100
43
Feb 3
65
Jan 6
*29
30% *29
42% Jun
74% July
30
*25
30
*25
30 *
*-----30
*26
30
U S Express........................... 100 28
Fob 6 31% Jan 9
66*4 56% 56% 56% 56% 57
16% Feb
32% May
6684 58% 59
62
62
03
10.500 U 8 Food Products C o r p .. 100 63% F obl3
78% Jan 5
00
Apr
80% 81
01% Oot
*78% 80%
78% 79' 8 79
78% 82%
80%
82% 83% 18,600 U S Industrial Alcohol .. .1 0 0 77% Febl.'l 110% Jan 8 *97% Deo
*99 102
107 M ay
*99 102
98% 100
99
99
98% 98% *98
99
1,400
Do
pref............................... 100 98% Mar 2 103% Jan 0
*4314 44% *43
96% Jan 111 M ay
44
441 441 l
45
45% *44% 46
45
46
600 U S R e a lty A Im provem ent 100 40
F e b l 3 50% Jan 15
17% Jan
94% 95%
607* June
93% 96
94
95' 1 94% 95%
95% 99%
99% 103% 69.800 United States Rubber . . 100
91% Febl.'l 143% Jan 5
*110% 112% *110% 113 *110% 113
73
Jan 130% Nov
112 112
112 % 112 % 110% 111
500
D o 1st pref..................... 100 110
F eb l9 110% Janl3
64
64
109
Jan 119% July
64% 657*
64% 641 2 65% 65%
65% 67
66
60
1.300 U 8 Smelting R ef A M .........60 01% F ebl3
70
Jan 3
45% 45% *45% 48
43% Jan
78% N ov
45
451 2 *45
47
♦45
47
*45
46%
500
Do
pref................................ 50 44% Feb 13
47% Jan 0
93% 94%
45
Jan
93
957*
50 M ar
9434 951s 94% 95%
95 lg 97%
96% 98 383,100 United States Steel C o r p .. 100 *92% Feb27 109
Jan 6
88% Feb 116% July
110 % 110% 110 1103* 110% 111
1107* 111% 110% 111
111 111
4.100
D o pref.............................. 100 109% Febl 3 115% Jan28
71
71
111% Dec 117% July
70% 70% *70% 71
70
70
69% 71%
71% 71%
1.500 Utah C opper............................10 08% Febl3
80% Jan 3
*9%
9%
05% Fob
9
9
07% July
*9
9 ! *9
1
9%
*9
10
9%
9%
1,000 Utah Securities v t 0............ 100
0 M a rl
127* Jan 2
463* 47
8% Deo
21% June
46% 47%
47
48
48
48%
48
48%
47% 48%
9,700 Vanadium C orp.............. no par 42
F cb l3
67% Jan 3
62
63% *61
54% Deo
02
Deo
64
62
63
6234 637*
64% 66%
60
66%
3,900 Vlrglnla-Carollna C h e m ...l0 0
69% F ebl3
72% Jan 5
*106% 108% *107 108%
51
Fob
02% July
107 10734 100% 100% 106% 107
700
D o pref........................ . . 1 0 0 100% M ar 4 112% Jan 7 110
Jan 1167, Oot
81% 82
84
84
80
87
500 Virginia Iron C A C ............100
70
Fobl3
01
Jan30
*48% 54% *48% 52
64 M ar *88
Deo
*49
53
*49
53
52% 53
*5»
54%
400 Wells, Fargo Express......... 100
48% F e b l 4 60
Jan 5
*85% 86
51% N ov
79 M ay
*85
86
84% 85%
85
80
900 Western Union Telegraph. 100 82
Fob 13
88% Jan 6
82 Sept
02% M ay
108 1087* *107% 109 *106 110 * 07 110
1 0 9 ' 109
600 Westlnghouse Air Brake____60 100
FeblS 119
Jan 8
* 5 0 ' 50%
94% Jan 126 July
50
50%
50% 60S
50% 5034 60-% 61%
51% 62%
7.300 Westlnghouso Eleo A M fg ..5 0
48
Febl.'l
65% Jan 3
6334 533i
597* June
40% Jan
53% 5-4
53
531
52% 53%
53% 54
54% 55%
5.100 White M otor_______________ 50 49
F eb l3
00% Jan 6
23% 243*
45
233* 24%
Jbd
80
Oot
23% 24%
2334 24%
24
24%
24% 25
22.800 Wlllys-Overland (T b s )......... 25
22% Feb25
32
Jan 3
I *8 6 % 88
‘23% Jan
40% June
86% 87
88
86% 88
'
*86
88%
600
D o pref (new)..................100 80
Feb20
03
Jan 5
1*66
68
08% M ay
87% Jan
*66
68
*60
70
66% 66% '
70
09
69
800 W lIsonACo.Ino, v t 0. . N o par
04
Feb 4
82% Jan 6
05% Jan 1047* July
D o preferred....................100 98% Jan 13
98% Janl3
104% June
* 120' 122"
*121 122% 1 2 l' 122% * 126' :fas’ i
05%
123 123
'2 66 W oolworth (F W ).............. .1 0 0 120 F e b ll 130 Jan 6 120 N ov 130% M ay
•111 114
Feb
111 114
111 114 ♦110 ;114 *1
*111 114
D o pref..............................100 112% Feb25 116% Jan 0 112% Deo 117% July
1 71% 71% 70% '71% 71
72
73
74%
75% 78
77
80
9,500 W orthington P A M v t 0. . 100 07
Feb 13
95% Jan27
Oot
50
Feb 117
Do
pref A ..........................100 88
Feb25
03% Jan 13
98% Oot
88
Jan
'717* 72 1 ' 72~ 72%
73
74
Y, 166
Do
p r e f B ........................tool 09% Feb 2fl
70
Jan 6
81
Oct
00
Jan
• Bid and asked prices: no sales on this day* f Less than lOO shares, t Ex-rlghts. a Ex-dlv. and rights, t Ex-dtv.
*64
01
*28
*23

70
01
30
24 l

68

__

__ __

_




66

*65
62

70
63

*65
63

72
61

*6 8

68

Shares

STO C K S
N E W Y O R K STO C K
EXCUANQE

200
1,200
300

953
Range
Since
Jan. 1.

| l
I 3

No Low High
(I. S. Q o v c r n m «n t.
ylrst Liberty Loan
J
3Via 1st 15-30 yoar— 1932- 47
Second Liboi ty Loan
4a
l a t l . I. B ID V ... 1932-47 J
4H
2nd L L ...............1927-42 M
Third Liberty Loan
4U a 1at I. L conT— 1933- 47 J
4Ma 2nd L L c o n v _ .1027-42 M
414a 3rd L L ----------. - - 1 9 2 8 M
fo u r th Llborty Loan
4 K 8 lat L L 2nd cony 1033-47 J
4J4S 4th L L ......... .. .1 9 3 3 - 3 8 A
Vlotory Liberty Loan
4118 oonv t n otea .-.1 9 2 2 -2 3 J
8MB oonv x n o t e a ...1923- 23 J
2a oonsol rea la te re d ...------ 41830 y
7a conaol coudoh------ .....H 1 9 3 0 y
4a registered..............................}••" Q
4a cou pon--------------- ------------ -J920 Q
pan Canal lihSO-yr 2a..........11938 Q
pan Canal 10-30-yr 2a t e g . . 1938 Q
panamn Canal 3a a------------- 190J 9
Registered— — . __- - - - - - - 1 9 5 1 y
Philippine Island 4a— — -1914-34
f o r e ig n Q o v sr n m o n t.
Anglo-French 5-yr 5a Exter loan
Argontlne Internal 6a ol 1909—
Bordoaux (C ity o l) 15-yr 61-1934
Ohlncee (Hukuang R y) 6a ol 1911
Copenagcn 26-yr a f 5 Vis— 1914
Cuba— External debt 5a o f 1904.
Exter dt 6o of 1914 ser A . -1949
External loan 4 Vis------ ---* 9 4 9
Dominion ol Canada g t o — 1921
do
do
---1 9 2 6
do
do
---1 9 3 1
2-yr
gold notes Aug 1921
10-year 5%s - - -----------------1929
Japanese G ov t— £ loan 4 V is-1925
Second series 4 Vis...............1926
do do ‘ •German itam p .
Sterling loan 4 a . — . ..........
Lyons (C ity of) 15-yr 6 a ....1 9 3 4
Marseilles (C ity of) 15-yr 6al934
M exico— Exter loan £ 6a o l 1899
G old debt 4a o f 1904.......... 1954
Paris (C ity of) 5-year 6 »-------1921
T ok y o City 6a loun of 1912
O K o f G t Brit 4c Ireland—
6-year 5 >4% notes...............1921
20-year gold bond S n i .- l jO T
10-year conv 6 M s ------------ *929
|-ynar conv 5 Vis ------------y*922
iTitcti are vricet oa fk< 6o#fi oi
S tate an d C ity S scu rltlM .
N Y City— 4 Ma C orp s to c k -1960
4 ^ 8 Corporate stock ------ 1904
4k s Corporate s t o o k ------ 1960
4Via Corporate Btock July 1967
4Vis Corporate stock ......... 1966
4Vis Corporate stock— -.1 9 6 3
4 % Corporate stock— — .1969
4% Corporate Btock ------- 1958
4% C orporate stock-------- 1967
4% C orporate stook reg— 1960
Now 4 Vis............................. }®5J
4 Vi % Corporate stock — 1957
3 Vi % Corporate s to c k -— 1964
N Y State— 4e.........................J®6}
Canal im provem ent 4a— .1901
Canal Im provem ent 4a— 1902
Canal Im provem ent 4 a ....1960
Canal Im provem ent 4V4S-1064
Canal Improvement 4 Vis. 1966
Highway Im prov't 4V4B--1963
Highway Im prov’ t 4 V ia.-1965
Virginia funded debt 2-3S.-1991
6s deferred Brown Bros otfs

D 95.64 Sale 94.40

95.70 3031,91.00 100.40

D 90.22 Sale 90 00
-----N 89.40 Sale189.20

90.6 ) 285 90 00 93.48
^
89.20 92.90
90.00 1201 :

D 91.50 Sale 90 90
N 89.80 Sale'89 40
92.40 Sale 92 10

9 1 .6 ) 636 90.80 94.00
90.:n|9J77| 89.10 92.86
92.10 95.00
92.03

97.59
90.00

27 97.60 101.10
97.59
9.) .40 14671 89 72 93.00

90.10

97.16
97.48 Sale 97 10
101
101
1057*'106 105%
1057* 106*2 105%
98*4
99
90
86
89
80 ------- 88U
100
CS
Sale
73*2 Sale
89*2 90*2
l 4334 Sale
79*4 80
90
Sale
80*8 90*2
____ 75
97% Sale
92% Sale
01% Sale
97*4 Sale
93*2 Sale
: 747* Sale
t 73 Sale
Sale
90*2
91)12
33
30
~ 9 l" S;de
55% 58

t 60
89*2
89*2
| 30

M N
F A
V O
F A
$5fo£

J
M
M
M
M
M
M
M
M

D

8

N
N
N
N

N

N
N
S

R ailroa d .
Ann Arbor 1st g 4 s----------- -*1995 Q J
Atchison T opeka A Santa F e-~
Gan g 4 s_ . . . . . . . . - — *995 A
_
Registered......................... iJSXS A
Adjustment gold 4a......... *1?95 N ov
Registered.— ______.. .4 1 9 9 5 N ov
Stam ped................ . — .41996 M N
Oonv gold 4s------------------- 1955 J D
Oonv 4s iBSue of 1910— ..I 9 6 0 J D
East Okla D lv lat g 4S— -1928 M S
R ooky M tn D lv 1st 4S---1965 J
Trana C on Short L let 48-1958 J
Gal-Aria lat A ref 4 Vi*"A ” 1962 M
S Fe Pres A Ph 1st g 6 a .—1942 M
Atl Coast L 1st gold 4s— .-41952 M S
Gen unified 4 Via................ 1964 J D
Ala M id 1st gu gold 5 s . . -1928 M N
Bruns A W 1st gu gold 4S-1938 J J
Charles A Sav 1st gold 78-1930 J J
L A N coll gold 4fl............01952 M N
Sav V A W 1st gold 0s------ 1934 A O
1st gold 5s.................. — }934
■
Balt A Ohio prior 3 Vis------ *}925
Registered...................... JJ925
1st 60-year gold 4s............41948
R e g is t e r e d .-..— ..........41948
lO-yr oonv 4 Vis.............. --1933
Refund A gen 6s Series A-1995
Tem porary 10-yr 6s ......... 1929
Pitts Juno lBt gold 6s ------ 1922
P Juno A M D lv 1st g 3 Vi* 1926
P L E A W Va Sys ref 4s . .1941
flouthw D lv 1st gold 3V4S-192S
Cent Ohio R 1st 0 g 4V ia.-1930
Ol Lor A W con 1st g t o . -1933
Ohio R iver R R lo t g t o — -1936
General gold 5s--------------1937
Pitts Clev A T ol 1st g 6 s ..1922
T ol A Cln dlv 1st ref 4a A . 1969
■Buffalo R A P gen g 6s..........1937
Conaol 4 Vis....... ....................1957
All A West 1st g 4S gu ------ 1998
Clear A M ah 1st gu g 6 s ..1943
R oob A Pitts 1st gold 6 s .-1921
Oonsol 1st g 6s ................ 1922
Canada Sou cona gu A t o — 1962
Oar Clinch A Ohio 1st 30-yr 6s ’ 38
Ctntral o f O h 1st gold t o - — Pl945
Consol gold 6s ___________ 1945
10-yr temp Boour 6s June 1929
Obatt D lv pur m oney g 4s 1951
M ao A N or D lv lat g 6 8 -1 9 4 6
M id G a A A tl D lv 5a..........1947
M obile D lv 1st g 5s............1940
•UtRR A B o f G a coll g to.1937
N o price Friday; latest this weok.




97.50 8815
97.43 7505
Feb ’20
101
Feb -20
Fob ’ 20
M ar'19
July’ 18
Dec ’ 19
O ct *19
P tb *16

J

97 10 99.40
97.10 99 40
101 101
101 101
105% 105%
105% 105%

96%
98 ks 8525
17
73
73%
90*4 172
89
23
44
43*2
10
80
78%
8
91
90
80 Feb ’20 . . . .
75 Feb '20 ....
07 *
a 25
03%
25
92%
92*4
01% 70
91*4
30
97*4
90%
91% 113
93*4
75 n o t
70*2
73% 034
70*2
70 Jan ’ 20
506
60
67*2
90*4 143
89
90*4 149
89
30 F eb ’20 ....
35 Jan ’20
233
91
90*4
9
55
55

__

Cent of N J gon gold 6 s ... .1 9 8 7 J
Registered------------------- 41987 Q
Am D ock A Imp gu 5s ..1 9 2 1 J
Leh A tlud Rlv gon gu 5s 1920 J
N Y & Long Br geu g l a ..1941 M
Cent Vermont lat gu g 4 s . . <1920 Q
Chess A O fund A Impt to — 1929 J
1st consol gold 68-— — — 1939 M
Registered-------- -------------1939
General gold 4Vifl— -------- }j)92 M
»
Registered--------------------- *992 IY
20-year convertible 4 Vie— 1930 F
30-year conv secured 6a. .1940 A
J
Big Sandy 1st 4s-----J
J

J
J

J
J
J

ft
F
J
N
N
S
s
A
O
D
D

J
J

J
J
M N
IV S
i
A 0
j

J

f

A

Chicago Burlington A Q u in cy--

j
j

93t2 98K «
74
70
89
92%
42
50
73% 80%
92%
90
86
80
74*8 76
95% 98%
92
90
91
92*2
93% 98*2
93*8 97*2
82
09
07*2 82
77
70
55*4 71
923<
89
93%
89
43
30
37
32
89% 93
01
54

Joint bonds.

J
J

SeeQxeat North M N

II N
V
IW fc
J
J

U 8 M tg A T r C o ctfs of d e p .
U 8 M tg A T r C o ctfs of dep.
Ouar T r C o ctfs of dep.........
Purch m oney 1st coal 5 a ..1942
Chic A Ind C Ry 1st 5s. — 1936
Chicago Great West 1st 48.-1959
Chic Ind A Loulsv— Ref Ofl-1947
Refunding gold 6s ------ . . . 1 9 4 /
Refunding 4h Series C ------ 1947
Ind A Loulsv 1st gu 4s . — 1960
Chic Ind A Sou 60-yr 4s------ 1966
Chic L S A East 1st 4 ViB------ 1960
C b M A StP gen g 4s ser A . <1989
R egistered------------------- <1989
G en’ l gold 3 Vis Ser B ____ <1989

2

J

O
M N

98 F eb ’20
100 Apr ’ 18 "
10)% Jan ’ 18
67
73*2 70 Jan '20
83% Feb ’ 20
82% 89
90 " " ‘ 7
90% 89
90
83% 92 104*2 Jan '17
30
70
Saie 74*2
75
86% M a r’ 17
75
89
75%
"74*2 Sale 71
79% 172
Sale 781 f
79
0 5 % ------- 75 Oct '19
09
_____ 82% May* 19
78% D ec *19
78
6 4 % ____ 09 June’ 19
71*2 Feb *20 : : : :
68 73
60*4 68% 05 Jan *20
88% Sept’ 10
____ 70
75 ------- 113 F eb *15
2
45
45%
45% 46
42
34
34
Sale 32
98 I
70*2
79%

60
70
82*4 185%
89
95
72*2 77
70
75%

16

98 ------70*2 70%
80
Sale

88

s

89%

77
24

1 25
1
6

60*2

77
81%

_70“ ”73"
04% 65

. .. .

89%
90% (
77
79
77
21*5 21*2 24
■
21*2 24*2 21
____ 95
____ 73
69 I
____ 68
____ 07*2 64*2

9S>2 IOOIj
98% 99%
96% 98%

___
_
_

44*4
29%

49
34

90
98
70*2 70
79% 84
89*4 92
76
20*4

21

81*4
24%

22

90*2 90%

11 64*2 60*2

32 M ar’ l
55 j 51
54% Sale 54
95-8 93% 97 Jan ‘ 20
80*2
80%;
80%
84% Apr 17
00*2 75
63 M ay’ 19
71
70% 72% 70% Deo ’ 191
82 Jan ’20
80
83
14
60*4
66% 08*2 02
92% Feb 10
57
55*2 56% 57
70
70*2
75*4 70
61
60% Sale 59%
72
70*2 Salo 70%
72%
71% Hale 71
79%' 1!
79% Sale 77%
01%!
!
01*2
61% 02
97*2 9 5% Feb ’ 2 0 ___
93*4 Feb *20:— .
93
97*2
9(5*4 97% 90*4
03
03% 61 F e b ’ 20 . —
97
99*2 99% D ec *19, — .
98% 100*4 102 Sept’ 19 . . .
78 Jan ’20 —
80
81*| 77% Jan ’ 2 0 ____
94% Feb ’ 20
90
99*4 Oct ’ 19
97
89
87% 89*2 89
92 O ct ’ 19
84*4
G4%l 18
64% Sale 64
70% Apr 19
62
27
70%
70% Sale 75
75% 77% Dec ’ 19
95
90*2
94
90
100 O ct 19
90 —
109*1 Apr ’ 10
”
95% Feb ’20 . . . .
97
9i*i Feb ’20
92*8
95
93*2
90% 00%
98
M ar’ 19
87*8 90*2 90% Feb ’20
85*8 90*2 97 N o v ’ 18
101% Ock ’ 10
80**
103 110 105*2 N o v‘ 19
88 Jan *17

52% 67%
97
97
80*2 80*2

82
72

55*| 007*
78
74
61
50
Gen A ref Ser A 4 Vis------ 02014
05% 72*2
Gen ref conv Ser B 6 s._.a2014
00% 72%
96*4 423 02% 97*4
95% Sale 93*2
Convertible 4 V is .-----------1932
80*i 420 85*2 90%
79%
70
86% Sale 85%
Permanent 4s------------------- *925
63
55
91*2 153 89% 95%
91*2 Sale 89%
25-year debenture 4s--------1934
97%
94
297 90*4 91
96
Sale 92*4
92*2
Chic A L Sup D lv g 6s ------ 1921
93*4 93%
Chic A M o Rlv D lv 6s — 1920
98%
90
Chic A P W 1st g 6s ............ 1921
59% 65
C M A Puget Sd 1st gu 4S.1949
901
90
3 90
95%
90
91
‘ Dubuque Dlv 1st a f 6s . — 1020
92 Feb *2u
02
95*4
00
91
Fargo A Sou asaum g 68.-1924
89% 93
90
78
89%
78
9 )*4 91
Mllw A N or 1st ext 4 Vis— 1934
95% 100%
96*2
77% 77%
95% 96% 90*2
Cona extended 4 Vi a ------1934
96 100*t
90*2
04% 96%
96
96% 97
Wla A Minn Dlv g 5a..........1921
95% 100%
96%
95%
96*8 97
Wla Valley D lv lat 6s ------ 1920 J
86
86 90%
83
92
80
86*2 86
Chic A N ’west Ex 4a .. .1 8 8 6 - ’26 F
86 91
86 Feb ’ 20
86
87*4
Registered---------- 1886-1920 F
80*1 90
87*4
62
68%
87
Sale 87
M
General gold 334a------ ------89
89
89 Jan ’20
85% 87
Registered------------------ J>1987 Q
95*2 100*2
75
80
96*2
M
96*2 Sale 95*2
General 4 a . . . . . . ------- —
95% 100%
96
90%
95*2 07
Stamped 4b------------------1987 M N
79*? Jan ’ 20
79*2 81
77%
9
General 5s stam ped------ — 1987 M N
95 ____ 98*| Aug ’ 19
Sinking fund 6a— ..1879-1929
100 N oV 19
95 . . .
R egistered. . . . — 1879-1929
08% Aug *19
05*2 96%
05 . . .
Sinking fund 6s-------- 1879-1929
97
67
97 Fob *20
94*2 94*2
95
97
Registered .. ... ..1 8 7 9 - 1 9 2 9
107*1 Jan '20
107% 108
96% 97*4
____ 107
Debenture 6s . . . -------- ---J ? * !:
. 02*i Dec
Registered....... - ...............JJ2J
1*07*% 107**2
07*j Jan ’20
"1)0*4 ’ o"o%
-------107
Sinking fund deb 6a— ...1 9 3 3
.............. 00% June'18
Registered----------- --------1933
787* D eo ’ 18
Des Plaines Val lBt gu 4 V i« ’47
65 Jan 20
60
65
Frem Elk A M o V 1st 68— 1933
M an G B A N W 1st 3V48-1941
M llw A 8 L 1st gu 3 Vis— 1941
497* 61%
99% 99%
50*8 57% 64*2 Feb *20
99%
99% 100*4 99%
Mil L S A W est 1st g 0 s „ -1921
95%
95
95% 96% Fob ’ 20
E xt A Imp s f gold 5o— 1929
74% 82%
77
Sale 75*2
77
98 100% 100 Sept’ 19
Ashland D lv lat g 6 s . . . 1925
75*4 79
76*4
75*4
78
99*8
1 99*8 100%
9 9 % ____ 99%
M ich D lv lat gold 08—1924
60
71*2
68
70*8 70%
00% 69*2 07
71
8 0 ' 70*8 Feb ’2 0 ____
M il Spar A N W lat gu 43.1947
73*2 June 18
87
87
07
87 Jan ’ 2 0 -----Bt L Peo A N W 1st gu 5a 1948
07% 71 %
08*4
08*8 Sale 08
Chicago R ock Ial A Pac—
04% 09*2
05
05
70% 76%
72
72
Sale 71*4
Jtalltray general gold 4 s . . .1988
83% 89%
70% M ay ’ 19
83*4
85
80
85
Registered--------------- .. .1 9 8 8
907* N o v’ IS
247, 60*4 07%
83
85
00
00 Sale 05
Refunding gold 4a------------1934
65
06 Jan ’ 20
00*2
62*.. 112 68*8 64
04% 69
01 Salo GO
R I Ark A Louis lat 4ViS--1934
72% 70*2
85% 90%
85*4 Feb ’ 20
71*4 73*2 72% Feb *20
85*2 88
Burl C K A N 1st g 68-------1934
81
81
81 Jan *20,.
97% Fob ’ 19
72*8 78
O R 1 F A N W 1st gu 58— 1921
05 June’ 19 .
89 O ct ’ 19
80
95
80
89
Oh Okla A G cons g 5s------ 1952 M N
74
68 71
71 Feb '20
75%
60
76% Sale 74*4
70
K eok A Des M oines 1st 5a 1923 A O
72*2
74
61
66 %
___ 74
04
A
71
03
Bale 01
St Paul A K C Sh L lat 4Vis’ 41
98*1 Juno’ 19 V
102% 104
92% 96
D —
101% 102*2 Feb ’ 20
Chic St P M A O cona 6s ____1930
78
78
78 Jan *20 .
D
83*2 N o v ’ 19
83
77%
Cons 6a reduced to 3 Vis--1930
1297* A ug’ l 5
83% 87%
85
8 85
Sale 83%
Debenture 6s ....... ............... 1930
67
72*2
118 N o v ’ 16
67*2
J
67*2 Salo 07%
N orth Wisconsin lat 6s . — 1930
105 Aug ’ 19
S ♦100%
96 M a y ’ 18
Superior Short L 1st 5a g .cl9 3 0
105 July’ 16
D
67% June’ 19
93
do
Ohio T H A 80 East 1st 5 s .-I960
787* 847*
83
Sale 817*
83
C blc A W est Ind gen g 6s—fl932 Q M 100*8 103 102% Dec ’ 19
87 Feb ’ 19
64*8 61
J 69
58
59
61
Conaol 60-year 4s-------- ...1 9 5 2 J
00 70
04%
63
90 M a y ’ 17
03% 65
—
78
Cln H A D 2d gold 4 Vis------ 1937
60
60
60 Feb ’ 20
88 M ar’ l l
C Find A Ft W 1st gu 4s g 1923
59*4 60%
04*2
81
81
81 Jan ’ 20
Sale 03
64
83
D ay A M ich 1st cons 4 Vis 1931
60
69
08
10 03
65%
08
Halo 04
05
Salo 07
C lev Cln Ch A St L gen 48.-1993
81% 92
85
77
73
76% Feb ’ 20
Sale 837*
85
70*2
20-year deb 4 Vis......... — 1931
84
84
84 Feb ’ 20
80
84
9 8 % ____ 112 Jan ’ 12
General 5a Series B ----------1993 J
00
75
71*4 75
J
75
Sale 75
72*2 76*4 00% Jan *20
75
Cairo D lv 1st gold 4s.*-------1939
53
61
62
60
55% 55%
60%
61%
61%
J
55*2
01*2 62
Cln W A M D lv 1st g 48— 1991
09% 77%
72*4
61*4 65*4
72*4 Halo 71
641;
04*2 Sale 0412
St L D lv lat coll tr g 4 s .-.1 9 9 0 M
85
85
85 Feb *20
74% Jan ’ ll
80
85
M
70 ___
Spr A C ol D lv lat g 48------ 1940
91
91%
91
84 N o v ’ 10
91*4 91
00*8 68
W W Val D lv 1st g 4s------ 1940 J
95% D eo ' 19
" 9 0 " 92
91 100 101 Oct ’ 10
o i St L A C consol 68____ 1920 M
88 Aug '19
84 Oct *19
79
90
____ 80
1st gold 4s------------------ *1936 Q
99% M ar’ 18
82% Sept’ 19
_ _ 98
Registered--------------- *1930 Q
477* 53
50
93% M a y ’ 19
49*2 Sale 49%
J
Cln S A Cl cona 1st g 5 s . . 1928
89% 92%
80%
90
89% 02
101% ____ 102*4 Oct ’ 19
O C C A I gen cons g 08— 1934 J
82
8312
82 Jan '20
7 0 % ____ 76% N o v’ 19
Ind B A W 1st pref 4s------ 1940 A
73% 73%
73*4 Jan *20
67*4 74
76
O Ind A W lat pref t o ... d l0 3 8 Q
103% Feb ’ 10
61% 64*2
53
54% 51 F eb ’20
Peoria A East 1st cons 4S.1940 A
99% 100*8
99% Feb ’ 20
27
18
26% F ob ’ 20
99% 100
20*8 20
Incom e 4s------ -------------- 1990 Apr
99% 100
097* Fob *20
85% 88 %
A ~ 82
99** 100
80% 86 Feb *20
Cleve Short L . 1st gu 4 V is .- -1961
80*8 87
80's
80*8
81
85*2
82*2
82
81% 83
83*2 81
Colorado A Sou let g 4s------ 1929 F A
75 N o v 19
75
09
N
70*8
70*2
75
70*2 73
Refund A E xt 4 Via............1935
95% 05%
95% Feb ’20
98
95
95 F eb ’20
95
90
94
F t W A Den C lat g 08— 1921 J
88
83%
84 Feb *20
83*4 85
Conn A Pas Rlva 1st g 4 s .— 1943 A
88
91*2
86% S e p t'19
00
J
90*2 90
65
75
Cuba R R lat 50-year 5s g — 1952
74*2 M a y 119
76
66
D el Lack A W estern—
69*2 70%
69*2
60
69*2 69%
89% 02% 90 May* 18
M orris A Ess lat gu 3 V is .-2000 J
19 99% 100*8
99%
81 ------- 97% Juuo’ 17
99% Sale 99%
N Y Lack A W lat 0a..........1921 J
01% Jan '19
97% 97%
97%
97%
85
86*2
93** 90
Construction 5 s .— -------1923 F
80
81%
02*4 04
80
80
81
90% 02*4 94 Jan ’ 20 —
Term A Im prov 4s----------1923 IN
Goneral 4 Vis Series C . . --< 1 9 8 9

a D u e Jan. d D . April, . D u . M a y . I D a e June. ft.Pue

* D M Au*~ *

0<,t- * D ' " N o T ' * D u “ D o 0 ’ * 0|,tl,>n a!“ 0'

954
BONDS
. Y . STOCK EXC H AN G E
Week ending M arch 5

New York Bond Record— Continued— Page 2
51

Price
Friday
March 5

T
eek’s
Range or
Last Sale
Low

Range
Since
Jan. 1.

BONDS
N . Y . STO C K E X C H A N G E
Week ending M arch 5

High

Price
Fritlag
March 5

[VOL. 110.
Week’s
Range or
Last Sale

Range
Since
Jan. 1.




-

Low IHgh
Delaware Lack A West— Concl.
Bid
Ask Loto
High No.' Low High
Lehigh Val (P a) cona g 4 a . .2003
Warren 1st ref gu g 3 H a . 2000
71% 77
55 ____ 102% Feb ’08
71 Feb *20
70% 71
General 001m 4 H a ______ 2003
Delawaro * Hudson—
78% 791., 79
79%
79
83
Leh V Term R y 1st gu 9 6a 1941
lat lien equip g 4 H a.............1922
95% 100
96i2 97l 2 96% Feb '20
97% D ec '19
96% 96%
Registered....... ................
1941
lot A ref 4s________
1943
92 ____ 113 M a r’ 17
77 . . .
78%
78%
70% 81
Leh Val R R 10-yr coll 6a— nl928
20-year conv 5s__________ 1935
100 100% 100
80% 85
101
81%
81%
81% 85%
99% 103
Leh Val Coal C o lat gu g 5a. 1933
Alb 4 Suaq conv 3 H a____ 1946
90
------- 72% 72% Jan '20
98% Jnn ’20
72% 72%
98% 98%
Registered.............................. 1933
Rensa 4 Saratoga lot 7 a ..1921
100 104 102% A pr *19
105 Oct *13
lat Int reduced to 4a......... 1933 J
Denver 4 R io Grande—
Leh A N Y lat guar g 4a____ 1945 M
lat cons g 4a.........................1930
62% Sale 61%
87% 73 Jan ’20
63%
73
73
60
67%
Registered.............................. 1945 M
Consol gold 4 H a............ 1936
65
Sale 65
65
62% 72%
L ong laid lat cona gold 5 a . .51931 Q
Im provem ent gold 5a__1928
61
88 89% 87 Fob ’20
67 67 Feb '20
63
86 89%
70%
lat consol gold 4a_______ 51931 Q
lat 4 refunding 5a.......... 1955
41
GS%
Sale 40%
42
80
A ug’ 19
38
46
General gold 4a..................... 1938 J
Trust C o certfs of deposit___
09
------- 39 Feb *20
72 Jan *20
72
72
39
43% |
Forry gold 4 H 8 .................. 1922 M
Rio G r June lat gu g 5s___1939
85
95% 92 O ct *19
75 Jan '20
■ J ----------75
75
G old 4a___. . . _______
1932 J
Rio Gr Sou lat gold 4s____ 1940
85
. . . . 39%
J ------- 89% 61% Apr *11
99% Out ’ 00
Unified gold 4 a l . I I — I I I I l 949 M
63% 70
Guaranteed---------------- 1940
72 Fob '20
J
------------- 34 J u ly'17
68 73%
Debenture gold 5a.............. 1934 J
CO
R io Gr Weet lat gold 4a__1939
61
55
J 55
59% 59%
60
59%
67 Jan '20
67
67
07
20-year d m deb 6a_______ 1937 M N 60
M tge 4 coll trust 4s A . .1949
48% 49
61
O 48% 49
48
491*
67 Jan '20
52
67
68
Guar refunding gold 4 8 .-.1 9 4 9 M S
Del & M ack-—1st Hen g 4 a .. 1995
64% 66
—
78
D ------82 Deo *10
64%
04%
64% 69%
G old 4a---------------------------- 1995
Registered______________ 1949
D- - - — - - 75% July’ 16
95 Jan '11
N Y B A M B 1st con g 5a. 1935
74% Sale 74
N
75%
Salo
S 6?
T l?n Ter T un 4 H a - - 1961
92
A ug’ 19
74
80
Dul Mlssabe 4 N or gen 58—1941
Y * R B 1st gold 5a____ 1927
80 ____ 80 D e c ’ 19
95----------- 90% Juno’ 18
J
N or Sh B 1st con g gu 5a.ol932
Dul 4 Iron Range lat 5a_ 1937
_
------- 92
89%
O 8 9 % 89%
89%
90% June’ 19
89% 90%
Louisiana A Ark 1st g 5a____ 1927
Registered...................... 1937
72% 79
-------------105% M ar OS
O
75
75
75
75
Louisville A Nashv gen 6a__ 1930
Dul sou Shore 4 Atl g 5 a ...1 9 3 7
83
J
83 June'19
91% Feb *20
91% 91%
G old 5a-----------------------------1937 M N
97 ____
Elgin Joliet 4 Eaat lat g 68..1941 M N
85% 90
89% Sept’ 19
07% Feb ’20
97 100
Unified gold 4a___________ 1940 J
Erie 1st consol gold 7a_____ 1920 M S
J
81% 82
95% 97
97 Feb ’20
80%
82
98
78% 84%
Registered......................... 1940
N Y 4 Erie 1st ext g 4a___1947 M N
82
J
80 Jan '20
81% Sept’ 19
80
Collateral trust gold 5a___1931
3rd ext gold 4 H a ................. 1923 rw
N
88
90%
90%
90%
92 Jan '20
92
89% 91
4th ext gold 5s___________ 1920 A
B Gin A Lex gold 4H S — .1931 M N
86
95% —
90 Jan '20
97% Deo '19
89
90
fith ext gold 4a— ................. 1928 J
N G A M lat gold 6a......... 1930 J
10L ____ 100% Fob '20
94% N o v ’ 15
100% 103
2d gold 6a______________ 1930
N Y L E 4 W lat g fd 7B..1920 M
91% 100 100 Fob '20
100 98% A ug’ 19
100 100
Paducah A Mem D lv 4 a ..1946
Erie lat cons g 4a p r i o r ... 1996 J
*74 . . .
53
Sale 52%
54%
79% Jan ‘ 19
49% 55
Registered....................... 1995 J
St Louis D lv 1st gold d a ..1921
98% 99% 98%
99
84 D eo ’ 16
97% 100
2d gold 3a____________ .1980
1st consol gen lien g 4a. 1996 J
60
51% 49% Feb '20
45
Sale 44
45
39
45
49% 51%
Registered..................... 1995 J
Atl K nox A CIn D lv 4a___ 1955
68% 70% 67%
68%
73 June'16
87% 76
Atl K nox A N or lat g 5fl__ 1940
Penn coll trust gold 4 a ..1951 F
___
------- 100
95% N o v '19
79%
78% 79%
79
79%
Hender Bdgo lat a f g 6 a ..1931
60-year conv 4s Ser A . .1953 A
101 101% 101% Jan '20
39% Salo 37%
33% 41%
39%
101% 101%
do Series B ................. 1953 A
____ 75
K entucky Central gold 4s. 1987
38% 39
73 Feb '20
36
39%
30
73
75
41
Gen conv 4a Series D ...1953 A
83
Sale 83
42
Salo 41
r
5 ? a8t l8t 50-yr 5a gu 1965
83
43
36
83
8(1%
44
Chic 4 Erie 1st gold 5a__ 1982 M
75
v . ** * M * M let g 4 Ha 1945
79% 79% Fob '20
—
82% Jan '20
79% 83
82% 82%
L A N-South M Joint 4 s ..1952
Clev 4 M ahon Vail g 58— 1938 J
63
03% 63%
-—1
1
0319
63
65
Registered_____ _______51952
Erlo 4 Jersey 1st a f 6s . . . 1955 J
—
90 | 90 Feb '20
95 Feb '05
90
90
_
Geneaeo River 1st a f 6a_ 1957 J
90% 92
94% S e p t'19
S
A_ l8t BU * 59------ 1937
,
8
r r r - 941* 95 Dec ’ 1!)
Long D ock consol g 6a____1935 A
N A C B dgegen gu g 4 H a. 1945
77%
100
97% M ay'10
108% 8ept’ 19
Penaac A Atl lat gu g 6 a ..1921
Coal 4 R R lat cur gu 6S..1922 W N
93 10() 103 Jan '18
98% 104
98% D ec ’ 19
D ock 4 Im pt 1st ext 5 s . . . 1943 J
9 * N Ala cona gu « 6 a . ..1936
90%
85
91
J
93% Jan '20
»1 Feb '20
91
91
93% 93%
_ . Gen cona gu 50 year 68.1903
81% 84
2 Z & Green L gu g 6a. — 1946
81
81% Feb ’20
85 Jan ’ 18
,, 81% 81%
I f Y Suoq 4 W lat ref 58— 1937
03
64
64
—
TV*
Bdg0 C o « u K 4 a . . . 1945
64 Fob '20 ------ | 64
65
N ov’ 19
j
64
2d gold 4H 8 .................... 1937
_
M anila R R — Sou llnea 4s_ 1936
—
101
100% Doo ’ 06
M ex Internat lat cona g 4a. .1977 M
General gold 5a_________ 1940
60
77 M ar’ 10
60 June’ 18
Stamped guaranteed___ 1977 M
Term ing! i 8t gold 5a. ..1943
—
—
75 N o v ’ 10
97 Deo ’ 18
M idland Term — lat a f g 5a. 1925 J
72
0 A C
85 Jan '20
72
N o v ’ 19
85
M inn St Louis lat 7a____
1927 J
54
2 J E —
101 July’ 19
53 Feb '20
53
55
Pacific Ext lat gold 6a___ 1921 A
95% 97% 95% Feb ’20
6J
_
23% Jan ’ 17
94
95%
lat consol gold 5a________ 1934 M
____ 74% 73% Jan ’ 20
IJ
J ....
95 95% Aug’ 19
.73% 76
lat A refunding gold 4a. — 1919 M
41% Sale 41%
1A 0
-- 68 D ec ’ 19
60
42%
34% 43
R ef A ext 50-yr 5a Ser A ..1 9 6 2 Q
51% 52
A G
49
51
108 N o v ’ l l
42% 51
Dea M A Ft D lat gu 4 s. .1935 J
____ 45
1A O
45 N o v *19
----------- 95
June’ 12
Iow a Central lat gold 6a . . 1938 J
64% ■/ii, 70% Jan ’20
J D
76
-- 76
70
69
71
76
80
Refunding gold 48......... 1951 ng
Fort St U D C o lat f . ^ a l
42
42% 41%
J
42
J
92 A u g ’ 10
37% 42
M St P A S S M con g 4a lnt gu . 1938 J
Ft W orth 4 R io G r la t g 4a
78
Sale 78
J
5 6 % ------- 66
so
J
78%
56
56%
77
82%
G alv Houa 4 Hen 1st 5 s . . .
lat cona 5a ._ .................. ...1 9 3 8
93
—
A O
93% D ec '19
80
76 D oc ’ 19
lat Chlo Term a f 4a______ 1941 M N
Great N or C B 4 Q coll 4a_
94% Sale 93%
941, 384
J
88 N o v ’ 19
J
93
96
. M 8 S M A A lat g 4a lnt g u .’ 20 J
8 9 % ------- 885a Jan '20
J
Q J
91% Jan '20
88% 90
94% 95%
Mississippi Central lat 58— 1940
75 ____ 95 D eo ’ 16
81
83% 88%
J
J
83%
81% 85%
M o Kan A Tex— lat gold 4a 1090
57
Sale 67
J
57%
J
96 June’ 16
55% 60%
2d gold 4a.......................... (71990
30% 33% 31%
84
86 83% F eb *20
J
J
32
28% 32
83% 88%
Trust Co certfa o f deposit.
28% 33
J
33
33
J 104 108 103% Feb '20
29
33
103% 105%
l 8t ext gold 5a....... .......... 1944
------- 32
J
J
22% D oe '19
118 Apr ’ 17
lat A refunding 4 a ______ 2004
36
40
89
Sale 88%
J
J
37 Feb ’20
89
88 92
39%
Trust C o certfa o f dep____
♦37
J
J
37 Feb '20
102% M a y '16
37
Gen sinking fund 4 H a .. 1936
M on t ext lat gold 4a. I
26
79% —
28
J D
28 F ob ’20
79% Feb '20
79% 83%
28
Trust Co certfa o f deposit_
_
24
25% 24
J D
24
80 Sept’ 19
20
St Louis D lv lat ref g 4a__2001 A O
82
23
J
4
23 Fob ’20
77
N o v ’ 19
23
5 % aecured notes ’ ’e x t" *16
27
30
A O
78
78 Feb '20
78
78
D ali A W aco lat gu g 6a_. 1940 M
09% 69% A pr '17
97
J
J
97 Feb ’20
97
00
M ont C 1st gu g 6 8 .1 — — 1937 J
K an C ity A Tao lat g 48— 1990 F
48 ____
J 103 108 103%
62% D ec ’ 19
103%
101% 106%
M o K A E lat gu g 6s ____1942 A
35% 36
J
J
35
36
136% M ay'06
let guar gold 6a............. 1937 J
M K A Okla lat guar 5a__ 1942 M
92
96
J
69 Oct *19
94 Jan '20
94
94
Will 4 8 F lat gold 58— 1938 J D
M K A T o f T lat gu g 5a 1942 M
55
91% 98% 98 D ec '19
56% A ug’ 19
Green B ay 4 w deb ctfa ••A"
Sher Sh A So lat gu g 5 a ..1942 J
____ 74
Feb
51%
51 D eo ’ 10
55% F eb ’20
55% 55%
Debenture ctfa " B ” ...............~ Feb
Texas A Okla lat gu g 5 s . . 1943 M
—
34% 38% Deo
8% 10IS 10 Feb ’20
7% 10%
M issouri Pacific (reorg C o)—
Gulf 4 S I 1st ref 4 t g 68_.61962 J
86 68% Feb '20
J
58% 58%
Hocking Val lat cons g 4 Ha 1999*
1st A refunding 5a Ser A ..1 9 6 5 F
82
Salo 82
70
J
70% 70
18 81
70%
68% 73
83%
Registered_______ _______ ig g g lj
lat A refunding 5a Ser Ba 1923 F
88 91
91
73% June'18
80
91%
lat A refunding 6a Ser C ..1 9 2 6 F
82
84% 85%
g °J * 5 V lot ext 8 4a------ 1948 A
73% Oct *18
2 85% 89%
General 4 a _____ _____ ___ 1975 P
Col 4 T ol lat ext 4s............1955 F
fl
~65%
55% Salo 55%
56
174 52
76% Apr *19
59
Houston Belt 4 Term lat 58.1937 J
Missouri Pao lat cona g" Gall 1920 M
97'% 97% D eo ’ 19
78 82 N o v ’ 19
40-year gold loan 4h______ 1945 M
Illinois Central lat gold 4a_. 1961 J
—
86 58 O ct ’ 18
83
Sale 82%
83
82% 83
—
—
—
Registered—......................... 1951 j
3d 7a extended at 4 % _ _ — 193s M
82 Apr ’ 17
92 Sept’ 17
Cent B r U P 1st g 4 a ___1948 J
1st gold 3 H a......................... 1951 J
72
Salo 72
84% 68 June’ 19
72
72
72
Pao R of M o lat ox tg 4 s_ . 1938 F
Registered......................1 9 5 1 J
77% 80
6 5 % _____ 84 N o v ’ 16
79
79%
77% 70%
2d extended gold 5a____ 1938 J
Extended lat gold 3 H 0 ---1 9 6 1 A
85% 87% 85%
------- 72
85%
73% N o v ’ 19
85% 85%
Registered......................... 1951 a
St L Ir M A 8 gen con g 5a 1931 A
86% 871* 86% 87%
16 85% 94%
lat gold 3s sterling...............1951 m
Gen con stamp gu g 6a . . 1931 A
80 July’09
102 July* 14
Registered......................... 1961 M
Unified A ref gold 4a ..1 9 2 9 J
73% Sale 72%
74
29 71
70
Collateral trust gold 4a. — 1952 A
Registered................ 1929 J
69
Sale 09
69
80% Oot ’ 17
68 74%
_ R egistered ...................... 1952 a
007* Salo 60%
v R ! 7 * ° . D * lat * 4a— 1933 M N
95% 8eDt’ 12
09
9 66
72
1st refunding 4a__________1955 M
72
Sale 71%
A W l8t “ G 0 -.1 9 2 6 M S
72%
80 Jan '20 ____ S3
86
*67% ’ 76%
M o b A Ohio now gold 6a
1927
Purchased lines 3 Ha_____ 1952 J
D 99% 100
6 3 % ------- 03%
9!)
99
03%
10 99 1027a
63% 03%
1st ext gold 6a.................. J U 927
L N O * Texas gold 4 a . . .1953 M
92% 94% 95% Jan '20 —
J
67% Salo 60%
27 64% 72%
67%
95% 05%
General gold 4a________
1933
Registered......................... 1953 M
S
56
57% 58 Feb ’ 20 — — 66
66 A ug '19
59
M ontgom ery D lv lat g 5a l l 947
lo-year aecured 5%a..........1934 J
A
771 70%
00 Sale 90
70%
2 70% 77
91
90
93%
Cairo Bridge gold 4s..........I960 J
St Louis D lv 5a____ .....1 9 2 7
D
72% 75?a 70
73 ____ 70%
76
70%
10 76
76
70% 80
Litchfield D lv lBt gold 3a.l951 J
69
„ 8l L * Ca,ro suar g 4a— — 1931
70
J
62
00 60 D eo '19
09% Fab '20
69% 74%
Loulav D lv 4 Term g 3 Ha 1953 J
Naahv Chatt A St L 1st 5 a ..1928
O
90% 98% 90
66% 67% 69 Jan ’20
96
3 94% 96%
69
69
M iddle D lv reg 6s ..............1921 F
Jasper Branch lat g 6a___1923
J _____1041. 110% M ar’ 17
9 8 % ____ 102 June’ 16
Omaha D lv 1st gold 3 * ...1 9 5 1 F
N at Rya o f M ex pr Hen 4HD.1967
J ------- 27% 17% Feb ’20 . . . .
51 ____ 58% 8ept’ 18
17% 22
_ Guaranteed general 4s ____1977
St Louis D lv 4 Term g 3 b. 1951 J
o ____ 30
52
63
23% Jan ’20
53 Jan '20
20 237),
53
G old 3H a .........................1951 J
N at o f M ex prior lien 4 H a. 1026
J
62% 67
90% Feb *13
61%
Gl%
01%
lat consol 4a_____
1951 « Q 10
Registered___________ 1951 j
15
15 Jan ’ 20 ___
80 June’ 16
15
15
Sprlngf D lv 1st g 3H a ____ 1951 J
New Orleans Term lat 4e I I I l 953 J
00% Hair 00%
J
OH
80% N o v ’ 16
41 60% 65
Western Lines let g 4a____ 1951 F
N O T ex A M exico lat 6a . _ . 1925 J D
93% 95
71%
041.1
94%
79% M a y ’ 19
2 91% 96
1
R e g is te r e d ...__________ 1951
N on-cum Income 6a A ____ 1935 A O 53% 61
53%
54%
92 N ov'10
14 49
69%
New Y ork Central R R —
Bellev 4 Car lat e s ............1923
95
99 117% M a y ’ 10
C onv deb 6s ..................
1935
Carb 4 Shaw lat gold 4 a .. 1932
N
92 lj Sale 92
92%
73 M ar’ 19
89% 93%
Consol 4a Series A .............. 1993
Chic St L 4 N O gold 5 a ..1951
08
69
A
89% 91% 93 Jan ’20
67%
08%
66% 72
93
93
Registered______________1951
R ef A im p 4H 8 “ A ” ____ 12013
O
75% 77% 75
70%
95% Feb ’ 19
75
79
New York Cent A Hud RIv__
G old 3 H s ................... ...1 9 5 1
’ 62% " 68% 65% July’ 18
Registered___________ 1961
M ortgage 3 H a.................... 1997
J
65% Sale 64%
65%
04% 70
Registered........................ 1997
Joint lat ref 6a Series A . 1963
63
J
( i l > 63
4
79
80% "79”
03
“80%
63
79
03%
83%
Debenture gold 4a____
1934
M em ph D lv 1st g 4 a ...19 5 1
77
N
Salo 74%
61% 68
77%
69% Fob '20
73
69% 69%
82%
Registered.................... 1951
Registered.................... I I 1934
N
88
79 N o v ’ 18
65 N o v ’ 17
St Louis Sou lat gu g 4a. .1031
Lake Shore coll g 3 H a . . ’ 1998
68
A
61
77
77% A ug’ 19
58%
58%
58
62
in d III 4 Iowa lat g 4s______ 1950
Registered.................... ’ l998
55
A
7 2 % ____ 75% D ec ’19
53
55 Feb ’ 20
647| 60
1st 4 Great N or 1st g 6a____ 1919
M ich Cent coll gold 3 H s . 1998
A
57% 59% 67 F ob ’20
91
95
93 N o v ’ 19
67
617)1
Registered......................... 1993
Jamea Frank 4 Clear lat 48.1959
A
72
80
75 M a r’ 17
78 Jan ’ 20
78
Kansas City 8ou lat gold 3a. 1950
Battle Cr A Stur lat gu 3 a .1989
D
4 4 % ____ 49 Feb ’ 20
56
56% 56
56
49
54%
49
Registered__________
I 960
Beech Creek 1st gu g 4 a ..1936
J
8 1 % ------- 82% Jan ’20
78 Oct '09
82% 82%
Registered..................... 1939
R ef 4 Inapt 5a..............Apr 1950
J
69% 69% 69%
05% N o v ’ 10
70
67% 75%
Kansas C ity Term lat 4 b. __i960
2d guar gold 5a...............Il936
J
71
Sale 70
104 M a y ’ 10
71
68 76%
Registered..................... 1939
Lake Erie 4 Weat 1st g 5 a ..1937
J
------- 79% 81 Feb ’20
75
81%
2d gold 5a--------------------- 1941
Beech Cr E xt lat g 3H 8.51951 « o
65 ____
80% F eb ’ 17
Cart A A d lat gu g 4a____ 1981 J
D
r
.° hl0 lat BU»r g 5 a .. 1945
7 0 % ____
N o v ’ 10
65 Aug '19
Leh Val N Y 1st gu g 4 H a . . 1940
G °u v A Oswe lat gu g 5s_.l942| J D
85%
87
87
Registered..............................1940
M oh A M ai lat gu g 4 s . . _ 1991 M 9
78 Sept’ 19
75% 75%
N J June II guar 1st 4 a . . . 1986 F
N Y A Harlem g 3 u s __ 2000
______________ ___
9 D ue June, h D ue July.
0 D ue O ct.
f O ption aalo.

3

M ar . 6 1920.]
BONDS
N . Y . STO C K E X C H A N G E
Week ending M arch fi

Price

Friday
March 6

Week's
Range or
Last Sale

Ask Low

Bid

J l

High No. Low High

Pennsylvania C o—
____ ,
Guar 1st gold 414s--------- 1921 J
Registered........................ 1921 J
Guar 3 14s coll trust reg A . 1937 M
Guar 314s coll trust ser H .1941 F
Guar 314s trust ctfs C — 1942 J
Guar 314s trust ctfs D — 1944 J
Guar 16-26-year gold 4s . . 1931 A
40-year guar 4s otfs 8er E.1952 M N
Cln Leb A Nor gu 4s g ___1942 M N
Cl A Mar 1st gu g 4 4 4 s ... 1935 M N
01 A P gen gu 414s ser A . 1942
Series B ______ _______ ..1 9 4 2
Int reduced to 3 448..1 9 4 2
Series 0 3 14s.....................1948
SerleB D 314 s ...................I960
E rsoA Pitts g u g 314s B ..1 9 4 0
Series C ......... ................... 1940
O r It A l ex 1st gu g 4 h s . 1941
Ohio Connect 1st gu 4 s . . . 1943
Pitta Y A Ash 1st oons 6s 1927
T ol W V A O gu 414S A. 1931
Berles B 4 1 4 s .................1933
Series C 4s......................... 1 » «
P O C A St L gu 4 14S A . . 1940
Series B guar...............1 9 4 2
Series O g u a r .................1942
Series D 4s guar...............1945
SeriesB 314s guar g o l d .1940

97

• No price Friday; latest bid and asked,

a Due Jan

6 Due Feb.

7H
73%

80 ’
80%
80

0

97%

69%
73%

97%
97% 97%
95% O ct T9
..
87 Feb '17
71
69% Fob '20
71
73% Jan '20
-.
77
N ov’ 19
72
83% 80 Feb '20
80% Jan '20
81
80 Feb '20
85 Dec T9
77
87
96% M ay’ 18
85% . . .
104 Deo '16
85% . . .
96% Feb T2
90% Oct '12
88% Feb '17
79% O ct '19
68 . . .
79% M ay'19
68 . . .
87 June'19
80% . . .
85*i N ov'19
85% . . .
93 M ay'10
97% . . .
93*4 Apr T7
80
92
80
901 87% N ov'19
88% 8op t'l7
90 Feb '20
84% 88
84% 91% 90 Feb '20
8 4 % ____ 99 June'17
90% Oct
____ 89
82
82% 84 Feb '20

97%
96%
69%
69%
69%
69%
____
77%

83%
81

Due June.

Friday
March 6

P . C . C . A St. L (Con.)—
D
Series F guar 4s gold— 1953
Series G 4s guar------------ 1957 M N
A
Series I cons gu 414S---1963
O
C St L A P 1st cons g 6 s ..1932
F
Peoria A Pekin Un 1st 6s g._1921
M N
2d gold 4 H s ............... 61921
Pere M arquette 1st Ser A 6s. 1956
1st Series B 4s___________ 1956
J
Philippine R y 1st 30-yr s f 4s 1937
O
Pitts Sh A L E 1st g 5s.......... 1940
J
1st consol gold 5s________ 1943
J
Reading C o gon gold 4s--------1997
J
Registered______________1997
o
Jersey Central coll g 4s— 1951
J
Atlantic C ity guar 4s g . ..l 9 5 1
J
Jos A Grand Isl 1st g 4s ..1 9 4 7
Louis A San Fran (reorg C o )—
J
Prior lien Ser A 4s____ -*__1950
J
Prior lien Ser B 5s________1950
Prior lien Ser C 6s------------1928
A ‘O
Cum adjust Ser A 6s____61955
Incom e Series A 6s______ 61960 Oot
J
Louis A San Fran gen 6 s .1931 [
I J
General gold 5s--- ...1 9 3 1
J
St L A S F R R cons g 4 s ..1996 l
Southw D lv 1st g 6s-------1947 A O
K C Ft 3 A M cons g 68-1928 ns NK C Ft S A M R y ref g 48.1936 A O
K C A M R A B 1st gu 58.1929 A
St L S W 1st g 4s bond ctfs.-1 98 9 M
2d g 48 Income bond c tfs.p l9 8 9 J
Consol gold 4s___________ 1932 J
1st terminal A unifying 68.1952 J
G ray’s Pt Ter 1st gu g 58.1947 J
_ A A A Pass 1st gu g 4s------1943 J
Seaboard Air Line g 4 s--------1950 A
Gold 4s stam ped________ 1950 A
Adjustment 5s__________01949 F
Refunding 4s____________ 1959 A
Atl Blrm 30-yr 1st g 4 s ..*1933 M 8
Caro Cent 1st oon g 4s— 1949 J
Fla Cent A Pen 1st ext 6s. 1923 J
1st land grant ext g 5 s .-1930 J
Consol gold 5s________ 1943 J
Ga A Ala R y 1st oon 5 s ..01945 J
Ga Car A N o 1st gu g 5 s .-1929 J
Seaboard A Roan 1st 5 s .. 1926 J
Southern Pacific C o —
G old 4s (Cent Pac c o l l ) . . *1949
Registered____________ *1949
20-year conv 4 s ---------------01929
20-year conv 6 s ___________1934
Cent Pac 1st ref gu g 4 s ..1949
Registered_____________ 1949
M ort guar gold 3 14s.-*1929
Through St L 1st gu 48.1964
G H A S A M A P 1st 681931
2d exten 6s guar----------- 1931
Gila V G A N 1st gu g 5 s ..1924
Hous E A W T 1st g 58. . . 1933
1st guar 5s red______ ..1 9 3 3
H A T C 1st g 6s Int g u ... l 9 3 7
Gen gold 4s Int guar------ 1921
W aco A N W dlv 1st g 6s '30
A A N W 1st gu g 5s........... 1941
Louisiana W est 1st 6s------ 1921
M organ’s La A T 1st 6 s .-1920
N o of Cal guar g 6s----------1938
Ore A Cal 1st guar g 5s— 1927
So Pac of Cal— Gu g 6s— 1937
So Pao Coast 1st gu 4s g ..l 9 3 7
8an Fran Term l 1st 4s— 1960
Tex A N O con gold 6 s . . . 1943
8o Pao R R 1st ref 4s......... 1955
Southern— 1st cons g 5s------1994
Registered---- ------------ .1994
Develop A gen 4s Ser A — 1966
M ob A Ohio coll tr g 4s . . . 1938
M em D lv 1st g 4148- 68..-1 9 9 0
St Louis dlv 1st g 4s--------1961
Ala G t Sou 1st cons A 6 s ..1943
Atl A Chari A L 1st A 4 14s 1944
1st 30-year 6s Ser B ------ 1944
Atl A Danv 1st g 4s--------- 1948
2d 4s................................. 1948
Atl A Yad 1st g guar 4 s . . 1949
E T Va A Ga Dlv g 5 s ...1 9 3 0
Cons 1st gold 6 s ------- ..1 9 5 6
E Tenn reorg lien g 5s------ 1938
Ga Midland 1st 3 s .............. 1946
Ga Pac R y 1st g 6s----------1922
Knoxv A Ohio 1st g 6s — 1925
M ob A Blr prior Hen g 6s. 1946
M ortgage gold 4s----------1946
Rich A Dan deb 5s stm pd.1927
Rich A Meek 1st g 5 s ------1948
Virginia M id Ser D 4-5S..1921
Series E 5 s .........................1926
Series F 5 s _____________ 1926
General 5 a ------ ----------- 1936
Va A 8o’ w’ n 1st gu 6 s ..2003
1st cons 60-year 6 s .. 1958
W O A W 1st cy gu 4s____1924
Spokane Internat 1st g 6 s . . 1955
Term Assn of St L 1st g 4148.1939
1st cons gold 6s____.1894-1944
Gen refund s f g 4s________1963
St L M Bridge Ter gu g 58.1930
Texas A Pao 1st gold 6s------ 2000
2nd gold Income 5 s ._____ |2000
La Dlv B L 1st g 5s........... 1931
W Min W A N W 1st gu 5sl930
T o l A Ohio Cent 1st gu 6 a ..1935
Western Dlv 1st g 6s--------1936
General gold 6s__. . . -------- 1935
Kan A M 1st gu g 4s_____ 1990
2d 20-year 5e__________ 1927
T o l P A W 1st gold 4s............1917
Tol St L A W pr Hen g 3 448.1926
50-year gold 4s_____ - . . . . 1960
Coll trust 4s g Ser A .._ ».1 U 1 7
Trust co otfs of deposit. . . . .
T o r Ham A Buff 1st g 4s . . *1946
Ulster A Del 1st cons g 6s .1928
1st refunding g 4 s ________ 1962
Union Pacific 1st g 4s______ 1947
Registered----------------------- 1947
20-year conv 4 s __ _______ 1927
1st A refunding 4 s--------- 02008
10-year perm secured 6 s. 1928
Ore R R A Nav con g 4 s .. 1946
Ore Short Line 1st g 6s ..19 2 2
1st consol g 5 s ...................1946
Guar refund 4s_________ 1929
Utah A Nor gold 5s____1926
1st extended 4 s .. — 1933
Vandalta oons g 4s Ser A ------ 1955
Consols 4s Series B --------- 1967
Vera Crus A V 1st gu 4 448.1934
h Due July.

* Due Aug.

0

Due Oot.

As*
84%
90%

88

99
85
____ 90
8412 Sale
69
70
40% 45
9 3 % ____
9 3 % ------79% Salo
____ 77
79
82
98%

____

Range
Since
Jan. 1.

Week's
Range or
Last Sals

Pries

BONDS
N . Y . STO C K E X C H A N G E
Week ending M arch 6

Range
Since
Jan. 1.

H Y Cent A II R R R (Co*)—
92% 92%
93% ____ 92% Jan '20
PI T A Northern 1st 8 68-1923
7 0 % ____ 78% Apr T9
N Y A Pu 1st cons gu 8 48-1993
113 M ayT 5
98 ------plfie Creek reg guar 6s------ 1932
99% July’ 19
95
99
R W A O con 1st ext 6s. .41922
77 Oct T 9 - - ...................
Rutland 1st con g 4M S---1941
60 Aug T9
78
Og A L Chain 1st gu 4s g .1948
60
60 Feb '20 . . - 53
60
53
Rut-Canada 1st gu g 48.1949
70% 82 101 N o v ’ 16
St Lawr A Adlr 1st g 6 s ...1 9 9 6
86% 103 N ov’ 16
3d gold 6s....... ...............93% 93%
92^4------- 93% Jan '20
Utica A Blk lllv gu g 4s ...1922
69% * " 4 67% 70
69
6934 69%
Lako Shore gold 3 H s ......... 1997
69
69
69 Jan '20
Registered....... ................. 1997
84%
84% ” 22 81% 87%
83%
Debenture gold 4s--------1928 M S
9 79
84%
82%
82%
25-year gold 4 s . . . . -------1931 M N 82
84% N ov'19
Registered___________ 1931 M N
Ka A A G R 1st gu o 5 s . . -1938 J
104% Deo '15
M ahon C l R R 1st 5s------ 1934 J
103 M a y’ r
Pitta A L Erie 2d g 5 s ...a l9 2 8 A
9 9 % ------- 130% Jan '09
Pitta M oK A Y 1st gu 6 s . . 1932 J
9 9 % ____ 123% Mar'12
2d guaranteed 6 s--------- 1934 J
99% Aug '17
89% . _
Michigan Central 6s--------1931 M
98% N o v 'lS
Registered_______ _____ 1931 Q
82 N ov'19
4a........................................ 1940 J
7 4 % ____ 87 Feb '14
Registered----------------- 1940 J
____ 66% 90 June’OS ___„
J L A H lBt gold 3 H S .-.1951 M
65% 68
65% Feb '20
66I2 67
1st gold 3 K s..................... 1952 M N
9! 77
81
81
81
Sale 81
20-year debenture 4 s . . 1929 A
11 75% 81%
76
76
76% 75%
N Y Chi A St L 1st g 48 ..1 9 3 7 A
85 N o v ’ 17
Registered_____________ 1937 A
7 66
75
68%
68% 72 % 68%
Debenture 4s......... .........1931 M N
9, 70% 74%
4
71%
71% Sale 703
W est Shore 1st 4s gu a r .-.2 3 8 1 J
71%
70
70% Jan '20 —
____ 69
Registered___- _________ 2361 J
97 ____ 99% Feb T9 ____
I f Y O Lines ea tr 5s. 1920-22 M N
94% 94%
9 3 % ------- 94% Jan '20
Equip trust 4 X S -. 1920-1926 J
79
77
78 Feb '20 . . . .
74
78
I f Y Connect 1st gu 4 Us A . -1963 F
I f Y N U A H artlord—
50 N ov'19
48
53
N on-oonv deben 4 s_______ 1947 M
____ 45% 45%
4 6 % ------- 45% Feb '20
N on-conv debon 3 H s ------- 1947 M
1 44% 46%
46%
46%
46% . . .
N on-conv deben 3 H s ------- 1954 A
44% 47%
47 Feb '20 —
50
52
N on-conv deben 4 s . . ____ 1956 J
....
48
46
1% 46 Feb '20
49%
N on-conv deben 4s-----------1966 W
45%
45%
0 44% 44%
49
47
Conv debenture3H 8......... 1956 J
14 66% 76
75%
Sale 75
75
Conv debenture 6 s------------- 1948 J
60 Oct T7
Cons R y non-conv 4s_____ 1930 r
91% Jan '12
N on-conv deben 4s_____ 1964 J
60 July’ 18
N on-conv deben 4s_____ 1956 J
Non-oonv deben 4s_____1956 A
Oct T9
N on-conv deben 4s_____1966 J
N ov'19
01% ____
tlarlora R -P t Ches 1st 4s. 1954 M
69 ------- 79% Deo '17
B A N Y Air Line 1st 4 s ..1965 F
58
58
68 Jan '20
____ 56
Cent New Eng 1st gu 4 s ..1961 J
Hartford St R y 1st 4s----- 1930 M
106% M ay'16
Housatonlo It cons g 6a-.1 9 3 7 M N
6 1 % ____ 87 July’ 14
• Naugatuck R R 1st 4s------ 1964 M N
8 0 % ____ 83 A u g '13
N Y Prov A Boston 4s . -.1 9 4 2 A
34% 44
41
42%
40
42
N Y W ’chcsA B 1st ser I 4H s'46 J
Boston Terminal 1st 4s— 1939 A
Now England cons 6s------ 1945 J
Consol 4s______________1945 J
32
34%
34% Feb '20
40
33
ProvUlenco Secur deb 4 s ..1957 M N
75 . . . . 99% Deo '13
Prov A Springfield 1st 6s. 1922 J
J
87% ____ 88% Feb ' 14
Providence Term 1st 4s— 1956 M
74
W A Con East 1st 4)4a— 1943 J
15 59
61
60
Salo 59 ”
60
N Y O A W ref 1st g 4s------ 01992 M
92% June’ 12
59
Registered *6.000 o n l y ..01992 M
66
00"
Gonoral 4 s .-----1955 J
«G 49
55
54
53% 5378
Norfolk Sou 1st A ref A 6 s ..4961 F
77% 84
N orf A Sou 1st gold 6 s ...........1941 M «
1 104 104
104
104% 109% 104
N orf A W est gen gold Os------ 1931 M
122 N o v ’ lf
Improvement A ext g 6 b. .1934 F
103 103
103 104 103 Feb "2( —
New River 1st gold 8s------ 1932 A
54 73% 80
75»
75% Sale 73%
N A W R y 1st cons g 4 s ..1996 A
79 O ct 'IS
Registered_____________ 1996 A
75% 78%
75% 76% 76 Feb *2( —
D lv'l 1st Hen A gen g 4s. 1944 J
77% 77%
74% . . . . 771* Jan *2( —
10-26-year oonv 4s_____ 1932 J D
82
—
10-20-year conv 4s--------1932 M
10-25-yeur conv 4 U s— 1938 M
1011 44 99 104%
101% 8alo 100
10-year conv 8s________ 1929
n
so
77
77
77
77
78
P ooahO A O Joint 4 s . . . 1941 J
98% 98%
9 7 % ------- 98% Jan ’ 2 1—
O O A T 1st guar gold 68.1922 J
| 76% 77
76% Feb ’ 2
73% 74
Bdo V A N E 1st gu g 4 s _ . 1989 M
Northern Paclfto prior lien rail­
75i 0 8t 72% 80%
75% Sale 74
way A land grant g 4s------ 1097 Q
72% 74% 76% N o V l ) ___ ____ ____
R egistered ................ ...1 9 9 7 Q
50% 66%
55
Sale 52
54
General lien gold 3s--------a2047 Q
55 N o v ’ l
Registered____________ <>2047 Q
78
81%
78 Fob '2 0 . . .
Rof A Imp 4 14s ser A ......... 2047 J
76 M ay'ltf
St Paul-Duluth D lv g 4s . .1998 J
100% 100%
100% Jan '20
99% 101%
St P A N P gen gold 6 s ...1 9 2 3 F
100% 100%
100% Jan '20
98% . . .
Registered certifica tes..1923 Q
97 Peb T9
90 . . .
St Paul A Duluth 1st 6 s .. 1931 F
76% Oct T9
68 . . .
1st consol gold 4s............1968 J
37% Deo '16
60
68
Wash Cent 1st gold 4s------1948 Q
101%107%
105% 106 101% Feb '20
N or Pao Term C o 1st g 6 s .. 1933 J
65
72%
68
67% 67% 68
Oregon-Wash 1st A ref 4s— 1961 J
69% 84% 8ept'19
Paolflo Coast C o 1st g 5 s ...1 9 4 6 J
91 100% Feb '17
79%
Paducah A Ills 1st s f 4148.-1966 J
95% Apr T9
94i
Pennsylvania R R 1st g 4s . . 1923 M
83% 83%
83% Jan '20
81% 83
Consol gold 4 b ___________1943 M N
81
86%
81
Sale 81
81
Consol gold 4s___________1948 M N
89% 921
91
91%
91% 92
Consol 4 1 4 s ..___________ 1980 F A
79
84%
82
8134 Sale 81
General 4148_____________ 1965 J
88
93%
88%
88% Sale 88%
General 5s---- ------ ----------- 1988 J
82% Dec T9
81*4
Alleg Val gen guar g 4 s . . . 1942 M
83
83 Feb '20
80 . . .
D R R R A B 'ge 1st gu 4s g 1936 F
82%
82% Jan '20
80% . . .
Pblla Balt A W 1st g 4 s .. 1943 M
102 Jan '93
nodus Bay A Sou 1st g 6 s .1924 J
Sunbury A Lewis 1st g 4s. 1936 J
92 Deo T7
81% .
0 N J R R A Can gen 4s . . 1944 IW




955

New York Bond R e c o r d — Continued— Page 3

Low High

High
90%
88%
99
100
87
83%
69
40
99
97%
79
78%
82

Sept’ 18
Aug T 9
Jan '20
Feb '20
June’ 17
M ar’ 16
85%
71
F eb '20
Jan '18
Deo '17
79%
Jan '20
82

60

Feb '20

65%

57%
58%
67%
68%
86%
84%
63%
61%
48%
47
101% Jan '20
92% Feb '20
78 M a y ’ 16
90 M a y '17
_99 103% 99 Feb '20
65%
65% Sale 65
86 Jan '20
84
63%
62%
63
62
61% 63 Sept'19
38
55
Sale 54
55
57%
55% 57% 57
98% Jan '14
55%
55% 54%
50
59
59
61
59
59
59
59
56
41%
38% Sale 38
47
47% 46
47
62% 61% Jan '20
76 Apr T 9
62% . . .
99% N ov'19
____ 101
101 D ec '15
____ 104
81
84% 81
81
July’ 19
80
89% 93
86%
86% 89% 86%
85 ____ 95% M ay'19
57%
68
85%
63%
47%

Sale
Sale
86%
Sale
Sale
100 101%
9 2 % ------60 ____

88% 88%
99
82%
66
40

81%
78%
82

60

5
___
12

87%
71%
40

77%
78%
79%

295
104
34
294
315

99

60

53%
65%
82%
56%
39%
101%
91
98
63
86
60

59%
71%
86%
62%
48%

102

92%
100
70
87%
64% .

21
19

48%
65%

55
59

14
1
1
179
12
—

54%
55
5434
30
38
61%

6034
60%
61
41%
49
63%

80

81

86% 88%

66% 73
67%
68%
90 Feb T4
76% 81%
79%
79% Sale 78%
97 106
101%
100% Sale 100%
69% 78
72%
72% Salo 71
87% Sept'16
82%
80 ____ 80 Feb '20
70
66
65
69% 66
100 Oct T8
85 101
<iq
87
87
87
87
95 N o v '18
- 92% 102
81% 85%
81%
8 1 % ____ 81%
8 1 % ------- 100 Oot ‘ 16
91% 93%
92 Feb '20
89% 93
93
93
93 Jan '20
97
91
M ar’ 19
90
______ 87% Deo T 9
................. 100% Oot '17
98% 99% 98% Jan '20 ___ 98% 98%
92% 92%
92% 94% 92% Feb '20 . . .
8 91% 93%
91%
91%
91% 92
9 5 % ____ 97% July.19
92% June'19
____ 90
70% 73%
70% Feb '20 . . .
71
73
83 _____ 85 July T9
90 74
79%
75%
75% Sale 74
42 81% 87%
84%
83% Sale 83%
85% Sept’ 19
61%
57% 147 55
57% Sale 57
2 56
58
57
57
57
59
5 80
82%
81
81
____ 831
3 65
67%
66%
66% ------- 65
92% July'19
80
87
76% 80%
78% 80% 76% Feb '20 . . .
88%
85
88 Feb '20 —
85
88
70 Oct
____ 65
81% M ar'16
68 O ct T9
92% Deo T 9
91% 95
85% 90%
88% Feb '20
86
90
92 July'19
80% 94
52 Jan T 9
44% 50
99% 100
99% Jan '20
95% 100
90
96
96 Feb '20
96% . . .
91% Oct '18
76
97
65 Aug T9
____ 68
92% N ov’ 19
92 102
60
60
60 Fob '20 — 9 5 % ____ 102% June’ l l
95 Jan "20
91% 100
9 0 % ____ 104% Deo '16
98 July'19
91% 93
79% 81% 81% Seot'18
60
68
68 Feb '20
64
70
93% M ar’ 17
95
75% Apr T 9
75
81% 82
82 Jan "20
79% 83
84
85%
85V
85% Salo 85%
68% 73%
68% Fob '20
68% 69
92 June’ 19
82% 85
79% 85
83%
80% 81% 79%
52% 52%
52% Feb 20
55
"do’ % 79% 86 M ay'18
106% N ov'04
83% Jan ' 2 0 ------ 83% 84%
____ 94%
80% 80%
80% Feb '20
80% 90
70
82
____ 79% 82 Fob "20
64% 69% 73 Oot T 9
87
96% 87% Deo T9
25 ____ 36 Feb T9
7 0 % ____ 74% Dec T9
42% 47
47
47
Salo 47
18% M ar'16
____ 35
18 A u g '18
____ 19
68
66
67
71% 68 Feb '20
85% 85%
82
85% 85% Feb "20
68 8ept’ 17
____ 85
59 79% 85%
82%
82% Sale 81%
85% Oct '18
81
84
83% 88%
85%
J
84% Salo 84%
72
81
Salo 72%
73
S
73
100 103
101%
Sale 100%
J 101
76
81
75%
Sale 75
D
75
09 101
99%
99% 99
A
99
90% 93
93
93
90%
J
91
80
85
80%
D
80% Sale 80
90% 92%
90% Feb '20
J
90% 92
89 Feb '18
J
79% 81
80*4 Deo T9
A ____
N ____ 81% 80% June'18
J ____ ___ - 35 M ay 19
68% Sale

V Due Nov

0

Due Deo

s Option sale

956

New York Bond Record—Concluded— Page 4

BONDS
It T STOCK EXCHANGE
Week ending March I

Price
Friday
M a rch

BONOS
N Y STOCK EXCHANGE
Week ending March 5

5

5^

[V O L . n o .
Price
Friday

Low

Virginian let fie eerlee A ____1962 M N
823* Sale 82
Wabaall let gold 5a...............1939 M N
87
Salo 87
M gold 5a.................... ,..1 9 3 9 ; F A
80>s Saie 801
8
Debenture aeries B ______1939'j
J
90 AUgV
let Hen equip a rd g fie___ 1921 hi s
98U
97'2 Julyr
let Hen 50-yr g term 4a. .1951 J J
70*4 703.t Nov'
Det <t Ch Ext let g fie___ 1941 J J
_ 887
8834 _
s
88
Dee Molnee Dlv let g 4a. .1939 J j
75'8 80 Aug'
Om Dlv let g 314a............. 1911 A o —
64/8 67
FebTol A Ch Dlv g 4a............. 1941 IV S
I
7412 Oct’
waah Terml let gu 3!4e___ 1945 F A
07 '8 74
70 Jan
JO-yr gu»r 4a...............1945 F A
751,
82 Aug'
Weet Maryland let g 4a____ 1952 A o
52 U Sale 52
521
2
Weat N Y A Pa let g 5a____ 1937 J j
88'4 00 7 92 Jan '2
*
Gen gold 4a......................... 1943 A o
60
66
63 Jan
Income 5a......................... 01943 n ov
30
Oct*
Pa» let aor A 5a -.1940 11 S 821* Sale
*
82 *
2
w S®2lln* * L E 1st g fig____ 1929 A O 90
02
Wheel Dlv let gold 5a____ 1928 J J 92
95
Elten A trapt gold 5a____ 1930 F A
Refunding 4Ha aerlee A ..1999 M S 52
Sale
HR lat conaol 4 a ............. 1949 M S 55
Saie
Winston Salem 8 B lat la ..1990 J J 66'4 70's
Wla Cent 50-yr lat gen 4a_ 1949 J J
_
09's Sale
Sup A Dul dlv A term let 4a'39 51 N 63‘s 70
Street Railway
Brooklyn Rapid Tran g 5 s ._ 1945 A
1st refund conv gold 4 s . . . 2002 J
3-yr 7% ae-ured notea..51921 J
Cortlflcate»Tof deposit__
Certificates of deposit stmp’d
“ 'C i t y 1st cons 5s. .1910-1941 J
Bk Q C o A g conKUK5a _ i!)4i M
Bklyn Q Co A S 1st 5s___ 1041 J
BWyn Un El 1st g 4 -5 s...l9 5 0 F
Stamped guar 4 5s.........1950 F
Kings County E 1st g 4 s..1919 F
Stamped guar 4s.......... 1949 F
Nassau Elec guar gold 4a. 1951 J
Chicago Rya igt 5s__ _____ 1927 F
Conn Ry A L lat A ref g'ij<s"l951 J
Stamped guar 114 a.......... 1951 J
Liet United lat coaa g 4 149. . 1932 J
FtSmlth Lt A T r let g 5 a ...1939 51
Manhatfiaaer A___ 1957 F
Adjust Income 6 s . .______ 1957
, N Y A: Jersey 1st 5 s I I I I "l9 3 2 F_
interboro-Metrop coll 4Ws.l95fi A
Certificates of Deposit..................
Interboro Rap Tran 1st 5 s .. 1966 i
Manbat Ry (N Y cons g 4s. 1990 A
Stamped tax-exempt.........1990 A
Manila Elec Ry A Lt s f 5«._1953 M
Metropolitan Street Ry__
® Way £ ZC Av lat c g 5a. 1943 J
.
b
Ool A 9tb Av 1st gu g 5 s..1993 M
* * 2 ? H Z lat g u * 5a-. 1993 M
JJf^W S El (Chic 1st g 4s. . 1938 F
Mllw Elec Ry A Lt cons g 5s 1920 F
Refunding A exten 4 Us 1931 J
N.°iVie? lrTr’i la 181 4 rer 5a' 1911 J
>
v v S ? ? A. U H®" 414a..1935 J
N YM unlrlp Ry lata f 5a A. 19511 i
N X 2 « I"' R E A ref 4a. ..1942 J
Certificates of deposit
adJ 'nr 5a----- I l l S i a i j A O
Certificates of deposit
N Y State Rya 1st cons 4 Hall902 M N
I K h n R.y ,at * rB' 58___ 1930 M N
Portld Ry Lt A P lat ref 5a.l942 F A
a
.
a c " Rlei> 1st 5a 1935 J J
o l i 08 ?,£ ' 1 4 P 1st g 5a.. 1937 M N
1
8t Paul City Cab eons g 5a.. 1917 J J
Third iWe laf ref 4a............. 1900 J J
i ... J .
“J8 ®8................... fl!950 A O
A 88 Ry 1st g 5a............ 1937 J J
TH-CIty Ry A Lr let a f 5 a ..1923 A O
Undergr of London 4 Us
1933 J J
Income 6 s .............
~194Sl
Uni ted Rya rn v 5s Pitts’ Iasi 11926 M N
united Rya St L 1st g 4s.
1934 J J
rr .a
transit gu 5s_____1924 A O
united RR8 .San Fr s 1 4s ..1927,A O
Union Tr (N Y crfs dep
Va Ry A Pow 1st A ref 6s. I I 1934 j "

J

G ai and Electric Light
Atlanta O L Co 1st g 5s___ 1947 J D
Bklyn E lision Ino g-n 5a A . 1919 J J
Bklyn Un Qua lat con, g 5a. 1945 11 N
*
Clncln Oaa A Elen latAref 5a 1956 A O
Columbia G A E lat 5a. . 1927 J J
Columbus One 1st gmd 5a. 1932 J J
Conaol Gaa 5 yr cnnv 7a. 1925 Q F
Cona Qaa ELAP of Baltfi-yr 5h'21 M N
Detroit City Gaa gold 5s___ 1923 J J
Detroit Edison 1st coll tr 5sll933 J J
„ l8* * f8' J * aer A ............ A1910 M 8
Eq G L N Y lat cons g 5a. . . 1 9 3 2 11 8
*
Gaa A Elec Berg Co o g 5a. .1919 J D
Havana Elec consol g 5s___ 1952 F A
Hudson Co Ous 1st g 6s___ 1949 M N
Yan City (Mo Gas 1st g 5s. 1922 A O
Kings Co El L A P g 5 a ........ 1 93 7 ;A
Purchase money 6s______ 1997! A
Convertible deb 6s_____I I 1925 M
Ed El III BkO 1st con f 4s! 1939 J
Lac Oaa L of 8t L Ref A ext 5a *34 A
Milwaukee Gas L lnt 4 s . .. 1927 M
Newark Con Gas g 5s.......... 19 48 J
N Y O E L F T A P g 5s......... 1948 J
Purchase money g 4s.
1949 F
l8t cor*a if 5a._ 1995 J
1JC con * 5a. 19.30 F
Pacific O A E i Jo— Cal G A E—
_ Oorp unifying A ref 5 s . .. 1937 M
Pacific O A E gen A ref 5 s .. 1942 J
Pao Pow A Lt 1st A ref 20-yr
5a International Series.. 1930 F
Pat A Passaic O A El 5s___ 1949 M
Peop Gas A C 1st cons g 6s. 1943 A
Refunding gold 5s............. 1947 M
Ch G-L A Coke 1st gu g 5s 1937 J
Con O Co of Cb 1st gu g 5s 1936 J
Ind Nat Gas A Oil 30-yr 5s 1936 M
Mu Fue! Gas 1st gu g 5 s .. 1947 M N
Philadelphia Co conv g 5s._ 1922 M N
Stand Gas A El conv s f 0s 1926 J D
Syracuse Lighting 1st g 5 s..1951 J D
Syracuse Light A Power 5a. .1 9 5 4 J J
Trenton G A El lat g 5s___ 1949 M S
Union Elec Lt A P 1st g 5s._ 1932 M S
Refunding A extension 5a. 1933 M N
United Fuel Gas 1st s f 6 s..1936 J J

•N o price Friday; latest bid and asked.




• 25
40'-s
37.2
35 4
09
—
621*
62 >
8
53
53
25
65 '3
....
601
2
___.
57's
IS
70
18U
17
5278
55
55

301* 30
3
2S
23 Jan
45
45
4
441j Feb
40
40 Feb *20
72
70
Oct* is70
80 May'D
40N Dec 10
621* 6H2
62
641* 0U2
OH
Sale 53
53
57
51 Feb '2c
28
25
67
Feb '2c
69 8
Feb '20
65
July'I
Sale
O I2
O
08
Jan '2i
Sale
59
Salo
2J >
8
90
May' 10
Sale
18
Sale
Sale
Sale

45T 60
40
45
45
—
Dec’ It-

92
91*8 911a Feb '20
7iJij 81
77 Jan '2 ,
70
75
70
7)
68
61 Juiy'19
50
57 July'lv
28
Sale 23
28
28
2311 23
28
61j 7
7
7
0a 7
6 I3
0'a
40
51
51 Jan '2o
72i2 6 47 Jan *20
a
66
55 Deo lo
91
9 )i2 Feb* 17
78
9 j July 17
79
8 > Jan "20
471* Sale 47ij
43
27.2 Sale 27:2
27 2
St
8v3S 81 Jan '2»
89
90
89 Feb '> )
60
56is 73 M ay'lo
6Ua
6 ) Dee 10
68J3 701; 70's
70's
63 * 51 i.j Nov* 19
4
55
50 June* 17
25
37
25
25
24
241* 25 Feb '20
25
Sale 21
2*
.
66
70 Dec T9 .

9318 . . .
05 ;
85
87 June* 10 1 0 ).,
9011 Sept’ ly .
90>4 De.t I*. .
931 Feb 2 ) .
2
88
Fob *20 .
94
Feb-1 h .
10 ) Feb l3 .
*8614 'Sale 85't
85't
91 SepflO .
91
921* jjoc
.
S »*2 Deo 'In .
’ 97' 001* N iv* 19 .
97i2 98
AnrT9 .
80
77 Feb *20 .
821* 82 Fob -20 .
86
37 Dec T'i _
87 10U2 Apr '17 .
79
85
8 )
82
01i2 62
61T
62
89 . . .
92«* Nov" 19 .
------ 80
901* Aug* 17 .
1001a Sale 10014

------

97
90 T
93
91'
85*8 87
91

86
79

Sale
Saio
857
3

------ 881s
047s 051*
7185

----- 85
87

86

Sale
90

721* 841*
977
s

88 " 9178

Gas & Electric Lt— (.Concl.)
1044
1050
1957
1950
5

88*4

807
8
91i2

Week’s
Range or
Last Sale

5

M a rch

Ask Low
F A
J J
J i
J O

Miscellaneous
Adams Ex coll tr g 4a____.1948 M
Alaska Gold M deb 6 s A . . I I 1925 M
I Conv deb 6 a series B____ 1926 M S
Am SS of W Va 1st 5a______ 1920 M N
Armour A Co 1st real est 4 Ha *39 J D
Booth Fisheries deb a f 6S...L926 A
Braden Cop M coll tr s f 6 s . . 1931 F
Bush Terminal 1st 4s............ 195*2 A
Consol 5 s............................. 1955 J
1 ^ ® ulldJ
nKs 6 s guar tax e x ..I960 A
Chic C A Conn Rys s f 5s_ 1927 A
_
£u!? Ua Stat*u
’
gu 4 Ha A 1963 J
Chile Copper 10-yr conv 7s. 192.3 M
Coll tr A conv 6 s ser A . . . 1932 A
Computing-Tab-Rec s f 6 s .. 1941 J J
Granby Cons MSAP con 6 s A '28 M N
Stamped____________ ___ 192 s M N
Great Falls Pow 1st 3 f Sail 11940
Int Meroan Marine s f 6 s
1941
Montana Power 1st 5s A . . . 191.3
Morris A Co 1st s f 4H s___ 1939
Mtge Bonds (N Y 4s ser 2 .. 1966
xt l?"£0' year 534 er,eil 3 .........1932
£;.Y D oc- 5° yr 1st g 4s____ 1951
Niagara Falls Power 1st 5s. .1 9 3 2
xr.Ilofv & * en 0 3 ...................fll932
N!ag Loc. A O Pow lat 5a.. 1954
Nor States Power 25-yr 5s A 1911
Ontario Power N F 1st 5 s..1913
Ontario Transmission 5a___.1945
Pan-Am PetATr 1st con v 6 s ’ 19-"27 J
Pub Serv Corp N J gen 5 s.. 1959 A O
Tennessee Cop 1st conv 6 s .. 1925 M N
Wash Water Power 1st 5 s..1939 J J
Wilson A Co 1st 25-yr s f 6 s. 1941
10 -yr conv a f 6 s............... 1928

4
80 ta 813
95
93
881*
90
53
iu j

62
911*
_
081*
88 89
™
81 ____
____ 85

68

62

75

041*
951* 93
917
*
93*4 Sale
9134 Sale

797 8 AI4
8
95
95

557 581*
8
151* 20
13
13

Fob *20
Feb '20

97*4 102

60
91

Low High-

H igh

807
3
80-is
95
95
87 Nov*19
88 Oot’ 19

57
15-*
127
8

83
Sale
------ 901*
921* Sale
73U 78
73
797
*
761 701*
4
401*____
77 i2 777g
ion * Sale
79
Sale
82
Sale
91 '3 95
91 13 96
881 90
8
93
Sale
85
Sale
SO

Range
Since
Jan. 1.

82-I*
83
9) Feb* 18
921*
93
77 Feb '20
75 Fob '20
78
7.3
58 Mar* 18
78
79

100

32^ "84‘is

93

79V

82
827*

6 78

102
150
701*
791* 153
8 I7
*
82
24
93 Jan '20
96 Deo *19
9{ Dec *19
102
83’a
91
85
32
8*2 Jnn '20 ____I
83
Apr'14
C4 June* 10
02
62
921 Jnn *20 . . . .
*
10H* Oct* 19 - 80 Jan '2 0 ____1
83 ~ * — 1
>0____
821*
>
2
1
72
0 ___
9 ___
02i2
03
2
93 I
) ____
9 ____
9 ji2
’ 4 is
91'2
75

83

09*3 108V

701* 80
817g 88
90
93

87-18 95U
861*
83i*

8 113

82

62
67*4.
9212 93

88

88

82
85
821* 85
72
7658*8 00"
94 7 08
8
0SU OSL
90
9614

M anufacturing S, Industrial
Am Agrlo Chera 1st 0 5a____ 1928
O ------ 937* 907*
07
5 95 100
Conv deben 5s__________ 1924
A
95 Salo 91
95
7 03
00*4.
Am Cot Oil debenture 5sIIIl931
N 88 881* 8912 Feb 0 ____ 80
891,
Am Sra A R lat 30 yr 5s aor A '47
O 82i4 Sale 81 '3
82 1 31 8H
801*
Am Tobacco 40-year g 6 s_ 1944
_
O 119 ------ 119 Feb "2 0 . . . 110 119
Gold 4 s . ............................ 1951
A ------ 78
87
S«ntT 9 ____
An* VVr,t Paper s f 7-6a..H l939
J 78 7 >1* 82 Feb '2 0 ____ SU2 83T|
Baldw Loco W or.s 1st 5 s..1910
N ------ 95U
95
05
3 95
07
Cent Foundry 1st s f 6 s___ 1931
A 73 81
801« Jan 2 . . . . 80
817,
Cent Lealher 20-year g 5 s .. 1925
O 95 Sale 941*
95
4 04
97U
Consol Tobucco g 4s_______ I951
A ------ 751* 7312 Deo*l„ ____1
5 40
Corn Prod Refg 8 f g 5 s IZ IIl 9 3 l
N 98 1011* lo o 4 Jun '20 — J III0U IDOL
1st 25-year h r 5a............. 1934 M N 08 100 “ 99
09
1 99 1001*
Distill Sec Cor conv 1st g gal 1927 A O
79 j
____1 79*4 83
E I du Pont Powder 4H «---1930
D
Oil* 9j
General Baking 1st 25-yr 6 s. 1930
1) 89 ____
____ 91
91
Qen Electric deb g 3 H 9____ 1912
A ____ 71
22 68
7<)V
Debenture 5 s____ ______ 1952
S 85'* Salo
6 85
97
Ingersoll-Rand 1st 5 s I I _ I I I l 9 35
___ 1
Int AgrlcCorp 1st 20 yr 5s. _ 193*21 M
78
79
78
5 78
8414
Int Paper conv s f g 5s..........1935 J
UK) i * ------ 99t* Jan
09l2 091,
1st A ref s f^couv ser A . . . 1947 . .
83
86
80 Feb i — -1 84
86lj
Llggott A Myers Tobae 7a.. 19441 A
l(-7'a Sale 107*8
108
0 106 1.11
5 s . . . ......................
1951|F
87'4
89
14 861* 891*.
Lori Ilard Co (P 7s------IIII19 4 4 A
108*3 109-4 110
110
3 07*4 110
5a___ ____________
1951F 8H 88
*8
87't Feb '21
8518 88
Nat Enara A Starapg 1st 5sl 1929 J
031
00*4____ 0014
l 90*4 071?
Nat Starch 20 year deb 5 s..1930 J
03 ' 8 ------ 91 Aug* 1 ___ 1
1
National Tube 1st 5s........... 1942 M
____ 897 9)
s
01
4 90
931?
o. '
ra 6 1st conv 6 s. 1933 M
0734 98
071,3
98
0 06
99**
1 lerce Oil 5-year conv 0s. .01920 J
10 year conv deb 6 s ___ 51921 J
. . ,| 04*4 104*4
Standard Milling 1st 5s____ 1930 M
____ »l
911* Feb
nii* 931?
1 he 1 exas Co conv deb 6 s . . 1931 J
100 io;)i4 100
101 ,
04 1051,
Union Bag A Paper 1st 5 s..1930 J
90 Feb *20
____ 0J
90
00
Stamped........................... |930
J
87iz Dec* 18
Union OH Co of Cal 1st 5s I I l 9 3 l J
------ 0513 05
Oct* 19
7 > Sale 7414
n
7C
48 74” "8 ’
a ,, l
4 1 ,:o,,v ,,eb g 5* 1924 J
*2*
U S Rubber 5-year sec 7s__ 1922 J
1021* 101 10l7a 101 78
3 1101* 1031,
841* Salo' 8 ;u
8U2 132 SI'a 90
it L A , ef„ 5s 8er,ea A ......... 1917 J
Sa
r
U S Smelt Ref A M conv (Is 1920 F
101 S do 100
101
12 00 105
Va-Caro Chom 1st 15-yr 5 a. 1923 J
04'4 05 ' 9|78
01*3
03
451*
Conv deb 6 s ____
s i 9 * 1 'A
2
99
09
Feb '2d
98
09 l0 1
West Electric 1st 5s Dec."" .1 9 2 2 J
00
0 5 9L
»4 9434
943.4 07»i
Coal. Iron & Steal
Betb Steel 1st ext s f 5s___ 1020 J
93
9 li2 Feb '20
9 11* 973*
1st A ref 5s guar A_ .111942 M
_
Sale 81
85
85
82 12 89
8-13.4 Salo 83i4
8434
1 2«?'xr P m A ,raP 3 1 5 a ... 1930 J
8234 867*
|Buff A S uhu iron a f 6s___ 1932 J
9 u2 Juiy’ io
81
85
Debenture 5s.................. a 1920 M
92'a ____ | 9178 Nov'19
Cahaba C M Co 1st gu 0 s.. 1922 J
--------------101
Dec* 14
O ’1 101 '
a 3
Colo b A 1 Co gen s r 5a.. 1943 F
---- 8478 g u* Feb '20
837* 851*
Col Indus 1st A coll 5s gu 1034 F
8,de' 72
72-ij
8 72
74
|
Cona Coal of Md IstAref 5s. 1950 J
78
J75'$
75b
75
751*
Elk Horn Coal conv 6s____ 1925 J
98 Feb *19
Illinois Steel deb 4 Ha.!___ 1910 A
Salo 80l2
82
SOT 84 '
Indiana Steel 1st 6s______ 1952 IV
I
Salo 0J1*
02
.7, 00
031*
Jeff A Clear C A I 2d 5s___ 1920 J
86
7 84" " ”85'* ' Lackawanna Steel lat g 5a..1923 A
03»/ Sale 93
93' j
921* 04l4
1st cons 5s series A .......... 1950 M
877s1 80
87
87
80
091*
Midvale Steel A O conv a f 5s 1930 M
82
831* 821*
833g
801* 851»
Pleasant Val Coal 1st s t 5a. 1928 J
Pocab Con Collier 1st a f 5s. 1957 J
's';) ‘ 83i.i ’82* * Feb “ I»o
'8 2 " 82 ~
Repub I A S 10-30-yr 5s s f . 1910 A
------ 03
88 Fob '20
88 06
75i 4
I St L ltoc. Mt A P 5s stmpd. 1955 J
67
67
73
07
07
72
82
Tenn Coal i A RR gen 5a.. 1951 J J
88
93
89
88
88
03
U S Steel Corp— (coup
d!903 M N 071* Sale OH4
073i
05
99*4
90 ’ Fob '20
1 itt8 r
.
year S ilreg-------dl9ft3 M N
96
99*4
85i2 Utah Fuel 1st s f 5 s___
1931 M N
86 > 8034 Nov'19
8
04
[ Victor Fuel 1st s f 5s.......... I 1953 J J
70 Mar’ 19
50
60
j V alron Coal A C o .e 1st g 5a 1949 M S 801* 85'* 815s F eb '20
8l»s 821*
Telegraph & Telephone
OO’ t Am Telep A 'Pel coll tr 4a
1029
Sale 7734
J 78
78
77'a 80i*
83
Convertible Is................. " l 930
60
8
80 May'lO
20-yr convertible 4 H s_ _ "l9 3 3
8 *82* 84
83
83
82
85
30-yr temp coll tr 5a____ 1940
D 81*8 Sale 80ia
813(
80
83*4.
7-year convertible 0 s . . . 1925
A 901* Hale 90
!)7
9512 997a
Cent Dist Tel lat 30-yr 5 a"l9 43
D
96
00
Feb '20
00
90
Commercial Cable 1st g 4s. 12397
J
73 Nov*17
Registered_____________ 12397
J
08's Jnn'18
Cuinb T A T 1st A gen 5 s l" l9 3 7
.1 83
84i2 83 Feb ’20
83
85'4
Keystone Telephone 1st 5 s . . 1035
J ------- 88
98
Apr’ 10
Mich State Teleph 1st 5 s ..1 1924
A 80
8 17 80 Fob '20
*
85
86
j N Y A N J Telephone 6s g " l9 2 0
N 981 ____ 99'ij Jan '20
8
09's 90‘i
N Y Telep 1st A gen s f 4 Hal 1939
N 78-1| Salo 78i«
79
78
811?
30-yr deben a f 6 s...F e b 1949
91
Salo 03 1
2
91-ig
92
96*4
Pacific Tel A Tel 1st 5s........ 1937
'j
85*8 Sale 85*»
883*
85
88U
8outh Bell Tel A T 1st s f 5s. 1941
J -- - 8*2
82 12
83
821 851?
2
3 *8 l"l* "ill* Weat Union coll tr our 5a_ 1938
_
J 85
871* 801*
_
8Gh
84
801?
N
Fund A real est g 4H8._ 1950
Sale) 74**
76
711* 8H?
’ o i’7 "9473
’ ,
Mut Un Tel gu ext 5a___ 1941
N
1011* 8opt*I7 .
Northwest Tel gu 4 Ha g .1934
J
I 91 Nov’ 16 .

-3

. a Due Jan. 5 Due Abril, c Due May. < Due June. ADueJuly. * Due Aug. eDuoOot. y Due Nov. , Due D eo.’.'optlou .ale.
f

M

ar.

o

BOSTON STOCK

1920.[

EXC H A N G E—

SHARK PRICKS—NOT PER CENTUM PRICES.
Friday
March 5

Wednesday
March 3

Tuesday
March 2

Saturday 1 Monday
Felt. 28 | March l

Satesfo•
the
'eek.
Shares

122 123
123 123
03i2
03
0234 03
♦82
•82
...
83*4 34 U
45
45
45
■3
1
*135
Last Sail 10c Dec' 19
Last Salt O'* Feb’20
*01- ____
*fll*6b
11
•lU i 111
2 11
*111.4 12
•11'4 12
*11
* ____ 130
Last Sail 130 Feb’ 20
* ____ 30 * . . . 130
80
80
•81
* ____ 84
83 * ____ 82
82
Last Sail 10334 O ct’ 19
•
Last Salt 08 Jun’ 20
70
70
*00
07
00
07
00
07
67
•65
33
33
33
337s
3412 32*4 33b
31*4 35*4 84*8 3512 34
Last Sak 85 Jan’ 20
Last Salt 95 D ec’ 19
*77i2 . . .
•771* - - ­
83
*771- ____ *80
80
80
82
♦80
Last Sale 223| Feb’20
23
*21
23
*21
24
23*.; *23
•22
85
85
*85
____
85
85
91
*80
43
■43'
421* 43
43
43
43
42'2 42#4 *421* 43
43
53
53
54
54
54
54
64
63
*53
. . . . *6312 . . . .

124 124
031* 03'2
83
♦81
35l| 35'♦45
40
140 140
—
’ *01♦11
___ 130
* ____ 84

124 124
124 ■ 124
(
02*4 03
6312 631- -*82
♦80
34
35
35134 «a
44
44
43
*43
*135 110 *135 140

6I4 ei 2
61;
*1
11
*1
Hr
*57,
oi 2
•61*
01;
971, 0 7b
97L
97
140 MO *140 142
8H- 81b
*8 H131* 131? *12*4 1314
281
281- *27
*27
8
8*.
8», 81;
*2
2*8
2b
2b
*
47, *
4
51,
♦5
6I4 ♦5
30
291* 2912 30
20'4 2014 *2018 207,
*05
80
•65
75
•152 153 *151 165
287, 29
28'8 29
08
08
07
OS'j
271
*27
•27
28
32
81
31*2 33
18<4 18b
18U 18'
*23*2 25
25
25
•
74
74 *
*47,
5'
5
5'.
231
•23
231.1 23'
10b 101. ♦10
971* 171
97l2 98
72
71
72
*71
61
01
00
01
128 128
*128 131
38
39
3!)
*38
42
*40
391- 3!)l
80
87
80'* 801
28
29
•28'- 291
32*
32
321
32

SI4

♦5

•37

39

*37

1

124 124
62*4 03'82
82
34134
—
____ 140

5*4

1
01*

*5>2
0714 97 V,
13912 140
8H 2 8H*1212 13
280
*27
8U Sl2
2b
4
4
*5
514
30
30
201* 20b
70
*65
152 162
28*4 29
08
*07
*201* 27
32
32
18U 18>4
24
25
*
74
*47,
51,
23U 23«*
♦10
98
07
70'* 71
01
01
*_
_
1281;
39
39
42
*41
80U 87
*28
291]
32
31

39

♦6 1
1b 0

*15b 10
♦45b 40
45b 40
*24
25
*2:»
25
15
143* 16b
15
43
•42
4312' *41
118 118*4
117*2 118
•0(1
08
*00
08
41.i4 45
4412 45
*2512 20
•25b 20
11
14
14
11
18l» 18*8
18
18b
301* 37I4 37l2 38U
23lj
*23
231* *23
•50
lfll* 0U*
•00
(>1>2
0712 07*2
07b
•05

*37

39

* 15ia 10
4 5b 45*4
25
25
*15
10
*41
43
II SI* 120
00
00
45I4 45
257» 20
14
Mb
185* 18*2
38
39
*23
231*
02

02
71

O',
0
512 0
51*
512
1*4
1U
►l's
1'4
l 'l
►
57,
0*4
0'4
01*51*
98*2
97 .1 O8I4 98
3
971- 98
139l2 131)12 139l2 13912
8U* 81
811- 8H12
12
12
12
Last Sale 27 Feb’20
*27
____
8*4 8*2
8b
8*4
8*, 8i 2
21,
23,
21,
21,
2
2i4
4
4
4
4
Last Sale 5b Fcb'20
*5
5i 4
32
307, 31 >
2 31
291- 31
23
23l2
23
*2012 ’207, 20
Last Sale 70 Fcb'20
*65
77
154 155
155 155
153 153
29
29
29*41 2934 30
29
*07
08
08
*07
*001- 68
Last Sale 28 Feb’20
*2012 27133
35
32
33
32
3214
197,
19
*1814 20
♦18'2 20
25l2 20
25
25
25
25
73
73
74
74
74
434 5
4*4
5
Us 47,
24
25
23
23*4
23*8
23
10«2
101* *10
10
IOI2 *10
9712 971
97'* 97*2
07'2 971*
717, 717,
71
711*
71b 72
01
61
02
02
01
62b
125 125
128 *____ 128
441,
43
401* 43*2
39
41
44
41
44b 4 1U
*42>2 43'*
87
87
87
88
87
87130141 30'2 30*2
29
*28
31
31V
31U
31U 3 1 4
1
105 105
*49
99 !
39
*37
Last Sale 95 Feb’ 20
...
15b 15b
*15*4 10
40
47 I 47
47b
*45*4 40b
23b 21 1 . . . . ___
247, 2f
11*4 15b
*14(4 151* ♦Ml, 151*
43
4 3b 4 3b
43b
41
43
118*4 1191* 119(2 120b
1181* 119
07
*051- 08 1 07
*00
08
45
45b
*45b 457,
44U 45
251* 251* *25b 20 I 2 5b 25114*4 16b
l i b 117,
M b 11'4
18b 18*4
18b 18b
183, 18*4
39
39
39
39
39
39'2
23
23b 23*8
2 3b
23G 2312
....
55
55
*60
61
621* 051*01
0 2b
00
00
—
*05
—
—
65
05

1
*.95
1
*.95
70
70
09
70
.05
.50 *.40
*.40
35
♦33
35
*33
*1U* 12
* l l b 12
7
♦0*8
7
*0*8
.35
*.30
.35 *.30
349
345
340 310
20*4 2 1
1 .1
21*4
21
14
14
♦131* 15
4 1 ', 42
*42
42 b
47,
4*t
4*i
4*4
10
1()12 10', 10b
131,
*13
12*4 13
*3
3*2
*3
3b
5
5
5
5
3
*2b
2b
2b.
1
.75 * .70
.75
44
*41
40
40
78b 78b
78
78
31
31
31
31
4
4
4
4
•Is,
1
*4
•M,
1*4
4
4
•31*
♦3b
•27,
3b
*27,
8b
2b
2b *2
2b
5
*4*4
*4*4 5
8',
8b
8
81,
0*4
♦01*
♦0b
0s,
02*4 02*4
*02b 03
3*2 . . . . ____
*3b
20
20b
20 20b
20'2 20
20b
7
6b
5*4
*5*4
<1
12
512 0
0*!
23
23
23 *
23 ♦
79b
79b *
791* *
791- *
,
i(>7, 107
1
1
1
1
lib
11
11*,
10
10*, 10*, 10
10'2 10', 10b
*1
,
1
1
*b
1
1
*1
*
***
♦1*4
♦1
*4 2
*1 1
2
2
•11*
32
31
3 i b 3*lb
33
31b *31
*31
♦4(1
50
*45
50
*47
50
47
47
58
58
69
58
00
*57
59
*57
40
40
*
*40
50
50
*45
60
15
147, *14
4 2
15
14>2 1 1 *14
•14
1*4
*M,
•Is,
1*4
* li 2 Ml
* 11*
1*4
Vz
♦
1
*1
lb
*1
lb
♦1
.20
♦.15
.25 _
.25 ♦.15
*.15
5b
*5b
61*
6b
ni2 *5b
•5b
5*2
4*,
412
4»s
4*,
41*
4b
41*
4b
17
8
2
♦17,
1*4
♦17,
2
2
♦17,
.85
.85
.82
.82
.05 *.85
*.85
2s,
2*4
•2s, ‘ 'A.
2
2 % 2*4
*23,
2*4
8't *8*4 9 b
9
812 8I2
8b
*834
2
2b
*21
,
*21
,
2b
2b
*2
2b
3
3
*2*4
*2*4
*2*4
3
3b
3
Mi
♦ lb
1
*8 • lb
♦1 1
1
*.
1*4
*1*2
19
19
18
18
18
17>2 17118
11,
-a,
1 .,
- .4
i-3
-4
*-z
**4
1*2
lb
**4
♦
».
lb
**4
l 'l
T ^ id and asked price*, fl Ex-stock dividend,
1
•.05
72
•70
.05
*.40
33
83
•111* 12
7
♦6b
.35
♦.30
350 350
22
12*4
42
42i2
4110112*1
*3
3b
5
•4*4
3
♦25,
1
*.70
44
79
32
*80
4b
*4
•1»,
Ml
4
•3**
3
3
21*2
*4 , 4
5b
8
8
0*4
•0*2
03

4
U

1
*.05
69
70
.05
*.40
34
*33
* l l l 2 12b
*0*8
7
.35
*.30
315 315
2U - 22
♦131- 15
4 2 '2
*42
41- 4*4
10', 10113b 13'1
*3
3'?
5
*4*4
2*4
2*4
*.70
1
41
41
70
*78
31
31
*4
•l'l
•Is,
1*4
*3I2 4
3
3
*2 ’
2'a
5
*4*4
818
07,
♦01.|
62*4 02*




.

....

stock Record

STOCKS
BOSTON S T O C K
EXCHANGE

957

BONDS
See Next Pag*

Range Since Jan. 1.

Range for Prestons
Year 1919.
Highest.

R ailro a d s
Dec
110
Boston A A lb a n y ..--------- 100 119 Feb 17 130 'J a n 21
02
Dec
0 7 i* ;ja n 2
Boston E levated___________100 6 1 b * e| } „
?
Dec
85
871* Jan 2
D o p r e ...............................100 80
Feb 18
Jan
28
37t2 Jan 2
Feb 11
Boston A M aine____ - - — 10O 30
Oct
40
45 ! Feb 27
D o pref______________ 101 39
Jan 6
Jau 12 130 Sept
Boston A Providence____ 103 134 Jan 28 140
10c Dec
Boston Suburban Eleo ..no par
31* N ov
Of* Jan 16
Si4 Jan 2
Do
pref...................... no pat
• 21, N ov
11 M ar 5
8 Jan 28
Bost A W oro Eleo pre no par
Oct
130 Jan 30 132 Jan 8 132
Chlo Juno Uy A U S Y ------ 100
84
Feb
80 Jan 2
SO M ar 5
D o prof________________ 100
71
99*8 Mar
Georgia R y A Eleo stampd.100
70 M ar
68 Jan 12
08 Jan 12
D o pref________________ 100
597, Dec
70 VIar 5
60 Jan 3
24 M aine Central____________ 100
25U D ec
35*4 Feb 28
2312 Feb 11
N Y N II A I la r tlo r d .. ..1 0 0
847
80
Dec
80 Jan 6
S4 Jan 29
Northern New H am pshire.inn
94
Oct
Norwich A Worcester p r e f.100
Dec
801* Feb 20 X71
76 Jan 9
2 Old C olon y________________ 10o
Deo
25 Feb 20
15
15 Jan20
Rutland pref______________100
87 Jan SI
82
Oct
85 Jan 24
" 2 0 Vermont A Massachusetts 100
38i* Sept
45*4 Jan 3
41*4 Feb 4
308 W est End Street___________ 50
47 8ept
651* Jan 6
5012 Jan 23
D o p r e f . . . __. . . . . . . . . 60
20

101
470
9
622
41
5

M iscella n eou s
2,060 Am Oil Engineering------------10
160 Amer Pneumatic Service— 26
10
D o pref_________________ 60
2,371
AmerTelep AT elcg..............100
171 AmosKeag M anufacturing—
144
D o pref_______________
245 Anglo-Am Comml C o rp .n o par
........... Art M etal Construe I n o . . . 10
3,245 Blgheart Prod A R efg------ 10
2,455 Boston M ex Pet Trustees-----235 C em ury Steel ot Amer Inc. 10
______ Fast Boston l and------------- 10
1,325 Eastern M a nu factu ring..
"
1,170 Eastern SS Lines ln o --------26
...
D o pref.............................. 100
97 Edison Electric Ilium .........100
2,005 Elder C orporation........ no par
90 Fairbanks C om pany............25
______ Gorton-Few F ish e rie s..— 60
1,912 C ray A Davis l.ic ------------- 26
371 International Cement C o r p ..
512 Internet Products........ no par
102
D o pref_____________ ..1 0 0
2.0S0 Island Oil A Trans C o r p .. 10
1,028 L ibby, M cNeill A L i b b y ...10
41 Loew’s Theatres__________ 10
103 M cElwaln (W HI 1st pref. 100
277 Massachusetts Gas C o s . . .100
180
D o pref..............................100
15 Mergenthaler L in o t y p e ...100
2,800 Mexican Investment I n c .. 10
220 Mullins Body Corp ...n o par
191 New England T e le p h o n e .. 100
060 Ohio Body A Blow er.........
6,300 Orpheum Circuit I n c .............1
211 Pacific Mills........................
50 Parish A Bingham C orp .n o par
...........
Plant(TirosG ! pref.............100
10 Recce B utton-H ole.............. 10
1,270 Root A Van Dervoort Class A
190 Shawmut 8 8 ___. . . . . . . ------- 25
485 Slinrus MagQeto------------"
230 Stewart M tg C o r p o r a tio n ...
401 9wl!t A C o ........................... -100
35 T orrln gton ________________ ’
1,259 United Shoe M ach C o r p .. . 25
01
Do pref...............................25
2,020 Ventura Consol Oil Fields.
2,42 > W aldorf System Ino______ 10
429 Waltham W atch...................100
200 Walworth M anufacturing. 20
81 Warren B ros____. . . . . ------- 100
211
Do
1st pref..................... 100
51
Do
2d pref.....................100

41* Feb 13

1 " F e b 24
5 Feb 10
OH* Jan 2
1391*M ar 2
79*4 Jan 3
12 M ar 3
2 6b Jan 7
6 Feb 11
2 Feb 13
4 M ar
3*4 Feb 11
27*4 Feb 13
19 Feb 11
03 Feb 11
Feb 11
149
28 Feb 13
07 Feb 28
28 Feb 3
3 0 b Feb 13
ltii2 Feb 16
2 3 b Feb 25
73 M ar 5
434 M ar 4
22 1 Feb 27
4
10 Feb 2
07 M ar 2
0834 Feb 0
00 Feb 9
125 M ar
3„i* Feb 13
38 Feb 13
85 Feb 5
27>2 Feb 13
31 M ir ‘
105 M ir 5
30 Feb 13
94 Feb 13
15 Feb 4
14 Feb 171
231* F eb25
13 Feb 13|
40 Feb 14
11514 Feb 20
05 Feb 20
43U Feb 13
25 Jan 31
12i4 Fob 11
17 Feb 10
331* Jan 2
22>2 Jan 9
51 M tr
60 Feb 7
00 Feb 6

6*4 Jsn 6
It* Jan 27

7*4 Jan 5
100
148b
83
19

5
65c
21*
95
79
781*
16
171*
7
21*
6
41*
3U ,
0
39
138
231*
621*
28
637

145 Apr
80U A pr
97
Jan381* July
50
Jam
168
Jan
70o N ov
11
Jan
30 Feb
135 Jan
90 June
110 June
781* July
83 Jan
40*4 July
991* Aug
115 O c»
105 Jan
23 M ay
100 Jan
60 Apr
58 June

D ec
714 N ov
2 Aug
Jan
914 AugApr
D ec 1081* M ay
Feb 152 N ov
841* Dee
Jan
2H* N ov
Dec
26'* D ec
JaD
131* M ay
Dec
47, N ov
Dec
151* M ar
D ec
67, June
Jan
34 N ov
Deo
24
Deo
Jan
79
Dec
Apr
JaD
Oct 172
38*4 N ov
Oct
931* N ov
Jan
38 M ay
Apr
541* N ov
Sept

l*eb 2
Feb 3
Jan 13
Jan 6
3014 Jan 24
9 Jan 3
3*, Jan 3
7 Jan 5
6 Jan 20
3012 Jan 3
231* Mar 6
70 Feb 18
]67 Feb 20
361* Jan 2
841* Jan 2
2912 Jan 6
60 Jan 5
251* Jan 6
581* O ct
44 Jan 2
19 M ar
90 Sept
801* Feb 7
75 July
Feb
6*4 Jan 5
5*4 Dec
35
Oct
305a Jan 0
28*8 N ov
Jan
11 Jan 6
8»s Feb
Mar
10H* Jan 10
90
Jan
Jan
76 Jan 5
0 7 b N ov
Jan
03 Jan 20
80
Dee
138'* Jau 21
130
Feb 149 June
72 July
53 Jan 26
471* N ov
54
Oct
49?, Jan 6
32<8 Sept
96
Mar
89>* Jan 3
83 Sept
36*, Jan 3
3 1 , M ir 1
170', Jan 19 145
Feb 199 N ov
55U Oct
Aug
34
47*a Jan 6
99 Jan 12
Jan
091* Deo
93
16 M ay
Jan
10 Jan 2
14
59i* Oct
55 Jan 3
35 July
35U D eo
Deo
3H* Jan 7
30
19'* Jan 19
27U Nov
151* Dec
5914 Oct
48 Jan 2
32i* Jan
133 Jan 2 116
Jan 150 M ay
72 Jan 30
74's N ov
521* Jan
55 M ay
49
Jan 2
44
Jan
31
Jan
20 Feb 11
2 5b Oct
10*4 Jan 5
7*4 Jan 20*8 N ov
21'* July
10 M ay
21*a Jan 2
43
Oct
441* Jan 26
28
Aug
25 July
M ar
20 Feb 3
83 July
Feb
73 Jan 12
721* M ay
Jan
00 Jan 21
80 July
Jan
70 Jan 9

98
*

Mlnlnrt
31* July
.60
Apr
1*4 Feb 27
900 M ir 4
100 Adventure C o n solid a ted .. 25
91 July
02i* Mar
68 Feb 25 77 Jan 3
_____. . . . . . . . . 25
145 A a meek
1U July
10c Apr
l* Jan <
5
42c Feb 11
Algomah M ining----------- - 26
62 July
42 Jan 7
32i* Dec
31 Feb 11
10 A llou ex ________ ________25
18 July
10*4 Feb
15*4 Jau 6
11 Feb 11
310 Arizona Comm ercial............ 5
10'* M ay
6 N ov
7 b Jan 5
6*4 Feb 11
20J Bingham M ines.................... JO
90c M ay
20o Jan
40c Jun 2
t4 Feb 1
' Bulte-Balaklava C o p p e r .. 10
310 M ar 2 409 Jan 3 350 Mar 480 July
91 Calumet A Hecla__________26
12>4 M ay
30*s Deo
40>s Jan 10
171* Feb 13
2,50 5 Carson Hill G old.................. 1
20 July
12
M ar
Kli* Jan 5
13 Feb 11
18 C entennial________________26
62 July
39 Mar
48s, Jan 5
41t2M i r 5
56.5 Copper Range C o ------------- 25
3*4 M ay
2 M ar
47, M ar 3
3 Jan 3
2,035 D a ly -W e s t.............................20
14'* Oct
4*4 Feb
4
9*4 Feb 13 14> Jan 5
4,923 IJavls-Daly C opper----------- 10
21
Aug
8
Feb
11*4 Feb 11 16 Jan 3
318 East Butte Copper M i n . . . 10
0*4 July
1*8 M ay
4 Jan 2
3 Fell 1 !
00 Franklin_______________. . . 25
9'* July
4 M ay
57, Jan 6
4t* Feb 13
80 Hancock Consolidated------ 26
7*4 M a y
20c Feb
4 Jan 5
2 *, Feb 14
310 H e lve tia _______ . . . . . . . — 26
2 July
50o M ar
*4 Jan 14
*4 Jan 14
150 Indiana M ining--------. . . . . 25
42
Apr
45*4 Jan 29
55*4 July
39 Feb 13
1
8 Island Creek C oal------------88'* July
78
Apr
801* Feb 10
78 M ar 2
120
D o pref------------------------ J
41 July
38 Jan 3
24
Jan
3 0b Feb 26
705 Isle Royalo C opper............. 25
0 'j M a y
3t* O ct
4*8 Jan 14
3*4 Feb 18
300 Kerr Lake_________________ ®
2*8 July
99o Mar
2>4 Jan 5
1 'A, Jan 19
Keweenaw C opper----------- 25
3
Jan
7*8 July
41* Jan 5
31* Feb 10
15 Lake Copper C o . . - . - - - — 25
S'* July
2
Apr
3'* Jan 3
2*4 Jan 10
125 La Salle C opper......... .......... 2o
3 Jan 21
4*8 Oat
2>8 Apr
2U Feb 17
M ason Valley M in e----------- 6
100
10 July
4
Feb
5*8 Jan 3
4 Feb 1(5
2i Mass Consol______________ 25
13U June
2
Jan
11*4 Jan 2
7 Jan 21
1,117 Mayflower-Old C o l o n y . . . . 25
10 July
2i* Feb
71* Jan 2
6'* Feb 13
M ic h ig a n __________________ 25
50
83
July
49i* Feb
71U Jan 6
60 Feb 11
80 M ohaw k------------------------------ 25
O'* July
1 Mar
5 Jan 2
3 Feb 13
New Araillan C opper-------- 16
29U July
14*4 Mar
24 Jan 5
19 Feb 2 )
Now Cornelia C opper-------- 6
12'* July
6'* M ay
71* Jau 8
5U Fob 13
New Idria Quicksilver------ 5
87, Feb
28
Oot
New River C om pany--------100
Last Sale 231* D ec’ 19
87
N ov
67*4 Mar
83 Jan 5
79 Feb 10
Do p r e f _______________ 190
Last Sale 791* F cb’20
13'* M ay
8U Jan
9*4 Feb 13 121* Jan 3
Nlplsslng M ines---------------- 6
ll<s 11',
HU 11U
20*8 July
9
Fab
181* Jan 2
15 Feb 13
N orth B u t t e . ...................... 16
10U 1014
10
10b
1*4 July
25c Apr
80o Jan 27
i* Feb 2
N orth Lake . . . . — - - - — 25
fMsl Sale .00 Fcb’ 20
4'4 July
75o M ar
2*8 Jan 26
1 'At Jan 2
OJlbway M ining.....................25
2 Fcb’ 20
Last Sale
521* July
30'* M ar
37>* Jan 5
30 Feb 11
Old Dominion C o --------------- 25
32
31
3 1b 31b
73
July
45 M ar
53 Jan 3
441* Feb 13
O sooola____________________ 25
*40
50
•46
50
83
July
52 M ar
65 Jan 3
50 Feb 11
Q u in c y _________
— 25
*57
59
62
•59
75
July
40 Mar
53 Jan 5
45 Fob 13
St M ary's Mineral L a n d .. 25
*46
48
48
47b
26'* July
13
Jan
19 Jan 6
14 Feb 11
Seneca Copper C o r p ...n o par
15
15
♦14b 15
4U July
1'* M ar
2 Jan 7
l(* M ir 1
Shannon — ----------- - — - 10
lb
1*4
J-b
lb
3>* June
40c Jan
2 Jan 12
9 )c Mar 4
South Lake--------- — . . . . . 25
.75
.00 * - . .
.90
600 Aug
8c Jan
25c Jan 10
14o Fob 13
South Utah M A S .............. 6
Last Sale .14 Feb’20
11U June
4 Mar
6 Jan 7
41* Feb 11
S u p erior_______ . . . — - - - 25
♦5b
5b
♦1
5 4 5b
1 M ar
5 'As Nov
6ia Jan 29
414 Feb 20
Superior A Boston Copper 10
5
4b
*4b
4b
5>4 June
2*4 Jan 19
l '4 Dec
1*4 Feb It
T r i n i t y ___________
25
2
2
2
2
2 % Sept
7 lo Dec
1*8 Jan 10
80c Fob 13
Tuolum ne C opper--------. . .
6
*.83
3*8 June
1*4 M ay
3 Jan 23
2*s Jan 2
Utah-Apex M ining............
*
2*4
12*4 July
7'* Jan
0*4 Feb 20
8*4 Jan 8
Utah C onsolidated______
*8*4
5 July
1>4 Jan
3*8 Jan 5
17, Feb 14
Utah M etal A Tunnel-------- 1
* 2 ',
4*4 July
1'4 M ar
3'* Jan 8
2*4 Feb 11
V ic t o r ia ...— - - - —
25
*2*4
3 July
50a Jan
2 Jan 7
|
li* Feb 10
W inona______ . . . . . — . . . 25
Last Sale 1'* Feb’20
31 July
16 M ar
23 Jan 10
17 Feb 17
W o lv e r in e ...___. . . . . . . . . 25
*18
20 I 1034 1934
1% M a y
40c M ar
W yandotte------------------------- 25
L a stJ a le jn _ J D e o 2 9 -------- --------------------------------------------- --------------------------d Ex-dlvldend and rights. « Assessment pa.d. A Ex-rights. 0 Ex-dlvIdend
to Half-bald

*.83
.90
*68
70
Last Sal .42 Feb’ 20
*33
35
*33
35
12
123,
12
12
07,
7
*63,
7
Last Sale .30 Feb’20
314 350
345 350
22
23U
2II4 22
*11
15
•14
15
411* 42
41*4 4‘
J
4l2 4 4
3
434
4I4
103, 1012
10b ld 2
13
13 b *1312 131*
*3
3i2
33,
3*,
*41*
45,
5
4*4
27,
3
3U
*234
1
.75 *.75
.75
41
41
*421* 44
78
*79
78
79*4
311*
31
31
31*4
4
4
37,
*3*4
134 F cb’20
*31, . . . .
3b
3b
*2*4
*3
3b
3*,
2*i
•2
*2(4
2b
4*4 4-b
*4*4 5
8*8
8I.1
8b
8b
7
*0(2
6b
0b
03
03
63
63
F cb’20
Last Sale 3
.90
70

.90
70

958

THE CHRONICLE
O u ts id e S t o c k E x c h a n g e s

B o sto n B on d R ec o rd .— Transactions in bonds at Bos­
ton Stock Exchange Feb. 28 to M a r. 5, both inclusive.
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High

B on d s—
U S Lib Loan 34*8-1932-47
1st Lib Loan 4s. 1932-47
2d Lib Loan 4s. .1927-42
1st Lib L ’n 44*3.1932-47
2d Lib L ’n 4 4 * s .. 1927-42
3d Lib Loan 4 4 * 8 ... 1928
4th.Llb L ’n 4 4*s. 1933-38
V ictory 4 }* s ____ 1922-23
V ictory 3?* 8____ 1922-23
Alaska Gold Ser B 6 s .. 1926
A m Tel A Tel coll 4s. .1929
Convertible 6s......... 1925
A tl G & W I S S L 5s-.1959
Chic June A U S Y 5 s . 1940
1940
„ 4s- - - --------Mass Gas 44*s________1929
44*s ----------1931
M iss R iver Power 5 s .. 1951
N E Telephone 5s____ 1932
Pond Creek Coal 6 s . . 1923
Swift & C o 1st 5s_____ 1944
Western T el A Tel 58— 1932

______
—
—
______
______
78

904*
694*
90

94.14 95.50
89.84 90.3C
89.14 89.90
91.04 91.36
89.64 90.16
92.04 92.50
89.84 90.56
97.02 97.50
97.42 97.42
14
144*
78
78
97
97
754* 75 4*
834* 834*
67
67
904* 904*
83
83
694* 70
83
83
92
92
90
90
81
81

1.

Low.

39,050
6,750
9,750
34,650
71,900
31,900
220,700
49,650
5,000
60,000
2,000
1,700
2,000
13,000
1,000
13,000
1,000
20,100
4,000
1,000
2,000
3,000

High.

94.14 M ar
89.84 M ar
89.14 M ar
90.84 Feb
89.64 M ar
92.04 M ar
89.54 Feb
97.00 Feb
97.42 M ar
14
77
Jan
97
75
Feb
834* Feb
67
904* Jan
83
694* M ar
S145 Jan
92
89
Feb
79
Feb

100.00 Jan
93.04 Jan
92.34 Jan
93.80 Jan
92.98 Jan
94.96 Jan
92.98 Jan
99.30 Jan
97.74 Feb
144* M ar
81
Jan
99 % Jan
81
Jan
844* Jan
71
Jan
91
Jan
83 4* Jan
76
Jan
84 4* Jan
93
Jan
93 H Jan
84
Jan

C h ica g o Sto ck E x ch an ge.— Record of transactions at
„ .lc. f ° Feb. 28 to M a r. 5, both inclusive, compiled from
a
official sales hsts:

S tock s —

Sales
Last Week's Ranile for
Sate
of Prices.
Week
Par. Price Low. Higl . Shares .

Albert Pick & C o_______ 1
40
404*
American R adiator____100
300
308
Preferred....................1 0 0
119
119
119
American Shipbuilding. 100
102 102
Armour Leather_________ 15
16 4*
154
164
Preferred____________ io o
94 4*
94
9 4}
Armour & C o, pref____ 100
99 J:
964* 100
Beaver Board........... ...... (
55
do
05
Booth Fisheries, new_ (: ,
_
10 H
10
1
1
Preferred____________ ioo
65
65
Briscoe, com m on______ (*)
62 4 64
/
Bucyrus C o, co m m o n .. 100
224* 22
Preferred____________ io o
94
94
Bunte Bros_
_
io
17
15
17
Case (J I ) ........................ (
15 4*
154* 174<
1st preferred........... ..1 0 0
93
93
97
2d preferred________ 100
73
73
774*
Chic C ity A Con R y pt sh
C om m on .......................( ,
1
1
(«)
Preferred_________
!)
oh
Chicago Kiev R y. pref. 100
7
7
Chicago Pneum T o o l .. . 100
80
82
Chicago R ys Part C tf Ser 3
4
*
4*
Commonwealth Edison. 100 1064* 106 4* 106 4*
Continental M otors____10
114*
114* 12 4*
Cudahy Pack C o, com . 100
97
964* 97 4*
Decker (Alf) A Cohn,Inc(*>
35
35
36
Preferred_____ _____ „ ioo
9344 94 4*
Deere A C o, preferred.. 100 1004*
99J* 100 '*
Diamond M a tch ______ too
116
116
Edmunds A Jones_____ («)
304* 304*
Hartman C orporation .. 100
88
88
Hart .Schaff AMarx.comlOO
85
874*
Holland-Amer Sugar____10
1744 174*
H upp M otor....... .......... _ .i o
134* 134*
13 4*
Illinois Brick____ .
100
79
79
L ibby, M cN eill A L ibby. 10
25
224* 254*
Lindsay Light............. __io
7
64*
M iddle West Util, pref. 100
39
394*
M itchell M otor C o ____(*)
36
374*
N at Carbon, pref (new ). 100
118
118
National Leather_______ 10
134*
134* 14
Orpheum Circuit, In c.
1
304* 32 H
Pub S e rv o f N III, com . 100
76
7 6 1,
P r e fe r r e d ...................ioo
88
88
Quaker Oats C o _______ 100
250
255
Preferred....... .......... ..1 0 0
94
94
944*
R eo M otor______________ io
23 J*
234* 24 4*
Republic T ru ck ________(*)
37 H 414*
>
R oot & Van D e r v o o rt.. (*)
46
46
Sears-Roebuck, com .. .1 0 0
215
218
Shaw W W , com .
(*)
67
634* 68
Standard Gas A Klee____50
17
18 4*
1844
Preferred_____ ________ 50
38
39
Stewart M fg C o ............. (*)
404* 404*
Stew Warn Speed, com . 100
41
414*
40
Swift & C o ____________ 100 120'
117
121
Swift International......... 15
42
39
43
Tem tor Prod C A F ‘ 'A ” (*)
42
424*
424*
Thom pson. J R, co m ____25
44 4*
44
444*
Union Carbide * Carb .10
65 4*
63 4* 664*
Union Iron W orks................
58
504* 58
United Pap B oard.com . 100
22
22
22
Wahl C o __________ . (*)
38
3 7 ', 38 4*
W ard, M ontgA C o, prof. 100 107
105
07
When I s s u e d ...___
20
344*
324* 354*
Western Knitting M ills.f*)
20 4*
19
204*
Western S to n e ...............100
4H
44*
Wilson A C o, pref......... 100
95
95
W rigley Jr, co m ......... .. 25
76
77
B onds—
Armour A C o 44*s____ 1939
Chicago C ity R y 5 s .. . 1927
Chicago Railway 5 s .. . 1927
M etrop W Side El 1st 4s ’38
Ogden Gas C o 5s_____1945
Swift * C o 1st s f g 5s. 1944

66 44
70
894*1

824*
70
664*
48
70
894*

8244
70
6644
48
70
894*

Range si nee Jan. 1.
Low.

87 0 40
175 300
11 119
5 ) 100
13,25 J
154*
1,31
94
6,32
964*
21
51
22.
10
20.
65
40'
62
10(
22 4*
2f
934*
411
144*
ior
15
1,20
93
34f
73
5C
685
30
405
5(
372
1.11C
314
125
12*
101
25
50
60
20
10
545
10
4.950
220
2«0
110
50
9,900
4,620
61
10
125
468
1,100
170
100
310
2,630
140
45
15
5,100
3,750
9,800
65
200
8,300
4,285
80
1.480
335
8,955
1,880
10
10
160

86,000
5,000
7,000
3,O P
O
3,000
1.000

6

y Jar
%

Jat
Feb
Fob
Mar
Feb
Feb
Mar
Feb
Mas
Feb
Mar
Feb
Feb
Feb
Feb
Fob
Feb
Feb
Feb
Feb
M ar

5

504*
350
120
120
17

Jan
Jan
Jan
Jan
Feb

1104*

Jan

1
10 4*
84*
9744

VIar
Feb
M ar
Jan
M ar
Feb

82V
S
72 4*
664*
49
70
924*

(*) N o par value.

, ^tv£ Silu rgh Stock E x ch an ge.— Record of transactions
at Pittsburgh Feb. 28 to M ar. 5, both inclusive, compiled
from official sales lists:

Stocks

Friday
sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.

Amer Rolling M ill c o m ..25
50
Amer Vitrified Prod com 50
Am Wind Glass M a c h .. 100
Preferred......... ............ 100 ” 93”
Am W indow Glass Co pflOO
Arkansas N at Gas n e w .. 10
30J*
Preferred________________
Barnsdall C orp ora tion ..25
50




50
14
1194*
93
100
27
111
494*

Range since Jan. 1.
Low.

50
300
50
14
. 260
14
1194*
35 115
93
110
93
100
50 100
304* 20,1811 18
111
10 104
1,570
514*
45

Feb
Feb
Feb
Mar
M ar
Feb
Jan
Jan

High.
5144 Jnn
154* Jan
135
Jan
Jan
95
104
Jan
45
Jan
Feb
115
554* Jan

1,860
30
1,295
295
l Vs
185
14*
32 4* 36 J*
1,119
57
59
430
5H
54*
7,174
520
14
14
425
2 7 « 28
190
46
48
364
384* 42
1,634
1,200
i f * io5 *
495
54 4*
50
90
S4*
o
10
10C
15c 82,800
41c
41c
500
134* 15
1,320
159
160
45
24*
942
24*
6c
6c
600
225
225
20
110
110
50
24 4* 244*
50
123
124
130
58
58
10
108
109
670
50 52
195
2
2
600

J*

8
14*
294*
54
5J*
7
134*
23
44
374*
44*
134*
514*
884*
10c
40c
13
159
14*
6c
200
110
24
1204*
52
107
484*
2

33,000
1,500

Friday
Sales
Last Week’s Range for
Sale.
of Prices.
Week.
Par Price. Low
High Shares.

Alabama C o ___________ io o
Arundel C orporation____ 50
Atlantic Petroleum_____ 10
Balt Electric pref......... ........
Baltimore T u b e ...............100
Celestine O l l v t _____ _____
Feb
Cent Teresa Sugar............10
Preferred....... ..................io
Feb
Commercial Credit pref. 2;
Feb
Preferred B ................. __2Feb
Consol C.as, E L A Pow . 100
Jan
Consolidation C oal____100
Cosden A C o ...............
5
Preferred...................
5
Feb
Cosden......... ..............n o par
Feb
Davison Chemical .. n o par
Klkhorn Coal Corp
J an ’ Georgia So A Fla 2d prof. 50
p f. 100
Feb
Houston Oil prof tr ctfs.100
Jan
Indlahoma R efin ing______
Feb
Kentucky O il .................
Mfrs Finance pref......... 100

M ar
Feb
M ar
Feb
M ar
Jan

Low.
14*
34*
7
53
98
3c
26 J*
994*

30
99 «

55
97

224* M ar
94
M ar
17
M ar
984*

27
994*
3 4*
104*

Range since Jan. 1.
High.

Feb
M ar
Mar
M ar
Feb
M ar
Feb
M ar
Jan
Jan
Jan
Feb
Feb
Jan
M ar
Fob
Feb
Feb
Feb
Jan
Jan
M ar
Jan
M ar
Jan
Jan
M ar
Feb
Jan
Jan
M ar
Jan
Feb
Feb
Feb
Feb
Feb
Fob
M ar

154*
34
514*
43
74*
164<
63
92
25c
63o
15
171
4
7o
225
110
37 4*
130
59
1184*
55
2

Jan
Jan
Jan
Jan
Jan
M ar
Jan
Jan
Jan
M ar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
! Jan
Jan
Jan
M ar
M ar
Jan
Jan
Jan
Jan
Jan
Feb

55
974*

Jan
Jan

34*
5
114*
66
100
3c
39
102
4
12
24*

t\ Z
64*

Baltim ore Stock E x ch an ge.— Record of transactions at
Baltimore Feb. 28 to March 5, both inclusive, compiled from
official sales lists:

S tock s—

80
4*
1064*
1144
134*
9644
101
35
934*
96
994*
102
116
1244*
30
304*
87
85
15
174* Mar
13
78
224*
27-4* Feb
64*
36
36
434* Jan
118
118
Jan
13
Feb
284* Feb
34
Jan
76
M ar
79 • * Feb
>
88
88
Jan
249
Feb 255
M ar
94
M ar
984* Jan
224* Feb
274* Jan
374* M ar
46
Feb
52
Jan
213
Feb 230
Jan
61
Feb
174* Feb
26!* Jan
38
Feb
424* Feb
40
Jan
37
Feb
116
Feb
374* Feb
41
Feb
47
Jan
434* Feb
61 4* Feb
74 4* Jan
504* Feb
20
Feb
24
Jan
37
Feb
103
Feb 116
Jan
3244 Feb
18
Feb
234* Jan
4
Jan
12 4* Jan
95
Mar
981
* Jan
75
Feb
804* Jan
824*
70
664*
46 44
70
89 J*

Guffey-GUlespie Oil (no par)
294*
H arb-W alk Refract pf.100
Indep Brewing com ......... 50
3 4*
Preferred......................... 50
K ay County Gas............ ..1
"in
Lone Star Gas new_____ 25
35
M frs Light A Ile a t_____ 60
58 4*
Marland Petroleum______ 5
N at Fireproofing com ___50
Preferred_____________ 50
14
Ohio Fuel O il...................... 1
28
Ohio Fuel Supply_______ 25
48
Oklahoma Natural G a s ..25
414*
Plttsb Brewing com _____ 50
Preferred......................... 50 '1 6 ”
Pittsburgh Coal c o m . . . 100
Pieferred_____ _______ 100
Pittsb-Jerome C opper____1
12c
Plttsb A M t Shasta C o p .. 1 41c
Plttsb Oil * Gas............100
Plttsb Plate Glass......... 100
Riverside Eastern Oil com 5
1
San T o y M ining____
Stand Sanit M fg c o m .. 100
Third National B a n k .. 100
Transcontin’l O il. (no par)
Union Natural Gas____100
U S Glass......................... 100
W est’house Air Brake___50 109
W est’house E lA M fg com 50
52 4*
W yom ing Fuel Oil____
B onds—
Indep Brewing 6s_____ 1925
Plttsb Coal deb 5s____ 1931

High.

Fe b
Ma r
Ja 1
Fe )
Fe 1
)
Ma
Fe
Jai
Fe
Ma
Fet
Ma
Fel
Fel
Fet
Fel
Fet

[Vol. 110

Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week
S to c k s (Concluded). Par. Price. Low.
High Shares.
Carbo Hydrogen com ____ 5
125
24*
Preferred........................... 5
865
\*
3M
Carnegie Lead & Zinc___ 5
7
3,500
Columbia Gas A E le c .. 100
53
54H
50
Crucible Steel pref......... 100
98
20
99 44
Gold Bar M ines__________ 1
3o
3c
2,000

...5

84*

74*
44*

Preferred v t r.

Preferred......... .......... I I 50

33
44*

<
(
83

r
7% n o t e s ...................... ..

784*

’ 974*
Scries II 6 s ...............1932

95
954*

J
(

1
' Income Is................... 1949
Funding .5s.................1936
do
small.............1936
6% notes......................
a
_
P
-

Stocks—

64
424*

80
80
37
37
344
34*
36
36
50
50
1.95 2.10
04*
04*
84* 10
24 4* 244*
224* 224*
964* 97
784* 79
8
84*
4
44*
404* 414*
34
35
32
32
49
49
80
82
74*
74*
44*
25
2?*
50
50
50
55
16
16
53
53
894*1 90
654 ; 07
974 i 98
70
77
11
114*
16
16
33
35
41*
44*
83
99
70
764*
94
83
78
984*
974*
89
89
954*
944*
984*
14*
103
82
03 4*
42 4*
57
57
86 4*

83
99
70
764*
94
83
784*
984*
97!*
95
954*
90
95
9844
14*
103
824*
644*
43
57
57
8644

20
10
200
75
5
8,065
200
740
10
55
474
522
1,300
931
33
330
65
2
15
165
200
100
27’
7C1
2C1
10<
59
216
31
669
425
25
25
1,410

22
51
55
424*
924*
48
40
110
5
29
744
42
19' .
34
17
624*
454*
444*
49

22
52
58
454*
03
48
40
1134*
5
204*
8
4344
1044
34
19
63
464*
44 4*
49 1

Low.

123
101
47
5,903
35
50
57
672
1
61
4,092
10
50
23
4,9-10
190
00
20
50

High.

80
30 4*
24*
36
50
1.95
64*
8 <
24
224*
954*
77
744

Fob
Jan
Fob
Jan
Feb
Jan
Mar
Jan
Mar
Jan
Mar
3.40 Jan
Fob
94* Jan
Feb
11
Jan
Feb
25
Jan
Fet:
25
Jan
Feb 1034* 'Jan
Feb
83
Jan
Feb
10}* Jan
4
Feb
44* Jan
414* M ar
404* Mar
39
Jan
324* Feb
32
Mar
39
Jan
49
49
Mar
Mar
76
Feb
934* Jan
10
74* Feb
Jan
34* Feb
44* Jan
25
Mar
M ar
40
Fob
50
Fob
474* Feb
58
Jan
14 4* Feb
174* Jan
SO
Feb
70
Jan
89'* Mar
95
Jan
70
654* Mai
Jan
98
M ar
974* M at
74
Fob
82
Jan
11
Feb
15
Jan
IS
Feb
204* Jan
33
Mar
36
Jan
3 4* Feb
44* Mar

1,000
83
6,000
99
5,000
70
2,000
764*
1,000
94
9,000
8244
6,000
77!*
3,000
984*
11,000
96
16,000
874*
10,000
88
8,000
95
4,000
93 4*
1,000
98 !*
5,000
144
2,000 103
4,000
82
18,000
634*
19,000
12't
1,000
57
300 57
4,000
864*

Friday
Sales
Last Peek's Range for
of Prices.
Sale.
Week.
Par Price. ,ow. High. Shares.

Alliance Insurance...........10
American Gas ................. 100 51
American Ilys, pref____ 100
58
American Stores___ no par
454*
1st preferred____ .
BuffASusq Corp pf v t c . 100
Cambria Iron................... 50
Klee Storage B attery.. . 100 1 13 4*
Giant Portl Cement____50
Insurance Co of N A ____ 10 ’ 291*
Warrants .
J W Brill C o ____I I I I I . 100
Keystone Telephone____50
Preferred.........................50
31
Lake Superior C orp_____ l'oo 18
Lehigh N avigation ..........50
624*
Lehigh Valley.....................50
40
M idvale Steel A O rd____ 50
Mtnehlll A S I I ................... 50 . .

Range since Jan. 1.

Mar
83
Jau
99
Feb
70
Mar
764*
Mar
94
Fob
83
Jan
81
Fob 1004*
Jan
98
Feb
08
Feb
98
Jan
96
Fob
954*
Feb
094*
Mnr
14*
M ar 103
Mnr
864*
Mar
69
Mar
484*
Mar
624*
Mar
63
Mnr
91

M ar
Jan
Feb
Mar
M ar
Feb
Jan
Jan
Feb
Jan
Jan
M ar
Jan
Feb
M ar
M ar
Jan
Jan
Jan
Jnn
Jan
Feb

Range since Jan. 1.
Low.
2044
47
50
374*
02
48
394*
99
5
29
74*
42
10
34
154*
61
404*
43 4*
49

Feb
Jan
Jan
Fob
Jnn
Mnr
Jan
Feb
Jan
Mar
Feb
Mar
Feb
Mar
Jan
Feb
Feb
Feb
Mnr

High.
23
564*
64 !*
454*
93
50
40
141
54*
374*
11
51
13
35
214*
644*
47
514*
50

Jnn
Fob
Jan
Mar
Fob
Jan
Feb
Jnn
Jan
Jan
Feb
Jan
Jan
Feb

Jan

Jan
Feb
Jan
Jan

Sales
Friday
Last Veek's Range for
Week.
of Prices,
Sale.
High. Shares.
Price. how.

Stocks (Concluded)-

50
-.50
75 k
..5 0
42 k
50
) 50 33
_. 25 24 k
23
..5 0
60)4
Philadelphia Traction -.50
__50
50
1 st preferred............
Tono-Belmont novel- . . . 1
2k
_1
2k
Tonopah Minins----Union Traction........ . 50
United Cos of N J----- . 1 0 0 175
_50 49 k
. 10 0
39 k
W Jers A Hen Shore.. - ..6 0
Westmoreland Coal. . . .50
10 0
Win Cramp & Sons
..5 0
31
Ilonds—
U s 2d I. I. 4 Ms I 87-42
3d Lib Loan 4 J4s- 1928
4th Llh Loan 4 Ms 3-’3v
Victory 4Ms----- 1 22-23
2007
2007
1910
1945
1935
1921
Leli C A N cons 4 Ms. 1954
Lehigh Vail coll Os.. . 1928
2003
.1033
Natl Properties 4-Os. 1940
do
small........ .194'
Penn HH. general 5s. I90H
1
Consol 4 Ms.......... 19M
1043
194!
194!
.1051
. 196C
19fif
1007
s ’4!
104f
.1921
.194,-

k
7 5k
42 k
36
32
24%
22)4
60
75 k
33 k
2k
2)4
34
175
49
93 k
39 k
75
DO
31
66

k
75 k
4 3k
36
33 k
25
23 k
61
75 k
33 k
2k
2k
35
175
51)4
96)4
39 k
75
66

10 0

31

50
13
3,785
2

283
1,998
928
359
10

50
2,835
1,520
328
7
12,673
600
15
10
20

25

Range since Jan.

1 0

31

.
Stocks (Concluded.)—

High.

Low.
65
75
40 k
35)4
31 k
24 k
21)4
59 k
95
33 k
2k
214
3 3k
175
49
92 k
35
72

1

Feb
Jan
l'cb
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Mar
Mar
Feb
Mar
Mar
Feb
Jan
Feb
Mar
Jan

99 k
79
43 k
4254
36)4
25 k
28
63
77)4
33)4
3 1-16
2)4
37
185
57
108)4
Feb
75
135
32

*500 89.6 Mar
89.60
500 92.00 Mar
92.00
90.38 6,150 89.4C Feb
97.38 8,500 97.0 Mar
78
Mar
3,000
79
78
80
Feb
200
80
1 2 ,0 0 0
95)4 Mar
97
Feb
01
61 k 17.000 61
61)4
Mar
10 .0 0 0
77
8<
>
77
Mar
55
29,00''
57
55
65
Feb
1,0 0 0
89
89
89
100 k 13,003 99)4 Feb
100)4 1 0 0
2 ,00(1
99 k Jan
71
71)4
Mar
97
8 ,00(1
97
97
4,(m : 26 k Mar
m
26)4 27
27
Feb
8 (K
27
27
3,00<
88)4 Mar
89
8 8 )4
88 k
Feb
90
l ,0 0 (
90
90
69 k Jar
2 1 ,O M
f
72
71
M
Jan
15, 0 < K )
10
K )
M
Mm
1,< )< 10 0
M
109
10 0
Feh
77
1 ,0 0 <
77
77
Jan
90
90)4
90 k 91 k 26,00(1
701
90 k Jan
93)4
..........
92
78
Feb!
79 k 79 k 18,00!
Mar
45
4.0)
45
..........
45
Mar
46
45
60(
45
..........
12,(K
M 67 k Feb
69 k 70
70
>
92 k Fe‘
..........
92 k 62 k 1 1 (M
89.00
92.00
89.8
97.00
78
80
95)4

Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
10

Jan
Feh
Jan

91.90
94.6
92.88
99.34
82 k
82
99)4
65
85
63
90)4
102 54
7154
99
30
30
92)4

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
02
Jan
Feb
72
Jan
10 0
Mar
10
81
Jan
Jan
93
93'4 Feb
81',' Jan
Jan
49
Mar
45
Jan
76
Jan
63

Ranter M otor.r__ (no par)
Republlo Rubber r (no par)
Root A Van Dervoort r 100
Stand Gas & Elec, com. r. 50
Preferred. r ..................50
Submarine Boat v t o .. ( t )
Sweets Co of Amer.r — 10
Swift International.r... 15
Temtor Corn* Fruit pf A (t)
Tobacco Prod E xports..(t)
Todd Shipyards C orp .r. (t )
Uni > Carbide A C arb._(t)
n
UntdPlctureProdCorp.r(t)
United Proltt 8hartng_.25c
On Retail St's C an d y.r.(t)
U 8 High SpeedSteelAToolt
U S li g h t * Heat,com.r.10
U 8 Steamship---------------10
U S Transport. t ----------- 10
V Vlvadou, In c.r.(n o par)
Warren B r o s .r ............ 100
Wayne Coal____________ 5
Wlllys Corp.com.r.(no par)
First preferred. r ----- 100

N e w Y o r k “ C u r b ” M a r k e t . — Below we give a record of
the transactions in the outsido security market from Fob. 28
to March 5, both inclusive. It covers the week ending
Friday afternoon. On the “ Curb” there are no restrictions
whatovor. Any security may be dealt in and any ono can
moot tliero and mako prices and have them included in the
lists of thoso who make it a business to furnish daily records
of the transactions. The possibility that fictitious transac­
tions may croop in, or ovon that dealings in spurious securi­
ties may bo included, should, hence, always bo kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for anyone to vouch for the absolute
trustworthiness of this record of “ Curb” transactions, and
,-M
ites
Friday
Lust Week's Hange for
Week
of Prices,
Hale.
High. Shares.
Par. Price. how.

Week ending March 5.
Stocks-

959

THE CHRONICLE

M ar . 6 1920.]

Aome CoiU.r_____________1
Aetna KxploslvoH.r(no par)
Air Reduction------(no par)
Aluminum M ire.r.(n o par)
Aimtlg Tire Stores.r
(t)
Am Candy Co,com(no par).
American Radiator w 1. .
Amcr Safety Razor------- 25
Armour Leather c o m .r ..15
Austin,Nlchol&ACo com (t)
Preferred. . . ____
100
Barnsdall C o r p .r ______25
llrlt-Amer Chem Corp.r 10
Brlt-Am Tob ord bea ..£ 1
Buoyrus C o .r ..
.100
Car Ltg A Power.r____ 25
Central Teresa Sug com. 10
Cities Scrv Bankers shsr(t)
Clevo Auto Co, new.
<t)
Colombian Em'ld Synd now
Conley Tin Foil, w l..(t )
Continental Motors r ..1 0
Cuban a o'er Sugar w t
Davies (Wm) Co, In o.r. (t)
Gen Asphalt, c o m .r ...100
Gen M ot com wl(no par)
General Traetor..................
Gillette Safety Razor r (t)
Goldwyn Picture.r.(no par)
Grapo Ola Prod Corp com 1
Preferred______________1
1 it1 Switch A Signal r K )
1 1
M
Iloyden Chem .r . . (no par)
Hydraulic Steel, co m .r .(t)
Preferred r ................. loo
Ide (Geo P) A Co, com .r(t)
Imp Tob of W 1) A I___ £1
Indian Packing C orp .r. (t)
Intercontinental Rubb.100
Kay County G as.r...........1
Keystone Solother. r ----- 10
Kirby Lumber r . ........ 100
Prcferrc 1 r . — ... 100
Libby,M cNeill* Libby .r. 10
Lincoln Mot Co C A .r ..6 0
l
Locomobile Co now wl.r.(t)
M albohn M o to rs .r------

Ma rooul Wlrel .Tel .of Amcr5
Mercer Motors r.(n o liar)
Montg Ward * Co, com (t)
National Leather.r ........ 10
N Y Shlpbldg. ..(n o par)
Nor Am Pulp A Paper.(t)
Nunnally Co, c o m .r ...( f )
Orpheum Clroult com .r ..1
Patehoguo-Plym M ills.(f)
Peerless Truck A Mo t Corp
Perfection T * R r_____10
Pressman T ire * Rub r..lO
Radio Corp of Am w l.r (t )
Preferred. r ----- — -------5




IVt
8

8M

8
18)
23
2k
7M
02"
U ):
40
40

1

23
IK
15 1 0
5

25M
45
20
5)4
34 M
14
5M

Range since Jan.
Low.

I k Jan
1M 8 ,2 0 0
Mar
7
8 M 1,600
Feb
44
10 0
44
Feb
2,600 2 0
30
M>
.r
10
400
10
Feb
8
OM 3,900
Mar
78
800
80
Mat
10
10 M 4,600
Feb
15
10 M 13,400
Feb
19
24
3,300
Feb
88
400
80
Mar
600 49
50!,
1,2 0 0
7 k Fob
8
18M 5,400 xy\7 )4 Jan
Mar
600 2 2
24
2,S )
IM
2 k Feb
2 k
4)4 Feb
5,000
7H
39 ;M 6,500 37 k Feb
Feh
600
02
1,0 0 0
8(4 Feb
12
Feb
400 2 2
23
500
11)4 Mar
11M
Mar
3!)
42 M 1 0 ,0 0 0
Feb
3,000 39
41
Feb
76
80 M 31,500
Fob
51,000 23
25
Feb
2,700
1
k
500 1«5
Mar
105* ‘ 170
M ar
9,200 2 1
25
21
Jan
1
1)4 3,600
1M
4,800
l k Jan
2
1)4
Feh
3
750
4
5
500
4'4 Feb
4M
4M
30 H Feb
i
1,0 0 0
33
35
300 97)4 Mar
08
07 M
Feb
10 0
31
34
34
in
Feh
2 ,0 0 0
11
Ilk
12)4 Feb
12 M 14 M 7,800
Feb
2 ,2 0 0
10
11
13
3,300
2
l k Feb
1H
Feb
13
3,200
13
14M
Mar
1,431
21
21
27
16(
91 k Mar
01)
01M
Jan
1,601
10
20
22
Mar
1,50<
45
45
Mar
8,70(
19
10
M pt
90(
1
10
14,401
4 k Feb
4M
91M 19 k M •
1DM 23
Feb
3,00(
32
32 % 35
801
14
12)4 Fel
14 >,
M->r
1 ,!>()(
37
45
37
1,70(
4 k Feb
5M
18 k Feb
10 <
19)4 19)4
3054 32)4 13,500 28 k Feb
Feb
39
50(
41
42
Mar
701
43
44
43
8,800
4
2 k Feb
4)4
1 ,!)()(
l k Jan
2 ’ 4 2)4
Jan
2
7 ,10(
2k
Fob
8,90(
2 k
2M
1M
7
44
20
10
8M
78
10
10
20 M
88
40
7M
17
22
2M
5M
37 M
55
11M
22 M
11M
30
30 M
78 M
23 M

.

High.
Feb
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
M.ir
Jan
Jan
Jan
Feb
1
Mar
170
Jan
34
1 7 16 Jan
Feb
2
b
M r
9 k Jan
43
Jan
Jan
10 1
Jan
36
17
Jan
20
Jan
17
Jail
2)4 Jan
14)4 Feb
Mar
27
91 k Mar
Jan
30
Jan
53
Jan
25
1 1 k Mar
9 k Jan
30
.1 it
Jan
41
Jan
18
Jan
. 50
9 k Jan
22)4 Jan
Jan
37
Feb
42
Mar
44
5)4 Jan
3 k Jan
Jan
3
4 k Jan

2k
9)4
49
40
16)4
11)4
80
17)4
18
27
93
56
9)4
28)4
30
3k
0 ■
*
i
44 k
72
25
29
14
42)4
50
130
36

R ights.
Brit*Am Tob ord b e a r.r..
Ordinary.r_________

Sales
Friday
Last IFeeAr’s Range for
Week.
of Prices.
Sfile.
High Shares
Price. Low.
37 M
4M
47
18
38
17

31M
4M
44
17M
37 M
13
5M
39 M
42)4
41M
15
163
66 M 65
12 M 10)4
2
2 m:
14
14M
30
32
2 k
3
2M
3M
10
16M
60
3M
19
94
7
6

28
103
595
320
316
716
403

Other Oil Stocks
1%
Allen Oil. r .J ..................... 1
Alliance OH A lte f.r------5
16H
9-16
Allied O ll.r....................... 1
Alto Gasoline A Oil---------5
" k
Amalgamated R o y a lty .r.l
Anna B e ll..------- ----------- 1 60c
Arkansas Nat Gas new wl 10 30
Associated oil of T exa s.r.l
1 k
ik
Bell Petroleum.r------------- 1
4W
Boone O ll.r____________ 5
2)1
Boston-Mex Petrol.r----- 1
Boston-Wyomlng O ll.r .. 1 1 3 16
18
Brazos OH Con' r. (no par)
Burknett Van Cleav Oil. . 6
30
Carlb Syndicate r new w I
3X
Circle O ll.r......................... 6
4
Continental R efg.r........ 10
8)4
Cosden * Co., com .r------5
2
Cushing Petr Corp c o m ..5
17)4
Dominion O ll.r___ ____ 10
6H
Duquesne O ll.r_____
8k
Elk Basin P etrol.r______ 6
1)4
Engineers Petrol C o .r — 1
Uriel o t l.r .........................5
k
Esmeralda Oil * G as.r— 1
Federal Oil__________ - - - 6
Feiisland Oil.......... (no par)
43 k
Gilliland Oil co m .r. (nopar)
97
Preferred _r_________ 100
3k
Glenrock O ll.r_________ 10
29k
Guffey-Glllesple O ll.r ..(t )
2
Gum Cove O ll.r______new
Home Oil * R efg.r___ 10
Houston Oil c o m .r _ 100 lib
_
9 16
Hudson O ll.r____________1
7k
Indlahoma R efin in g----- 5
71
Internat P e tro l.r._____£1
Invincible O ll.r________ 50 34
4k
Island Oil A Transp----- 10
King Petroleum C o r p .r ..l
Lance Creek R lyaltles.r. 1
1
Livingston Oil C o r p .r .. 1
35 k
Lone St ir G as.r---------- 25
5k
Magna Oil A Refining..
20
Manhattan o ll.r .(n o par)
Maracaibo Oil Explor.r_( t)
19
Merritt OU C orp.......... 10
3
Metropolitan Petroleum.25
lk
Mexico Oil Corp..............10
Midwest Refining - r ------50 156
k
Mldwcet-TexAS O ll.r ------"
3)
North American O ll.r—
"A
Ohio Ranger r -------- . . .
Orrar Oil A Grs, new. 1
Pennock O ll.r---------------10
39
Phillips Petrol, com .r . ( t)
8)4
Producers A R e f.r ------- 10
22
Ranger Gulf r
‘
1
Red Rock Oil A Gas.
1)4
Rickard Texas C o .r ------3
Ryan Petroleum. r------49 k
Salt Creek Producers. r .J
7 16
Sequoyah Oil A R ef------36 H
Simms Petroleum r(no par)
Skelly Oil C o .r ............... 10 \\yK
1H
South States Cons Corp r 1
22
Spencer Petrol Corp------10
A
l
Stanton O ll.r---------*
9
Steiner Oil C orp.r.(no par)
18(4
Superior Oil Corp.(no par)
27
Texas Chief O ll.r—
""
46)4
Texas Company, new
Texas Pac Coal A O ll.r .10 88
lk
Texas-Ranger Prod A It.
3k
Tex-Ken Oil C orp.r-----1
Texon OU A Land.r----Trinity Oil C orp .r..........
21
Tr iplcal O l l .r ................ 2
1 16
United Tex Pet-> .r.
1)4
Victoria O ll.r__________ 10
7
Vulcan OH r --------------5
Wayland OU A Gas com
Whelan Oil------- ---------White Eagle OU A R ef.r(t)
29)4
White Oil G >rp.r..(no par)
Woodburn Oil C orp.r----- 1
Mining S tocks—
lk
Alatka-Brlt Col M etals..1
1
America M ines.r------------- 1
7 -lf
Amor Tin « Tungsten.
•
Atlanta M ines.r............... 1 2 k c
13c
Beloher-Dlvlde.r----------lOo
14c
Belcher Extension------- 10c
7-1(1
BIr Ledge Copper C o------“
Bon Alaska.................
1
6c
B ooth.r . . . . -----------64c
Boston A Montana D e v ..5
But 1 e A N Y Copper, r . . . 1
Caledonia Mining............. 1 350

2,700
10
100
60
80
266
180

1
22 )4

28

30 k
6k

6 (4

Jan
Feb
Feb
Feb
1
X Feb
60c Mar
Feb
21
Mar
1
Feb
1
Feb
3
Feb
2
Jan
1
Feb
18
l k Feb
Feb
25
3 k Feb
3)4 Jan
7 k Feb
1)4 Feb
11)4 Feb
4 k Feb
7 k Mar
l k Jan
l k Feb
k Jan
Feb
3
Feb
5
32 k Feb
84 k Feb
Feb
3
26 k Feb
l k Jan
2 k Feb
90 k Feb
9-16 Mar
7 k Feb
51 k Fob
Fob
27
4 k M r,r
Feb
2
k Feb
i k Feb
Feb
31
Mar
4
Mar
20
Feb
16
Fob
17
2)4 Jan
1)4 Mar
Feb
141
k Jan
Feb
3
k Mar
4 k Mar
Feb
6
Feb
132
7 k Fob
Mar
22
54 Feb
l k Feb
2 k Feb
Feb
44
5-16 Jan
Feb
33
Feb
9
Jan
1
17 k Jan
7-16 Jan
Fob
3
11)4 Feb
Mar
16
43)4 Feb
Feb
SO
Feb
1
Feb
2
k Jan
k Feb
Feb
15
k Mar
Jan
1 k
Jan
6k
4
Feb
2 ,2 0 0
54 Jan
19
Fob
700
Feb
25,900 26
800
6
Feb

38,200
non
1
7-16 21,50(1
16,200
2 kc
15c 37,10(1
16c 47,90(1
7-l( 11,70(1
1 2 ,S
0(1
75c
14.70C
60
15.10C
65c
30C
k
18,800
36c

lk
14
9-16

15-16 1)4
1

5-16
2c
9c
9c
k
72 a
5c
COc
k
33c

k

8M
7k

31
24M Feb
Feb 105
98
Mar 675
595
Feb 345
290
Feb 338
305
Feb 795
655
Feb 460
377
Mar 435
375

2 ,10 0
1)4
lk
1,300
1 4k 16 k
9-16 k 43,500
1,10 0
3)4
3k
k 8 6 ,0 0 0
k
85c
32,800
60c
3,800
27 k 30
2 ,0 0 0
1
1)4
3,800
1
1 (4
4
4)4 28,100
3,400
2
2)4
l k 1 3 16 2 0 ,0 0 0
200
18
18
200
15-4
1)4
32
6 ,2 0 0
27
4
1,0 0 0
3)4
4
1,0 0 0
4
7,760
8k
8
2,900
2
2(4
12)4 22)4 163,000
5,700
7
6
8)4 13,500
7)4
9,200
1 k
lk
5,000
lk
lk
8,800
k
4 4
7,500
3k
3,300
6
7k
44
1 2 ,0 0 0
39
2,300
97
93
7 ,2 0 0
3)4
3k
3,200
27 k 30
2,500
2
2 k
6 ,2 0 0
3)4
2)4
1,300
110
95
9 16 13 16 20,700
300
7)4
7)4
16,900
6314 74
12 ,2 0 0
35
30
5)4 10,500
4k
1,700
3)4
3 ‘4
10,500
43c 56c
13,500
1 k
1)4
3,100
34
37
25,200
6
4
24
9,900
20
400
18
19 '-4
2,400
17 k 19
3,000
3k
2)4
3,100
2
lk
5,465
159
151
3,200
k
k
2,700
3
3k
6 ,0 0 0
k
H
1,50(1
5)4
4k
300
6M
5,200
36'4 39
8*4
7,400
7)4
22
100
22
X
/ 1
4,000
2,000
1k
lk
2k
3 k 24,000
4,100
50
47
5,200
7 16 k
43,000
38
35
10 k 11 k 15,100
2,700
l “4
lk
22
11,300
19
8,100
k
k
2,000
7
9k
13)4 19 k 11,360
28
1,300
16
48
17,800
45
89
84
1,900
4,600
1k
1)4
1,200
3k
15 16 1 '4 62,200
5,950
k
A
18
21)4 36,100
k 1 1 16 30,500
3,250
1 (4
1 k
7
5,200
6)4
3,650
5
4k
1
21

Feb 37 M Mar
Jan
6
Feb
Feb 54 k Jan
Mar 29 k Jan
Mar 41 k Jan
Feb
17 X Jan
6)4 Jan
Mar
Jan
59
Feb
48 k Jan
Feb
Jan
32
Mar
Jan
Feb 200
Jan
78
Mar
1 8 * Jan
Feb
Feb
3 k Jan
Jan
19
Feb
40 k Feb
Jan
Feb
3 k Jan
Jan
Feb
4
Feb
12 k Jan
24 k Jan
Feb
Jan
Feb 70
Feb
5 k Jan
Mar
2
‘ 9 k Jan
Jan
Mar 100
Feb
Feb

2,600
300

25
103
595
300
312
705
387

High.

Low.

4.700 30
3%
7.900
2.500 45M
17 M
4,400
3.900 37M
12M
20,300
5k
600
3,000 38)4
100 35
15
1,055
150 151
1.700 05
9k
3.100
IX
6.100
13
12.500
4,350 27
5.500
2M
2k
46,000
10
2,200
16 M
1.500
200 57
3M
1.500
19
1,200
3.700 94

9k
6k

k

Former Standard Oil
Subsidiaries
Anglo-Amer O ll.r--------- £1
27 M
Northern Pipe L in e .r ..100
Prairie Oil & Gas.r----- 100
South Penn O ll.r______100
Standard OH (Calif) _r. 100 315
Standard Oil of N J .r--100 708
Standard Oil of N Y .r.1 0 0 398
Vacuum O ll.r________ 100

37M
5
47
18M
38 M
17
5M
43
41M
19
163
67
12 M
2M
14M
32
3
3M
10M
18
60
4
24
96

Range since Jan. 1.

1

54

5-16
lk c
9c
9c
k
72c
4kc
ooc
k
30c

Feb
Jan
Mar
Jan
Mat
Mar
Feb
Feb
Jan
Mar
Feb
Fel

Jan

Feb

Jan

■Jan
Jan
Jan
Jan

Jan
Jan
Jan

1)4 Feb
16)4 Jar
15-16 Jan
Jan
3
1)4 Jan
85o Mar
Jan
45
Jan
2
2 k Jan
7 k Jan
3 k Jao
l k Jan
Jan
24
Jan
3
Jan
53
5 k Jan
4 k Jan
Jan
10 k
Jan
3
39 k Jan
Jan
10
9 k Jan
1)4 Feb
2 k Jan
k Jan
4 k Jan
7 k Mar
90 k Jan
Jan
120
3)4 Jan
39 k Jan
Feb
3
Jan
9
Jan
151
Jan
1 k
9 k Jan
Jan
77
Jan
45
6)4 Jan
3 k Feb
65c Feb
2 k Jan
38
Feb
Jan
9
Jan
41
Jan
27
22)4 Jan
4 k Jan
4 k Jan
Jan
180
k Jan
5 k Jan
Jan
1 k
7 k Jan
9)4 Jan
89)4 Jan
10k Jan
Mar
22
l k Jan
Jan
3
4 A Jan
Fen
56
k Jan
7 3k Jan
13(4 Jan
Jan
lk
22
Mar
54 Jan
15)4 Jan
19'4 Mar
47 k Jan
59% Jan
113)4 Jan
l k Jan
354 Jan
l k Jan
Jan
1
2 3 k Jan
l k Jan
* 2 k Jan
9 k Jan
Mar
5
Jan
1
Jan
24
Jan
*50
Jan
8 k

1

l k Mar
1-16 Jan
54 Jan
3
3)4c Fob
Jan
38c
Jan
49c
9-1 6Jan
Feb
76c
7c Jan
Jan
74c
k Jan
Jan
42c

960

THE CHRONICLE

Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Mining Stocks (Conclnded) Price. Low. High Shares

Range since Jan. 1.

76 X
05 X
97 X
80 X
08 X
56X
2SX
33
92

75X
94 X
94 X
95 X
97 X
86 X
97 X
G6
34
32
01X
87 X

70 X
95
94 X
96 i
98 X
87 X
08 X
70
38
38
92
88

397.000
42.000
9.000
67,500
28.000
16,000
189.000
148.000
92.000
95.000
4.000
1.000

75X Mar
91
Feb
9 ltf Feb
95
Feb
97 X Mar
84 X Feb
94
Feb
62
Feb
23 X Jan
23
Jan
OCX Feb
86 X Feb

89 X
97X
06X
97

Jan
Jan
Jan
Feb
vox Jan
89
Jan
98J* Mar
76
Jan
39
Feb
38
Feb
97
Jan
93
Jan

Y o r k

C ity

B a n k s

a n d

T r u s t

C o m p a n ie s .

All prices dollars per share.
(tanks— N Y Bid
Ask
Bid
Banks
Alt
America *___ 600
610 ;Imp A Trad.. 560
675
Amer E ie h ... 300
315 llrvlng (trus
215
385
305
Battery Park. 205
400
215
420
425
2H0 200
Broadway Cen 146
155 [Manhattan *_ 248
25 3
Bronx Boro*. 105
125 [Mech A Met. 400
420
Bronx N a t... 150
100 iMerchants__ 230
240
Bryant Park* 145
156 IMutual*........ 490
Butch A Drov 37
42 New N eth*.. 205
215
Cent M ere... 220
New York Co 135
145
Chaso______ 425
435 New Y o r k ... 400 475
Chat A Phen. 305
312 Paclflo *........ 135
Chelsea Exoh* 120
130 Park________ 740
760
Chemical___ 580
590 Prod Exch*..
375
2(13 273
C it y .............. 375 385 Seaboard ___ 690
__
Coal A Iron.. 250
Second______ 450
Colonial *___ 350
State*............ y2l5
225
Columbia*__ i 175
Tradesmen’s*
Commerce__ 227
232 23d W ard *... 150*
Gomm’l Ex*. 425
Union E xch.. 180
190
C om m onUnited States* f 160
w on lth *... 215
225 Wash H’ts*.. 350
450
Continental*. 120
Yorkvllle *_
_ 375
Corn Exch*.. 445 455
Cosmop’tan*. 95
100
Brooklyn
Cuba (Hk of). 170
180 Coney Island* 140
155
East Itlver__ 150
First________ 205
215
Europe.......... 110
130 Green p oint... 150
105
Fifth Avenue* 900
Hillside*........ 110
120
Fifth.......... . . 103
173 Homestead*.. 80
First _______ 940
960 Mechanics’ * .. 87
9.3
Garfield____ 210
225 Montauk *__
85
95
Gotham ........ 215
225
205
215
Greenwich * .. 1(270
. . . . National City 115
130
Hanover........ 825
835 North SIdo*_. 195
205
Sandman___ 365
380 People's_____ 145
100
Industrial* . . 210
—
Banks marked with a (•) are State banks, t Bale
change this week, t Includes one-half share Irving
x Ex-dlvIdend. y Ex-rlghts.




Trust Co's | Bid
A lt
New York
t 363
367
390
405
335
345
150
100
Empire.
300
284
288"
425
435
Fidelity___
230 240
Fulton____
255
205
Guaranty Tr 305
375
Hudson____
160
/ See Irving
l Nat Bank
122
128
175
235
Metropolitan. 280
295
lutuaKWestchester)___ 105
125
N Y Life Ins
A Trust_
_ 725
735
N Y T ru st... 020
Title Gu A Tr 375
385
U S Mtg A Tr 405 415
United States 830 860
Brooklyn
Brooklyn Tr
Franklin____
Hamilton___
Kings County

500
210
262
650
205
y270

515
250
272
700
215

at auction or at Stock Ex
Trust Co 1 Now stock

'

Y o r k

C ity

R e a lt y

a n d

S u r e t y

C o m p a n ie s .

All prices dollars per share.

IX
1 1-1<
40
Jan
9Hcs Feb
X Jan
10
Jan
2X Jan
48
Jan
1 15-lf Jan
3
3 X Jan
1 % Jan
X Feb
2 X Jan
3
Jan
Jan
2 X
15c
Jan
15c
Feb
4c
Jan
40c
Jan
3c
Jan
4 7-1G Feb
20
Feb
4X Feb
7-18 Feb
27c
Jan
8c
Jan
4c
Jan
15c
Jan
X Jan
X Jan
X Feb
97c
Jan
X Jan
37
Mar
32c
Jan
z x Jan
65c
Jan
6c
Jan
13 X Jan
41c Feb
125* Jan
23c
Jan
Feb
i:
1 3-16Jan
42
Jan
7-16 Feb
12c
Jau
X J»n
19
Jan
X Feb
15-18 Jan
14c
Jan
23c
Feb
Jan
19c
H Jan
7c
Jan
7c
Jan
3 X Jan
4X Jan
15-16 Jan
3 X Jan
4H Jan
10c
Jan
9
Jan
29o
Jan
1-10 Feb
2 7-16 Jan
12Xc Jah
8c Jm
I X Feb

• Odd lots, t No par value. < Listed as a prospect. I Listed on the Stock
Exchange this week, where additional transactions will be found. 0 New stock,
t Unlisted. 10 When Issued, x Ex-dlvIdend. g Ex-rights. 2 Ex-stocl: dividend'
t Dollars per 1,000 lire, flat. * Correction.

N e w

N e w

High.

Canada Copper Co, L t d ..
1 3-16
I X 1 3-16 5.100
1H Jar
Candalarla Sliver.r
11-16
9.300
H
X Jar
Carson Hill O old.r
21X 25X
22
1.850 20
Fel
Cash Boy Consol_
8c
6c
Jai
7X o 8 X c 16.700
Con Arizona Smelt______
2,000
X Fel
X
Consol Virginia S llv er.r..
950
*X
5H
4 X Jan
Cresson Con Gold M A M.
2.850
IX
2
IX Mar
1X
38
41
41
10.300 37X Feb
De Beers Cons Mines. Ltd
7-16 X 156,000
Divide Extension________
X
7-16 Mar
El Salvador Silver M ln .r.
7.000
2X
2X
3
2 X Feb
1 1-16 I X 15.000 1 1-16 Feb
Eureka Croesus M ln .r_
_
IX
11-16 X 24.000
Eureka H ollv.r_________
9-16 Feb
X
1
Forty-nine Mining, r_____
5,400
Jan
1
IX
IX
Gadsden, r ____________._ l
1.000
IX
IX
IX
I X Feb
1
2,000
Golden Gate ExpIor’ n .r ..6
Feb
IX
IX
ix
12c 15c 26.700 1 0 c
14c
Goldfield Consol’d _. . . . 1 0
Fob
10c 13c
10c
Goldfield Devel _ r .___lOe
36.500
9c
Jan
4c
3H c 4c
Goldfield Merger.r.
14.200
2c
Jan
22c 31c
29c
Gold Zone D iv id e .i______
39.400 22c Mar
3c
3c
Great B end.r____________1
3c
12.200
2c
Jan
Hecla Mining_________ 25c 4 3-16
15-16 Jan
5,595
4X
4X
Honduras Amer Synd.r (t)
1,750
17 X Feb
19X
17X 19X
ZX
Howe Sound Co_________ 1
1.100
\X
ZX Mar
Iron Blossom.r____...1 0 c
X 7-16 2,100
X Feb
23c
24c
Jim Butler.r___________ 1
25c
12,650 21c
Jan
6c
8c
be
Jumbo Extension
11.400
6c
Jan
3c
Kewanus.r___ __________
4c
9.000
I X o Jan
6c
8c
Knox Divide.r _______ 10c
13.000
6 c Mar
5-16 H
La Hose Mines. Ltd____ 6
1,800 5-16 Mar
7-16 9-16 15.700
Louisiana Consol
X Jan
3-16 3-16 3.000
MacNamara Creseent.r..l
X Jan
MaoNamara M in in g .r ...l
x 0 - 1 0 29,900
X Feb
Magma Chief, r_________1
6.400
3-16Jan
X
X
Magma Copper_________5
400 34 X Feb
35X 37
15c
Marsh Mining r________1
19c
15o
8,550
15o Mar
Mason Vulley___________ 5
4.000
2X
Feb
2X
2X
61c 63c
2.500 60c
McKlnley-Darragh S a v .-l
Feb
5c
5c
Motherlode, nevr.r______1
5c
1,900
5c
Feb
9
9
500
10
Nat Tin.Corp.r_______50<
9
Mar
35c 38c
38c
17.000 25c
Nevada Onhlr M ln .r .. 10.
Jan
10« U X
Nlplsslug Mines_________ 5
2,200
n x
OX Feb
13c
Nixon Nevada__________ 1
4.500
16c
12c
Feb
1
1V
2,250
Ophlr 811ver M ines.r___ 1
l
Jan
IX
Prince Cons____________ 2 13-16
11-16 13-16 5,800 11-16 Mar
38
37
38
700 37
Rand Mines, Ltd w l______
Mar
6-16
Red Warrior.r__________ I
X
X 32.600
X Feb
2.000
Rex Consolidated Min___1
8c 8 X c
7c
Jan
Roper Group Mining____1 "3-10
X 3-16 48,800
X Feb
14J* 16
16
600
Seneca Cop C orp .. (no par)
14
Feb
7-16
7-16 9-16 4.300
Silver Dollar M ln .r______1
■X Jan
X 11-16 22,300 9-16 Feb
Silver King of Arlsona___1 11-16
4c
9c 21,100
7c
Silver King D ivide..r___1
4c Feb
20c
17c 21c
57,400
Silver Pick Cone’d . r . . . . l
Jan
5-16
5-16 5-16 5.400
Standard Silver-Lead____1
*3-16 Jan
19c
19c
Stewart, r _______________1
1,000
17X c Jan
Success Mining_________ 1 b X c
16.700
5X 0 7c
3c
Jan
50
4c
6c
15.500
Sutherland Divide.r____ 1
lH c Feb
2 of 2 X
3,220
Tonopah Belmont D e v .r .l
2 X
2 X Jan
Tonopah Divide.r.
2 X 1 15-16 2 7-16 29.500 1 15-16 M ir
2 5-16 2 1-16 2 X
3,230 2 1-16 Mar
Tonopah Extension
2.5S5
Tonopah Mining.r
2X
2 X
2 X
Jan
2X
3 13-16 4
3,810
_
United Eastern_
3X
3X Jan
80
7c
8c 21.500
U S Continental M ines.r.l
7o Mar
1,100
Unity Gold Mines_______ 5
8
8X
8
Jan
9c
8c
10c
16,900
Victory Divide.r______10c
10c
Feb
1
97c
1
7.400
Washington Gold Quarts. 1
97c
Jan l
West End Consol'd______6 1 15-16 I X 1 15-16 14,050 1 7-16 Jan
12o
11c 12c
17,200
White Cans Mining___ 10c
7 X c Jan
6c
7c
12.700
Wilbert M n’ng_________ 1 0 XC
5X o J.n
2.600
Yukon Gold C o .r _______ 5
IX
IX
X Jan
Bonds—
Allied Pack conv deb0s’ r’ 29
Amer Tel A Tel 6s.r.-1922
6% notes.r________ 1924
Belgian Govt Ext 6s.r. 1925
External 6 s.r______1921
O C C A S t L R y 6s-r.l929
General Elec 6 s.r___ 1940
Interboro R T 7 s.r__ 1921
Russian Govt 6 H s.r..l9 1 9
5 H s -r........................1921
Swedish Oov 6s June 15 '39
Switzerland Govt 5Hs,1929i

[Vol. 110.

Bid
Alliance R’lty 82
Amer Surety. 73
Bond A M G . 222
City Investing 05
Preferred.. 76

Ask
86
78
230
75
85

Bid
Lawyers Mtge 115
Mtge B ond.. 02
Nat Surety.. 205
N Y Title A
| M ortgage.. 135

Q u o t a t io n s

fo r

Ask
122
97
210
145

S u n d r y

Realty Assoo
(Brooklyn). 107
U S Casualty. 160
US Title Guar 75
West A Bronx
Title A M G 150

113
170
86
170

S e c u r it ie s

All bond prices are "a n d Interest" except where marked " f . ''

Pe r Star e
Public Utilities iConcl.)
Per sh.
Par Bid Aik. United Lt A Rya 0 0 m____ 100 22 20
£1 27i2 28
1 st preferred_________ 1 0 0
03
60
10( 1360 1400 Western Power com m on.100 17
10
10C 113 1131*
Preferred_____________100 05
08
430 450
lot:
Buckeye Pipe Line C o__ 50 *92
94
R R . Equipm ents—PtrCI Basis
Chesobrough Mfg new__ 100 225 240
Baltimore A Ohio 4H *____
6.87 6.45
Preferred new_________100 106 109 Buff Rocb A Pittsburgh 4 H b 0.15 5.86
Continental Oil.................. 100 49.) 510
Equipment 4s_______
0.1 5.85
Crescent Pipe Lino C o . . . 60 *33 35
Equipment 6 s _______
0.15 6.85
Cumberland Pipe L in e ...100 135 145 Canadian Paclflo 4 H s ..
6.50 0.10
Eureka Pipe Line Co___ 100 110 145
Caro Cllncbfleld A Ohio 6 1 .
7.00 6.50
Galena-Signal Oil c o m ... 100 63 67
Central of Georgia i X a .
7.00 6.26
Preferred old__________ too 99 102
Chcsapeake A Ohio___
0.60 0.12
Preferred new_________100 95 98
Equipment 5 s_______
0.50 0.12
Illinois Pipe Lino............ loo 165 168
Chicago A Alton * X t - 7.50 0.50
Indiana Pipe Line Co___ 60 *96 100
Equlpment 5s.............
7.60 0.50
International Petroleum. £1 * 7 0
72
Chloago A Eastern 1 1 5 ) j l .
1
7.50 0.50
National Transit C o ...12.50 *29 31
Chlo Ind A Loulsv 4H s__
0.90 0.12
New York Transit C o . . . 100 182 188 Chlo St Louis A N O 6 s_
_
0.37 5.87
Northern Pipe Line C o. 1 0 0 101 105 Chloago A N W 4 Us...........
0.10 5.70
Ohio Oil C o...................... 25 *335 345
Chicago R I A Pao 4 H i___
7.00 0.26
Penn-Mex Fuel C o.......... 25 *54
58
Equipment 5s.............. ..
7.00 0.25
Prairie Oil A Gaa.......... .100 695 625
Colorado A Southern S a..._ 7.00 0.00
Prairie Pipe Line............. 100 232 [235 Erie 6 s___________________
7.25 0.50
Solar Refining................... 100 340 360
Equipment 4Ha________
7.2 6.50
Southern Pipe Line C o ..100 150 155 Hooking Valley 4 12 a . _____
7.00 0.00
South Poau OH................. 100 318 323
Equipment 5a__________
7.00 6.00
Southwest Pa Pipe Lines. 100 88
92 Illinois Central 6s________
0.25 6.76
Standard Oil (California).100 313 318
Equipment 4 Ha..............
6.25 5.75
Standard Oil (Indiana)..IOO 665 685
Kanawha A Michigan AH 0 .
0.87 0.12
Standard OH (Kansas)...100 505 590 Louisville A Nashville 6a..
6.10 6.70
Standard Oil (Kentucky) 100 400 415
Mlohlgan Central 6s______
0.37 0.00
Standard Oil (Nebraska). 100 480 .500
Equipment 6s..................
0.37 0.00
Standard Oil of New Jer.100 708 710
Minn St 1 A 8 8 M 4Hs.....
*
7.25 6.25
Preferred...................... 100 1i:ii2 114t2 Missouri Kansas A Texas 5a- 7.2 6.26
Standard Oil of New Y'k.100 396 400
Missouri Pacific 6s_____
7.25 0.26
Standard Oil (Ohio)........ 100 500 515
Mobile A Ohio 6s_______
0.75 6.12
Preferred............................ 108 1 00
0.75 0.12
Equipment 4 Hu..........
Swan A Finch.................. 100 95 100 New York Central Linen 6*.. 0.45 0.00
Union Tank Car C o___ 100 120 125
Equipment 4H s.............
6.45 0.00
Preferred.................... 100
101
N Y Centra] RK 4 i js ___
6.60 0.00
Vacuum Oil...................... 156 3 75 38£
7.00 0.00
N Y Ontario A West 4 H iWashington Oil................. 10 *37
42 Norfolk A Western 4H»__
6.10 5.70
0.10 6.70
Pennsylvania HR 4H s____
Ordnance Stocks— Per Share.
6.10 5.70
Equipment 4s__________
Aetna Explosives prof_ 100 65
_
75 St Louis Iron Mt A Sou flu.
7 25 8.50
Atlas Powder common___ 100 155 162 St Louts A Han Franolsoo 0s
7 25 0.50
Preferred.......................100 85
89 Seaboard Air Line 6s______
7.00 0.26
Babcock A Wilcox.......... 100 117 120
Equipment 4H s..............
7.00 0.26
Bliss (E W) Co common. 50 350 120 Southern Paclflo Co 4 H s ..
0.26 5.76
Preferred....................... 50 * 00
SO Southern Railway 4H s____
0 60 6.00
Canada Fdys A Forgings. 100 240 243
Equipment 5s__________
0 60 6.00
Carbon Steel com m on...100 00 100 Toledo A Ohio Central 4 e...
7.00 0.26
1st preferred_________ 100 100 110
76
2d preferred........ ..........100 70
T ob a cco Stocks— Per Share.
Colt's Patent Fire Arms
Par Bid. Ask
M fg..................................25
57
American Cigar common. 1 0 ( 1 2 0 1 2 6
duPont (E I) de Nemours
80
Preferred....................... 100 80
310 Amer Machine A Fdry__10h 110 126
A Co common________ 100
89 Brltlsh-Amor Tobao ord._£l * 1 7 1 2 18'*
Debenture stock______100
Eastern Steel..................... 100
78 Brlt-Am Tobao, bearer..£1 * 17«2 LSI*
28 Brlt-Am Tobao, rights........
Empire Steel A Iron oom.100
*0'i 7U
Preferred....... ..........
100
75 Conloy Foil...............
1 0 0 275 326
210 Johnson Tin Foil A M e t.100 110 120
Hercules Powder com__ 100
Preferred_____________100
103 MacAndrews A Forbes..100 146 166
110
Nlles-Bement-Pond co m .100
Preferred....................... 100 90
95
Preferred..__________ 100
100 Reynolds (R J) Tobacco. 1 0 0 620 465
240
Phelps-Dodge Corp____ 100
B common s to r k ..___ 100 406 430
Soovlll Manufacturing_ 100
_
10
Preferred______ ______ 1 0 0 103 107
Thomas Iron.......... ............50
35
Young (J 8) Co................. 1 0 0 126 136
Winchester Co c o m .._ 100
_
Preferred..................... 100 95 106
IOO'
1st preferred_________ 100
2nd preferred___
70
Woodward Iron________ 100
43
SLort Term N otes—Per Cent.
90
Preferred________
Am Cot Oil 6s 1924. .M AS J O
il 97
Amer Tel A Tel 6s 1924. FA A 0|l4 9434
Public Utilities
0% notes 1922.......... AAO
9|3.i 05>s
121
Amer Gas A Elec 0 0 m____50
Anaconda Cop Min '29. JAJ 9 iti U >4
S
40 Canadian Pao 6a 1924.MAS il 91
Preferred...............
50
041*
184
Amer Lt A Trao eom___ 100
Del A Hudson 6« 1920.. FA A 991 99i*
*
00
Preferred.......... .......... 100
Fedoral Sug Rfg 0s 1924MAN 95N 1)01 *
61
Amer Power A Lt 0 0 m___100
General Eleo 6s 1020... JAJ 097g 1003*
71 Oreat North 5b 1020...MAS 9S12 99ii
Preferred..................... 100
10 K G Torrn Ry 4 Ha 1921.JAJ 9U* 901*
Amer Publlo Utilities 0 0 m 100
25
Preferred.............
100
0s Nov 16 1023 .MAN 16 97l< O I4
3
Carolina PowALIght com 100 35 37
Lacledo Oas 7s Jail 1929... OH* 95>,
Cities Service Go com_ 100 364 368
_
Liggett AM yersTobOs'31 JA n OSlg 083*
Preferred_____________100 70U 71
N Y Cent 0s 1920..MAS 16 09ls 991$
Colorado Power com___ 100
18
15
Penn C o 4 H s 1921..JAD 16 9034 07U
Preferred_____________ 100 92 100 Pub Her Corp NJ 7s ’22.MAS 85
fl»a
Com'w'th Pow Ry A I,t_.100 18
20 Sloss Slief H A I 0H '29. FA A 01
03
Preferred_____________ 1 0 0 39
41
Southern Ry 0s 1922__ MAS
031* 94'a
Eleo Bond A Share pref._100 d85
90 HwlftACo 0s 1921_ FAA 16
9834 091.
_
Federal Light A Traotlon.100
6
9 Utah Sec Corp 6s '22.MAS 16 84
86
Preferred....................... 100 42
49
Great West Pow 5s 1910.JAJ 83
80
Mississippi Ulv Pow eom. 100
9
11
Industrial
Preferred....................... 1 0 0 45
50
and Miscellaneous
First Mtge 6s 1961...JA J 70>2 73
American B rass________ 101 200
20
Northern Ohio ElooCorp.(t)
American Chicle onm___ 100
74
78
Preferred....................... 100
55
Preferred____________ IO
O 74
78
North'n States Pow oom.100 45
60
American Hardware____ 100 137 141
Preferred................... 1 0 0 82
87
Amer Typefounders oom.100 42
46
North Texas Eleo Co 0 0 m 100 68 74
Preferred_____________1 0 0
85
90
Preferred_____________1 0 0 68
74
Borden Comp my 0 0 m ..100 109 111
Pacific Gas A Eleelat pref 100 83
85
Preferred.................
10 0
98
95
Puget 8d Tr L A P co m .. 100
11 Celluloid Company.I.IIlOO 150 too
9
Preferred....................... 1 0 0 48
53
Havana Tobaooo C o___ 100
1
8
Republlo Ry A Light___ 100
15
13
Preferred_________
xo<)
8
10
Preferred.................
10 0
49
46
1st g 6a June 1 1923..J -I) /50
67
South Calif Edison oom ._lo0 8512 89>2 Intorcontlnon Rubb oom.100 12
14
Preferred..............
100 99 102
International Salt............ 100
071* 70
19
Standard Oas A El (D el). 50 •17
1st gold 6s 1051...........A-O
72>|
70
Preferred______________60 *38
40
International Silver pref. 100 *95 07
2 U Lehigh Valley Coal Sales. 60 *80
Tennessee Ry L A P oom.100
2
89
Preferred_____________100
0
7
Royal Baking Pow ooin.,100 130 145
United Gas A Eleo Corp.100
89
Preferred_____________ 1 0 0 85
1st preferred_________ 100
Slngor Manufacturing_ 100 118 152
_
2d preferred_________ 100
021 3<4
*
Singer Mfg L t d ................. £ 1
00
Texas Pao Coal A OH____ 10 *88
68
55
W'houseChurchKerrAOo 1 0 0
__________ _______ _______________________________ 1 0 ________ 00
85
Preforred____________ 0
* Per share 6 Basis, d Purchaser also pays accrued dividend, e New stook
/Flat prloe n Nominal
* Ex-dlvIdend. y Ex-rights. (t) Without pur value
Standard Oil Stocks

8

961

THE CHRONICLE

M ar . 6 1920.1

|lttw£sivtx£tit ittttl jRciilt'Cftxit ^ntcXXxgctict.
The following table shows the gross
Tho first two columns of figures give
X t e S w e e k or month;
columns the earnings for the period from Jan. 1 to and including the latest weeR or monen.

oan bo obtaiuod.

_____
”

me

HOADS.

Week or
M onth.

Current
Year.

Previous
Year.

Current
Year.

'

ROADS.

Previous
Year.

J a n . 1 to Latest Date.

Latest Gross Earnings.

J a n . 1 to Latest Date.

Week or
M onth.

S

Current
Year.

______ ____ _

j

are brought together separately on a subsequent p a ge. __________ _
Latest Gross Earnings.

K

The returns o f the electric ra ilw a y*

Previous
Year.

Current
Year.

Previous
Year.

$

$
305,361
293,970
$
S
S
293,970 305,361
$
213.514
241,284 M on ongahela-----------January
224,328
296,302
224,328 213,514
29(5,302 241,284
January
Alabam a 8c V lcksb .
84,158
508,476 M onongahela C o n n . January
80,010
584,003
84,158
65.712
76,016
80,010
Ann A rb or_________ 2d wk Feb
January
M o n to u r ...............
13,028,539
2,154,691 1,513,977
20177970 13028539 20.177.970
2,154,691 1,513.977
A tch T opeka & S Fe January
N ashv
32,751
440,012 C hatt & St L January
29,254
2,761
2,591,019 1,440,012 2,591.019 I ,
3,238
G u lf O olo & S F e. January
N ovada- Cal- Orogon 3d wk Fob
183.836
403.437
169,476
768.770
768,770 403,437
169,476 183,836
Panhandle 8c 8 Fe January
129,674
381,525 N ovada N o rth e rn .. January
127,269
523,803
127,269 129,674
523,803 381,525
Atlanta ISirin 8c A tl. January
176,213
222,015 N ewburgh & Sou Sh January
202,872
277,527
176,213
277,527 222.015
202,872
Atlanta & West P t . January
505,693
295,540 N ow Orl Groat N o r. January
730,236
260,864
260,864 295,540
730.236 505,693
A tlantic C ity ______ January
N ow Orl & N or East January
96,639
172,446
96,639
6,820.139 5.887.841 6,820,139 5,887.841
172,446
January
Atlantic Coast Lina.
N O Toxas & M o x .. January
121.862
142.936
17343668 13332116 17,343.668 13,332,116
142.936 121,862
Baltim ore & O h io .. January
Beaum S L & W ._ January
400,708
607.936
127.656
214.879
127,686
214;879
607.936 400,708
B & O Oh T e r m .. January
St L Browns & M January
24.821.605
470,484
591.175
30197291 24821605 30.197,291
591,175 470,484
Bangor & A roostook January
605,845
654.495
88.752 N ow Y ork C o n tr a l.. January
102,280
8.239
654.495 605,845
8.918
B ellefonto C e n tr a l.. Decem ber
Ind H arbor B o lt. January
764,567
933.496
256,233
419,786
933.496 764,567
419,786 256,233
B elt Uy o f C h ica go. January
L ake Erio & W ost January
662,851
639.349
5,900,536 6.979.258 5.900,536
6,979,258
639,349 662,851
Bessemer 8c L E r io .. January
M ichigan Contral January
233,556
224,917
146,136
152,151
224,9171 233,556
146,136
153.151
Bingham 8c Garfield January
Cincinnati N o r— January
56,903
35.147
56.903
7,377,259 5,347,881 7.377.259 5,347,881
35,147
Birmingham S outh. January
C lovo C C & St L . January
2,784,240 2,792.840
6,778,276 5,445.484
2,784,240 2,792,840
6,778,276 5,445.484
Boston & M a ine___ January
Pitts Sc Lake Erie January
600.981
774,010
774,010 600.981
B uff R och * P ittsb . 4th wk Feb 472,807 293,583 2,828,865 2,612.645
T o l & Ohio C e n t. January
267,964
339,985
192,810
226.498
192,810
226,498
339,985 267,964 2,193,657 2,069.363
B uffalo & S usq_____ January
Kanawha & M ich January
I I . 474.528
2,193,657 2,069,363
Canadian Nat Itys. 3d wk Fob 1,552,908 1.572.152 2 038.990 23,579,000 N Y C hic & St Louis January
7,336.773
10313075 7,336,773 10.313.075
Canadian P acific___ 4 th wk Fob 3,472.000 2,591,000 26,877,000
793,522
735.167
310,165 N Y N II & I la r t f-- January
357,394 310,165 . 357,39 4
735,167 793,522
C an Pac Linos in M o January
333,066
331.178
487,897 N Y Ont & W estern January
616,785
616.785 487,897
331,178 333,066
C aro Clinch Sc O h io. January
6,100,013
N Y Susq & W e s t .. January
2,411,342 1,658,805 2,411.342 1,658,805 N orfolk & W ostcrn . January
6,835,195 6,100,013 6,835,195
Central o f G e o r g ia .. January
481,422
743,611
481,422
Central HR of N J__ December 3,910.766 3.559.8S9 44,837.302 14.790,670 N orfolk S o u th e rn .. January
743,611
111,655
148,846
819,438
531,710
111,655
531,710 819,438
C ent Now England- January
148,846
432.297 N orthorn A la b a m a . January
536,501
7,934,352 9,451,062 7,934,352
432,297
536,501
9.451,062
Central Verm ont___ January
N orthern P a cific___JanuaryJ
76.836
97.327
76,836
323.620 319.81 1 3,121,636 3,015,886
Charleston Sc VV Car December
97.327
M inn & In te rn a l. January
383,404
580,690
6,420,510 6,032,070 6,420,510 6,032,070 N orthw estornPacific January
Cites 8c Ohio L in o s .. January
580,690 383,404
5,620.594
2,032,652 2,541.179 2.032,652
459.484 4,824,243 30.477,482
2.541.179
C hicago 8c A lton ___ January
330.219
Pacific C o a s t............Decem ber
16570348 li6 4 7 0 S 0 16,570.348 11,6 47.0S0 Pennsylvania R R . . January
C hic Burl & Q u in cy. January
30039972 30477482 30,039,972
88,076
60,009
88.076
2,932,417 2,093,216 2,932.417 2,093.216
C h ic a g otv I'ifirni III.. January
* East i l l . .
60,009
B alt
481.047
483,149
I,
653.617 Ches & A t l - . January
nhlPflvn Groat Wncl. January
mvi i. West
C hicago
2,257,561 1,653.617 2,257,561
483,149 481,047
Cum berland V a il. January
1,499,582
867,334
1,312,817 867,33 4 1,312.817
C hic Bid 8c L o u ls v .. January
1,656,572 1,499.582 1,656.572
L ong Island..........January
83,468
314,80 4
45.255
348,064
83,468
C hicago J u n c tio n .. January
318,064 314,804
45,255
M a ry D el & V a ._ January
615,810
580,492
C hic M ilw & St Paul January
14533590 11193868 14.533.590 11,193,868
580,492 615,810
N Y Phila & N o r. January
161,732
180,591
161,732
C hic 8c N orth W est. January
13093062 9,795.841 13,093,062 9,795,841
180,591
T o l Poor & W e st. January
735,887
704.232
I 59,282 I .734.078 2.1 17.4(6
735,887
161.302
C hic Peoria * St, L. December
704,232
W Jersoy * Soash January
7,472.886
C hic It 1 & P a c ific .. January
12344566 8,002,957 12.344,566 8,002,957
9,506,991 7,472,886 9,506,991
514.778
835,112
371,329 Pennsylvania C o — 'January
661,012
514,778
C hic It I & G u lf.. January
661,042 .371.329
835,112
Grand Rap & Ind January
7,377,273
C hic St P M & O m . January
2,910.424 2,314,847 2,910,424 2,314.847
10580512 7,377,273 10,580,512
Pitts C C & St L . January
104.721
147,228
3 47,389
437.160
104,721
437,160 347,389
Clile Terre 11 8c S E . January
147,228
January
2,4 /3 ,4 3 3
233,143 Peoria * Pekin U n. January
376.155
C ine Ind 8c Western January
376,155 233,143
3,116,812 2,473,433 3,116,812
Pero M arquetto-----79,503
108,520
79,503
1,756,312 1,511.116 1,756,312 1,511,116 P e rk lo m o n -------------- January
Oin N O * Tox P ac. January
108,520
115,283
83,196
115,283
C blo & Southern___ 3d wk Fob 490,381 489,011 3,742,139 3,364,627 Phila Beth & N E - . January
83.196
6,931.822 5,950.980
773.785
773.785 1,101,037
1.101,037
F t W * Don C ity . January
6,931,822 5,950,980
120,546
Phila & R e a d in g ... January
128,570
116.211
174.012
120,546
116,211
174,012
Trln & B ra/os val January .
128,570
100,502
Pittsb * S h a w m u t-. January
1 28.85/
96,283
100.502
48,876
98.283
48.876
C qIo & W yom ing___ January
128,857
Pitts Shaw & N orth January
122,254
163,115
2 8 /,x t4
122,254
4 /2 .3 9 ; 12.433,7 78 I I .
C ub v it ulr ii,nt ____ November 1.022.351
163,115
224.436
Pittsb & Wost V a _ . January
190,989
Delaware & Hudson January
2,771,965 2,663,954 2,771,965 2,663,95 4 Port R oading............ January
190,989 224,436
84,483
123.104
5.892.885 5,699,053
84,483
Del Lack * W est___ January
5,892,885 5,699,053
123,104
760,370
Oulncy Om & K C . . January
692.558
3,420,841 2,568,465 3,420,811 2,568,465
D on v & R io Grande January
692,558 760,370
Rich Fred & P o to m . January
446,805
375,627
136,684
245,670
136.684
446,805
Denver * Salt Lake January
245,670
375,627
327,564
W ash S ou th ern .. January
483.992
100.785
118,312
100.785
D otroit & M ackinac January
118,312
483,992 327,564
_____________________ January
230,562
Rutland
291,407
362,987
351.380
D etroit T ol * trou t. January
351,380 362,987
291,407 230.562 7,023.169 5,803,741
January
205.123 St Jos & Grand Isl’d January
186.360
205.123
5,803,741
D ot & Tol Shore L ._ January
186.360
7,023,169
1 ,i o l .032
St Louis-San F r a n ..
102,527
127,722
102.527
Dul & Iron R a n g e ._ January
100,059 1.000. 481 1,366,344
127.722
177,637
F t W * Rio G ran . ‘ December
192,019
1 14.691
192,049
Dill M lssaoo * .s o r. January
93,936 1,537,011
i l l ,691
131,163
999,276
St L-S F o r T exa s. Decem ber
487,164
522.487
64,901
Dul Sou Shore & A tl 3d wk Fob
57,768
1,569,739 999,276 1,569,739
500.521
St Louis Southw ost. January
762,378
D uluth Winn * Pac Decem ber
160,936 147.986 1,913.689 1,712.066
762,378 500.521
January
99.622
St L S W o f Toxas
98,596
116,068
115,385
98.596
East St Louts C on n . January
99.622
115,385
146,068
January
4,3VU.335
4.. 4' n.iivii
1,740.539 1,952,204 St Louis T ra n s fe r.. i lecem ocr
Elgin Joliet * E ast- January
3ti'i >i' ■
1,740.539 1,952.204
4 IX,4l)o
3,340,297
San Ant * Aran Pass
El Paso * So VVost. January
1,350,835 1,080.832 1,350.835 1,080,832
4,795,244 3,340,297 4,795,244
167,743
L in o .. January
86,546
8,193,917 6,95 4.625 8,193.917 6,954,625 SoaboarduAir lo-------- January
Erle R ailroad______ January
167,743
86,546
12,923,801
823,272 South B ffa
998,352
C hicago v E r ie .. January
ie
998,352 823.272
16110253 12923801 16.110,253
3/0,881
Soutliorn P acific— January
3 69,86/
Florida East C oast. January
1,189,953 1,008,152 1,189.953 .1,008,152
370,881
369,867
January
1.815,651
Arizona Eastorn.
93,504
108.521
Fonda Johns & G lov January
93,504
108,521
2,125,560 1,815.651 2.125,560
685.635
G alv Harris & S A January
114,334
073.261
154,495
Ft Smith & Western January
114,3.34
154,495
685,635 I .
1,073,261
192.977
H o u s * T ox C e n t, January
86,013
217.179
88.287
Galveston W harf___ January
86,013
88,287
192,977
217,179
338,091
llo u s E & W T o x . January
480,675
6.389,987 6.716.502
Georgia R ailroad___ December
637.528
521.631
480,675 338,091
Louisiana W estorn January
696,359
114,13,2
78.845
902,925
Georgia * F lo rid a .. January
78.845
114,132
902,925 696,359
580,959
M org La & Texas January
336,770
837,319
343,165
Grd Trk L in N ow E January
343,165 336.770
837,319 580,959
10.126.429
Toxas & Now O rl. January
Grand Trunk S y s t .. 3d wk Fob 928,693 974,220 8,452.082 7,226,156
14045676 10126429 14,045,676
813.239
Southorn R a ilw a y .- January
919,017
K- Grd Trunk VVest. January
1,842,009 1,623.464 1,842,009 1.623,464
919,017 813,239
Ala Great S outh. January
1,215.143
Groat N orth System January
10151935 8,874,400 10,151,935 8.874,400
1,590.717 1,215,143 1.590./17
M obilo Sc O h io— January
480,907
Green Bay * W est. Docom ber
561,918
78,755 1,213.613 1,019,055
83,091
561,918 480,907
Georgia Sou * Fla January
145,356
194,666
327,688
G u lf M ob ile * N or. January
194,666
222.146
327,688
145,356
222,146
South R y in M iss. January
7 /.7 0 7
175,865
273.119
G u lf * Ship Island- January f
175,865
1 3 /,1 5 /
273,119
77.707
137.157
Spokane In to rn a t.. January
553,083
509.763
760.287
H ocking va lley____ January
1,121,113 509,763 1,121,118
760,287 553.083
January
184.506
Illinois C entral____ January
168.175
12255892 8,503,956 12,255,892 8,503.956 Spok P ortl & Seattle January
168,175 184,506
Island R T ._
16,860
Internet & Grt N o r. January
22,765
1,728,575 1,105,735 1,728,575 1,105,735 StatonAla & Georgia 3d wk Fob
2,303
3,397
Tonn
243,037
60.791
149,575
Kan C ity M ox * Or January
60,791
288,760
1 19,575
288,760 243,037
300,710
77.131 1,322.209 1.188.656 Tennessee C o n tr a l.. January
364,506
K U M ox at O o f Tux December
166.143
364,506 300,710
Term R R Assn o f S tL January
255,874
333,818
Kansas C ity S outh. January
1,498,995 1,263.651 1,498,995 1,263,651
333,848 255.874
St L M er Bridgo T January
4,465,945
98.108
157,771
98,108
Toxark * Ft S in . . January
157,771
589,843 5 .1 9 2 .4 /8
727,211
575.622
107,669 Toxas Sc P a cific------ 3d wk Feb 813,446 675.622
126.818
813,446
107,669
126,818
Kansas C ity T e rm . . January
57,989
206,405 T olod o St L & W ost. January
197,499
90,990
197.499 206,405
Lehigh * Hud River January
57,989
90,990
8.594,474
307,127 U ls t e r * D o la w a ro .. January
368.360
II,
726,007
_______
368.360 307,127
Lehigh Sc N ow E n g. January
11726007 8.594,474
Union P acific---------- January
2,945.632
5.487,476 5,062,564
5,487,476 5,062.564
Lehigh Valiev......... Ijanuary
„,n ,o y _____
4,168,426 2.945,532 4,168,426 2,033.603
Oregon Short Lino January
1,631,856 1,300,741 1.631.856 1,300,741
Los A ng * Salt Lake January
2,900,244 2,033.603 2.900.244
• Oro-Wash It R * N January
582,956
156.192
318,052
318.052
156,192
6 8 / ,658
Louisiana & A rkan. January
587,658 682,956
Union R R (P e n n ).. January
321.837 274.390 3,512.033 3,078,058
Louisiana Ry * NaV
120,095 1,309.865 1,409.236
169.187
Decem ber
U ta h .........................
271.586
390,282
10269714 8,256,212 10,209,714 8,256,221
Louisville & N a sh v . .
271,586
390,282
957.410
238,687 Vicks Shrove & P a c. January
251,341
238,687
251.341
Loulsv uon d * St L ,
1,298.987 957,410 1,298,987 4.556.981
Virginian R R ---------- January
1,604.345 1.416,415 1,604.345 1,416.415
M aine C entral..........
4,622,171 4.556.981 4,622,171 1,331.608
W abash R R ------------ January
301.452
385.987
1.4 I /, 548
385,987 304,452
M idland Valiev
1.4! 7.548 1,3 3 1,668
W ostcrn M aryland. January
870,857
149.322
95,686
18,542
11,598
Mineral R ango_____ _
870,857 1.346.473
1,348,473
Wostorn P a cific------ January
225.898
925.821
263.690
1,502.750 925,821 1,502,750
M innoap jc at Louis ,
263,690 225.898
January
779,416
3,175,355 3,492,201 3,175.355 W ostcrn R y o f A la .. January
3,492,201
M nil St P * a S M .
779,416 1.034.541
1,034,541
131,655
74,705 W hool & Lako E rio.
75,814
74,705
201.076
75.814
Mississippi C entral.
131,655
201,076
W ichita F a lls * N W January
3,473,857 2,623.357 3.473.857 2,623,357 Y a zoo & M iss Valley January
1,860,167 2,604.769 1,860,167
M issouri Kan & Tox January
2,604,769
1,740,154 2,584,698 1,740,154
2,584,698
M o K * t Ky o f Tex'January
139,884
167,544
139,884
167,544
M o & N orth A rkan. IJanuary
101,088
174.084
101,088
174.084
M o Okia * G u lf____January
10195227 6.810,631 10,495,227 6,810,631
MIss0Urj p a cific____ 'January

AGGREGATE OF GROSS EARNINGS— Weekly and Monthly.
* Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

$
+ 581,204
6,424, 278
7.005,482
+ 80.3S8
8.262, 309
8,312,697
— 245,183
8.671, 764
7,426,581
11,528,338 10,498, ,450 + 1,029,888
+ 743.086
5.151, ,529
5,894,615
6.827, 044 + 1,221,646
8,048,690
+ 154,716
7.029 ,507
7,184,286
+ 777.233
8.861 ,350
9.038.583
6,689 ,392 +1.150,467
7,839,859
6,960 ,560 + 1,215,017
8.175.583
+ 212.937
0.736 ,310
6.949,253
•We no longer Include M exican rimUs in any of our totals.




*Monthlg Summaries.
9.05
0.97
2.88
9.83
14.42
17.89

2.20

8.77
17.50
17.45
3.16

Current
Year.

Previous
Year.

C urr.Y r. Prev Yr
Mileage.
February . ..2 3 2 ,9 5 7 233 ,266 351 ,048.747 289,392,150
M arch------ ..2 2 6 ,0 8 6 225 ,631 375 ,772,750 365,096,335
A p ril-------- -.2 3 2 ,7 0 8 233 ,251 388 ,697.894 370,710,999
M a y _____ -.2 3 3 ,9 3 1 234 ,339 413 ,190,468 378,058.163
J u n o _____ ..2 3 2 ,1 6 9 232 ,682 424 ,035.872 393,265,898
Ju ly............ 226,654 226 ,934 454 ,588,513 469,246,733
August — -.2 3 3 ,4 2 3 233 ,203 469 ,868,678 502,505,334
Septem ber -.2 3 2 ,7 7 2 232 ,349 495 ,123,397 485,870,475
O cto b e r. . . ..2 3 3 ,1 9 2 233 ,136 508 ,023,854 489.081,358
N ovem ber -.2 3 3 ,0 3 2 232 ,911 436 ,436,551 439,029,989
D ecem ber. ..2 3 3 .8 9 9 233 ,814 451 .991.330 440,481.121

Increase or
Decrease.

%

$
+ 6 1 ,65 6 ,597 21.31
+ 10,676 ,415 2.90
+ 17,986 ,895 4.85
+ 35 ,13 2 ,305 9.29
+ 30 ,76 9 ,974 7.83
— 14,658 ,220 3.13
— 32,636 .656 6.40
+ 9,252 ,922 1.97
+ 18,942 ,496 3.87
— 2,593 ,438 0 59
+ 11,510 ,209 2.61

962

THE CHRONICLE

Latest Gross Earnings by Weeks.— In the table which
we sum UP separately the earnings for the third week
of February. The table covers 13 roads and shows 3 .1 6 %
increase in the aggregate over the same week last year:

R oads.

(Vol. 110.
— Gross E arn in gs ---Current
P reciou s
Y ea r.
Y ea r.

$

----- N et E a rn in gs -----C urrent
Y ea r.

P recio u s
Y ea r.

S
304,452
59,436
34,122
925,821
321,512 d efl77 .1 8 9
3,175,355
309,260
565,645
T hird W eek o f F ebruary.
1920.
1919.
Increa se. D ecrea se.
74,705 d o fl9 .9 4 7 defl3,561
$
$
$
B uffalo R ochester & Pittsburgh
139,884 d o fl8 ,8 4 5 d o f5 1 ,793
273,056
293,583
20.527
Canadian N ational R y s ___
* 1,552,908 1,572,162
2,623,357
19,244
695,299
55,940
Canadian P acific
2,901,000
172*666
1.740,154 d o fl8 6 ,1 8 8 d e fll0 ,3 4 5
C olorado & S ou th ern ..
490,384
D uluth South Shore & A tl
101.088 def87,343 def63,816
57,768
64,901
7,133
6,810.631 2,507,140 def78,380
Grand Trunk Western
213,514
61,059 dof38,567
D etroit Grand H aven & M ID
928,693
974,220
45,527
84,158 d efl9,12 7 def30,587
M ineral R an ge____
1,513,977
11.598
415,387 d efl24 ,1 6 9
18,542
6,944
Nevada-California-Orogon . .
'
3,238
2,761
182,836
477
68,349
82,448
Tonnossoo A labam a & Georgia
3,397
2,303
1,094
G eorgia. .
Texas & P a cific____
129,674
7,168
9,144
727,211
176.213
15,664
23,678
T otal (13 ro a d s)..............
505,693
6,949,253j 6,736,316 312,312
193,997
76,923
99,375
N et increase ( 3 ,1 6 % ) ..
96,639
212,937
8,753 d of36,610
121,862
17,592
21,469
t '1UU, i UO
1 /Z .O U /
400,708
172,507
104,169
N e t E a r n in g s M o n t h l y t o L a t e s t D a t e s .— The table
N ew Y ork C e n t r a l . b . _ - Jan3 0 ,197,2 9 i 2-1,821,605 6,725,687 4,285,434
following shows the gross and net earnings with charges and
Cincinnati N o r t h .b ...J a n
224,917
233 5 5 6
32,037
39,907
C leve Cin Chic & St L b Jan 7,377,259 5,347,881 2.149,916
surplus of S T E A M railroad and industrial companies
739,511
654,495
Ind H arbor B e lt .b ------ Jan
ported this week:
605,845 d e f139,438
41,691
Kanawha & M i c h .b ... J a n
339,985
267,964 d ef28,459 d e f9 1 ,046
-----G ross E a rn in g s ------- N e t E a rn in g s ----Lako Erie & W e s t .b -.J a n
933,496
764,567
126,389 def40,156
C urrent
Previous
Current
P revious
Roads.
M ichigan C e n t r a l.b ._ .J a n 6,979,258 5,900,536 1,365.553
Y ea r .
Y ea r.
Y ea r .
Y ea r.
1.304,413
Pitts & Lake E r ie .b ___Jan 2,784,240 2,792.840
S
S
$
$
267,355
743,280
Ala & V icksburg, b ..........Jan
T ol & Ohio C e n tra l.b . Jan
774,010
296,302
241.284
600,981 d e f33,221 d ef 114,781
84,138
39,160
A nn A rb o r, b ..................... Jan
N Y C hic & St L . b ----------Jan 2,193,657 2.069,363
455,984
376,209
413,521
405,902
96,264
55,767
N Y N H & IIartford .b-JanlO .313,075 7,336,773 1,267,679 dof312,593
AtS , £ ° £ f i a" t a f e- b - - J an20,177,970 13.028,539 8,162.441 2.29o’,910
N ew Y ork Ont & W e st.b .J a n
735,167
793,522 d e f170,396 dof44,331
pS
I e ' bJan 2,591,019 1.440,012
805,702
285,114
331,178
N Y Susq & W e s t .b -------- Jan
333,066 d e f78,971
Panhandle & S F e .b — Jan
768,770
403,437
38,868
158,760 d efl36,189
N orfolk & W e s t e r n .b ...J a n 6,835,195 6,100,013
818,340
852,234
A tlanta & W est P o in t.b .J a n 277,527
222,015
80,341
52,090
N orfolk S ou th ern .b ..........Jan
743,611
481,422
184,071 dof21,362
A tlanta Birm & A t l . b — Jan
523,803
381,525
Northorn A la b a m a .b ____ Jan
148,846
41,529 d e f128,842
111,655
43,699 d o fl 1,933
A tlantic C oast L i n e .b .- .J a n 6,820,139 5,887,841 1.665,688 1,522,786 Northern P a c ific .b -------- Jan 9,451,062 7,934,352 2.820,210 1,969.252
97,327
M inn & In te rn a t.b ___Jan
76,836
14,726
dof2,300
OW° - b - — Jan17,343’667 1 3,3 32 4 1 6 L 4 6 4 !5 7 9 d f 1,173,015 Northwostorn P a cific, b . .Jan
58o!690
383,404
105,557 d o fl 2,666
B & O C hicago T e r m .b ..J a n
214,879
127.686 d ef 11,760 d efl2 7 127
......... Jan30,039,972 3 0,477,482df2.49l!o32
P en n sylva n ia.b
567,155
B an g or & A r o o s t o o k .b ..J a n
591,175
470,484
B alt Chos & A t l . b ------ Jan
60,009
145,882
53,165
88,076 dof38,777
135
B e lt R y o f C h ic a g o , b ____ J an
419,786
Cum berland V a lle y .b .J a n
483,149
256,233
46,093 d ef 33,185
481,047
117,358
83.063
B essem er & L a k e E r i e . b . Jan
L ong Is la n d .b ................ Jan 1,656,572 1,499,582 d ofl22,635 d of98,200
639,349
662,851 d ef92,424 def42,678
M a ry D el & W o s t .b ...J a n
45,255
B in g h a m & G a r fie ld , b . - J a n
83,468 dof38,653
152,151
dof234
146,136
33,026
18,286
M o n o n g a h e ia . b _______ Jan
293,970
305.361
dof 0,252
B irm in g h a m S o u t h . b . . . J a n
75,213
35,147
56,903
def4,596
N Y P h ila & N o r f o lk . b Ja n
24,090
580,492
615,810 dof38,433
130,092
B o s t o n & M a i n e .b .............J a n 6 ,7 7 8 ,2 7 6
T o l P e o ria & W e s t . b . . J a n
5,445,484
409,697
180.591
19,614
161.732
16,816
29,143
B u ffa lo & S u s q . b . .............J an
226 ,49 8
W e s t Jer & Sea S h o r o .b J a n
_ _
704,232
192,810 d e f12,815 defl5,54 2
735,887 def299,981 d e fl 90.176
P e n n sy lv a n ia C o . b . . . J a n 9,506^991
B u f f R o c h & P i t t s . b ------J a n 1 ,3 2 2 ,7 0 3
______
7,472,886
999,728 dof330,566
1,400,274 d ef 102,315 def53,101
G ran d R a p & I n d .b .. .J a n
8 35 ,11 2
614.778
139.055 dof70,988
C a n a d ia n P a c i f i c .a ------- J a n l3 ,9 1 4 ,5 7 0 13,0 28 ,3 2 8
585,941 1.553,512
P itts C in C h i & S t L . b . Jan 1 0,580,512 7,377,273
1,889,437
251,065
C a n P a c L in es In M e . b . _ J a n
3 5 7 ,3 9 4
3 1 0 ,1 6 5
d efl0,60 8 def53,395
P e o ria & P ek in U n i o n .b .J a n
147,228
104,721
dof 7,602 dof43,269
C a r o C lin c h & O h io , b ___ J an
616 ,78 5
P e ro M a r q u e t t e .b _______ Jan 3 ,1 1 6 ,8 1 2
487.897
129,823 '
2,473,433
114,090
320,400
328,402
Central of Georgia.b___ Jan 2,411,342 1.658,805
108.520
P e r k i o m e n .b .........................J an
79.503
42,745
603,140
28,497
70.357
P h ila d e lp h ia & R e a d . b . . J a n 6 ,9 3 1 ,8 2 2 5,950,980
C e n tr a l N e w E n g l a n d .b . Jan
536 ,71 0
527,492
90,511
519,438 defl30,197 d efl4,211
P h ila B e th & N e w E n g .b .J a n
8 3 ,1 96
115,283 d e f12,963
C e n tr a l V e r m o n t , b -------- J an
536,501
23,391
432,297 def48,172 def75,242
P itts & S h a w m u t .b ...........Jan
128,570
120.546
21,333
dof386
C h es a p ea k e & O h i o . b - . _ J a n 6 ,4 2 0 ,5 1 0 6,032,070
P it ts S haw & N o r t h .b . _ .J a n
1.083,547 1,087,740
128,857
100,502 def20,243 defl9,45 6
C h ic a g o & A l t o n . b ______ J a n 2 ,5 4 1 ,1 7 9 2,032,652
P itts & W e s t V i r g . b ...........Jan
163,115
122,254 d ef 17,550 dof5H,128
363,640
173,914
P o r t R o a d i n g .b .................. Jan
190,989
C h ic a g o & N o r t h W e s t _ b J a n l3 ,0 9 3 ,0 6 2 9,795.841 1,416,286
224,436
53,763
24.079
557,437
Q u in cy O m & K C . b ____ Jan
123,104
84,483
C h ic & E a s t I l l i n o i s .b _ J an 2 ,9 3 2 ,4 1 7 2.093,216
_
681 def 18,032
821,976
13,391
R ic h F re d & P o t . b .............Jan
692,558
760,370
311,087
394.391
C h ic a g o G r e a t W e s t . b - . J a n 2 ,2 5 7,56 1
1,653,617
437,346
W a s h in g to n S o u t h .b .. J a n
99,218
375,627
446,805
152,152
247,413
O h ic In d & L o u i s v .b ___ J an 1 ,3 1 2,81 7
R u t la n d , b . . ......................... Jan
867,334
483,992
285,323
327,564
94,724
77.005 dof39,851
C h ic a g o J u n c t i o n . b -------- J an
3 48 ,06 4
______
291,407
--------Jan
348-064
314,804 d ef43,096 d e fl0 4 996 S t J o se p h & G r I s . b ...........Jan
230,662
46.119
d ef 2.799
S t L o u is San F r a n . b ____ Jan 7 ,0 2 3 ,1 6 9
5.803,741
Ch R
K ' " ' J a n l4 '5 33 ’5!)0 11,193,868 2.092,207 defl2.07 6
,
975,768
566,336
St
999.276
S c R I & p u lf.b■ ■ • ■ a n l2 '344'566 8.022.957 2,809.307
r u
^ _____Jan
46.059_______L o u is S o u t h w o s t .b ___ Jan 1,5 6 9,73 9
548,324
180,989
OW
G u lf.b ------ Jan
C
lA
Q7i oon
ooo r^«r
,
G
661,042O
S t L S o u th w o f T e x . b .J a n
762,378
371,329
232,997
def5,316
500,521 dofl90,861 dofl42,307
C h ic St P M & O m .b ------ Jan 2,910,424
S t L o u is T r a n s f o r .b _____ Jan
146,068
2,314,847
856,346
469,028
99,622
21,370
20,871
C h ic T erre H aute & S E . bJan
437,160
S e a b o a rd A ir L i n o . b ____ Jan 4 ,7 9 5 !2 4 4
347,389
41,071 def25.498
3,340,297 1,195,296
322,909
C in Ind & W e ste rn .b ------ Jan
376,155
S o u th B u f f a l o . b . ................Jan
86,5 46
233.143
11,034 def65.446
167,743
11,216
53,691
Cin N ew Orl & Tex P a c. bJan 1,756,312 1,511,116
477,617
439,940
12,923,801 4,351,994 2,738,614
C olorado & S o u th e r n .b ..J a n 1,222,633 1,089,357
A riz o n a E a s t e r n .b -------J an
369 ,86 7
346,518
263.942
370,881
132,554
123,480
F t W orth & Den C itybJan 1,101,037
G a lv H arris S A . b -------Jan 2 ,1 2 5 ,5 6 0
773.785
281,653
163,080
1,816,651
500,089
421,952
T rin ity & Braz V a l.b _ .J a n
174,012
H o u s t & T o x C e n t -b _ _ J a n 1,073,261
11 6 .2 11
def40,467 def35,580
685,635
333,700
111,588
C olorado & W y o m in g .b .J a n
48,876
H o u s t E & W T o x a s .b .J a n
217 ,17 9
96,283
323
16,808
192,977
24.303
60,035
Delaware L ack & W est.b J a n 5,892,885 5,699,053
L o u isia n a W o s t e r n .b ..J a n
4 80 ,67 5
616,706 1,198,778
338,091
216,214
113,429
D en ver & R io G r a n d e .b .J a n 3,420,841 2,568,465 1,182,416
M o r g L a & T o x a s . b . . .J a n
902^925
515,305
696,359
405,731
125,339
D en ver & Salt L a k e .b ...J a n
245,670
T oxas & N ow O r l.b ...J a n
8 37 ,3 1 9
_
130,684 d e fl 14,251 d e f i l e , 913
580,959
168,751 d o fl 1,332
D etroit & M a c k i n a c .b ... Jan
118,312
S o u th o rn R a i l w a y .b -------J a n l4 ,0 4 5 ,6 7 6 10,1 26 ,4 2 9
100.785 def35,460 def51,292
3,353,429 1,253,669
D e t & T ol Shore L in e. b .J a n
186,360
A la b a m a G t S o u t h . b . . J a n
9 19 ,01 7
813 ,23 9
205,123
63,690
114,852
278,128
184,954
351,380
D e t T o l & Iro n to n . b ____ Jan
G e o r g ia S ou & F l a . b . . J a n
561 ,91 8
362,987 def45,000 def42,878
408,907
133,295
56,188
D u l M essabe & N o r t h .b .J a n
144,691
M o b i l e * O h i o . b -----------J an 1,5 9 0,71 7
192,049 def334,485 def268,842
1,215,143
41,821 dof42,140
E ast St Louis C o n n .b ...J a n
115,385
S o u th R y in M is s .b _ _ _ J a il
2 22 ,14 6
98,596
145,356
45.002
1,599
760.287
EHinh ° liet& EaSt- b— -T
Jan 1-740,539 1,952,204 ^ 8 6 ,9 8 7 ^547.224 S p o k P o r t & S o a t t l e .b ___ Jan
553.083
271,244
48,935
S p o k I n t e r n a t .b _________ j a n
137,157
77,707
63.802
26,128
C hicago"** E rie .b 11111Jan
6'—
9 .8 6 2
S ta te n Isl R a p T r a n . b . . J a n
823,272 def 279’838 ^ 4 7102,977
168,175
139,699
184,506
8,662
37,236
Florida East C o a s t .b ------ Jan 1,189,953 1.008,152
T o n n e ss co C o n t r a l. b ____ Jan
288,760
421,125
243,037
197,292
53,354 dofl0.20 7
Fonda Johns & G lov ers.bJ a n
108,521
T o r m R R A ssn o f St L . b . Jan
93,504
364,506
39,178
300,710
30,171
53,226 dof40,006
F t S m ith & W e s t e r n .b _ _ J a n
154,495
S t L M B d g o & T o r m .b J a n
___
114,334
333,848
1,679
255,874 dof43,383 dof51,977
10,962
G a lv e s to n W h a r f, b ______Jan
88,287
T o x a s * P a c i f i c . b ------------- Jan 3 ,5 5 9 ,9 2 2 2,731,258
86,013
1,303
23,314
687.715
151,488
G e o r g ia & F lo r id a _________Jan
114,132
T o le d o St L * W e s t . b . . . J a n
8 1 3 ,4 4 6
78,845 dcf56,784 def 16,051
575,622
130,418
91,550
G d T r u n k L in es in N E .b J a n
____, „ v
343,165
U lsto r & D o l a w a r o .b ___ Jan
90,9 90
336,770
57,989
6,337 dofl38,090
dof2,483 dof25,569
G ra n d T r u n k W e s t . b . . . J a n 1 ,8 4 2.00 9
1,623,464 d e fl 10,533
8,694,474 4,883,881 2,873,744
141,972 U n io n P a c i f i c . b ................ J a n l 1,72 6,00 7
G re a t N o r t h o r n . b --------- J a n lO .1 5 1 ,9 3 5
O re S h o rt L i n o . b _____ J an 4 ,1 6 8 ,4 2 6
8,874,400 2,247,971 1,447,789
2.945.532 1,769,686
816,816
G u lf & Ship I s l a n d .b ___ J an
2 7 3 ,11 9
O r o -W a s h R R & N a v .b J a n 2 ,9 0 0 ,2 4 4
175,865
36,800
def6,012
2,033,603
796,927
267,351
G u lf M o b ile & N o r t h .b .J a n
3 2 7 ,6 8 8
V ic k s S hrovo & P a c . b . . . J a n
3 90 ,28 2
194,666
30,434
def6,053
271,586
78.486
33,434
H o c k in g V a lle y , b -------------J an 1 ,1 2 1,11 3
V ir g in ia n . b _ _ ......................j an 1,2 9 8,98 7
509,763
158,901 def229,787
957,410
430,952
97,957
Illin ois C e n t r a l. b ------------J a n 1 2 ,2 55 .8 9 2
W a b a s h .b ........ ..................... j a n 4 ,6 2 2,17 1
8,503,956 2,748,630
4,556,981
324,691
286,252
814,826
In te rn a t & G rea t N o r . b . J a n 1 ,7 2 8,57 5
W e s t R y o f A la . b . ............ J an
2 63 ,69 0
1,105,735
323,158
225,898
93,255
22,981
35,199
K C M e x & O r i e n t . b ____ Jan
149,575
W estern P a cific.b . ......... Jan 1,346,473
60.791 def40,475 d ef85,895
870,857
479,813
146,796
K C M ex & O o f T ex b ..J a n
159,499
W h o o l & L a k o E r i o . b ____ J an 1,034,541
75,003 def24,123 def79,871
779,416
39,173 d o fl 13,803
K a n s a s C it y S o u t h .b ____ J an 1 .4 9 8 ,9 9 5
W ic h ita F alls & N W _ b _ _ J a n
201,076
1.263,651
374,224
131,655 dof53,930
203.049
dof2,134
T e x a r k & F t S m . b -------Jan
157,771
Y a z o o & M is s V a l l o y . b . . J a n 2 ,6 0 4 ,7 6 9 1,860,167
98,108
65,158
3,937
600,279
291.951
K a n s a s C it y T e r m . b ____ J an
126 ,81 8 107.670 d ef 11,988
322
a N et earnings hore given aro after deducting taxos.
L o h ig h & H u d s on River b J an
197,499
206,405
9,148
5,533
L e h ig h & New E n g . b . . . Jan
368,360
b N ot earnings hero given are before deducting taxos.
307,127
103,257
75,731
L e h ig h V a l l e y . b --------------- Jan 5 ,4 8 7 .4 7 6 5,062,564 d ef238,162
276,549
Gross
Met after
L o s A n geles & S alt L _ b _ _ J a n 1 ,6 3 1,85 6
Other
Gross
Fixed
Balance,
1,300,741
485,375
349,799
Earnings.
Taxes.
Income.
Income.
Charges.
L o u is v ille & N a s h v i ll e .b .J a n l O ,2 69 ,71 4 8,256,212
Surplus.
1.456,807
S
S
753,399
S
$
$
S
L o u is v H e n d & St L . b - . J a n
251,341
N Y Chicago & St Louis RR—
238,687
67,732
50,780
M a in e C e n t r a l . b -------------Jan 1 ,6 0 4 ,3 4 5
J an ’20 2,193,657
351,777
29,560
381,337
1,416,415
15,044
366,293
55,188 d e f108,959
’ 19 2,069,363
350,903
13,986
364,889
56,752
308,137




Midland Vailcy.b.......... Jan 385,987
Minneapolis & St L.b.-.Jan 1,502.750
Minn St P & S S M.b.__Jan 3,492,201
Mississippi Central.b__ Jan
75,814
Mo & Nor Ark.b..........Jan 167,544
Mo Kan & Texas.b........Jan 3,473,857
Mo Kan & Tex of Tex.b.Jan 2,584,698
Mo O & Gulf.b______ Jan 174,084
kla
Missouri Pacific, b_Jan 10,495,227
Monongaheia Connect.b. Jan 224,328
Montour, b ---------------- Jan
80,010
Nash Chatt & St L.b.-.Jan 2,154,691
Nevada Northern, b____ Jan 169A76
Newburgh & So Sh.b___ Jan 127,269
Now Orl & Gt Nor.b___ Jan 202,872
New Orl & Nor East. b .. Jan 730,236
New Orl fex & Mex.b_.Jan 172,446
Beau Sour Lake & W b Jan 142.936
St L Browns & Mex.b. Jan 607.936
■
xt
,,
,

E L E C T R IC

963

THE CHRONICLE

M ar . 6 1920.1
R A IL W A Y

AND

P U B L IC

Latest C ross E a rn in g s.
N a m e o f Road
or C om pan y.

Current

y ea r.

M o n th .

U T IL IT Y

1

Jan.

P revious
Y ea r .

to Latest D a te.
Previous
Y ea r .

C urrent
Y ea r .

C ross
E a rn in g s.

CO S.

N et a fter
T axes.

Com m onw ealth
Jan '20 2,598,960 1,046,416
906,213
P ower, R y A L t C o
'19 2,149,554
12 m os ’ 20 26,414,305 10,768,571
’ 19 22,367.145 8,898,424
60,725
153,169
D ec ’ 19
Harrisburg
54,395
135,264
*18
Railways
614,093
12 mos '19 1.603.339
427,767
'18 1,301,116
102,801
332,207
Louisville R ailway D ec '19
126,407
333,899
'18
Co
742,795
12 m os '19 3,537,234
' 18 3,707,689 1,323,718
308.469
882,013
Jan '20
Northern Ohio
224,748
696,194
'19
E lectric C orp
12 m os '20 9,483,718 3,199,074
'19 7,441,612 2.527,980

F ixed
C harges.

B alan ce,
S u rp lu s.

S
352,711
693,705
236,924
669,289
8,233,557 2,534,914
7,624,285 1,274,139
22,643
38,082
16.923
37,472
144,998
469,095
def9,116
436,883
*23.001
84,732
*31,132
96,931
996,920*dof148,828
982,370
*425,904
134,625
173.844
62,184
162,564
2,029.952 1,169,122
734,312
1,793,668

$
$
148.772
192,516
192,516 148.772
A dirondack E l P ow C o January
269.141
304,224
304,224! 269,141
Alabama Powor C o . . January
171.773
184,106
13,371
15,951
A tlantic Shore R y — December
923,122
112,7691 82,935 1,094,675
B angor R y & E lectric D ecem ber
31,272
• 39,069
39,0691 31,272
Baton Rougo E lec C o January
235,183
287,066
287,0661 235,183
Blacks tone V G & E l. January
W 3>l»0/8M 10j»/«3O T-IO O O /101894000
{/Brazilian Trac, L A P December
52,190
49,082
52,190
49,082
Capo Breton Elec C o . January
339.076
424.475
30,700
41,923
Cent Miss V E l P rop . December
177,162 1,915,817 1,843,947
188,865
C hattanooga R y & Lt D ecem ber
1905,782 1853,598 1,905,782 1,853,598
Cities Service C o ------- lanuary
511,630
633.061
51,442
55,068
Olovo Palnesv & East N ovem ber
* After allowing for othor incom e received^
908.280 1,060.971
91,485 109,350
C olorado Power C o . . O ctobor
— Net after Taxes--------- ■Surp. after Chges.—
-Gross
1402,312 1188,807 1,402,312 1,188.807
1920.
1919.
(/Columbia Gas & Elec January
1919.
1920.
121,785
1920.
1919.
141,805
141,805 121,785
$
$
C olum bus (Ga) E l C o January
%
S
2.598,960 2,149,553
$
S
2598,960 2149,553
C om ’w ’th P . R y & Lt January
110.682
125,057
125,057 110,682
Baton Rouge Elec Co—
C onnecticu t I’ow C o . January
10,539
12,332
14,114
682,731
15,862
848,934
J a n u a ry ...
39,069
31,272
848,934 682,731
Consum Pow (M ich ). January
83,133
100,095
124,859
141,443
379,065
277,551
12 mos___
262,658 286,401 2,768.600 3,226.900
fOum b C o (M o) P & L D ocom bor
271,626
329.419
329,419 271,626
Co—
D a y ton Pow & L ig h t. January
26,758
74,153
1,854,982 1,470.679 Blackstone Valley Gas A Elec235,183
51,716
99.633
1854,982 1470,679
la n u a ry ...
287,066
(/D etroit E d ison _____ January
17.278.782
403,109
471,691
687,897
769,151
12 mos___ 2,698,911 2,493,221
(/D etroit United Lines N ovem ber 2203,587 1606,536 22.422.746
-148,669
167,432
167,432 148,669
Duluth-Superior Trac January
9,785
423,985 406,855 4,258.919 4,215,887 Cape Breton Elec Co, Ltd— 52,190
def596
15,233
4,947
East St Louis A S u b . - D ecom ber
January.. .
49,082
110,965
130,648
64,318
130,648 110,965
53,242
127.657
117,724
Eastern Texas E lec. . January
12 mos___
579,915
523,767
93.120
122,424
93,120
122,424
Edison E l o f B rockton January
26.842
ilumbus (Ga) Electric Co—
30,978
26.842
30,978
32,431
j E lec Light A Pow C o January
24,906
62,778
55,511
127,963
January . . .
141,805 121,785
154,975
154,975 127,963
265,152
238,290
(7 El Paso Electric C o . January
609,505
604,788
63,035
74,983
12 mos___ 1,329,301 1,194,220
63,035
74,983
Fall R iver Gas W orks January
3,497,231
396,917 337,559 3.897,518
Connecticut Power Co—
Fodoral Light A Trac Decomber
27,771
20,733
46,709
41,397
160,130 120,677 1,325,474 1.188,961
110,682
January . . .
125,057
Fort W orth Pow A Lt N ovem ber
194,448
267,249
242.487
417,519
273,782
298,840
273,782 242,487
12 m o s .... 1,274,397 1.057,020
G alv-IIous E lec C o . . January
441,425
496,221
496,221 441,425
g Great W est I’ ow Sys January
Eastern Texas Elec Co—
30,304
41,062
43,046
153,169 135,264 1.60o,339 _ ,3 0 .,1 1 6
54,458
110,965
Harrisburg R ailw ays. Docombor
January__
130,648
330,788
395.419
879,741 690,704 8,476.209 7,466.654
475,946
548,085
1,158,258
Havana El Ity. L A P N ovem ber
12 mos___ 1,410,033
336,294
386,632
31,007
39,571
Haverhill Gas L t C o December
706.676 Edison Elec Ilium Co of Brockton—
754,620
61,915
67,159
26,757
38,076
33,972
Honolulu R T A Land December
43,916
J a n u a ry ...
122,424
93.120
44,713
52,016
44,713
52,016
181,326
309,188
256,928
H oughton C o El L C o January
386,912
853,903
24,455 , 1 2 mos___ 1,126,285
30,625
24,455
30,625
H oughton C o T ra c C o January
3.484,836 .2-844.732 L Elec Llght & Pow Co of Abington A Hi skland—
470,293 386,024
H udson A M anhattan July
5,726
6,721
6,440
7,322
30,978
26,842
ft Illinois T r a c t i o n ... Novem ber 1343.655 1243.066 13,446,064 3,813.648 I January__
53,319
46,980
50,856
54,138
298,532
239,229
12 mos___
4444,137 3813,648 4,444,137
l Interboro R ap Tran January
2,374,261 1,868.836 El Paso Electric Co—
266,849 202,974
Kansas Gas A E lec C o N ovem ber
____
30,524
264.236
44,532
317,237
37,536
22.985
52,596
30.097
January__
154,975
127,963
Keokuk Electric C o . . December
304,888
19,589
375,054
22,136
385,280
19,589
407,473
22,136
12 mos___ 1,601,688 1,271,236
K ey W est E loctric C o January
1.988.688
218,796 178,819 2,381.308
Lake Shore Eloc R y - - N ovom ber
Fall River Gas Works Co—
129.487
141,140
5,451
26.602
20,944
27.960
5,839
21,463
Long Island Electric. July
January —
74,983
63,035
155,882
332,207 333,899 3.537,234 3.707.689
178,070
157,308
181,407
Louisville R ailw ay___Docombor
12 mos___
772,660
727,404
95,954
112,499
95,954
112,499
Lowell Electric C o rp . January
81,942 Galveston-Houston Elec Corp—
90.091
12,301
12,843
30,729
27,300
Manhat Bdge 3c Line July
60,969
62,452
J an u a ry ...
273,782
242,487
1526.627 1233,918 1,526,627 1,233.918
489,233
400,865
aM Ilw El R y A L t C o January
840,782
820,499
181,139
12 mos___ 3,126,446 2,739,636
205,677
205,677 181,139
Mississippi R Iv P C o . January
277,227 3,224,384 2.866,213
Houghton County Elec Light Co—
301,562
N ashville R y A Light D ocom bor
15,116
17,035
19,000
21,014
January —
52,016
44,713
498,941 376,741 4,218,968 3,557,281
Now England Power.. December
99,583
95,236
142,164
141,085
12 mos___
460,465
427,334
205,670 230,304 2,510,793 1,996.921
N ew pN A II R y .O A E . N ovem ber
440,457 Houghton County Trac Co—
449,058
449.058 440,457
N ow York D ock C o . . January
264,870
def832
1,144
324.217
5,322
64.255
7,208
55.061
J a n u a ry ...
30,625
24,455
N Y A Long I s la n d .. July
84. 1S6
27,471
def 1,799
88.619
101,033
15.838
70,923
14,431
303,321
315,100
12 mos___
N Y A North S h o r o .. July
535,282
622,443
91.641
101,787
N Y A Queens C ounty July
0.519.767
Key West Elec Co—
4,105
1077,896 905.830 8.342.663
7,195
6,170
9,414
New York R ailw ays. July
19,589
January_
_
22,136
696,194
882,013
61,457
882,013 696,194
57,714
85,703
82,755
Northern Ohio E lo c .. January
208,687
229,807
12 mos___
244.490
310,002
310,002 244,490
N orth Texas E loctric. January
85.347
30.3361 112,196
Lowell Electric Corp—
39,429
26,720
41,852
Ocean Electric (L I ) . . July
28,936
43,892
95,954
January —
112,499
205,810 163,128 1,978,080 1.688.558
198,845
Pacific Power A Light N ovem ber
278,375
216,461
302,564
506.050
920,531
543.592
12 m o s .... 1,012,498
50,756
41,828
Ponsacola E lectric C o December
400.642 Mississippi River Power Co—
476,826
69,268
69,130
Phlla A W estern ..
August
31,494
28,253.423
56,478
135,147
158,173
January_
_
205,677
181,139
Phlla Rapid Trans C o N ovem ber 3055.953 2717,881 32.216.937 1,624.225
534,059
593.574
190,146 164,245 1.961.128
12 mos___ 2,346,492 2,232,869 1,822,350 1,783,679
Portland Gas A C o k e . Novem ber
739,971 636,539 7,841.700 6.925.386 Northern Texas Electric Co—
Port (Ore) R y.I.A P O o N ovom ber
9.770.066
67,257
93,292
92,300
890,474
118,157
Pugot Sd T r , L t A I’ . Decomber
J a n u a ry ...
310,002
244,490
841,266
675,153 436,978 5.593.128 6,027',196
12 mos___ 3,453,367 2,923,938 1,378,794 1,142,824 1,079,539
R epublic R y &
257.114
310,487
47,903
63,951
Richm ond L t A R R . July
Paducah Electric Co—
392.828 449.085 3.406.343 4,366.541
9,933
St L R ocky Mt & Pac October
15,521
557,494
_
43,837
--------January_
627,100
67,100
66,508
32,212
Santiago K1 L t & T r . - October
54,931
472.471
4 mos.........
159,996
...........
502.317
80,718
88,561
Second Avenue (R ec) July
8,735.458
Puget Sound Trac, Lt A Pow Co—
899.745 811,874 10,569,565
Southern Cal E d ison. Decem ber
240,921
389,153
163,839
200,023
31,539
42,028
December..
890,474
--------Staten Island M ld l'd . July
1,349,797
104.648
132,398
12 mos___ 9.770,666
........... 3,285,964
132,398 104.648
T am pa E lectric C o . . January
2,237.151
186,534 243,532 2.166,888
Tennessee Pow er------ D ecem ber
Sierra Pacific Elec Co—
19,015
27,465
23,696
33,364
592,980 607,241 6,380.126 6,146,619
56,526
January_
_
67,684
tT en n R y , L t & I* C o D ocom bor
289,392
239,360
351,715
311,807
353,755 294,603 3,110,261 2,902.367
708,658
Texas Power & L t C o N ovem ber
12 mos___
693,050
800,562
941.063
941,063 800.552
T h ird Avonuo S ystem . January
874,584 Tampa Electric Co—
40,351
56,439
1057.084 874,584 1,057,084
44,841
61,057
104,648
T w in C ity Rap T ra n . January
January . . .
132>
333
725,451
883.433
400,989
468,668
883,433 725.451
452,871
523,790
Virginia R y & P ow er. January
12 mos___ 1,296,997 1,080,746
135,871 249,654 2.168,120 2,902,015
W ash Balt A A n n a p .. Docomber
420.968
486.748
37.468
41,492
Youngstow n A O h io. Decem ber

FINANCIAL REPORTS
Chattanooga R y .

a

Light Co.

i iocumim

—

—

P u b lic

E le c tr ic

—

" i

• The foUowing table gives tho returM of E L E C T R IC

charges nnri Riirnlns ronorted this U ^ ^
and surplus reported t h week:
Current
Y ea r.

C om p a n ies.

P revious
Y ea r .

$

N et after
Taxes.

. . .

1

tr




12 ma -?
o !)

rad w ^s
P°Lts„

12,523
def230

F ixed
Charges.

11,064
279
B alance,
Surplu s.

283.030
118,508
40*1.538
833,920
D ec ’ 19
104,778
138.839
243,617
691,601
'18
8.197,159 3,624,025 1,437,600 2,187.025
m os '19
2,792.695 1,350.862 1,441,733
'18 6.608.100
71,756
57,195
128.951
396,947
D oc '19
76.121
45,471
121.592
337,559
'18
423,401
812,379
m os '19 3,897,518 1,235,780
265,008
787,294
'18 3,497,231 1,052.302
101,135
156,586
257,721
490,221
Jan '20
132,806
129,001
261.807
441.425
moa ''19 5,448,395 3,079.011 1,695,365 1,383,646
20
1,552,503 1,276,718
2,829,221 1 «7 fi M B def2 52 *7 3 9
h*
no 4.775.701
•676.596 dof252,7.1J
Jan '20 4,444,137 1,372,811
Interboro R apid
1,152,992
'19 3,813,648 A’iXX'Sns 1 1 roa 'Ig f/b d ! 173 106
t Transit C o
7 m os '20 28,644.364 9.100,301 11 ’§£ $ 'n«4 tin2 832'689
'19 23,766,807 7 .0 9 8 ,4 2 7 10,280,0844012,832. oau
12,775
13,206
25,981
80.269
N orth C arolina Pub Jan ;20
9,852
13,162
23,014
70,399
u Service C o
19
136,048
158,282
294.330
872.025
______
118,085
157,523
275.608
718,807
628,925 * d f109,470
341,415
Public 8erv R y O o Jan '20 2,035,OSS
420,415 *def65,990
349.613
IU 1,930,072
20,076 *def86,704
dof69,031
135.871
Washington Haiti- D ec |19
249,654 dof236.766 0 1 3 9 ,8 8 1 *def93,291
more & Annap E lec
lo
*319,399
295,202
2,108.120
596,000
ItR C o
12 m os 19
*494,535
288.913
2,902,015
765,495
x A ftor allowing for othor lncom o rocolved

Consumers Powor
t C o (M ichigan)
12
1
Fodoral Light A
T raction C o
12
■ tat
Great W ostorn
W Power System

& c ., R e b o r t s — The following is an index to all
^

xo Sa y s _

comp

^

^

inolude rQ.

____

-N e tE a r n in g s ------ 1
Full-face figures indicate reports published at length.
C urrent
Previous | ____ » w _
Page.
Indvslrial Companies (Con.)—
Page.
Steam Roads—
Pa*aA American Foreign Trade Corp---------872
Y ea r.
Y ea r.
Buffalo Rochester A Pittsburgh R y—560 American Hide A Leather C o-------------467
S
S
Canadian Northern Ry. System.........653

$
$
Boaver Val T ra c C o A Plttsb
50,207
64,166
► A Boaver St Ity C o .a . - Jan
2,853
2,965
1 7tli St Incl Plano C o .a -.J a n
a. alN et earnings here given aro after deducting taxes.
Gross
E a rn in g s.

Annual

E „n

Denver A Rio Grande R R ...................462
Missouri Kansas A Texas Lines--------Electric Roads—
.
Brooklyn Rapid Transit C o .................704
Capital Traction C o - - .........
Chic. City A Connect. Rys. coll, tr 560
Commonwealth P. R y. A Lt. C o .561, 657
Detroit United R y ................
Dominion Power A Transmission Co.704
Duluth-Superior Traction Co----------»7i
Interborough Rapid Transit C o - - - -658
Kansas City Kaw Valley A West. Ry-561
Northern Ohio Traction A Light C o .-765
Pittsburgh Rys......................................
Rhode Island Co..................................
Saginaw Bay City R R ........ ................. ^65
San Franclsco-Sacramento R R --------Toronto R y. C o............ - ........... — ---'P S
I Twin C ity n Gas A Electric C — . 563. 659
Twln states “ Pld Transit C o o . . — 867
United Power A Transportation Co—563
Washington R y. A Eteo. C o................ 466
| Waahlngton w ater Power Co ............—659
industrial Companies—
Ajax Rubber Co., Inc.......................... 6oU
Alabama Co..........................................jjS"
Alaska Gold Mines C o........................
AHls-Chalmcrs Mfg. Co......................
Alliance Realty Co...................... ——American Brass Co.....................466. 558
American Can C o..................................
American Chicle C o .—. - —- - ............
American Druggists Syndicate...........voi

American Hominy Co----------- . . . . . . . 7 6 5
American La-France Fire Engine Co.873
American Light A Traction Co...........558
American Steel Foundries..................... 563
American Water Works A Elec. C o . . 563
American Wholesale Corp..........564, 658
Arkansas Natural Gas Co---------------766
Arlington Mills..........................- - — -467
Armour Leather Co........ ..............661. 766
Asbestos Corp. of Canada, Ltd--------661
Atlas Powder C o----------------------------Atlas Tack Co.......................................467
Baldwin Locomotive Works............... 761
Baltimore Tube Co...............................766
Bethlehem Steel Corp.............. — ------ 463
Boston Woven Hose A Rubber C o — 661
British American Tobacco C o . . ......... 463
(J. G.) Brill C o............................661. 762
Brooklyn Edison Co., Inc................... 557
Buckeye Pipe Line Co........................... 661
Buffalo General Electric C o-------------- 661
Butler Bros---------------001
Butte A Superior Mining Co-------------766
Canada Cement Co., Ltd..................... 6 6 1
Canada Foundries A Forgings C o------873
Canada Steamship Lines................. --873
Central Leather C o--------------------------8“ °
Chandler Motor Car C o . „ .........- — -661
Childs C o . . . ....................................... 468.558
Chino Copper Co....................... - — -874
Cincinnati Gas A Elec. Co--------- 468, 874
Cities Service Co.................................. 468
Cluett, Peabody A Co., Inc........... —76i

964

THE CHRONICLE

Industrial Companies (Con.)—
Page.
Columbia Gas A Electric Co............... 463 T
,
„
--------------------------------560
Commonwealth Edison C o.............. 760 X
Nnumkcag Steam Cotton C o ..............5 5 9
Consolidated Gas Co., N. Y ............... 867 Nevada-Callfornla Electric C orp____ 770
Consolidated Gas, El. Lt. A Pow. C o .564 Nevada Consolidated Copper C o ____ 876
Consumers Co_____________________ 766 New Jersey Zinc C o__________________ 5 6 7
Continental Can Co...............................657 New York Air IJrake C o ______________869
Continental Motors Corp___________ 468 New York D ock C o...............
471
Converse Rubber Shoe C o ......... ........ 662 New York Transit C o______________1.567
Crescent Pipe Line Co................ 062, 767 Niles-Rement-Pond C o ....................... 1 .5 5 7
Cumberland Pipe Line Co____ _____ 062 North American C o ________________ 1.876
Davison Chemical Corp...................... 767 Northern Pipe Line C o . . ____________ 567
Detroit Pressed Steel C o...................... 564 Northern Securities C o ______________ 567
Downey Shipbuilding Corp........ ........564 Oklahoma Producing A Refining C o.654
East Ray Water C o.............................. 565 Pacific Lighting C orp________________ 877
Eastern Steamship C o______________ 874 Pacific M ills........................................ . ” 7 7 0
Edison Electric Illuminating Co........ 767 Palmolive C o ___________________ ” ” 770
Edmunds A Jones Corp____________ 767 Pennsylvania Utilities System _______ 465
Electrical Securities Corp.....................767 Pennsylvania Water A Power Co
557
Emerson-Rrant Ingham Co...................767 People’s Gas Light A Coke C o ____ 654
Empire Steel A Iron C o____________ 874 Pettlbono Mulllken C o ........................... 665
Endleott-Johnson Corp__________
860
Phez C o________________
770
Eureka Pipe Line C o........................
707
(Fayette R .) Plumb, In c_____________ 874
Ealardo Sugar C o__________________874 Pitm an-M oorc C o _______
770
Famous Players-Lasky Corp________ 460 Pittsburgh Oil A Gas C o .................” ” 7 7 0
Federal Motor Truck Co...... ................874 Pittsburgh Plate Glass C o ______ __ 665
Foster, Merrlam A Co.......................
662
Pittsburgh Steel C o .................................. 557
Freeport Texas Co____________ _____ 469 Portage Rubber C o ..................................4 7 2
General Raking C o...............................870 Pressed Steel Car C o . ............................ 761
General Chemical Co...................
557 Public Service C o. o f Northern 111. . .7 7 1
General Clear Co., Inc................ 663, 764 Quaker Oats C o ......... ........................
877
General Electric Co........................
063 R eo M otor Car C o ________________ 665
General Gas A Electric Co__________ 663 Republic Iron A Steel C o.................. 867
General Motors Corp................ .470, 565 Royal D utch C o ........... ........................... 5 5 9
Giant Portland Cement Co_________ 663 St. Joseph Lead C o ________________ 771
Gillette Safety Razor Co_______663. 760 Savage Arms C o rp ....................................665
R. F. Goodrich C o_________
762 Sears, Roebuck A C o .................. .472, 558
Cranbv Consol. Min. Sm. A Pow. C o.875 Semet-Solvay C o ________________
771
Gulf Oil Corp.....................................-.875 Shawlnigan Water A Power C o ______ 867
Hackensack Water C o ..............
663 Sherwin-Williams C o.................. 472, 5 6 7
Hartman Corp_____________________ 657 Southern California Edison C o ______ 771
Hart, Scheffner A Marx____________ 559 Southern Pipe Line C o ______________ 6 6 6
Hendee Mfg. Co................................. 470 South West Penn. Pipe Lines_________ 6 6 6
Hercules Powder C o________________763 Standard Gas A Elec. C o ____________ 4 7 3
Hettrick Mfg. Co............................. ...6 6 4 Standard Oil C o. (Kansas)___________ 567
Hupp Motor Car Corp........................ 470 Standard Parts C o .............................
763
Imperial Tobacco Co...........................875 Standard Sanitary M fg. C o ........... .......877
Indiana Pipe Line C o.............
76S Stewart.-Warner Speedometer C o r p ..762
Inland Steel C o.................................... 565 Sullivan Machinery C o _______________77*2
International Nickel Co........ ..............566 Thomas Iron C o...............................I . ” 772
International Salt Co...........................560 T ow ar Cotton M ills__________________ 772
Kellv Springfield Tire C o.....................876 Transue A Williams Steel F ’g Co473, 559
Lackawanna Steel C o_________
876 Turners Falls Power A Elec. C o ............4 7 3
Laclede Gas Light C o .......................... 769 Underwood Typewriter C o . .
"666
Larabee Flour Mills Corp........ ............471 Union Oil Co. of C a l........................... ” 763
Laurent Ide Power Co______________ 560 Union Tank Car C o___________
877
Lawyers Mortgage Co.......... ................S76 United Drug C o ......................
877
Lehigh Coal A Navigation Co_______ 769 United Fruit C o .......................
” I ” 655
Liggett A Myers Tobacco C o ............. 868 United Gas A Electric C o rp ____I " ” 4 7 3
Lindsay Light Co.................................. 664 United States Envelope C o ..... .............877
Loose-Wiles HIscult C o.......... ..............870 United States Rubber C o ___
"666
Mackay Cos........................ ....... 870, 769 United States Steel C o r p ..............” ” 463
Manufacturers Light. A Heat C o____ 769 United Verde Extension M ining Co 772
Mathlcson Alkali Works, Inc________ 769 U tah C opper C o ..... .........................
877
Middle States Oil Corp........................ 869 Vanadium C o rp ..... .................I
474
Midvale Steel A Ordnance C o.............566 Wahl C o _______ . . . . . . . ___
568
Montgomery Ward A Co., In c..566, 655 Wayland Oil A Gas C o . . .1 1 ” ............ 7 7 2
Morris A Co.......... _•______________ 463 Western Grocer C o ..............
ggs
Nash Motors C o.................
656 W eym an-Rruton C o ..............v . . . ” ” 87t
National Casket C o_______________ 869 (W illiam) W hitman C o ., In c___
474
National Cloak A Suit Co______...1 65 6 Winchester C o ...................
” 772
National Enameling A Stamping C o ..770 (F. W .) W oolworth C o _________ ” ” '6 56
National Grocer Co_________
.566 Zellcrbach Paper C o ....................... ” ” 4 7 5

P e n n s y lv a n ia R a ilr o a d C o m p a n y .
31 1 9 1 9 .)
President Sam uel R e a , Philadelphia, M a r ch 1, w rote in
su bstan ce:

(Report for Fiscal Year ended Dec.

S o g - r J , ' ’, 1919 th o o p e r a t in g rev en u es u n d e r F e d e ra l o p e ra ­
t io n w ere $487,8 8 5 ,0 14 , o p e r a tin g exp o n se s a n d taxes. $469 4 8 6 (1 5 0
a n d n e t r a ilw a y o p e r a t in g in co m e , $ 1 3 ,8 2 1 ,7 0 1 . In 1918 th e t o ta l o p e ra tin g
n n T fn n ? W re ^ ^ 38.113,646: o p e r a t in g exp e n se s a n d taxes, $13 7 ,2 0 9 403
n
a n d n e t ra ilw a y o p e r a t in g in co m e , $ 2 4 ,3 3 7 ,0 0 4 .
.zu m . h m .
♦ h I V 5 19 ?r o u r i in, s ea rn e d 2 0 .6 % ’ o f th e s ta n d a r d c o m p e n s a tio n fix e d b v
!
e
c o n tr o l c o n t r a c t w ith y o u r c o m p a n y , a n d in 1918 t h e y earned
3 6 .3 % o f t h a t c o m p e n s a tio n . T h e fin a l o p e r a tin g a n d m ain te n an ce results
p u b lish e d * la te r?1 1019 a r° n 0 t y e t :lv a ila b '° - b u t t h V t ” ll b e o b t e W a n d
”
M ileage. T h o a c q u is itio n o f th o C u m b e r la n d V a lle y R R . C o . a n d t h o
a ss u m p tio n o f its lea se o f th o S o u th e r n P e n n sy lv a n ia R y . A M in in g C o
owny^ Ua n d T e a s S f l ^ a n t h ° lnCrCaS° [° f 150 m ilcs] in tb o m ile a ge o f th e
„
Statement.— The, s ta n d a rd c o m p e n s a tio n p a y a b le b y t h o D ir c c t o r rv>roCI!.a V f<iF tb o Us0 Ki. ^ o u r d n es a n d p r o p e r t y , to g e th e r w ith th o o t h e r
c o r p o r a t e in com e en a b led y o u r c o m p a n y t o p a y its fix e d ch a r g e s , taxes and
? c , ? X n PCnse8,’. t1 r i^ u la r c liv id o n d s o f 6 % u p o n its ca p ita l s to c k 1 a n d le a ve
.1?
,
a su rp lu s a v a ila b le fo r o t h e r c o r p o r a t e p u rp o s e s. A s th e p rin cip les fo r
fin a l se ttle m e n ts w ith th e G o v e r n m e n t h a v e n p t be e n fin a lly d e te rm in e d 7
n w ^ i r i l y ^ t im T fe c L **“ ln co m e s ta t e m e n t a n d g e n e ra l b a la n c e sh e e t are
'P b o increase [o f $1,1 3 3 ,7 2 3 ] in th o c o m p e n s a tio n is d u o t o th o acq u isitio n
o f th e C u m b er la n d V alley R R . , B a ltim o r e & S p a r r o w ’s P o in t R R and
U ifion CR I t ." o f B altim ore** & B ° nViCk R U ‘ c o m p a n l« ’ a n d th e * ■ * > o f t h e
T h e decrease [o f $1,2 12 ,8 2 5 ] in th o d iv id e n d in c o m o is d u o in p a r t t o th o
d ire ct ow n ersh ip in s tea d o f s to c k c o n tr o l o f th o a foresaid roa d s b u t nrln
c p a lly t o th e s a le o f ($ 7 ,9 0 0 ,0 0 0 o f th o $ 15 ,6 3 1 ,8 0 0 ] S o u t h e r n P a d f l c c S '
s to c k , o w n ed b y y o u r c o m p a n y , as w ell as s im ila r h old in g s o w n e d b v th e
N o rth e rn C en tra l R y . a n d P h ila d e lp h ia B a ltim o r e A W ash in g ton R1
co m p a n ie s, w h ich a re leased t o , a n d th o in c o m o fr o m w h oso in v e stm e n ts are
p a 974°)' y ° Ur c o m p a n y ’ u n d c r th o term s o f th e ir r e s p e c tiv e leases (V . 108,
T h e in cr e a s e '[o f $ 32 9 ,9 8 0 ] in in c o m o fr o m fu n d e d se cu ritie s is d u o ch ie flv
t o th o in te re s t o n larger a m o u n ts o f U . S . b o n d s s u b scr ib e d f o r b y y o u r
c o m p a n y . T h o increase [o f $ l ,597,185] in in c o m o fr o m u n fu n d e d s w u ritiffl
a n d a cco u n ts arises c h ie fly fr o m in te re st o n u n p a id co m p e n s a tio n S u n !
p a id o p e n a c c o u n ts d u o b y U . S. R I t. A d m in is tr a tio n a n d o n fu n d s d erived
fr o m t h e sale o f G en era l M o r tg a g e b o n d s .
uonveu
M iscella n eou s In com o w a s a u g m e n te d b y t h o In clu sio n o f u n se ttle d item s
o f in c o m e ,p r io r to J a n . 1 1918 a n d in c lu d e d in th is a c c o u n t in a c c o r d a n c e
fi76h778 M ^ t r u c U o n s o f th e I.-S . O C o m m is s io n . T h e increase o f $ l gRo’Z m i thi? ltf,m Ls- h o w o v o r , o ffs e t v e r y la r g e ly b y t h o in crease [$ l 562,543] in m iscella n eou s in c o m o ch arges, u n d e r d e d u c tio n s fr o m gross
R e p in e w h ic h a re item s a c c r u in g p r io r t o J a n . 1 1918 a n d sin co s o ttle d
Itxed C hdr(jes,& c.— New Slock, A c ., Issued bg Leased Lines . —-T h e in ­
crease [o f $ o9 0 ,3 8 6 ] in " r e n t f o r leased r o a d s ” Is d u o c h ie fly to th e h ea vier
re n ta i a ccru ed u p o n a d d itio n a l s to c k o f th o P itts b u rg h F o r t W a y n o &
P iu Rh a n h v ° C le v e la n d < f P it ts b u r g h R R . co m p a n ie s, a n d Monels
S
o f th e P itts b u rg h Y o u n g s t o w n A A s h ta b u la R y . a n d F r io A P ittsb u rg h
,R ^ 0l?lp all C ’ lssu^d. b y th os e lea sed co m p a n ie s t o d isch a rgo th e ir ca p ita l
*
in d eb ted n ess in c u r r e d in p re v io u s y e a rs f o r a d d itio n s a n d b e tte rm e n ts
<u10 d ®
f5re%s® [* 1 .0 0 3 ,(0 4 ] in w a r tax es is d u o p r in c ip a lly t o th o decrease
,
1 th o r a t e o f F e d e ra l in c o m o taxes fr o m 1 2 % t o 1 0 % .
“
decrease
T h e in crease [o f $2,2 09 ,1 1 7 ] in in te re s t o n fu n d e d d e b t is d u o c h ie flv t o
10 Issuance Mate In lOIH
gkn non nee .,ei „ ..... . i X .
, e u ic n y t o

[V o l . 110.

®5pn t h a t s u r P lus Ifc/s v o r y m o d e r a te , a n d is re q u is ite , n o t o n ly
w e a k ^ Mitnie ^ w h ich 'am tra il 1c reodoru o f y o u r aIso te mo n a b l° lfc to assist th e
U t« w h £ h a io
bufc sy s 60 .
°.n d in K t b o a p p r o p r ia tio n b y O o n gro ss o f fu n d s
r o q u f m l fo r th o c o n tin u e d o p e r a tio n o f th o tra n s p o r ta tio n lines e a rly in
d ir e c to r s a u th o riz e d a t e m p o r a r y lo a n o f § 2 2 ,0 0 0 0 00 a n d
deJ*\ered th o p r o c e e d s t o th e R I t . A d m in is tr a tio n . L a te r w o re c e iv e d
a g?ln st°th n h lS a m o u n t y.w hich th o G o v o r n m o n t a p p lie d t o r e d u c e th o ch a r g e

to S a l t s extensj ? n o f
C re^ k B ra n ch fr o r ^ B u r n t C a b in S u m m it
t o S a ltsb u r g ; in cre ase d p o w e r p la n t fa c ilitie s , b u ild in g ex te n s io n s a n d tra ck
«
L
a t ^ ° £ a ?b ? p s: ad<lltio7 aI o n g in e h o u s o fa cilitie s; re c o n s tr u c tio n
l
a n d yard8 a t P a r k o r s L a n d in g a n d R e d B a n k , P a .; a d d it io n a l m a in tra ck
T lio n ot o x p o n d itu r e s fo r n o w e q u ip m e n t a n d fo r a d d itio n s an d b e tte r
^ K m o m o u & te d Tt o T n s8n .£ra 8 .e r T h o uctin(? m o n t comn d o t h e rdurlm rmfhnt
s
n
^
creates a u n n d
,9 0 ’ 0 fl
o q u lp “ >vage a i)loto<l re tire e n
^ r t a ^ w d g O t 8c a i 0C0rn0tiveS’ 3 > U 6 f r ^ b t ^ ^ . T b i g g a g l o x p r o l ' s c a ?
h
T h e not in cro aso in in v e s tm e n t in ro a d a n d o q u lp m o n t o n lin e s o w n ed
a n d ce rta in ro a d s o p o r a te d u n d e r Ion # to rm leases a n d In clu de d in v o u r
g e n e ra l b a la n c o s h o o t , a m o u n te d t o $ 2 1 , 1 1 4 . 8 5 1 viz •
lnciuu ow ln y ° u r
In 0 8 ( f "rio"1 ,n r o a d ’ •'59.336,320; in v e s tm e n t In e q u ip m e n t, $ 7 ,A cq tiisitio n o f" p r o p e r t y o f C u m b e r la n d " vVlfo’v R R ." ( i n ..................u ’ r n v 'o ? ?
..................
o n n ’n v i
I m p r o v e m e n ts o n leased ra ilw a y p r o p e r t y
Allocated Equipment .— In a d d itio n t o t h e " f o fe 'g o 'in g 'w 'u fn m o n t vm ir
c o m p a n y a n d o t h e r co m p a n ie s in its sys te m h a v e a greed t o ^ c c e n t fr o n ^ ii n
G o v e r n m e n t 1 6 ,1 5 0 fre ig h t ca rs a n d 165 l o c o m o t l v T a K V o S t o th em
a t an estim a te d c o s t o f $ 6 2 ,0 0 0 ,0 0 0 .
a llo c a t e d t o th e m ,
T h o e q u ip m e n t h as b e e n fin a n c e d th ro u g h an e q u ip m e n t trust r«n»n
C u rro n t E v e n ts o n a p r e c e d in g p age] a n d has been leased to v o In
p a p y ’_ hvh ?hCeo iricat0S is3U. d b y tb o E q u ip m e n t T ru ^ t w i h b o a c c e p t e d
o
a t .L aF
th e G o v e r n m e n t In p a y m e n t fo r th o o q u lp m o n t. S u ch c e r tifi­
c a te s w ill run fo r a p o r lo d o f 15 y e a rs , b e a r in g in terest a t th o rate o f t\<v
p e r a n n u m , o n o -fift o e n t h o f w h ic h w ill m a tu r e In oach y e a r . T h o bu sln eM
k
/ S
m p ? ny,h0(1UHCd th e fo r e g o in g e q u ip m e n t t o p r o p e r ly a c c o m m o S .
Its tr a ffic . A s th o a llo c a t e d e q u ip m e n t has n o t bo o n fu lly d e liv e r 'd n or
th o n e g o tia tio n s th e r e fo r c o n c lu d e d w ith t h o G o v e r n m e n t d u rin g 10 1 oF
*
th e se E q u ip m e n t T r u s t O b lig a tio n s d o n o t a p p e a r o n y ^ ^

Lthe' Liabilities .—-T h o g cn o ra l b a la n c e s h o o t s h o w s th o in creases in thn
fu n d e d d e b t fro m th o sale o f S 5 0 .0 0 0 .0 00 G o n o r.a l M o r t g a g e b o n d s th e r d n e
9 9 nofU$ f O g f o L 0 c ° „ n t ^ ^ th 0 F r e m o n t a t tho^r fn a tu rity ’ o n S e p t f
T
725 o f h o u ip m e n t T r u s t O b lig a tio n s w ore rotirod and p a id o f f ’ T h o
n S i l m n l r f f ^ ,< v nr r an<lnb ills p a y a b l° !i nd ,n m is ce lla n e o u s a c c o u n t s p a y a b le
i
re s u lte d la rg o ly front th o p a y m e n t o f o u ts ta n d in g s h o rt te rm notes* anrf o r
m o n e y s te m p o r a r ily h o ld fo r s u b sid ia r y tines a n d fu n d s
t0S a n d o f
c x p / i S u S X 'S

x fe is s
stockholders.- — O n D e c . 31 1919 th o ro w oro 117 ,72 5 s to c k h o ld e r s o f vn u r
h X W n g y f a t QaCrieaS0 o f A 0 1 5 7Z’ c o m Pa rcd w ith 1918, w ith an a v o ra g o
^ l m a n w 1' 8A A l a
, ° v c r 4 % o f tlio t o ta l s to c k h o fd o r s w ere w o m en
.5

o°.St i
tb o to ta s t ° c k Is h o ld in P e n n s y lv a n ia , and o v e r 17% o f
^ w
n hu dl^ a ro res ld e n ts o f th a t S ta te . T h e h o ld e rs o f th e c o m p a n y ’s
kn
Ik<£k « r ? h t nu od
Oicrea.so a nd n o w o x c o o d 120 ,00 0 in n u m b e r. O v e r
8 0 % o f thorn o w n loss th an $ 5 ,0 0 0 e a c h . T ills fa c t o m p h a slzo s th o Im n orteou ita L L ? f?r t i r V t <mposod o n y o u r m a n a g e m e n t a n d tlio n ec e ss ity Tor
rC?
,s
o ^ m ta b le law s t o f u lly p r o t e c t theso citize n s a n d th o lr s a v in g s .
y
} . ? lue} l l o n -— ,p b o fie ld w o rk In c o n n e c t io n w ith tlio v a lu a tio n o f
im Q Pri°P0ut 08
y o u r s y s te m , In a c c o r d a n c o w itii th o F ed era l S ta tu to o f
y e a r ’ 18 a b o u t 9 0 % c o m p le t e d , a n d s h o u ld b o fin ish e d d u rin g th o p ro s on t

, u £ i rTnination o f Federal Control and N ew Railroad Legislation .— Y o u r
t
n S
f h f i 0 c o n fid e n t th a t th o In tc r -S ta to O o m m e r c o C o m m is s io n , r e c o g ­
n iz in g th o d e p c n d c n c o o f g on era i p r o s p e r ity tip on ra ilro a d n r o sn e r ltv w ill
b u t ° t e aCtis° M
r
scr(lt lo ,l un d or t h o pow ra ilro a d law n o t „P,d y as t ^ r a u i
t i« n aA r °o 3 to a t b 7 oth,or I m p o r ta n t m a tto rs on tru ste d t o it b y th o loglsla f l svm ^Tfi^vU
'T,', . In th0 p « f f ° r m a n c e o f th o lr d u tie s t h e y w ill h a v e th e
s y s te m P 1 y
d c o -o p e r a t io n o f th o m a n a g e m e n t o f th o P e n n sy lv a n ia
t n 9fL ^ aFcb 1 1920. as a re s u lt o f w a r c o n d it io n s , y o u r p r o p e r t y is retu rn ed
sUindn?(Yn o!JJ ? P m0nfc’i w th tts r o a d b e d a n d o q u lp m o n t b e lo w its u su a l
in
N e v e A h /i a n d th o e a rn in g c a p a c it y o f th o s y s to m m a te r ia lly re d u c e d
i^ a n d a ^ Is
A fift u? o n th e o ffic e r s a n d o m p lo y o o s to ro s to ro th o o ld
o
ftt th e ea rlie st p o s s ib le d a te , s o th a t o w n o rs iruiy b o a ssured o f
a co n tin u e d fa ir re tu rn u p o n th e ir in v o s tm o n t. [C o m p a r e V . 110 n 058 1
Capital Expenditures i Vest o f Pittsburgh.— T h o ^ d l l l o n arid botfe'rmenV
l‘ p o n tP0 y a rio u s p ro p e rtie s w est o r P itts b u r g h u n d e r tho c o n tr o l o f
nm ,.rAvV0n.ln V
|
e'f,fc w ? s h a n d le d b y th o U. S. l i l t . A d m in is tr a tio n w h ich w s
reD orted thn fniinnrin^ “ - " " " 'U t u r e s . a gg re g a tin g $ 3 5 ,4 4 4 ,6 2 7 f<
to u p o n lines w est o f P lttsbU rt
Icago R y . , $ 1 0 ,0 5 3 ,8 6 4 ; C lo v e la
’ 1^ *
amV O hio9C o n n « :t ln g U y !
R

CaR° *

IN C O M E S T A T E M E N T FOR C A L E N D A R YEARS
[T h o fig u re s fo r 1918 a n d 1919 In clu de th e P e n n a . l i l t . C o . W e ste rn linos.
1919.
1918.
1917.
M ile s o f line o p e ra te d D e e . 3 1 ________
7 ,3 2 2 .7 5
7 ,1 1 5 .8 5
4 ,5 4 1 .1 9
C o m p e n s a tio n a ccr u e d u n d er F ederal
c o n tr o l fo r p o sse ssio n , uso a n d c o n ­
trol o f p r o p e r t y o f this c o . an d its
leased a n d o p e ra te d linos E . A W .
.................... 187.120,484 865,002.740
See te x t
$ 77 0 ,5 4 5
In c o m o fr o m loaso o f r o a d _________
3 6 ,3 5 7
.37,537
2 5 ,5 2 7
M is c o ll. n o n -o p e r . p h y sica l p r o p ’ ty"
1 05,176
131 ,36 4
107,144
D iv id e n d i n c o m e . , ...........................
1 3 ,8 40 ,4 5 8
15,0 59 ,2 8 2
15,3 10 ,5 3 3
I n c o m o fr o m fu n d e d s e c u r itie s . _ "
1 ,2 9 8,67 4
9 6 8 ,69 4
6 3 3 ,31 7
In c. fr o m u n fu n d , s o cu r. A a c c t s . .
5 ,1 2 7 ,6 5 4
3 ,6 3 0 ,4 6 9
1 .7 6 6,61 4
I n c . f r o m sk g . A o th e r ro s ’ v o fu n d s
1,632,311
1,505,07.3
1 .447,113
R e le a s e o f p re m iu m s o n fu n d e d d t .
3,921
3 ,9 1 8
3 ,9 1 8
M is ce lla n e o u s in c o m o ...........................
1,710,931
3 4,1 53
_____________ ___________ _ I ___ 4 3 ,0 1 2
T o t a l o th e r c o r p o r a t o I n c o m o ....$ 2 5 ,2 3 3 ,9 0 6 $ 5 2 ,6 0 1 ,7 4 7 $',()107 7'M
* °,,a l OUu>r c o r p o r a t e in c o m e

K S ffiW iJ s s ire K ?.......... » i ® 4 «

IScS g f

»2i i 5 1 S

M is c e an eou s r o u ts ................................
8 1 5 ,9 2 0
M is co lla n o o u s ta x a c c r u a ls _________
125,826
W a r t a x e s ...................
2 ,8 2 3 ,9 4 5
S e p a ra te ly o p e r . p ro p e rtie s— l o s s . .
.............
In te re s t cm fu n d e d d e b t . . . ................ 15,7 18 ,6 8 6
In to ro s t o n u n fu n d e d d e b t _________
3 ,6 7 5 ,9 1 2
M a in te n a n c e o f in v o s tm ’ t o r g a n iz .
1,000,851
M is ce lla n e o u s in c o m o c h a r g e s ______ 2 ,3 3 9 ,3 2 1

029 252
-6-8 4- - - -0
- - ,05
154 431
6 4 ,8 9 0
3 ,8 2 7 J)49
1 ,1 6 0,79 5
10,805
13,5 09 ,5 6 9
1 2,7 07 ,7 2 9
3 ,8 4 8 ,0 4 2
555 ,77 4
3 7 1 ,6 4 0
„
7 7 6 .77 7
322", „ „ „
525
X c t ; ! ! : ™ f <lucti(),,s fr o n * KroSS JllC-§ '!!M ;!3 .2 7 1 S-l 1,523,588 $ 2 2 ,8 6 7 :3 6 $
D is n o s lt io n 'o 'f n o t 'i n c o m S - ........................... 8 6 8 .09 7 $ 4 4 ,0 7 0 ,8 9 9 1.39.281,585
D W d e “ d ( W ) . re8CrV° fU nd8...........2 9 '9 5 0 '7 0 1
M in e e ll. a p p ro p d a tT o n ; o f l n c o m a : : 2 ° .9 5 0 .7 0 4

^ h er^ oiM ig a tioris.^ 0^ 1 1 10"*’ Id^ rt"y"an d '" v ic t°ry ^ L o a n ° b o n d s /a n d 8m ^ » t
'1 "
n ,fA .t€r
P a y m o n t o f d iv id o n d s a g g re g a tin g 6 % p o r a n n u m a n d m ak in g
th o u s u a l a p p r o p r ia tio n s t o t h e s in k in g a n d o t h e r fu n d s , $ 1 0 ,5 0 0 717 was
ca r r ie d t o th o c r e d it o f p r o fit a n d lo ss , a g a in s t w h ich w as ch arge d th o d is ­
c o u n t o n G en era l M o r tg a g e b o n d s issued d u r in g th o y e a r a n d s u n d ry n o t




OlUtf^iivmr
‘ f ,old s M It., $14,1201351;

2 9 .9 5 0 ,7 0 4

* 2 .1 8 7 .0 2 8
2 9 .9 5 1 .0 9 8

B a la n c e tra n sferred t o cr e d it o f P . A L $ lo !5 0 0 i7 1 7 111 iHOGioOT S 3 9 '“ 8 1 ’C8’'1
f o A dhoinv a ?
8e
0/> D oS ’, 31 1918 th o h a la n co o f Incom e
hnnrt« n L Y «6 (v i oflS
fl°°’7 I 7 ’ ftn4 d e d u c t in g $ 1 ,8 1 2 ,2 0 0 d is c o u n t o n G e n . M .
and l e ^ D ^ y i i o r o ’ ^ f y T 59902

’ ""

th e a m o u n t t o c r c d lt o f p r o f l t

965

THE CHRONICLE

M a r . 6 1920.

C O M P A R A T IV E IN C O M E A C C O U N T OF C O M P A N Y FOR C A L . Y E A R S .
B A L A N C E SHEET DECEM BER 31
1919.
1010.
1018.
Liabilities—
S
8
.. * „ . . .

1918.

S

Assets—
499,178,400
R oad < e q u ip ..742,005,193 721,780,412 Capital stock— 499,178,400
k
7.254,248
Cap. stk. prem . 7,254,348
Ibiased property
225,289,020
Improvcm’ls . 31,949,208 32.008,.>07 Funded debt — 270,071,200 57,450,900
do Sub. co s .'. 50,903,200
Sinking funds..
10,019
2,508,108
13,123,000
Mlsc phys. prop 2,290,728
2,201,090 Guar. stk. ctfs. - 12,802,000
957,000
AffU. coMnvest.313,083,330 296,364.010 Girard 1*. S. C o . 0.000,595
8,113,320
Equip .tr .obllg.
Other lnVCStm’t. 83,000,912 85,088,073
3,133,929
2.S09.313
1,141,454 M tge. A rent—
CAtih. . . . . . . . . - 5,815,000
022,714 Lns.& bills p ay. 51,327,024 70,994,802
Special deposits. 17,393,590
3,119,883
4,542,901
Lns. A bills roe. 28,210,534 22,091,751 Accts. & wages. 12,201,535 16.371,183
101,217 Miscell. a c c ts ..
140,031
D ue from agents
981,000
Storage C o. bds.
Mis cel. accounts
1,201,889
962,633
receivable — 33,023,910 54,701,138 Int. mat. unpaid
154,190
175,970
1,584,215 Dlvs .mat .unp’d
711,010
Material & supp
016,571
327,571
D ebt
do
Int. A dlvld’ds
3,553,050
1,720,695 Unmat. Interest 4,656,920
received .......... 1,324,825
1,981.281
147.971
223,037 Unmat. re n ts .. 1,149,035
Rents rccelv— .
4.290
4,7.31
___
Deferred a ssets.237,483,857 244,820,420 Oth. cur'nt Uab.
101,970,454
Unadj. d e b its ..
1.230,088
1,014.899 Deferred Hat)— 101,054,041 121,398,817
Unad). c r e d it s ..129,750,316
Corporate s u rp .229,994,847 233,970,430
I’ rof. * loss surp 48,150,902 39,675,352

in in
1018
1 917.
Iw io .
* # 1 0 4 6 1 6 7 4 # 1 9 8 0 7 451 $ 2 8 ,8 9 4 ,2 5 4 $ 2 6 ,71 0 ,6 9 1

i

SSSSfi

V fe .M S

R eal es ta te , & c .............
J
•
In te re st & o th e r re v e n u e
fr o m a sso cia te d s o s . . . 1 9 ,9 5 3 ,4 3 7
C o m p e n s ’ n G o v t , c o n tr t 28.132..>23

1 8 ,0 22 ,2 2 0
18,780.3.>6 -

|650!255
u ’
1 7 ,8 0 5 .0 0 6

1^555,068
1 4 .5 2 9 .9 7 0

-^r . , n Q.,9 n - .
(

............... J i S I t
i iv id e n d srnIngs- ...............: ^ 5 ,3 5 6 ,3^4 •3 5 ,2 2 9S S «3 2 .4 8«1 ,614 *3$ 1 2 2 .187
n ^ ’ ( 8 % ) : : : : : : 3 : I “ : 3 , M ,090
$$$
D
- K

F x p e iis cs "

B a la n ce ,
oaiauvn, s u rpj™ -------- Irm 3 9 ,4 5n
m u lu s ...........$ 9 ,0 n'nn 7
C arrie d t o r e s e r v e ................ § 5 .0 0 0 .0 0 0
C a r rie d t o s u rp lu s ------------- $ 4 ,0 3 9 ,4 o 7

Totfti ..........1,500.405,147 '1,469,845,651
T o ta l.......... 1,500,405,147 1,469,545,651
8 oo P itts b u rg h C in c in n a ti C h ic a g o & S t. L o u is U l t . a n d P e n n sy lv a n ia
O o . b o lo w .— V . 110, I). 8 72 .

$ 8 ,6 7 1 ,6 2 3
$ 5 ,0 0 0 ,0 0 0
$ 3 ,6 7 1 ,6 2 3

$ 5 ,9 8 9 ,4 9 2
$ 2 ,5 0 0 ,0 0 0
$ 3 ,4 8 9 ,4 9 2

$ 6 ,8 9 1 ,0 9 0
$ 2,5 0 0 ,0 0 0
$ 4 ,3 9 1 ,0 9 0

x F o r fiv e m o n th s In 1919. y F o r se ve n m o n th s In 1918.
H o le __ T h is s ta te m e n t, it s h o u ld b o o b s e r v e d Inclu des.
m j n p i i s fo r tn o seven months p rior t o F ederal c o n tr o l, a n d in 1919,
fJ , L fj}„ months fo llo w in g en d o f F ederal c o n t r o l, th e n e t ro c o ip ts o f th e
i n L d ista n ce Hnes a n d t h a t p a rt o f th e ea rn in gs o f t h e B ell s y s te m w h ic h
!< ro e e lv e cl'b v th e A m e rica n T e le p h o n e & T e le g r a p h C o o u t o f th e d iv isib le
n i m h w n f t he a ss o cia te d co m p a n ie s fr o m o p e r a tio n s , as in terest o r d iv id e n d
a d v a n ce d b v th e c o m p a n y t o fin a n c e th e a ss o cia te d c o m p a n ie s ,
nr o s °n a v m e n t b y th e a ss o cia te d co m p a n ie s t o m a in ta in th e ce n tr a l a d nC <21 F o r th e 12 months o f F ederal c o n t r o l, e . g . fr o m A u g . 1
m 8 Ut o J u ly 31 1919° th o c o m p a n y 's p o r tio n o f th e B o ll s y s te m c o m p e n s a ­
tio n under c o n tr a c t w ith t.io G o v e r n m e n t.

BFLL TELEPHONE SYSTE M I N TH E U. S.— RESULTS FOR C A L . I R.

Pennsylvania Company.

(Report for Fiscal Year ending Dec.

31 19 19 .)

T h e annual roport of the P ennsylvania R R . (see above)
affords the follow ing:
, it
T h e P en n sy lv a n ia C o . w a s o p e ra te d s o le ly as an Inycjstinent o r^ a n lzatloii
d u rin g tile y ea r.
N o a d d itio n a l s to c k , b o n d s or n o te s w ero Issued b y it.
F u r th er r od u c 11o ns .a g g r eg a 11n g 8 3.3 72 3 5 5 . w « r e f ^ l n its outsM m dln g
ob lig a tio n s c h ie fly th rou gh tn o o p e ra tio n o f sin k in g fu n d s ,
n nas o u t ­
s ta n d in g s h o rt term not os a gg re g a tin g $ 6 ,0 0 0 ,0 0 0 ,w h ich m a tu r o J u n e l 1J -0
F orm a l n o tice was tdven in D e c e m b e r o f th e e le ctio n t o re a e o m o n Juno
15 1920 th e o u ts ta n d in g c e r tifica te s Issued b y th e G ira rd T r u s t C o . p u r­
su a n t ^ to th e a groom en t o f M a y 26 1906, k n o w n as
1 onnsyH a nia C o .
o
irrpti( li F ranc Loan o f 1906, gu a r a n te e d b y t h e P e n n sy lv a n ia U K .
Oo
T h e In com e s ta te m e n t s h o w s a n e t In com o o f 8 7 .2 7 2 ,6 8 2 . an Increase
o f $ 55 8 ,4 9 6 D iv id e n d s a m o u n tin g t o 6 % w ero p a id , th e s am e as 1918.

IN C O M E AC C O U N T FOR YE AR S E N D IN G DEC. 3 1 .
1917.
1918.
Corporate Income —
$ 1,1 1 3 ,4 0 5 $ 1 ,1 7 1 ,9 0 7

R e n t fr o m e q u i p m e n t . . . . .......................* 1 , l i i ’ o o o
61
I n c o m o fr o m lea se o f r o a d ------------------M ls c . n o n -o p . p h y sica l p r o p o r t y ------m o 'c T c
D iv id e n d . I n c o m e . . .............- - - ................
9 ,U9S R49
628 .84 2
In c o m o from fu n d ed s ecu ritie s.............
In c . fro m u n fu n d e d s o c. A a c c t s ------1,7.>2,340
I n c . fr o m s in k . & oth er res. fu n d s ------225 ,75 7

6 1,9 29
13,225
9 ,2 6 3 ,2 4 0
4 5 1 ,51 2
1 .6 1 0.74 3
2 2 6 ,51 0

6 1,9 29
14,917
1 0,456,383
414 ,25 9
1,334,761
2 6 2 ,78 8

^
•
j ob
Bell-connected st’ns r
(No.) 4 ,0s ,588
„ Incom e Account —
......

w
s
n
N e V o p e r . e v e ns e s --------- o 3 ,8 5 9 ,6 8 4
re
u
4
U n co lle ctib le r e v e n u e s ..
5 1 8 ,0 4 4
T a x e s ____________________ 1 0 ,4 7 1 ,6 2 8
O p e r a tin g In c o m e ____ 3 2,8 7 0 ,0 1 2
N e t n o n -o p e r r o v c n u c s . .
4 ,9 7 8 ,4 8 8
T o t a l gross in c o m e ___ 3 7 ,8 4 8 ,5 0 0
R e n t , & c ., d e d u c t i o n s .. 2 ,1 1 2 ,9 4 4
Interest d e d u c t io n s ____ 1 2 ,1 8 2 ,8 1 7
D e d u c t— D iv id e n d s ____ 1 6 ,5 83 ,5 4 2
S urplus ea rn in g s______ 6 ,9 6 9 ,1 9 7

5 3 ,5 5 0 ,5 7 8
7 6 8 ,16 7
1 3 ,6 21 ,3 5 3
3 9 .1 6 7 .0 5 8
5 ,1 2 8 ,7 5 7
4 4 ,2 9 5 ,8 1 5
2 ,6 8 6 ,8 1 3
1 2 ,7 1 5 .1 9 4
2 3 ,1 2 1 ,4 4 7
5 ,7 7 2 ,3 6 1

...................................$ 1 2 ,8 1 9 ,0 1 3 $ 1 2 ,7 4 0 ,5 6 2 *13-716.041
$ 21 1 ,3 4 2
$ 45 0 ,7 7 3
* 5 8 2 ,010
U .9 1 4
105,369
m s-AHJ
4 ,6 4 0 ,7 0 4
4 ,5 3 9 ,4 7 7
iA U .o o i
463,641
846 ,89 2
(7 4 ,3 0 8
132,160
5 2,4 82
123,021
36,3 17
2 5 .3 8 4
2 4 , 111
$ 6 ,0 2 6 ,3 7 7 $ 5,8 97 ,6 4 7
T o t a l d e d u c t io n s ..................................... $ 5,5 46 ,3 3 1
$ 6 ,7 1 4 ,1 8 5 $ 7 ,8 1 9 ,2 9 4
N o t In c o m e ............. - ..................... ................ r i i n u u
$ 1 ,3 5 6 .9 5 6
T o sin k in g anti oth er roserv e f u n d s . . $ 1 ,5 1 4 ,0 8 8 $ 1 ,4 35 ,3 4 5
4 ,8 0 0 ,0 0 0
4 ,8 0 0 ,0 0 0
D iv id e n d s ( 6 % ) - . - - r ............. r ---------------- 4 ,5 o 7 fiHt
297 .51 9
In v e s te d In p h y sica l p r o p e r t y ................
29 < .o iu
$ 6 ,5 3 2 ,8 6 4
$181 ,3 2 2

$ 6 ,1 5 6 ,9 5 6
$ 1 ,6 6 2 ,3 3 9

P i t t s b u r g h C i n c i n n a t i C h ic a g o & S t . L o u is R R .

(Report for Fiscal Year ending Dec.

31 1 9 1 9 .)

T h e annual roport of the Pennsylvania R R . (see above)
affords tho follow ing:
Thn
,.rM <iobt w a s re d u ce d d u rin g th o y e a r b y th e re tire m e n t th ro u g h
1
s h illn g fu n d s
S ? 1 2 8 W 0 O o n s o l. M t g e . b o n d s .§191,000 V an .la lla R R .
( ' s i s a l $ 1 1 0 0 0 C litc. S t. L . & P lt ts b . R R . C o n s o ls , a n d b y th e
p a y m e n t o f $ 8 4 8 ,9 2 0 25 o f E q u ip m e n t T r u s t O b liga tio n s w h ic h m a tu r e d
d u rin g th o y e a r . A t D e c . .'ll .1910 th e c o m p a n y w a s In d e b te d t o th e
P e n n s y lv a n ia C o , fo r a d v a n c e s in th o a m o u n t o l $l.),3 9 0,()i)().
T h o In com o sta tem en t o f th o c o r p o r a te re ce ip ts a n d d isb u rse m e n ts sh ow s
th a t a fte r p a y in g th o exp en ses, taxes a n d fix e d ch arge s o f thei c o m p a n y lo r
th e y ea r a n d in clu d in g in th o a c c o u n t s , u n d e r In stru ction s ° f ,
C o m m is s io n , m iscella n eo u s In com e a n d m iscella n eou s in co m o charges>w h ic h
rep resen t th o se ttle m e n t o f a c c o u n ts p rio r t o J an . 1 1918.w h i c h r a v e be e n
rec e iv e d and p a id d u rin g F e d e ra l c o n t r o l, a b a la n c e o f $ 3 , n 0 ,8 8 5 w a s
c r e d ite d t o p r o fit a n d loss. T h o d iv id e n d o f 4 % w a s p a id t h e s am o as in
1018 a n d w as ch a r g e d t o p r o fit a n d lo ss , le a vin g th e a m o u n t t o th e c r e d it
o f th a t a c c o u n t on D e c . 31 1919, $ 4 ,9 1 3 ,0 9 5 .

IN C O M E A C C O U N T FOR C A L E N D A R YEARS.
1919.
1918.
C o m p e n s a tio n a c c r u e d u n d e r F e d e ra l
c o n t r o l fo r uso o r th o p r o p o r t y , In__
e lu d in g lea sed a n d o p e r a te d l i n e s . . $ 1 1 ,3 3 4 ,0 9 4 $ 1 1 ,3 3 4 ,0 9 4
O th e r c o r p o r a t e in c o m e —
$ 7 5 ,4 6 8
$ 1 1 5 ,6 7 0
M is c e lla n e o u s ren t in c o m o --------------17,185
6,941
M is c e ll. n o n -o p e r . p h y s ic a l p r o p ’ t y
108 ,73 7
6 0 ,7 7 2
D iv id en d in c o m o .....................................
3 ,4 5 8
3 ,4 5 0
In c o m o fr o m fu n d e d s e cu ritie s ____
1 7,762
4 3 9 ,1 1 6
I n c . fr o m u n fu n d e d so cu r. & a c c t s .
1,594
4 0 ,2 5 7
M is c e lla n e o u s I n c o m e -----------------------

1917.

$ 9 7 ,0 2 8
1 1,410
1 5 3 ,05 0
3 ,4 6 6
6 6,811
25

$ 3 3 1 ,7 9 0
$ 22 4 ,2 0 3
T o t a l o t h o r c o r p o r a t e in c o m o —
$ 60 6 ,2 0 0
G r o s s I n c o m e . . . ______________________ $ 1 2 ,0 0 0 ,3 0 0 $ 1 1 ,5 5 8 ,2 9 7 $ 1 1 ,9 1 9 ,8 7 5
D e d u c t io n s —
.
$ 1 ,4 0 6 ,3 9 8
$ 1 ,3 7 4 ,7 9 1
R en t fo r loa sod r o a d s — . —
------- $ 1 ,3 7 6 ,9 3 1
2 4 ,4 8 3
5 2,2 31
M is c e lla n e o u s ro u ts --------------------------7 8 ,7 5 0
3 2 2 ,17 1
5 9 8 ,2 5 0
W a r t a x e s ..............................- ...................
2 9 2 ,9 5 7
7 8 ,2 9 5
4 3,0 31
M is c e lla n e o u s tax a c c r u a ls — --------5 8,2 71
3 2 ,7 8 9
5,4 8 1
S e p a ra te ly o p o r . p ro p e rtie s — l o s s . .
-----­
3 ,5 8 2 ,0 4 6
3 ,4 9 8 ,3 9 1
In teres t on fu n d e d d e b t ------------------3 ,4 1 2 ,0 3 5
8 7 7 ,6 8 9
3 4 7 ,0 5 0
In teres t o n u n fu n d e d d e b t —
1 , 245, 090
4 2 .7 5 6
M a in te n a n c e o f ln v o s t. o r g a n lz a n .
1 1 7 ,94 5
3 6 3 ,4 4 5
358',738
M is c e lla n e o u s in c o m o c h a r g e s --------1 ,0 7 4 ,9 1 3
T o t a l d e d u c t io n s ___________________ § 7 ,6 5 6 ,8 9 2 $ 6 ,8 2 8 ,3 1 8 $ 6 ,1 7 9 ,7 1 7
N o t In c o m o ________________
$ 4 ,3 4 3 ,4 0 8 $ 4 ,7 2 9 ,9 7 9 $ 5 ,7 4 0 ,1 5 8
T o s in k in g a n d o th e r ro so rv o fu n d s — $ 1 ,2 3 2 ,5 2 3 S I .2 0 2 ,7 5 8 $ 1,1 6 0 ,5 6 4
. . . . . . (4 % )3 3 8 0 6 1 6 (5 )4 ,2 2 5 ,4 4 5
D iv id e n d s --------------------------------------------$ 1 ,2 3 2 ,5 2 3
B a la n c o , s u r p lu s ____________________ $ 3 ,1 1 0 ,8 8 5
— V . 110, p . 0 59 .

$ 4 ,5 8 3 ,4 0 4
$ 1 4 6 ,5 7 5

$ 0 ,3 8 6 ,0 0 9
$ 3 5 4 ,1 4 9

American Telephone & Telegraph Co.

(Report for Fiscal Year ending Dec.

31 1 9 1 9 .)

T h e rem arks of President H .J B . T h a yer, togothcr with tho
incomo account and various statistical tables, will bo found
on subsequent pages of this issue.




M ...j> 7? . 2 j »

48 1 40,039
18 0 8 4 ,01 1
8 !8 9 9 ,3 7 6

S ep a ra tely op era ted p r o p .— l o s s . .
Interest o n fu n d e d d e b t ....................
In te le s t o n u n fu n d e d d e b t . . .............
M a ln t . o r ln v ost. o r g a n iz a tio n ------M is ce lla n e o u s In com e ch a r g e s ..........

$6 6 1 1 ,6 0 7
$ 00 1 ,0 7 5

127 8? 9 3 63 2 0 7 ,4 7 1 .9 3 7 1 8 8 ,8 8 8 ,1 4 9

D e p r e c i a t i o n ................ ..
C u rre n t m a in te n a n ce — 2 5 ,4 2 0 ,1 8 8
T r a ffic e xp e n se s ............... 48,462,1.11
C o m m e rc ia l e x p e n se s —
12
G e n . & m Lsccll. expen ses 7,101 ..ion

n r ™ , In com o

6 ,5 4 5 .4 9 0
3 .3 0 1 .7 0 2

i f i f a io

M is ce lla n e o u s n . v , , - . » V

Deductions— T ax a ccr u a ls ......................

B a la n ce , s u rp lu s .
- V . 110, p . 3 60 .

*
»

M
i
3,7JU,bbS

8 :!M

6 8 :1 2 1 .6 4 6
2 8 ,3 6 4 ,0 3 9
13.8 4 9 ,9 6 0

S 3

5 3 .7 4 8 .7 0 7
2 5 ,6 9 8 ,9 1 3
1 1 ,9 0 2 .4 7 0

8
9 ,6
9
8 ,8
m0 .4 8m 0 6 m8 ,6 0m 7 5
1 ,4 8 0 ,5 0 2
1 ,2 2 9 .2 5 3
2 0.7 1 0 ,9 3 3
6 8 .5 4 8 .6 2 0
7 ,9 7 5 ,8 6 9
7 0 ,5 2 4 ,4 8 9
3 .9 9 0 ,0 1 7
2 1 ,8 2 0 .2 3 1
3 6 ,8 6 2 ,5 8 2
1 3 .8 5 1 .6 2 0

14,9 16 ,4 18
7 2 .2 7 2 ,7 2 5
7 .0 S 0 .3 8 4
7 9 ,3 5 3 ,1 0 9
3 ,7 3 5 .4 7 0
1 8.378.931
3 5 ,1 6 0 .1 1 9
2 2 ,0 7 8 ,5 8 9

* F iv e m o n th s t o D e c . 31 1919 a n d s e v e n m o n th s t o J u ly 31 1918.

B A L A N C E SH E ET DECEM BER 3 1 .
1918.
1919
1919.
1918.
Liabilities—
$
Assets—
S
$
,200 441,947.100
Stks.of asso. cos.490,792,003 485,657,617 Capital stock— 441,981
238
—
Rds.& notes of A
___ _ C ap. stk. install.
adv.toasso.cos.162,137,134 104,250,700 C ol. Trust 4 s . . . 78,090 ;000 78,000,000
C ol. Trust 5 s . . . 77,434 ,900 78,333,900
Stks. of oth. Bell
System cos____ 53,562,189 52,104,229 W e ste rn T . A T .
,000
9,985,000
Spec. dem . notes 12,000,000 21,583.412 C o. 6s................ 9.9S5 ,000
2.5S9,000
T elep h on es____ 21,287,840 18,988,929 Convertible 4 s .. 2,589 ,600 13,073,500
Convertible 4 )4» 13,027
509,207
3,138,119
R ealestate____
Convertible 6 s. . 48,367 ,200 48,353.624
Office furn. A
288,162 6 % 3-y. O . note# 50,000 ,000
fixtures_______
336,521
,000
Long lines plant 82,178,607 75,450,890 0 % 5- y . C . notes 40,000
.
4,000,000
Notes p a ya b le..
Trustees— E m pl.
8,838,942
8.S39 ,612
1,226,000 D lv. payable—
stk. pur. plans. 8,812,799
4,775,914
Int. & taxes accr. 6,408 ,390
Accts. rec. duo
Compensa. due
from U. S. G vt. 9,483,710
...........
7,469,934 asso. cos---------- 7,858 ,621
Cur. accts. r c c . . 8,737,764
1,944.742
0,363 ,801
Suspense accts. . 10,227,973 15,300,560 Cur. accts. pay. 2,000 ,000
2 ,000,000
.
*1,002,150 Empl .benefit fd.
Deferred assets.
---------Dep. & contln.. 47,262 ,123 43,900,077
Tem porary cash
5,642,975 S u rp lu s .............. 86,603 ,742 *83,414,697
Investments___ 36,574,18.»
31,675,903
Cash & deposits- 27,512,170

5

......
......

Tot,u ............ 920,781,089 821.156,734

T o t a l.............926,781,089 821,156,734

* G ash tu rn e d o v e r t o P o s tm a s te r G en era l as w o r k in g c a p ita l,
x In clu d in g c a p ita l s to c k p re m iu m s a n d e x c lu d in g d e b t d is c o u n t a n d e x Pe5?®‘
A ssocia ted a n d o th e r B ell S ys te m C o m p a n ie s ’ n o te s e n d o rs e d b y
t h ^ C o m ] m n y C m o u n tln g t o $ 5 3 ,9 0 0 ,W )0 o n D e c 31 1 91 8 , andl t o * 9 ,3 0 3 (a
000 o n D e c - 31 1919) are n o t In clu d e d in e ith er assets o r lia b ilitie s.— V . 110.
p . 4 67.

Superior Steel Corporation.

(Report for Fiscal Year ending Dec.

31 1 9 1 9 .)

T ho roport for the calendar year 1919 will bo fou n d on a
subsequent pago, containing tho rem arks of President h. W .
Harrison, the incom e and surplus accounts and balance sheet.
INCOM E AC C O U N T FOR YEARS E N D IN G DECEM BER 3 1 .
*
1919.
1 918.
1917.
„
■„
____ $ 7 ,6 6 1 ,2 7 7 $ 8 ,9 6 1 ,8 6 2 $ 1 0 ,8 2 1 ,1 9 4
G ross m a n u fa ctu rin g * p ro fit....................
M ol1m
2 ,3 7 2 ,4 3 1
3 ,4 1 6 ,0 7 8
O th e r in co m e
........ ........... ...........
$ 3 ,4 8 8 ,0 6 2
$ 2 ,5 5 1 ,3 4 3
rjmKs in co m e
________________ - • 1 ,S«iS,*577
$
7 0 4 ,18 7
0 1 1 ,9 7 7
A dnH nlstration cip 'e n s c s . d e g r e e ., & c.
4 8 2 ,1 6 8
$ 1 ,9 3 9 ,3 6 6 $ 2 ,7 8 4 ,4 7 5
M pt in c o m e __________________________ §1.356,401)
$ 86 0 ,0 0 0
$ 10 5 ,0 0 0
S in king fu n d firs t preferred s t o c k ------S i 0 5 ,0 0 0
2 5,8 33
6 0 ,0 0 0
d o s e co n d p referred s t o c k ------------6 0 ,0 0 0
9 3 1 ,2 7 9
9 4 2 ,8 6 2
R e scr v o fo r excess p r o fit s t a x ...............
“ 7 4 ,6 8 3
5 3 0 ,33 2
8 0 0 ,4 7 5
D iv id e n d s ........................................................
oSS.-RM
$ 437,031
$ 3 1 ,02 9
S u r p lu s . ............... - .................................
$ 46 6 ,9 2 6
$ 50 1 ,0 3 4
P r o fit a n d lo ss , su rp lu s----------------------$731,20*.

178:912

72:584

B A L A N C E SH EET DECEM BER 3 1 .

A
fsets--

1919.

$

1918.

Land, bldgs., equip-1,713,012 1,075,862
G o o d -w ill..--.......... 2,500,000 2,500,000
Cash
499,051 763,048
U S.Trcas. c t f s . ... 101,701 913,484
Liberty bonds..........................574,091
Fln.Aseml-fln. prod. 459,005 211,377
Material & supplies. 1,968,301
890,559
Bills & accts. recclv. 729,012 1,115,931
Invcs m e a t s ..............
Prepaid Insurance__

<535,092

22,611
Empl. subscriptions.
15,580
Treasury s to c k .._
_ 284,2S0

1919.
1918.
T InhilittfS—
$
$
1st prof stock........... 2,431,500 2.535,900

2d prof stock.......... 1,847,500 1,909,800
Common stock........ 1,260.515 2,301.349
Accounts payable.. . 045,6o0 271,495
Sinking fun d............1,215,833
...........
Reserve for Federal
_
tuxes....................... 050,507 1,169,729
Dividends payable. . 155,548
176,408
501,034
10,846 Surplus...................... 731,252
5,SS7
67,857
130,178

T o t a l.................... 8,928,305 8,865,715
lOlill .....................
w.wvw,. —

T o t a l .......................8,928,305 8,865,715

\n in it ia l d iv id e n d o f S I 11 a sharo w as p a id o n 1st a n d 2 d p r o L stocic

. "-ntn n f S " i o n F o b
ik V o n N o v

l 5 M a y 1917 t o F o b .'1 9 2 0 . 2 % q u a r.

O n c o m ..

1 1 9 1 7 'F e b ! 1918 t o M a y 1919 p a id 1 H % q u a r .;

A u g . ! ’N o v . a n d F e b . 1920 p a id 76 eta. q u a r ., a n d In F o b . 1920 p a id of) cts .

e x tr a .— V . 1 09, p . 2 4 4 5 .

966

THE CHRONICLE

E . I. d u P o n t de N em ou rs & C o.
{Report for Fiscal Year Ending Dec. 31 1 9 1 9 .)
T h e annual report signed b y President Ire nee du P o n t,
together with a com parative incom e account and balance

—V 109 p 7 7 f8 Und ° n subsequont pa£°s of this issue.
L o f t I n c o r p o r a t e d , N e w Y o r k C ity .
31 19 1 9 .)
The initial report o f this w ell-know n m anufacturer of
can d y and owner of can d y stores in N e w Y o rk and vicinity
will bo found in full on a subsequont page, including the
remarks o f President U nderhill, the incom e account and
balance sheet.
C om pare official statem en t to N ew Y o rk
S tock E x ch an ge.— V . 10 9, p. 2 4 4 4 .

{Initial Report—Five Months Ended Dec.

K e l ly -S p r in g f ie ld

T ir e

C o.

[Vol 110

« 7n n 7? ? s o o f Results o f Calendar Year 1919.— T h o g r o ss ea rn in g s w ore
been9d
e
d
u
c
t
e
d
* 11, 729, 573. fr o m w W ch th ere has
a n o t p r o m ^ v a ^ l^ b lo T f
f ° r ,nC° m ° a n d p r o fit ta x o s ’ lo a v i" «
A fto r th e p a y m e n t o f th o u su al 7 % d iv id e n d o n th o P r o f s to c k a n d
'L
o f C°6 3 r fo V ^ 0nft h s )’ ntakin^ a * t| ta l,o f'$ 3 4 2 5 .0 0 0 *
$n
r"o , 2 ^
s'u rp h ^
m ?n6 L9 fh6e h & t h ^ f 43 ^ 06 « 2 0 w a s rosS ,7°,a fo r a d d itio n s a n d b o T te ^
te3
9
n
0
Tr.
,
p V !?fs a n d $ 2 ,3 6 9 ,2 6 9 w a s c r o d ito d to p r o fit a n d loss
a
a crjv in g a t th o a v a ila b le p r o fit o f $ 0 ,4 9 4 ,2 6 9 fo r th e y e a r th ere w as

o 'A % o n C o m m o n s to c k (2 'A % fo r th o first s ir m m .th o „ , l i w

e r a e n lr a l l ° ^ 7 e 1 3 5 nf o r ad on 1 ^ i UHed und<V h,e h e a d in g o f m a n u fa ctu rin g
r
din
fe i d e p re cia tio n o n a ll classes o f p r o p e r t y
D u rin g
$1 747 836 a f f n f w h VhP hnd°,cl f o r p e r m a n e n t a d d itio n s a n d b e tte rm e n ts
* nd/iXS6, w . °.f w h Kh has b 9 ° ? ch a r g e d a ga in st th e reserves.
F i s n m H h n 'n 0 ha.v o b ? on re c e iv in g a fa ir a m o u n t o f bu sin ess fr o m th o F a r
K A fc| ” d t b h P a ^ mcri<ia n c o u n trie s a n d b o lio v o th e y w ill c o n tin u e t o o rd e r.
a
,arg0 sh a re o f o u r in q u iries are fr o m K u rop oa n co u n trie s u n d e rg o in g
are snnhlta i ° / « b a u s ?. ° 5 t h o .w a r a n d w h o se p re s e n t fin a n c ia l resou rces
„cc
in
t'O necessitate* d e fe rre d c r e d it p a y m e n ts
In s o m o ra ses tiin
g o T e r n m o n tJ a m iet h o ir S n an I e s ni oxch£ n g o a n d b a r te r b a s is.
n
c
U n til theso
th eir fin a n ce s h a v e b o c o m o m o r e s ta b iliz e d th o busin oss
c a p ita l, s h o u ld b o r e s tr ic t^ ^ to ^ o n s e r w M b r e f/n a n ^ M i S k s ° f o r h ^ a l f p r o b a -

{Report for Fiscal Year Ending Dec. 31

1 9 1 9 .)
T h e remarks of President V a n H . Cartnoll, together with
the incom e and surplus accounts for tho year and balance
sheet as o f D e c . 3 1 , will be found on a subsequent page of
this issue.
^

near^filt u r o^f!or"our'd<fm esU c b ^ u e t T * 1” 8 Capital wil1 b ° r ° d u ,r o d in th e
o f lo c o m o tiv e s

^

f i ),)i0 rtl0n " f w o r k in g ca p ita l t o u n it p r o d u c tio n

T he p r o s p e c ts fo r im m o d ia to d o m e s t ic bu sin oss are b e in g assured h v
re c e n t o rd e rs r e c e iv e d a n d in q u iries fo r p rice s
W h^

IN C O M E A C C O U N T FOR C A L E N D A R YEARS.

l i f e

‘W
in c o m e

I n t . & m ls c . d e d u c t io n s .

* > ■ !& & !
2 9 5 ,29 1

» .o | « .o 7 o
5 7 ,2 4 3

2 2 4 ,5 3 8

r F f * 12So m e ........ ............$ 3 ,2 3 6 ,7 9 8
$ 4 ,3 6 5 ,2 2 7 $ 2 ,6 4 8 ,9 1 4 $ 2,1 1 7 ,3 1 4
I n t .& s . f d . o n in c . b o n d s
.............
- - ........
$ 2 1 ,6 0 0
S k . f d . o f 2 % o n 1st p r e f.
.............
$ 7 5 ,1 6 4
7 5,1 64
I n t . & o x c . p r o f, t a x -------$ 2,6 74 ,9 5 1
$ 4 3 4 ,1 2 4
2 0 5 ,9 5 9
?H V*r e f.ni iv s .p^7 % ( p .% ) ^ d St (
6 a .)
1 99.026
2 1 3 ,0 7 8
2 1 5 ,5 9 8
2d p
334
8 % M o-----.t.k.. (Issued ’ xa/
p— f. s .
r19)
1 17,204
C o m . d iv s . (c a s h )............. (1 6 )8 0 0 ,4 0 9
(1 6 )7 8 5 ,1 5 2 ( 1 6 )7 8 5 ll5 2 (1 5 )7 3 5 '3 1 6
C o m . d iv s . ( s t o c k ) ------- (9 % )4 5 4 ,7 7 8
B a la n c e , s u r p l u s . . . d e f . $ 1,0 0 9 ,5 7 0
P r e v io u s s u r p lu s ................ 9 ,1 9 7 ,8 5 8

$ 2,9 3 9 ,9 9 2 $ 1 ,5 7 5 ,5 2 0
5 ,7 0 5 ,6 3 3 _ 3 , 4 5 6 ,7 4 0

-tS X s K -s K s s a :. ‘ 8-188-288 *>•««■«»>
.,0-008

$ 1 ,0 6 9 ,3 0 2
2 ,1 2 6 ,7 3 9

$ 5 ,0 3 2 ,2 6 0

$ 3 ,1 96 ,0 4 1

$ 2 4 5 ,7 2 7

$ 1 5 0 ,3 2 8
2 1 8 ,0 2 2

t o s u r p l u s ..
192 ,59 4
7 5 !l6 4
M is ce lla n e o u s c r e d it s .
______
’
----------4,081
C u m b e r ’d p la n t a d d ’ns
II” "
35'863
58q'6 5 6
Deduct— B o n u s r e s ’v s .& c
...I ”
'*US d e b 162 0 12 d e b l i i ' r U
d e b . 1 772 d e b 4 7 1 5 0 l c o ’ l b J ,0 1 2 d e b . 111,731
A d ju s t m e n t s ____________
5.® iiro? 1 t 0 £ P r e f - s t o c k d e b .87 [938 d e b .4 3 3 ’, 162
Ien
.............
.............
E x p .o n issu e 8 % p r e f s tk
1 8 0 ,72 7
...
........................................
K

—

88. 120, 453

$ 9 ,1 9 7 ,8 5 8

$ 5 ,7 0 5 ,6 3 3

a n a d h W l ch?argo f o ? U 9 1 7 a c c u m u ,a te d s u rP«us t o g e t h e r w U l f .S ^ l S O
1

B A L A N C E SH EET DECEM BER 3 1 .
1919.
1918.
1919.
1918.
j
S
L iabilities —
$
$
Plant acc’ts, pat’s,
Preferred stock_ 3,237,100 3,407.100
_
good-will, Ac.,
Common s to c k ... 5,361,978 4,907,200
less deprec’n .._ l 1,357.103 9,665,678 8% cum. pref. stk. 5,860,200
Cash .................... 1,679,946 1,392,729 Notes payable___
500,000
Com. stock purch’d
Accounts payable.
351,652
221,815
for resaletoempl. a87,908
42,198 Accr'd taxes, A c ..
110.731
158,487
Sundry Invest___
69,500
Int. A divs. pay'le.
49,757
51,107
Notes receivable..
63,5871 1,467,296 Bonus reserve____
158,058
88,148
Acc’ts receivable. . 1,970.442/
Deferred credit__
25,000
Deferred charges.
55,871
37.884 Surplus A working
Inventories (cost). 7,073,643 5,945,417
capital.............. 8,641,553 9,814,139
Lib. Loan bonds.. 1,438,030
596,793
T otal - - - ...........23,796,029 19,147.995 I T o t a l ............... -23,796,029 19,147,995
. a /■n c , U l c o m m o n s t o c k p u rc h a se d fo r re -s a le t o e m p lo y e e s u n d e r th e

A m e r ic a n L o c o m o tiv e C o .
31 1919 )
P residen t A n d rew F letch er, N . Y „ F e b . 2 8 , w rote in su b .-

{Report for Six Months ending Dec.

tho^ calendar* :r e ^ 7 ^ T s * rep ort* tr o v e r ^ o n ly 8 s b t ° m o n ^ 8 o n d e d C e c >r3 1 h?
D
c o n n e c t io n w ith th o resu lts fo r th o firs t h a lf o f th ™ ca le n d a r v o a r ^ O ? !)31

° ? a d e fe rre d c r e d it b asis c o u ld h a v e b e e n tak en

c a p a e it y .

b u t th o

T h o g r o s s ea rn in gs fo r th o p e r io d a m o u n te d t o $ 20 6 30 0 84 and

a v a u a m o o r $ 2 ,5 7 7 ,1 7 0 A ft e r d e d u c t in g t h e d iv id e n d s n ald d u r in g h , .
(. g g r o g a t,n g 3 ^ % o n P r e f. i n d 3 % ^ C o i S n H
a
o?
$ 1 ,6 2 5 ,0 0 0 . th ero rem a in e d a s u rp lu s o f $ 9 5 2 ,1 7 0
v' uulIIlon SCOCJC - o r

1919

1018

*

ioit

....

r S f e d i T n l ® 2 0 '6 3 0 ' ^
8 5 9 .4 8 0 ,0 2 6 $ 3 5 , f f i 26 $ 3 7 . ® 9 4
expen sos a n d d o p r o c ’n . 1 7,5 32 ,1 8 8 5 0,9 8 6 ,2 8 4
2 9 ,8 5 1 ,2 9 4 3 2 ,3 2 6 ,7 4 3
I n t . c h g e s .— n o to s ,b o n d s
o f co n s titu e n t c o s ., & c.
5 9 ,3 2 6
2 4 9 .3 9 0
9 7.8 23
8 3 ,5 1 7
R o se rv o fo r U. S. and
C an ad ia n taxos o n p r o f
4 6 1 ,3 9 9
3 ,1 4 8 ,8 8 4
2 ,0 4 0 ,7 5 8
1 ,8 2 2,50 0
P r e f. d iv s . fo r 6 m o n th s
_ (7 % p er a n n u m )...........
8 7 5 .0 0 0
8 7 5 .0 0 0
8 7 6 ,0 0 0
8 7 5 ,00 0
C o m m o n d iv s . fo r 6 m as.
(5 % por a n n u m )_____
750 .00 0
6 2 5 ,0 0 0
6 2 5 ,0 0 0
6 2 5 ,00 0
R o se rv o fo r a d d itio n s a n d
b o tte r m o n ts ___________

........

S urplus p r o f it ...............

$ 952,171

1,000,000

$ 2,5 9 5 ,4 6 8

..

$ 2 ,4 6 9 ,2 5 1

$ 2 ,1 3 0 ,8 3 4

CON DEN SED IN C O M E AC C O U N T.

a n ^ f fli^ ^ ^ o t l^ e 0 s2f« O ^ S S * 1Locom
1
otivo W
orks’ Ltd”
M o s- 10

r?

Year to

Year to

SSE m ln &’admin'*20’63°’08^ W9.443,4998 S70:0%.^2$W8.023.524
T t83
expen ses & d o p r o c ’n . .

1 7 ,5 32 .1 8 8

M a n u fa c tu r in g p r o f i t . $ 3 ,0 97 ,8 9 6
In te re s t, A c ., o n b o n d s
o f c o n s tit. c o s ., & c ___
5 9,3 26
U . S. & C an ad ia n in co m o
a n d w a r p ro fits ta x e s .
B f R - d f S S o .™ :
876.-000

$ 3,4 56 ,7 4 1

Assets —

H a lf-Y e a r —
M

s to c k a fto r d e d u c tin g
\Tir.w ' d iv.' T or s h a r e )A d d itio n s & b o tto rm o n ts
N o t t o p r o fit & lo s s —

4 0 .5 83 ,6 3 1

5 8 .1 1 5 ,8 1 9

9 1 ,5 6 9 ,9 1 5

$ 8 ,8 5 9 ,8 6 7 $ 1 1 ,9 5 7 ,7 6 2 $ 1 7 ,3 5 3 ,6 0 9
168,863

228 .18 9

4 1 8 ,25 2

1 .7 7 3 .9 05

2 ,2 3 5 ,3 0 4
*

4 .9 2 2 ,7 8 9
f .7 5 0 ,0 0 0
.2 5 0 ,0 00

($ 6 .8 1 )
.............

($ 2 4 .1 7 )
4 ,0 0 0 ,0 0 0

($30 98)
4 ,0 0 0 ,0 0 0

($ 41 .05 )
5 , 000,000

$ 95 2 ,1 7 0

$ 1 ,4 1 7 ,0 9 9

$ 2 ,3 0 9 ,2 6 9

$ 4 ,0 1 2 ,5 6 7

CROSS E AR N IN G S A N D M A N U F A C T U R IN G PROFIT FOR J U N E 30
YEARS.

S s s s s s a -K M S ^ ® ^

»8| f 8^ 8

GENERAL B A L A N C E SH EET DECEM BER 31.
r /n,clu d 28 A m o rle a n L o c o m o t iv o C o ., M o n tr e a l L o c o m o t iv o W o rk s L td
a n d A m e r ic a n L o c o m o t iv o Sales C o r p o r a tio n .]
w o r k s . L t d .,

1919.
1918.
1919.
1918
Assets—
S
S
L iabilities—
%
$
Cost of prop, (less
Preferred stock...2 5 ,000,000 25,000 000
(leprec’n res’ve) .42.421,289 44,337 305 Common s t o c k ...25,000,000 25,000000
Securities owned..
680,129
641 703 Bond, debt of con­
.................. 3,177.671 4.407,124
stituent cos.:
Acc ts A bills ree.. 5,889,591 15,123,715
Loc.A Mach.Co.
U. H. Treas. c t fs ..25,800.000
of Mont.,Ltd. 1.500,000 1,500,000
United Kingdom 3Richmond I.oc.
year 5>^ % conv.
A Mach. Wks.
432,000
432,000
gold notes........
980,000
Henrico I. Wks.
Liberty bonds___ 4,410,500
2,168,350
Corp________
_
_
25,000
Can. Victory bds. 1,574,500
510,450 Accounts payable. 1,3471614 4,003,895
Kmpl. subscr. for
Pref. div. payable.
...........
437.500
Lib. bonds (leas
Com. div. payable
...........
312.500
install’t pay’ts).
160,751 1,329,384 UnadJ. contracts.. 0,510,570
Kmpl. subscr. for
Unci. Int. A divs..
3,319
3,147
Can. Vic. bonds
Loans payable.......
........... 2,910,000
(less Installment
War taxes accrued 5,015,900 0,750,801
payments).........
45,374
135.576 Accrued expenses.
523,147
431,767
Accrued Interest..
283,494
25,377 Res. for accident
Materials A supp. 5,873,328 11,023,701
.
> 0 2 Indemnity, A c .. 834,611 990,254
Contract work___ 1,297,477 9 6 02 4 Res. for additions
Locomotives and
A betterments.. 3,615,930 1,363,760
parts ln stock..
193,342
118,453 Surplus........ ......1122,793,244 20,423,975
383,350
Deferred charges..
109,216
T o t a l.................93,175,800 90,220,600
- V . 109, p . 9 76.

T o t a l.................93,175,800 90,220,000

U n d e r w o o d T y p e w r it e r C o ., I n c .

{Report for Fiscal Year ending Dec.

31 1 9 1 9 .)

siibstancJ° h n T ' U n d on v oo d ’ N - Y *> F o b - 11 1 9 2 0 , wrote in

g

w

^ ■ s M s a - san ,
$706,9521

T h e u n fille d o r d e r s o n D e c , 31 1 919 a m o u n t e d t o $7 869 1*17
o f w h ic h a b o u t 2 7 % w a s d o m e s t ic bu sin oss a n d 7 3 % w as
as c o m p a r e d w ith u n fille d o rd e rs o n J u n e 30 1919 o f 816 034 678 nc iJaTa,'
a b o u t 5 0 % w a s d o m e s t ic b u sin ess a n d 5 0 % fo r e ig n b u s ln e ^ 8 ’
o h ti?n n d D e $ ’
k 1 k a p p r o x im a t e ly $ 1 2 ,8 0 0 ,0 0 0 o ^ n e w bu sh fess h a s be e n
9
o b t a in e d , o f w h ic h a b o u t 8 4 % is f o r d o m e s t ic r o a d s a n d 1 6 % i l f o r fo r e ig n

^ a to s o f d iv id e n d p a y m e n t s o n th o P re fe r re d a n d C o m m o n s to c k b o c h a n g e d
^ c h year
a y ° f th e <,U?rtors o n d ln g ln M a ^ . J u n e ? S e p t a n d D o a o f

M eeting, & c. — T h o d a te o f t h e a n n u a l m e e tin g o f s to c k h o ld e r s




b ’ p a ld o n th o C o m m o n shares, w o ca rriod t o surplus

^ 5 6ar a g 9, C o n gre ss h a d n o t passed th o n o w F od ora l
T a.
T x
a n d an e s tim a te d a m o u n t o f $ 1 ,2 5 0 0 00 was Ret aside
In com o a n d excess p ro fits ta x fo r th a t
W h e n “ h at
la w w as fin a lly p a ss o d w o h a d to p a y a ta x fo r 191H o f H kuo AA't m
»i
C %ini/niU
G
^/n?l ^
h oin g tak on fr o m th o a ccu m u la te d su rp liis
*

T h e P r o m o t io n o f fin ish od m ach ln os fo r th o y e a r has

« « » p d taotS iS®t5 g S S^ A to* J^ H £ S JS
ro & u riS ^ S S j!S f^ afi? & ^ E S «S ? S I!«
^ ’S S S S ^ J S S ^ S f,ra‘ labor

K SS

product __ W o b r o u g h t o u t a n ew p r o d u c t d u rin g th o y o a r k n o w n as
th e U n d e r w o o d S ta n d a rd P o r ta b le T y p e w r it e r .”
T h e o u t p u t is as y e t
lim ited ow in g t o th o u n p re ce d e n te d d e m a n d fo r S ta n d a rd M a ch in e s , b u t
ita re c e p tio n in d ica tes t h a t tiio n ow m a ch in e w ill b o a b s o rb e d as fa s t as th o y
C&
OutU>ok.— 'T lm b u t lo o k fo r g o o d bu sin ess in 1020 is v e r y p ro m isin g .
IN CO M E AC C O U N T FOR YEARS E N D IN G DEC. 31.
JQIO

1018.

1017.

101b.

"S M B
T o t a l net i n c o m e . . . . . $ 4 ,5 0 2 ,3 3 5
D o p r o c . ch arged o ff, A c .
230 ,64 5

S 4.23 0 .7 5 4
200,0< 1

$3,2 71 ,9 7 1
244.4UO

$ 2,6 2 4 ,1 0 0
^ 44,404

$ 4 ,2 7 1 ,6 0 0

$ 4 ,0 3 0 ,6 8 3

$ 3 ,0 2 7 ,5 6 6

$ 2 ,3 7 0 ,7 3 8

N o t p r o fit fo r y e a r . .

1919.
S

Assets —
Heal est., mach.,
equip., & c------- 5 ,029,827
Mat'l A supplies.. 11 ,258,868
Invest .in aftil .cos. 3, 481,766
Due from affil. cos 471,280
658,432
Cash.......................
Liberty bonds------1 057,400
Bills & aects. re c.. 1, 003,200
Invest, in Cairo,
Egypt.................
48,635
Stk .div .accrued..
Sundry deb. pre­
321,515
paid, ins., A c ..

Deduct—

Ito s ’ v o for P od . in c o m e A
excoss p r o f. w ar ta x e s - $ 1 ,2 5 0 ,0 0 0
P r o fit s h a r i n g - - - - - - —
4 21,7^ 8
P roforred d lv s . ( 7 % ) —
2 73,000
K
S
n
r ' - a
8
) l »

$ 500,000
$ 1 ,2 50 ,0 0 0
2 03,308
3 27,663
3 76,837
302 ,75 0
2 74,750
2 73,000
(1 1 )0 7 3 ,5 0 0 (1 1 )0 4 4 ,5 0 0 (4 ^ ) 3 8 2 :5 0 0
$ 2 ,8 7 3 ,3 3 7
8 i :i 5 7 .3 4 6

$ 2 ,0 46 ,9 1 3
$98 0 ,6 5 3

$97 8 ,6 4 8
$ 1 ,4 0 1 ,0 9 0

B ALA N C E SHEET DEC. 31.
1918.
1919.
1918.
1919.
$
L iabilities —
S
$
S
A ssets —
Preferred stock— 3,900,000 3,900,000
Heal estate, bldgs.,
,911,180 2,400,365 Common stock— 9,000,000 9,000,000
machinery, A c ..
700,013
‘'
984,841
Pat'ts, tr.-mks.,Ac ,996,720 7,995,720 Accounts payable
175,184 Reserve for exp.,
170,153
Stock In other cns.
953,633 1,118,279
pay-rolls, A c . . .
Invcst, special surp
234,500
234,500 Reserve for Eed'l
plus capital res.
income A excess
Inventories (coster
profits war taxes 1,250,000 1,250,000
less) .................. 4,075,585 4.371,604 Bonus to Employ’s 421,738
376,837
Acc'ts A notes rec.,
:
,425,653 3,749,459 Dividends—
less reserves----- 3
08,250
P ref. pay. Jan. 2
08,250
Casli.........- ........... 2 ,050,575 1,651,538
585,000
Com. pay. Jan.2 630,000
I n v .i n U .S . G ov.
3,855,150 Profit and loss___ 7,926,138 0,525,019
i on Is an I notes.3 ,612,332
700,952 1,157,340
410,207 Surplus for yea r..
Pure., fixtures, Ac. 359,435
243,772
69,072 Reserve adjustm’t ..................
09,318
Prepaid lnsur., Ac.
Total ................ 25,841,552 24,990,517
.25,841,552 24,990,517
Total __________
— V . 110. p . 666.

1918.

1917.

B a la n ce , s u r p lu s ______$ 1,5 40 ,2 0 1

$ 1 ,0 6 0 ,9 9 9

1919.
.
5,989,408
0,290,3.81
134,058
4,764,820
741,397
600,582
1,300,250

1918
S
5,989,408
7.108,777
548,652
220,300
4,101,882
757,842
503,097
802,477

C apifaL — O u r n o t w o r k in g c a p ita l a t O c t . 31 1919 a m o u n te d
t o $ 3 4 ,8 2 7 ,1 4 4 , an in cre ase o f $ 3 ,5 5 4 ,2 7 9 , as c o m p a r e d w it h th e p r e v io u s

$ 1 ,1 04 ,1 2 6

1919.
1918
L iabilities—
S
S
Common stock. ..10,000.000 10,000.000
Preferred stock
2,000.000 2,000,000
305.000
Mortgage payable. 300,000
615.000
Notes payable___
500,000
Accounts payable
(lncl. war taxes
and reserve for
_
contingencies).. 2,295,357 3,388,7S7
57,541
Accrued accounts.
50,212
Profit and loss___ 5,320,310 3,780,114

.20,471,884 20,152,442

Total

T o ta l................ 20,471,284 20,152,442

a A t o r b e lo w c o s t ,
b F u r n itu re , fix tu re s a n d p e rm a n e n t im p r o v e m e n ts
o n lea sed p r o p e r t y , loss d e p r e c ia t io n .— V . 110, p . /0 9 .

T o b a c c o P r o d u c ts C o r p o r a t io n .

(7th Annual Report— Year ended Dec.

31

19 1 9 .)

T roas. G ra y M ille r, N . Y . , M a r . 1 1920, wrote in s u b s t.:
Acquisitions __ In J a n . 1919 y o u r c o m p a n y p u rc h a se d all o f th e ca p ita l
s t n c H f RoW Harris & Bro.. In c., at U e id svillo , N . O ., m an u fa ctu re rs o f
s m o k in g a n d p lu g t o b a c c o , g iv in g in p a y m e n t t h e re fo r 2 ,5 0 0 shares o f o u r
f o m m o n s t o c k , w h ic h s to c k w a s b o u g h t in th o o p e n m a r k e t.
^ «
In Jul v 1919 y o u r c o m p a n y p u rch a se d th e re m a in in g o u ts ta n d in g 1 re f.
s to c k ^ o f 'the United Paver Box Co. of A m erica . In c., th e re b y b e c o m in g th e
sole o w n e r o f th a t b u sin ess. T h e e n tire in t e r ^ t o f y o u r c ( ) r ^ a n y i n t R e
U n ited P a p e r B o x C o . o f A m e r ic a , I n c . , w as la ter s o ld t o 1 . iN. Burt t o . .
U p h iu l M orris '& C o.. Ltd.— U n d er th o o ffe r m a d e t o th e s to c k h o ld e rs o f
vour com pany d a te d F e b . 18 1919, 2 5 4 ,7 4 4 shares o l Philip M orris & C o .,
Ltd., In c., w ere purchastkl b y th o s to c k h o ld e r s a t $4 a sh aro (\ . 108,
P ‘ TalmcIo Products Export C o rn — In A p ril 1919 th o co r p o r a tio n k n o w n as
Tobacco Products Export Corporation, fo rm e d u n d e r th e law s o f N . \ . S ta te
i ? t h an a u th o r iz e d c a p ita l o f 4 5 0 .0 0 0 shares o f n o p a r v a lu e , b e g a n o p e r a tUms an Y o u r c o m p a n y Bold a ll Its fo re ig n rig h ts in a n d to its v a rio u s b ra n d s
•inf] th e b ra n d s o f its s u b sid ia r y c o m p a n ie s , to g e th e r w ith its in v e stm e n t
in T o b a c c o P r o d u c ts C o r p . o f C a n a d a , L t d .. M . M e la ch r in o & C o . In c
U iir o E g y p t H en ry S c h o lo y . L t d ., o f L o n d o n , E n g la n d , a n d all assets
nortahi n « t o i t s f o r e i g n tra d e , t o tiio T o b a c c o P ro d u cts E x p o rt C o r p ., fo r
w h ic h it re c e iv e d th o en tire ca p ita l s to c k o f T o b a c c o P ro d u cts E x p o rt C o r p . ,
C, nslstlnJ o f 4 50 0 00 shares! T h o s to c k h o ld e rs o f y o u r c o m p a n y w ere
t ? , n p i f f h t t > s u b scr ib e t o o n e share o f T o b a c c o P r o d u c ts E x p o r t
O o ? n s to c k fo r ettch s K o f s to c k o f y o u r c o m p a n y , w h e th e r C o m . o r
. , I * i,,,i,i i,v th em a t th e p r ic o o f $10 a sh are.
Piio s to c k h o ld e rs s u b ­
s crib e d t o 2 5 5 .4 6 0 sh a res,
hi
th o trea su ry o f y o u r c o m p a n y 194,540 shares (V . 108, p . ibJ, Jaao. v . i u j ,

V‘Am erican Foreion Trade Corporation.— In M a y 1919 th o A m e rica n F oreig n
T r a d e C o r n w a s"orga n ized u n d e r V irgin ia law s w ith an a u th o riz e d ca p ita l
o f $20,000!()()() fo r th e p u rp o s e o f
d r a w fa
w itli tiio N ea r E ast, fro m w h ich p a rt o f th e w o rld j o u r c o m p a n y d ra w s ,
hirgo p art o f its s u p p ly o f lo a f t o b a c c o .
Y o u r c o m p a n y purc^uiscM c o n tr o l
o f tiio A m e r ic a n F ore ig n T r a d o C o r p . s to c k , p a y in g th e re fo r . . . 5 0,0 00
{Vi)h\dm ds*m CoJmiwn%'ock.— D u rin g th o year 1919 y o u r c o m p a n y p a id
f o u r 'd iv id e n d s o f $1 50 p e r sh a re o n th o C o m . s to c k , th e d iv id e n d s o l
i. u T m i M w 15 b e in g p a id in 7 % 2 -y e a r scrip , th e d iv id e n d s o f A u g .
15 a n d N o v . % w ere p a id in ca sh
Iln 1048 also th ree o f th e fo u r q u a rte rly

of

d l E a m b u / s ^ A l ? 1th o °e a rid n g s
th e su b sid ia r y co m p a n ie s h a v e been |uc l u d f d i n thls s ta te m e n t, b u t o f tiio a ffilia te d c o m p a n ie s , o n ly su ch earnings
as h a ve boon d ecla red as d iv id e n d s h a v e been in clu d e d .

IN CO M E AC C O U N T FOR C A LE N D A R YEARS.

.. . ,
C

__

1919.

$’> 072 886

^ S i ^ ^ ^ ^ t ) Y ^ 6 %) 1,055:897

1918.

$3,276,283

1917.

$2,006,209

(6)000.000(1 w i l o ’O Q
. Q

, ' o i ’V kqq
1 ,3 1 3 ,o »d

$ 1 ,7 6 0 ,2 6 7
3 ,3 6 1 ,5 3 3
128,611

$ 1 ,2 5 1 ,7 0 9
2 ,1 0 9 .8 2 3

T o t a l p r o fit a n d loss su rplu s - - - - - - $ 2,5 3 6 ,5 9 5
D i v . p a id in C o m . s tk . J a n . 15 19 ( 1 0 % )

$ 4 ,9 9 3 ,1 8 8
1,6 0 0,00 0

$ 3 ,3 6 1 ,5 3 3

F in a ls u r . ( s e e f o o t n o t o t o b a l .s h e e t ) $ 2,5 3 6 ,5 9 5

$ 3 ,3 9 3 ,1 8 8

$ 3 ,3 6 1 ,5 3 3

B a la n co , s u rp lu s ............... .....................
P rev iou s s u rp lu s ...................... ...................
E xcess p r o fit s t a x p ro v io u s y o a r---------




31 1 9 1 9 .)

31Cap1 a i'i^ p fn d /fo r e s 7— T h e s e a m o u n te d t o $ 6 5 1 ,8 1 3 , c h ie fly fo r t h e c o m ­
i<
p le tio n o f a d d itio n a l b u ild in g s a n d e q u ip m e n t a t th e W a t e r lo o G a s o ine
S ngine G o ., W a t e r lo o , I o w a ; th o J o h n D e e r e H a rv e s te r W o rk s B a s t M o lin e ,
a n d t h o M o lin o T im b e r C o . at M a lv e r n , A r k ., a n d in th e t im b e r p ro p e rtie s

105)660
(3 )3 0 0 ,0 0 0

$ 1 ,3 20 ,9 8 8
B A LA N C E SHEET DECEM BER 3 1 .

T o t a l................. 23.333,924 18.581,841

Income Account. — T h o n e t in c o m e f o r th o fis c a l y e a r a m o u n te d t o $ 5 ,2 5 7 ,­
177, in c lu d in g $ 32 8 ,2 2 2 o f p r o fit s o n w a r w o r k c o m p le te d a fte r O c t . 31 1919.
T h o in c o m e f r o m o p e r a tio n s , b e fo r e d e d u c t in g a d m in is tr a tiv e a n d gen eral
e xp en ses, in te ro s t, A c ., b u t a fte r m a k in g a m p le p r o v is io n f o r a ll ta x e s,
d e p r e c ia tio n , ca sh d is c o u n ts , p o s s ib lo losses o f re c e iv a b le s a n d o t h e r c o n ­
tin ge n cie s w a s $ 6 ,5 5 5 ,8 0 7 . F ro m th is a m o u n t w e d e d u c t a d m in is tr a tiv e
a n d gen eral oxpen sos, $ 7 9 6 ,5 4 7 ; in terest o n n o te s p a y a b le , A c ., n e t,
* 4 1 0 3 16: d e p le tio n o f tim b e r la n d s a n d m is ce lla n e o u s ch a r g e s , S 9 1 ,7 67,
le a v in g as n o t In co m e fo r th o y o a r th o a fo re s a id $ 5 ,2 5 7 ,1 7 7 . A ft e r a llo w in g
$ 2 ,4 5 0 ,0 0 0 fo r d iv id e n d s o n P r o f, s t o c k , th e p r o fit a n d loss su rp lu s a t O c t.

1 916­

5 00.000
140.000
(4 )4 0 0 ,0 0 0

1,600.000
720.000
140.000
3,393,188

President W m . B u tterw orth , M o lin e , 111., F e b . 16 wrote:

N in V o m a :::::::::::505.201 $2,950,999 $2,360,988 $1,809,120
ot
1 ,2 5 0 ,0 0 0
1 40,000
(5 )5 0 0 ,0 0 0

786,207
76,080

D e e re & C o m p a n y .

............. ....................... ^ " * 6 6 8 OoV $ 3 6 ,3 0 9 ,5 1 3 $ 3 0 ,0 9 0 ,7 0 0 $ 26 ,3 9 6 ,5 4 4

W a r ox c . p r o f. A In c . t a x
a n d res erv e f o r co n t in g
1 ,2 2 5 ,000
P referred d iv id e n d s ( 7 % )
1 1 9 ’9 92
C o m m o n d iv id e n d s -------( 6 % )6 0 0 ,0 0 0

160,000
3,706.365

196,642

(Report for Fiscal Year Ending Oct.

(S . S .) K r e s g e C o ., D e t r o it , M ic h .
31 19 19 .)
1919.

1918.
S

8,000.000

v C o m m o n s t o c k , $ 1 7 ,6 0 0 ,0 0 0 , p a r v a lu e , co n s is tin g o f 160 ,00 0 shares
o f $ 100 p a r v a lu e p e r sh a ro , b u t fo r w h ic h th o c o r p . r e c e iv e d o n ly $1 per
sh a re c a s h , a n d w h ic h w e re issued u n d e r tiio V irgin ia law a t $1 p e r sh are,
a n d $ 1 ,6 0 0 ,0 0 0 c o n sistin g o f 16,000 shares d e cla re d as a s to c k d iv id e n d a t
p a r va lu e o f $ 10 0 p e r sh a re.
, ■
,
....
„ 1iri _ aT7
y N o reserv e has be e n set up fo r F ed era l tax es fo r 1919.— \ - 1 10, p . 8 77 .

(Report for Fiscal Year Ending Dec.

A ssets —
Leaseholds, organlstation, A c . . .
Mcrchnndles n —
Rents, Ac..prepaid
Acc'ts receivable- bEurn, flxt's. A c ..
Office buildin g...
Cash. .........
Liberty bonds___

B A L A N C E SHEET.
1919.
1918.
$
L iabilities —
S
Preferred stock— 8,,000.000
5,532,603 Common stock — xl ,760 000
8,023,623 Bills A accts. pay. 8 ,276,443
1,259,250 Res. for allowance,
502,143
134,008
taxes, A c..........
870,743
563,647 Due affiliated cos.
1,057,500 Div.. payable in
common stock..
1,360,105
Div.scrip paj’ahle. 1.,248.000
140.000
454,463 Prof. div. payable.
P. A t. surplus___ y2 ,536,595

T o t a l_________ 23,333,924 18,581,841 I

S3 564 738
” $ 70 6 ,9 5 2

T o t a l d e d u c tio n s .
B a la n ce , s u r p l u s ...

967

THE CHRONICLE

M a r . 6 1920.1

^ I n v e n t o r ie s d e cre a s e d $ 4 ,6 6 9 ,6 8 4 , a b o u t $ 1 ,0 0 0 ,0 0 0 o f w h ic h w a s m a d e
HD o f m ateria ls a n d w o r k in p ro ce ss u n d e r w a r c o n tr a c ts . T h e s e in v en tories
h a v e n o t , in g e n e ra l, b o o n w r itte n u p t o p re s e n t m a r k e t c o s t s , b u t h a v e
b e e n p r ic e d u p o n a co n s e r v a tiv e basis.
T h o c o m p a n y h a s r e d u c e d its s u b sid ia r y c o m p a n y b o n d e d d e b t t o $ 2 2 2 ,­
0 0 0 , h a v in g re tire d $ 3 1 2 ,5 0 0 b o n d s d u rin g th e y e a r . T h e p re se n t in d e b te d ­
ness in clu d e s M o lin o T im b e r C o . 1st M . b o n d s ($ 1 5 0 ,0 0 0 ), a n d M a rs e ille s
C Not°es p \ y lb fo ° w e r e re d u ce d $ 5 ,9 6 2 ,4 1 7 (t o $ 1 .0 2 4 ,7 3 3 ), b y th e Increased
v o lu m e o f bu sin ess, th o s p le n d id c o lle c t io n s , a n d th o r e d u c tio n in In v e n to rie s.
Reserves — R eserve a c c o u n ts w ere in cre ase d $ 1 ,2 3 0 ,2 0 3 (see f o o t n o t e t o
b a la n c o s h e e t ). T h e c o m p a n y h a s c o n tin u e d t o m a in ta in its p ro p e rtie s
fu lly , a n d th e resorves fo r d e p r e c ia tio n c o v e r o n ly t h e in v is ib le w o a r a n d
te a r a n d o b s o le s c e n c e . T h o t o ta l ch argos fo r d e p r e c ia tio n a n d fo r m a in ­
te n a n ce a n d repairs d u rin g th o y o a r a m o u n te d t o $ 2 ,2 9 8 ,8 0 5 , as c o m p a r e d
w ith $ 1 ,7 6 8 ,2 7 1 d u rin g th o p ro v io u s y e a r
» 9no lnf1 n f P r o f
Capital Stock.— T h e c o m p a n y ca rries In Its tre a su ry $ 2 0 3 ,1 0 0 o r 1 rer.
s to c k w h ic h has b o o n s o ld t o e m p lo y e e s o n th o m o n t h ly p a y m e n t p la n .
S in ce O c t. 31 1919 w o h a v e o ffe r e d t o e m p lo y e e s 5 .0 0 0 shares a t p a r o n
v e r y a tt r a c t iv e to rm s, a n d a p p a r e n tly t h o a m o u n t w ill b e la r g e ly o v e r s u b s c r ib e d ^ n u m | r 0 f p re f s to c k h o ld e r s O c t. 31 1919 w as 4 ,7 8 7 ; O c t
}e

31

1^Outlook— Our fa rm e r cu sto m e rs h a v e e n jo y e d a h ig h d e g r e e o f P co s p o rlty
d u rin g th o p a st y o a r, th o v o lu m e o f bu sin ess r e c e iv e d fr o m th e m has b een
m o s t s a tis fa c to r y , a n d t h o p ro so n t c o n d it io n s s o e m t o in d ic a te a c o n tin u a n c e
o f th eir d e m a n d in c o n s id e r a b le v o lu m o .
CON SOLIDATED IN C O M E A C C O U N T YE AR S E N D IN G OCT.3 1 .
191 8 -1 9.
1 917-18.
191 6 -1 7.
191 5 -1 6.
x T o t a l earn s, ( a l l c o s . ) . . $ 6,5 5 5 ,8 0 7 $ 7 ,9 8 0 ,1 5 2 $ 5 ,8 5 1 ,1 3 0 $ 4 ,7 8 3 ,0 8 1
$ 4 0 3 ,3 2 7
$ 65 1 ,2 8 7
$ 63 4 ,1 9 9
$796 ,5 4 7
A d m in s ., A c ., e x p e n s e ..
162 ,99 0
9 4 ,3 6 3
4 6 4 .8 5 7
4 1 0 ,31 6
I n t . o n d e b ., A c . ( n e t ) . .
9 8,7 71
173 ,45 5
6 0 ,8 3 2
9 1.7 67
D e p le t io n , A c ----------------y l , 3 3 5 ,2 7 7
F e d e ra l ta x e s ----------------------------6 5 0 ,0 0 0
C o n tin g e n t re s e rv e --------2 ,5 1 8 ,4 5 5
2 ,6 4 7 ,9 9 5
2 ,4 5 0 ,0 0
P re fe rre d d iv id e n d s ( 7 % ) 2 ,4 5 0 ,0 0 0 ____________0_

B a°n^ds « “ : : : : : 8 3 » :W
aT

_
T o t a l s u r p l u s . . ; ______$ 1 5 ,0 3 9 ,7 6 9 $ 1 2 ,2 3 2 ,5 9 2

$ 3 ,4 3 7 ,5 6 0
$ 2 ,4 1 3 ,5 7 0
$ 9 ,8 4 7 ,6 0 5

$ 3 ,3 1 3 ,0 8 3
$ 1 ,4 6 9 ,9 9 8
$ 7,4 3 4 ,0 3 5

x A fte r d e d u c tin g all expon sos fo r d e p r e c ia tio n o f p r o p e r t y a n d e q u ip ­
m e n t, fo r a ll ta x e s, fo r ca s h d is c o u n t , u n c o lle c tib le n o te s a n d a c c o u n t s , a n d
fo r o t h e r co n tin g e n c ie s .
, ,
.
y In a d d itio n t o p ro v is io n m a d e b y s u b sid ia r y co m p a n ie s.
C ON SOLIDATED B A L A N C E SH EET OCTOBER 31

1919.
L iabilities—
S
_ Preferred stock._c35,000,000
18,170,300 Common stock..d l7 ,904,400
2,991,647 Subsld. companies
bonds A mtges.
222,000
2,000
17,904,400 Stocks ol sub. cos.
405,900 Notes payable___ 1,024,733
23,706,771 Accounts payable. 2,342,841
474,000 Accrued taxes------5,713,514
2,139,850 Reserve_______ J.a6,8S5,608
3,833,059 Surplus.)'.".)'.'.'.".-15,039,770
14,979,543
--------T o t a l.................S4,134,866
Total ................ 84,134,866 84,605,470

1919.
A ssets —
S
Real est., bldgs.,
A equlpt............. 18,837,500
Timber lands, A c. 2,976,200
Trade marks, pat­
ents A good-will. 17,901,400
Pref. stock owned. b203,100
Inventories______ 19,037,086
Prepaid lnsur., Ac. 472,244
Liberty bonds___ 2,898,211
Cash...................... 5,758,279
Notes A accts, rec. 15,964,413
Ins. fund invest..
83,373

1918.
S

1918.
8 „ „
35,000,000
17,904,400
534,500
7,000
6,987,150
3,531,664
2,821,673
5,586,490
12,232,593

84,605,470

a In clu d e s In 1919, $ 3 ,6 2 7 ,2 6 2 , a ga in st p r o p e r t y a n d e q u ip m e n t; $ 2 ,3 7 6 ,­
104, a ga in st w o r k in g a n d cu rre n t assots; a n d $ 2 3 2 ,2 4 2 , a g a in s t in su ra n ce
al!K P n c f p r e f. s to c k o w n e d h e ld fo r salo t o e m p lo y e e s o n m o n t h ly p a y m e n t s .
c A fte r d e d u c tin g $ 2,8 2 8 ,5 0 0 p r o f, s to c k p u rc h a se d a n d h e ld in tre a su ry .
d A ft e r d e d u c tin g $ 3 ,6 6 8 ,4 0 0 resorv od fo r sale t o e m p lo y e o s u n d e r c o n ­
tra cts (see b e lo w ).— V . 108, p . 9 6 9 .

,

G u l f O il C o r p o r a t io n .

(Report for Fiscal Year ending Dec.

31 19 1 9 .)
President W . L . M e llo n , P ittsburgh, P a ., F e b . 7 19 2 0 ,
wrote in substance:
T h o earnings a m o u n tin g t o $ 1 1 ,4 6 0 ,8 5 4 , co m p rise th o d ir e c t e a rn in g s o
this c o r p o r a t io n , to g e th e r w ith th e n o t earnings a ccru in g fr o m th e va riou s
c o r n p a X w h o s o c a p i t a l s to c k it h o ld s , a n d rep resen t t h e n e t earnings a fter
d e d u c tin g all Interest ch arge s, b a d a c c o u n ts , d e p re cia tio n o n p la n t, in ­
c lu d in g o il p ro d u c in g p ro p e rtla s a n d a ll lo ca l a n d b o d e ra l taxes.
T h e chief a p p ro p ria tio n s t o d e p r e c ia t io n reserv e w ere d e e m e d n ecessary
t o o ffs e t th o L r g o e x p e n d itu r e fo r d rillin g t o m ain ta in p r o d u c tio n , w h ich
e x p e n d itu r e w as ch arge d t o c a p ita l a c c o u n t , a n d also t o ® °ver th e a m o u n t
o f in v e s tm e n t In th o p ro d u c in g p ro p e rtie s o w n e d b y th e M e x ica n G u lf Oil
C o . a t T c p o t a t o , M e x ic o , w h ic h ce a se d t o p r o d u c e o il d u rin g t h o y e a r o n
a c c o u n t o f an e n c ro a ch m e n t o f so.lt w a te r.
...
j i t
j
a B arrin g th e str ik e o f s te a m sh ip e m p lo y e e s w h ic h .o c c u r r e d in ^ J u ly a n d
♦he s tr ik e o f o c e a n -g o in g tu g b o a t e m p lo y e e s, w h ic h o c c u rre d in O c to b e r
a n d N o v e m b e r , th e c o m p a n y w as a b le t o o p e r a te all b ra n ch e s o f its busin ess
th ro u g h o u t t h e y e a r w ith o u t in te rru p tio n .

968

THE CHRONICLE
in ^ a 'n t* and

f^ rL S &
ea rn in g s w ere r e in v e s te d in t h o c o m p a n y ’s busin ess
in t h ^ U n t o i ys ? a t ^ h
r e fb i1 r ie s " i & t t n f m
e
p

su rplu s

has m a in t a i ' ' « l its c r u d e oil p r o d u c tio n
S e ^ t m e n t 6 su b sta n tia l a d d itio n s t o its

2 7 :5 2 0 ,0 9 5

-

^ A o t ea rn in gs-. . .$ 3 5 , 3 0 1 ,3 2 8
3 3 6 ,1 2 4 ,9 9 2 S29 485 830 899 5*10 09 a
D e p r e cia tio n r e s e r v e . . . 1 9 ,3 05 ,2 5 2 1 6,677 064
11 723 4 50
4 778 003
I n te r e s t, taxes. & c
4 ,5 3 5 ,2 2 3
x 6 M 5 ,3 3 1
ljll.O lO
863:721

D iv id e n d s ( 6 % p . a . ) . . .

2 ,1 5 ^ 5 1 3

no®,™ fiTSKII
2,0'8~2j'04

2 ,0 7 4 ,3 2 0

2 .0 6 7 .0 7 5

B a la n c o *
...........$ 9 ,3 5 6 ,3 4 0 $ 1 0 ,5 0 0 ,4 9 3 $ 9 ,5 7 6 ,4 2 6 $ 15 ,8 2 5 ,7 3 6
x A fte r d e d u c tin g su rplu s ta x r e s e r v e fr o m p r e v io u s y e a r.

C ON SOLIDATED B A L A N C E SH E ET D E C . 3 1 .
1919.
1918.
§
§
Liabilities—
P la n t * equlp’t - 108,543,327 127,014,655 Capital s t o c k ...
Other Invest’ ts. x3,964,446 4,428,470 Cap. stk. prem.
Oil, supplies &
(sold to em pl.)
► material.......... 28,210,367 25,860,811 Bonds (ship tr.)
Cash & hills &
Bills A accts.pay
accts. recelv_ _ 10,567,745 15,130,867 Res. for war tax.
Deferred chagres 1,190,556
734,803 Insur. reserve..
Bad debts r e s ...
Deprec'n reserve
Surplus................

Assets—

1919.
§
35,284,600

1918.

S

34.S37,100

1,008,663
150,000
30,903,395
7,000,000
826,842
100,000
75,509,899
67,693,043

200,000
15,441,206
7,000,000
555,351

A m e r ic a n S n u f f C o m p a n y .
31 1 9 1 9 .)
1919.

1017

1918

S1$

1919.

Real est., bldgs.,
m ach., * o ___
M isc. securities .
Furniture, * c . .
Bonds acq’d by
pur. & exch._
C ash............... ..
Demand lo a n s..
Acer, bond, A c.,
Interest............
NotcsAaccts.rec.
Due from affilia­
ted cos______
M d s e .* supplies
Prepaid expenses
Ins. prem. unexplred propor’n
Claims * unad­
justed a cc'ts.
A dd. & better­
ments .............

1918.

1919.
1918.
Liabilities—
Pref. stk. ou tst. 29,826,933 29,826.933
78.931,035 80,623,167 Com. stk. outst. 49,784,000
49,777,33.3
b6,806,8 43
6,866,133 1st M . 5% gold
57,276
b o n d ).............. 4,903,000
57,160
5,065.000
25-year 5% deb.
c5 ,60S ,579
6,241,819
b o n d s ________
020,000
734,000
586,517
2,212,332 N .Y .G lu e. 1st 6s.
727,010
817,920
6,710,670
4,800,000 Nat. Search deb. (See note above.)
Vouchers pay’ le. 1,417,841
2,746,292
254,569
295,722 A cc’ ts p a ya b le .. 2,325,519
.303,291
8.011,077 12,855,423 Accr.lnt.on bids.
60,566
04,683
Dividend pay’lo 1,268,733
521,972
19,013,615
3,871,603 Outst’g stock of
9,901,575 11, 220,012
merged cos___
8,848
20,648
74,035
13,005 R e se rv e s ............« 111,348,941 14,798,884
Surplus............. .. 35,788,700 24,905,864
120,878
103,593

S

S

333,210

*

S

101,515

1,617,212

b5n,n g4J3s " i b X l b” d ‘‘C U “ ' " C " “
|l’[S
“ “ n
C
'U
L Ini ° p s.

1 c o s w . 5 2 ,2 4 0 ,2 1 9 (soo x a b o v e a n d

N o t e ” b e lo w }

8 l ^ 4 S 5T o o h<! t o ta l su rp lu s D e c . 31 1919 w as $ 3 5 ,7 8 8 ,7 0 0 ? Inclu ebn g (a)

for Fiscal Year ending Dec.

Calendar Year—

D oc!

T o t a l ----------- 138,050,119 129,582.820 T o t a l............. 138.080 110 120 582 820
a R eserves fo r 1919 in clu d e $ 5 0 ,0 0 0 fo r bad d e b ts $134 850 fo r annum.
S ta te a n d c o r p o r a t e taxes, $ 2 0 0 ,0 0 0 fo r legal expen ses $934 008 f o r m T l ™
risks and co n tin g e n cie s , $ 9 ,4 1 4 ,9 5 7 reso rv o fo rln co in o ^ a n d w a r excess n r o fh s

100,000

56,705,247
58, 36,702

T o t a l .......... -.218,476,442 173,175 606
T o t a l ----------- 218,476,442 173,175,606
x In c lu d e s U . S . G o v e r n m e n t o b lig a tio n s , $ 2 .9 7 9 ,2 0 0 .— V . 1 10, p . 8 75.

f t e f e ^ X ; : r e % ) : : : *$1$23?,’i e i

“ S S l e d b y E S r e h S o r S i t , l n 'a o ° <* * * , “ *

Assets —

G r o s s ea rn in g s.............
$97143 ? ,5 16 S 8s!fl0 4 .3 06 $7<M 09'4O 3
4 9 ,7 7 9 :3 1 4
^ o ffis e iT
O p e r a tin g exp en ses- 6 2,1 3 0 ,1 8 8

K Sretel-r- ^ : : : * 11-460-864

! i l l 9 18 )

CORN PRODUCTS R E F IN IN G CO.— GENERAL UAL. SH EET DEC. 31.

C ON SOLIDATED IN C O M E A C C O U N T FOR C A LE N D A R YEARS.

( Re-port

[Vol. n o .

m tc

forSm " H ^ ^

'

’f

^ .s k ^ M p o ^

i ^

C o m m o n d i v i d e n d s .. . ( 1 1 )1 ,2 1 0 ,0 0 0 ( 11) m o jXK) ( 1 1 )lilQ ^ Q Q (1 2 )f3 2 0 :0 0 0
% ° « 2 2 40 2 ?9
( 0 $ 1 5 ,5 4 0 ,2 8 3 re se rv e d fo r w o r k in g c a p R a l!— V . 1 1 0 , p 2 64 ’ S 2 ’ 2 4 0 ’ 2 1 0 ’

B a la n c e , s u rp lu s --------$ 3 2 7 ,2 4 4
$ 8 6 ,7 2 5
$ 5 7 ,4 7 7
$ 34 2 ,5 1 8
*
6 c d u c t in g all ch arges a n d oxp en ses o f m a n a g e m e n t in clu d in g
p r o v is io n s fo r in c o m e a n d excess p r o fit s ta x e s.
’

G a le n a -S ig n a l O il C o ., F r a n k lin , P a .
1 9 1 9 .)

{Report for Fiscal Year ending Dec. 31

B A L A N C E SH EET DEC. 3 1 .
1919.
1918.
1919.
1918.
Assets —
Liabilities
S
S
Real est., mach’y,
.. 3,952,800 3,952,800
trade-m'ks,good­
-11,000.000 11,000,000
will, pat'ts, A c . 11,811,046 11,736,801
l59,292
59,292
Leaf, m fd. stock,
i220,000
330,000
supplies, & c------ 4,159,007 4,216,890 R cs’ ved for Insur
265,307
297,506
Securities................ 1,424,469 1,331,271
n 1,036,550
919,466
C ash........................ 1,063,438
993,383
i.
635,578
703,730
Bills and accounts
. 1,844,470 1,844,470
receivable........... 1,581,555 1,527,187
- 1,025,517
698,273
Total
....
20,039,515 19,805,536
-20,039,515 19,805,536
- V . 109, p . 2 17 3 .

3

U n io n T a n k

S

President J . S . Cullinan, F ranklin, P a ., F e b . 2 4 1920
wrote in substanco [see nows item on a subsequent page]’
'
io 'm 'd ff■ '7 7 T h ?uPrcs« n !' “ a n a g e m e n t a ssu m ed d u t y d a tin g fro m M a r c h 1
fa9c\ oV ycon d ftiohn . affiUrS ° f tS ° COm i,any a t th a t t im e in^a V T y un sa tlstin n o c ^ a.J° r.J)ar.t
t h e c o m p a n y ’s busin ess In th o p a st has boon a n d c o n ­
tin u es t o b o th e lu b rica tio n o f ste a m a n d e le ctric ra ilroa ds u n d er loiur term
gu a r a n te e d c o s t fo r m o f c o n tr a c ts .
D u rin g t h e w a r ^ r e ^ u s t m e n t n e r S ?
a n d G o v e rn m e n ta l a d m in is tr a tio n , s u ch ra ilw ays h a v e been o p e r a te d u n der
m a n y h a n d ica p s
T h is c o n d it io n , to g e th e r w ith th e I n c r e a s e ^ fo s t o f a b o ?
a n d ra w m ateria ls has been re fle c te d t o a m ark ed d e gre e in th is c o m n a n v ’s
bargo n u m b e r o f th ese u n fa v o r a b le c o n tr a c ts h a v e e xp ired
a n d it is e x p e c te d th a t th e busin ess will b o ren ew ed on a m o re p r o fita b le
basis. T h e c o m p a n y h as file d cla im s w ith th o (R»vertim «'r.t :u‘ (ro tlm rs

C a r C o ., N e w Y o r k C ity .

(Report for Fiscal Year ending Dec.

b e y o n d Us conTro'b ° f SUCh ° f t h o ,o s sc s as o rl«* n a te d u n d e r c o n d itio n s

31 1 9 1 9 .)

„ J f,° J > scd N ole Issu e .— W h ile th o c o m p a n y ’s a ffa irs h a v o s h o w n annrn?

cia b lo im p r o v e m e n t d u rin g th e p a st fe w m o n th s , a n d as fa r as can n o w bo
fo re ca s t s u ch im p r o v e m e n t s h o u ld c o n tin u e , it will ta k e tim e t o restore
earn in gs t o a norm al basis. T h o a c c o m p a n y in g s ta te m e n t discloses th at
t h e c o m p a n y h a s b e e n c a r r y in g a largo flo a tin g in d e b te d n e ss
\v2 n ow
n ru fon tf^ y recoITllncnd •-bat a u th o riz a tio n b o g r a n te d fo r an issue o f $10 0 0 0 ,0 0 0 te n -y e a r n o te s , a p o rtio n o f w h ich m a y b o p resen tlv sold t o i i „ ,l
d a t o U d s flo a tin g in d e b te d n e ss a n d p la c e th e c B m p a n y l n f u n d s
(V .‘ T i o T .

IN C O M E A C C O U N T FOR C A L E N D A R YEAR S.

F ed era l t a x e s . . . . . . ........... 1 ,0 1 7 ,0 5 4
R e s e rv e fo r a n n u itie s ------2 0 0 ,0 0 0

908 .41 5
— -----------------N o t "s'taTed—

N e t ea rn in g s f o r y e a r ..$ 3 ,6 1 8 ,2 8 9
D iv id e n d s p a i d . ............. (7 % ) 8 4 0 ,0 00

$ 1 ,2 5 3 ,0 1 9
(5 )6 0 0 .0 0 0

$3 709 516
(5 )6 0 0 .0 0 0

$2 081 766
(5)600 000

B a la n c e , s u rp lu s ............. $ 2,7 7 8 ,2 8 9

$ 6 5 3 ,0 1 9

$ 3 ,1 0 9 ,5 1 6

$ 1,4 81 ,7 6 6

^21

B A L A N C E SHEET DECEM BER 3 1 .
1919.
1918.
„
1919.
1918.
Assets—
s
S
Liabilities—
s
s
Tank car eoulp’ t.,20,192,558 19,934,496 Capital stock--------12,000,000 12,000,000
Real estate..............
2,946
9,133 Accounts payable.
327,303
405 019
M aterial..................
512,595
536,048 Car trust n o t e s ... 3,000,000 6,000,000
Office fu rn itu re...
22,335
22,608 Reserve for annulCash and securities 2,817,908 1,279,049 „ t ie s .......................
180,649
............
Investm en ts_____
149,286
134,727 Surplus..................... 9,398,694 6,116,797
Accounts receiv’le. 1,209,018 1,106,929
Car trust fund____
1.498,826
Total each side. 24,906,646 24,521.810
* ...
, . .. - - - - - - - - ”2.---amo^tiLlitlon4
^

0! ^ ! . — V f ^ l ’o f p . 8 7 7 .d c p r e c la t lo n

and

$ 2 ,2 6 9 ,4 4 5 fo r

C o r n P r o d u c ts R e f i n i n g C o ., N e w Y o r k .
31 1 9 1 9 .)

{Report for Fiscal Year ending Dec.

Incom e A c c ’t Cal. Yrs.
1 919.
1918
1917
1916.
P r o fit s fr o m o p e r .
. . .$ 2 2 ,0 1 5 .4 1 4 $ 2 4 ,2 8 2 ,3 0 3 $ 1 6 ,8 5 2 ,7 9 3 $ 7 ,9 0 0 ,1 8 8
I n t . on d o p ., loa n s, & c ._
523 ,56 1
2 1 5 ,8 4 4
2 1 9 958 146,294
I n t . on d iv s . o n s o c u r ’s . .
9 2 0 ,9 3 5
8 2 8 ,2 0 5
314 472 231,081
R e n t s rea l e s t. n o t in o p . __________ 262
2 ,6 0 2
1837
4 ,0 3 8
J ° ^ t e ^ K 7 - - - - » 23.’ f6 0 .1 7 2 $ 2 5 ,3 2 8 ,9 5 4 $ 1 7 ,3 8 9 ,0 6 1
I n t . o n b o n d e d d e b t ____
$ 1 5 8 ,2 0 4
$ 2 0 1 ,1 8 7
$ 22 5 ,8 0 3
G en era l ta x e s ____________
3 7 0 ,3 5 4
1 9 5 ,99 7
131 .36 3
In s u r a n c e ________________
249 ,40 1
2 0 2 ,4 7 0
132 ,75 8
P re fe r re d d iv id e n d s ____
2 ,0 8 7 ,8 9 0
2 ,0 8 7 ,8 8 5
6 ,3 1 3 ,3 6 1
D iv id e n d ra te ________
(7 % )
(7 % )
(21 1- 6 % )
C o m m o n d i v i d e n d s ..( 1 > £ % ) 7 4 6 ,760
D e p r e c i a t i o n ____________
2 ,4 0 7 843
2 ,5 9 4 ,8 9 9
2 ,0 5 0 ,6 7 6
I n c . & w a r e x c . p r o f, t a x 6 .5 0 0 ,0 0 0
1 3 ,0 0 0 ,0 0 0
3 ,5 0 0 .0 0 0
R e p a ir s & re p la c e m ’ t s . .
_______
S p ec ia l & e x tra , l o s s e s . .
5 6 ,8 8 4
4 8 2 ,0 0 0

$ 8 ,2 8 1 ,6 0 0
$ 2 5 5 ,6 0 8
2 2 2 ,79 2
8 7 ,6 7 9
3 ,1 3 1 ,8 2 5

(10^%)
8 0 7 ,0 4 4
6 1 2 ,2 3 0
2 1 2 ,5 0 0

T o t a l d e d u c t io n s -------- $ 1 2 ,5 7 7 ,3 3 6 $ 1 8 ,7 6 4 ,4 3 8 $ 1 2 ,3 5 3 ,9 6 2
$ 5 ,3 2 9 ,6 7 8
S u r p lu s -- - - - - - - ...............$ 1 0 ,8 8 2 ,8 3 6 $ 6 ,5 6 4 ,5 1 6 $ 5 ,0 3 5 ,0 9 9
$ 2 ,9 5 1 ,9 2 2
™ e . - ^ h e com pany p a id o n J a n . 15 1920 an Initial d iv id e n d o f 1%
B e d fo w U n VSt110 ^ d2 64 ° Xtra ° f ^

of 1% ’

S ee s ta te m e n t b y P re s id e n t

l a w w as c h e d Iin Vv° . lUs*1?, . H o 9 2 , 1 723. ^ T h o u o me ra th o comerm a n aw ith this
in p , p l ’uqo
ia w w a t ciceci n
c n d p n y S h D lvinsr n ti-tru st
d e e r c o , s o ld p la n ts as fo llo w s , v i z .: (a ) In A u g . 1 919, N o v o lt y C a n d y P la n ts
? t C h ic a g o a n d J ers ey C it y , t o C o n tin e n ta l C a n d y C o r p .— V . 109 p 687
C W m A g '
,Gran.i t° . ° it y P !a n t fo r $ 4 ,5 0 0 ,0 0 0 t o V e s G
.
♦ i i o o n ^ r jg h t t o s e lle r t o c o n tin u e o p e r a tio n o f s a m e u n d er
^ ™ G et. 1 J 9 2 0 , a t re n ta l o f $ 1 ,2 5 0 ,0 0 0 p . a . T h is p la n t is h o w o w n e d
b y .th o T e m t o r C o rn & F ru it P r o d u c ts C o .— V . 109, p . 1 2 7 7 ,1 4 6 3 ,1 7 0 2 .

N A T IO N A L STARCH CO.— RESULTS FOR C A L E N D A R YEARS.
Calendar
N et
Other
Bond
Insur. & Deprecia- Balance,
Years — Profits.
•'neprae.
Interest.
Taxes.
lion.
Surplus.

1 9 1 9 ..............$ 93 7 ,4 9 4
1 9 1 8 ............. 948 ,29 3
1 9 1 7 ............. 5 3 3 ,1 1 2
1 9 1 6 ............. 544 ,10 6
_______

$ 1 1 ,2 9 7
1 3,9 38
1 2,6 06
1 1 ,0 9 0

$ 1 5 9 ,2 0 9 x $ 3 6 1 .2 5 3
197 ,65 2
3 1 8 ,4 6 5
2 2 7 ,7 2 7
5 9 ,4 4 7
2 4 3 .9 3 3
4 3 ,2 8 2

$ 2 5 0 ,3 1 5
2 5 0 ,3 0 4
2 5 0 ,3 1 7
2 6 1 ,3 9 6

$ 17 8 ,0 1 4
1 95.810
8 ,2 2 7
6 ,5 8 5

a n d in-C
1918S ®2 5 0 ,0 0 0 r e s e rv cd fo r in c o m o a n d excess p r o fit s t a x In 1919




0

B /n /d s.— T h o c o m p a n y ’s p lan ts a t F ra n k lin , I’a ., B a y w a y N I W h itin g
an d ’e o u b im o n t Ut°iV < ta(-I° ■ h a v e been p r o v id e d w ith a d d itio n a l c a p a c ity
^n
h!o.w.CqUip m e n t. E x te n s iv e im p r o v e m e n ts a t IJayw ay term in al are n ow
.m a d o ’ h iclu d in g th e d re d g in g o f th e w ater fr o n ta g e t o a d e p th o f
st5
pni; ts’n r0n;StrU.ct nf . a
L
b u lk h e a d a n d th e b u ild in g o f a largo n m n b e r o f
St°A l.l,rn^Sit ? i Stor? . f i n i s h e d o ils t o b o m o v e d b y w ater fr o m th e S o u th .
A p p r o p r ia tio n s h a v e a lso be e n m a d e c o v e r in g th e p u rch a se o f p r o p e rty
an c o n s tr u c tio n o f s to r a g e a n d d istrib u tin g s t l t i o M a t A tla n ta A u gu sta
a n d S avan n ah G a ., B irm in gh a m , M o n tg o m e r y a n d M o b ile A la
and
v s r n i?J'V 0 ’ 1: l a ” t h c ftIm b e in g t o m a in ta in s to c k s o f fin ish e d p r o d u c ts a t
S
C a n a d a a d v a n ta g e o u s d is trib u tin g p o in ts th ro u g h o u t th o U nited States and

Ga i

p a st „

v v . in iu x u s
io t o e "u a io n a -S Ig iin i n il
C o . ( o f l e xa s .)
T h is c o m p a n y ’s re fin e r y , lo ca te d on th o H o u s to n shirl
ch an n el has r e c e n tly been e n la rg ed a n d is n o w o n e o f th e b e st e o u in n e d n
tb p S o u th . I t is n o w in full o p e ra tio n w ith a c a p a c it y 7
i
o
,
( u b rica tin g ra tin g ) o f c r u d e oil d a ily . T h e c o m p a n y has n o w u n der
s tr u ctio n a b a t t e r y o f h ig h -p ressu re stills fo r tho m a n u fa ctu re o f gasolin e
T h is e q u ip m e n t s h o u ld s u b sta n tia lly Increase th o c o m m n v V In c o m e 1 r o d u c tio n fr o m th e p r o p e r ty o w n e d in th o H u m b le oil fie ld has b c e n ° r c a '
s o n a b ly m ain ta in e d w ith o u t a d d itio n a l d rillin g d u rin g th e nasi vea r
Galena Pipe Line Co. o f Texas .— (C a p ita l s to c k $ 60 0 ,0 0 0 ) — T ld s e o m n a n v
w h ich op e ra te s th e p ip e line fr o m th o H u m b le fie ld to G a len a a n d o w n s the
L a s t H o u s to n l a n k F a r m , n o w h as u p w ards o f 2 ,0 0 0 000 barrels o f h igh
g r a d e c r u d o oil in s to r a g e w h ic h , w ith cu rre n t p r o d u c tio n a n d r a y a lt y p iir fo r s v e r a l“ eC
“
aSs.traC t’ aSSUrCS t h ° r c fin c r y
a » a m p le s u p p T /'"o f W o
Galena Navigation Co.— (C a p ita l s to c k 10,000 shares
N o n a r v a lu e ) __
S
K
' f l m, d c r M
,
r
blelaw aro, h a s j ^ c e d c o n tr a c t fo r th e

S

1« M w S S J p r o S S , i b r o f f “ " d
m , l>« " » l
Foreign Business.— T h o fo re ig n busin ess h a n d le d th ro u g h th o fo llo w in g
co m p a n ie s d u rin g th o y e a r has been s a tis fa c to r y in s h o w in g Increase b o th
v ° 'V m o ,a"<r e a r n in g s iS o c ie t o A n o n y m e des 11 idles G a le n a ( o f F ra n co )
O b C o - . b t d . , o f L o n d o n , L n g la n d , G a len a -S ig n a l Oil C o
° f B ra zil. C o m b in e d ca p ita l s to c k $98 750
o f f t f t ^
C° • °f C an ad a - ~ ( C a p i t a l s to c k $ 5 0 0 ,0 0 0 ) . - I n p rocess
a d d itio n o f th o p r o d u c tio n , p ip e lin o, s to r a g e a n d r e fin in g In
“
} i has been v e r y h e lp fu l in s ta b iliz in g th o c o m p a n y ’s busin ess d u rin g
th e s h o rta g o o f cr u d e a n d fin ish e d oils, a d d itio n a l s o u rce s o f s u p p ly sh o u ld
b o d e v e lo p e d th a t will insure u n in te rru p te d m o v e m e n t as n eed ed and
th e r e b y n o t o n ly p r o t e c t presen t in v e stm e n t b u t th o d e m a n d s o f Increasing
bu sin ess th a t m a y b o a n ticip a te d in th o fu tu r e .
in creasin g

B A L A N C E SH EET DECEM BER 3 1 .
1919.
1918.
1919.
1918.
$
S
Liabilities—
J
Pl’nts, equip., &c. 2,093,620 1,812,305 Prcl. stk. ( o l d ) . . . 2,009,000 2 ,09 ,0
0 00
0
Patents and trade­
New pref. outst___ 3,984,600 3 193.700
marks .............. 6,950,000 6',950,000 do sub. a ct_____
15,400
216,875
Inventories........... 2,875,623 3 ,544,762 Comm on stock— 16,000,000 16 , 000,000
Assets —

Securities................. 8,599,640
Bills & accounts re­
ceivable .............. 7,558,758
Cash ...................... 1,345,861

Adv. to Gal. S lgOU Co. Texas X1,300,000

8,709,100 Bills A uccounts
p a y a b le .............. 6,111,555
7 .872,610 C ontlng., A c., res. 2,519,181
,012,054 Surplus....................
92,772

T o t a l .................. 30,723,509 31,901.191
T otal
x F o r n ew c o n s t r u c tio n .— V . 110, p . 663

7 ,970,169
l ,980,589
240,858

................30,723,509 31,901,191

969

THE CHRONICLE

M ar. 6 1920.]

P.ontrfil V erm on t R v . — C om m ittee f o r B o n d s.

W illy s C orp o ration .
( Report f o r F iscal Y ea r E n d in g D e c . 31 1919.)

-

mwmmwm

w ith t h e E q u it a b le T r u s t C o ^ N < ^ Y oirk.

Vice-P resident ITarbeck says in substance:
T h n s a tis fa c to r y o p e r a tin g c o n d it io n is c o in c id e n t w ith th e c o n s t m e tio n

fa c t u r o . w h ich w ill b e y o n d a ^ T o l S o 1 S y ra cu se a n d P o u g h k e e p s ie

o f t h e m a t u r it y o n M a y 1

in te re s ts o f s u ch h o ld e r s .

H u n te r S . M a r s t o n , E . C .

K iln e r

V . ‘l i o , p . 6 5 8 .

C h arlesto n & W e ste rn C arolin a R y — E q u ip . N o te s .—
S ee p a g e 9 22 o f th is issue.— V . 1 09, p . 2262.

PVifignnoake & O hio R y .— F ed . Contract — E q u ip . N o t e s . —
S re P h i f f i p h l a & R e a d in g R y .

EARNINGS FOR CAL. YEAR. INCL. SUB. COS. SINCE ACQUISITION
G r o s s p r o fit , In clu d in g o t h o r in c o m o -----------------------------------------------i'f>5>;{'261
A d m in is tr a tiv e a n d gon ora l o x p o n s o ------------------------------------------------’ 204 151
In te ro s t on b a n k lo a n s _ _ _ .......... - - ..............................................................
112!500
In te re s t o n fu n d e d d e b t (n o w p a id ) — --------------------------------------- ------f.
........................... S 5 .3 6 4 .6 8 3
R eso?v osPfo°r P od o'raf tares" a n d N e w P ro c e s s n et earn in gs b e fo r e
^
a c q u is itio n b y W illy s C o r p o r a t io n ------------------------------------------------’ ,580 245
D i v i d e n d s .............. .......... . - - r - r . - - - . - t —

-------------------------------------

3 1 0 !2 1 0

P rem iu m o n p re f. s to c k (ro tiro d J an 2 1 9 2 0 )------------------------------------------ --------.
..................$ 3,2 5 0 ,8 0 0
E arn in g s f o r * !9 1 9 "of"th e c o m p a n ie s"n o w c o n s titu tin g

» r a s s s .5 s s

or 4

tim e s

tlio a n n u al first p r o f, d iv id e n d re q u ire m e n t.
(W illy s C o r p o r a t io n a n d S u b sid iarie s, in c lu d in g D u s e n b c r g M o t o r s C o r l w i u y s ^ o r p w a ^ a n d N o w p r o c e s s G e a r C o r p o r a t io n .!
Liabilities—
®
_
First preferred stock.....................Jo,0 00.000
Property, leas depreciation— 0,694,987
Second preferred stock................ 10,000,000
Invest, at market value.............19,091,782
Preferred stock (retired)......................... ’JVo
C a s h ............................................................i l i Notes and accounts p ayab le.Liberty bonds.........................‘ •254.431
-------------227,78(5
Subscriptions to capital stock . 3,978,J0.> Dividend payable, & c
Notes and accounts receivable 0,334,'J.HJ Reserves for Federal taxes,
Inventory adjustment and
Inventories.......................................... 5 ,2 Z I’ aVn
premium on preferred stock . 1,1 39,38»
Miscellaneous-------------- --------------------Assets in exeess of pref. s to c k .2.5,188,.5 -Re<’em;>tlon fund (for pref.
stock retired )................................o v in 'o -n
T o ta l.............................................. 57,875,938
Deferred charges------------------------- 2 ,7 ~o.8.i.)

T ota l .......................................... 57,876,938 — V . 110, p. 475

E L E C T R IC

RO AD S.

A lab am a G reat S o u th e rn R R .— E q u ip m en t N o t e s .—

C hicago In d ia n a p o lis & L ouisville R y .

t o th e L e w T s fo i A u g u s t a ^ W a te n r ille S t

R y.

A n n A rb or R R .— E q u ip m en t N o t e s . —
Seo p a go 9 2 2 o f th is issu o.— V . 108, p . 2 021.

T on . & S a n ta Fe R y — O fficers — E q u ip . N o t e s .—

A G W e lls , fo r m e r ly G on eral M a n a g e r o f th e C o a s t LI tics . l i a s been
e le cte d a V ic e-P res id en t In ch argo o f o p e ra tio n s , a n d E d w a r d C h a m b e rs ,
V ic e-P res id on t in ch arge o f tra ffic .
See p age 922 o f this issue.— V . 110, p . 560.

C h icago J u n c tio n R y .— E q u ip m en t N o t e s .—
S eo p a g o 922 o f th is issu e.— V . 107, p . 6 9 4 .
S eo p a g o

C h ic. M ilw . & S t. P au l R y.- -E q u ip N o te s— O ffic ers.-

P resid en t!-’ A ll o f th o o t h c r c o r p o r a te o ffic e r s w ere s e l e c t e d . - V . 109, p .
2 26 2 .

~ C hicago N o r th Shore & M ilw au k ee R R . — E a rn in g s r
Calendar Years—
«., i a v 091
O p eratin g r e v e n u e ......................................... H 'W q'aI*
O p e r e tin g e x p fcnseS : _ _ : =
^
= ^ ; 2 .3 1 9 .4 6 5

rem a in u n ch a n g ed .
„
Seo pago 9 22 o f this Issue.— V . 109, P- 1526.

$1 751 373
1 114 512

$ 85 8 ,1 1 5
9 ,4 6 9

$54 1 ,1 8 2
4 ,8 5 8

G ross in c o m o .............................................D e d u c t io n s _____________________________ -

877 3 ,2 3 5
3 4 1 ,quo

$86 7 ,5 8 4
3 3 2 ,50 6

$54 6 ,0 3 9
266 ,58 0

$535 ,0 7 8
$855,811

$27 9 ,4 5 9
$ 32 0 ,7 3 2

The company announces
that dividend payments will hereafter bo considered for
half-yearly instead of quarterly periods. I ho olficial state­
ment follows:
Q ua rterly— O fficers— E q u ip . N o t e s .—

G w in c t o re a d ju stm e n t n ecessita ted b y th e retu rn o f t h e ra ilroa d s t o

h?gP h ? w h ie iT p r o n t s ? r o m o p e ra tio n h a v ^ b e o n d M u t ^ t o s h a reh old ers]
w ill b o m a d o .P Q u ^ !e r - i k a r l y p a y m e n ts fo r h a lf-y e a r ly p e rio d s w d l h ore-

i ^ T
o ^
Soo pago 922 o f this Issuo.— V . 110, p . 167, 06 I .

B a th & H am m on d sp o rt R R .— Fcc/crai Contract.

C h ic. R o ck Isl. & Pacific R y . — E q u ip N o tes— N e w P res.

C h icago St. P au l M in n eap . & O m ah a R y.

T lio c o m p a n y h as s old a ll o f Its p erson al p r o p e r ty a n d it is s ta te d e xp octs
t o sell Its real osta to s o o n .— V . 9 3 , p . 1021.

B osto n & M aine R R .— E q u ip m en t N o te s .—
S oo pn go 922 o f th is issue.— V . 110, p . 871.

B oyne C ity G aylord & A lp en a R R .— O ffic er s .—
T lio o ffic ia l list Is as fo llo w s: W . 11. W h it e , P re s .; r h o m a s W h it e , 1st
V -P res : O la u d o H a m ilto n . 2 n d V . - l ’re s .; F . O . B a r d e n . 3 rd V .-P r e s , a n d
A s s t, to th o G en . M g r .; W . L. M a r t in , S o c .; Jam os A . W h lto , Troas an d
L 4 I I . W h lto G o n . M g r .— V . 105, p . 2 18 3 . __
“ *B
B

B roo k ly n C ity R R .— Suit to Stop C ity B uses E n d e d .—
Tustlco C r o p s o y , hi th o B r o o k ly n S u p rem o C o u r t , r c c o n t ly fo rm a lly
m ark ed o f f th e ca len d a r tho a p p lica tio n o f th e c o m p a n y fo r an in ju n ctio n
. * r,.straln th o c it y fr o m o p e ra tin g bu s linos in B r o o k ly n in co m p e titio n
w ith tho c o m p a n y ’s ca rs. T h e r e w as n o fo rm a l^ iti°tiori. cotiri-sol fo r tho
roa d sim p ly a p p ea r in g b o fo r c th o J u d g e a n d statin g'^ M y clie n t has r e ­
q u es ted m o t o h a ve the case m ark e d o f f t h o ca lo n d a r.
V . 110, p . >04.

B u ffa lo R o ch ester & P ittsb u rg h R R .— E q u ip . N o t e s .—
Seo p a g o 9 22 o f this issuo.— V . 110, p . 871.

C arolin a C lin ch field & O hio R R . — E q u ip m en t N o te s .—
S ee p a g o 922 o f th is issuo.— V . 110, p . 764.

C en tra l R R . of N ew Jersey.— E q u ip . N o te s— O ffic er .—
F * !V !B ?ck oraon h a s b e o n e le c te d S o c. & T r e a s . o f th e N o w Y o r k & L o n g
D
B ra n ch R R . , s u c c e e d in g G . O . W a to r m a n . V . 1 10. p . 8 71 .

C en tral U n io n D ep o t & R y. o f C i n c in n a t i— C ontract.

-E q u ip .N o t e s

S co p a g o 922 o f th is iss u o .— V . 110, p . 3 5 9 .

C h icago & W e ste rn In d ia n a R R . — E q u ip m en t N o t e s .—
Seo p a go 922 o f this issu o.— V . 110, p . 871.

C in ., New Orl. & Texas Pac. R y .— E q . N o t e s . — Contract.
f e e $h1?ade?phia ^ T e n d i n g R y . b e lo w a n d a n n u a l r e p o r t In V . 109,
p . 2 2 6 0 , 2 356.

Cleve. C in e. C h ic. & St. L o u is R y .— E q u ip m en t N o t e s .—
S co p a g o 922 o f th is issuo.— V . 110, p . 8 71.

C olorado & S o u th ern R y .— E q u ip m en t N o te s —
S co p a g o 9 22 o f th is issu o .— V . 110, p . 3 5 9 .

C olu m b ia (S. C .) R y ., G as & Electric C o . — N e w P r es .—

Seo P h ila d elp h ia & R e a d in g R y . b e lo w .— V . 109, p . 2073.

B loom sb u rg (P a.) M illville & N orth ern R R .— S o ld .—

co n tin u e in th a t o ffic e .

J a m e t fff. G o r m a n ‘ fo r m e r ly F e d . M g r ., h a s b o e n e le c t e d P r e s id e n t, s u c ­
c e e d in g C h a rle s H a y d e n , w h o h as b o o n m a d o C h a ir m a n o f th o B o a r d .
V.
110, p . 3 5 9 . 6 58 .

Baltim ore & O hio R R .— Purchase— E q u ip m en t N o te s .—
^
a u th o r ita tiv e s ta te m e n t s a y s : " T h e M o r g a n t o w n & K in g w o o d R R . .
e x te n d in g fr o m M o r g a n t o w n , W . V a ., t o R o w le s b u r g . W ■ V ® • g lb iS c t^ t o
•
has boon s o ld t o th o B a ltim o r e & O h io I { 1 ; , ^ ni ® ) d ? , M 00oV t h e B altU
*
« i r.nn non o f 5 % b o n d s n o w o u ts ta n d in g .
D a n ie l w liia r a , o i tn o n a i u
m o re & O h io , h a s b e e n e le c te d P resid en t
h o d e a l w as c o n s —
t e d io n
17 w lien th e n u rch sa o p rico w , '
a t o S e n a to r D a v is l.ik in s anil
w ^ o W M m V e x e c u to rs o f th e S te p u o n B . E lk in s E s ta te , o w n e r o f tlio
ra ilroa d . T h o ’ M o r g a n t o w n & K in g w o o d h a d p r e v io u s ly bo o n .allotted
1 p o o h op p ers b y th o R a ilr o a d A d m in is tr a tio n , a n ticip a tin g c o a l d e v e lo p ­
m en t m the territory t r a v e r s e d ."
S co page 922 o f tills issue.— V . 110, p . 8 71 , 2bU.




e o xnq 075
1 8 56 039
1 .8 6 6 .0 3 9

^ 5 5 ,3 5 6

A tla n ta Birm . & A tla n tic R R .— E q u ip m en t N o te s .—
S ee p a g o 922 o f this issu o.— V . 110. p . 8 71.

S co P h ila d elp h ia & R e a d in g R y . b e lo w .

E q u ip . N o t e s .

C hicago & N o rth W e ste rn R y .— Dtp. to he C onsid ered

$ 1 ,3 5 4 ,5 0 0 .— V . 1 09, p . 2 4 3 9 .

A tch

C h icago G reat W e st. R R .— E q u ip . N o te s— V ic e-P re s.—
W ° Pa I^ arkf fo r m o r ly < o d cra l M a n a g e r , h a s b o o n ( e l e c t e d ^ P r e s i d e n t
F
a n d a ll fo rm e r e x e c u tiv e o ffic e r s h a v e b e e n r o -o lo c t c d .
V . 110, p . 06 .

O ffic er s .—

W illia m B . S k elton has b o o n e le cte d P re s id e n t; W m . I I . N o w e ll, V ic o ^ T h o ^ in p a n y ”L ^ o r

C h icago & E a stern Illin o is R R .— E q u ip m en t N o te s .
S co p a g e 922 o f th is issue.— V . 110, P- 464.

P r o m aa n d l o ^ rsuraplils* (adj'iistcd) 11111$ 1 270 iOM
$
— V . 109. p . 8 87.

S co p a g o 9 22 o f th is issuo.— V . 110, p . 658.

A n d ro scog gin & K en n eb ec R y.

C h icago B u rlin g to n & Q u in cy R R . — E q u ip m en t N o te s .
S ee p a g o 9 22 o f th is is s u e — V . 110, p . 8 71.

O p e ratin g in c o m e .................... ................
N o n -o p e r a tin g in c o m o .............................. -

GENERAL INVESTMENT NEWS
IN C L U D IN G

C h icago & A lto n R R .— E q u ip m en t N o t e s .—
S e e p a g e 922 o f th is issue.— V . 109, p . 1360.

S co p a g o 922 o f this issue.— V . 1 0 9 , p . 2 352.

BALANCE SHEET DECEMBER 31 1919.

R A IL R O A D S ,

b e lo w and an n u al re p o r t in V . 109, p .
See p age 922 o f this issue.— V . 110, p . 704.

7 69.

F
V.

H K n o x h a s b e e n e le c te d P re s id e n t, s u c c e e d in g E . W . R o b e r ts o n .
ilO . p . 561.

C on ey Isla n d & B rooklyn R R .

lo

Aoredlose.——

F e d e ra l J u d g o M a y e r h as g ran te d th o B a n k e rs fl ru st C o ., N . Y p e r m i s ­
sio n to b rin g a fo r e c lo s u r e suit a ga in st th e c o m p a n y , a s u b sid ia r y o f tlio
B r o o k ly n R a p id T r a n s it C o ., in d e fa u lt o f in te re st d u o J u ly 1 1919 on
b o n d s .— V . 109, p . 1461.

D elaw are & H u d so n R R .— E q u ip m en t N o t e s .—
S ee p a g o 9 22 o f th is issu e.— V . 110, p . 8 7 1 .

D etro it T oled o & Ir o n to n R R .— E q u ip m en t N o t e s . —
S co p a g o 9 2 2 o f th is issu o.— V . 109, p . 2 1 7 1 .

D etro it T o led o Shore L ine R R .— E q u ip m en t N o t e s . —
S oo p a g o 922 o f this issu e.— V . 108, p . 2 6 8 .

D u lu th S o u th Shore & A tla n tic R y .— Federal C ontract.
See P h ila d e lp h ia & R e a d in g R y . b e lo w .— V . 109, p . 1891.

E ast B erlin R R .— C o-op era tive Contract.—
S ec P h ila d e lp h ia & R e a d in g R y . b e lo w .— V . 7 7 , p . o lO .

E astern P en n sylvan ia R a ilw a y s.— E a r n in g s .—
1 919.
1918.
Cal. years—
1919.
1 918. ,
G r o ss r e v . . ..$ 1 ,6 3 2 ,9 1 1 $ 1 ,1 9 2 ,9 9 4 T o t a l d e d u c t io n s .$ 2 9 7 ,0 9 4 $ 2 7 6 ,3 0 5
O p o r . in c o m o . $ 47 5 ,8 3 9
5 30 0 ,7 4 2
B a la n c e ................$ 1 5 2 ,2 7 8
$ 2,0 28
Taxes . . . . . . .
2 6 ,4 6 6
2 2,4 09
— V . 109, p . 2 3 5 6 .

Erie C o u n ty T ra c tio n C o rp o ra tio n .— D ire c to r s.—
T lio c o m p a n y , w h ic h Is su cce sso r t o th o B u ffa lo S o u th o rn R y . , has e le cte d
t h J f o l ? o w l S n C t o “ : R o b e r t B . A u s tin , J a m a ica ; J o h n .ft. C u m n d n g s
N e w Y o r k ; E d w a r d L . F r o s t, B r o o k ly n ; W illia m M . G r iffit h , J a m a ica

970

THE CHRONICLE

[Vol. 110.

William o . Taylor.

agreement with the International R ilh ™
' f CT pany has an
Interurban car. Into B1 i B ? ^ I5 2 £ X J i ,i & <
f
lS»‘ v. fo T 'i2 ? 3 § '
Erie R a ilro a d C o .— E q u ip m e n t N o te s . —

*

Q u een s T ra ctio n C orn.— D e c i s i o n __

Federal Judge ChatfiSdTv °106P o°a 2 4 5 0 1 F° h
P
a dwtaton of
Estimate from revoking tlm franefJi,o4
nf0V h ^ icl1 enj,” lnod tho Hoard of

See page 922 of this issue.—V. 110, p. 871.

F airch ild (W is .) N o rth e a stern R .R .— Ceases O veration
c o n t r o l w as o p o r ^ b y N * C & P o s te r ^ ^ b e r ^ o W ~ Ch Pirio r t o F ed era i

Mar.

1 w hen

. o O w e n , W la .. a d S K c T o f S f S

1

f l °PhiCol.hha , - ^ a a

p. 74, 464.

has

released from Fodora?eonf,.^mbmi,C ’ J:oased^
oporations on

th e fo r c e o f a co n d itio n ^ u b se o ^ u e n t nnrt ^ 6
^
co n s e n t m a y b o r e v o k e d
W h ftT h o n i v i f v
r

^ 0 ° P eratio n o f th o r o a d ,
tor™s ? ro n o t fu lfille d th o

*SgS& s . S . ^ S S . ' X

. — F ederal C ontract .—

1 a & Read ng Ky' helow and annual report in V. 110,

F ort W o r th & D enver C ity R R . — E o u iv m e n t N otes

See page 922 of this issue.—V. 108, p. 268.

■ £ « * *

&

< * > • - '« * •

M em phis S treet R y . — V a lu a tio n .—

Qm Pm e nt J\otes.-

at $H 846n
0°lf ° Thte

G eorgia R R .— E q u ip m en t N o t e s .—

Ii‘?Sfi,xc{! “ i0 R a t io n of tho property

^ T u T r sS i

See page 922 of this issue.—V. 108, p. 973.
The Cieorida^RR C o m , ! ^ ™

fis s s & A a a s R

^ . — B on d s A u t h o r i z e d . -

NM a—

8 M °i'
^ etoorSa^m t *n Power C o *— B on d s A u th o r iz ed .—
f ? »

a r 10- * 1
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j r i ^ s ^

£ o £ ° $ 2 ° l h £ , * t . L o u is

s r j g t i v s j s

reach ed 0 a n Pagreem ent&f o r D]92rWv>vnHn'S0? ^
tho, stro o t c a r u n ion h a v e
qu esH on o f h o u rly w ages, w h ich w ill b e s u b E d t t c § ° t o a r W t r a f i S n ^ P . S i o ?

i °r &
p

™

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kisS i . ’ ° f C a n - ~ ^ m'P- N o te s

Stock

C . ie fE n p . 465 . a n d W . B
V h no, g in e e r ,

R

D ivv isd hoc .^ 'Ooth e r ? fflc o rly - Aro t -o -o loI>ros- &
' ^ „ o ^ e n s w e s s r to, c t e d .—
iu , ? ' s

M issouri K a n sa s & Texas R y . — E o u i v m e n t N o t e s __
See p a g o 922 of this issue.—V. 1 10, p . 759. u 'lL l,menl t-M
U
Oies.

V a l.—

M issouri P acific R R ,—

C o n tr a c t __ TTn.i.m

O f fi c e r s — F e d

o n S ! W . T io fp . 56l!a76 d a“ d Prcferred stocks have again been
ntr
f i r s ! i ? r “ v - «*• ■
>

G ra n d T ru n k ^Vestern R y .— E o u iv m e n t N o t e s __

See page 922 of this issue.—V. 108, p. 2022.

™ l^0leS'

G reat N orth ern R y .— E o u iv m e n t N o t e s __

See page 922 of this issue.—V. 110, p. 764.
'S f p e 1Sb p rf
nn

’

M o n on g ah ela V alley T ra c tio n

5*. % i S

1

Soo H a ltim o re & O h io R R . a b o v o a n d p a g o 922 th is Issuo.— V . 110, p . 765*

H u d so n & M a n h a tta n R R . (H u d so n T u b e s).— To I n ­
T ra ffic —

crease Fares to 8 Cents E x cep t on I n tr a -C ity
e r t n S 'A ™

i i ‘f *

0

q? ?a?ain^ , 'tno ^ i^ S ® 'W00<^ R R .— Purchased — E q u ip .N o te s

H o c k in g 'V a lle y R y .— E q u ip m en t N o t e s .—
See p a g e 922 o f th is issue.— V . l i o , p . 8 71.

tio n t o Ch X a s e W

Sorvirlg »<>«<* o f its in ten -

N arra g an sett Pier R R .—
See R h o d e Isla n d C o . b e lo w .— V . 110, p . 6 5 8 .

N ashville C h a tta n o o g a & St. Lou is R y .— E q u iv N otes

See p a g o 9 22 o f th is issuo.— V . 110, p . 78.

N ew B run sw ick Power

S

S

£

lOO™”1 ° “ “ ° " “ V0

. “ v .® T .

IS i n
^

2 eS t&

C o.— V a lu a tio n __

4VA VaPOmadet,fOTV?hnaw n v n l r e p r o p c r ty
>
th o c o m p a n y in P a rk ersb u rg
p r o d u c tio n o f th o p ro p e rtie s is S i
220t;im ° t h 1h.natos th o c o s t o f roca u se o f deprecIatioP T C
n
|925.634S- V 6 fo2 9 H f l 2 9 . 2625.PreSent ValU0 b ° '
8

R aiIw a y s.— 6 Cent F are U p h eld .—

'“ > < »
“ 1

W

f t w

S l

Co.—

D i v ’ds

J

^ q a ip . iMOl.es.

P a ssed .— E a rn s —

In cir c u la r le tte r o f F o b . 23 P res L R R o ss su
f, a //t S " ,
n a s t 'w in t o r ‘ 2 " f ing t o th e s overo s to r m s a n d o x tro m o ly c o ld w e a ?h e r o f 't h e
lvi l ‘,t? r 1 ls c o m p e lle d t o p a ss th o d iv id e n d s o n Its P r o f s to c k s
6
I,?
a co'n«ku>r?mV,Cf rta n m ^ e d t y w a to r m ain s w ero fro z e n a n d b u rs t eauslnir
,

1l S ^ ' ~ E i t ‘ i p m e n t N o t e s - N e w O ffic er s —

a
I« l i Bcn 022? r a.r sO i , 1 i ^
h!J i
?

, ^

v

Calendar Y ears —
G ross ea rn in g s.............
O p e r a tin g e xp e n se s ____ I I I ” ' " ............
...........
B o n d in te re s t........
O th e r in te re s t............. ......................................
P re fe r re d d iv id e n d s p a id ” ” ” ” ” ”
P re fe rre d d iv id e n d s a c c r u e d .” : ” " :

i ' g i p m e ’ i l N o le s - ~
“

S e ^ S d e fe h ia ft R e S f n ^ n N ° r. h e rn R y . — F ederal Contract.
t
p . 1 5 2 6 7 1 6 1 0 . 1986& R

d

8 R y ‘ b c Io w a n d

s S S S S fo flh lS J e ^ v

a n n ual

re p o r t in V . 109

11 i?9 ^ - - E q u i p m e n t
Rp.

mio

$3,181

B a la n c o , s u r p lu s .
— V . 104. p . 2 645.

.. n

« 77 (^6 ki
$ 61Q nr&
° u 7 ’ 2Rn
8k ' k « o
56 8 76
$ 6 ,4 5 2

$aoa'I oa
7? ’ ? oo
7n 876
7 ; l 75
$ 1 2 ,7 6 6

New E n g la n d In v estm e n t & S ecu rity C o.—

N o t e s .-

Seo R h o d e Isla n d C o . b e lo w .— V . 109, p . 2 17 6 .

9
2

s?e%^ge ? io ytWs°Sm ern R y - - E q u i p m e n t N o t e s - O f f i c e r s .
tf
resiviiefi R d TOIw bai i *?Sen e,lec7r
,?d P re s id e n t, s u c c e e d in g L . F . L o r e o

1010
« o .io ocn;
*731 3 4 0
S 7 finl!
nont
i o 167
5 ,8 3 3

who

New O rleans & N o. E a st. R R .— F ed . Contract— O fficers

f h i la . & R e a d in g R y . b e lo w a n d an n u al re p o r t in V . 109 \{ 2167*
See S o u th e rn R a ilw a y b o lo w .— V . 1 09. p . 2 1 6 7 .
v - l u u ’ Pl ^ 1 07*

New Y o rk C en tral R R . — E q u ip m en t N o t e s .—

See p a g e 922 o f this issuo.— V . 110, p . 8 71.

N ew Y o rk C o n n e ctin g R R .— Federal C o n tr a c t __

K a n sa s C ity T erm in al R y .— E q u ip m en t N o t e s __
"

S ee p a g e 922 o f th is issue.— V . 110, p . 871

'"

See P h ila d e lp h ia & R e a d in g R y . b e lo w .— V . 107, p . 6 0 4 .

’

N . N . H . & H a rtfo rd R R , — E q u ip m en t C e r tific a te s __
Seo p . 9 2 2 , th is issue; see a lso R h o d e Isla n d C o . b e lo w .__ V . 110, p . 871
safe b y a b o S , d t a K 7 r o m m M < 5 . f o r S M o ' o O O ^ . f f w i l f t a r r o r i S S ^
nnT h o c o m m it t e e is c o m p o s e d o f W a lt o n 11. I I o ln u s P re s . P n n e e r T ru s t
p W T Gf y ' K

5 ? ? i e ? a a f o * ' N “ “ ° n" ' B " " k ’ K “ ; “

fit

f Wi“ »

5
S

» X 1h^^ifisS^S21^ f 8 ^
1

m

u o t c u , iu i

«3> ,DUL/,UUU ox D o n d s .
i

I t IS s t a t e d

thnf-

S T ^ iS !

***

f

f

V . 1 08, p

aS b c e n electecl V ic c -P r c s id e n t a n d G e n . M g r .—

fo r m e r lv

*

?>?’.C^ C R y ‘— D irectors— E q u ip m en t N o t e s .—
1 ‘

Seo p a go 922 o f this Issuo.
— V . l l o V p 1! 5 62 °f 765 ^

R eh igh V alley R R . — D ivid en d s— O ffic er s.—
T h e fo llo w in g o f f ic o r s - h a v e b e e n e le c t e d : F . L. B len din irer

’

See p a g o 922 o f this issue.— V . 110, p . 4 6 5 .

I . N e w E n g la n d R R .— N e w O ffic er .—
2236? bUr

N orfolk & S o u th e rn R R ,*— E o u iv m e n t N o te s —*

Seo p a g e 922 o f this iss u e .— V . H O , p . 8 / 2 .

N orfolk & W e ste rn R R .— E o u iv m e n t N o te s —

^ y lS ^ . ^ : 7:& uipment Nolesi

N ew Y o rk & N o rth Shore T ra c tio n C o.— S u s v e n d s —

T h o c o m p a n y su sp e n d e d o p e ra tio n s o n M a r c h 2 b e ca u s e o f la ck o f fu n ds
b y r prM V° Geeoo r go ° A . a ta n io y t o & o m»m • ^ o r d l n ewtis a s tLn
n t m adS
o r jr o a
C “ ? iss io n e r L T o N ix o llm eProslrlnnt
S ta n le y is s ta te d t o h a v e o ffe r o d th o ro a d t o th e c it y as a g ift If it w ill o p e ra te
It a t a 5 -c o n t faro a n d p r o t e c t t h e s e cu rity h o l d o r i — V . 109. p . l l s T

O b a rlo s D o n n o lly h a v e b e e n o le c to d d ir e c to r s .

< >a?>j^c. ^ o as^ R R *— Federal C ontract .—
^

See 1 h ila d e lp h la & R e a d in g R y . b e lo w .— V . 107, p . 697.

Pennsylva-nia, R R .— O bitu a ry — E q u ip m en t N o t e s '—
issu e.— V .
A p ril 3 as th e c o m p a n y re c e iv e s fr o m th e U l S G o v e r n m e n t an a d e o u a tn
P he^^rnf °ftnn£ ? c n t a l .d u e ; T h e re g u la r q u a r te r ly d iv id e n d o f 2 H % o n

March 1 3 .-V HO,% 167 360

PayablAprl) 3 to holdcrs or record

L ew isto n A u g u s ta & W aterville St. R y . — Su ccessor Co
See A n d r o s c o g g in & K e n n e b e c R y . a b o v e .— V . 1 09, p . 2 4 3 9 .

*

L o n g Isla n d R R .— N e w P r esid en t. —
R a lp h P e te rs h a s b een e le c te d P r e s , su c c e e d in g S a m u e lR e a .— V .1 0 8 ,p . 1716

A rk an sas R y .— Federal C ontract .—

See P h ila d elp h ia & R e a d in g R y . b e lo w .— V . 107. p . 1192.

L ou isville & N ash ville R R .— E q u ip m en t N o t e s .—

See p a g e 922 o f th is issue.— V . 110, p . 8 71 .

*

M aine C en tra l R R — E q u ip m en t N o t e s .—
See p a g e 9 2 2 o f this Issue.— V . 109, p . 2 2 6 3 .




i o ^ Untl 8 f i . ° o m p tr o lle r • d iod M a r c h 4 .
p

Soo p a go 922 o f this

D b H ord| J S ? i an f n n ? eTnd i n , ? * ? ‘ — F
xederal Contracts S ign ed .
follow in g0 a m u la r d c s ^ fir in g
has Nign<V th c F ederal co n tr a c ts w ith tho
d
c o m p a n y m “ o 1 ^ t“ ’
?
8 t h ° a m o u n t o f annual c o m p e n s a tio n fo r each
P h ila . & R e a d in g R y -------$17 ,09 4 ,3 3 4
M is s o u r l-l’a c ific R R ____ 1 4,312.343
In te r . & G t . N o r . R y . . .
1 ,596,945
C h e se p e a k e & O h io R y . . 13,8 88 ,4 1 8
S ou th ern R a ilw a y ----------- 1 9,1 65 ,3 6 2
Y o r k l i a r . & R e a ch R R .
5 ,8 8 0
W . J ersey & S eash . R R . .
11,852
faa ', ^ . Ar. <an?il's Hy --------3 5 9 ,36 2
D u lu th . S ° - Sh. & A t l ___
5 6 2 ,64 8
B a th & H a m ’s p o r t R R „
7,221
M in e r a l R a n g e R R ..........
144,005

M a r q . & B esso. D o c k &
N av. C o .
F lo rid a E ast C o a s t R y ”
N . O rleans & N ’e a st. R I t .
P a c ific C o a s t R I t ...............
C in cin n a ti, N . O rleans &
T e x a s -P a c ific R y ...........
N . Y . C o n n e c tin g R I t ___
C en tra l U n io n D e p o t &
cntrai
nion

Ity. of Cincinnati____

$ 1 9 ,40 7

2,108,170
1,204,092
114,080
3,596.920
850,000
114.842

a n ^ E tL ^ B ^ R R ^ -v T ^ o ltp ?’^ ! ! ' " 1 1 TrInlty Va,Icy’ Soutbcrn RR
11

THE CHRONICLE

M ar. 6 1920.]

Pere M a rq u ette R y .— E q u ip m en t N o te s — O ffic er s .—
Soo p a g e 922 o f this Issuo.
F ra n k I I . A lfr e d , fo r m e r ly F e d . M g r ., h as b e e n e le c te d P r e s . & G e n .
M g r ., s u c c e e d in g E . N . B r o w n , w h o re m a in s C h a ir m a n o f th e B o a r d ;
J . Li. O r a m or has b oon a p p o in te d V .- P r o s ., T r e a s . & A s s t. S e c ., a n d S ew a rd
I>. M o r r ia m as G o n . C o u n s e l.— V . 110, p . 5 0 2 , 7 6 5 .

P ittsb u rg h & Lake Erie R R .— E q u ip m en t N o t e s .—
S co p a g o 922 o f th is issue— V . 1 09, p . 169.

P ittsb u r g h M cK eesport & Y o u g h io g h e n y R R .— N o te s .
S co p a g o 922 o f this issuo.— V . 107, p . 182.

P ittsb u r g h

(P a.)

R ailw ays

C o.— In terest P a y m e n ts .—

In te re s t d u o M a rc h 1 1920 fa) o n fir s t m tg e . b o n d s o f W ilk in sb u rg &
E a s t P itts b u rg h S t. R y . fb ) o n fir s t m tg o . b o n d s o f B ir m in g h a m , K n o x v ille
& A lle n to w n T r a c t io n C o . will b o p a id o n p re s e n ta tio n o f c o u p o n s a t th e
M e llo n N a tion a l B a n k , P itts b u rg h , (e) o n b o n d s o f th o C o r a o p o lis &
N o v illo Isl. B rid g e C o . w ill b o p a id on p r e s e n ta tio n a t C o lo n ia l T r u s t C o .,
P itts b u r g h , (d ) on b o n d s o f th o S u b u rb a n R a p id T ra n s it S treet R y . C o .
will b o p a id on p res en ta tio n a t F a rm ers D e p o s it N a tio n a l H a n k . P itts b u r g h .
— V . 110, p . 8 7 2 , 659.

P u b lic Service R y . of New Jersey.— D e c is io n .—
T h o N o w J ers ey S u p rom o C o u r t has h a n d e d d o w n a d e cis io n th a t n oth in g
on th o s ta tu tos cr e a tin g th o B o a r d o f P . U . C o m m iss io n e rs p re v e n ts a tro lle y
c o m p a n y fr o m Increasing its fa ros a t a n y tim e it ch o o se s w ith o u t an o rd er
fr o m th o B o a r d . A c c o r d in g t o th o d e cis io n , th o s ta tu to p r o v id e s th a t the
C om m iss ion lias th o rig h t t o in torfere w h on rates aro e x c e ss iv e . T h o
d e cis io n Was th o resu lt o f su it b r o u g h t b y M a y o r G illen o f N o w a rk , w h o
refu sed t o p a y a 7 -c e n t fa re b ecause th e c o m p a n y h a d n o t r e c e iv e d an o rd er
fr o m th o P . U . C o m m iss io n a n d d id n o t g iv e 20 d a y s ’ n o tic e o f th e increaso.
— V . 109, p . 2172.

971

th o H o u s o o f R e p re se n ta tiv e s o f R h o d e Isla n d a n d sig n e d b y F ra n k H
S w a n , T h e o d o r e F ra n c is G r e e n e a n d Z e n as W . B liss, re c e iv e rs , p r o v id e s #

All Properties to be Transferred to State, Free and Clear.
(1 ) A ll p ro p e rtie s co m p r is in g t h o tr o lle y s y s te m s w ith in S ta te o f R h o d e
Is la n d e x c e p t th o N a rra g a n s e tt P ier R R . t o b o tra n s fe rre d t o S ta te o f R . I .
(2) A ll th o s ecu rities o f all t h e co m p a n ie s o w n in g o r lea sin g a n y p a rt o f
th e s y s te m , a n d th e cla im s o f th e s e co m p a n ie s a n d o f th e N e w E n g la n d
I n v e stm e n t & S e cu rity C o . a ga in st th e R h o d e Isla n d C o . t o b o w ip e d o u t
(3) T h o S ta te t o Issue $ 1 8 ,0 0 0 ,0 0 0 3 l % s in k in g fu n d 2 5 -y e a r b o n d s d u o
A
1945, o f w h ich $ 1 ,0 0 0 ,0 0 0 will b e re s e rv e d fo r fu tu r e ex te n s io n s a n d th o
re m a in in g $ 1 7 ,0 0 0 ,0 0 0 will b o issu a b le fo r th w ith in e x c h a n g e fo r ca sh
a n d oxlstin g b o n d s , v i z .:
Proposed Application o / $ 1 7 ,0 0 0 ,0 0 0 3 K % 2 5 - Year State Bonds.
T o b o issued fo r $ 3 ,0 0 0 ,0 0 0 n ew m o n e y fo r d e fe rre d m a in te n a n ce
a n d im p r o v e m e n t s _________________________________________________ $ 3 ,0 0 0 ,0 0 0
T o b o e xch a n g e d fo r $ 9 ,0 0 0 ,0 0 0 U n ite d T r a c . & E le c tr ic 5 s--------- 9 ,0 0 0 ,0 0 0
T o b o e xch a n g e d fo r $ 5 ,0 0 0 ,0 0 0 R h o d e Isla n d S u b u rb a n 4 s ------- 5 ,0 0 0 ,0 0 0
(4) $ 2,0 0 0 ,0 0 0 o f th e $ 3 ,0 0 0 ,0 0 0 n e w m o n e y is t o b o u s e d fo r d e fe rre d
m a in te n a n ce a n d im p r o v e m e n ts .
(5) $ 60 0 ,0 0 0 in ’eash t o b o p a id t o t h e N e w H a v e n R R . fo r all o f its in terest
in th e sys te m a n d in th o s ecu rities o f th e o ld c o m p a n ie s , a n d $ 40 0 ,0 0 0 a v a il­
a b le fo r re o rga n iz a tio n expen ses a n d n e ce ssary ex te n s io n s .
T h o R h o d e Isla n d C o . will release t o th e N e w E n g la n d In v e s tm e n t &
S e cu rity C o . all its rig h ts w ith re s p e ct t o th o p r o p e r t y in M a s sa ch u se tts
o f th o A ttle b o r o u g h b ra n ch a n d th o In te rs ta te C o n s o lid a te d S treet R y . o f
M a s s ., a n d t o th e N e w I la v c n R l t . all its rig h ts w ith r e s p e ct t o t h a t p a rt
o f th o P r o v id e n c e & D a n ie ls o n R y . in C o n n e c tic u t.

P u g et S o u n d T r a c tio n , L ig h t & Pow er C o.— N e w
N a m e — P lan to A u th o r iz e $10,000,000 P rior P referen ce Stock
( 7 % C u m u la tiv e).— Tho company having sold its street rail
way systom in Seattle to tho city for $15,000,000 utility
bonds, has asked tho shareholders to vote upon a change of
namo to “ Puget Sound Power & Light Com pany,” and also
on authorizing $10,000,000 of 7 % Cumulative Prior Prefer­
ence stock, issuable from time to time as may be desirable.
T h o now s to c k s h a ll b o e n title d o u t o f n o t p r o fit s a s d e te rm in e d b y th o
b o a r d t o q u a r te r ly , p re fe re n tia l, c u m u la tiv e d iv id e n d s a t th e ra to o f 7 % ,
a n d n o m o r e , p a y a u lo Q .-J . 15 in p r o fe r c n c o t o th o P r o f, o r th e C o m . s to c k ,
a n d it w ill I>o s u b jo c t t o r e d e m p tio n a t a n y tim e a n d fr o m tim o t o t im o a t
$ 110 p e r sh a ro a n d a c c u m u la t e d d iv id e n d s . A ll cla sses o f s to c k h o ld e rs
w ill h a v e o q u a l v o t in g p o w e r , o n o v o t e f o r ea ch s h a ro . A n y cla ss o f s to c k
m a y b o Increased a c c o r d in g t o la w .
In ca s e o f liq u id a tio n o r d iss o lu tio n ,
p r io r p ro fo ro n co s to c k m u s t b e p a id In fu ll a t p a r a n d d iv id e n d s b e fo r e a n y
p a y m o n t is m a d e u p o n th o P r o f, o r C o m . s to c k .
D i g e s t o f O f f i c i a l C ir c u l n r , D a t e d a t B o s t o n , F e b . 26.
SInco th o re fu n d in g o f th o s h o rt te rm n o te s in Ju n o 1918, it h as b e e n
n ec ess a r y t o s p en d v e r y c o n s id e ra b le su m s fo r c o n s t r u c tio n p u rp o s e s t o
k eep p a c o w ith gon oral d e v e lo p m e n t s tim u la te d b y th o w a r a n d t o b rin g
in to fu ll use th os e p o r tio n s o f its p la n t , m a in ly w a te r p o w e r s , w h ic h w ere
n o t th en fu lly lo a d e d , n o t o n ly t o c o v e r w a r n e ce ssitie s, b u t a lso t o im p r o v o
th o n o t ea rn in g s.
T h o o u t la y has b een a m p ly ju s tifie d b y th o im p r o v in g n o t ea rn in g s, b u t
it lias m a d e n ecessary b o r r o w in g fro m b a n k s, th o flo a t in g d e b t n o w a m o u n t­
in g t o $ 1 ,8 3 8 ,0 0 0 . A d d it io n a l fu n d s w ill b o n e e d e d fr o m tim o to. tim o t o
fin a n c e Tor lik e e x p en d itu r e s. E xistin g c o n d it io n s re q u ire th a t b a n k b o r ­
row in g s s h o u ld lie k e p t a t a m in im u m a n d a lso p r c c lu d o th o sale o f m o ro
o f th o p res en t 0 % P refe rre d o r C o m m o n s to c k .
Y o u r d ire cto rs b e llo v o th a t It w o u ld b o h ig h ly u n d o sira b lo i f n o t im p o ssib le
t o fin a n c e a ll o r th o req u ire m e n ts b y fu r th e r in creases in th o fu n d e d d e b t ,
a n d th e y th cr o fo r o r e c o m m e n d th o Issuo o f $ 1 0 ,0 0 0 ,0 0 0 7 % c u m u la tiv e
" P r io r P roforon co S t o c k ," w h ic h It is t heir in te n tio n t o d isp o s e o f fr o m tim o
t o tim o as m a r k ot .c o n d itio n s p e rm it a n d re q u ire m e n ts m a k e da sira b lo.
T h o sale o f s to c k n ot o n ly w ill m a k o it p o s s ib lo t o m ain ta in a m o ro co n se r­
v a t iv e b a la n c o b etw een th o d o b t a n d ca p ita l s t o c k , b u t a lso w ill e n a b lo
p o r m a n e n t b o r r o w in g o n a m o r o o c o n o m ic a l basis i f it a p p e a r s w iso t o
res ort to s u ch b o r r o w in g .
T h o c o m p a n y has s o ld to th o C it y o f S e a ttlo its stre e t ra ilw a y s y s te m in
th a t c it y fo r $ 1 5 ,0 0 0 ,0 0 0 o f u t ilit y b o n d s w h ic h a ro h e ld u n d e r th e m o r t­
g a g e s In s u b s titu tio n fo r th e p r o p e r t y s o ld . O u r c a p ita l ex p e n d itu r e s,
th o ro fo ro , w ill b o la rgely d o v o t e d t o th o d e v e lo p m e n t o f th o e le ctric lig h t a n d
p o w e r bu sin ess, m ak in g a d v is a b lo a ch a n g e o f n a m o t o P u g o t S o u n d P o w e r
& B ig h t C o — V . 110, p . 78.

R a p id T ra n sit in N. Y . C ity .— C o m m is sio n er 's R e p o r
Suggests R eorganization o f A ll C ity L in es in to O ne C o m p a n y—
H ig h er Fares N eed ed — D isa p p ro v es P erp etu a l F ranchises— To
Vest Title in C ity— P resent S tatu s .—
T h o s p ec ia l re p o r t o f P . S. C o m m iss io n e r I.o w is N ix o n so n t t o th o B eglsIatu ro o n M a r c h 2 c o n ta in e d th e fo llo w in g su m m aries:
(1) T h o c i t y ’s s u b w a y o p e r a te d b y th o I n te r b o r o u g h R a p id T ra n s it C o .
If o p e r a te d a lo n o , v e r y p r o b a b ly ca n s u r v iv e u n d e r th o p re s e n t ra to o f faro
T h o In te r b o r o u g li as a s y s to m 4In clu d in g th o M a n h a tta n E lo v a t ed I ty s . u n d er
th e p re s e n t lease, c a n n o t d o s o . A re c e iv e rs h ip ca n b o a v o id e d o n ly bs '
s u b o r d in a tio n o f tho in v o stm o n t in to rcs t ch arge s o r th o s u p p ly in g o f m o n e j
o u ts id e o f rov o n u o .
,
(2 ) It is d o u b t fu l w h eth e r th e N o w Y o r k C o n s o lid a te d R R . , w h ic h o p e r ­
a tes corta ln c it y su b w a y s in c o n n e c t io n w ith th o B r o o k ly n e le v a te d lin es,
ca n c o n tin u e a t th e p res e n t ra to o f fa re u n d e r th o p ro s e n t c o n tr a c ts a n d p a y
Intorost on m u n icip a l a n d c o m p a n y b o n d s .
(3) It soom s c lo a r th a t th o s u rfa co c a r lines in M a n h a t t a n a n d o th e r
b o r o u g h s m u st h a v e m o r e re v o n u o o r th eir d e te rio ra tio n w ill c o n tin u e at a
p ro g re s s iv e ra te. U nless r c lio f is g iv e n , fu r th e r d isin te g r a tio n m a y b o

United Electric. Railways to Have a 25-Year Lease— Stock Issue.

(6) T h e U n ite d E le c tr ic R y s . C o ., in c o r p . in 1919, is t o issuo $ 8 ,0 0 0 ,0 0 0
s t o c k t o th o s to c k h o ld e rs o f th o U n ite d T r a c t io n & E le c tr ic C o ., share fo r
s h a re , in e xch a n g e fo r th eir p resen t h o ld in g s . T h is , in a d d it io n t o th o
$ 1 7 ,0 0 0 ,0 0 0 b o n d issue as a b o v e , will m a k e th e p re se n t to ta l secu rities
o u ts ta n d in g in r e la tio n t o th o t r o lle y s y s te m , $ 2 5 ,0 0 0 ,0 0 0 . T h o S ta te
C o m m iss io n fo u n d th o v a lu a tio n o f th e p ro p e rtie s t o b o $ 2 9 ,0 0 0 ,0 0 0 . l o
th is sh o u ld b o a d d e d $ 2 ,0 0 0 ,0 0 0 n ew m o n e y t o b o e x p e n d e d o n th e p r o p ­
ertie s, m ak in g a to ta l o f $ 3 1 ,0 0 0 ,0 0 0 .
.
,
,
(7) T h o issuo o f th e firs t $ 3,0 0 0 ,0 0 0 o f b o n d s fo r ca s h a t p a r is t o b o u n d e r­
w r itte n as fo llo w s : B y th e U n ite d T r a c t io n b o n d h o ld e r s , $ 1 ,2 5 0 ,0 0 0 : b y
th e S u b u rb a n b o n d h o ld e r s , $ 75 0 ,0 0 0 : b y th e U n ite d T r a c t io n s to c k h o ld e r s ,
$ 1 ,0 0 0 ,0 0 0 . T h e la ter issue o f $ 1,0 0 0 ,0 0 0 o f sa id b o n d s shall b e u n d er­
w r itte n b y th e s to c k h o ld e rs in th e n ew c o m p a n y .
(8) B e gisla tio n is t o b e p a sse d (a) e ffe c tin g t h e e lim in a tio n o r s tr ic t c o n ­
tr o l o f th e bu s a n d jit n e y t r a ffic , a n d (b) r e m ittin g all p a st a n d fu tu r e fr a n ­
ch ise tax e s a n d p a v in g ch arge s.
,
, .
,
(9) T h o n ew c o m p a n y shall assu m o all u n liq u id a te d t o r t cla im s a g a in s t
th e R h o d e Isla n d C o . in co n s id e ra tio n o f p a y m o n t b y la tte r o f $ 1 0 8 ,0 0 0 .
(10) A lease o f th o e n tire sys te m is t o b e m a d o b y th e S ta te o f R h o d e
Isla n d t o th e U n ite d E le c tr ic R y s . C o . fo r 25 yea rs (th o p e r io d o f th e b o n d
issue) c o n ta in in g th e fo llo w in g p r o v is io n s ’ (a) an n u al ren ta l shall b e $ 1 ,0 2 0 ,­
0 0 0 , p a y a b le s e m i-a n n u a lly , w h ich is e q u a l t o 6 % o n th e $ 1 7 ,0 0 0 ,0 0 0 b o n d
issu e ) a n d will p a y th e an n u al in terest o h $ 1 7 ,0 0 9 ,0 0 0 S ta te o f R h o d e Isla n d
3 M s , a m o u n tin g t o $ 5 9 5 ,0 0 0 , a n d t h e b a la n c e , $ 42 5 ,0 0 0 , is th r o u g h o u t t h o
p e r io d t o b o p a id in to a s in k in g fu n d , a n d re c k o n in g in terest at. 4 % w ill
retire th o b o n d s at m a tu r ity , le a v in g th o S ta te , a t t h o te rm in a tio n o f th o
le a se , th o o w n e r o f th o tr o lle y s y s te m w ith o u t ch a r g e th e r e fo r ,
(o) D i v i ­
d e n d s shall b e lim ite d t o 4 % o n th o $ 8 ,0 0 0 ,0 0 0 s t o c k ,
(c) C o m p a n y t o b o
m an ag e d b y b o a r d o f s e v e n d ire cto rs , fo u r e le cte d b y t h o s to c k h o ld e r s , t w o
h a v in g n o p erson al in terest in se cu ritie s o f c o m p a n y a p p o in te d b y th e G o v ­
ern or a n d o n e e le cte d b y e m p lo y e e s ,
(d) T h e S ta te snail h a v e th e rig h t at
a n y tim e t o te rm in a te this leaso u p o n 6 m o n t h s ’ n o tic e b e fo r e th e d a te w h en
a n y ren tal p a y m e n t shall b o d u e a n d th e p a y m e n t o f $ 8 ,0 0 0 ,0 0 0 t o t h e c o .
(c) A t th o te rm in a tio n o f lease s to c k h o ld e r s o f U n ite d E le c tr ic R y s . shall
h a v e o p t io n u p o n o n e y e a r ’s n o tice t o t h o I’ . U . C o m m iss io n e ith e r (1) t o
p u rch a se th e e n tire tr o lle y s y s te m fr o m th o S ta te fo r $ 17,000 ,000 , p lu s th e
a ctu a l c o s t o f all exte n sio n s m a d e d u rin g th e p e r io d o f th e leaso a n d fin a n c e d
b y th e S ta te , o r (2) t o ta k e a ren ew al o f lease fo r a s e c o n d p e rio d o f 25 y ea rs
at th o y e a r ly net ren ta l o f $ 83 5 ,0 0 0 fo r 25 years a n d th e e n tire t r o lle y s y s te m
a t th e en d o f th a t p e rio d shall b e u sed b y th o S ta te a s it m a y la ter d e te rm in e .
[T h e ca rm e n r e c e n t ly v o t e d t o co n tin u e a t w o r k fo r a n o th e r y e a r o r
d u rin g th o life o f th o re c e iv e rs h ip u n d e r t h o a g re e m e n t in fo r c e d u rin g th o
p a st y e a r .]— V . 1 10, p . 8 7 2 , 7 6 5 .

R h ode Isla n d S u b u rb a n R y .— P erm a n en t R eceiversh ip .
B e n ja m in A . J a c k s o n a n d H a ro ld J . G r o ss , w h o w ere a p p o in te d t e m p o r a r y
re ce iv e rs o n J an . 10, w e re a p p o in te d p e rm a n e n t re c e iv e rs o n F e b . 2.
See R h o d e Isla n d C o . a b o v e .— V . 110, p . 2 6 2 .

R ich . Fred erick sbu rg & P otom ac R R .— E q u ip . N o t e s . —
See pago 922 o f th is issu e.— V . 110, p . 8 72.

R u tla n d R a ilro a d .— E q u ip m en t N o t e s . —
See p a g o 922 o f th is issue.— Y . 110, p . 8 72 .

S t. L o u is-S a n F ran cisco R y .— E q u ip m en t N o t e s . — ■
]
See p a ge 922 o f th is issue.— V . 110, p . 8 7 2 .

Seaboard Air Line R y .— O ffic er s. —
S . D a v ie s W a r fie ld , C h a ir m a n o f th o b o a r d , h a s been e le c te d P re s id e n t,
s u cce e d in g W . J . H a ra h a n ; W . B. S c d d o n , V ic e -P re s id e n t in ch a r g e o f s u b ­
s id ia ry lin es, a n d M . II. C a h ill, G e n . M g r ., h a v o a lso b e e n e le c te d t o th eir
re s p e ctiv e o ffic e s .— V . 109, p . 2 35 7 .

Shore L ine E lectric R y ., C o n n .— D ism a n tlem en t P r o p . —
T h o c o m p a n y , it is s ta te d , p ro p o s e s s h o r t ly t o s o t a b o u t re m o v in g th o
rails and th o o th o r e q u ip m e n t o f th o lino fr o m A tla n t ic B e a c h a t N e w
B o n d o n , C o n n ., t o W e o k a p a u g .— V . 110, p . 168.

Sioux C ity T erm in al R y . — N e w O ffic er . —
A . G S am , P re sid e n t o f B iv o S to c k N a t . B a n k a n d T rea su rer o f S iou x C it y
S to c k
ards C o ., has boon e le cte d T rea su rer a n d a d ir e c to r o f th o c o m p a n y .

S o u th e rn P acific C o .— E q u ip m en t N o t e s . —
S“ o p a g e 922 o f th is issuo.— V . 110, p . 79.

S o u th e rn R y .— O fficers — F ed . Contract — E q u ip . N o t e s .—

E . II. C o a p m a n , W a s h in g to n , D . G ., a n d It. B . P o g r a m , A t la n t a , h a v e
o x p e c re v^ n ^ o u g h th o co m p a n ie s w o r e a b lo t o co n tln u o o p e r a tio n as a t
b e e n cle c te u V ic e -P re s id e n ts . T . F . S tc o lo h as b e e n a p p o in te d V ic e ­
p ro s o n t, s o m e th in g m u s t b o d o n e t o p r o v id e fu n d s t o ta k o ca re o f d eferred
P re sid e n t o f th o N ow O rlea n s & N o rth e a s te rn R I t . C o .
m a in te n a n ce .
It is id lo t o ta lk o f c o n tin u in g o p e r a tio n a n d n e g le ctin g th o
P resid en t F a irfa x H arrison has Issued an o r d o r , e ffe c t iv e M a r c h 1, w h ic h
u p k e e p o f th o p r o p e r t y .
,
„
,
,
. lt
(5)
T h o C o m m is s io n e r s u gg e sts a p la n o f r e o r g a n iz a tio n o f all th o c o m fo r th o p u rp oses o f a d m in is tr a tio n d iv id e s tile -lin o s c o n s t itu tin g th o S o u th ­
ern R a ilw a y s y s te m in t o t w o g r o u p s , v i z .: (1) Lines W es!— C in c in n a ti N ew
pantos Into o n e c o m p a n y , o r , i f th a t is n o t p o s s ib lo . o n o la rg o c o m p a n y w ith
O rlean s & T e x a s P a c ific I t y ., A la b a m a G r e a t S o u th e rn , N o w O rlea n s &
a s in g le m a n a g em en t in th o area n o w s e rv e d b y th o I n te r b o r o u g h R a p id
N o rth e a ste rn , lfa r r in ia n & N o r th e a s te r n , C in c in n a ti B u rn sid o & C u m b e r T r a n s it a n d o n e for th o area s e rv e d b y th o B r o o k ly n R a p id T r a n s it. A
a n d R iv e r , N o r th e r n A la b a m a , G e o r g ia S o u th e rn & F lo r id a a n d th e S t.
s im p le Increase o f fa ro, w it h o u t c o r r e s p o n d in g co n ce ss io n s fr o m th o co m
B o u ls, B o u isv illo , M o m p h is , A tla n t a , C o lu m b u s , B ir m in g h a m a n d M o b ilo
p a n lo s , sh ou ld n ot b o c o n sid e re d u n d e r a n y c irc u m sta n ce s .
o p e ra tin g d iv isio n s o f S ou th ern R a ilw a y ; (2 ) Lines East— tlio fo llo w in g
P e r p e tu a l fra n ch ises fo r s u rfa co linos s h o u ld b o a b o lis h e d .
I h o socu ritios
o p e ra tin g d iv is io n s o f S o u th e rn R a ilw a y : W a s h in g t o n , D a n v ille , C h a r lo tt e ,
s h o u ld b o r efu n d ed a n d b a s e d o n a fa ir a p p ra isa l o f th o p ro p e rtie s a n d a m o rt i
R ic h m o n d , N o r fo lk , W in s to n -S a le m , C o lu m b ia , C h a r le s to n , S p a rta n b u r g ,
z a tio n s h o u ld b e p r o v id e d t o v e s t title in th o c it y a fte r a ce r ta in te rm o f years
K n o x v ille , C o s t e r , A p p a la c h ia , A s h e v ille , M u r p h y a n d T r a n s y lv a n ia .
A flo x ib le c o s t o f s e r v ic e fare s h o u ld b o e s ta b lis h e d , c o n tr o lle d b y a su rplu s
Soo P h iladelph ia & R ead in g R y . a b o v e a n d an n u al re p o r t in V . 109, p .
fu n d , a n d c o n sid e ra tio n s h o u ld b o g iv e n t o th o r em ission o f taxes and p a v in g
3 60. See p age 9 22 o f tills issue.— V . 109, p . 1527, 1701.
ch arges b o ca u s o a li ox p o n d itu r e s a ro r e fle c t e d In th o fa res c h a r g e d .
R o v io w in g th o p ro s o n t c o n d itio n s o f th o c o m p a n io s , th o C o m m r sta te s:
Spokane P o rtla n d & S eattle R y .— E q u ip m en t N o t e s . —
“ S tr co t ra ilroa d tra ck a g e a b a n d o n e d a n d s e rv ice d is c o n tin u e d , 7 7.8 2
See p a g o 922 o f this issu o.— V . 1 08, p . 2 24 2 .
m ile s . S troot ra ilroa d tra ck a g e c u t o f f fr o m p a ro n t s y s te m s a n d now
o p o r a to d s e p a ra te ly u n d e r a d d itio n a l fa ro . 2 6 6 .2 2 m iles. N in e o p o ra tin g
Term inal R R . A ss’ n . of S t. L o u is.— E q u ip m en t N o t e s . —
c o m p a n ie s in th o h a n d s o f ro c o lv o rs . re p re se n tin g a to ta l o f n e a rly 700 m iles
Seo p a g e 922 o f this issue.— V . 110, p . 8 7 2 .
o f tr a c k — m oro than o n o -th ir d o f th o to ta l tra ck a g o in th e c it y .
(T w o o f
th oso rec eiv ers h ip s, n a m e ly th e S e co n d A v o . a n d th o M a n h a t t a n & Q u eens
Texas & P acific R y .— E q u ip m en t N o t e s . —
c o s ., w ith 44 m iles o f t r a c k , a n to d a to 1 918.)
.
Seo p a ge 922 o f this issue.— V . 1 10, p . 4 66.
" C o m b in e d d e fic its o f stre e t r a ilro a d c o m p a n ie s fo r th o fisc a l y e a r e n d o d
J u n o 30 1919, $ 8 ,0 8 3 ,8 2 0 , w h ic h s h o w s th e co m p a n ie s w o r so o f f b y $ 1 3 ,­
Tide W a te r Power C o ., W ilm in g to n , N . C .— P r e f. Stock.
3 5 0 ,3 4 6 th a n the yea r b e fo r e .
D e fe r re d m a in te n a n ce a lre a d y a m o u n tin g
F irst N a tio n a l T r u s t C o ., D u r h a m , N . C ., a n d D u r fo y & M a r r , R a lo ig h ,
t o $ 6 ,0 0 0 ,0 0 0 , a n d c o n s t a n t ly g r o w in g , w h ic h w ill h a v o t o b e m a d e u p if
N C . aro o ffe r in g a t 100, 7 % C u m . P r o f, s t o c k , p a r $ 100. D iv s . m o n t h ly .
th e p r o p e r t y Is to b o k e p t in c o n d it io n . A b o u t 1,575 fre e tra n sfe r p o in ts
Company.— C o m p a n y o w n s a n d o p o ra to s th o e n tire o lo c tr lc lig h t a n d
a b o lis h e d , 1,500 in B r o o k ly n a n d 75 in M a n h a t t a n .
I r o m e n d o u s s h rin k ­
p o w e r , gas a n d tr a c tio n sys te m s in th o P o r t o f W ilm in g to n : a n d in a d d itio n
a g e in v a lu es o f s troot r a ilro a d s e cu ritie s, e n ta ilin g h e a v y lossos t o in v e sto rs .
t o th o c it y p r o p e rtie s , o w n s a n d o p e ra te s an o le c t r ic lig h tin g , tr a c tio n a n d
— V . 110, p . 107.
gas so rv ico t o W r lg h ts v illo B e a c h . E s tim a te d p o p u la tio n , o v e r 4 5 ,0 0 0 .
Purpose.— P ro c e e d s fro m sale o f th o P r o f, s to c k w ill b o used t o liq u id a te
R ea d in g C om p an y .— N e w O ffic er .—
cu rren t lia b ilitie s , retire $ 35 0 ,0 0 0 b o n d s , a n d t o m a k o b e tte rm e n ts a n d
m E d w a r d B . G r o ss le y h a s b o o n e le c te d V io o -P ro sid o n t o f t h e P h il a d e l p h i a
a d d itio n s t o p la n t.ju _ C o m p a re V . 109, p . 2 44 0 .
S R e a d in g I t y . C o . in c h a r g e o f t r a ffic .— V . 1 1 0 , p . 8 7 2 , 3 6 0 .
r,

R h ode Isla n d C o.— Receivers' P lan f o r R eo rga n iza tion .—
T h e re c e iv e rs ’ p la n fo r th o re o r g a n iz a tio n o f th o c o m p a n y , p resen ted t o




T oledo & O h io C en tral R y .— E q u ip m en t N o t e s . —
Seo p a ge 922 o f th is issuo.— V . 109, p . 4 71.

972

THE CHRONICLE

T oled o S t. L o u is & W e ste rn R R .— E q u ip m en t N o te s .T r i-C ity R y . & L ig h t C o.— S u b . C o s. to C on so lid a te .—
T h e T r i C it y R y . o f Illin o is a n d th e M o lin e R o c k Isla n d & E astern
T r a c t io n C o . , all t h e s to c k o f w h ich is o w n e d b y th e T r i-C it y R y . & L igh t
C o ., h a v e file d a j o in t p e t it io n w ith th e Illin ois P . U . C o m m iss io n fo r
a p p r o v a l o f th e p u rch a se b y th o T r i-C it y R y . o f th o tra ck s a n d e q u ip m e n t
o f th o M o lin e R o c k Isla n d & E aste rn T r a c tio n C o . T h o T r i-C it y R y .
a lso asks th e C o m m iss io n fo r a u th o r ity t o issue $ 1 9 5 ,0 0 0 b o n d s t o c o v e r
th e v a lu e o f th e M o lin e R o c k Isla n d & E astern T r a c t io n C o . T h o arra n g e­
m e n t, it is s ta te d , is b e in g p e r fe c te d in th o in terest o f co r p o r a tio n s im p licity .
— V . 110, p . 168.

report cited at considerable length in other pages of this
issue, President II. B . Thayer, says1
T h e lim it o f th e a u th o riz e d share c a p ita l, w ith a re a s o n a b le re se rv e a gain st
th e co n v e rs io n o f th o c o n v e r tib le b o n d s issu ed , has be e n re a ch e d
T h e issue
c o m in g d u e in 1925 [$ 50 ,00 0 ,0 0 0 a u th o riz e d ; $ 4 8 ,3 6 7 ,2 0 0 ou ts ta n d ln g l
b e co m e s c o n v e r tib le A u g . 1 1920. In o r d e r t o p r o v id e a gain st th e re m o te
c o n tin g e n c y o f c o m p le to co n v e rs io n a n d t o p r o v id e fo r fu r th e r issue o f
stocIi> lf anci w h e n it shall b o fo u n d d e sir a b le , it is r e c o m m e n d e d
0 0 0 .0 0 0

U n io n P a cific R R .— N e w O ffic er .—
E . E . C a lv in , fo r m e r ly F e d e ra l M g r ., h as b e e n e le c t e d V ic e -P r e s id e n t
In c h a r g e o f o p e r a t io n s .— V . 1 09 , p . 2 2 6 4 .

U n ited E lectric R a ilw a ys, Providence, R . I .—

V irg in ia n R a ilw a y .— E q u ip m en t N o te s — O ffic er s .—
S ee p a g e 'c22 o f th is issue.
A d r ia n H . L a rk in a n d C h a rle s n . H ix (fo r m e r ly F e d e ra l M g r .) h a v e be e n
e le c te d V ic e -P r e s id e n ts .— V . 108, p . 6 85 .

J V ab a sh R a ilw a y.
j.
c h a r g e ui u a m u i , o . jc . v .o tie r , v i c e - i r e s . a n a u e n . iv ig r .; iN. a . B r o w n
V ic e -P r e s . a n d G e n . S o lic ito r ; L . G . S c o t t , V ic e -P r e s . a n d C o m p tr o lle r .
W . F . B e n d e r, A s s t. S e c ., a n d E . R . F r a n c is c o , L o c a l T r c a s .
W illia m H . W illia m s rem a in s as C h a ir m a n o f t h e B o a r d ; I le n r y R o g e r s
W in th r o p as V ic e -P r e s .: J . C . O tte s o n , V ic e -P r e s ., S e c. & T r e a s ., a n d
W in slo w S. P ie rce , G en era l C o u n s e l, all w ith o ffic e s in N e w Y o r k
See p a g e 922 o f th is issu e.— V . 109, p . 226 4 .

W a s h in g to n S o u th e rn R y .— E q u ip m en t N o t e s . —
See p a g e 922 o f th is issu e.— V . 7 6 , p . 1302.

W a s h in g to n T erm in al C o.— E q u ip m en t N o t e s . —
See p a g e 922 o f th is issue.— V . 106, p . 265 1 .

W e stc h e ste r S treet R y .— R eceiversh ip . —
S u p rem e C o u r t J u s tice M o r sch a u so r has a p p o in te d L e v e r e tt S. M ille r
re c e iv e r, on c o m p la in t o f the F a rm e rs’ L o a n & T r u s t C o ., N e w Y o r k , w h ich
seeks t o fo r e c lo s e a m o r tg a g e o f $ 1 6 8 ,0 0 0 .— V . 108, p . 975.

W e ste rn M arylan d R y .— E q u ip m en t N o t e s . —

£ £ ac,?P da CoPPer M in in g Co .— P rod uction ( l b s .) .—

1920— February— 1919.
18v 5Ci i n ° 0 i ™ ,4 r c i 0 0 0
0
— V . 110, p . 169, 5 64.

W e s t V irgin ia T r a c tio n & E lectric C o.— Ordered S old . —

U tilities has a p p r o v e d th o e x te n s io n a g re e -

p. o72, 7o5.

Y o r k H a r b o r & B each R R . — Federal Contract —
Seo P h ila d elp h ia & R e a d in g R y . a b o v e .— V . 7 7 , p . 2 09 9 .

IN D U S T R IA L A N D M IS C E L L A N E O U S .
o f F c b * 19
5 Pa&° illu stra ted a rtic le d e s c rib in g t h e
new p la n ts o f th e c o m p a n y in C le v e la n d a n d D e t r o it .— V . 110, p . 168.

A m erican Cigar C o.— E a r n in g s .—

1920— 2 Months— 1019 Increase
6 ,1 0 0 ,0 0 0 1 3 6 ,6 0 0 ,0 0 0
2 8 .3 0 0 ,OOO" 8 ,3 0 0 .0 0 0

A rkan sas N atu ra l Gas C o.— C ontract , & c . —
S ee T ra n s c o n tin e n ta l O il C o . b e lo w .— V . 110, p . 766.

A rm ou r & C o.— F in a l Steps E n jo in in g P a ck ers .—
i ? l od dc<? / )e u,nd er w filch T ? “ P if? F iv o ” p a ck ers a rc fo r o v o r on jo in e d fr o m o n g ag in g in a n y lin e o f businoss o th o r than th a t o f h a n d lin g
Q im rflm "d n ica t p r o d u c ts w as file d F e b . 27 in th o D is tr ic t o f C o lu m b ia
s u p re m o C o u r t .
In a sta te m e n t co m m e n tin g o n th o o ffe c t o f th o d iv o rs e m e n t d e cre e , A tto r n o y -G e n e r a l P a lm er said : “ T h o d e cro o , w h ich th o D e ­
p a rtm e n t or J u s tice has b r o u g h t a b o u t b y u rge n t in sisten ce, is d esig n ed t o
“
ro fre e d o m o f c o m p e titio n a n d increaso th o o p p o rtu n itie s fo r in d iv id u a l
in itia tiv e in business w h ich m u s t in tim o b oar g o o d fr u it fo r th o p u b lic
w olfa ro. T h o s e gro a t a gg re ga tio n s o f c a p ita l w h ich h a v o co m o t o b o k n ow n
as th o B ig F iv o h a v e boon a ble t o d o m in a to s o m a n y lines o f tra d o th a t
thoir c o n tin u e d a n d u n rostrain od g r o w th co n s titu te d a roal m o n a ce n o t o n ly
t o , A m e r ic a n busin oss, b u t t o th o A m e r ic a n co n su m in g p u b lic as w oll.
,
*n b r ie f, th o do cre o re m o v e s th o m o n a co o f co n tr o l o f u n rolatod industries
b y th o B ig F iv e , a n d c o n fin o s th oir a c tiv itie s in fu tu ro t o th o business o f
d is trib u tin g m o a t an d its b y -p r o d u c ts un der an In ju n c tio n w h ic h rostrains
th e m fr o m u n fair a n d u n la w fu l p r a c t ic e s .” — V . 110, p . 660.

A tla n tic Oil P rod u cin g C o.— S ta tus. —
v 8i°o o ^ t'arlt*£ c fin in g C o . b e lo w a n d c o m p a r o A tla n t ic L o b o s O il C o . in
V • 1UJ, p . lJ 7 o .

A tla n tic

R efin in g

C o .,

P h ila d e lp h ia .— G ua ra nty

Re­

sp ectin g R efin ery and O il W e lls in M e x ic o .
A n a u th o r ita tiv e s ta te m e n t fo llo w s ; “ T h o A t la n t ic R e fin in g C o . has
g u a r a n te e d p e r fo r m a n c e b y Atlantic Oil Producing Co. o f Its o b lig a tio n t o
tra n sfor ,to A tla n t ic L o b o s O il C o . its o w n e rsh ip in its re fin e r y a t G u a y a b a im o , M e x ic o ; t o c o m p le te th o s a m e , a n d d rill tw o w e lls in th o lig h t o il
fie ld s , a t an e xp o n so o f n o t t o exce e d $ 1 ,5 0 0 ,0 0 0 . a n d t o p a y t o A tla n t ic
L o b o s O il C o . fr o m tim e t o tim e $ 4 ,0 0 0 ,0 0 0 , in c o n sid e ra tio n o f th o issue
t o A t la n t ic O il P r o d u c in g C o . o f o n e -h a lf o f th o e n tire a u th o riz e d issue o f
C o m m o n a n d P ro f, s to c k o f A tla n t ic L o b o s O il C o ., in c o r p . in D o lo w a ro in
S e p t. 1919, w ith an a u th o riz e d issuo o f $ 1 0 ,0 0 0 ,0 0 0 C u m u l. P a rticip a tin g
P r o f s to c k a n d 5 0 0 ,0 0 0 shares o f n o p a r v a lu o C o m m o n s t o c k .
(S eo a lso
V . 1U9, p . 127 5 .)
.
“ W h e n t h o tra n sactio n is c o n s u m m a te d , A tla n t ic L o b o s O il C o . w ill h a v e
c o m p le te d e n d an o p e ra tin g p ip o lin o a b o u t 20 m tlos
in le n g th fr o m th o lig h t o il fie ld d istrict In M o x ic o t o th o G u lf c o a s t, t o w ith loasos co v e r in g a p p r o x im a te ly 9 0 ,0 00 a cre s o f la n d in th o lig h t
o il f old d is tr ic t in th e a p p r o x im a te n e ig h b o r h o o d o f th o p ip o lin e . —
v . 110, p . 6 6 1 , 5 64.

(W alte r) Baker & C o ., L td ., B o sto n .— B a l. Sheet D e c . 31 .
Assets—

A lum inura M a n u fa ctu rers In c ., C levelan d .— S ta tu s.—

Increase, f

Seo A t la n t ic R e fin in g C o . b o lo w a n d c o m p a r o V . 109, p . 1275.

A r e p o r t fr o m W h e e lin g , W . V a ., s ay s th a t th e p ro p e rtie s o f th e c o m p a n y
w ill b o s o ld a t th e O h io C o u n t y C o u r t H o u s e in W h e e lin g o n M a r c h 16
b y ord e r o f J u d g e A . G . D a y t o n as a re su lt o f re ce iv e rs h ip p ro ce e d in g s.
— V . 110, p . 563.
-

? ! \ 9f

Increase.
$ 3 ,9 1 1 ,7 3 2

M ^ / f e r e n c o t ° th e s ta te m e n t (V l i p , p . 6 60) t h a t th is c o m p a n y ’s F irst
i ^ F p b o n d s w ore o ffe r e d b y M a n n in g B ro th e rs & C o .. T o r o n t o ; T h o r n t o n ,
) $ C o - F t d ., M o n t r e a l, in fo rm s u s th a t th e y w ero th o u n d o rA m etrei 7« iH o n S ^ Uo tleSim o n y oJ
i
ni'id ’ -a ? ° . th a t th ° y h a v o b r o u g h t o u t a ll th e
A m e s H o ld e n M c C r e a d y su b sid iaries issuos.— V . 1 10, p . 660.

& R e a d in g R y . a b o v e a n d a nnu al r e p o r t in V . 1 09 ,p . 1457.

H ve yea rs *to M a r c h ? ? l ^ a t ^ .“
WhU* feH dUe M a r c h 1 1920 f ° r
T h e ex te n s io n a g re e m e n t sa fe g u a rd s t h e in te re s t o f d e b e n tu r e b o n d h olu ers w h o assen t t o t h o e x te n s io n in th a t it p r o v id e s t h a t s o lo n g as a n y
g£,*5S d e b o n tu r o b o n d s a re o u ts ta n d in g a n d u n p a id , th o a m o u n t o f b o n d s
ilrldcit; thP F irs t & R e f. M t g e . o f 1910 shall a t n o
tim e e x c e e d $ 4 ,8 0 0 ,0 0 0 less th e fa c e v a lu e o f a n y o f th e d e b e n tu r e b o n d s
th a n o u t s ta n d in g .
*
T h e c o m p a n y h as b e e n g r a n te d p e rm iss io n t o in cr e a s e fares in W o r c e s te r
« 07o C'van C* anc* ^r o m 5 c . t o 6 c . in fa re z o n e s o u ts id e t h e c i t y .— V . 110,

" ° m 5S° ° ’ -

A tla n tic Lobos Oil C o.— S ta tu s. —

W e s t Jersey & Seashore R R .— Federal C on tract .—

W o rce ste r C on so l. S t. R y .— B o n d s E x t . — F are In c r e a s e .

b°

1920— February— 1919.
Increase, f 1920— 2 Mas.— 1919.
S 3 ,75 0 ,3 1 8
$ 2 ,1 0 9 ,3 3 6
S l,6 4 0 ,9 8 2 | $ 8 ,6 6 3 ,4 3 3
$4,7 51 ,7 1 1
V . 110, p . 6 58 , 6 60.

See p a g e 922 o f th is issue.— V . 110, p . 4 o 6 .

„ ,j£ b o

o f ph

Am es H o ld en F elt C o ., L td .— B o n d s. —

U n ite d T r a c tio n & E lectric C o ., P rovidence.—
See R h o d e Is la n d C o . a b o v e .— V . 1 09, p . 3 7 2 .

W h e e lin g & Lake Erie R y .— E q u ip m en t N o t e s .—-

7M “ W o O ° - f “

A m erican W h o lesa le C orp o ration .— S a les .—

S ee R h o d e I s la n d C o . a b o v e .— V . 1 08, p . 1611.

See p a g e 922 o f th is issue.— V . 108, p . 1938.

no.

A m erican T elep h o n e & T eleg ra p h C o .— A n n u a l Re­
port — P ro p o sitio n to In c re a se Cap ita l Stock. — In tho annual

See p a g e 9 22 o f this issu e.— V . 109, p . 1787.

See P h ila .

[Vol.

Real est.,mach.,&c.
G o o d -w ill..............
Cash------------------ „
Notes & a c c ts .r e c .
Inventories______
U. S. G ovt, secure.
Stocks of other cos.
M iseellaneous____
Canadian b o n d s ..

1919.
$
3,044,123
3,000,000
411,800
775,388
2.474,002
1,414,198
55,000
41,916
256,793

1918.
S
2,884,502
3,000,000
286,220
493,120
2,880,963
1,202,600
55,000
33,173
20,895

1919.
Liabilities—
s
Capital stock......... 8,250,000
Accounts and notes
970,754
p a y a b le ..............
Reserve for taxes.
172,898
Other reserves____
100,000
5,848
M iscellaneous____
Profit and l o s s .. . 1,974,321

1918
$
8,250,000
375,020
234,070
80,000
______
1,910.789

1918.
1917
iq if,
T o t a l .................. 11,473,821 10,856,479
T o t a l ................... 11,473,821 10,850,479
$ 2 ,3 1 8 ,9 8 2 $2 213 755 $ 1 8 6 7 285
— V . 108, p. 582.
6 0 0 ,0 0 0
6 00
0 00 51 6 00 000
(6 )6 0 0 ,0 0 0 (6 % )6 0 0 ;0 0 0 (6 % )6 0 0 ;0 0 0
B a rn sd a ll C orp . — C apital In crea se— D ivid en d In c rea sed .
I ho s to c k h o ld e r s v o t e d F o b . 2 0 t o Increase th o a u th o riz e d ca n ita l s to c k fr o m
B a la n c e s u r p l u s ------$ 7 7 5 ,7 9 9
$ 1 ,1 1 8 ,9 8 2 $ 1 ,0 1 3 ,7 5 5
$667 285
ftn4
e’i?0 0 '0i0r -P ar
* 3 0 ,0 0 0 ,0 0 0 d iv id e d e q u a lly In to C la s s “ A ” (v o t in g )
s to c k - * *d C la s s “ B
s to c k .
- a n - w It..., 1. (n o n -v o t in g ) otiJCtv.
— V . l 0 8 ? p °M 1 6 2 P US' - S 13-2 1 8 ’ 715 S 1 2 .4 4 2 .9 1 5 S l l ^ ^ i S I O J U M ? !
c ^ „ , r t ^ r^erIy .d !v ld o (*d ° f 2 H % h as be e n d e cla re d o n th o $ 1 3 ,0 0 0 ,0 0 0 o u t ­
s ta n d in g C a p it a l s to c k , p a y a b lo A p r il 15 t o s to c k o f re c o rd M a r . 3 1 . I Ie ro "
A m erican C oal Co. o f A lleg a n y C o u n ty .— N o In c r a s e . t o fo r e q u a r t e r ly d iv id e n d s o f 1 ^ % w c ro p a id .— V l l O p 760 ,
T h e sh areh olders o n F e b . 26 v o t e d d o w n th o p ro p o s itio n to au th o rize
a n issue o f $ 2 ,5 0 0 ,0 0 0 7% C u m u la tiv e P re f. s t o c k .— V . 107, p . 2291.
B lack Lake A sb estos & Chrom e C o., L td .— B on d I n t .—

Calendar Years—
1919.
----------- $ 2 ,1 7 5 ,7 9 9
N e t earn in gs
P referred d iv d o n d s ._ _ ( 6 % ) 6 0 0 ,0 00
C o m m o n d i v i d e n d s .. . . ( 8 % ) 8 0 0 ,0 00

A m erican H aw aiian Steam sh ip C o.— P u rch a se .—
Co

M

W

S n I n ? -: m Y in o s e cu ritie s, h a v e s o ld b e tw e e n 3 3 ,0 00
Ml 5 fr 0 S
l
Sta«ntd ln g ? b a f es o f C o a s tw ise T ra n s p o rta tio n

r,T,Itv,'y!oS
,ireCOn.t ly an-n ° u n c c d th a t th o c o m p a n y has d e c id e d t o p a y in te rest
™ °utg a ? ? 6% o,no,1
J:.cA,m u I - ln c o m e b o n d s a t t h o ra te o f 3 % fo r th e

v u l~ Y °?lerld\ P ec/ ^ A 9 L 9 » P‘a y ™ °n t t o 1)0 n ia d o o n a n d a fte r M a r . 1.
ng
I h e in te re s t d u e S e p t. 1 1919 w as p a ss e d .— V . 109, p . 8 90 .

B ritish -A m erica n Tobacco C o.— In te r im D iv id e n d .—
f f i n V S K ,? “ 5 5 ™ » t " r S S r j “ o ™ s .tr“ “ , , a n , l c “ •* busl“ “
f o r ,h r “
a
y aw alla.n S team sh ip C o . d e cla re d a q u a rte rly d iv id e n d o f $2
— v f l l ( f p 660A 467 1 t0 StOCk ° f r e c o rd M a r c h 2 2 .— “ W a ll S t. J o u r n a l.”

A m erican M u ltigra p h C o .— E xtra D iv id e n d .—

d iv id e n d o f 1 % h a s b e e n d e cla re d o n t h o s to c k a lo n g w ith th o
r e ^ a r q u a r t e r l y ^ % , b o t h w ero p a y a b lo M a r . 1 t o h o ld e r s o f r e c o r d F e b .

™?\?™nh'1 ^ a d *a1'or ® 0 ,> C h ica g o .— Reduces Par o f C o m .
M
sto^ k fr o m M 0 0 dt°o $ 2 ? i en d ^ ar 3
ro d Sc e t h ° P a r v a lu o o f th o C o m m o n
|25 f o r each^0har°e o¥ $ T 00 p a r ™ 0 f ° Ur Shar0S ° f neW C o m m o n ^ n c k o f p a r
11 Xfos. to
Dec. 31 '1 9 .
1918-19.

Years Ending Jan. 31 -----1 91 7 -1 8.

« t h

1916-17.

a m *

f t e f W d ^ d e n d i:::(7 % )2 1 o :o 3 6
*^ -Sf8:O 0O * 2 1 0 0 0 0
C o m m o n d i v i d e n d s .( 1 3 % ) 1 ,9 6 4 ,5 4 4 (1 3 )1 9 6 4 ,5 4 4 (1 3 )1 9 6 4 ;5 4 4 (1 6 )1 3 0 9 ,696
p 3 J a n c ? ’. s u rp lu s -.------$ 8 6 1 ,7 0 3
$ 4 8 1 ,6 6 9 $ 1 ,0 8 7 ,3 2 7 $1 084 372
P
i m o ^ s s ,s u r p lu . - - * 7 j7 6 3 ,4 6 6 $ 6 ,9 0 1 ,7 6 3 $6,4201493 $9 057 215
s
snn?
w a s a s ? P ')id a 5 0 % d iv id e n d in s to c k (a g g re g a tin g $ 4 ,0 9 2 8 00 ) o n th e C o m m o n s t o c k , o u t o f a c c u m u la te d su rp lu s .— V . 110, p . 169.

A m erieaii S n u ff C o .— D ivid en d In crea sed — A n n . R eport.
T h e a n n u a l r e p o r t is c ite d o n a p re c e d in g p a g e .
F
n d iqu a<7ten i y r h o p l o r d
h a « b een d e cla re d o n th e C o m m o n s to c k ,
nu
/o on th o P r e f., b o th p a y a b lo A p r . 1 t o h o ld o r s o f re c o r d M a r 19
p ? 1 1 7 3 nParOS W lth 2<7° p a ld J a n - 2 a n d 3 % P a id q u a r te r ly in 1919.— V . 109i
2




tj„T|

d ire cto rs o n F e b . 26 d e cla re d an in torlm d iv id e n d o f 6 % free o f
B ritis h in co m o tax , oil tho o rd in a ry sh ares, p a y a b le M a r c h 31. C o u p o n
N o . 7 7 m u t t b e u sed fo r d iv id o n d .— V . 110, p . 4 6 3 , 467.

B rooklyn (N . Y .)
Guaranty Trust Co.
9 2 % and int. to yield
pago, of $3,000,000
Series B 6 % .

E d ison C o ., I n c .— B ond s all S o ld .—
of Now York announced tho sale at
over 7 % , by advertisement on another
Gen. M tge. Gold bonds (10-voar)
J

D a t e d J a n . 1 1920. D u o J a n . 1 1930. I n t . p a y a b lo J . & J . C o m p a n y
Federafn n e n n m t m tte1 t y laW ' " ' ‘ 1} I,a y ‘ nt“ w ith o u t d e d u c t io n fo r a n y
b
S
T i n n n - T n H ^ ? « i ‘nnnXce^ o t 2 Z r
C o i,P ° » b o n d s In d o n o m . o f $ 500
a n d $ 1 ,0 0 0 , b o n d s o f $ 1 ,0 0 0 ro g isto ra blo as t o p rin c ip a l o n ly . F u lly re g istI l ° ™ n d ta dpnom o f $ 1 .0 0 0 . $ 5 ,0 0 0 a n d 1 10,000 ° C o u p o n iT ornfs o f
$ 1 ,0 0 0 a n d registered b o n d s in te rch .
R e d . u p o n 30 d a y s ’ n o tic o a t 1 0 5 %
^
■ 2 a t 0 ' S cJ'i°s A $ 5 ,5 0 0 ,0 0 0 b o n d s h a v o b e e n listed on
B honr?sk SA?,V,
wU1 b o m a(l° t o llst th oso Sorios
B b o n d s . A u t h . $ 1 0 0 ,0 0 0 ,0 0 0 ; o u ts ta n d in g , Sorios A 5 %
$5 500 0 00 .
Series B 6 % (th is is s u o ). $ 3 ,6 0 0 .0 0 0 . C e n t. O n io n T r . C o ? f t . Y . , tru stoo!
D a t a f r o m L e t t e r o f P r e s . M . S . S lo a n , B r o o k l y n , N . Y ., F e b . 28 1920.
C a n ita l s t o c k ° n u PoniComPletion of Present Financing.—
Outstanding
D o D o n tu re s: O o n v e r t iv io '6 % ,' duo" 1922"and 1925 ~ ~t.................... $1/ 6 9 3 .7 0 0
G e n . M t g o . S orios A 5 % , d u o 1949 (V . 108, p . 5 82)
s ’ 5 0 0 ,0 0 0
? %, ', d u o i p 3 o (t h is is s u o ).......................: : : : :
3 l o o o ,000
U n d e rly in g b o n d s (clo s e d m o r t g a g e s )__________________________
1 1,9 9 6 ,0 0 0
'.— P ro c e e d s w ill b o u se d t o reim bu rse c o m p a n y In p a r t fo r oxra!} d e / o r th e a cq u is itio n o f p r o p o r t y a n d fo r exten sion s
t o I{la n ts) a » ^ fa cilitie s. A s a ro su lt o f this fin a n c in g ,
c o m p a n y w ill b e p r o v id e d w ith a d e q u a to w o r k in g c a p ita l, a n d w ith fu n d s

C a n a d ia n Car & F o u n d ry C o., L td .— O rders. —
P res id en t VV. W . B u tle r r e c e n tly a n n o u n ce d t h a t th e c o m p a n y h a d re­
c e iv e d n ow ord ers a m o u n tin g t o $ 1 2 ,0 0 0 ,0 0 0 , o f w h ic h $ 5,0 0 0 ,0 0 0 w a s fr o m
th o C a n a d ia n P a c ific H y ., c o v e r in g th e b u ild in g o f fre igh t c«irs, a n d a p p r o x in ia to ly $ 7 ,0 0 0 ,0 0 0 fr o m th o C a n a d ia n N a tio n a l R a ilw a y s S ys te m fo r b o th
fr o ig h t a n d p a ssen ger ca rs . W ith these a d d itio n a l o rd e rs th o c o m p a n y has
busin oss on h a n d a g g reg a tin g $ 2 0 ,0 0 0 ,0 0 0 .
V . 110, p . 5 64.

C a n a d ia n G en eral E lectric C o ., L t d .— E x tr a D iv id en d .
A n ex tra d iv id o n d o f 2 % h a s b e e n d e cla re d o n th o C o m m o n s to c k a lo n g
w ith th e reg u la r q u a r te r ly d iv id o n d o f 2 % ; th e re g u la r s e m i-a n n u a l d iv i­
d o n d o f 3 'A % on th e P ro f, s to c k w a s a lso d e c la r e d . A ll d iv id e n d s aro p a y .
a b lo A p r . 1 t o h o ld e r s o f re c o rd M a r . 13. T h e re g u la r q u a r te r ly d iv id e n d ,
o f 2 % o n th o C o m m o n s to c k h a v o b o o n p a id sin ce 1 916.— V . 109, p . 2 2 0 6 .
Carriage Factories, L t d ., M o n trea l.— H ea d O ffice.
T h o h ea d o fft c o has b ee n ch a n g e d fr o m T o r o n t o , O n t ., t o O rillia, O n t.
V . 107, p . 1749.

C h an d ler M otor Car C o .— D ividen d In c re a s ed . —
A q u a r te r ly d iv id o n d o f $2 50 p e r sh a ro has b e e n d e cla re d on th e s to c k ,
p la c in g t h e n ew issue on a $10 a snare a n n u al basis. In .lanuciry a d iv id e n d
o f $2 p er share was p a id on t h o n o w s to c k a n d a d iv id e n d o f $6 w a s p a id in
S e p te m b e r o n t h o o ld s t o c k .
,
„ „
.
. .
P re s id e n t F . O . C h a n d le r has issued th o fo llo w in g s ta te m e n t: F o r th o
firs t t w o m on th s o f th is y e a r o u r sh ip m e n ts e x c e e d e d s h ip m e n ts fo r th e
firs t fiv e m on th s la st y e a r . N e t earnings fo r th e sam e tw o m o n th s w e re In
excess o f $ 1 ,5 0 0 ,0 0 0 . O u r fin a n cia l s ta te m e n t as o f F e b . 28 sh ow s cash
as in excess o f $ 6 ,0 0 0 ,0 0 0 . O u r sh ip p in g s ch e d u le ca lls fo r 19,000 ca rs u p
t o J u ly 1, a n d in v io w o f ou r p r o s p e c ts o f m ain ta in in g sh ip m e n ts d u rin g tho
b a la n c o o f th e y e a r, ow in g t o in creased fa cilitie s , t h o d ir e c to r s fe e l t h a t
S tock h old ers a ro e n title d to a la rger sh a re o f earn in gs. A c c o r d in g ly , th e
s to c k has boon p la c e d o n a regu la r $10 d iv id e n d basis. — V . 110, p . 6 01.

C h icago T elep h o n e C o.— O ffic er s, & c . —
F lb o r t G . O row has bee n e le cte d S e cre ta ry , s u cce e d in g W a lte r I . M lz n e r ,
w h o resign ed t o a c c e p t tho p o sitio n o f S e cre ta ry a n d T rea su rer o f th e M ic h i­
g a n S ta te T e le p h o n o C o . I I . B . T h a y e r , P re s , o f A m e r . T e l. & T e l. C o . ,
has b e e n e le cte d a d ir e c t o r t o s u cce e d N . C . K in g s b u r y , d e ce a se d .
T h e c o m p a n y has a sk e d th e Illin o is 1*. U . C o m m iss io n fo r p erm ission t o
in crease lls g u aran teed re v e n u e o n “ p a r t y " lines fr o m 5 t o 8 ce n ts a d a y .
It is s ta te d th a t 7 3 % o f tho s u b scrib e rs uso their te le p h o n e s o n an a v e ra g e
o f 8 cen ts w o r th , b u t in creased g u aran te e fro m th e o th e r 1 7 % w o u ld m crca s o
th e an n u al re v e n u e o f th o c o m p a n y n e a rly $ 1 ,0 0 0 ,0 0 0 .— V . 109, p . 2 200.

C hile C opper C o.— O u tp u t. —
1919.
6 ,8 0 0 ,0 0 0

1918.
8 ,3 5 8 ,0 0 0

1917.
7 ,7 5 6 ,7 3 7

C in c in n a ti G as & E lectric C o .— N o te s O ffered . — J. & W .
Seligman & C o. and A . B . Leach & C o ., Inc., Now York,
aro offering at 9 7 M and int., yielding 7 % . by advertisement
on another pago, $2,400,000 0 % Three-Year Secured Gold
N otes. Bankors stato:
D a t e d D o c . 1 1919, d u o D o c . 1 1922. I n t . p a y a b le J . & D in N e w Y o r k ,
so fa r as m a y b o la w fu l, w ith o u t d e d u c tio n o f th o n o r m a l f e d e r a l in c o m e
tax t o th o ox to n t o f 2 % .
D o n o m . $ 1 ,0 0 0 ( c * ) .
R e d e e m a b le a ll o r p a r t,
a t a n y tim o on 30 d a y s ’ n o tic e , a t 1 0 1 B o n o r b e fo r e D o c . 1 1920, a t 101 o n
o r b e fo r e D o c . 1 1921, n a d a t 1 0 0 H th e re a fte r, p lu s in te re s t. C e n tra l T r u s t
G o ., C in c in n a ti, tru s to o .
___ ..
Security.— S ecu red b y d e p o s it o f $ 3 ,0 0 0 ,0 0 0 F irst & R e f. (n o w F irst)
M t g o . 5 % G o ld B o n d s , w h ic h in tu rn aro se cu re d b y a firs t m o rtg a g o on
s u b s ta n tia lly th o en tire p ro p o rtlo s.
Capitalization (after Present Financing) —
AWthorized. Outstanding.
F irst & R e f. (n o w F irst) M t g o . 5 s _________________ $ 1 5 ,0 0 0 ,0 0 0 * $ 9 ,4 5 9 ,0 0 0
6 % T h r o e -Y ca r Seen red G o ld N o te s (th is Issue)
2 .4 0 0 .0 0 0
2 .4 0 0 .0 0 0
7 % 3 - Y r n o t e s , d u o D o c . 1 1922 (V . 110, p . 4 6 8 ) . .
2 ,0 0 0 ,0 0 0
C a p ita l s t o c k ___ - ____________________________________ 3 6 ,0 0 0 ,0 0 0 3 5 ,0 5 6 ,3 0 0
* E x c lu s iv e o f $ 3,0 0 0 ,0 0 0 d e p o s ite d as s e cu rity fo r th ese n o te s .
F o r d e s c rip tio n o f p r o p e rtie s a n d s ta te m e n t o f earn in gs see V . 110, p .
4 6 8 , 8 74.

C lin to n -W r ig h t W ire C o.— Preferred Stock Called, & c . —
See W ick w lro -S p o n ce r S teel C o r p . b e lo w .— V . 110, p . 4 6 8 . 2 6 4 .

C o m p u tin g -T a b u la tin g -R e c o r d in g C o., N ew Y o r k .—
P lan— T o O ffer A d d itio n a l Stock to Stockholders .—

R eca p it'n

T h o s to c k h o ld e r s w ill v o t o M a r . 16 (a) o n ch a n g in g th o a u th o riz e d C a p ita l
s to c k fr o m 1 20,000 shares o f $100 p a r v a lu o t o 2 0 0 ,00 0 shares o f no p a r va lu e ;
(b ) o n ex c h a n g in g th e p resen t o u ts ta n d in g 104,827 shares o f $ 100 p a r v a lu o
fo r tlio sam o n u m b e r o f shares o f n o p a r v a lu o ; (c) on o ffe r in g t o th o s to c k ­
h old ers tiro p r iv ile g e o f p u rch a sin g a d d itio n a l s to c k in p r o p o r t io n t o their
h o ld in g s a t s u ch tim es and o n su ch term s a n d p rice s as th o d ire cto rs sh a ll
fix ; tiro n u m b e r o f shares to b o o ffe r e d d u rin g 1920 n o t t o e x c e e d 2 6 ,2 0 6
sh ares, o r 2 5 % o f th o p ro s o n t o u ts ta n d in g s to c k .
D i g e s t o f S t a t e m e n t o f P r e s . T l i o s . J . W n i s o n . N e w Y o r k , F e b . 26.
S in ce o rg a n iz a tio n in 1911 th ere h as b e e n a s te a d y in creaso in th o salo
o f tire p ro d u c ts o f th e su b sid iary co m p a n ie s , resu ltin g in a re m a rk a b le
g r o w t h in th o a n n u al v o lu m o o f busin ess. B egin n in g w ith 1915 e a ch y o a r
has exceed ed th e p reced in g y e a r b y s u b sta n tia l a m o u n ts.
F o r th e ca le n d a r
y e a r 1919, sales w ere in oxcess o f $ 1 2 ,0 0 0 ,0 0 0 , as c o m p a r e d w ith $ 4 ,1 7 9 ,2 0 4
fo r 1914, an Increase o f n e a rly 1 9 0 % d u rin g th o six -y e a r p e r io d , o r a n a vo ra g o
a n n u al in creaso o f n e a r ly 3 2 % .

Sales and Profits of the Combined Organization— Calendar Years.
1915.
1 916.
1917.
1918.
1919.
Sales
...........$ 4 ,4 8 2 6 60 $ 6 ,1 7 9 ,6 1 9 $ 8 ,3 4 2 ,4 6 0 $ 9 ,6 7 9 ,6 3 5
$ 1 2 ,0 0 0 ,0 0 0
xN ot p r o fit s ..
0 9 0 ,6 9 4 1 2 0 6 ,85 3 * 1 ,5 6 8 ,3 5 8 * 1 ,7 8 7 .8 0 7 ( o s t . ) *2000000
E a r n , p er s lu _
$0 60
$ l i 54
*$14 96
*$17 05
*$19 08
_ _ _ _
*4
* B e fo re p r o v id in g fo r ln co m o S, excess p r o fit s tax e s, x A fte r a ll ch arge s.
c
In clu din g in terest, reserves a n d a llo w a n c e fo r m a in te n a n ce a n d d e p re cia tio n ,
b u t n o t in c lu d in g d e d u c tio n fo r in c o m e a n d excess p r o fit s tax e s.




Feb. 1920.
c o n c e n t r a t e s _____________________ 8 ,0 2 0 ,0 0 0 lb s .
c o n c e n t r a t e s _______________ - — 3 ,0 8 0 ,0 0 0 lb s .
________________ ______________—
3 2 ,3 4 0 o/.s.
p . 6 6 2 , 8 74.

Jan. 1920.
8 ,3 6 0 ,0 0 0 lb s .
3 ,0 4 0 ,0 0 0 lb s .
3 0 ,4 0 0 o z s.

C u b an -A m erica n Sugar C o . — T o Reduce P a r V a lu e. —
T lio d ir e c to r s h a v o v o t e d t o ch a n g o th o c o m m o n c a p ita liz a t io n fr o m
100 ,00 0 shares p a r $ 100 e a ch t o 1 ,0 0 0 ,0 0 0 shares p a r $ 10 e a c h s o r , in th o
e v e n t t h a t th o law s o f N o w J e rs e y , u n d e r w h ic h th o c o m p a n y is in c o r p o r a t ­
e d , are a m e n d e d t o p e r m it, t o 1 ,0 0 0 ,0 0 0 shares o f s to c k w it h o u t n o m in a l
o r p a r v a lu e .
It is p la n n e d t o ca ll a m e e tin g o f th o s to c k h o ld e r s in near
fu tu r e , t o a u th o r iz e th o c a r r y in g o u t o f th e se p la n s .— V . 1 09, p . 2 3 6 0 ,
2 43 7 , 2 4 4 3 .
«

D av is-D aly C opper C o.— Prod uction — D ivid en d D ecreased.

1919— Dec.— 1918.
1919— Cal. Year— 1918.
C o p p e r ( l b s .) ______________ 1 ,1 9 2 ,9 0 0
9 7 7 ,01 5
1 0 ,4 50 ,5 6 0
8 ,9 8 1 ,8 3 4
S ilv er ( o z s .) _______________
5 2,7 23
3 7,9 73
4 1 1 ,8 7 0
3 9 5 ,9J5
A d iv id e n d o f 2 5c. a share has b e e n d e cla re d o n th e s t o c k , p a y a b lo
M a r c h 30 t o h o ld e rs o f r e c o r d M a r c h 10. P re v io u s d iv id e n d s w ere 5 0 c . a
sh aro, p a id D e c . 1919, a n d 2 5 c . p a id in D e c . 1918.— V . 109, p . 2174.

D etro it E d ison C o .— O fferin g o f B o n d s. — Coffin & Burr
and Spencer Trask & C o ., New York, are offering at a price
to yield about 7 % $5,503,500 10-year 7 % Conv. D eb. Gold
bonds. Bankers state:

D a t e d M a r c h 1 1920; d u o M a r c h 1 1930. Tnt. p a y a b lo M . S S. a t o f f ic e
c
o f c o m p a n y , 30 B r o a d S t ., N o w Y o r k . D e n o m . $ 100 a n d $ 1 ,0 0 0 ( c *.)
C o n v e r tib le b e tw e e n M a r c h 1 1922 a n d S e p t. 1 1929 in t o s t o c k a t p a r .
R e d . o n o r a fte r M a r . 1 1924 a n d b e fo r e M a r . 1 1928, a t 105 a n d in t ., a n d
o n o r a fte r M a r . 1 1928, a n d b e fo r e m a t u r it y , a t 102 a n d in t. o n 60 d a y s ’
n o tic e , a n d w h en s o c a lle d m a y , p r o v id e d th o tim o fo r co n v e r s io n h as n o t
e x p ire d , b o c o n v e r t e d in to s to c k a t a n y tim e b e fo re th o re d e m p tio n d a te .
Outstanding Debt.— C o m p a n y has fr o m tim o t o tim o issu ed $ 1 6 ,4 0 0 ,0 0 0
c o n v e r t ib le b o n d s (e x c lu s iv e o f th e p re se n t issue o f $ 5 ,5 0 3 ,5 0 0 ), a ll o f w h ic h ,
e x c e p t $ 4 ,8 1 3 ,8 0 0 still o u ts ta n d in g , h a v o b e e n c o n v e r t e d in to c a p ita l s to c k .
T h e r e aro a lso o u ts ta n d in g $ 1 0 ,0 0 0 ,0 0 0 1st (c lo s e d ) M . 5 s, d u e 1933;
$ 1 6 ,6 6 5 ,0 0 0 1st S R e f. 5s, d u e 1940: $ 4 ,0 0 0 ,0 0 0 E aste rn M ic h ig a n E d is o n
c
C o . 1st (c lo s e d ) M . 5 s, d u o 1931, a n d $ 2 7 ,5 0 5 ,2 0 0 c a p ita l s to c k .
1903.
1907.
1911.
1915.
1918.
1919.
Cal. year— $
$
$
$
$
$
G ro ss e a r n .5 3 3 ,84 7 1 ,6 2 1 ,4 3 2 3 ,5 9 8 ,0 9 4 7 ,7 5 9 ,9 3 2 1 3,8 0 1 ,5 2 7 1 6,4 98 ,3 9 1
Earnings year ended Dec. 31 1919.
G r o ss r e v e n u e ________________________________________________________ $ 1 6 ,4 9 8 ,3 9 1
O p e r a tin g e xp en ses, in c l. m a in te n a n ce , d e p r e c ., r e s v . & t a x e s . . 1 2,2 2 0 ,0 7 3
In te re s t o n m o r tg a g o b o n d s ________________________________________
1 ,5 3 3 ,2 5 0
S u rp lu s o v e r m o r tg a g o b o n d in te re s t--------------------------------------------- $ 2 ,7 4 5 ,0 6 8
T h e su rp lu s o v e r m o r tg a g o b o n d in te re st fo r th o ca le n d a r y e a r 1919 w a s
eq u a l t o o v e r 3 % tim e s th o a n n u al in te re s t re q u ire m e n ts o f a ll th o o u t ­
s ta n d in g d e b e n tu re b o n d s , in clu d in g th o p ro s o n t issuo o f $ 5 ,5 0 3 ,5 0 0 . C o m ­
p a re V . 110, p . 2 6 4 ; V . 109, p . 2360.

D odge M a n u fa c tu rin g C o.— E xtra D iv id e n d . —
A n e xtra d iv id e n d o f 1 % h a s b e o n d o c la r c d o n th o C o m m o n s to c k in
a d d itio n t o th e re g u la r q u a r te r ly o f 1 M % , b o t h p a y a b lo A p r il 1 t o h o ld e r s
o f re c o r d M a r c h 27. A n e xtra d iv id e n d o f 1 % w a s p a id in A p r il, J u ly ,
O c to b e r a n d J a n u a ry la st a n d 2 % in J a n u a ry 1 919.— V . 109, p . 2 26 7 .

E astm an K o d a k C o.— Suit D is m is s e d . —
F e d e ra l J u d g o M a y e r r e c e n t ly dism issed th o su it o f J u liu s L . L e w is
a ga in st th o c o m p a n y fo r $ 3 ,0 0 0 ,0 0 0 d a m a g e s u n d e r th o S h erm a n A n t i­
T r u s t L a w , o n th o g r o u n d th a t thero w a s n o b asis fo r p r o v in g th o d a m a g os
cla im e d w h ic h h o d e sc rib e d as s p e c u la tiv e . In h is c o m p la in t M r . L e w is
s ta te d th a t h o h a d b e e n in th o p h o t o g r a p h ic s u p p ly b u sin e ss s in ce 1904,
a n d th a t b e ca u s e h o h a d v io la t e d th o r e s trictio n s o f a r e b a to a g re e m en t th o
d e fe n d a n t h a d refu sed t o fu rn ish h im w ith its p r o d u c ts , t h e r e b y c a u s in g
h im la rgo lo ss e s.— V . 110, p . 7 67.

F a irb an k s, Morse & C o., C h ica g o .— D ivid en d — Status.
T h e d ir e c to r s h a v o d eclared th o firs t q u a r te r ly d iv id o n d o f $1 25 p e r
sharo o n C o m m o n s t o c k (n o p a r v a lu o ), p a y a b le M a r c h 30 t o s t o c k o f r ec ord
M <irch 15.
T lio c o m p a n y w as in c o r p . in Illin o is in J u n o 1891, s u cce e d in g a p a rtn e r­
sh ip o f s am o nam e: e s ta b lis h e d in C h ic a g o in 1858, as a se llin g a g e n c y f o r
E . S T . F a irb an k s & C o ., m a n u fa ctu re r s o f th o w e ll-k n o w n F a irb an k s
c
S ca les. B usin ess h as n o w e x p a n d o d t o in c lu d o th e salo o f in te rn a l c o m ­
b u s tio n e n g in e s, w in d m ills , r a ilro a d s u p p lie s , e le ctrica l e q u ip m e n t, & c .,
c o n t r o lle d b y th e s am o in te re s ts .
,
In 1916 c o m p a n y b e g a n t o a cq u ire t h o p rin c ip a l m a n u fa ctu rin g p la n ts
fo r w h ic h it h a d s e rv e d as s ellin g a ge n t. I t th o n t o o k o v e r a ll th o c a p ita l
s to c k o f E . & T . F a irb an k s & C o ., a n d a cq u ire d a n d n o w o p e ra te s in its
o w n n a m e th e p la n ts in B e lo it , W is ., T h r e e R iv e r s , M i c h ., I n d ia n a p o lis ,
I n d ., a n d B a ltim o r e . M d . G r o ss sales in 1919 w e re a b o u t $ 2 8 ,5 0 0 ,0 0 0 ,
a n d n o t p r o fit s (p a r t ly estim a te d ) a fte r taxes exceed ed $ 3 ,0 0 0 ,0 0 0 , o r m o r e
th an $10 p e r share o n p re s e n t 3 0 0 ,00 0 shares o f C o m .s t o c k .— V . 1 1 0 ,p . 565

(H . H .) F ran k lin M fg. C o., Syracu se, N . Y .— P f . Stk. —
T lio c o m p a n y has a n n o u n c e d a n a d d itio n a l issue o f $ 1 ,0 0 0 ,0 0 0 7 % C u m .
S F . l ’ r c f. s to c k w h ich is b e in g o ffe r e d fftr s u b s c r ip tio n a t p a r a n d d iv s .
O n c o m p le tio n o f p re se n t fin a n c in g c o m p a n y w ill h a v e o u t s ta n d in g $ 3 ,­
5 0 0 ,00 0 P ro f, a n d $ 1 ,8 5 8 ,7 0 0 C o m . s t o c k . T h o p r o c e e d s w ill b o u sed
p r in c ip a lly in e n la rg in g th e m a n u fa c tu r in g fa c ilitie s .
Consolidated Balance Sheet Dec. 31 1919 (Excluding Present Financing.)
A ss c< s (T o ta le a c h s id o ,$ 1 3 ,4 2 5 ,6 4 2 )|
Liabilities—
R e a l o s t ., b ld g s . & e q u ip .,
IP roferred s t o c k s .....................$ 2 ,0 0 0 ,0 0 0
less re s e rv e s .......................$ 3 ,2 2 1 ,2 5 2 C o m m o n s t o c k 1 ,8 5 8 ,7 0 0
G o o d -w ill a n d p a te n ts ------1 C u rre n t a n d a c c r u e d a c C ash
- ______________ 1,156,750) c o u n t s ___________________ 2 ,0 3 0 ,7 7 4
L ib e r t y b o n d s — .................. 1 ,030,311 N o te s p a y a b lo . . . ----------- 2 ,3 1 1 ,9 0 0
A c c o u n ts & n o te s r e e e i v ..
1 ,3 4 9 ,7 7 5 R e s e rv e fo r F e d e ra l t a x e s . 9 0 0 ,0 0 0
I n v e n t o r ie s ________________ 6 ,3 8 4 ,4 4 7 O th e r lia b ilitie s
1 0 0 ,9 8 5
D o fe r re d ch arge s & m i s c . .
2 8 3 ,1 0 5 S u rplu s D e c . 31 1 91 9 4 ,2 2 3 ,2 8 3
Business Prospects, A c .— P r o d u c tio n s ch e d u le fo r c a l. y e a r 1920 is 1 6,0 00
ca rs , a n in creaso o f a b o u t 8 0 % o v e r 1919 p r o d u c tio n .
It is o x p o c to d th a t
e v e n th is in creaso in p r o d u c tio n w ill n o t b o s u ffic ie n t t o m e e t th e d o m a n d
fo r th o F ra n k lin c a r . J a n . 1 1920 th e ro w e re 3 ,1 9 4 u n fille d o rd e rs fo r ca rs
o n t h o b o o k s o f th o c o m p a n y . D u r in g th o la st six m o n th s a 7 -s t o r y c o n ­
cr e te b u ild in g h a s b o o n e re c te d a n d is n o w r e a d y fo r o c c u p a n c y . A d d it io n a l
w a re h o u sin g a n d m a n u fa ctu rin g fa cilitie s a ro b e in g p r o v id e d , w h ic h w h en
c o m p le te d w ill a d d 0 7 5 ,0 0 0 s q . f t . t o th e 1 6 M a cre s o f f l o o r s p a c e n o w
o c c u p ie d . C o m p a n y o w n s a ll th o c a p ita l s to c k o f F ra n k lin A u t o m o b ile
C o ., w h ic h is th o s o ilin g o rg a n iz a tio n .
Earnings.— E arn in g s fo r 1919, a fte r d o p r e c ’n a n d ta x e s, w e r e o v e r seven
tim e s tlio d iv id o n d r e q u ire m e n t o n $ 3 ,5 0 0 ,0 0 0 P r e f. s t o c k . N e t sales fo r
1919 w o r e $ 2 3 ,4 6 6 ,0 0 0 . a n d n o t p r o fit s , a fte r d e p r e c n a n d F e d e ra l ta x e s
$ 1 ,8 4 1 ,0 0 0 . C o m p a r e V . 1 09 , p . 1613; V . 1 10 , p . 7 6 7 .
-

B u rn h a m & Morrill C o ., P o rtla n d , M e.— B onds O ffered .
G e o r g e II. B urr S C o ., N ew Y o r k , h a v o p u rc h a se d a n d a ro o ffe r in g a t
c
100 a n d in t. t o y lo id 7 % $ 50 0 ,0 0 0 F irs t M t g o . C o n y . 7 % Serial G o ld b o n d s ,
m a tu r in g $ 5 0 ,0 0 0 a n n u a lly fr o m F e b . 1 1921, t o I<eb. 1 1930, in c l.

C on so l. In te r sta te -C a lla h a n M in in g C o.— S h ip m en ts. —
Month of
5 1 % z in c
5 9 % le a d
S ilv e r .
— V . 110,

-

,,ns h T co°O ct! I 1912, th ero h a v o b e e n e x p e n d e d in excess o f $ 1 6 ,0 0 0 ,0 0 0
fo r a d d itio n s to fix e d p r o p e r ty a ga in st w h ic h o n ly $ 8 ,5 0 0 ,0 0 0 p a r v a lu o o f
secu rities h a v o heretofore! b o o n issu ed . T h o p la n t a n d p r o p e r t y a c c o u n t
ca rried a t a b o u t $ 4 2 ,0 0 0 ,0 0 0 , rep resen ts th o p r o p e r t y a t fa ir a m i le g itim a te
v a lu a tio n s , a n d e x c eed s tw ico th o a m o u n t o f th o se cu re d d e b t in clu d in g
thoso .$3,000,000 b o n d s .
_
,
.
. .
This Issue .— B on d s m a y b o issued u n d e r th o G en e ra l M o r tg a g e n o t t o
exc e e d $ 1 0 0 ,0 0 0 ,0 0 0 a t a n y o n o tim o o u ts ta n d in g .
Series B 6 % b o n d s t o a
to ta l o f $ 5 ,0 0 0 ,0 0 0 h a v o been a u th o riz e d b y c o m p a n y a n d a p p r o v e d b y
th o P S. C o m m is s io n , a lth o u g h o n ly $ 3 ,0 0 0 ,0 0 0 are t o b o s o ld a t th is tim o .
O f t h o $ 2,0 0 0 ,0 0 0 u n s o ld , $ 50 0 ,0 0 0 m a y b o s o ld to reim bu rse c o m p a n y fo r
e xp en d itu res fo r exten sion s, im p r o v e m e n ts , & c ., m a d e p r io r t o J a n . 1 1919.
a n d th o rem a in in g $ 1 ,5 0 0 ,0 0 0 fo r e x p e n d itu r e s m a d o sin ce t h a t d a te .
F u r th er b o n d s m a y b o issued fo r e xte n sio n s a n d im p r o v e m e n ts a n d f o r tlio
a cq u is itio n o r p r o p o r ty o f ot.hor c o r p o r a t io n s s u p p ly in g lig h t o r p o w e r , an d
refu n d in g o f o u ts ta n d in g d o b ts , an d o f b o n d s se cu re d b y u n d e rly in g m tg es
1918.
1919.
Calendar Year—
1915.
1917.
$ 8 ,3 8 1 ,0 5 5 8 ,8 5 4 ,3 0 1 $ 1 0 ,8 5 0 ,1 1 4
G ross ea rn in g s_________ $ 7 ,0 0 0 ,8 1 4
7 ,4 9 9 ,1 0 2
O p or. e x p . taxes & p lan t re.3 4 ,5 0 9 ,5 3 0 5 ,5 1 1 .9 8 2 6 ,1 6 2 .4 4 5
3 ,3 5 1 ,0 1 2
G ross ln c o m o __________ 2 ,4 3 1 ,2 8 4
2 ,8 6 9 ,0 7 3 2 ,6 9 1 ,8 5 6
7 1 5 ,37 4
9 5 4 ,79 1
In terest on b o n d s _____
791,17.5
711.241
1 ,9 7 6 .4 8 2
2 ,3 9 6 ,2 2 1
2 ,1 5 7 ,8 3 2
B a la n co , su rp lu s ______ 1 ,6 4 0,10 9
A v e r y fu ll d e sc rip tio n o f th o G e n e ra l M o r tg a g o b o n d s to g e th e r w ith
h is to r y a n d p r o p e r t y o f th o c o m p a n y aro g iv e n in V . 1 08, p . 5 82; V . 110, p .
8 7 3 . 5 77.

T h e c o m b in e d su rp lu s in c lu d in g su bsidiaries s in ce o r g a n iz a tio n in 1911
h a s in cre ase d a b o u t $ 5 ,6 0 0 ,0 0 0 , w h ic h is re p resen ted b y a n in cre aso in th e
n e t cu rre n t assets o f a b o u t $ 3 ,4 0 0 ,0 0 0 , th o b a la n c o re p re se n tin g in creases
in p la n t a n d e q u ip m e n t. T h e s e a d d itio n s t o assets h a v o h e r e to fo r e p r o ­
v id e d w o r k in g ca p ita l re q u ire d b y th e su b sta n tia l in croaso in busin ess
fr o m y e a r t o y o a r.
.
.
„
O w in g t o th o d o v o lo p m o n t o f o u r sales o rg a n iz a tio n , fr o m w h ic h fu r th e r
la rgo increases in bu sin ess a re b e in g r e c e iv e d , it Is n e ce ssary t o m a k e p r o ­
v is io n fo r in creased fa cilitie s fo r m a n u fa ctu rin g in a ll b ra n ch e s, as th e lim it
o f p re se n t c a p a c ity has b e e n r e a c h e d . T h o busin ess se cu re d d u rin g D e c .
1919, a n d J an . 1920, w a s 3 5 % in excess o f th o p ro s o n t fa c t o r y ca p a c itie s ,
a n d it is estim a te d th a t th o sales fo r th e c u rre n t y o a r w ill sh o w an in crease
o v e r 1919 o f a b o u t $ 5 ,0 0 0 ,0 0 0 , w ith a p r o p o r t io n a t e in crease in ea rn in g s.
In o rd e r t o ta k e ca re o f this in croaso in bu sin ess th o d ire cto rs h a v e a u th o r ­
iz e d th o e x p e n d itu r e o f a b o u t $ 7 5 0 ,0 0 0 t o p r o v id e a d d itio n s t o th o p re s e n t
p la n ts lo c a te d a t E n d ic o t t , N . Y . , a n d D a y t o n , O ., to g e th e r w ith th o a d d i­
tio n a l m a c h in e ry a n d e q u ip m e n t n e c o ss a r y .— V . 1 09, p . 1795.

-

fo r th o oxp a n s lon a n d d o v o lo p m o n t o f Its p r o p e r t y a n d bu sin ess n e ce ss ita te d
b y t h e d o m a n d fo r B r o o k ly n E d is o n S o rv ico .
Security.— S ecu red b y m o rtg a g o o n a ll o f c o m p a n y s real a n d p re s o n a l
p r o p o r t y , in c lu d in g t w o stea m g e n e ra tin g p la n ts w ith a r a te d c a p a c it y o f
1 34,000 k . w . a n d 5 ,9 1 0 m iles o f d is trib u tio n lin es o f w h ic h 2 ,7 7 0 m ile s aro

1920.
J a n u a ry o u t p u t ( l b s .) ............... 7 ,5 0 8 ,0 0 0
— V . 110. p . 264.

973

THE CHRONICLE

M ar. 6 1920.]

F u lto n M otor T ru c k C o.— R eceiver's S a le. —
P u rsu a n t t o a d o cro o In th o U . S. D is tr ic t C o u r t , J o h n A . S h ep p a r d ,
ro c o iv o r, w ill soli a t p u b lic a u c tio n th ro u g h J . E . C o n a n t & C o . o f L o w e ll,
M a s s ., a t F a rm in gd a lo , L . I „ o n M a r c h 11, th e en tire p r o p o r t y a n d assots
o f th o c o m p a n y .— V . 110, p . 8 7 4 , 565.

\

974

THECHRONICLE

Galena-Signal Oil Co., Pa.— O ffic er s,

& c .—

A t th e a n n u al m e e tin g o f th o s to c k h o ld e rs o n F e b . 24 a sto c k h o ld e rs'
a d v is o r y c o m m it t e e a n d d ire cto rs w ere e le cte d as fo llo w s :
•
Advisory Committee.— 3. S. C u llin an , J o h n B . D e n n is. F re d e ric k S trau ss
( o f J . & VV. S eligm an , N . Y . C it y ).
Directors.— L . J . D r a k e . J . F re n ch M ille r , L . F . J o r d a n , E . V . S e d g w ick
J . E . L in a h e n , H . S. S kin n er, VV. A . T ru b e e .'
T h e o ffic e r s n o w in clu d e : L . J . D r a k o , P re s id e n t, s u cce e d in g J . S
C u llin a n ; L . F . J o r d a n , J . E . L in a h e n , W . A . T r u b e e a n d W . J . W alsh
V ic e -P re s id e n ts , a n d J . F re n ch M ille r , S e c .-T r e a s .
T h o reg u la r q u a rte rly d iv id e n d o f 2 % has bo e n d e cla re d o n th e o ld a n d
n ew P re f. s to c k , p a y a b le M a r c h 31 t o h o ld e rs o f r e c o r d F e b . 28.
I h e s to c k h o ld e r s on F o b . 24 a p p r o v e d th e p ro p o s a l t o issue $ 1 0 ,0 0 0 ,0 0 0
n otes a t p a r. T h o r a te o f interest a n d o th e r dotails are n o w b e in g w o r k e d
gut, h y th e d ire cto rs . T h o p u rp o se o f th e issue is t o fu n d th e flo a t in g lia­
b ilit y o f t h e c o m p a n y .— V . 110, p . 6
6
3
.
. wr t MHMi t o &nu

General Phonograph Corp.— D elivery

o f 1 st M . 7 % B d s.

T h e H a rrim a n N a tio n a l B a n k is n o w p re p a re d t o d e liv e r th e D e fin itiv e
i<irst M t g e . 7 % Serial G o ld n o te s u p o n su rren d er o f th e re s p e c tiv e o u ts ta n d ­
in g In te rim C e r tific a te s .— V . 109, p . 1529.

A. C. Gilbert Co., New Haven, Conn.— P r e f.

Stock .—

C h a s . W . S cra n ton C o ., N e w H a v e n , a n d R ic h te r & C o ., H a r t fo r d , C o n n ,
are o ffe r in g a t 100 a n d d iv . y ie ld in g 8 % $ 4 0 0 ,0 0 0 8 % C u m u l. P r e f. (a . & d .)
s t o c k , p a r $ 1 0 0 . D iv s . Q .- M . C a ll, all o r p a rt fo r s in k in g fu n d a t $115.
1911.
1913.
1915.
. 1917.
1918.
1919.
S ales.
$ 3 7 ,2 7 2
$ 14 1 ,7 3 6
$ 83 1 ,0 4 9
$ 77 1 ,8 0 2 $ 1 ,0 5 3 ,8 4 3 $ 1,7 1 0 ,0 8 6
Company.— C o m m e n c e d b usin ess in 1910, m a n u fa c tu r in g e d u ca tio n a l
t o y s . O n e o f its firs t p r o d u c ts w as E r e c t o r , a steel c o n s tr u c tio n t o y .
T hen
w ireless a n d electrica l o u t fits , ch e m is tr y s e ts , t e le p h o n e a n d te le g ra p h
o u t fits , t o y m o to r s , a erop la n e s, & c. A sm a l] e le ctric fa n — th e “ P o la r C u b ”
— Is ai - ™ m 'l n ' ,fact,lrecl a n d t h e c o m p a n y h a s o rd e rs o n its b o o k s n o w fo r
o v e r $ 5 0 0 ,0 0 0 o f th ese fa n s .

Gottlieb-Bauernschm idt-Strauss Brewing Co., Balti­
more.— Trustee A cq u ires P rop erty — B ondholders' C o m m ittee .—
J u d g e R o s e in th o U . S. C o u r t o n M a r c h 1 issu ed a n o r d e r a u th o riz in g
th e M e r c a n t ile T r u s t & D e p o s it C o ., B a ltim o r e , tru s te e u n d e r t h e F irst
M t g e . 4s o f 1901 a n d th e s e c o n d M t g c . I n c o m e 5s o f 1901 t o ta k e p ossession
o r t h o p r o p e r t y a n d p la n t a n d o p e r a t e it fo r th e m a n u fa c tu r e o f n o n -a lc o ­
h o lic b e v e r a g e s .
A bondholders? p r o t e c t iv e c o m m it t e e h as b e e n fo r m e d a n d re q u e sts th e
h o ld e r s or th e F irst M t g e . b o n d s a n d 6 % c o u p o n F u n d in g b o n d s t o d e p o sit
th e ir b o n d s w ith th e C o n tin e n ta l T r u s t C o .. B a ltim o r e , d e p o s ita r y .
Protective Committee.— W illia m J . C a s e y , C h a ir m a n C o n t in e n t a l T r u s t
C o .; VV. G r a h a m B o y c e , U n io n T r u s t C o .: L o u is S. Z im m e r m a n , M a r y la n d
T r u s t C o .; E u g e n e L . N o r t o n , E q u ita b le T r u s t C o ., w ith G e o r g e G . T h o m a s ,
S e c ., C o n tin e n ta l B u ild in g , B a ltim o r e , M d .
O n M a r c h 1 1914 th o c o m p a n y fu n d e d th e in te re st o n Its 1st M t g o . 4s
b y th o issu a n ce o f scrip w h ic h ca rr ie d in t . a t 6 % . T h is a rra n g e m e n t
la p s e d b y lim ita tio n o n M a r c h 1 1920 a n d th e c o u p o n d u e o n th a t d a te
rem a in s u n p a id .— V . 100, p . 9 83 .

Great Falls Manufacturing Co., Boston.— C ap ita l

In c.

T h o s to c k h o ld e r s h a v e v o t e d an in cre aso in c a p ita l o f $ 1 ,0 0 0 ,0 0 0 b y th o
salo o f a n a d d it io n a l 1 0 ,0 00 shares o f s to c k . T h e s o shares w ill b e o ffe r e d
t o th o s to c k h o ld e r s o f r e c o rd M a r c h 3 o n th e b asis o f t w o shares a t $150
ea ch fo r e v e r y th reo shares n o w h e ld , p a y m e n t t o b e m a d e as fo llo w s :
2T b e fo r e A p r il 5: $60 o n o r b e fo r e M a y 3 a n d th e b a la n c e o n N o v . 1.
1 his fin a n c in g is t o p r o v id o fo r th e e r e c tio n o f o n e s e c tio n o f a now p la n t
w h ic h w ill p e r m it th e h ou s in g o f th o p re s o n t m a c h in e r y a n d 20 % a d d itio n a l
e q u ip m e n t. T h e c o m p a n y a n ticip a te s a co n s id e r a b le d e cre a s e in o p e r a t­
in g c o s t as th o resu lt o f b rin g in g a ll its fa cilitie s u n d o r o n o r o o f o f m o d e rn
d e s ig n .— V . 106, p . 9 2 7 .

Great Lakes Dredge & Dock Co.— E a r n i n g s .—
Calendar Years—
1918.
1918.
Net earnings after taxes.............................
$807,240
$851,352
Depreciation_________________________________ 204,949
313,866
Balance, surplus_____ ____ ______ ______ _
$602 291
$537,486
$1,013,275

- ^ i T o ^ s e s : ..................................................................... $1’516’566

Great Northern Paper Co.— E xtra

D iv id e n d .—

A n extra d iv id e n d o f 3 % h as been d e cla re d o n t h e C a p ita l s to c k , a lo n g
w ith th e reg u la r d iv id e n d o f 1 H % , b o t h p a y a b le M a rc h 3 t o h o ld e rs o f
re c o rd F e b . 2 1 . T h e regu lar d iv . still rem ain s a t th e r a te o f 1 2 % p . a .
Jn a circ u la r to s h a reh old ers, P re s id e n t G a rr e t S ch cn ck s a y s In s u b sta n ce :
Y o u r d ir e c to r s a re o f th e o p in io n t h a t un less u n fo re se e n c o n d itio n s
arise, th e earnings a n d p ro s p e c ts a re s u ch as t o ju s t ify th e co n tin u a n c e o f
d iv id e n d s a m o u n tin g t o $12 p e r sh a re p e r a n n u m . T h is su m h as b e o n p a id
o n th e c o m p a n y ’s s t o c k fo r th e p a s t t w o y e a rs . I t is th e in te n tio n o f th o
b o a r d , a fte r re c e iv in g a s ta te m e n t o f th e c o m p a n y ’s e a rn in g s, fr o m tim o
t o tim e , t o d eterm in e w h a t, i f a n y , fu r th e r d is tr ib u tio n o f earnings m a y be
p r u d e n tly m a d e . S u ch fu r th e r d is t r ib u t io n , i f m a d e , w ill b e in the fo r m o f
extra d iv id e n d s .— V . 106, p . 1039.

Heym an-W eil Co., San Francisco.— P r e f.

Stock.—

S teph en s & C o ., San F ra n c is co are o ffe r in g a t 100 t o y ie ld 7 % $ 2 0 0 ,0 0 0
7 % C u m u l P r e f. (a . & d ) s t o c k . P a r . $ 10 0 . C a lla b le a t 18 5
D iv s .
;s to ,'l5- a 'd h . a n d o u ts ta n d in g $ 2 5 0 ,0 0 0 : P re f. s to c k ,
a u th . $ 2^ 0 ,0 0 0; ou ts ta n d in g $ 2 0 0 ,0 0 0 . C o m p a n y , jo b b e r s a n d im p orters
o f k itch en w a re a n d h ou se h o ld utensils a n d m an u fa ctu re r s o f b r o o m s ,
T ^ he^ a n d .dl^ e,r s ’ . T as. i ^ o r p ; 1 C a lifo rn ia in 1900, su cce s so r t o H a rry
,1
C ? g f ?,blished in 1890. In 1911 a b s o rb e d busin ess o f L e v in s o n C o .
a n d in 1 91 1 th a t o f W . W . M o n ta g u e C o . a n d L . F e ld m a n & C o . N o t
earnings Tor p a st th re e yea rs h a v e a v e ra g e d m o re th a n 4 tim es d iv id e n d
req u ire m e n ts .

H ouston Gas & Fuel Co . — T o E x ten d B o n d s .—
V ic e -P re s id e n t E . G . C o n n e tto in a c irc u la r le tte r t o th o h o ld e r s o f
H o u s t o n G a s & F u el C o . R e f. & I m p . M t g e . 2 0 -Y e a r 5 % b o n d s , d u e S e p t.
I 1962, u n d er d a te o f F e b . 2 0 , s a y s in su b sta n ce ; C o m p a n y h as a rra n g ed
w ith its ban k ers t o u n d erw rite an exte n sio n o f th e $ 9 9 1 ,0 0 0 H o u s to n G a s
C o - i s t 5s d u e M a r . 1 1920, t o th e e x te n t o f $ 9 0 0 ,0 0 0 , fo r th re e y e a rs fro m
M a r . 1 1J -B , p r o v id e d th a t th e lien o f th o F irst M o r tg a g e b e p re s e rv e d , a n d
d e? a ? ° ’ that. 7 6 % o f th o R e f. & I m p . M t g e . b o n d h o ld e rs c o n se n t t o
s u ch ex ten s ion w ith interest a t 7 % p e r a n n u m . R e d e e m a b le , all o r p a rt,
o n a n y in t. d a te a t a n y tim e b e fo r e t h e e x p ira tio n o f th e e x te n d e d p e rio d , at
o n o r ° b e f o r e S tA\ari9221921: 8 t 10° ^ 011 o r bu fore M a r . 1 1922; a n d 1 0 0 ^
°erp
I n v ie w o f th e p r o v is io n s o f th e R e fu n d in g M o r tg a g e , c o m p a n y c a n n o t
a rra n g e fo r a n exten sion o f th e b o n d s d u o M a r . 1 1920, w ith o u t firs t o b ta in ­
in g th e a p p r o v a l o f 7 6 % o f th e h o ld e rs o f o u ts ta n d in g R e f. & I m p . M t g o .
p o n d s , a n d in ord e r t o a cco m p lis h th is fin a n c in g , th e h o ld e rs are r e q u e s te d
t o c o n se n t t o th e ex ten s ion as s ta te d a b o v e .
. c ex ten s ion is g r a n te d t h e c o m p a n y ca n p r o v id o fo r th e p a y m e n t o f
th e b a la n c e o f $ 61 ,0 0 0 b o n d s b y th o issu a n ce o f R e f. & I m p . b o n d s o r o th e r
ju n io r s e cu ritie s.— V . 108, p . 1013.

Imperial Tobacco Co. of Great Britain.— F in a l

D i v .—

A d iv id e n d o f 5 % a n d a b o n u s o f 5 % h a v e b e e n d e c la r e d o n th o o r d in a r y
sh a res, p a y a b le 1 a r c h 1, fre e o f E n glish in c o m e ta x . A n in te rim d iv id e n d
M
o f 5 % w a s p a id S ep t 1, m a k in g a t o ta l o f 1 5 % fo r th o y e a r . T h e a n n u al
r e p o r t ^ o w s th e a d d it io n o f £ 4 6 6 ,0 0 0 ca rr ie d t o re se rv e a c c o u n t .— V . 110,
p . 875.
ggjj

_ L a k e Torpedo Boat Co., Bridgeport, Conn.— S ta tu s .—
" A press r e p o r t q u o te s th e a nnu al r e p o r t fo r 1919 as s h o w in g : D u rin g th o
y ea r seven b o a t s w ere d eliv e re d t o th o N a v y D e p a r tm e n t, o r o n o less th an
tor th e p re v io u s y ea r. It is e x p e c te d th a t c o n tr a c ts w ill b o in t h o near
fu tu r e , m a d e w ith t h e N a v y D e p a rtm e n t fo r n in e fle e t s u b m a rin e s o f largo
s iz e .
D u r in g t h o y ea r th e e n tire issuo o f n o te s , se cu re d b y a m o rtg a g e o n
th e p la n t, w a s retired . T h e c o m p a n y h as n o b o n d e d d e b t .
F e n d in g th o
settlem en t o f o p e n a c c o u n ts w ith th o G o v e r n m e n t, a c o m p le te fin a n cia l
s ta te m e n t ca n n o t b e re n d e r e d . T o t a l c o n tr a c ts a n d ord ers on h a n d an d
u n c o m p le te d are e s tim a ted t o h a v e a v a lu e o f $ 2 5 ,0 0 0 ,0 0 0 .— V . 106, p . 2125




[Vol. 110.

Loew’s Incorporated .— C e r tific a te s I s s u e d .—
_ Tho permanent stock certificates are now being issued by tho Bankers
I rust Co., New York, in exchange for the outstanding temporary stock
certificates.—V. 110, p. 266, 664.
McCrory Stores Corp., New York . — A n n u a l R e p o r t .—
Calendar Years—
1919.
1918
1917.
Sales
......................................... $11,487,045 $9,007,250 $7,831,509
Cost of sales------------------------ ------- 7,948,686 6,617,225 5,397,876
General expenses, taxes"
Preferred dividends..............
Retirement of preferred stock.

. $3,538,359 $2,990,025 $2,433,633
. 3,074,151 2,642,912 2,111,886
. $464,208
$321,747
$347,113
.
79,709
86,807
84,740
.
49,701
38,302
36,369
$223,982
$198,571

-V. 110, p. 769.
Maine Fisheries Corp., Boothbay Harbor.— Stock

O ffer.

J . J . M a h o n e y & C o ., B o s t o n are o ffe r in g a t $11 p e r share a lim ite d
a m o u n t o f c o m m o n s t o c k . A u t h ., 3 0 ,0 0 0 sh a res, o u ts ta n d in g , 2 3 ,7 50 sh ares,
p a r v a lu e , $ 10 . N o b o n d s o r P r o f, s to c k . C o m p a n y w as in co r p o r a te d in
1917 in M a in e t o ta k e o v e r th e fish p a c k in g a n d cu r in g busin ess o f H . I .
l ’ h in n e y & C o . a t B o o t h b a y H a r b o r , M o . E sta b lis h e d In 1908. P r o p e r ty
co n sists o f t w o w h arve s in B o o t h b a y H a r b o r , to g e th e r w ith ic e -p o n d a n d
e ig h t b u ild in g s , co m p r is in g s m o k e -h o u se s , p a ck in g -h o u s e s , w a rc h o u s e sj
ico -h o u se , a n d c o ld s to r a g e a n d m a c h in e ry b u ild in g , n o w u n d er c o n s t r u c tio n .
C o m p a n y p a id a n in itia l d iv id e n d o f 1 0 % fo r 1919.1

(D. B.) Martin Co. of Pa.— B ond s O ffered . — Elkins,
Morris & Co. and Edward B . Smith & C o ., Phila., are
offering at 95 and in t., to yield 6 .5 0 % , by advertisement on
another page, S I ,500,000 1st M tge. 6 % s. f. gold bonds.
D a t e d J a n . 1 1920, d u o J a n . 1 1935. I n t . p a y a b lo J . & J. C o m p a n y
c o v e n a n ts t o p a y n o r m a l F e d e ra l in c o m o ta x u p t o 2 % .
F re o o f P o n n a .
4-m tll ta x . T a x re fu n d in M a r y la n d . D o n o m . $ 1 ,0 0 0 ( c * ) . C a lla b le as
a w h o lo a t 105 a n d in t ., o r f o r t h o sin k in g fu n d a t 102 'A a n d in t .
F id o lity
T r u s t C o ., P h ila ., tru ste o .
D a t a f r o m L e t t e r o f P r e s i d e n t J . J . M a r t i n . D a t e d M a r c h 1 1920.
Company.— Is a n a m a lg a m a tio n o f th e o l d D . B . M a r t in C o . o f D o la .
w ith its s u b sid ia r y co m p a n ie s , a n d th o G o n o ra l M f g . C o ., a ll o f w h ich
co m p a n ie s h a v e b e e n in s u cce s sfu l o p e r a tio n fo r m a n y yea rs a n d a ro origagod
in sla u g h te rin g a n d th e dressin g o f m o a ts a n d m a n u fa c tu r in g th o b y -p r o d u c ts
P r o p e r t y o f c o m p a n y a n d its s u b sid iaries c o n sists o f 4 la rgo a b a tto ir s ,
lo c a te d a t B a lt im o r e , M d . , W ilm in g to n , D o la ., a n d P h ila d e lp h ia , P a .;
5 ren derin g a n d fe rtiliz in g p la n ts , o n o d istilla tio n a n d s a p o n ific a tio n greaso
p la n t, a n d o n o s o a p p la n t , w h ic h is k n o w n as J . ICavenson & S o n s, I n c .,
C a m d o n , N . J . C o m p a n y o w n s its o w n ta n k ca rs fo r th o c a r r y in g o f raw
m a te ria l fo r th e v a rio u s p la n ts .
P u r p o s e . — T o p a y o f f o x is tln g m o r tg a g e s , fin a n c e c o m p le te d n e w c o n ­
s tr u c tio n a n d t o p r o v id o w o r k in g c a p ita l.
S in k in g F u n d .— A n n u a l sin k in g fu n d o f $ 1 2 0 ,0 0 0 , b o g in n in g J u n o 1 1922,
w ill re tire b o n d s a t 102
a n d in t.
.
Capitalization—
Authorized.
Issued.
F irst M o r tg a g o 6 % S in k in g F u n d g o ld b o n d s ............. $ 2 ,0 0 0 ,0 0 0 $ 1 ,5 0 0 ,0 0 0
C o m m o n s t o c k ............................................................................ 4 ,0 0 0 ,0 0 0
3 ,2 3 4 ,9 5 0

Net Income Available for Interest and Federal Taxes, Iiut After Depreciation.
C a le n d a r
Y ea rs

/ 1915.
($ 3 6 3 ,8 7 5

1910.
$ 8 3 8 ,9 6 9

Martin-Parry Corp.— N e w

1917.
$ 7 0 4 ,1 2 9

1918.
$ 3 9 3 ,2 6 8

1919.
$ 4 1 2 ,5 3 6

O ffic er .—

J . A . C alla h a n has bo e n e le cte d V lc e -P re s k lo n t in ch a r g o o f p r o d u c tio n .
— V . 110, p . 4 71.

Mexican Petroleum Co., Ltd.— N e w

O ffic er .—

See " P a n -A m e r ic a n P o tr o le u m & T r a n s p o r t C o .
b e lo w .
R e g u la r q u a r t e r ly d iv id e n d s o f 2 1 4 % o n th o C o m m o n s to c k and 2 % on
t h e P re fe rre d s t o c k , h a v e b e e n d e cla re d p a y a b lo A p r il 10 t o h old ers o f
r e c o r d M a r c h 13.— V . 109, p . 2 2 6 9 .

Miami Copper Co.— P rod u ction
1920------- F e b . -------- 1919.
4 ,0 8 9 ,5 2 0
4 ,4 6 2 ,5 7 8
— V . 110, p . 172, 664.

(in P o u n d s ) .—

D e c r e a s e . 11920------ 2 M o s . ------1919.

3 7 3 ,0 5 8 1 8 ,5 5 0 ,7 6 1

9 ,7 3 5 ,8 3 8

Decrease.
1,185,077

Montgomery, Ward & Co . — F e b r u a r y S a l e s .—
Sales for February Increased 51% over Fobruary 1919 and for tho two
months of 1920 increased 45% over the same period of 1919.—V. 110,
p. 655, 876.
Montreal Cottons, Ltd.— E a r n i n g s .—
Calendar Years—
1919.
1918.
1917.
Profits.............. - .............................. $ g 9 5 ,0 39
$703,096
$492,720
19,165
Rents.................................................
17,553
3,888
Total Incomo______ ______ _____ $1,014,204
$720,649
$496,608
44,166
Charges..................................... ........
39,429
42,432
Taxes....................................... _........ *307.500
_____
35,000
Dividends..................................(11 ^%)345,000 (11)330,000 (11)330.000
Balance, surplus_______________ $317,538
9351,220
$89,175
♦ I n c lu d in g a llo w a n ce fo r N o w Y o r k o x c h a n g c .— V . 110, p . 769.

Montreal Locomotive Works, L td.— D irectors .—
C h arles H a y d e n and L ow is L . C la rk o h a v e been e le cte d d ir e c to r s . M r .
C la rk e was r e c e n t ly o le c tc d a d ir e c to r o f th e C an ad ia n C ar & F o u n d r y C o .
— V . 8 7 , p . 681.

(Philip) Morris & Co., L td.— Slock
See T o b a c c o P ro d u cts C o r p

O w n er sh ip . —

u n d e r " R e p o r t s ” a b o v o .— V . 1 08 , p . 088

Nashua M anufacturing Co.— D ivid en d

In c re a sed . —

T h o d ire cto rs h a v e d e cla re d a q u a rte rly d iv id e n d o f 5 % o n th e C o m m o n
s t o c k , w n ich w as p a y a b le M a r c h 1 t o holders o f re c o rd F e b . 25. A d iv i­
d e n d o f 5 % a n d an e xtra o f 3 % h a v e b e o n paid s em i-an n u ally Ju n o an d
D e c e m b e r , b e g in n in g D e c . 1918.— V . 110, p . 82.

National Utilities Co. of Maine.— N o te s

O ffered .—

P . W . B r o o k s & C o ., N o w Y o r k , & c ., aro o ffe r in g a t p r ic e to y ie ld 7 .3 0 %
$ 3 0 0 ,0 0 0 B o n d S e cu re d 7 % S orial G o ld n o te s . D a te d F e b . 1 1920, d u o
s e ria lly , $ 2 0 ,0 0 0 , F e b . 1 1922 t o 1936, In cl. D o n o m . $500 an d $ 1 ,0 0 0 in
a ll m atu ritie s. ($ 10 0 b o n d s In 1926, 1931 a n d 1936 m a tu r itie s .) o * .
In t.
p a y a b le F . & A . , In N . Y . C it y .
C a lla b lo o n a n y in t. d a te a ll o r p a r t a t
102. T r u s te e , C o a l & Iro n N a tio n a l B an k , N o w Y o r k . M a s s , a n d N . Y .
S ta te in c o m o ta x r e fu n d e d . C o n n e c tic u t a n d P en n , po rso n a l p r o p e r t y tax
r o fu n d e d . C o m p a n y w ill p a y o r ro fu n d 4 % F e d e ra l Incom e ta x .
C om pa ny.— C o n t r o ls a n d o p o ra to s p u b lic u t ilit y p ro p e rtie s s u p p ly in g 15
citie s a n d th eir o n v lro n s w ith a t o ta l p o p u la tio n o f a b o u t 115,00 0 , in O h io ,
N o w J e rs o y , M is s o u r i, T o x a s a n d K an sa s.
Purpose.— T o p r o v id o fu n d s fo r th e fu r th e r d o v o lo p m o n t o f th o va riou s
s u b sid ia r y p ro p e rtie s, a n d t o re tiro m a tu rin g fu n d e d o b lig a tio n s .
Capitalization After Present Financing—
Auth. Outstand'o.
B o n d -s e c u re d n o t e s ........................................................................ $ 3 ,0 0 0 ,0 0 0 $ 30 0 ,0 0 0
P re fe rre d s t o c k .............- ............- ..................................................
100,000
0 3 ,9 0 0
C o m m o n s t o c k . . ................................ .............................................
100 ,00 0
0 3 ,9 0 0
T h o t o ta l a u th o rize d new n otes aro t o b e issued In 15 serial m atu rities,
th o a u th orized a m o u n t o f ea ch sorial m a tu r ity b e in g $ 200 ,000 .
Security.— N o te s m a y b e issued fo r o n ly 9 0 % o f the p a r v a lu o o f b o n d s
d e p o site d o f th o su b sid ia r y c o m p a n ie s b ea rin g 6 % o r a h lg h or ra to o f in terest,
a n d fo r 8 0 % o f b o n d s b ea r in g lass th a n 6 % in terest.
learnings— Years ended '
1017— Dec.31— l u i 8 . jvoj. 30T 19 .
$ 8 6 7 ,3 5 0
$ 88!), 104
C o m b in e d e a r n in g s ........ ............................... $ 57 9 ,3 0 9
N o t a v a ila b le fo r in terest o n th eso n o ta s _____ ________
9 3 ,1 66
N o t e in to ro s t___________________________________________________
2 1 ,0 00
B a l a n c o _____________________________
72,1 66
1 — V . 1 07, p . 1485.

National Conduit & Cable Co., N. Y . —

E a r n i n g s .—

1

.....................................$10.557?836 $14.011 664 $ 2 0 ,31 8 ,5 3 8
C o s t , a d m in is tra tion o xp cn so s , & c —
1 1,1 79 ,8 0 7 13,490,961
1 9,086,854
O th e r in c o m o .
T otal

lncon

D i v id e n d s ..
D e d u c t io n s .

975

THE CHRONICLE

M ar. 6 1920.]

loss $ 6 2 1,970
.
170.427

$520,703
9 8,997

$ 1,2 31 ,6 8 4
8 6,4 29

lo ss $ 4 5 1 .543
$ 345,073

$ 619,700
$427,613

Old Dominion Co. of Maine . —
1920_____ Feb.-------- 1 919.
,,,1 0 3 ,0 0 0
2 ,3 6 0 ,0 0 0
— V . 110, p . 172. 5 67 .

$ 1 ,3 18 ,1 1 3
$ 625,574
5 00,000
171,494

.

3 19,723

1 ,0 5 2 ,9 0 9

° SC o m p a n y su p p lies th e c it y o f C h e s te r, P a ., a n d v ic in it y w ith w a t e r f o r
m u n ic ip a l, p r iv a t e a n d co m m e rcia l uses, se rvin g a p o p u la tio n o f a b o u t
80 000 , u n d e r a p e rp e tu a l a n d e x c lu siv e fra n ch ise. 1 hint a n d e q u ip m e n t
aro ca rried on th e b o o k s as o f J an . 31 1920 a t $ 3 ,2 7 5 ,0 2 5 .
R e p r o d u c t io n
v a lu es a t p re s o n t c o s t s w o u ld b o in excess o f $ 5 ,0 00 ,0 0 0 .
Darnings for the Twelve Months Ending Jan. 31 1920.
G ross ea rn in g s_______________$ 3 8 6 ,3 4 5 l i n t , o n $ 1 ,8 0 0 ,0 0 0 5s o u t s t S -$9 Q ’QQ9
N e t , a fte r ta x e s, d e p r e c ia I n t . on 6 % n o t e s ----------------------7 ,0 0 0
t io n , A c ................................... 1 85,682 IS u r p lu s ............................................ 6 8,6 82
— V . 88, p . 1134.

G o .— D irec to r.—

Pres 1Tarry 15. T h a y e r , P resid en t o f th e A m e r ic a n T e le p h o n e tc T e le grap h
C o ., has b oon e le cte d a d ir e c to r . B y v o t o o f ^ ^ h o l d e r s ° f
th e c o m p a n y has been o x te n d e d fo r a p e rio d o f 999 years fro m 19,5.5.
V . 108, p . 1724.

Now York & Richmond Gas Co . —

A n n u a l R ep ort
1 91 6 .
1917.
1918.
$ 51 3 ,5 3 9 $49 0 ,1 0 5 $452 ,5 1 6
2 7 2 ,72 2
3 5 1 ,0 9 9
4 7 0 ,8 1 4
77,221
7 8,5 13
8 0 ,8 4 5
(4 )6 0 ,0 0 0 (3 )4 5 ,0 0 0

B a la n co , su r. o r d e f ..........._ _ .d e f.S 4 3 ,8 7 5 d e f$ 3 8 .1 2 1 „ s u r $ 4 9 3 s u r$57.573
C a p ita l s to c k o u ts ta n d in g D o c . 31 1919, $ i , 5 0 0 ,0 0 0 , a n d firs t m o rtg a g e
T h o ' c o m p a n y h as a p p lie d t o th e S u p re m o C o u r t fo r an in ju n c t io n t o
restrain the S ta te a n d c it y o ffic ia ls fr o m a tte m p tin g t o e n fo r ce th e law
res trictin g th o c o m p a n v t o a ch a r g e o f $1 p o r 1,0 0 0 c u . f t . T h o c o m p a n y is
Booking St 25 p e r 1 ,0 0 0 c u . f t .— V . 108, p . 688 .

N iagara Fall3 Power C o . —

C o m m o n D iv id en d In c r e a se d .
T h e d ire cto rs h a v e d e cla re d a q u a rte rly d iv id e n d o f l 'A % o n th e C o m m o n
s to c k , p a y a b le M a r . 15 t o h old ers o f re c o r d M a r . 8 . P re v io u s d iv id e n d s
w ere 1 % p a id d u rin g M a r ., J u n o , S e p t, a n d D o c . 1919.— V . 110, p . 8 2 , 267

Ottawa Light Heat & Power Co.— A n n u a l

1918.
$ 1 ,1 1 4 ,9 1 5
804 ,76 5
2 0 9 ,93 4
1 1 ,O Z 71,1 90
J

1917.
$ 9 5 7 ,3 0 0
7 1 1 ,1 6 0
2 0 9 ,9 4 5
9 ,5 7 3

$ 9 ,4 5 9

$ 2 9 ,0 2 6

$ 2 6 ,6 2 2

T i o s n r v o _________________________________

B a la n ce , s u rp lu s .
— V . 108, p . 1170.

Pacific G as & Electric C o., San F ran cisco.— E a r n in g s.
Preliminary Statement for Calendar Year 1919,^ Compared rith
G rass re v e n u e , in c l. m iscella n eou s i n c o m o . . . $ 2 6 ,5 8 2 ,68 7
N e t earnings, a fte r exp on sos, ta x e s, & c .............
8 ,8 3 3 ,5 6 0
B o n d in te re s t........ .................. ...............................- - 4 ’ £ > 5 .-n t
B o n d d isc o u n t a n d exp en ses...................................
2 07,959
1,00 0,00 9
A d d itio n a l d e p re cia tio n resorv o........ ...................
P referred d i v i d e n d s . . . ..........................................
1.531,923
C o m m o n d iv id o n d ( 5 % ) ----------------------------------1 ,(0 8 ,0 9 5

P an-A m er. P etrol. & T ran sp ort C o.— N e w O fficer, & c . —

Parr Shoals Power C o.— N e w P resid en t. —
F

II K n o x h as b oon e le cte d P re s id e n t, su cce e d in g E . W . R o b e r ts o n .—
V . 106 ,'p . 9 2 5 .

P enm ans, L im ited.— A n n u a l R ep ort. —
C alendar

...........

m

l ,

Term in al C o ., M in n ea p o lis.— B ond s
C o ., Minneapolis, aro offering at
prices to yield from 0 .3 0 % to 0 .4 0 % , according to maturity
$1,054,500 First M tgo. 6 % serial gold boilds. Bankers state

D a te d J a n . 1 1920, m atu r in g s e ria lly J an . 1 1922 t o J an . 1 1935. D e n o m
$500 a n d $ 1 ,0 0 0 .
In terest p a y a b lo s e n d -a n n u a lly in M in n e a p o lis . C o m
p a n y agrees to p a y n o r m a l F ed era l in c o m e ta x u p t o 2 % .
Security.---S e cu re d b y a first m tg o . u p o n a b o u t 110 a cres o f h ig h ly d e ­
v e lo p e d M in n e a p o lis Industrial tra ck a g e , lo c a te d o u t lie M in n e so ta tra n s fe r
B e lt L in o R y ., to g e th e r w ith a ll in du strial b u ild in g s now u n d e r co n s tru c tio n
o r t o b o c o n s t r iy t e d th e re o n . T h o real e sta te is c o n s e r v a tiv e ly v a lu e d a t
$ 82 5 ,0 0 0 , a n d b u ild in g s n o w u n d e r co n s tr u c tio n a t $ 1,4 3 0 ,0 0 0 , m a k in g a
to ta l v a lu e fo r th e s e c u r ity o f $ 2 ,2 2 5 ,0 0 0 . A d d itio n a l b o n d s m a y b o issued
o n ly t o an a m o u n t n o t t o e xc e e d 6 5 % o f c o s t o f new c o n s tr u c tio n .
Earnings.— L eases n o w e xe c u te d fo r a p e rio d o f ye a rs w ill p r o v id e an
an n u al ren ta l o f $ 1 3 5 ,0 0 0 , a n d It is e s tim a te d th a t leases o f a d d itio n a l s p a co
w ill b rin g th e to ta l in co m e t o $ 17 8 ,0 0 0 p er y e a r .
Companv.— W a s org a n ize d t o m o o t th e u rge n t d e m a n d fo r a d e q u a te te r­
m in a l fa cilities in M in n e a p o lis . C o m p a n y is re ce iv in g th o s u p p o rt o f th o
la rger M in n e a p o lis b u sin ess Interests, its s to c k s is la rg e ly h e ld b y lo ca l
In stitu tion s a n d th e c o m p a n y h a s in clu d e d in its d ire cto ra te m a n y o f th o
c i t y ’s bu sin ess loa de rs.
,
.
, ,
, , Purpose.— P roc eed s w ill b o u s o d to retire p re v io u s b o n d issues a n d d o fr a y
6 5 % o f th e expen ses o f th e b u ild in g s .
,
[See an n u al re p o rt o f T w in C it y R a p id T ra n s it C o . in V . 110, p . 8 6 7 .J

O klah om a P rod u cin g & R efin in g C orn.— D ivid en d .
A d iv id e n d o f 2 % has been d e cla re d o n th o ($ 15 ,00 0 ,0 0 0) C o m m o n s to c k
s ta te m e n t t<




1918.
$ 8 ,6 4 8 ,3 8 2
1,3 5 8,33 1
1 21,160

p r o m s ’ : : : : : ................— - 1, 437,292
1 -9 ,7 2 0
100,000
B o n d in terest - - - - - - - 1 9 0 ,00 0
6 4,5 00
P r e f. d iv id e n d s ( 6 % ) - 6 4 ,5 0 0
C o m m o n d iv id e n d s . - ( 6
145 ,16 6 (7 J $ )1 6 1 ,295
13,907
P a t r io t ic c o n tr ib u t io n s - '
4,547
3 5 5 ,1 6 9
W a r t a x . ............. ..............
4 2 5 ,0 0 0
5 0 0 ,0 0 0
R e s e r v e f u n d --------------oOO.OOO
|®8,359
B a la n c e , s u rp lu s .............
T o t a l p r o fit a n d lo s s ...........$ 1 ,0 0 4 ,2 7 0
V . 110, p - 6 65 .

N orth w estern

In c.
4 0,2 72
In c.
1 ,7 0 8 ,0 9 5
___________________

F ra n k lin K . L a n e , w h o retired o n M a r c h 1 as S e cre ta ry o f th e In te rio r,
has a cce p te d a p o sitio n as V ic e -P re s id e n t a n d lega l a d viser o f th e I a n A m e rS a n P e tro le u m & T r a n s p o r t C o . a n d th e M e x ica n P etroleu m C o
w ith o ffice s in N ew Y o r k . J osep h J. C o t t e r w ill a c t as ex e c u tiv e assistant.
T h e s econ d q u a rte rly d iv id e n d o f $1 50 has boon d ecla red o n th e C lass B
C o m m o n s to c k , p a y a b lo A p r il 10 t o h old ers o f re c o rd M a rch 13. A
in itia l d iv id o n d o f $1 50 w a s p a id J a n . 1.— V . 110, p . o6 7.

T h e s to c k h o ld e r s w ill v o t o M a r c h 17: (1) o n h icreasin g th e a u th o riz e d
ca p ita l s to c k fr o m $ 3 9 ,0 0 0 ,0 0 0 (a ll C o m m o n , p a r $100) t o S 4 3 .7 5 0 .0 0 0 .
con s is tin g o f 5 0 0 .00 0 shares 0 % C u m . P r o f, (a & d .) s t o c k . P a r $ 5 0 , a n d
7 5 0 ,00 0 shares o f C o m m o n s t o c k , p a r $ 25. P re fe r re d d iv id e n d s t o b o p a y ­
a b le q u a r te r ly c u m u la tiv e fro m A p ril 1 1920.
R e d . a t $ 5 - 50 p e r sharo
an d d iv s ., a fte r th ree ye a rs fro m th o Issue t h e r e o f. E a c h s to c k h o ld e r shall
b o en titled t o o n e v o t e fo r e a ch sharo o f P r e f. s to c k a n d o n e v o t e fo r each
sliaro o f C o m m o n s 'o e k h e ld : (2) on d e cre a s in g th e issued <\apital s to c k fro m
$ 2 9 ,7 9 3 ,3 0 0 , th e a nounfc n o w issued a n d o u ts ta n d in g , to $22 ,3 14,97.», suen
d ocrc a s o t o b e e ffe c t e d b y re d u c in g th o p a r v a lu e o f th o shares n o w o u t ­
s ta n d in g , v i z .: $100 e a ch , t o $ 7 5 , t o c o n sist o f o n e sharo o f 6 % C u m . P r e f
s to c k , p a r $ 5 0 , a n d o n e sh a ro o f C o m . s t o c k , p a r $ 25.

O ffered . — W ells-Dickej’

1918.

I n c . $ 3 ,4 7 6 ,9 6 9
In c.
4 5 8 ,17 2
168,191
In c.
20,9 32
In c.

$iirnlus
................................- ..........................
$10 1 ,2 3 5 D e c . $ 1 ,4 7 9 ,3 1 8
On J a n ." 3 i ’ i9 2 0 th e n u m b er o f cu stom ers a m o u n te d t o 5 3 2 , / <2. an in cre-ivn o f 53 398. T h e co m p a n y has n o flo a tin g d e b t o r sh o rt-te rm o b liTOtions o u tsta n d in g e x ce p t $240 ,0 0 0 u n m a tu red n otes (assu m ed in c o n n e c­
tion w ith tile pu rch a so o f tho N o rth e rn C a lifo rn ia P o w e r C o .) , a n d closed
tho year w ith $ 2 ,0 2 7 ,0 0 0 in ca sh a n d w ith L ib e rty b o n d s , & c ., e q u iv a le n t
to cash agg rega tin g $ 74 3 ,0 0 0 .— V . 110, p . 4 7 - , 1<2.

Deduct— D e p r e c ia tio n . . -

D ig e s t o f L e t t e r o f P r e s i d e n t J a m e s D . M o r t im e r , F e b . 25 1920.
T h e la st Increase in Issued s to c k w a s In 1905. F o r th e
1904 th o
o p e ra tin g rov en u es o f th o su b sid ia r y c o m p a n ie s a gg re ga te d $ 8 ,5 2 4 ,2 4 7 : m
1919 th e rev en u es w ore $ 2 9 ,4 7 0 ,5 8 0 . T h e su b sid ia r y co m p a n ie s aro
a p p r o a c h in g th e p o in t w h ere c a p ita l re q u ire m e n ts ca n b e p r o v id e d in p a rt
b y sale o r th e shares o f s u c h co m p a n ie s . T h e N o r t h A m e rica n C o s h o u ld
b o p la ced in p o s itio n t o p a r tic ip a te in th e p u rc h a so o f su ch a d d itio n a l
ca p ita l s to c k b y o ffe r in g t o its o w n sh a re h o ld e rs th e right t o s u b scr ib e t o
a d d itio n a l issues o f Its o w n ca p ita l s to c k . W ith th is p u rp o s e in v ie w th o
d ir e c to r s re c o m m e n d t h a t th o o u ts ta n d in g c a p ita l s to c k b o cla ss ifie d a n d
d iv ld o d ns s ta te d a b o v e .
___ . ,
It has fo r s o m e tim e b e e n th e p u rp o s e o f th o d ire cto rs t o r e c o m m e n d th e
d iv isio n o f th e o u ts ta n d in g s to c k Into P r e f. s to c k a n d C o m m o n s t o c k , b u t
su ch a ctio n lias b een d e fe rre d in e x p e c ta tio n th a t th e S ta te o f N ew J ersey
w o u ld e n a ct a law p e rm ittin g th o issu a n ce o f ca p ita l s to c k w it h o u t p a r
v a lu e .
L e g is la tio n d e sig n e d t o p e rm it th is is n o w p e n d in g , a n d in th e
m ea n tim e it Is p ro p o s e d t o issuo t o p re se n t sh a re h o ld e rs fo r e a ch sh are o f
s to c k n o w h e ld b y th e m o n o sharo o f 6 % C u m . P r o f, stu ck o f a p a r va lu e
o f $ 50. a n d o n e share o f C o m m o n s to c k o f a p a r v a lu e o f $ 25 .
I. h o h o ld e rs
o f p resen t o u ts ta n d in g s t o c k w ill re c e iv e a ll th o s to c k w h ich it is p ro p o s e d
to issue as a p a rt o f lid s p lan o f cla s s ific a tio n a n d d iv is io n : th is w ill In v o lv e
n o a lte ra tio n in th o r e la tiv e in terest w h ic h e a ch s to c k h o ld e r h as in th o
c o m p a n y a t th e p re s e n t tim e .
____
,
A fte r th e p a y m e n t ’ o f d iv id e n d s a t th e ra te o f $3 p e r sh are o n th e now
P r o f, s t o c k , all th e re m a in in g oarn ln gs w ill in u re t o th e b e n e fit o f th o C o m ­
m on shares. T h e net oa rn ln gs a v a ila b le fo r d iv id e n d s fo r th e y e a r 1919
w o u ld rep resen t $3 tier share u p o n th o n ew P re f. s to c k a n d in e xce ss o f So
tier share on th o new C o m m o n s to c k . U n d e r co n d itio n s s im ila r t o th o s e
that h a vo o b t in ed in th e p a s t , it is th o e x p e c ta tio n t o p a y d iv id e n d s o f
n o t less th an $2 p er sharo o n th o n ow C o m m o n s t o c k .— V . l i t ) , p . 8 76 .

R ep o tC —

^ o q v ’ io o
T o t a l r e v e n u e ........ ........................................... ® r n n /.’ ieQ
E x p e n d i t u r e s .............................................
1 .9 6 6 ,1 5 8
D iv id e n d s ( 6 % ) ---------------------------------- 2 i ? ’?'o'o

Calendar Years—

N orth A m erican C o . — To I n c r e a s e A u t h o r i z e d S tock f r o m
$.‘10,000,000 to § 43 ,750 ,00 0, to C o n s i s t o f 500,000 S h a r e s 6 %
P r e f ., P a r $50, a n d 750,000 S h a r es C o m m o n , P a r $25, a n d
R e d u c e O u t s t a n d i n g S tock f r o m $2 9,793,300 to $22,344,975, to
C o n s i s t o f $14,890,(550 P r e f . a n d $7,448,325 C o m m o n —

N

5 6 4 ,1 0 0

o u ts ta n d in g C o m m o n s to c k , a n d th o fir s t q u a rte rly d iv . o f 2 % o n th e o u t ­
s ta n d in g P ro f. s to c k , b o t h p a y a b le A p r il 1 t o s to c k o f r e a o r d M a r c h 15.
See V . 110, p . 3 66.

N o t e s O f f e r e d .—
Jlloron & C o ., P h ila ., a ro o ffe rin g a t 97M and
$450 000 T w o -Y e a r 6 % S ecu red g o ld n o te s . D e n o m . $ 1,0 00 . I n t . p a y ­
a b le M . & N . S ecu re d b y d e p o s it w ith t h e tru s te e , F id e lity T r u s t < o .,
^
P h ila ., o f $ 6 6 0 ,0 0 0 F irs t M t g o . 5s o f 1943. C o n v e r tib le in t o F irs t M t g o .

p‘aow bY ork pril c1k to xchld e rs oin re c o110,Mpa.rc h 715. 5 4 See o ffic ia l
ay a lo A S to E h o a n ge f V . rd
6 6 , 6 , 4<2.

Decrease.

5 ,1 7 2 ,0 0 0

51 T h e d ire cto rs h a v e d ocla red an in itia l d iv id o n d o f 5 0 c . a share o n th e

New Chester (Pa.) W ater Co . —

Calendar Years—
-.1,919.
G r o ss oa rn tn g s.........................- - — $ 5 7 9 ,7 2 0
O p eratin g expen ses & a m o r tiz n _ _ 540 ,35 7
B o n d In terest_____________________
8 3 ,2 3 8
D i v id e n d s _________________________
_______

2 5 7 .0 0 0 1 4 ,6 0 7 ,9 0 0

Ornheum Circuit, In c . — L is t e d o n B o s t o n — I i n t i a l D i v s .
T h e B o s t o n S to c k E x c h a n g e h a s a d m it t e d t o list t e m p o r a r y c e r tific a te s
fo r 548 955 shares o f C o m m o n s to c k , p a r v a lu e $ 1 , w ith a u t h o r it y t o a d d
755 a d d itio n a l shares o n o ffic ia l n o t ic e o f issu a n ce . T o t a l a u th o r iz e d ,

T o t a l p r o fit a n d loss, su r. o r d e f - . d o f . $ 1 ,9 5 6 ,1 1 7 d e f.$ 8 3 9 ,777 s u r .$21 ,04 5
— V . 109, p . 2176.

New England Telephone & Telegraph

P r o d u c t io n ( i n P o u n d s ).—

Decrease. |192CK-^2 A fo s c -— 1 9 1 9 .

$ 4 2 ,3 0 0
$ 85 0 ,1 6 7

1917.
$ 6 ,8 9 6 ,4 9 6
1 ,1 3 5 ,7 4 2
120,233

1916.
$ 5 ,8 4 0 ,1 2 7
8 6 4 ,7 8 0
2 6 ,0 2 7

6 4 ,5 0 0
(5 )1 0 7 ,5 3 0
1 6,300
9 1,8 13
5 0 0 ,0 0 0

6 4 ,5 0 0
(5 )1 0 7 ,5 3 0

$ 13 5 ,3 7 5
$ 80 7 ,8 6 7

$ 5 2 ,59 3
$ 67 2 ,4 9 3

100,000

100,000

10,000

1 0 4 ,13 0
. 4 0 0 ,0 0 0

Peoples G as L ig h t & Coke C o ., C h ica g o .— D irectors —
In th e cla ssificatio n o f d ire cto rs , Sam uel In su ll h as b e e n e le cte d fo r th ree
ve a rs J J M itc h e ll a n d Jam es A . P a tte n , tw o ye a rs e a ch , a n d S ta n ley
F i e l d ’a n d J o h n W illia m s o n fo r o n e y e a r e a c h .— V . 110, p . 654.

P h elps-D odge

C orp o ration .— P rod u ction

in o o February— 1919.
7 585 ,50 0 C rlfL 185.000
°
— V . 110, p . 173, 5 67.

(in

l b s .) . —

Decrease. I

1 92 0 — 2 Months— 1919.
1 ,5 9 9 ,5 0 0 11 5 ,5 47 .5 0 0
2 1 ,0 63 .7 3 3

P h illip s P etroleum

Decrease.

5 .5 1 6 ,2 3 3

Co — Stock P urchase— O ffic er s.—

M . M D o a n , w h o has b e e n m a n a g in g o ffic e r o f o n e o f th e la rges t p ip e
lines a n d p r o d u c in g interests in th o M id -C o n t in e n t a l F ie ld fo r m o r e th a n
te n yo a rs has a cq u ire d a s u b sta n tia l in to re st in th o l h illip s I o tro le u m C o .
a n d h as b e e n e le cte d a V ic e -P re s id e n t a n d G en e ra l M a n a g e r o f th a t C o m P a'r iie re tirin g d ire cto rs h a v o b e e n r e -e le c te d w ith t h e e x c e p tio n o f O . K .
W in g .
J o h n M a r k le , P re sid e n t o f t h o G . B M a r k le C o : R ic h a r d H .
H igg in s V ic e -P re s id e n t o f th o C h a th a m & P h o n ix N a tio n a l B a n k o f N ew
Y o r k : M . M . D o a n a n d C ly d e A le x a n d e r, fio ld d ir e c t o r , h a v e b e e n a d d e d
to th e b o a r d . A re ce n t s ta te m e n t s ay s P h illip s P etroleu m C o . has c o m ­
p le te d 31 wells sin ce D e c . 15 w h ich h a d an a gg re ga te initial p r o d u c tio n o r
m o re th a n 9 ,0 0 0 b arrels. T h e n ew c o m p le tio n s arc. lo c a te d m K a n s a s,
O k la h o m a a n d T e x a s a n d givos th e c o m p a n y 4 50 p r o d u c in g w ells lo c a te d on
70 d iffe re n t p ro p e rtie s in fiv e sta tes. T h e c o m p a n y h as also p u rch a sed
a d d itio n a l a cre a g e in several S ta te s, n o t a b ly (1) a 1 -0 a cre
P e a b o d y p o o l o f K ansas w ith th roe p r o d u c in g w ells w ith 1 ,.>00 m in els d a ily
p r o d u c tio n . S in ce a cq u irin g this pie ce o f 1.000 barrel w ell has been b r o u g h t
in a n d th ree o th e rs are n o w d rillin g: (2) in th e C a d d o p o o l o f 1 exas a 150
a cre tra ct w ith eight, sh a llo w w ells. C o n s tr u c tio n w o r k h as b e e n s ta rte d
o n th o c o m p a n y ’s th ird ca sin gh ea d ga so lin e p la n t in tlio O sage fie ld .
A d d i­
tion al un its are b e in g installed a t o th e r tw o ga s o lin e p la n ts .
V . 1 10. p . 3 6 7 .

(A lbert) Pick & C o.— A n n u a l R eport. —
Jan. 31 Years—
a in 1® ?9.
N e t sales t o cu s to m e r s .............................. $ 1 0 ,4 1 9 ,1 4 0
O p e ra tin g e xp e n se s ..................................... 9 ,4 J b ,8 4 0
O th er in c o m e ---------------------------------------O th e r d e d u c tio n s .............- ....................... 6 3 ,0 2 0
R e se rv e fo r F e d e ra l ta x e s ----------------- (e s t.)2 0 0 ,0 0 0
B a la n co o f p r o fit ____________________
— V . 110, p . 173.

1919.
$ 7 ,0 2 9 ,5 2 4
6 ,5 5 8 ,4 0 1
0 .4 5 ,7 4 7
116,746

1918.
$ 6,0 01 ,1 7 1
5 ,4 8 1 ,2 1 6
0 .5 7 ,0 8 9
6 4,4 33

$ 100,121

$402,611

$ 81 9 ;4 2 5

110,000

Porto R ican -A m erican T obacco C o .— E a r n in g s.—
Calendar Years—
N e t in c o m e

.......... ..

1019.
a $ 1 3 7 ,9 3 4

Ln| r t r n d s e ^ : . P r? f '- ! a x (6 % T 2 9 8 .6 ’l 2

1018.
$ 9 1 0 ,9 3 3

1 0 1 /.
$ 511,331

$ 86 0 ,1 0 5

(1 3 )5 9 3 ’,228 (1 615 S L 2 40 (2 6 )8 5 8 .6 8 7

B a la n ce , su rp lu s ____d e f.$ 1 6 0 .6 7 8 s u r .$ l 15,151

d e f.$ 6 9 .9 0 9

s u r .$ l,4 1 8

a N e t in c o m e fo r 1918 v e r y sm all b o ca u so o f strik e in P o r t o R ic o

fo r

1U jT'fn 1919 tw o q u a rte rly d iv id e n d s o f 3 % e a ch w e re p a id in s crip , in 1918
three o u a rte rlv d iv id e n d s o f 3 % e a ch w ere p a id in s crip and o n e o f 4 % w as
paid in ca sh ; in l ‘)17 tw o q u a rte rly d iv id e n d s o f 4 % each w ere p a id in
s crip and tw o in ca s h , an d in 1916 1 0 % w a s p a id in s crip a n d l b o in ca s h .
— V . 110, p . 6 65.

Providence Gas C o.— A n n u a l R ep ort. —
Calendar Years—

G r o s H a m ln g s
&

191?
...................................S 2 .5 3 2 .9 6

stn g -lxpe.n8- ! : : : : : : : : : : : : : : : : : 2 ' 192i s e

D h ^ d ^ n d V ?” . : : : : : : : : : : : : : : : : : : : : ( 4 % ) 2 9 9 ' , 8 4 8
D e fic it .- - V . 108, p .

1170.

N one

w Y s^ ooo

1917.
$ 1 ,8 0 8 ,9 2 6
1 ,2 7 3 ,3 5 0
2 9,1 47
1 3 2 ,00 0
(8 )5 0 4 ,0 0 0

$ 14 0 ,5 9 3

$ 1 2 9 ,5 7 1

1918.
S 2 .2 8 1 .8 8 2

2 , 09 l:4 5 5

976

THE CHRONICLE

Railway Steel-Spring Co.— E a rn in g s

C al. Y e a r s .—

Ci,™ irp o se ’T T o Pr. v *de fo r th e co n tin u e d g r o w th o f th o busin ess a n d t o
o
s u p p ly a m p le w o r k in g ca p ita l fo r its o p e r a tio n s , th e d ire cto rs s u b je c t t o th o
n e w is s u n o f Kg' S n m n ?ld e rs A la rc h 1 ( V . 109, p . 666) h a v e a u th o riz ed a
C

r.

.
1919.
1918.
1917.
1916.
ejiriu ngs -------- - - N o t s h o w n $ 26 ,1 8 2 ,0 3 1 $ 2 3 ,9 0 5 ,7 1 4 $ 1 4 ,0 8 6 ,4 9 9
O p er . e x p . a n d d e p re c n . N o t s h o w n
1 7,163,011
1 4 ,8 0 6 ,7 4 7
10 063 909

proposed t o & W S S n t l V M .O O o 'o o " .
te d * ° ^ 10’ 0 0 0 ’0 0 0 - o f w h lc h
is
t o n f ? ? W l ^ c o o hoooe ‘l lso vo ti 'd . s u b je c t t o th o a p p r o v a l o f th e s to c k h o ld e r s ,
d,90!009 shares o f n o p a r v a lu e C o m m o n s t o c k ,o f w h ich 2 8 0 ,0 0 0

ear
™ t ; - ............. $ 4 ,3 9 4 ,3 5 3 $ 8 ,0 1 9 ,0 1 9 $ 9 ,0 9 8 ,9 6 8 $ 4 ,0 2 2 ,5 9 0
in t e r e s t ________
_ _
o o Q9n
901 in o
q i i 7q a
F e d o ra 1t a x rraerve
1 2 0 0 ,0 0 0
4 ,5 0 0 !0 0 0
3 ,5 0 0 !0 0 0
’ 81
P refer red c h v id e n d _ _ ( 7 % ) 945,000
945,000
945,000
945 000
(5 )6 7 5 ,0 0 0 (1 K ) 1 68 :750
C o m m o n d i v ----------- (8 % ) 1 ,0 8 0 ,0 0 0 ( 5 ^ ) 7 7 6 ,2 5 0

utuuci

m ^ i 1 nCi , ’ , SUrpl'?s ---------*1 .1 6 9 .3 5 3 * 1 ,7 0 4 ,8 4 9 $ 3 ,6 8 7 ,8 5 9
‘l
— V S o 'o * ! ) 'S 9 3 1US------ * 1 1 ,5 3 2 ,0 0 4 $ 1 0 ,3 6 2 ,6 5 0 $ 8 ,6571800
8

share^o 7 c o m m o n Sst^ckm m e d la te y in t h ° ra ti° ° f 4 n o w Kharcs fo r ca c li o ld
t h ^ ! l . ^ r Pr,eST " V ss, 0 i°fi,G oi( ! m o n st 5 c k n o t re q u ire d fo r ttio c o n v e r s io n o f
e
>
U
s to c ^
? i L l J 3 - s t ° c k has b e e n u n d e rw ritte n a n d all o f t h o S e co n d P re f.
f
s t o c k h a s a lr e a d y b e e n d e p o s ite d fo r co n v e r s io n in t o C o m m o n shares

$ 2,5 9 7 ,0 5 6
$ 5 ,9 69 ,9 4 1

afl.er Present financing.
Authorized. Outstanding.
6 % Serial G o ld n o te s (V . 109, p . 1 4 6 7 )____________ $ 3 ,0 0 0 000 $3 000 01)0
G u ,u Ia tiv o (p a r $ 100) --------------- 10, 000,000
3 , 000,000

Rainier Motor Corp.( N. Y . City.— P r e f .

S tock O f f e r i n g —
J o h n N ick e rs o n J r ., N e w Y o r k , C h a m b e rla in & D a v is , I n c ., a n d C a tlin
o f 9 H ng a t Par $ 70 0 ,0 0 0 8 % C u m u l. P ref. (a . & d .)
p a r $ 1 0 0 . D iv s . Q .- M . R e d . a t $ 11 0 , all o r p a r t, a t a n y tim e ,
i S i + L 3?, 5 y si n
la
I™t lc e - A n n u al s in k in g fu n d , a m o u n tin g t o $ 8 2 ,5 0 0 p . a.
b eg in s J u ly 1 1921. G u a r a n ty T r u s t C o ., N . Y . tra n s fe r a g e n t.
D a t a f r o m L e t t e r o f P r e s . J . T . R a i n i e r , N . Y . C i t y , D e c . 20 1919

C o m m o n s to c k (n o p a r v a lu e )-----------------------------------.6 0 0 ,0 0 0 sh s. 2 8 0 .0 0 0 shs

Income Account (from official reports).
warnings b e fo r e t a x e s . . . $ 1 ,2 6 7 ,6 0 9 $ 2 J)18 ,54 6 $.3*3 25 4 6 0 $3*286?546
fe d e r a l t a x e s ------------------------------------224,831
1 .6 8 2 .4 0 9
1 580 495
y in te r e s t ch a r g e s .......................
180 ,00 0
180 ,00 0
180 ,00 0
’ 180,’000

1'- N e ;v Y o r k ' [? 191° - IIas b e e n m a n u fa ctu rin g id
s i n c T j a i f 1<)17 6 F lu s h ln g ' L - l ’ a n d m a r k e tin g th o R a in ie r m o to r t r u c k

N e t in c o m e .
. . . -------$ 1 ,0 8 7 ,6 0 9 $ 1 ,6 4 3 ,7 1 5 $ 1 ,4 6 2 ,7 5 1 $ 1 ,5 26 ,0 5 1
E arned o n n e w P r e fe r r e d ____
3 6 .2 5 %
,54 79 %
48 76<7
KO
D iv id e n d o n n e w P r e f e r r e d ..
2 4 0 ,008
2 4 0 ,0 0 0
2 4 0 ,0 0 0
2 4 0 ,0 0 0

A “? Resent Financin< (N o Bonds) .
/
J
Authorized. Outstanding.
5* .^n non
?7
^7nn non J
F refer red s t o c k 8 % _________ __
C o m m o n s t o c k (n o p a r v a l u e ) . I Z Z I Z Z i r Z Z Z i r r i
3 0 ,0 0 0 s h . S 30’000
1o f c ™ ngs, « c . — l o r 1917 o u t p u t a m o u n te d t o a b o u t 500 t r u c k s . In
TZ, i):,Z?ni m d OUnt,.o f J?10 w a r - o u t p u t w as r e s tricte d t o a b o u t 600 tr u c k s .
D u r in g 1919 p r o d u c tio n g r a d u a lly in cre ase d . F o r th o last f iv e m o n th s
p r o d u c tio n w as at th e ra te o f 100 tru c k s p e r m o n t h . T o t a l o rd e rs d o m e s tic
a n d fo r e ig n , fo r 1920 to ta l b etw e e n 4 ,0 0 0 a n d 5 ,0 0 0 tru c k s
At t n » t n L eJfrV^ n? ? n th s.u ndi !d .5Tov,- 30 1 91 9 - earn in gs w ere $ 2 8 3 ,1 4 3 , or
^a t ? ? f 5 H tim es th e d iv id e n d r e q u ire m e n t o n th e P r e f. s to c k , a n d
a_k
ra te o f 8 tim e s th e P re f. s t o c k d iv . re q u ire m e n t
a n a $ IS p er sh a re o n t h e C o m m o n s t o c k , b e fo r e d e d u c t in g F e d e ra l ta x e s

B a la n ce fo r C o m m o n , & c . . $ 8 4 7 ,6 0 9 $ 1 ,4 0 3 ,7 1 5 $1,222,7.51 $ 1 ,2 8 6 ,0 5 1
x B ase d o n fig u re s fo r years e n d e d Ju n o 30 fo r P arish M fg . C o r n , yea rs
e n d e d A u g . 31 fo r S h eld on A x le & S prin g C o ., years e n d e d D e c . 3 1 'o f th e
p r e v io u s y e a r fo r th e S picer A4fg. C o r p . y F ig u rin g 6 % o n S3 000 000
n o te s Issued in 1919 a n d In clu de d herein fo r th o sak e o f co m p a r is o n ° ’
C o m b in e d n e t earn in gs o f all co m p a n ie s fo r th o ca le n d a r v e a r 1919
m o n t h o f D e c . e s tim a te d , w ere in e x c e ‘ s o f $ 3,0 0 0 ,0 0 0 b e fo r e taxes
E s tlm a te d e a rn in gs fo r 1920 b e fo r o F ed era l tax e s, $.3,500 0 )0
s u 4 e ^ f n | nE U c X n ^ . - V rch1 1 0 ? i ar877B ‘ M ° rrI11

N o t e s A u t h o r i z e d .—
T h e C a lif. R R . C o m m iss io n has a u th o riz e d t h o issu an ce o f $ 2 ,5 0 0 ,0 0 0
n o te s d u o M a r c h 1 1 923. T h e n o te s aro t o b o s o ld fo r n o t less
th a n 99 a n d a ro t o b e se cu re d b y a p le d g e o f $.3,2.50.000 G e n . M t g o . 4 %

M e r g e r P l a n .—
S ee W e s tin g h o u s o , C h u r c h , K e r r & C o ., I n c . b e lo w .

Rome (N. Y .) W i r e Co.— P r e f . S tock O f f e r i n g . — Kidder,
Peabody & Co., New York and Boston, are offering at
100 and div to yield 7 % , $1,400,000 7 % Cum. Sinking
Fund Pref. (a. & d.) stock, par $100.
Q '*1 0A.n,Du al sjn k in g fu n d eq u a l t o 10 % o f su rp lu s earnings,
*;
b u t n o t t o f e x c e e d 2'A% o f t h o g r e a te s t a m o u n t o f F irst P r e f. s to c k o u t ­
s ta n d in g , t o r e tiro s t o c k a t n o t e xc e e d in g $ 110 p e r share o n o r b e fo re A p ril 1
a t T l 0 n d d°ividwicf " 8 W ith 1921 ,s Pro v id w l f o r . C a lla b lo , all o r p a rt
Ya
D a t a f r o m L e t t e r o f P r e s . H . T . D y e t t , R o m e , N . Y . , P c b . 18 1920.
w Y * ” J tert.P e?Snt Fi,nanci,n0 (No Bonds). Authorized. Oulstand'g.
U
^
7 % C u m u la t iv e h ir s t P refer re d s t o c k ______
$ 4 000 000 S 2 0 1 9 <ion
x 6 % C u m u la t iv e P re fe r re d s t o c k ______ZZZZZZZZZZZZ x350 000
'
’
C o m m o n s t o c k . . . ...................................................................... 5 ,6 5 0 ,0 0 0
6 1 8 ,50 0
x H o ld e r s h a v e been o ffe r e d t o e x c h a n g e th e ir 6 % P r e f. fo r t h o 7 % F irst
P r e f. s t o c k in t h e r a t io o f o n e sh a re o f 6 % fo r 1 % shares o f 7 % s to c k .
In
7 % °IH rst P r o f i t o d e will ^ o u t s t a n d i n g 5 ' t h ‘ S ^
& t0 ta l ° f $2‘012’500 o f
♦
f ,1 1 fu rn ish a d d itio n a l w o r k in g ca p ita l t o ca ro fo r
1
J?® ? r o 'y th
P^a*]t in R o m e , N . Y . , a n d t o p a y fo r p la n t a n d ca rr y on
t h e busin ess o f t h e D ia m o n d b r a n c h o f R o m e W ir e C o . in B u ffa lo N Y
Company.— In c o r p . in N ow Y o r k in A u g . 1905 a n d s ta r tin g fr o m a sm ali
b u sin ess, d e v e lo p e d b y t h o E le c tr ic W ir e W o r k s a n d th o E m p ire W ir e C o .
• , > b a s g r ow n in t o o n e o f t h o la rge st m a n u fa ctu re r s o f co p p e r
ro d s , c o p p e r w ire and in su late d e le ctrica l w ires a n d ca b les in th o c o u n t r y .
, d nn D “ ' 1919 p u rch a sed t h e w ire d ra w in g a n d in su latin g d e p a rtm e n ts o f
t h e B . F . G o o d r ic h C o . o f A k r o n , O . a n d b y A p r il 1 1920 will h a v e th o
e q u ip m e n t m o v e d t o a p la n t in B u ffa lo , N . Y . T h e B . F . G o o d r ic h C o
d eseed
£cl1 t'h<?Ve d e p a rtm e n ts fo r th o reason t h a t t h e y n ee d e d th o sp a ce
an d th e la b o r in t h o m a n u fa ctu re o f th e ir tire s.
1

Sales and Net Earnings.
T o t a l n e t s a l e s .$ 3 ,3 9 6 ,8 0 8 *8 1 .3 ,9 2 2 ,8 5 2 *S12 °016,763 $1 L 7 0 5',6 0 6 3 8.336?018
<fcQoI ssLUdPa.,S 1^et c o p p c r sales (w a r b u sin e ss), 1916, $ 5 ,2 3 7 ,6 2 8 ; 1917,
i
$ 03 2 ,3 3 6 . S h eet c o p p e r c o n siste d o f h o t r o lle d c o p p e r sh e e ts, w h ich c o m ­
P a n y d id n o t m a n u fa c tu r e b e fo r e n o r s in ce th ese years.
N e t ea rn in g s, a fte r taxes fo r t h e ye a rs 1915 t o 1919 a v e ra g e $ 56 8 ,8 0 5
y e a r ly , eq u a l t o fo u r tim es d iv . re q u ire m e n ts o n $ 2 ,0 1 2 ,5 0 0 7% F irs t P re f.
Tl h ^
' arn,ir? ^
n o t d e l u d e th e earnings o f th o w ire d e p a rtm e n ts
or t h e B . F . G o o d r ic h C o ., w h ic h h a v o a v e ra g e d a b o u t $ 10 0 ,0 0 0 a y e a r
d u rin g th e p e rio d 1914 t o 1918 in ch
F igu res fo r 1919 aro n o t A vailable
C o m p a n y has a c a p a c ity , in clu d in g D ia m o n d B ra n ch , o n e le ctrica l w ires
a n d ca b le s a t t h e p re s e n t tim e o f b e tw e e n $ 1 5 ,0 0 0 ,0 0 0 a n d $ 1 8 ,0 0 0 ,0 0 0 p .a

Saxon Motor Car Corporation.— N e w

O f f i c e r .—
I lo n r y A . B ill fo r m e r ly o f th o W in to n C o ., has be e n e lo cto d V ic o -P re s id e n t in ch a r g o o f p r o d u c tio n ,— V . 109, p . 2362.

Scott-Adam Corp. (of 111.).— P r e fe r r e d S to c k . —
P e r r y * C o - P r o v id e n c e , R I . , are o ffe rin g a t 10.40 p e r sh a re, t o n e t
1 3 .4 6 % , t h e u n s o ld b a la n c e o f 1 0,000 shares 8 % C u m u l. P r e f. (a . & d .)
s to c k p a r tic ip a tin g u p t o 1 4 % , p a r $ 10. S in k in g fu n d is t o re d e e m th ese
sh a res b e g in n in g ATarch 1 1921 a t $11 a n d d i v ., o r t h e y ca n b o c o n v e r t e d
in t o sh a res o f n ow issuo.
O ^ p it alif a t i o n , authorizied a n d o u ts ta n d in g , P r e f. s t o c k , $10 0 ,0 0 0 ;
^ o m . s to c K ,
n o b on d s.
Company.— C o n s o lid a tio n or P ie rso n C o . a n d L o o W h is tle C o . M a n u r a c t u n M t h e w e ll-k n o w n S a c o ’ p r o d u c ts , in clu d in g high g ra d e t o y s , h ou seSn nw i
a ll t o a cces s orie s . P la n t a t R o c k fo r d , 111., c o n ta in s a b o u t
zU,U00 s q . f t . o f flo o r s p a c e .
n £ ar? s ” ?nt7r N o t earn in gs a fte r n o rm a l tax es fo r t h o 6 m o n th s e n d in g
i n l 2 m o n th s W° r° ° V<!r ®4 9 ,9 9 9 ‘ ° r d ers o n h a n d sh o w n o t o v e r $ 100,000
Sears, Roebuck & Co.— S a l e s . —
fhruary— 1919. Increase. I 1920— 2 Months— 1919 Increase
$ 2 8 ,2 0 2 067 $ 15 911 2 38 $ 1 2 ,2 9 0 ,8 2 9 1$57,693 ,04 3 $ 35 520,565' $ 2 2 ,1 7 2 ,4 7 8
— v . i l l ) , p . o o 8 . b o5.
Iso m
’

South W est Pennsylvania Pipe Lines Co . —

D i v , D e c .—
A q u a r te r ly d iv id e n d o f 2 % has be e n d e cla re d o n th o s to c k , p a y a b le
A P " 1 1 A ° h o ld e rs o f r e c o r d M a r c h 15. P r e v io u s ly d iv id e n d s o f 3 % h a v e
b een p a id q u a r te r ly s in ce 1915.— V . 110, p . 666 .
'
N e w P r e f . S tock a n d C o m ­
m o n Stock o f N o P a r V a lu e A u t h o r i z e d — D i r e c t o r s , & c .—
T h e s to c k h o ld e r s o n M a r c h 1 v o t e d t o ch a n g e th e a u th o riz e d ca n ita l
s to c k fr o m $ 1 ,5 0 0 ,0 0 0 8 % C u m . F irs t I’ ref. [all c a lle d fo r re d e m p tio n a t 115
a g d d iv . o n A p r il 1 1920 a t G u a r a n ty T r u s t C o . o f N e w Y o r k ). $ 500,000
§A> C u ra . 2d 1 ref. a n d $ 7 ,0 0 0 ,0 0 0 C o m ., p a r v<aluo $ 10 0 , t o $10 0 0 0 000
8 % C u m . P r e f. a n d 6 0 0 ,0 0 0 shares o f C o m m o n o f n o p a r v a lu e . O f th e n ew
P re f. s t o c k $ 3 ,0 0 0 ,0 0 0 is b ein g o ffe r e d a t 100 a n d d iv id e n d b y M errH
L y n c h & C o . a n d C a s s a tt & C o . S eo o ffe r in g in V . 110, p . 8 77.
’
D a t a fr o m L e t t e r o f P r e s . C . A . D a n a , S o u t h P l a i n f i e l d , N . J . , F e b . 5.
Company.— In c o r p . in V irgin ia . Ls th o largest m a n u fa ctu re r o f u n iv e r­
sal jo in ts a n d p r o p e lle r s h a fts fo r a u to m o b ile s in t h e U . S. T h r o u g h o w n e r­
s h ip o f all th e ca p ita l s to c k s o f th e S h eld on A x le & S prin g C o . a .id th e P arish
M a n u fa c tu r in g C o r p . b e co m e s th e s e c o n d la rgest m a n u fa ctu re r o f axles
£P,
TT° 0 h t , r g e s 'M anufacturers o f fra m e s fo r a u to m o b ile s a n d tru c k s
in th e U . S . P la n ts lo c a te d in S o u th P la in fie ld , N . J ., P o t ts t o w n R e a d ­
in g a n d W ilk e s -B a r re , P a ., a n d D e t r o it , A iic h .
n o n r[n 1 1 r ” o f U n i v ^ a l J o in ts h as increased fr o m 1 39,000 in 1912, 3 2 9 ,­
*0
0 00 in 191.), a n d 55.1,000 in 1919, t o a n e s tim a te d p r o d u c tio n in 1920
b a s e d o n o rd ers a c t u a lly in h a n d , o f m o re th a n 8 0 0 ,0 0 0 .
’




dSe M ar^T .^V .ailO,°p 666!d567.Pay Part ?3’600’900 notos whlch fo11
Standard Oil Co. of California.— E a r n i n g s .—
Calendar Years—
N e t earnings .

..

1919.
1918.
1 9 lV .
1916
$ 4 8 ,5 6 6 ,3 2 7 $ 4 4 ,2 7 6 ,5 2 1 $ 3 0 ,3 7 7 ,0 7 3 $21.26.3,520
9 ,3 2 7 .3 3 9

1I fo l T e l

Di<A ^ . (c k z
r de?
^
__ V ? 1 P o 0 p S 473US.......... $17’647’372
?
U

* 2 ,5 3 1 .4 1 1

Standard Oil Co. of K entucky . —
Calendar Years—
N et p r o fits ..

3 '658*
216

(10)^

1919.
..................$.3,726,033

6:2^8 (10^

$ 9 ,3 3 3 ,3 8 2 $ 1 0 ,7 7 3 ,3 8 9

R e p o r t Y r . E n d . D e c . 31.

1918.
1917.
$ 2 ,7 1 3 ,9 1 8 * $ 1 ,9 6 7 ,0 2 0

1916.
$ 2 ,0 6 8 598

F e d 1 t a x ^ a g i ^ r a d d ! 12 ^ . 720.'000 ( 12) | ^ '2 R 2 (14)600’000 (29)(i99'999
.
R e s . F e d . ta x . c u r ’ t y e a r 1 ,5 0 0,00 0
i .2 5 0 ’. 000
ZZ
............................
In su ra n ce f u n d _________
100,000
_______
B a ia n c e , s u rp lu s ...........$ 1 ,4 0 6 ,0 3 3

$ 478,083

$ 1 ,3 6 7 ,0 2 0

$ 1 ,4 6 8 ,5 9 8

* A ft e r d c ilu c t ln g es tim a te d a llo w a n ce fo r F ederal in co m e w a r taxes.
•’ M
• l 1917 t h o c a p ita l s t o c k w as in creased fro m $.3 0 00 000 to
$ 6 ,0 0 0 ,0 0 0 , a ca sh d iv id e n d o f 1 0 0 % b e in g pa id M a y 1 .
’
BALANCE SHEET DECEMBER ,31.
1919.
1918
1919.
1918.
A ssels—
S
$
Liabilities—
$
$
Plant, im provem 't
Capital stock____ 6 ,000,000 6 .000,000
& e q u ip m e n t... 7,534,278 6,414,815 Accounts payable 2,662,901 3,370,3.84
M erchandise......... 5,970,534 5,544,034 Deprec. reserve__ 2,0 16,0 ■i 1,616,372
Cash, accounts re­
Insurance fu n d ..
299,710
186,601
ce iv a b le and
Res. Fed. t a x .__ 1,681,451 1.250,000
other Investm'ts 3,445,974 3,329,118 Surplus.................... 4,240,010 2,834,007
T o t a l ---------------16,950,786 15,287,907
— V . 108, p. 885.

T o t a l .................. 10,950,786 15,287.967

Stanley Works, New Britain.— New;
V

9 8 p

D irector.—

693 H a rt haS s u c c o e d c d as d ir o c to r th e la to L . H o y t P e a se .—

(F. B.) Stearns Co., Automobile Mfrs., Cleveland.—
G u y T . R o c k w e ll, in C le v e la n d ‘ ‘P la in -D e a le r ” o f F e b . 20, r e p o rtin g on
th e an n u al m e e tin g h e ld F e b . 19 s a y s:
“ C o n s tr u c t io n w o rk has a d v a n c e d so th a t a b o u t 8 0 % o f th o entlro p la n t
is n o w a v a ila b le a n d p re s e n t in d ica tio n s a ro th a t th o c o m p a n y will build
m o r o ca rs this m o n t h than w ere e v e r b u ilt in th e S tearn s fa c t o r y in a n v
p re v io u s m o n t h ,” P re sid e n t G c o r g o W . B o o k e r s ta t e d . " O u r fu tu r e
business lo o k s v e r y g o o d . O u r in v e n to ry will e n a b le us t o k e e p go in g for
s o m e tim e and w e a ro w o rk in g on a sch e d u le ca llin g fo r 5,000 cars this y e a r ’ ’
1c is u n d e rs to o d t h a t d ir e c to r s o f th e c o m p a n y e x p e c t t o m ain tain the
p re s e n t ra te o f d iv id e n d o f $1 a sh a re q u a rte rly on th e n o p a r v a lu e s to c k
w h ich is a t th o ra te o f .32% fo r t h o o ld s to c k o f $25 p a r v a lu e [as aga in st
1 6 % p . a. p r io r t o t h e r e c e n t e xch a n g o o f shares— E d .).
O riginal h o ld e rs o f S tearn s s to c k w h o h a v o re ta in e d their in terests h a v e
re co iv tx l eigh t shares o f n ow s to c k fo r each o n e o f their o ld shares o f $100
P a r«toK u o ’ i
r e c e iv e d fo u r fo r o n o w h en t h o p a r o f th e s to c k was c u t
t o $ 25, a n d r e c e n t ly th e y w e ro g lv o n tw o fo r o n o w h en th o s to c k was
ch a n g e d t o a n o p a r v a lu e basis.
. T h e n ew d ir e c t o r a t e as e le c te d y e s t e r d a y is as fo llo w s : G e o r g e W . B o o k e r
J . R . K r a u s a n d S. I I. T o lie s o f C le v e la n d ; P h ilip W ick a n d P a u l W ick o (
Y ou n g stow n .
A ll p re s e n t o ffic e r s w e r o r o -o ic c tc d .
(T h o C le v e la n d S co ck E x ch a n g o r e p o r ts as o u ts ta n d in g 9.3,816 shares o f
S ^ p mn t! i S ? 17 Z d r.S l 7• 09 7 % P r e f., as a ga in st $ 1 ,1 7 2 ,7 0 0 C o m m o n
°r1 « C
/>
s to c k a n d $ 41 7 ,4 0 0 P r e f. s t o c k o n J a n . 15 1920. A ll d iv id e n d s Q .-J .]—

Sunbeam Chemical Co., Chicago.— P r e f . Stock .—
;Pay'P r J,r,; * Oo.. C h ica g o , are o ffe rin g a t 100 a n d d i r . $ 500,000
7 % S. F . P a r tic . P ref. (a. & d .) s to c k . C a lla b lo a t $105.
D iv . Q .-F .
C o m p a n y was o rg an ize d in 1017 in Illin o is, o rig in a tin g a n d m an u fa ctu rin g
th e n a tio n a lly k n ow n p r o d u c t “ R I T . ”
In a d d itio n , m an u fa ctu res, a t Its
°y?P am .hnc d y e p la n t at C a b le , W is ., largo q u a n titie s o f anilin e d y e s and
allied ch e m ica ls. G ross sales fo r 1919 w ero in excess o f $ 1 ,4 00 ,0 0 0 and
it is es tim a te d 1920 sh o u ld e xceed $ 2 ,0 0 0 ,0 0 0 .
70/Gc^ ’

Sinclair Refining1 Co.— N e w

Spicer Manufacturing Co . —

c lcc t0 d a d ir o c t o r ’

Spring Valley Water Co . —

(Dwight P.) Robinson & Co., Inc . —

P r e s i d e n t .—
J osep h M . C u d a h y h as been e le cte d P re s id e n t, s u cce e d in g W . II
w h o b e co m e s C h a ir m a n o f the B o a r d .— V . 109, p . 8 94.

[Vol. 110.

Taylor-W harton Iron & Stool Co.— A n n u a l

1 n t nr Vo/i ro
o i
■n ■n
<n ■«
Calendar Years—
1919.
1918.
N e t e a rn in g s............................................
$ 52 1 ,1 6 2 $1,6.37,8.30
I n t e r e s t........ .................
2 3 8 ,36 5
2 66,167
r a x re s e rv e ________________
1 4,456
240 .00 0
R e s e r v e s ._______ ___________ Z I I I I I I I I
..............
,<5 0 .00 0
3 )(i n,i(i
P re fe rre d d iv id e n cls .................................. ( 7 % ) 131,341 (8 3* ) lO.’LIM l
C o m m o n d i v i d e n d s ............................................... (6 % )9 6 ,0 0 0 . . . ___

B a la n c e , s u r p lu s ..
— V . 108, p . 1171.

'

$ 4 1 ,0 0 0

Tobacco Products Export Corp . —

R eport.

t_._
1917.
$ 1 ,6 1 9 ,5 7 0
2 1 1 ,05 3
4 1 0 ,0 8 0
4 6 8 ,3 6 3
(7 )13 1 ,3 4 1

$ 6 1 8 ,3 2 2

$ 40 8 ,7 3 3

S u b scrip tio n s,

<fcc.—

Seo T o b a c c o P r o d u c ts C o r p . u n d e r “ R e p o r t s ” a b o v e .— V . 109, p . 2 4 4 5 .

Tonopah Mining Co.— E a r n in g s .—

Calendar Years—
1919
19(0
1017
N ftM a r n in g s.............................................. ..
$402 ,2 0 6
$782,061
$82 5 ,2 5 9
5 i y ld e n d f
.............................................. (30 % ) 3 00 ,00 0 (37 A )375000 (60) 6 0 0 ,00 0
D e p r e c i a t i o n .........................................................................
70,5 02
110,502
B a la n co , su rp lu s_____
P r o fit fz loss, surplus
— V . 110, p. 772.
'

$10 2 ,2 0 6
$ 4 ,3 8 1 ,2 4 7

$.3.36,559
$ 4 ,1 99 ,4 4 3

$114 ,7 5 7
$ 3 ,8 0 2 ,8 8 4

Transcontinental Oil Co.— Contract,

c o n tr a c ts , bu sin ess an d all o th e r assets o f b o t h co m p a n ie s , e x c e p t s u c h assets
as m a y b e re q u ire d t o m a k e a n y ca s h p a y m e n ts n e ce ssary t o co n s u m m a te

& c .—

I n c o n n e ctio n w ith th o a n n o u n ce m e n t th a t c o m p a n y has e n te re d taw .***
arra n g em en t w ith A rkansas N a tu ra l G a s C o . t o ta k e o v e r th e 6-in ch p ip o
lin e b u ilt fo r th o S in clair C o m p a n y and p u t in o p e ra tio n fr o m th o H o m e r
F ie ld t o M in d o n a n d a lso th e 4 -in ch p ip e lines ru n n in g fr o m th e c o m p a n y s
leases t o th o leadin g ra ck s a t M in d o n it is le a rn e d t h a t A rk a n sas N a tu ra l
G a s C o . will n o w n a v e a certa in m a rk e t o f fr o m 20,000' t o 2 5,0 00 barrels a
d a y o f Its p r o d u c tio n , m ean in g a fin a n cia l retu rn o f a b o u t $ 1, 500,000 t o
$ 2 ,0 0 0 ,0 0 0 p e r m o n th . T h o A rkan sas N a tu ra l g a s C o s. ta n k fa rm a n d
22 5 5,0 00 barrel tan k s lo c a te d a t M in d o n a n d th o fie ld a lso h a v e been ta k o n
o v e r , a n d th o o p e ra tio n o f th a t c o m p a n y ’s s id in g an d lo a d in g ra ck s at
M in d o n w ill b o c o n d u c te d b y th e T ra n s co n tin e n ta l O il C o . w h o h a s c o n fcractod w ith th e A rk a n sas N a tu ra l G a s C o . fo r th e e n tiro c a p a c ity o f th o
6-in c h a n d th o t w o 4-in c h lin es.— V . 110, p . 7 72.

United Cigar. Stores Co. of America.— E a r n in g s .—
„ 2 * 2 l 8 .r4m -

SM & 01

... d r n l m

F e d O T a ft a jw T t s tllllll
P refer red d iv id e n d s ------C o m m o n d iv id e n d s ______

9 0 0 .0 0 0
3 1 6 ,8 9 0
2 ,8 5 2 ,0 1 0

l.OOO'OOO
3 1 6 ,6 9 0
2 ,3 0 8 ,7 7 0

l o k u h n e n Niirnlus
$ 1 ,2 0 7 ,5 7 9 8 1 ,3 8 4 ,5 4 4
P r o fit & lo s s , s u rp lu s ___ *$ 5 ,7 5 9 ,6 2 8 $ 5 ,0 67 ,7 6 1

» ! o59.»33

MO'OOO
3 1 6 ,8 9 0
2 ,1 0 5 ,0 5 5

1 ,9 0 1 ,3 4 0

$ 45 1 ,5 5 6
$ 3 ,6 8 3 ,2 1 6

t h T h e 4)1an p r o v id e s t h a t th e re sh all b o re tire d fo r c a s h (a) W e s tin g h o u s e
C h u r c h . K e r r A C o ., I n c ., 12,0 00 shares (p a r $ 10 0 ) 6 % C u m . P r e f. s to c k
at $ 85 p e r sliaro a n d d iv s , (b ) 2 4 ,5 0 0 sh ares (p a r 8 100) C o m m o n s t o c k at
$55 p er share, a n d (c) D w ig h t I*. R o b in s o n A C o .. I n c ., 2 ,o 0 0 shares
(p a r $100) 8 % C u m . P r e f. s to c k a t p a r a n d d iv s .
,
_
_
1 T h o p lan co n te m p la te s t h a t th e re w ill b e e x c h a n g e d fo r s to c k o f th e n ew
c o m p a n y (a) W c s tin g h o u s o , C h u r c h , K e r r A C o ., I n c . , 20,000 shares 6 %
C u m . P r e f. s to c k , (b ) 1 5,500 shares C o m m o n s t o c k , an d (c ) D w ig h t P .
R o b in s o n & C o ., I n c ., 6 ,0 0 0 shares (n o p a r v a lu e ) C o m m o n s to c k .
Proposed Capitalization of New Company—
Auth. & issue a.
7 % c u m . F irst P r e f. s to c k (p a r $ 1 0 0 ) - - - ---------------— 2 ,0 0 0 ,0 0 0
6 % (p a r tic i. in d iv s w ith C o m . u p t o $8 p er sh a ro) N o n -C u m .
2d P r e f. s to c k (p a r $ 1 0 0 ) - - - - ...........- - - ................ - .............. - .............. V / S W B ?
C o m m o n s t o c k , w ith o u t p a r v a lu e ------------------------------- -y *uuu
S to c k h o ld e rs o f b o t h c o m p a n ie s d e sirin g t o p a r t ic ip a t e in th e p lan _ are
re q u e s te d t o d e p o s it th eir s to c k on o r b e fo r e M a r c h 17 w ith th o C h a se
N a tio n a l R a n k , 57 B r o a d w a y , N e w Y o r k , d e p o s it a r y .
Committee.— G u y E . T r ip p C h a ir m a n ; H o m e r L o r in g , J o h n R . M c G in lo y , w ith G o o . A . K c n n o d y , S e c ., 57 B r o a d w a y , N o w Y o r k .— V . 109, p .8 0 .

$841 ,7 0 3
$ 3,2 31 ,6 6 1

* A fte r d e d u c tin g $575 ,7 1 2 a d d itio n a l F ed era l taxes fo r 1918.
Sales In J a n u a ry s h o w e d an increase o f $ 1 ,5 0 0 ,0 0 0 o v e r J a n u a ry 1919.
— V . 110, p . 174, 4 7 3 , 8 77.

United Gas Improvement Co.— To Create $15,000,000
7 % C u m . P ref. Stock, o f which $0,103,000 is to he I s s u e d —
T h o s to c k h o ld e rs w ill v o t o M a y 3 1920 (1) o n in creasin g th o a u th o riz e d
ca p ita l s to c k fr o m 1 ,22 1 ,4 56 sh ares, par $50 e a ch (a ll C o m m o n ) , t o l , 521 ,45 6
sh aros, par $50 ea ch , all o f w h ich increase shall b o 7 % C u m . P referred (a . A d .)
s to c k , t o b e r e d eem a b le, all o r in p a r t, a t $55 a n d d l v ., a n d t o h a v o th e
s am o v o t in g righ ts as th o C o m m o n s to c k ; (2) o n a u th o riz in g th e issue o f
122 ,06 0 shares o f sa id P r o f, s to c k t o b o issued a n d d isp o s e d o f as d e te rm in e d
b y th o d ir o c to r s , p r o v id e d , h o w e v e r , th a t said shares shall fir s t b o o ffe re d
t o th o S tock h old ers p r o ra ta fo r s u b scr ip tio n a t pa r; th o b a la n c e o f th o a u th ­
oriz e d shares o f said P rof, s to c k t o b o issued fr o m tim e t o tim o , b u t o n ly
w h en a n d as a u th oriz ed a t a s u b so q u o n t s to c k h o ld e rs m e e tin g . .
...
(A P h ila d elp h ia d isp a tch sta tos th a t D r e x c l & C o . h a v o u n d e rw ritte n
th o s u b scr ip tio n b y th o s to c k h o ld e rs o f th o $ 6 ,1 0 3 ,0 0 0 P r o f, s to c k .]

D ig e st o f L e tte r o f P re s id e n t S am u el T . B o d in e , P h ila ., M ar. 3 1920
I t is th o p o lic y o f S ta te u t ilit y co m m issio n s a n d m u n icip a l a u th o ritie s t o
d isc ou ra g o th e esta b lish m e n t o f c o m p e tin g co m p a n ie s w h ore th o existin g
c o m p a n y giv es g o o d s orv ico a n d o xton d s its p lan t t o ca ro fo r nm v business
o ffe r e d a t rom u n ora tiv o ra te s. A s all o f th o p ro p e rtie s in w h ich th e c o m ­
p a n y is in terested are lo c a to d in p ro sp e ro u s a n d g r o w in g co m m u n itie s , this
p o lic y in v o lv e s th o annu al p ro v is io n o f co n sid e ra b le sum s fo r w o r k in g ca p ita l
an d fo r oxton s ion s .
Prior t o th o w ar thoso fu n d s w ore m a in ly p r o v id e d b y
th o In v estm en t o f th o u n d iv id e d p r o fits o f th o c o m p a n y , a n d b y th e sale
t o th o p u b lic o f secu rities o f th o lo ca l co m p a n ie s. W a r co n d itio n s h a v o
n a rr o w o d th o m a r k et fo r secu rities o f gas a n d e le c tr ic co m p a n ie s, la rg e ly
b eca u s e th o increased c o s t o f la b o r , m ateria ls, A c ., h a v o n o t b o o n tu n y
o ffs e t b v increases in rates a llo w e d b y p u b lic a u th o ritie s.
T h o d ire cto rs b e lie v e th a t it is w ise t o n o w m ak o p ro v is io n aga in st a
p oss ib lo co n tin u a n ce o f thoso co n d itio n s fo r t w o o r th reo ye a rs b y cre a tin g
a s o cu rity so a ttr a c tiv e t o o u r s to c k h o ld e rs a n d o th e rs th a t it w ill fin d a
ro a d y m arlcot, a n d It is b e lie v e d th a t th o p ro p o s e d issuo o f P ro f, s to c k w ill
co n s titu te s u ch a s o c u r it y .— V . 110, p . 5 68, 269.

United Retail Stores Corp.— E a r n in g s .—
For Initial Half Year ended Jan. 31 1920.
N o t p r o fits b e fo r e F ed era l ta x e s -------------------------- ----------------------------- $4
D i v i d e n d .................................... - .......................................................................... 1-675-047
B a la n co s u rp lu s , J an . 31 1920 -------------------------------------------------------$ 3 ,0 3 1 ,2 8 5
— V . 110, p . 8 81 .

United Service Co., Scranton, Pa.— E a r n in g s .—
Calendar Years—
,
1010.
G r o ss oa rn ln g s o f su b sid ia r y c o s ---------$ 1,4 93 ,4 5 7
N o t a f t e r ta x e s , A c ., o f s u b . c o s --------$ 424,204
I n t . A d iv . on o b ltg ’ n s h o ld b y p u b lic .
175,927
A m o r tiz a tio n a n d r e s e r v e s ------------------17,424
P r o f, d iv id e n d s ( 6 % ) U n ite d S e r . C o .
8 8,8 33
C o m m o n d iv id e n d s U n ite d S e r . C o - .
5 1,248

1917.
$ 983,523
$ 350,377
139,918
13,957
81.083
5 1,248

1918.
$ 1,2 77 ,6 6 3
$ 386,868
159,180
15,551
8 2,983
5 1,2 48

$90 ,77 2
$77 ,89 7
$64,171
B a la n c o s u r p lu s ____________________
U n ite d S e r v ic e C o . s t o c k o u ts ta n d in g D e c . 31 1919: P r e f ., $ 1,4 80 ,5 5 0
^ < orn pan Ios incl u d cti in a b o v o r e p o r t : O h io S o r v ic o Do . W a r r e n L igh t &
C
P o w e r C o ., W a r re n E le c tr ic C o ., J e ffe rso n E le c tr ic C o ., W a b a s h W a t e r A
L ig h t C o ., E a s t P en n a. G a s A E le c t r ic C o .— V . 108, p . 1615.

United States Steel Corp.— U n ited States S u p rem e C ourt
H o ld s C om pttn y I s N o t a T r u s t .—
See u n d e r ^ C u rren t E v e n t s ” o n a p r e ce d in g p a g e o f this issue.

O bitu a ry— B onds

Called.

J a m e s O a y lo y , fo rm e rly F irst V ic e -P r e s id e n t, d ie d F t b . 25. T w o
th o u s a n d six ($ 2 ,0 0 6 ,0 0 0 ) S in king F u n d 5 % T e n -S ix t y Y e a r G o ld b o n d s
(n u m b ers ra n g in g fr o m 80 to 199.343) h a v e been ca llo d fo r p a y m e n t M a y 1
a t 110 an d in terest a t J . P . M o r g a n & C o . , N e w \ o r k .
V . 110, p . 4 <3 , 666 .

Calendar Years—m
N o tp r o fit s
_ - ....................
F i r s t P r o f . d iv s . ( 6 % ) - - ..........
S e c o n d P r e f . d iv s . ( 7 % ) ---------

1010*
$ 66 3 ,0 8 2
115.292
3 4,9 37

1018*
$163,581
115,091
3 4 ,9 5 0

B a la n c o , s u r p lu s ___________

$ 512,853

$13 ,54 0

1918.
2.000.000
500 000
2 000.000
i tw< nns
1.423.908
179,221)
£77.980
1,-12,344

8t C o l t t e r a l ^ m s f b o n d " ^ s t a n d i n g D e c . 31 1919 w e r e $80 0 ,0 0 0 : $100 000
w ore re tire d o n M a reli 1 1019 a n d th o sam o a m o u n t w ill b e retired on
M a r c h 1 1920.— V . 108, P- 2638.

— E a r n in g s.—

W estinghouse, Church, Kerr

&

B a la n ce su rplu s
d o f.$ 3 ,2 5 3 ,3 5 1
$ 4 ,7 5 2 ,0 5 6 $ 3 ,0 7 1 ,8 0 3 $ 1 ,6 2 9 ,5 5 7
T o t a l surplus
.
$ 5 ,8 4 6 ,0 7 4
$ 9 ,0 9 9 ,4 2 5 $ 6 ,2 0 5 ,5 6 9 $ 4,3 72 846
F ed era l fa xe s d e d u c te d in 1919 w e r e tax e s fo r 1918 u n d e te rm in e d a t th e
clo s e o f th e y e a r. T h e s e taxes w ere p a id o u t o f su rp lu s.— V . 109, p . 1364.

Wickwire-Spencer Steel Corp.—

M er g e r C om p leted , & c .

T h e s to c k h o ld e rs o f th o C lin to n -W r ig h t W ir e C o . o n F e b . 3 a u th oriz ed
th o n a m e o f t h o c o m p a n y t o b e ch a n g e d t o th e aV 0V a ? ± V 1 „ andmhn0 ^ n v o
^
o rlz e d th o a c q u is itio n b y m e rge r o f t h o W ick w ire S teel C o . T h o a b o v e
ch a n g e o f n a m e a n d m e rge r h a v e n o w b o o n c o m p le te d .
H olders o f C lin to n -W r ig h t W ire C o . C o m m o n s to c k c e r tifica te s are re­
q u e ste d t o p re s e n t th o s a m e t o t h e O ld C o lo n y T r u s t C 0 ., B 0s to n , o r t o
M e r c a n t ile T r u s t C o ., N o w Y o r k , t o b e e xch a n g e d f o r n ow ce r tific a te s
issu ed u n d e r t h o n ew n a m e .
.
.
...... w ,
,-,A ll o f t h o o u t s ta n d in g F irs t P r e f. shares o f C lin to n -W r ig h t W ir o C o .,
a m o u n t in g t o a p p r o x im a te ly $ 3 ,5 0 0 ,0 0 0 (p a r $ 100) ,
?
p
r
p a y m e n t A p r il 1 a t 110 a n d d iv . a t G u a r a n ty T r u s t C o ., N o w Y o r k . C o m ­
p a r e V . 110, p . 2 70 , 4 7 4 , 568.

Wiley-Bickford-Sweet Co., Hartford, Conn.— P r ef.

Stk.

B o n n e y A M o o r , M e r c h a n ts S e cu ritie s C o r p ., W o r c e s te r , M a s s ., a n d
G o o d w in -B e a c h A C o ., H a r t fo r d , a ro o ffe r in g a t 100 an<A , “ i V; A 5°wh°n
^
8 % C u m . P re f. (a . A d .) s t o c k , p a r $100. D iv s . Q .- M . R e d . as a w h o le
o n a n y in t. d a te a t 110 a n d d i v ., o r in p a r t fo r sin k in g fu n d b y l o t a t 105
a n d d iv . o n 30 d a y s ’ n o t ic e . C a p ita liz a tio n : A u t h . a n d o u ts ta n d in g , 1 r e f .,
t g ^ “ c°om $in°A iass.’ in M a re li 1916, c o m b in in g th o old -e s ta b lis h e d
firm s o f W in . H . W ile y A S on C o . o f H a r t fo r d , C o n n ., a n d B ic k fo r d A
S w e e t o f W o r c e s te r . Specializes in m a n u fa ctu re o f fe lt , w o o l a n d fa b r ic
shoos; fe lt , cr e to n n e , k n itte d a n d sate e n slip p e rs , o v e r -g a ite r s, le g g m s , w o o l
soles: a lso op e ra te s a k n ittin g d e p a r tm e n t in w h ich it m a n u fa ctu re s dress
fa b r ic s, b a th in g s u its, s p o r t c o a t s a n d k n it t e d sca rfs.
Earnings.— N o t earnings fo r ca le n d a r y e a r 1919 w ere $ 24 7 ,2 5 8 , a n d fo r
th e p a st f i v e years th o earnings h a v o ave ra g e d b e fo r e tax e s, b u t a fte r d e p r o c .,
5 tim es th e a n n u al d iv id e n d o n this P re f. s t o c k , a n d a fte r ta x e s o v e r 3
tim e s this a m o u n t.
P re s id e n t, L y m a n A . W ile y .

W orthington Pump & Machinery Corp.—

In itia l D iv i­

dend on the C om m on Stock— A n n u a l R ep o rt.—

h 0^ r » / c « r r
S-

$ 452,244

......... 9,998,143 8,027,900
T otal .
Total
--9,098.143 8,027.900
♦ Includos a c c r u e d in te r e s t.
_ , ____
.
, ,
__.
T h e P re s id e n t’s r e p o r t d a te d F o b . 24 1920 says in s u b sta n ce : T h e c u rre n t
In d eb tedn ess has in cr e a s e d $ 1 ,1 7 1 ,8 9 4 , d u e , fir s t, t o t h e la ten ess in securing
c o n tr a c ts , to g e th e r w ith th o u n p re ce d e n te d w o t w e a th e r, resu ltin g in a large
a m o u n t o f m on ey b ein g h o ld b a c k un til said c o n tr a c ts a re fin ish e d ; 2d , th e
la rge in crease in c o s t o f la b o r a n d m aterials; 3 d , t h e area o f w o r k u n d e r c o n -

1918.
$7 5 5 9 .48 8
3 4 3 ,08 3

Wheeling Steel & Iron C o . — E a r n in g s.—
1919.
1918.
1 917.
1916.
V a lu e o f s h ip m e n ts_____ $ 1 6 ,4 3 6 ,2 7 3 $ 2 7 ,4 7 5 ,9 1 5 $ 2 7 ,9 6 4 ,3 4 2 $ 1 5 ,07 3 ,5 3 1
___ - $ 1 ,9 2 5 ,3 3 2
$ 6 ,3 0 5 ,0 7 6 $8,,>51 ,»>19
N e t e a rn in g s__
$ 2 ,9 0 4 ,4 5 3
T o t a l i n c o m e .- I I I I I I - - $ 2,1 45 ,2 0 1
$ 6 ,5 9 6 ,7 3 7 •
‘58,840,101
2 3 8 ,94 9
T’i,.„pn/> i.,v o « .irp
70.1.139
7 7 0 .46 7
5 43,31,)
150,000
B o n d A c i n t e r e s t ...........
145 861
1 45,500
1 50.000
6 5 0 ,51 7
D iv id e n d s ’ !
. : ; : : ( 9 % ) 8 3 6 : 2 8 1 (1 0)9 2 8 ,7 1 4 (1 3 )9 6 6 .1 0 8
235,431
F e d e ra l taxes A c o n t in g . 3 ,6 9 5 ,2 7 1
----------4 ,1 0 8 ,8 7 o

$33 0 ,2 3 7

1919.
1918.
1919.
__
s
$
Liabilities—
S
Real cut., plant, A c . 818,113
777.132 First Pref. s to c k ....2 ,0 0 0 .0 0 0
Patents A BOO(l-wlII-l,P00 000 2.000 000 Second Pref. s t o c k .. 500 000
Coll, notes, h d s .,A e -2 ,020,084 2,383.2m Com m on s t o c k ------2,000.000
Treasury stock.
..
80,000
87.250 Funded d e b t* --------- o
nno
Cash A Liberty b d s .
7 2 '. 20" fir* .r.M Notes payable - -2.190,000
NoteH & licets. r c c . .3,322,257 1,090,968 Accounts payable—
585,O il
Retained money and
Depreciation,
A c..
city securities . .
00.000
123,710
rese rv e ..............—
£92,380
M a teria l and reserve
S u r p lu s . ...................... 1,010,<20
on contracts............ 705,700
707,332
Prepaid accts., A c . .
24,175 20.273

Cnlemlnr Yrnrs__
1919.
G ross
s4,,<™
. . . . $7 4 7 8 ,11 9
N e t a f t e r F ed or a l"ta x e s ..
5 3 4 ,94 2
— V . 109, p . 379.

Stock.—

1017*
191G»
$ 33 0 ,2 3 7
$ 452,244
............................
------------

Cal. Y ea rs .

BALANCE SHEET DECEMBER 31.

Wellman-Seaver-Morgan Co

W est Penn Steel Co., Brackenridge, Pa.— N e w

T h o s to c k h o ld e r s w ill v o t e A p ril 29 o n in creasin g th o p re s e n t to ta l a u th o r­
iz e d a m o u n t o f $ 8 7 5 ,0 0 0 t o $ 5 ,8 7 5 ,0 0 0 , su ch a u th o riz e d in crease t o b e
in C o m m o n shares a n d t o b o issued in su ch a m o u n ts a n d a t su ch tim es as
th e d ire cto rs d eem a d v isa b le t o m e e t t h o n e e d s o f th e c o m p a n y .
In circ u la r
o f F o b . 21 P re s id e n t a n d C h a ir m a n J o e l W . B u r d ic k s a y s: E arn in g s in th e
p a st h a v e b e e n u sed t o su ch an o x t e n t in p la n t e xte n sio n a n d in d e v e lo p m e n t
o f th o c o m p a n y ’s g ro w in g busin ess t h a t its a ssets h a v o s o fa r o u tg r o w n its
c a p ita liz a tio n th a t a r e a d ju s tm e n t has b e c o m e desirab le. M o r e o v e r , it is
t h e o p in io n o f y o u r d ir e c to r s , in v ie w o f t h o h e a v y F ed era l ta x a tio n im ­
p o s e d u p o n its p r o s p e r ity , th a t th e re sh o u ld b e c o m e m o d ific a t io n o f its p a s t
p o lic y o f rein v estin g so la rgo a p r o p o r t io n o f its earnings in ex p a n d in g its
p la n t" a n d th a t in p a r t a t le a s t in th o in te re s t o f its s t o c k h o l d e r fu tu r e
fin a n c in g f o r this p u rp o s e sh o u ld b e p r o v id e d b y n e w ca p ita l. [M r . B u r­
d ick o n F e b . 27 in fo rm e d th o " C h r o n ic le t h a t n o p lan s n a v e m a tu r e d fo r
th e issu a n ce o f th e n e w s to c k .]
BALANCE SHEET DECEMBER 31 1919
P la n t , less $ 446,229 d c p r . $ l , 4 6 1 ,623 P re fe rre d s t o c k ____________ $525 ,0 0 0
3 5 0 ,0 0 0
546,813 C o m m o n s t o c k ____________
C a s h ___________
698 ,99 6
L ib e r t y & V ic to r y b o n d s . 1 ,0 5 0,00 0 A c c o u n ts p a y a b le ------------R e se rv e s fo r ren ew a ls& ta x .
549 ,01 4
D u e fr o m e m p lo y e e s ’ a c c t .
5 0,326
3 ,0 9 4 ,1 0 5
A c c t s . & n o te s r e c e iv a b le .
5 94,175 S u r p lu s .................................
I n v e n t o r ie s ________________ 1 ,5 1 2 ,3 2 3
T o t a l e a ch s id e __________ $ 5 ,2 17 ,1 1 5
P a id in s u ra n c e ------------------1,855

' T h o annu al r e p o rt issued this w eek s ta te s th a t th e im p r o v e m e n ts in th e
n h vstcal p r o p e r t y o f th e c o r p o r a tio n w h ic h h a v o b e e n ca rrie d o u t a n d th e
a c cu m u la tio n o f w o r k in g ca p ita l th a t has been rea lized sin ce th e o rg a n iza ­
tio n o f th e c o r p o r a tio n in A p ril 1916. have n o w p ro c e e d e d t o an e x te n t t o
w a rr a n t, in th e o p in io n o f th e b o a r d o f d ire cto rs , th o d e cla ra tio n o f a n in itia l
q u a rte rly d iv id e n d o n th o C o m m o n s to c k .
I lie d ire cto rs , th e re fo re ,
d e cla re d o n M a r c h 4 a d iv id e n d o f SI 50 p er sh are, p a y a b le o n A p ril 15 t o

Warren Brothers Co., Boston.— Report f o r

1917.
$ 4 ,6 8 7 ,9 2 8
4 66.604
C o . — P lan

1916.
$ 2 ,4 9 1 ,5 1 8

of

U n io n

o r M e r g e r with D w ight P . R ob in son
C o ., I n c .
Cx T h o c o m m it t e e nam ed b e lo w has s u b m itte d a plan fo r th e u n ion o r m erger
o f tlie a b o v o n a m ed co m p a n ie s in to a V irginia c o r p o r a tio n w h ich w ill lie
c a lled D w ig h t' P . R o b in s o n A C o ., I n c ., o r b y a sim ilar n a m e.
The new
c o m p a n y will a cq u ire , s u b je c t t o th eir lia b ilitie s, th e g o o d w ill, u n co m p le te d




977

THE CHRONICLE

M ar. C 1920.]

r d APrU 5 '

1 919.

gSSFS

1918.

1917.

a

" a fr o M

P r o fit fr o m m fg . a n d t r a d in g .............
O th e r in c o m e .................................................

378 ,63 1

2 4 5 ,5 o i

oz.zao

G ro ss in c o m e ------------------------------------I n t . o n H o lly m fg . b o n d s - - - - - - - - - I n t . o n J e an esv ille Iro n W k s . b o n d s .
A d ju s t o f v a lu e o f f o r , cu r r e n c y assets
R e se rv e fo r F e d . t a x e s ________________

JZ’ nno
1 0,0 00

Tn’ non]
10,0001
.
4 ,0 0 0 ,0 0 0

117 T 1Q
3 1 7 ,3 1 9
, , nl
1,501,8.>7

2 ,0 0 0 ,0 0 0

N e t in c o m o _________
P fd . " A ” d iv s --------------P fd . “ B ” d iv s ...................

$ 3 ,2 5 7 ,0 6 4
(7 )3 9 1 ,4 9 8
(6 )6 1 9 ,3 0 0

$ 3 ,1 3 7 ,7 7 4 $ 4 ,4 3 2 ,3 6 5
(7 )3 9 1 ,4 9 8 (7 )3 9 1 ,4 9 8
( 0 ) 6 1 9 ,3 0 0 (4 ^ )4 6 4 ,4 7 5

S urplus ----------P ro v io u s su rplu s .

$ 2 ,2 4 6 ,2 6 6
3 ,6 0 6 ,4 7 2

$ 2 ,1 2 6 ,9 7 7
2,74 6,86 1

$ 3 ,5 7 6 ,3 9 2
6 7 0 .49 6

$ 5 ,8 5 2 ,7 3 8 $ 4 ,8 7 3 ,8 3 8
1,2 6 7,36 6
1 ,5 0 0 ,0 0 0
------------------- --------------------

$ 4 ,2 46 ,8 6 1
1,50 0,00 0

T o t a l s u rp lu s_________________
T ra n s fe rre d t o r e s e r v e ---------------

P r o fit a n d loss su rp lu s _____________ $ 4 ,3 5 2 ,7 3 8
— V . 109, p . 2 1 7 8 .

$ 3 ,6 0 6 ,4 7 2

$2,< 46 ,8 6 1

Yale & Towne M anufacturing Co.— U . S . S u p rem e
Court Voids N . Y . State In c o m e Tax on N o n -R e s id e n ts .—
S eo u n d e r “ C u rre n t E v e n t s ” o n a p re ce d in g p a g e o f tin s Issue.— V . 10J,
p . 1707.

Youngstown Sheet & Tube Co.— R e sig n a tio n .—
L o u is J C a m p b e ll lias re sign e d as V ice -P rr sid e n t t o b o c o m e P res id en t
o f th o E le c tr ic A llo y S teel C o .— V . 110, p . 3 6 9 , 666 .
C U R R E N T

N O T I C E S

— R e gin a ld L . H u tch in so n , fo rm e rly w ith G u d o , W in m ill A C o ., has boc o m o a sso cia te d w ith J. M . B y rn e A C o .

t 978

THE CHRONICLE
g jk p x r r t s

a m t

[Vol. 1X0.

J p m m u m ls .

AMERICAN TELEPHONE AND TELEGRAPH COMPANY
A N N U A L R E P O R T OF T H E D IR E C T O R S TO T H E S T O C K H O L D E R S F O R T H E

Y E A R -E N D I N G

D E C E M B E R 31 1919.

n,
c, , , , ,
i o the Stockholders:

New Y o r k , M a r c h 1 1920.

Herein is respectfully submitted a statement of the opera­
tions and the relations to each other of the properties in
which your Company has direct or indirect financial interest
and which taken together make up the Bell Telephono
System.
This is followed by the usual report containing tho balance
sheet and statement of your Com pany’s direct earnings, with
full explanations, and other information of special interest
at this time.
THE BELL TELEPHONE SYSTEM .
.

GENERAL.

In the mind of the public, tho Bell Telephone System
means the great national network of toll lines, local exchange
lines, switchboards, buildings and other telephone property
which together afford facilities for connection between any
two telephone stations out of over eloven millions in the
cities, towns and rural districts of the United States. In
this System your interest is large and controlling.
Your Company owns directly the long trunk toll lines
joining together tho territories operated by its associated
companies and through their local plant and sorvico bringing
all telephone stations into direct connection with other
parts of tho System. It owns directly and indirectly 89 per
cent of tho stock of these associated companies. Tho com­
panies of which it owns practically all of tho profit-sharing
stock produce 75 por cent of the revonue. Of the othors,
it owns a majority in three and a substantial minority in
two.
I hose companies aro tho successors of the original
licensees under the Bell patents and they are now in contract
relations with this Company. Under those contracts this
Company furnishes to the associated companies tho telephono
instruments used by them, and also licenses the associated
companies under tho many important patents now owned or
controlled by it, and agrees to liconso them under all patents
hereafter acquired. The contract also provides that this
Company shall continue its research and development worlc
for tho benefit of tho associated companies, and shall render
to each of them services in connection with its executive,
financial, legal, engineering, accounting and other operating
functions.
'
Your Company also owns othor obligations of the as
sociated companies.

temporary, have hardly an appreciable offect oither on
service or revenue as a wholo.
Tho Goneral Organization of this Company is tho head­
quarters organization of tho System. Later in this roport,
the activities of its various departments will bo described.
W ithout such a central organization, tho accumulated ex­
perience of all of the associated companies could not bo made
available for tho service of any one. B y co-oporation, all
experience is not only mado available but is so applied as to
make a comprehensive and co-ordinatod system, capablo of
giving universal sorvice. Tho porsonnol is strongor and moro
specialized than any individual company could maintain;
and the records and data are invariably, moro oxtonsivo.
Questions which can bo dealt with once for all by a contrai
organization aro so handled as to avoid tho duplication and
multiplication of effort which would follow if each associated
company undertook to perform those functions for itself.
The organizations of tho associated companies and of the
Long Lines Department of this Company aro tho operating
organizations for tlioir torritorios.
Initiative is oncouraged in all parts of tho Systom, but it
is tho special function of tho hoadquartors organization to
select, by study and trial, tho best mothods, materials and
plans for the bonefit of all.
W ith a view to showing tho operations of tho Boll Systom
with inter-company accounting eliminated, combined oam ings statements and balanco sheets havo boon given in
previous reports and are continued this yoar.
I or only the last fivo months havo tho telephone oarnings
of tho Systom boon tho oarnings of tho stockholders, tho
previous soven months having boon under Federal Control
at a fixed compensation; for that roason a statement of this
five months’ poriod is givon, as moro significant as to presont
earnings than tho complete earnings statements for tho yoar.
Iii normal times wo should consider the margin of undivided
profits at the rato shown in tho fivo months’ statement ample.
It compares favorably with any othor similar period in tho
System’s history; but tho times aro not normal and wo aro
asking tho Commissions to protect this necessary service to
tho public by allowing such a margin as will prdvido for any
contingency above whatever roturns to tho investor may
provo necessary to attract capital. W o fully expect somo
increased rates and we aro prepared for somo increased
expenses.

During tho first soven months of tho year, tho properties
being under Fodoral Control, tho principal source of oarnings
was tho just compensation fixed by tho contract with tho
Government. This compensation for tho period of Federal
Control was fixed at an equitable rato, “ based on tho then
ml1• i-,W0 ° al1 connecting companies, occupying theso fields.
Ilu s Company has no permanent direct financial interest in existing conditions and prospects,’ ’ but was not earned by
theso connecting companies but, through its stock ownership tho Government becauso doubt, and finally litigation, as
m the associated companies, is indirectly interested where to tiio Government’s powers to fix rates dolayed tho incroasos
in the revonue in process before tho Stato Commissions and
tho associated companies hold their securities.
necessary to moot unavoidably increasing expenses. In
This Company also owns over 97 per cent of the profit­
order to obviate tho dolay and expense of a long accounting,
sharing stock of Western Electric Company, Incorporated,
a basis of settlement with tho Unitod States was proposod
winch is tho manufacturing and supply organization of the
and has boon accopted.
.boll bystem, and it also holds a minority intorest in Tho Bell
Rates of pay to employees havo beon most carefully
Telephone Company of Canada, with which its toll lines
considered and havo been increased to meet tho present
connect.
standards and, oxcept possiblo in a few cases which aro still
The System, although made up of many separate corporate
under consideration, we boliovo aro fair and sufficient to
entities, operates as ono organization and enjoys tho benefits
attract tho high class of porsonnol which is nocossary to
of one organization: Unity of purpose, standardization of
and has been characteristic of our sorvico.
material and methods, a single manufacturing, purchasing
W e can say now, as has boon said in previous reports,
and supply department, and a uniform policy.
that tho actions of tho rate-controlling bodies havo, in
I ho approach to a single ownership in these corporations
general, been such that wo could accopt them. As has
has been of advantage both to stockholders and tho public,
always been tho case, thoro aro exceptions, but tho tondency
independently of operating advantages. N o local public
is toward moro equitable and moro sound treatment. It is
utility has unvarying good fortune. In times of bad fortune,
becoming moro clearly understood that, in a utility like ours
its stockholders participate and the utility is likely to bo
which in order to givo sorvice must extend with tho growth
hampered in giving service. W ith a utility of national
of the community, tho test of rates— assuming economy and
scopo, occasional local variations^in conditions, if only
efficiency— is the return which will attract capital.
The direct obligations of tho associated companies in
stock, bonds and notes owned by your Company are shown
m its balance sheet. ' In some localities our associated com­
panies have no exchanges, but connect with local companies,




979

T H E C H R O N IC L E

M ar . G 1920.1

In our effort to m aintain our service a t highest efficiency
our policy has been to provide margins of surplus in p lant,
and reserves of m en and w om en in training, ample to enable
us prom p tly to respond to any unforseen dem ands for facili­
ties. N o m an and no corporation had a right to expect to
como through the great war u n touched.
Our greatest loss
w as the loss of these m argins for plan t growth and reserves
of m en and wom en in training.
D u rin g the war the re­
striction on the uso of capital and m aterial, coupled with
tlio unprecedented dem and for service, com pelled us in somo
places to exhaust our plant m argins and left us a t the be­
ginning of 1919 with an actual shortago of plant to moot tho
then dom ands. B y the end of tho year, except in a fow

p h o n e s e r v ic e m a d e n e c e s s a r y a la r g e a m o u n t o f n e w c o n ­
s tr u ctio n .

U n d e r th e d ir e c t io n o f th e E n g in e e r in g D e p a r t ­

m e n t p la n s a lr e a d y p r e p a r e d w e r e p u t i n t o e x e c u t io n , a n d
a d d it io n a l
fo r

p la n s

m a n u fa c tu r e

w ere
and

prepared

and

in s ta lla tio n ,

in

a rra n g e m e n ts
ord er

to

m ade

p r o v id o

th e

a d d it io n a l p la n t n e e d e d in t h o m in im u m t im o a n d t o o b t a i n
th e m a x im u m

e ffic ie n c y fr o m

th e p la n t a lr e a d y a v a ila b le .

T h e r e s u ls o f t h i s w o r k a r o a l r e a d y r e f l e c t e d in t h o r e s t o r a ­
tio n

of

norm al

p la n t

c o n d itio n s

in

m any

s e c t io n s

of

th o

c o u n t r y , a n d t h o g e n e r a l p r o b le m o f r e lie f w ill b o s o lv e d a s
r a p id ly a s p o s s ib le .

Automatic Sioitchboards. D u rin g the past year the
Engineering D ep a rtm en t has beon engaged in planning and
directing the introduction of m achine switching or autom atic
localities, tho usual facilities were restored.
switchboards into tho B ell Systom .
It is our plan to study
W o lost heavily during tho war in m en and w om en trained
each im provem ent in apparatus to determ ine how it can
for work and in you n g m en in tho m inor supervisory posi­
m ost econom ically be m ado a part of the p lan t.
Such studies
tions.
H andicapped b y this lack of plan t and of em ployees,
show that in the large cities m achine switching equipm ent
especially supervisory officials, wo entered upon tho year
should be em ployed for extensions necessary to provide for
of tho greatest dom ands u p o n -u s.
U n av oid a b ly, therefore,
growth and for reconstruction to replace w orn-out equip­
tho sorvico, particularly in congested centres, has been im ­
m en t. Our experience has shown that b y this procedure we
paired.
I t is now im proving b u t it cannot be brought to
aro enabled constantly to change to now types of apparatus
the pre-w ar standard until conditions approaching those
as they are developed, w ith tho least am ount of disturbance
beforo tho war again obtain .
T o do as well as has been
to the service, in tho m inim um tim e and w ithout disturbing
done, no body of m en and w om en over labored moro loyally
effects upon the em ployees or on the financial situation.
in the public service than have tho thousands in this service
T h u s loss and w aste incident to sudden change aro avoided,
during tho past year.
_
apparatus not sufficiently proven in is n ot incorporated into
I m p o r t a n t c o n t r ib u t io n s h a v e b e e n m a d e d u r in g th e y e a r b y
tho p lan t, and tho entire physical property of the System
o u r D e p a r t m e n t o f D e v e lo p m e n t a n d R e s e a r c h in th o d ir e c t io n
is b y easy evolution keeping abreast of the develop m ent of
b o t h o f e c o n o m y o f p l a n t a n d o f i n c r e a s e in t h o s c o p e o f s e r v i c e .

T h o war has em phasized tho value to the cou n try both
of purely scientific and of industrial research.
I his C om ­
pany has long recognized tho im portance of b o th .
The
discoveries of F araday and Ilo n ry m ade tho inventions of
B oll and M orso possible. T h o C om p an y has in the past
and again this yoar m ado contributions to scientific institu­
tions for tho purposes of research, under arrangem ents which
insuro bonefits to tho Systom and to tho public.
Reference has beon m ado in previous roports to tho suit
of W . A . R oad and C o m p a n y . A s an incident of th at
litigation, telephone properties in O hio, Indiana and Illinois
ropresonting an in vestm en t of abo u t b 0 0 ,0 0 0 ,0 0 0 were
sequestrated and placed under tho control and operation of
Receivers.
It was decidod th at it was for tho benefit of
tho stockholders that the suit bo settled in order that the
properties m ight bo rostored to our m an agem en t, and action
was taken accordingly.
T h is settlem ent is being am p ly

the art of telephony.
B y tho use of these autom atic switchboards as we havo
planned to introduce them , increased capacity will be pro­
vided with proportionately sm all increases in tho num ber of
operators required and w ith a sim plification of the service
conditions in tho largo cities. W h ilo these autom atic switch­
boards aro more expensive in first cost than tho m anual
switchboards, it is expected th at tho decreased operating
expenso of tho autom atic will do m uch to offset tho increasing

justified b y results.
A t present thoro is no litigation of m ajor im portan ce.
PLANT.

Maintenance.—A t

all tim es, both during the period
of Federal C ontrol and since, tho m aintenance of tho pro­
perty has boon adequate and in accordance with the stan d­
ards of tho Boll S y stom , so th at it has n ot been perm itted
to dotoriorato, and to-d a y tho physical property is in normal
condition.
D uring tho war period and for a n um ber of
m onths thoroaftor, in tho m atter of apparatus a djustm ents
and othor minor troubles occurring from timo to tim o on
individual subscribers’ linos or trunk lines and tem porarily
interfering with tho sorvico, it was n ot possiblo to roinove
these troubles as p rom p tly as under pro-war conditions
T h ese troubles, how ovor, were alw ays taken caro of as
pro m p tly a s'p o s s ib le and novor perm itted to accum ulate,
and tho dolay in rom oving thorn did not represent any de­
terioration of tho plan t bu t m erely indicated that tho servico
was interrupted for a little longer period than under norm al
conditions. T h is dolay in im m ediately rem oving diffi­
culties of tho character roferrod to above has been ono of the
m inor causos contributing to tho difficulty of giving our
usual high grade sorvico through tho war period.
D u rin g tho past yoar tho dam ago to plant from sleet
storm s and other sovoro weather conditions has beon some
w hat loss than tho avorago. T h o necessary repairs havo in
each caso boon thoroughly m ad o.
Additional Plant. W h ilo a t all times the m aintenance
of tho plan t has boon adqu ato, tho war em bargoes on all
form s of tolophono equipm ent and m aterials resulted in
tho using up of tho norm al m argins of spare plant and
equ ipm en t at m an y poin ts, and the close of tho war there­
fore fou n d substantial shortago in m an y localities.
W ith
tho lifting of tho ombargoos and tho restoration of moro
norm al conditions, steps woro im m ediately taken to m ake
up thoso shortages. O ver and abovo these, the intenso
com m ercial a ctivity of tho country during tlio past year
and tho consequent abnorm al dom and for additional tele­




cost of giving telephone service.
Toll Cables. D uring 1919 the extension of tho toll cable
system from Philadelphia to Harrisburg was com pleted.
T a k en in com bination with the cables already working be­
tween B osto n and W a sh in g to n , this gives a through toll
cablo routo from tho im portant points on the E astern sea­
board to as far wost as H arrisburg.
Plans aro com pleted
and work is undor w ay for the extension of this cable west
from Harrisburg, and b y the ond of 1920 tho toll cable sys­
tem will reach as far w est as P ittsburgh.
T h e goneral plans
have been com pleted for extending the cablo from Pittsburgh
to C hicago.
If the dom ands for additional toll circuits
continue, as seems likely a t the present tim e, it is expected
th at this cable will be com pleted to Chicago b y 19 2 3 . Tho
installation of these toll cables results in econom ies over a
period of years, due n ot only to the reduced annual charges
on additional circuits as required and less expenso for routine
m aintenance, b u t also to tho fa ct that the losses resulting
from storm dam ago to open wire are avoided, as are also
losses in revonue and reaction on tho servico during storm
periods. T hese new toll cables are therefore doing m uch
to stabilize the toll plant and reduce expenditures, as well
as further to im prove the servico.

Key West-Havana Telephone Cables. In co-operation
w ith tho C uban-A m erican Telephone & Telegraph C om p a n y ,
plans havo been m ado for tho extension of the telephone
service of the U n ited States across the Florida Straits by
m eans of ono or moro telephone cables to bo laid from K e y
W e s t to H a v a n a . T h o m anufacturing arrangem ents for
these cables and tho new apparatus required in connection
therewith are now in process. T hese cables will bring all of
the principal places in the U n ited States into telephinic
com m unication w ith H a v a n a and othor im portant places
in C u b a , and constitute an im portant extension of tho tele­
phone service of tho B ell S y stem .

Labor-Saving Construction Machinery. O f special inter­
est at this tim e bocause of tho shortago of unskilled labor is
tho application of labor-saving devices to telephone plant
construction.
Pole hole digging and polo setting m achinery
m ounted on and using power from auto trucks has been tried
out and is available for use. M a n y other m echanical labor
saving devicos aro being constantly studied and adapted to
tho needs of our business.
S E R V IC E .

T h e war and its after effects havo produced m arkod reac­
tions on the telephono service rendered b y tho Boll S y stem .

980

T H E C H R O N IC L E

In every branch o f business, including public service cor­
porations, and in all hom e and dom estic arrangem ents in­
volvin g the em p loym en t o f labor, these reactions have been
serious, and from the nature of the case the telephone com ­
panies could n ot escape the country-w ide tendencies at
w ork,
(rood telephone service depends upon m a n y factors
am on g which the principal are:
Adequate Telephone Plant. U nless there are sufficient
sw itchboards and subscribers’ , trunk and toll lines to take
caro ot the calls as th ey originate, the service is necessarily
im paired both b y the delay and b y the effect on the opera­
tors upon w h om this delayed traffic piles u p . D u ring the
war adequate telephone plant could n ot be provided for
grow th .
T h e G overn m en t had to com m andeer both m a­
terials and labor needed to build telephone p lan t, and divert
them to the m ilitary establishm ents b oth here and abroad
and to other purposes essential to the winning of the w ar.
bm ce the arm istice, m uch has been done in restoring the
plan t to norm al conditions, b u t there has n ot been sufficient
tim e to com plete the w ork.
I t requires from eighteen to
tw en ty -tw o m on th s to engineer, bu ild, install and cut into
service a m odern telephone central office, and if substantial
Pil1
1
° P eratl°n s are in volved , under present conditions,
tim e m a y extend to tw o or tw o and one-half years.
Adequate Traffic Supervisory Forces. Large traffic super­
visory forces are necessary for the m an agem en t of central
ortices, tor the general supervision and direction of the
work done in th em , for the traffic engineering work and
for other related traffic activities. T h is supervisory force
w as h eavily drawn on during the w ar to furnish trained
m en to the Signal Corps o f-th e A r m y , to the N a v y , and to
w ar activities. In addition , m uch o f the tim e and
eiiort ot the rem aining supervisory forces were diverted to
the special needs o f telephone service for the G overnm ent
and w ar industries. W h ile the work which these m en did
contributed in an im portan t m anner to the winning of the
w ar, there was necessarily a reaction upon the general telepnone service.
T h ese supervisory forces are n ow restored
s u i t s 611* USUal a c t m t l e s ’ and their e^ o rts are showing re-

[Vol. 110.

pub le and fc stockholders.
ho
T here are inter-com p any
profits on use of p aten ts, on expert engineering advico, e tc .,
and on m anufactures, b u t either through the 4cV per cent
o
f i g ™ * " the dividends of tho m anufacturing com p an y ,
J n l ^ iV
r 0 into the treasury of the A m erican T elophone and Telegraph C o m p a n y , tho financing com p an y of
bf ston k n fV h Excep-t fori tho dividends on tho small am ount
lh.
psfr C
1?»te« eom pam os m the hands o f the p u b t n ’ t S ? f ts f t j® B eil Telephone Systom ultim ately com e
treasury of tho A m erican Telephone and Telegraph
, and aU surplus over and above dividends is turned
J?40, 1
'110 System through investm ent in plan t, particu­
larly the long hnos plant furnishing the intercom m unication
essential to universal service. W h e th e r tho total of the divid­
ends paid is too m uch or too little is to be determ ined only b y
0 f tho, shares and other securities of the
™ w J olephoi\e and Telegraph C o m p a n y .
T h e earn­
ings m u st be enough to establish such m arket values as will
m ake new shares or securities readily saloablo.
h e r o is a c l a s s o f u t i l i t i e s w h i c h c a n g i v e s e r v i c e b y m a i n ­
t a i n in g a n d o p e r a t i n g w i t h o u t e x t e n d i n g t h e i r p l a n t s .
T hey
t h e v P ^ l l SU
i
b u n ts a s t h e y m a y e le c t u p o n th e clie n te le
h h °y w d l s e rv o .
I f a s e lf is h p u b l i c r e f u s e s r e m u n e r a t i v e

L ^ o ^ e - ea? tl0a, 1S o n ly u p o n the u tility as long as the plant
r
is m aintained and oporatod.
A n essential part of telephone service is readiness to serve
S
ff h ° n s as well as old .
Roadiness to serve involvos
ability to extend and inability to extend m eans an insuffi­
cient service; and consequently, a roaction upon tho public
as well as upon the c om p an y .
Therefore, w ith telephone service m ore than a n y other
utility , the necessity of oarnings which will attract capital
is a necessity of tho public as well as o f the u tility
T h is
principle is generally recognized. A s a rule, wo have found
the pubhc willing to p a y fair rates and the rate-controlling
bodies ready to authorize th em .
W A R S E R V IC E .

r w L ™ , 0 rBe11 ?;yst, r? ’ aofc including W e ste rn Electric
e
intO T est^* ^n ’
<3
h ^ est statistics of war service are of

The Operators. I t w as im possible during the w ar to ob­
tain an adequate supply of operators, and m a n y experienced
ln to w a r s e r v ic e o f th e U n ite d S ta te s ...........
15 010
people left the telephone com panies to enter the service of
.............
O n d u t y o v e r s e a s ............. ..
W o u n d e d In a c t io n ..................
..............................................
too G overn m en t or the m a n y industries which had to bo
created or greatly enlarged for the prosecution of the w ar.
G iv e n d e c o r a tio n s , m e d a ls o r c it a t io n s ................................
* R e -e m p lo y e d ..........................................
................................ 0 70 c
1 a <jtutlcuJty J this m atter becam e increasingly great tow ­
n
e-em ployed.ly al who havo apPf,eU for reinstatement' to 'd a te have been
ard the end of the w ar, and the situation was further com ­
plicated b y the influenza epidemic and b y the commercial
P E R IO D OP P E D E R A L C O N T R O L .
a c t m t y which has resulted in a largo grow th of telephone r
traffic during the past year.
In the A c t of Congress giving the President authority to
take over and operate tho telephone and telegraph properties
A m o n g telephone operators there was a labor turnover
or abou t A 3,000 in the best pre-w ar y ear, 1 9 1 5 , and this of the wire com panies, the poriod of control was to be
rate was low in com parison w ith other large em ployers of
? ™ nated. b y tlG ratification of peace. T ho arm istice,
labor. _ U n d er war conditions the labor turnover increased therefore, forshadowed the return of tho properties to their
gratiy in_ail industries, and am ong our operators it reached
A t the beginning of the year, the properties wore under
a rate o f 8 0 ,0 0 0 a year . T h e adding of so m a n y inexperienced
people to the operating forces has reacted seriously on the the control of an O perating B oard appointed b y the P o st­
service, particularly in the larger cities where it takes a long m aster-G eneral and m ade up of m en of experience and
tim e tor new em ployees to becom e expert. T h e turning ability selected from different companies and system s,
i n e y operated through the oxisting organizations. So far
point nas been passed, and during 1919 we added m ore
People t ° the operating forces than we lost during th at period. a t least as the Bell Telephone System is concornod, they
-■j , building up o f the operating forces has been facili­ m ade no change in the organization, the m ethods or tho
*
tated by the long established and well recognized policy of personnel. T h e y were confronted b y increased costs and a
tne com panies o f fair dealing w ith their em ployees and of necessity of m aking frequent adjustm ents of wage scales to
providing for their com fort.
T h e B ell System w as a pioneer m eet increased cost of living and increased wage standards
in providing the best buildings w ith n ot only every necessity, m the face of doubt as to where lay the power to authorize
but every com fort for the operators, including am ple quartors changes in rates for service.
.T h o resulting failure to earn the com pensation was inevit­
com forta b ly furnished, in w hich the operators can spend their
tim e w hen n ot on d u ty , and dining room s where the best able. T h e power of tho Postm aster-G eneral to fix rates
q u ality o f food is provided a t less than cost; in introducing for service was finally established by a decision of tho U nited
a liberal plan for pensions, sickness and disability benefit States Supremo C ou rt in Juno 1919, less than two m onths
p a ym e n ts; and in general in m ak ing every practicable pro­ before the return o f the properties.
B / ^ ot of Congress approved July 11 1919 it was ordered
vision for the sa fety , health and com fort o f the em p loyees.
W ages have been increased to tho greatest am ou n t which that the properties should bo turned back to privato control
the revenues w ould perm it.
W h ile the cost o f living and on July 31 1919 and that rates established b y tho P ostm astorother factors v ary in different places, telephone operators’ G enera! .u n l e s s previously changed by proper rogulating
T ho roturn
wages generally are tod ay higher in proportion to the cost of bodies, should endure until D ecem ber 1 19 19 .
living than th ey were in 19 15 .
m ade no change in operations. Tho com pensation stopped
E v e ry resource o f the B ell S y stem is being brought to a ?'dt.thG earm ngs becam e the stockholders’ earnings instead
’
bear upon the service problem .
In all cases the falling off or the G overn m en t s.
Im m ediately after the return, negotiations were opened
m the q u ality of telephone service has been stop p ed , in m ore
I t was roalizod that unless
tnan halt the cities of the cou n try the service has already been for a settlem ent of accounts.
restored to n orm al, and w ith few exceptions an im provem ent a settlem ent could bo m ade for a fixed a m o u n t, tho operations
has already been effected at the rem aining places.
I t is ot tho C om p an y w ould be ham pered b y a process of account­
It
clear irom w h at has already been accom plished and from the ing, auditing and checking likely to continue for yoars
increasing experience of the new operating forces th at we was found that certain item s were debatable. A fte r m ature
m a y look forward during the year 1920 to a return to sub­ consideration, it was decided that a prom pt settlem ent
A
stantially norm al service conditions throughout the B ell would ju stify the concession of all debatable points
proposition was m ade and accepted.
S y stem .
E A R N IN G S .

conditions which obtained before the w ar, we
should h ave considered the rate of earnings since Federal
C ontrol as entirely satisfactory. Y o u h av e, therefore, a
n g n t as stockholders to congratulate yourselves on the prop­
erties h avin g com e through the war unimpaired as to earnm g s.
W h e th e r the present rate of earnings is sufficient for pres­
ent tim es and conditions is debatable. In the B ell T o lePj1
.?.110 S ystem taken as a w hole, m ore than in a n y other
u tility , profits are conserved within the S ystem for the benefit




S T A T IS T IC S A N D F IN A N C IA L D A T A .

Thore are in the U n ited States approxim ately 11 0 0 0
separate telephone com panies.
O f them 3 6 aro associated
com panies o f the B ell S y stem , 9 ,4 0 3 indopondont com panies
whoso telephone stations are connected with tho Boll S y stom ,
arid about 1 ,5 0 0 independent com panies whoso telephone
stations are n ot connected with tho B ell S y stom .
There
are also a largo num ber of rural lines and associations oporateel m ainly on a m utual or co-operative basis and n ot rated
as com panies.
O f these linos and associations tlioro aro
2 6 ,1 8 4 which connect with the B ell S ystom .

A t the end of tho year tho num ber of telephone stations
which constituted tho Hell System in tho United States
was 1 1 ,7 9 5 ,7 4 7 of which 7 ,7 3 9 ,1 5 9 wero owned by associated
com panies of tho Bell System and 4 ,0 5 0 ,5 8 8 b y local, co­
operative and rural independent com panies or associations
having subliconso or connection contracts, the so-called
connecting com panies.
In addition to thoso tlicro are abou t 8 7 3 ,0 0 0 stations owned
by independent com panies n ot connected with tho Boll
^ T h o 1follow ing tables set forth tho developm ent of the
Boll Telephone System in tho U n ited States a t the end
of tho year and its growth during tho year:
TELEPHONE

System as to earnings and expenses after pu ttin g into effect
tho principal rate and. wago adjustm ents m ade necessary
b y war changes in price levels.
bell

STATEM EN T

C O N N E C T IO N S — B E L L -O W N E D

7 2 9 .74 8

M IL E S OF W IR E A T E N D OF Y E A R .

Per Cent
Increase o f Copper
during
Wire to
Year. Total Wire.

B ell O w n ed
Aerial.
E x e h a n g o _______ 7 ,2 0 6 ,4 9 7
T o l l . . . . ................2 ,2 7 7 ,2 6 5

1 3 ,4 36 ,9 9 3
1 ,2 4 2,24 4

2 0 ,6 4 3 ,4 9 0
3 ,5 1 9 ,5 0 9

6 9 6 ,2 6 0
185 ,58 9

9 5 .2 f
9 0 .8 ^

T o t a l __________ 9 ,4 8 3 ,7 6 2

1 4 ,6 79 ,2 3 7

2 4 ,1 6 2 .9 9 9

881 ,84 9

9 4 .6 %

4 2 7 ,5 7 0

7 ,3 7 5

6 0 .5 per cont of tho B oll-ow ned wire mileage— excluding
subm arine cable— is in underground cables, and this percontago is stoadily increasing. T h o underground conduits
represent a cost of 8 1 1 9 ,0 0 0 ,0 0 0 and tho cables in tho con­
duits $ 1 0 0 ,7 0 0 ,0 0 0 , a total in underground plant of $ 2 8 0 ,­
3 0 0 ,0 0 0 .

io ir o r

/.lu i.o u o

1 6 ,5 8 3 ,5 4 2
$ 6 ,9 6 9 ,1 9 7

D uring tho period of Federal C on trol, the provision for
depreciation and obsolescence was a t the annual rate of
5 .7 2 % of tho book value of the plan t, excluding intangible
capital, right of w ay and land.
T h is is the average annual
rato charged during tho three years prior to Federal C on trol.
In tho five m onths since Federal C ontrol $ 2 7 ,3 0 0 ,4 3 4 has
been accrued for depreciation or a t tho rato of 5 . < 8 % an­
nually.
BALANCE

T o t a l ................................................................................................................$ 73 ,4 4 6 ,0 3 2
* D ccrcaso.

T h e abovo am ou n t of not plan t additions com pares with
tho additions of tho previous 19 years as follow s:
N E T P L A N T A D D I T I O N S D U R IN G 2 0 -Y E A R P E R IO D .
1907
....$ 5 2 ,9 2 1 ,4 0 0 1914................$ 5 0 ,0 4 5 ,3 0 0
... 2 6 ,6 3 7 ,2 0 0 1 915............... 3 2,8 6 3 ,7 0 0
1 908
1909 ............... 2 8 ,7 0 0 ,1 0 0 1 91 6 ------------- 6 6,2 2 4 ,7 0 0
..118 ,59 9 ,5 0 0
1910
. 5 3,5 8 2 ,8 0 0 1 917
. 7 7 .9 2 2 ,6 0 0
1911
. 5 5 ,6 6 0 ,7 0 0 1 918
1 912
. 7 5 ,6 2 6 ,9 0 0 1 919............... 7 3 ,4 4 6 ,0 0 0
1 91 3
. 5 4 ,8 7 1 .9 0 0
T o t a l $ 1 ,0 6 6 ,0 1 7 ,0 0 0

1 9 0 0 ................ $ 31 ,6 1 9 ,1 0 0
1 9 0 1 . . ........... 3 1 ,0 0 5 ,4 0 0
1 90 2
_____ 3 7 ,3 3 6 ,5 0 0
1 90 3
.......... 3 5 ,3 6 8 ,7 0 0
1 904
.......... 3 3,4 3 6 ,7 0 0
1 90 5
.......... 5 0 ,7 8 0 ,9 0 0
1 90 6
.......... 7 9 ,3 6 6 ,9 0 0

E A R N IN G S A N D E X P E N S E S .

T o understand or correctly determ ine tho actual costs
and charges of tho telephone service, and tho ultim ate dis­
tribution of tho rovenuo, a consolidation m u st bo m ade of
tho accounts of tho B ell Telophono System which includes
tho A m erican Tolophono and Telegraph C om p an y m m its
associated holding and operating com panies in tlio U nited
Statos, b u t does n ot includo connecting independent or sub­
license com panies, or tho W e stern Electric C o m p a n y , In c .,
except as interest and dividends from these com panies aro
included in non-operating revenues.
.
A consolidated incom e statem en t follow s with all inter­
com p an y duplications elim inated so th at the figures represent
tho business of tho Systom as a whole in its relations to the
public.
b e l l t e l e p h o n e s y s t e m in u n i t e d s t a t e s .
1919.
1919.
$ 7 9 ,6 5 0 ,1 8 6
2 7 ,6 92 ,6 2 1

B a la n c e N e t P r o fit s ----------------------------------------------- 8 51 ,9 4 7 ,7 6 7
D e d u c t D iv id e n d s ____________________________________
7 3 4 ,7 1 J

SH EETS.

T h e follow ing are tho com bined balance sheets of the Bell
Telephone System in the U n ited States for the years ending
D ecem ber 31 1918 and 1919:

Construction W o r k ' in 'P rogress................................................................ * 3 ,7 0 2 ,5 3 5

1918.
T o t a l I n c o m b , In clu din g C o m p e n s a t io n ................. $ 75 ,0 5 8 ,8 8 5
D e d u c t I n t e r e s t -------------------------------------------------------- 2 3 ,i l l , u s

, o i co ’ q i 7
i 2 . l s 2 .B if

D iv id e n d s ________________________________________________-

Am ount.

$ 5 1 ,9 5 7 ,5 6 5
3 9 ,8 3 9 ,9 2 7

U n d iv id e d P r o fit s .................................................................$ 1 2 ,2 1 3 ,0 4 8 $ 1 2 ,1 1 7 ,6 3 8

F or tlio last 5 m onths of 1918 and tho first 7 m onths of
1919 wlion tho properties were under Federal C on trol, tho
Boll Systom rovonues consisted m ainly of com pensation
from tho U n ited Statos G overn m en t, the operating revenues
and operating oxpensos boing revenues and expenses of the
G ovorn m on t and n ot of tho Bell Systom . _ 4 his necessarily
m akos a com parison between tho dotailed item s of revenues
and oxpensos for tho years 1918 and 1919 of no significance.
F o r this reason tho incomo statem en t for tho years 1918 and
1919 is shown abovo in a condensed form o n ly . T here is
also shown a statem en t of earnings and expenses in detail
from A u g u st 1, 1919— when tho properties wero returned
to thoir ownors— to D ecem ber 31 1919._ T h is five m onths
statem en t roflocts tho operating results sinco Federal C ontrol,
and is significant in a goneral w ay of tho status of the B ell




7

Surplus E a r n in g s -----------------------------------------------------------------------------

T „ . i F e fn to
}
$ 8 ,5 5 3 ,8 9 2
n In m n n t .......... .......................... 1 11111111................................................ 3 5 ,6 3 1 ,9 4 2
E x eh a n g o L in o s ....................................................
14|794i627

(D p u lic a tlo n s E x c lu d e d .)

’ IS ?
i s ’ u on ’ AfiQ

T o t a l D e d u c t io n s ...............................................- ................................. f U f •295,761

N E T P L A N T A D D IT IO N S — B E L L O W N E D .

I N C O M E S T A T E M E N T , 1918 A N D

o ’ nrw ’ n ^

2 ,u o <,u jo

1 0 .4 7 1 .b 2 8

T o t a l G ross I n c o m e ............. ...................- ....................................- - ­
R e n t a n d M is ce lla n e o u s D e d u c t io n s ....................................... ............
;rest D e d u c t io a s ______________________________________________ -

D edu ct

N u m b e r a t D e c e m b e r 31 1 91 9 -------------------------------------------------------------209 ,86 0

T o l l ........ ....................................

1 1919

O p e ratin g I n c o m e . . ........................
S31 ' q 7 s ’ i s s
N o n -o p e r a tin g R e v e n u e s — N e t .........................- ..................... ..............

$ 30 ,8 0 0 ,0 0 0

E M P L O Y E E S — A S S O C IA T E D B E L L C O M P A N IE S .

Boll Connecting

.

Fipfi Months

T a x e s ........ ...........................

Average Number
Daily Since

Total.

s ta te s

T o t a l O p e r a tin g E x p e n s e s . . . ........................... - .............................
N e t O p e r a tin g R e v e n u e s ------- -------------«’4 3 ,b o J ,n » 4

,
Federal Control.
E x ch a n g e c o n n e c t io n s ------------------------------------------------------------1 ,2 3 9 ,0 0 0
T o ll c o n n e c t io n s ____________________________________________

I'nderground.

u n ite d

T o t a l O p e r a tin g R e v e n u e s . .------------------------------------------------D e p r e c ia tio n --------------------------------- — ........... ....................................—
C u rre n t M a in t e n a n c e ___________
T r a ffic E x p e n s e s ..........................................- ...................- ............................
C o m m e rc ia l E x p e n s e s ........ ............................ .......................... — ...........
G en eral a n d M is ce lla n e o u s E x p e n s e s ------------

EXCH AN GES.

T o t a l ........................................................................................................

in

ending
Dec. 31 1 919.

S T A T IO N S .

....................................................- ....................................1 1 .7 95 .7 4 7

system

OF REV E N U E S A N D E X P E N SE S, AU G U ST
T O D E C E M B E R 31 1919.

E x ch a n g e R e v e n u e s ------------------------------------------------------------------------T o ll R e v e n u e s ..................................... .............. ............................... - ...........
M is ce lla n e o u s R e v e n u e s --------------------------------------------------------------- --

IJcll o w n e d .................................... - ........................................ ..
B ell c o n n e c t in g ________________________________________ - 4 ,U oo,o»tt

TELEPHONE

telep h o n e

(D u p lic a t io n s E x c lu d e d .)

Number
at End
o f Year.

T otal

981

T H E C H R O N IC L E

M ar . 6 1920.]

B E L L T E L E P H O N E S Y S T E M IN U N I T E D S T A T E S .
C O M B I N E D B A L A N C E S H E E T S 1918 A N D 1919.
(D u p lic a tio n s E x c lu d e d .)
D e c . 31 1918.
Dec. 31 1 919.
T e le p h o n e P l a n t . ! ............................................ $ 1 ,1 4 2 ,4 9 8 ,1 5 2 $ 1 ,2 1 5 ,9 4 4 ,1 8 4
3 8 ,0 3 5 ,0 3 4
S u p p lie s, T o o ls , & c -----------------------------8 4 ,4 0 9 ,5 1 9
1 22 ,9 5 3 ,2 9 0
R e c e i v a b le s _____________________________
7 2 ,8 7 9 ,8 4 2
C ash
1 18 ,8 0 6 ,3 5 1
S to c k s a n d B o n d s ___________________________
1 15 ,0 5 4 ,8 7 6
T o t a l ...................................................................... $ 1 ,3 8 0 ,5 0 6 ,3 1 8 ' $ 1 ,5 3 0 ,0 7 4 ,9 3 0
L ia b ilitie s .
. o ,o
$ 51 2 ,1 2 1 ,8 6 8
5 4 6 ,2 0 2 ,7 6 0
F u n d e d D e b t s ----------------------------------------------1 ,7 7 4 ,2 0 7
B ills P a y a b l e . . . ........................... - .....................
Qa’? a fi'n o s
7 2 ,1 5 8 ,0 1 4
A c c o u n ts P a y a b le ---------------------------------------3 8 ,1 9 6 ,0 9 o
T o t a l O u ts ta n d in g O b lig a tio n s ----------------$ 1 ,0 2 9 ,2 7 0 ,3 5 9 $ 1 ,1 3 2 ,2 5 6 ,8 4 9
E m p lo y e e s ’ B e n e fit F u n d .................................
a i ’ o q i ’ qko
r r r ’ ^74 nnn
S u rp lu s a n d R e s e r v e s _______________________
3 4 1 ,9 9 1 ,9 5 9
3 8 8 ,5 7 4 ,0 0 0
T o t a l .................. I ..................................................$ 1 ,3 8 0 ,5 0 6 ,3 1 8 $ 1 ,5 3 0 ,0 7 4 ,9 3 0

A ll intangible assots have been excluded in the above
balance sheots so that tho com bined Surplus and Reserves
aro shown in an am ount considerably less than tho aggre­
gate of theso item s as they appear on the books of the sepa­
rate com panies.
A t D ecem ber 31 19 1 8 , the m aior part of the supplies,
cash and current receivables of tho B ell System e om panies
wore in the possession and control of the U n ited States G o v ­
ern m en t, and wero included in the accounts of the com panies
as receivables from tho G overnm ent
T h ey are accordingly
shown in one am ou n t with other corporate item s w ithout
detail classification. N o basis of com parison of theso item s
as between tho years 1918 and 1919 exists. T h e item of
A ccou n ts Payablo ($ 3 8 ,1 9 6 ,0 9 5 ) for D ecem ber 31 1918
represents only corporate payables, thoro being excluded all
current payables associated w ith Federal operation of the
Bell Systom properties, and similarly no basis of com parison
exists with A ccounts Payable a t D ecem ber 31 1919.
The
item Recoivablos ($ 8 4 ,4 0 9 ,5 1 9 ) for D ecem ber 31 1919 in­
cludes $ 9 ,4 8 3 ,7 1 5 , comprising com pensation w ith interest
accrued thereon duo and unpaid b y tho U n ited States G o v ­
ernm ent as of that d ate.
T h e true value of tho telophono plant of tho B ell System
is m uch greater than tho book value of tho plant as shown
in this balance sheet. A ctu a l appraisals which have been
m ade from tim e to tim e b y rate m aking bodies for rato
fixing purposes have clearly dem onstrated tho conservat­
ism of the book values. T h e m inim um replacem ent value
of the property is far in excess of the book value.
Before tho war tho reproduction cost of the Boll T ele­
phone System plant w as substantially in excess of tho book
value and at present prices thoro is little doubt b u t that tho
reproduction cost exceeds tho book value b y several hundred
m illions.
.
.
_
T h e plant has been adequately m aintained.
Obsolescence
moreover has in groat part been taken care of and there is
a large and increasing reserve against any em ergency.
Surplus and reserves have increased $ 4 6 ,5 8 2 ,0 4 1 during
1919 and aro now 3 2 per cont of tho book value of the tele­
phone plan t.
T h o capital stock, bonds and notes payable of tho B ell
T elephone System outstanding in tho hands of the publio

983

T H E C H R O N IC L E

a t the close of the year 1919 were $ 1 ,0 6 0 ,0 0 0 ,0 0 0 , while
the net assets devoted to earning a return on these out­
standing securities am ounted to over $ 1 ,4 4 8 ,5 0 0 ,0 0 0 .
T h is
due to the fa ct th at surplus and reserves of over $ 3 8 8 ,­
5 0 0 ,0 0 0 h ave been invested in productive property.
On
this am ou n t equal to approxim ately one-third of the invest­
m en t in plan t, it is n ot necessary to p ay capital charges.
A s a result a relatively low return on the total n et assets is
sufficient to earn fixed charges and dividends.
S T A B I L I T Y O F T H E T E L E P H O N E B U S IN E S S .

p N o t only does the telephone business grow steadily even
in times o f business depression, as is shown by the diagram
on the back cover of this report, b u t th at it does n ot suffer
a ny substantial retardation in its norm al grow th during such
periods, appears from the chart on the follow ing page
[pam phlet report].
& v s
T h e telephone business varies very slightly from its norm al
growth as com pared w ith the fluctuations of general busi­
ness. T h is is an elem ent of security and enables the business
to be carried on with a lower m argin of surplus earnings
than w ould be safe in general industrial undertakings.
W E S T E R N E L E C T R IC C O M P A N Y , IN C .

T h e sales of the W estern Electric C o m p a n y , Incorpor®indA n n °n ife year 1919, aggregated $ 1 3 5 ,0 0 0 ,0 0 0 , of which
were to th ? associated B ell Com panies and
were t0 ° tber custom ers.
T h e decrease of
$ 1 0 ,0 0 0 ,0 0 0 as com pared w ith 19 18 is entirely attributable
to the cessation of G overn m en t requirem ents.
T h e earn­
ings were sufficient to provide the usual reserves and pay
the regular dividends w ith a fair m argin. Starting the year
with unfilled orders aggregating only $ 2 6 ,2 0 0 ,0 0 0 and a poor
prospect o f new business, the com p an y gained steadily
from m on th to m o n th , ending the year with the largest
S ?
111 1^S history and unfilled orders aggregating
$ 4 7 ,0 0 0 ,0 0 0 .
T h e estim ates for 1920 indicate a continuing increase in
business, to take care of which will tax the co m p a n y ’s facili­
ties to the u tm o st.
Im p ortan t additions to the m anufac­
turing p lan t a t H aw thorne are under w a y , part of which
will be occupied during the year, and the balance will be
pushed to com pletion as rapidly as possible.
REPORT

OF A M E R IC A N T E L E P H O N E
TELEGRAPH CO M PAN Y.

AND

E A R N IN G S .

[Vol. 110

year for tho past thirty-eight years; during tho past thirteen
years the rate has been uniform ly $ 8 .0 0 per share.
BALAN CE SHEET.

A com parative balance sheet of this C o m p a n y for D e c­
em ber 31 1918 and D ecem ber 31 1919, is givon at the end of
this report.
D uring the year investm ents in stocks of
associated companies increased $ 5 ,1 3 4 ,4 4 6 2 4 ; invostm onts
in bonds and notes of and advances to associated com panies
increased $ 5 7 ,8 8 0 ,4 3 3 8 8 , of which $ 4 0 ,0 0 0 ,0 0 0 was to
enable associated com panies to retiro their notes endorsed
' Y ^ C o m p a n y m aturing February 1 1919.
T ho total
ot $ 6 3 ,0 1 4 ,8 8 0 12 represents tho increased perm anent in­
vestm ent of this C om p an y in the associated com panies of
the Boll System .
Investm ents in stocks of other B ell System com panies
consist of the stocks of tho W estern Electric C om p an y ,
In c o r p o r a t e , T h e Bell Telephono C om p an y of C anada,
the 195 Broadw ay C orporation, which owns the land and
building in which this C o m p a n y ’s offices in N ew Y o rk
C ity are located, the A tla n tic and Pacific Telephone and
Telegraph C om p an y , a holding com pany described else­
where in this report, and the Cuban-A m orican Telephone

t0 ^

««*»<»

n o ^ se o 7 'th ? ^ f ^ if tio ^ a iid SP aeifior^p^|p
C om p an y which are described e L l n Ph? V T e l® ^ a Ph
T h e investm ent in T elep h o n e,
^ 0 m ^
re? T \
receivers and transm itters w S
representing telephone
C om p an y for tho use of the
T furn,s.h o d . b y this
$ 2 ,2 9 8 ,9 2 0 35 during the y e a n
a t° d CompaniR9’ lncroasfi(1
R eal E state consists of a b i',;u :«
• T jv
. ,
a t $ 5 0 9 ,2 6 7 3 6 which it ?s 1 S l V L n Indianapolis carried
to our associated com pany i n T w ^
.a o r t y T 1 bo 3old
,b
in N e w Y o rk C ity a m o F n t W ^
T \ ° Statn
acquired by this C om p an y
w b l c b )vas
in due time for „
pany for tho PurP °30 of providing,
offices.
’
r a necessary extension to our present
s e S g ^ d d lt in inGS PJant, ^ cre a se d $ 6 ,7 2 7 ,7 1 6 3 2 , ropret h f c o m m lv f
m ad® du™ * tho y ° ar f o the plant of
telephonoP i S n e s s Care f ° r the growth of lts long-distance
b
PuToh a se e pinn« $ 8 ’8 1 2 ’ 799 ° \ T ru stees-E m p lo vees’ Stock
h
this n P a ns’ r®Pre8ents the am ount of capital stock
mndn L t l ^ Panyi m tho hands of Trustees less paym ents
S n on nf i w m-P,° 7 n eS’ to be d^vorod to them upon com ­

“ * P aym ° nte ' m der the
T h e earnings of the A m erican Telephone and Telegraph Stock I ^ r c h S e H a m
C om p an y for 1919 include, for the five m onths since Federal
P ecei7 abj® / rom tho U nited States G overn C ontrol which ended July 3 1 st, in addition to the not re­
is tho ba1an°o d ™ this
ceipts of the long-distance, lines, interest and dividends from ? S
n y for the Bell System as com pensation during Federal
investm ents in other, than associated com panies, and in­ Control with interest at 5 % to D ecem ber 31 1919.
Of
terest on bonds and notes of and advances to associated i J m m ! ; ! 1111 ^ 7 ’8 5 n’62 0J 3 13 payable to the associated
8
com panies, only th at part o f their earnings which is received
b y the A m erican Telephone and Telegraph C om p an y out
&,erm™
ot thoir divisible surplus earnings as dividends.
F or the 997 07Q tS Receivable in Suspense am ounting to $ 1 0 ,U^
seven m on th s of Federal Control the earnings include this n i l ’f Z i tt represents interest duo this C om p an y b y the
C om p an y s portion o f the B ell S ystem com pensation under T Ga ra i U n i0n te le p h o n e C o m p a n y , an associated com C
the contract with the G overn m en t in the place of n et receipts
PO T Rnt °.f which was withheld during the reIrom the long-distance lines and interest and dividends 2“ S
which terminated during the year. T h is interest
from associ ted com panies for th at period. P a ym en ts K
eenr U y earncd by the Central U nion Telephone
J
under the general service contracts with associated com ­ uom paaiy.
it has been possible since tho termination of
panies were m ade during seven m onths b y the G overn m ent nr>?™^teiVer^ P , to transfer out of suspense part of the
and durm g five m onths b y the associated com panies.
am ount earned therein at tho closo of 1918 and it is expected
l l i e disbursem ents o f interest and dividends represent
the year 192()Unt rem am ing wiH bo further reduced during
the charges on the securities issued b y this C o m p an y m ainly
to finance the associated com panies and the long-distance cnT em poraiY Cash Investm ents of $ 3 6 ,5 7 4 ,1 8 5 4 0 roprelines.
“ “ V , « S C o m Pany 3 ownership of $ 3 1 ,5 0 0 ,0 0 0 four and
, n f o sta ^e? ^ 1 t . o f 1the earnings and expenses for the years one-half per cent U nited States Treasury Certificates of
i
1J18 and 19 19 is shown at tho ond o f this report.
W c to ^ N o S sa
8 5 ’ 1 1 9 ’5 5 0 o f L iberty Roan B ond s and
D u e to the fact that in 1918 com pensation accrued during
fiv e m on th s and in 1919 during seven m onths in the place of
tbe 7 ear capital stock increased $ 3 4 ,1 0 0 .
Of
n et receipts of the long-distance lines and interest and divid­ the terma ^ aft.lssuP d ^0r cash a t par in accordance with
p
ends from associated com panies, a com parison of detailed the terms of the offer to stockholders of record a t D e c e m item s of earnings between the tw o years is n ot significant,
i , . ; ; 1? ; Th-° h a a n o e of $ 3 3 ,6 0 0 was issued in the
conversion of convertible bonds.
but the total earnings for the year 1919 w ere$ 7 0 ,5 0 2 ,6 8 2 18
an increase of $ 9 ,4 4 6 ,5 1 9 4 8 over those for the previous i o S 6; ? 0 0 ° f the convertible 4 ^ per cent gold bonds of
y ear.
nf ? i 9 r converted m to stock during the year at tho ratio
^
T h e net earnings for the year were $ 6 0 ,2 4 3 ,3 8 7 5 3 .
This
f. b T d s ’mu 8 1 0 0 o f bonds and * 2 0 of cash, for one
result is after m aking provision for the federal incom e tax S
®\°ono 7 L hn P m ainRd outstanding at tho end of
er° rRl
payable m 1 9 2 0 .
T h o interest charges were $ 1 5 ,8 4 7 ,5 9 6 2 6 ,
O O O .ra issued te’? 0 1 3
638 ° nd9 ° Ut ° f “ lo ta l o f * 0 7 ’^ rr1 oe nds $ 3 5 ,3 5 6 ,3 3 4 4 6 , and the resulting balance $ 9 ,0 3 9 ,1
seven-year 6 per cent convertible gold bonds m a ­
4 o 6 8 1 , of which $ 5 ,0 0 0 ,0 0 0 was appropriated to reserve .
for contingencies and $ 4 ,0 3 9 ,4 5 6 81 was added to surplus. turing A u g u st 1 19 2 5 , bocomo convertible into stock aftor
l o r the fourth quarter o f the year, which is the first A u g u st 1 1 9 2 0 , on the basis o f $1.00 of bonds and $ 6 of
com plete fiscal quarter since the telephone properties com - cash for one share o f stock.
A s stated in last year’s report, $ 4 0 ,0 0 0 ,0 0 0 fivo-vear 6
p n sm g the B ell System were returned to the ownors b y the
U nited States G ov ern m en t, the earnings available for divi­ Srrinr6^
g ° d notes dated F obruary 1 1919, woro sold in
dends were $ 1 2 ,0 8 5 ,4 8 1 77 or $ 2 .7 3 per share o f stock .
On n fd6 n «rPrOVJde f f nds I ° r the. paym ont of an equal am ount
an annual basis this rate o f earnings is equivalent to nearly t W rFnfn
° f R e l a t e d companies m aturing on
$11 per share o f stock .
tb nvudato b<]ari.n,!? the endorsem ent o f this C om p an y
T h e follow ing table shows the earnings per share avail­
f ! nancm ^ j n anticipation o f e x p e c te d ‘growth
able for dividends on the stock for each year since 1900:
nnn
1 S y «em was taken care of b y the sale of $ 5 0 ,0 0 0 ,UUO three-year 6 per cont gold notes datod Ootobor 1 19 19 .
1901
...._$10 99 9 0 6 . . . . — $9 86 1 9 1 1 . . . ___ S10 01
1
1 91 6
..$9 77
1902
..... 8 921 90 7 ____ . . . 11 89 1 9 1 2 . . . . . .
9 86 1 917
9 48
\
n
9 u^ o n t Accounts P ayable is ac­
---- 9 191 90 8 ____ . . . 11 64 1 9 1 3 . . .
1903
9 59 1 91 8
9 97
counted for m ainly b y tho inclusion o f tho A ccounts P ayable
1904
_
_
8 631909____ . . . 10 85 1 9 1 4 . . .
9 38 1 9 1 9 ...............10 05
1905
..... 9 911 9 1 0 ____ — 10 34 1 9 1 5 . . . . . .
9 52
, , J he
i
d e p a rtm e n t which at D ocom bor 31 1918
uuu i is preaecessor h ave paid dividends under Federal Control wore the obligation of the U nited
btatos G overnm ent, and b y am ounts loft with this C om p an y
to the public a t the rate o f a t least $ 7 .5 0 per share each
py som e ot the associated com panies until requirod b y thorn.




- .

,)8infr tlw arao,mt

All discounts on bon ds and n ote issues are deducted in
determining tho not surplus as shown in tho balance sheet.
N o te s of associated and other B ell System com panies
endorsed b y this C om p an y roported a t the
of the B a l­
ance sheet at D ecem ber 31 1 9 1 9 , consist of $ 8 ,5 0 0 ,0 0 0 of
notes of tho 195 B roadw ay C orporation , due July 1 19JO,
which corporation as elsowlioro stated owns the real estato
in N o w Y o r k C ity whore the C o m p a n y ’s offices are now
locatod; and $ 8 0 3 ,0 0 0 o f dem and notes of associated com P

983

T H E C H R O N IC L E

M aii. 6 1920.]

'

C A P IT A L S T O C K .

F or tho $ 4 4 1 ,9 8 1 ,2 0 0 capital stock $ 4 7 8 ,5 2 0 ,6 0 7 9 7 has
boon paid into the treasury of tho C o m p a n y ; the $ 3 0 ,5 3 9 ,­
4 0 7 97 in oxcess of par valuo represents prem ium s on stock
which are included as part of tho C o m p a n y ’s surplus.
T h o book cost of tho assets underlying tho capital stock
o f tho Am orican T elephone and Tolegraph C o m p a n y , in­
cluding its intorost in tho assets of its associated com panies,
am ounts to m ore than $ 1 8 5 for each share of stock. T h is
am ou n t would bo m u ch greator if present costs of replace­
m ent wore takon into accou n t.
,
T h o num ber o f shareholders, n ot including em ployees
purchascing stock under tho plan of easy paym en ts, was
1 2 0 ,4 6 0 on D ecem bor 31 19 1 9 , an increase o f 8 ,0 4 0 during
tho year.
T h a t tho distribution continues to bo more
general appears from tho follow ing:
•
11 1,27 1 hold less than 100 shares each;
8 ,8 4 0 held from 100 to 1 ,0 0 0 shares each;
321 hold from 1 ,0 0 0 to 5 ,0 0 0 shares each;
15 hold 5 ,0 0 0 shares or m ore each (om itting brokers,
holders in in vestm en t tru sts, e t c .).
O f tho holders of less than 100 shares each,
4 2 ,7 7 8 hold 5 shares or less each;
9 1 ,3 2 9 hold 2 5 shares or less each.
T h o avorago num bor of shares held was 3 7 .
There aro moro w om en shareholders than m en .
A b o u t four and one-half per cent of tho stock was at
D ocom bor 31st in the nam os of brokers and only ono and
one-half por cent of tho stock is hold in Europe.
T o tho 1 2 0 ,4 6 0 stockholders of record shown above thoro
should bo added som e 9 ,0 0 0 em ployees of tho B ell System
in all parts of tho country who aro paying for stock out of
their wages at tho rate of $2 por share per m on th .
(1 9 ,5 0 6
em ployees h ave alroady paid in full for their stock, and are
now stockholders of rocord).
Cou n tin g these and also
tlioso porsons whoso stock is held for them in investm ent
trusts and tho like, thero wero probably at least 1 4 0,00 0
actual owners of stock in this com p an y at D ecem ber 31 1919.
A second stock purchase plan effective in 1920, b y which
em ployees of one year’s scrvico or moro in tho Bell System
aro aided to becom e stockholders of this C om p an y to the
oxtont of a lim ited num bor of shares oacli, for which tlioy
aro to pay o u t of tlioir wages at tho rato of a fow dollars a
m o n th , was announced tho latter part of tho year. O ver
5 0 ,0 0 0 em ployees in all parts of tho country have applied
for shares undor this plan .
. .
„ „
[In tho pam ph lot report, President T h a yer furnishes full
particulars regarding the m atters involved in the allegations
of C . 11. Von n er, who for tho past fifteen or tw enty years has
m ado a practico of obstructive litigation in the case of pend­
ing security issues by leading corporations. _Tho validity of
tho c om p an y ’s stock issues in excess of $ 5 0 ,0 0 0 ,0 0 0 M r .
T h a yer shows has boon passed on b y tho courts, while the
special dem and notes which M r . V enner called in question
liavo been tho su bject of a special investigation b y a com ­
m ittee whoso roport is quoted at length b y President T h a yer.
T ho com m ittee say in brief that they liavo found nothing to
criticizo.]
IN C R E A S E O F C A P IT A L S T O C K .

Tlio lim it of the authorized sharo cap ital, with a reasonable
roservo against tho conversion of tho convertible bonds issued,
has been reached. T h o issuo com ing due in 1925 becom es
convertible A u g u st 1 1 9 20 .
In order to provido against the
romoto contingency of com plete conversion and to provide
for further issuo of capital stock, if and when it shall bo
found desirablo, it is recom m ended th at tho authorized share
capital of this C om p an y bo increased from $ 5 0 0 ,0 0 0 ,0 0 0 to
$ 7 5 0 ,0 0 0 ,0 0 0 .
F or tho D irectors,
I I . B . T I I A Y E R , President
C U R R E N T

N O T I C E S

— H . P e n d le to n R o g e r s , m e m b e r o f th e N o w Y o r k S to c k E x c h a n g e and
C h ic a g o B o a r d o f T r a d e , J . T h c u s M u n d s . m e m b e r N e w Y o r k C o t t o n
E x ch a n g o ; W illia m S ta c k p o io , m e m b o r N o w Y o r k S to c k E x ch a n g e ; F ra n c is
D . W in slow a n d L y m a n B . K e n d a ll, a n n o u n co th o fo r m a tio n o f th o firm o f
M u n d s , R o g e rs & S ta c k p o io fo r th o tra n s a c tio n o f a gen eral b ro k e ra g e and
in v e stm e n t busin ess a t 25 B r o a d S t., N o w Y o r k C it y .
M es srs. J . T h c u s M u n d s , H . P e n d le to n R o g e r s an d L y m a n B . K e n d a ll,
sp ecia l p a rtn er, w ero fo r m e r ly o f th o firm o f M a u r y , R o ge rs & A u ch in clo ss ,
th o S to c k E x c h a n g o firm w h ich has b o o n d ts s o v lc d , and M e s srs. F ra n cis D .
W in slo w a n d W illia m S ta c k p o io w e ro m e m b e rs o f W in slo w & C o ., also
d iss o lv e d .
__ E d m u n d B . B a r tle tt fo r m e r ly w ith T a y lo r , E w a rt & C o m p a n y o f
C h ic a g o , a n d p rior t o th a t, L o s A n gelos m an ag er o f S tophen s Sc C o m p a n y
a n d A u gu stu s K n ig h t; a sso cia te d fo r th o p a s t e ig h t yoars w ith I I . T . H o ltz
& C o m p a n y a lso o f C h ic a g o , h a v o o n te ro d th o b o n d business u n d or the
n am e o f B a r tle tt, K n ig h t & C o m p a n y , 29 S . L a S a llo S tr o o t, C h ic a g o , t o
d ea l in g o v e r n m e n t, m u n icip a l a n d h ig h grad o c o r p o r a tio n b o n d s . M r .
K n ig h t is P resid en t o f th o B o n d M o n ’s C lu b o f C h ic a g o .




A M E R IC A N T E L E P H O N E A N D T E L E G R A P H C O M P A N Y .
S T A T E M E N T O F E A R N I N G S A N D E X P E N S E S F O R T IIE Y E A R S
1918 A N D 1919.
1919.
Earnings (See N ote ) —
k
W aki
$ 1 6 ,4 6 1 ,6 7 4 20
D iv id e n d s ____________ - ______ ________________ $19 ,«)27 ,451 00
1 9 .9 5 3 .4 3 6 96
In te re s t a n d o th e r r e v e n u o ---------------------------i c
5 .9 5 5 .0 4 8 13
T e le p h o n e T r a ffic ( N e t ) -------------- - ---------------- 4 ,7 2 b ,0 9 o 86
2 8 .1 3 2 ,5 2 2 89
C o m p e n s a tio n — A c c o u n t G o v t . C o n t r a c t .. 1 8 ,7 80 ,3 Jo 66
T otal
$ 6 1 ,0 5 6 .1 6 2 70 $ 7 0 ,5 0 2 ,6 8 2 18
E x p e n s e s __________________________________________
6 ,7 6 3 ,1 4 5 98 1 0 ,2 5 9 ,2 9 4 65
N e t E a r n in g s ----------------------------------------------- In
D e d u c t I n te r e s t_______________________________ 1 0 ,3 9 1 ,6 9 4 89

$ 6 0 ,2 4 3 ,3 8 7 53
1 5 ,8 4 7 ,5 9 6 26

B a la n c e _________________________________________ $ 4 3 ,9 0 1 ,3 2 1 83 $ 4 4 ,3 9 5 ,7 9 1 27
D e d u c t D iv id e n d s _______________________________ 3 5 ,2 2 9 ,6 9 8 96 3 5 ,3 5 6 .3 3 4 46
B a la n c e .....................................................................$ 8 ,6 7 1 ,6 2 2 87

$ 9 ,0 3 9 ,4 5 6 81

C arrie d t o R e s e r v e s _________________________ $ 5 ,0 0 0 ,0 0 0 00
C a r rie d t o S u r p l u s ___________________________ 3 ,6 7 1 ,6 2 2 87

$ 5 ,0 0 0 ,0 0 0 00
4 ,0 3 9 ,4 5 6 81
_________________

T o t a l .............................................. ..........................$ 8,6 71 6 22 87

$ 9 ,0 3 9 ,4 5 6 81

N ote .— C o m p a ris o n o f d e ta ile d Item s o f ea rn in g s f o r 1918 a n d 1919 is
n o t s ig n ifica n t, as e x p la in e d a b o v e .
W . S . G I F F O R D . Vice-President and Comptroller.
A N N U A L E A R N IN G S A N D D IV ID E N D S .

Dividends
Paid.

1900 ........... .............- - .$ 5 ,4 8 6 ,0 5 8
1 9 0 1 ........... ___________ 7 ,3 9 8 ,2 8 6
1902 ______ ___________ 7 ,8 3 5 ,2 7 2
1903 ........... ........ ............1 0.5 64 ,6 6 5
1904 ______ .................... 1 1,275,702
1905 ______ ___________13,0 34 .0 3 8
1906 ______ ............... - .1 2 ,9 7 0 .9 3 7
1907 ........... ___________ 1 6,2 69 .3 8 8
1908 ______ ___________ 18,1 21 ,7 0 7
1909 ______ ___________ 2 3 ,0 9 5 .3 8 9
1 9 1 0 ........... ....................2 6 ,8 5 5 .8 9 3
1 9 1 1 ........... .................... 2 7.7 3 3 .2 6 5
1 9 1 2 ______ ....................3 2 ,0 6 2 ,9 4 5
1 9 1 3 ______ ___________ 3 2 ,9 2 0 .0 9 0
1 9 1 4 ______ .................... 3 2 .3 3 4 ,8 1 4
1 9 1 5 ______ ___________ 3 4 .6 1 8 ,6 3 8
1 9 1 6 ........... ___________ 3 8 ,0 1 3 ,2 7 7
1 9 1 7 ______ ___________ 3 8 ,4 7 1 ,1 0 6
1 9 1 8 ........... .................... 4 3 ,9 0 1 ,3 2 2
1 9 1 9 --------- ___________4 4,3 95 ,7 9 1

Added to
Reserves.

Added to
Surplus.

$ 4 ,0 78 ,6 0 1
5 ,0 5 0 .0 2 4
6 ,5 8 4 ,4 0 4
8 ,6 1 9 ,1 5 1
9,7 9 9,1 18
9 ,8 6 6 ,3 5 5
1 0 ,1 9 5 ,2 3 3
1 0 ,9 4 3 ,6 4 4
1 2 ,4 5 9 ,1 5 6
1 7 ,0 3 6 ,2 7 6
2 0 ,7 7 6 ,8 2 2
2 2 ,1 6 9 ,4 5 0
2 6 ,0 1 5 ,5 8 8
2 7 ,4 5 4 ,0 3 7
2 7.5 7 2 ,6 7 5
2 9 ,1 00 ,5 9 1
3 1 ,1 2 2 .1 8 7
3 2 ,4 8 1 ,6 1 4
3 5 ,2 2 9 ,6 9 9
3 5 ,3 5 6 ,3 3 4

N et
Revenue.

$ 93 7 ,2 5 8
1,377,651
5 2 2 ,24 7
7 2 8 ,1 4 0
5 8 6 .1 4 9
1 ,7 4 3 ,2 9 5
1 ,7 7 3 .7 3 7
3 ,5 0 0 ,0 0 0
3 ,0 0 0 .0 0 0
3 .0 0 0 .0 0 0
3 ,0 0 0 ,0 0 0
2 ,8 0 0 .0 0 0
2 ,8 0 0 .0 0 0
2 ,5 0 0 ,0 0 0
2 ,5 0 0 .0 0 0
2 ,5 0 0 .0 0 0
2 ,5 0 0 .0 0 0
2 ,5 0 0 .0 0 0
5 ,0 0 0 .0 0 0
5 ,0 0 0 ,0 0 0

$ 4 7 0 ,1 9 9
9 7 0 ,61 1
7 2 8 .6 2 1
1 ,2 1 7 .3 7 4
8 9 0 .4 3 5
1 ,4 2 4 ,3 8 8
1 .0 0 1 ,9 6 7
1 ,8 2 5 ,7 4 4
2 .6 6 2 .5 5 1
3 .0 5 9 ,1 1 3
3 ,0 7 9 .0 7 1
2 ,7 6 3 ,8 1 5
3 ,2 4 7 .3 5 7
2 ,9 6 6 ,0 5 3
2 ,2 6 2 ,1 3 9
3 .0 1 8 .0 4 7
4 ,3 9 1 ,0 9 0
3 ,4 8 9 ,4 9 2
3 ,6 7 1 ,6 2 3
4 ,0 3 9 ,4 5 7

Comptroller.

A M E R IC A N T E L E P H O N E A N D T E L E G R A P H C O M P A N Y .
B A L A N C E S H E E T D E C E M B E R 31 1918 A N D

1 919.

A
L'

‘ D ec. 31 1 918.
Dec. 31 1919.
S to ck s o f A ss o cia te d C o m p a n ie s ___________ $ 4 8 5 ,6 5 7 ,6 1 6 78 $ 4 9 0 ,7 9 2 ,0 6 3 02
B o n d s a n d N o te s o f a n d A d v a n c e s t o
_ _
s t £

S

$

5

S

o a

i s s i s : : :

8

§ £ ^ f c a n d F i ^ : : : : : : : : : : :
L o n g L ines P la n t________ _____. . _______ ____
T ru ste e s — E m p lo y e e s ’
S to c k
P u r ch a se
P l a n s - . - - - . . . . . - ..................................... ..
C u rre n t A c c o u n ts R e c e iv a b le :
D u o fr o m U n ite d S tatos G o v e r n m e n t
a c c o u n t C o m p e n s a t io n -------------- ---------O th e r C u rre n t A c c o u n ts R e c e iv a b le ------A c c o u n ts R e c e iv a b le in S u sp en se__________
D e fe r re d A s s e t s _______ - ______ _______ - ___
T e m p o r a r y C ash I n v e s tm e n ts .........................
C ash a n d D e p o s its ____________________________

J
f t
l
7 5 ,4 5 0 ,8 9 0 26
1 ,2 2 6 ,0 0 0 25

-----------7 ,4 6 9 ,9 3 4
1 5 ,3 0 0 ,5 5 9
* 1 ,0 0 2 ,1 5 6
5 .6 4 2 ,9 7 4
3 1 ,6 7 5 ,9 0 2

16
94
16
94
78

fl

8 2 ,1 7 8 ,6 0 6 58
____ _
8 ,8 1 2 ,7 9 9 03
n .0 0 _ , . _ 0
9 ,4 8 3 ,7 1 5 52
8 ,7 3 7 ,7 6 3 55
1 0 ,2 2 7 ,9 7 3 34
----------------------3 6 .5 7 4 ,1 8 5 40
2 7 ,5 1 2 ,D O 11

$ 8 2 1 ,1 5 6 ,7 3 4 47 $ 9 2 6 ,7 8 1 ,0 8 8 60
* C ash tu rn e d o v e r t o P o s tm a ste r-G e n e ra l as W o r k in g C a p ita l.

L IA B IL IT IE S .

Dec. 31 1918.
Dec. 31 1919.
C a p ita l s t o c k ...............................
$ 44 1 ,9 4 7 ,1 0 0 00 $ 44 1 ,9 8 1 ,2 0 0 00
C a p ita l S to c k In s ta llm e n ts ..............................
2 38 00
-----------­
4 % C o lla te ra l T r u s t B o n d s, 1 929.................. 7 8 ,0 0 0 ,0 0 0 00
7 8 ,0 0 0 ,0 0 0 00
7 7 ,4 3 4 ,9 0 0 00
Sc 0 C olla te ra l T r u s t B o n d s , 1946--------------- 7 8 ,3 3 3 ,9 0 0 00
/
5 % W e ste rn T . and T . C o . B o n d s , 1 9 3 2 - .
9 ,9 8 5 .0 0 0 00
9 .9 S 5 .0 0 0 00
4 % C o n v e r tib le B o n d s. 1 936...........................
2 ,5 8 9 ,0 0 0 0 0
2 .5 8 9 ,0 0 0 00
4
% C o n v e r tib le B o n d s , 1933------------------- 1 3,0 7 3 ,5 0 0 0 0
1 3 ,0 2 7 ,5 0 0 00
6 % C o n v e r tib le B o n d s, 1925_______________ 4 8 ,3 5 3 ,6 2 4 00
4 8 ,3 6 7 ,2 0 0 00
6 % 3 - Y e a r G o ld N o te s , 1 922..................................................... ..
5 0 .0 0 0 ,0 0 0 00
6 % 5 -Y e a r G o ld N o te s , 1 924...........................
............................
4 0 ,0 0 0 ,0 0 0 00
N o te s P a y a b le t o B a n k e rs ___________
4 ,0 0 0 ,0 0 0 00
-----------­
D iv id e n d P a y a b le J a n u a ry 1 5th _______----8 ,8 3 8 ,9 4 2 00
8 ,8 3 9 ,6 1 2 00
In terest a n d T a x e s A ccru e d n o t D u o ______
4 ,7 7 5 ,9 1 4 15
6 ,4 0 8 ,3 9 0 08
C u rre n t A c c o u n ts P a y a b le :
C o m p e n s a tio n D u o A s s o cia te d C o m ­
pa n ies w hen C o lle c te d fr o m U n ite d
S tates G o v e r n m e n t _______ _____________ _______________
7 fooo,n zU o o
1.5^4*742 06
ZZ
O th e r C u rre n t A c c o u n ts P a y a b le --------------E m p lo y e e s ’ B e n e fit F u n d __________
2 ,0 0 0 ,0 0 0 00
2 ,0 0 0 ,0 0 0 00
R geen c fe s f ? r °
S u rplu s (in clu d in g C a p ita l S to c k P re m iu m s
p e n s e T- ! . ^ 1 . ^

*

?

-

-

-

43, 900, 076 83

4 7 ,2 6 2 ,1 2 3 43

83, 414, 697 43

8 6 ,6 6 3 ,7 4 1 54

$ 8 2 1 ,1 5 6 ,7 3 4 47 $ 9 2 6 ,7 8 1 ,0 8 8 60

N ote.- -A ssocia ted a n d o th e r B e ll S ys te m C o m p a n ie s ’ n o te s e n d o rs ed b y
th is C o m p a n y (a m o u n tin g t o $ 5 3 ,9 0 0 ,0 0 0 o n D e c e m b e r 31 1918 a n d t o
$ 9 ,3 0 3 ,0 0 0 o n D e c e m b e r 31 1919) are n o t in clu d e d in e ith e r A ssets o r
L ia bilitie s.

w

g . G I F F O R D , Vice-President and Comptroller.

__ C la rk , D o d g e & C o ., 51 W a ll S t ., th is c it y , h a v o p re p a re d fo r d is tr ib u ­
tio n a co m p re h e n siv e analysis o f th o ra ilro a ds u n d e r th o C u m m in s -E sch
a c t , g iv in g a h y p o th e tic a l Interpretation o f th o p o ss ib lo e ffe c t o n earnings
o f th o n ow ra to -m a k in g p ro v is io n s , w ith a v io w t o m a k in g a c o m p a r a tiv e
s tu d y o f v a lu e s . T n o circu lar co n ta in s a th e o r o tic a l a p p lic a tio n o f th e
ra to -m a k in g p ro v is io n s o f th o a c t t o 57 r a ilro a d p ro p o rtio s. C o p lo s o f this
an alysis w ill b o m a ilo d b y th o b an k ors t o in qu irers.
— T h o n o w in v e stm e n t firm o f H it t , F a rw oll & P a rk s ta rte d bu sin oss la st
M o n d a y in g r o u n d flo o r o ffice s a t 37 L ib o r t y S t. this c i t y . T h o p a rtn ersh ip
m e m b e rsh ip in clu d o s R o d n e y H itt , G r o s v o n o r F a rw o ll, C h a rles F . P a r k ,
J r .. O . A rth u r A m b r o s e , W illia m B . S ca rb o ro u g h a n d R o b o r t C . H ill,
s p e c ia l. T h o now fir m w ill tra n s a c t a gen eral in v e s tm e n t busin oss in b o n d s
a n d s to c k s .
M a r w ic k , M it c h e ll & C o ., A c c o u n ta n ts a n d A u d ito r s , a t 79 W a ll S tr eot,
a n n o u n co th a t th e y h a v o a d m itte d N o r m a n G . C h a m b o r s , C . P . A . , t o
p a rtn e rsh ip in their fir m . M r . C h a m b e rs w ill b o in ch arge o f a n d d o v o t o
all his tim o t o th o s pecial d e p a rtm e n t th a t th e firm m ain ta in s fo r th o h a n d ­
lin g o f th o F od era l a n d S tate T a x m atto rs fo r its c lie n ts .
— W o lls -D ic k o y C o .. M in n e a p o lis , a n n o u n co th o o p o n in g o f a C h ic a g o
o f f i c o in T h e R o o k e r y B u ild in g , 209 S . L a S a llo S t ., u n d o r th o m a n a g em en t
o f J . D . C a r r o ll.
.

984

T H E C H R O N IC L E

[Vol. 110.

E. I. DU P O N T DE NEMOURS & COMPANY, Inc.
A N N U A L R E P O R T , 1919.

W IN D IN G

UP OF W A R

CONTRACTS.

To the Stockholders:

S U B S ID IA R Y

C O M P A N IE S .

T h o widoning o f tho scopo of our activities has m ad e it
Y o u r c o m p a n y ’s contracts w ith the A llied Foreign G overn­ desirablo that certain o f our investm ents bo carried in sub­
m ents contained no cancellation clauses. T h e y wero prac- sidiary com panies.
T h e chart shown on tho contro pages
tioally com pleted a t the tim e of tho signing of the A rm istice, o f this report indicates the relationship of tlioso com panies
because the U n ited States G o v ern m ftit had bou gh t our entire moro clearly than a verbal statem ent.
Stocks which your
o u tp u t, sold for delivery in 19 19 , w ith instructions to us com p an y owns in other com panies, excepting thoso which
as] to w hat portion was assigned b y them to the foreign aro consolidated w ith tho parent com p any in form ing the
A llies.
statem en t o f E . I . du P o n t do N em ours & C o m p a n y and
C on tracts w ith the U . S . G ov ern m e n t, which provided for subsidiaries, v iz .: PI. I . du P ont do N em ours & C o m p a n y of
cancellation, include a clause intended to hold the com pany P en nsy lv an ia , PI. I . du P on t de N em ours E xp ort C om p an y
harmless from all loss (except prospective p ro fits), duo to and R o k eb y R ea lty C o m p a n y , are included in tho statem ent
cancellation.
T hese contracts wero p ro m p tly canceled soon of A ssots a t cost values; sim ilarly tho incom e statem ent
after the signing of tho A rm istice, leaving the com p utation includes only dividends received from such stocks so that
of the am ou n t o f dam ages caused b y tho cancellation to bo tho consolidated statem ent o f E . I . du P ont do N om ours &
determ ined as soon as m igh t be.
C o m p a n y w ith subsidiaries in no w ay reflects tho undivided
A largo am ou n t o f accounting was required to proparo the profits accruing to such stocks.
claim s and sinco th ey were su b m itted , negotiations have been
In the past tho undistributed earnings on investm ent
conducted with tho several G overn m en t C la im B o a rd s, which stocks show n in our balanco sheet was not a considerable
aro roviowing and auditing the accou n ts.
T h o total am ount ite m , so th at tho usual practico of om itting roforonco to thorn
o f tho olaims of this com p an y against the U . S . G ov ern m en t, w as follow ed.
T his year, how ever, tho am ount has risen
because of cancolod
war con tracts, is $ 2 7 ,5 9 5 ,3 7 7 18. to such proportions as to be very m aterial in measuring tho
A g ain st this am ou n t tho com p an y holds advan ce p a ym e n ts, earning cap acity of your com p an y.
received on account of tho outpu t canceled, am ounting to
Eor tho year 1919 tho estim ated undivided profits accruing
$ 2 0 ,7 5 8 ,0 8 8 0 3 .
T h o claim s h ave been carefully prepared, to tho principal stockholdings of tho com p any not rcflcctod •
w ith a viow of asking only for such dam agos as aro em inently in tho C onsolidated Incom o Statem ent of tho E . I . du P ont
fair and ju s t, so th at th ey will even tu ally bo approved and do N em ou rs & C om p an y am ount to $ 1 6 ,1 0 5 ,7 1 3 , which is
paid b y the G ov ern m e n t.
H ow ev er, settlem en t has not equivalent to $ 2 7 3 7 per sharo on com m on stock.
y o t been m ad e and m a y n ot be com pleted for som e tim e be­
A lso , in this connection, it is interesting to no to that tho
cause of tho G o v ern m e n t’s system which requires a very estim ated excess in net asset values of tho principal stock­
com p lete audit of all item s.
holdings o f tho co m p a n y , over and abovo tho valuos a t which
T h o strictly w ar plants of the co m p a n y , as reported last
yoar, wore sold en bloc to tho D u P o n t Chom ical C om p an y ,
so th at this com p an y lias been relieved of tho burden of liqui
datin g th at in vestm en t in detail.

such stocks aro carried on tho b ooks, am ounted to $ 3 3 ,1 2 6 ,­
6 2 3 at D ecem ber 31 19 19 , which is equivalent to $ 5 6 2 9 per
sharo o f com m on stock.

Progress can bo reported in the task of converting tho
m u n ition m ak ing com p an y of tho years 19 14 to 19 18 , inclu­
sive, in to a producor o f peace-tim e necessities. T h e per­
sonnel and assets had grow n during the war poriod to such
an oxton t th at it was evident to the m an agem en t th at they
could n ot bo fu lly utilized in the industrial oxplosive business.
T h e reports of the years 1 9 1 6 , 1917 and 1918 indicate that
this condition had been anticipated and tho c om p an y ’s
soope broadonod to utilize, as far as m a y b e , its greater
assets and personnel in the after-w ar period.

G E N E R A L M O T O R S C O R P O R A T IO N IN V E S T M E N T .

U T IL IZ A T IO N

OF
PERSONNEL
D U R IN G W A R .

ACCUM ULATED

A * a result o f ontoring into tho production and distribution
of p y -ra -lin , p ain ts, pigm en ts, chem icals and dyes to sup­
plem ent you r c o m p a n y ’s com m ercial explosives m anufacture
and the vory considerable grow th in tho volu m o of tho busi­
ness in theso undertakings, I am able to report th at further
curtailm en t in tho num bor o f em ployees on tho com p an y ’s
pay-rolls from th at indicated in /last year’s roport has not
been fou n d necessary.
O n D ecem b r 31 1919 there wero
of salaried em ployees 7 ,8 7 0 and of wago earners 2 3 ,7 1 0 ,
a total of 3 1 ,5 8 0 .
B y far tho largest in vestm en t in new undertakings has been
m ad e in the m otor industry b y an in vestm en t in tho stock of
the G eneral M o to r s C orporation , a n d , although we aro only
stockholders in th at corporation, the frien d ly relations with
its m an agem en t have enabled us to receivo the indirect
benefit o f m a n y valu able em ployees who w ould otherwise
have had to bo dispensed w ith , because the extraordinary
grow th in th at industry has dem anded largo num bers of
cap able m en .
T h e next in size has beon in our new dye plan t at D eep ­
w ater P o in t, N . J ., across tho D elaw are from W ilm in g to n ,
where we aro m an u factu rin g successfully a large num bor of
tho com plicated dyes form erly m ade in G erm a n y only.
Y o u r com p an y has m ad e a conspicuous success in the syn­
thetic m anufacture o f indigo and cam phor on a vory large
scale and is now m ak ing satisfactory profits th ereby.
R e­
search laboratories liavo been established and m a n y chomists
are em ployed in this very im portan t now branch o f our
in d u stry .




T h o largest o f theso item s is that accruing b y reason o f tho
earnings of tho General M o to rs Corporation.
Y o u r com ­
p a n y owns through its subsidiary, D u P ont A m erican Indus­
tries, 2 3 8 ,5 0 4 shares of General M o to rs Corporation com m on
stock , and 1 5 9 ,1 1 5 shares o f Chevrolet M o to r C o . com m on
stock .
Sinco tho Chovrolot M o to r C o . owns stoolc in tho
General M o to r s C o . in an am ount which m akes each share
o f C hevrolet M o to r C o . represent 1 .3 1 9 5 shares of General
M o to r s C orporation stock , this investm ent really roprosonts
2 0 9 ,9 5 2 shares o f General M o to rs Corporation com m on
stock .
T h e total cost o f theso 4 4 8 ,4 5 6 sharos to tho com ­
p a n y w as $ 4 8 ,7 5 8 ,2 5 2 5 3 .
N o dividends wore received from theso securities in 1919
b y tho D u P on t C o m p a n y , though $ 2 ,6 6 9 ,4 3 0 was received
b y its subsid iary, tho D u P o n t Am erican Industries, whoroas
it is estim ated , based on tho first elovon m onths of 19 1 9 ,
th at tho earnings accruing to this stock for tho yoar 1919
will bo $ 1 3 ,8 1 5 ,5 4 9 53 ovor and above tho dividends rocoivod
b y tho D u P o n t A m erican Industries.
I t is opportune horo to call your attention to tho origin
of this in vestm en t.
Y o u r Vice-P resident, M r . J . J . R a sk o b ,
with extraordinary foresight, interested him self as oarly as
1915 in tho General M o to rs C orporation to tho oxtont of
becom ing a largo stockholder and director in that com p an y ,
and b y exorcising groat porsoveranco was ablo to convince
tho directors o f your com p an y that tho vory unusual stop
of m aking a hugo investm ent in an industry largoly foreign
to its business was warranted b y tho opportunities afforded
thoroby.
T h o earnings on Goneral M o to r s Corporation stock for
the year 1 9 1 9 , after sotting aside a suitable am ount for excess
profits ta x , will bo abou t $ 3 7 a sharo, and tho valuo of your
c om p an y ’s investm ent as measured b y tho prosont m arket
qu otation s has more than doubled sinco its acquisition.
T his statem ent is perhaps strongor than a ny com m ondation
of M r . R a sk o b ’s w ork which could bo m ade in this roport.
BONUS PLAN .
Y o u r directors liavo continued tho Bonus P lan , approved
b y tho stockholders at thoir m ooting in M a r ch 19 1 7 .
T ho
earnings o f tho com p an y , b y reason of tho cessation o f hos­
tilities and tho newness o f its activities in othor than tho ox-

plosives lino, rosultod in a m uch reduced am ou n t for distri­
bution a m o n g 't h e em ployees; h ow ever, 1 ,3 5 6 em ployees
woro awarded bonuses of com m on and of debenture stock
for 1919 at a cost of $ 8 5 7 ,5 3 6 8 9 .
S T O C K S U B S C R IP T IO N P L A N .
T h o Stook Subscription P lan has been continued and 9 ,0 0 0
shares of debenture stock offered to em ployees w ho were
with us during tho years 1918 and 1919 (subscriptions re­
ceived aggregated 11 ,2 7 1 shares, and you r officers have
doomed it wiso to accopt thorn a ll).
T h e continuance of tho
B onu s and S tock Subscription Plans has been of aid in in•roasing tho n u m ber of om ployee stockholders.
T h o num bor of stockholders and thoso of them em ployed
b y tho com p an y is show n in tho follow ing tabu lation cover­
ing a num bor of yoars.
T h o record from 1917 to 19 1 4 , in­
clusive, is of E . I . du P o n t do N em ou rs Pow der C o m p a n y ;
th at for tho lator yoars, of its successor, E . I . du P o n t do
N om ou rs & C om p a n y :

T

985

T H E C H R O N IC L E

M ar . 0 1920.]

1007— 8 0 9 , o f w h o m
1908— 9 5 5 .
“
1909—
1 ,3 3 5 , “
1910— 1 ,6 9 5 ,
“
1911—
2 ,1 6 3 , •'
1912—
2 ,6 9 7 , “
1913—
2 ,9 3 5 , "
1914—
3 ,0 9 3 , “
1915— 3 ,8 4 0 ,
“
1916— 4 ,2 2 1 ,
“
1917—
5 ,4 0 9 , “
1 918—
7 ,2 0 3 , “
1919— 8 ,1 3 7 ,
“

218,
200.
524,
764.
990,
1 ,4 4 0 ,
1 ,0 4 7 ,
1 ,1 8 4 ,
1 ,1 2 2 ,
1 ,4 4 8 ,
2 ,4 4 5 ,
3 ,2 2 0 ,
3 ,6 1 3 ,

or
or
or
or
or
or
or
or
or
or
or
or
or

2 7 % w oro e m p lo y e e s
26%
“
“
39%
45%
45%
53%
36 % *
38%
29%
34%
45%
45%
44%

m on stockholders of four quarterly cash dividends of 4
oach, a total of 1 8 % .
N o special dividend was deolared at
tho end of tho year out of tho largo undivided p rofit, for the
reason th at the c om p an y ’s business requires tho use of all
tho assets in han d .
T ho com pleto dividend record of the
com p an y and its predecessor— E . I . du P o n t do N om ours
Pow der C om p an y — follow s:
E. I DU PON T DE NEM OURS POW DER CO M PN AY.
1 2%
1912
...........................
1904
........................
8% s
...........................
3 )1 1 1913
1905
........................
8%
1914
...........................
6
1906
........................
1915
...................................... 2 2 % 6
7 ..
1 9 0 7 ------------------------------„%
1916
.......................................6 %
1908
...............- ..................... 7 %
1917
.....................................6 %
1909
........................................................................7 ^ %
1 91 8
______$ 10 p a r v a lu o 6 % c
1 9 1 0 . . ................................ - ............12
1 91 9
-----------6% c
1 9 1 1 ...................................................12
E . I. D U PO N T D E N EM O U RS & C O M P A N Y .
_26% e
30%
1 1 9 1 8 ..........................................
_____________________ OU 70
1915.
-1 8 %
1 9 1 9 ......................... ................
1 9 1 6 ...........- ................................... 1 0 0 %
1 9 1 7 .................... ......... ..................... 51 % ci

a D o e s n o t in c lu d o 4 8 .4 7 4 % p a id in se cu ritie s o f A t la s P o w d e r C o m p a n y
a n d H e rcu le s P o w d e r C o m p a n y .
_
. _. _
b D o e s n o t in c lu d o d is tr ib u tio n o f t w o shares o f c o m m o n s t o c k o f B . 1.
d u P o n t d o N e m o u rs & C o m p a n y fo r e a ch sh a re o f c o m m o n s to c k o f E . I .
du P o n t d o N om ou rs P ow d er C o m p a n y ,
c R ased o n p a r v a lu e o f $ 10 .
., „
d In c lu d e s 1 % R e d C ro s s d iv id e n d p a id J u n o 23 1917.
e I n c lu d e s R o d C ro ss 2 % d iv id e n d , 1 % U n ito d W a r W o r k d iv id o n d a n d
5 % d iv id e n d in P re fe r re d S to c k o f D u P o n t C h e m ic a l C o m p a n y , $5 p a r
v a lu e .
M e ssrs. H askins & Sells, of N o w Y o r k , Certified Public
A ccou n tan ts, have audited the books and records of tho com ­
pany and their certificate, together with tho usual balance
sheets and incom e statem ents aro also show n.
R esp ectfu lly su b m itted ,
I R E N E E D U P O N T , President.

* D o c ro a so d u o t o loss o f o m p lo y o o s th ro u g h o r g a n iz a tio n o f th o H e rcu le s
P o w d e r C o m p a n y a n d A t la s P o w d e r C o m p a n y .
.__... »

P E N S IO N P L A N .
T h e com p an y has continued tho Pension P lan which has
provon itsolf to bo of great valuo in caring for em ployees
w ho after long and faith fu l service aro unable to continue
their w o rk .
I t is felt th at this plan is of m aterial aid in
attractin g and holdin g a m ost desirable class of m on; that
is, thoso w ho liavo a thought for tho fu ture.
In the p a st tlio cost of pensions, as paid o u t, has been
chargod to ourront operations. Y o u r officers, how over, feel
that although thoro is no legal obligation to continue this
plan in to tho fu tu re, wo will find it expedient so to d o, and
it is accordingly dosirablo to sot up a reserve to tako account
of suoli portion o f prospoctivo futuro ponsion p aym en ts as
aro required b y ponsions already granted.
A n am ou n t of
$ 1 ,4 0 0 ,0 0 0 has, thoroforo, been sot aside out o f profits as a
contingent liability to cover this item .

___________DIVIDEND TiRECORD. 1 _____________
D uring the y e a r ’ l919~th o regular dividend a t tho rato of
6 % por annum has boon paid on tho dobonturo stook, and
your directors liavo authorized tho distribution to the com ­

P . D . B ro w n
I I . P . B ro w n
E . G . B u ck n e r
R . R . M . C a r p e n te r
W . S . C a r p e n to r J r.
P . L . C o n n a b lo
W m . C oyne
A . F olix d u P o n t
A le x is I . d u P o n t

D IR E C T O R S .
P ierro S. d u P o n t , Chairman
C . A . M eado
E ugono du P on t
O . A . P a ito r so n
E ugen e E . d u P on t
O . L . P a tte rs o n
H . P . du P ont
P . W . P ic k a r d
Ire n e o d u P o n t
I I . M . P iorce
L a m m ot du P ont
J . J . R askob
J. B . D . E dgo
C . L . R e e se
H . G . H askell
W . C . S pru a n ce
J . A . I la s k o ll
F . G . T a llm a n
J . P . L a fft y

C h ic a g o
D o t r o it
B oston
B a ltim o r e
S an F ra n c is co
N o w O rlean s
D o n v c r A tla n t a

P h ila d e lp h ia
C le v e la n d j
H A S K IN S & S E L L S
S t. L o u is ft
C e r tifie d P u b lic A c c o u n ta n ts
P itts b u r g h
C a b lo A d d r e ss " H a s k s e lls "
L o s A n g o le s fl
30 B ro a d S treet
N ow Y o rk
S o a ttie
~
t ..
W a tertow n
L ondon

February 18 1920.
E. I. du Pont de Nemours & Company, Wilmington, Delaware.

W o liavo audited your general books and accounts and
those o f your subsidiary com panies for tho year ended D e ­
cem ber 31 1 9 1 9 , a nd , subject to not h aving exam ined the
m inutes o f your governing bodies,
W*
W o hereby certify th at tho accom panying Consolidated
Gonoral B alance Sheet as of D ecem ber 31 1919 and related
S u m m ary o f Consolidated Incom e and P rofit and Loss for
the year onded on that dato aro correct.
H A S K IN S & SE LLS.

S U B S ID IA R IE S A N D P R IN C IP A L S T O C K H O L D IN G S O F E . I . D U P O N T D E N E M O U R S & C O M P A N Y .

NOTE.— Porcontago o f stock ownership relates on ly to C om m on Stock hold, except in tho case o f D u P ont Chem ical C o . In this case it is in respect
t o total outstanding stock o f that com pany.
* Includes holdings through Chovrolot M o to r C o.
D ocom bor 31 1919.




•

986

T H E C H R O N IC L E

[Vol J10.

JE I . D U P O N T D E N E M O U R S & C O M P A N Y W I T H S U B S I D I A R Y C O M P A N I E S
.
C O M P A R A T I V E B A L A N C E S H E E T , D E C E M B E R 3 1st

ASSETS—

1915.
C a s h , A c c o u n t s R e c e iv a b le , M a t e r ia l a n d F in ish e d P r o d u c t _______________________ $ 6 4 ,8 9 4 106 81
In v e s t m e n t s in s h o r t-te r m n o te s a n d q u ic k ly m a r k e ta b le s e c u r itie s ________________
49 332 874 22
S e cu ritie s h e ld f o r p e r m a n e n t in v e s t m e n t _______________________________
______ 01 2 <)r\r 7 09
R e a lt y , n o t in c lu d in g P la n t R e a l E s t a t e ........................................I l l ” ” ™ " ............................516 697 85
P e r m a n e n t I n v e s t m e n t in m a n u fa c tu r in g p r o p e r t y , p a te n ts . & c " ” ” " ” ” ”
122 224 173 95
T o t a l A s s e ts ______________________________________

1916.
$ 8 2 ,3 2 5 ,1 0 3
5 7 ,1 7 2 ,5 1 0
2 6 ,5 4 0 .6 7 9
5 0 4 ,0 2 3
5 1 ,3 0 9 ,3 2 3

43
85
55
39
10

1917.
$ 1 4 5 ,0 2 8 ,6 7 4
3 0 ,6 7 9 ,8 8 6
1 6 ,8 8 5 ,0 9 9
5 0 8 ,4 2 0
7 0 ,2 9 1 ,1 1 3

1 918.
47 ♦ $222 ,6 3 3,58 1
67
1 ,7 0 5 ,9 1 8
89
1 8 ,8 4 2 ,5 9 5
70
5 4 5 ,9 9 8
63
6 5 ,1 1 8 ,2 0 1

86
65
79
98
79

$ 2 5 8 ,2 6 3 ,2 2 0 75

$ 2 1 7 ,8 5 1 ,6 4 0 32

$ 2 6 3 ,3 9 3 ,1 9 5 36

$ 3 0 8 ,8 4 6 ,2 9 7 07

$ 9 ,1 0 8 ,6 2 7 58
4 ,1 0 2 ,6 7 3 95

$ 7 ,8 8 3 ,6 2 3 00
1 9 ,4 6 1 ,1 7 1 41

$ 2 2 ,7 5 0 ,5 1 7 19
2 2 ,1 2 5 .6 6 1 61

$ 3 8 ,3 3 7 ,7 6 2 70
2 0 ,4 7 8 ,9 5 6 55

$ 1 3 ,2 1 1 ,3 0 1 53

$ 2 7 ,3 4 4 ,7 9 4 41

$ 4 4 ,8 7 6 ,1 7 8 70

$ 5 8 ,8 1 6 ,7 1 9 2 6

$ 6 0 ,7 7 4 ,0 3 3
4 5 ,0 0 6
5 8 ,8 5 4 ,2 0 0
3 1 ,4 2 5

$ 6 0 ,8 1 3 ,9 5 0
4 5 ,0 0 6
5 8 ,8 5 4 ,2 0 0
3 1 ,4 2 5

$ 6 0 ,8 1 3 ,9 5 0
4 5 .0 0 6
6 8 ,8 5 4 .2 0 0
3 1 ,4 2 6

00
11
00
90

$ 6 0 ,8 1 3 ,9 5 0 00

$ 1 1 9 ,7 4 4 ,5 8 2 01
$ 4 2 ,1 9 5 ,2 2 6 28
2 8 ,5 6 7 ,0 3 7 62

$ 1 1 9 ,7 4 4 ,6 8 2 01
$ 5 4 ,6 1 7 ,8 6 3 45
4 4 ,1 5 4 ,6 7 1 20

$ 1 1 9 ,6 6 8 ,1 5 0 0 0
t$ 6 2 .0 6 0 .6 3 7 16
6 8 ,3 0 0 ,8 9 0 67

$ 2 1 7 ,8 5 1 ,6 4 0 32

$ 2 6 3 ,3 9 3 .1 9 5 36

$ 3 0 8 ,8 4 6 ,2 9 7 07

L IAB ILITIE S—
A c c o u n t s a n d B ills P a y a b le , in c lu d in g A c c r u e d D iv id e n d s o n D e b e n t u r e S to c k .
D e fe r r e d L ia b ilitie s a n d C r e d it I t e m s , in c lu d in g e s tim a te d F e d e ra l T a x e s _____

CAP IT A LIZA TION—
D e b e n t u r e S to c k is s u e d ___________
D e b e n t u r e S to c k (h eld in reserv e)
C o m m o n S to c k is s u e d ____________
C o m m o n S t o c k (h e ld in re so rv o )

33
11
00
90

$ 1 1 9 ,7 0 4 ,6 6 5 34
A d v a n c o P a y m e n t s o n C o n t r a c t s a n d R e se rv e s f o r D e p r e c ia t io n , A c c id e n t s , & c - .$ 1 1 6 ,3 7 9 ,0 3 6 81
S u r p lu s _____________________________________
.......................................................................
8 ,9 6 8 ,2 1 7 07
•
T o t a l L ia bilities.

$ 2 5 8 ,2 6 3 ,2 2 0 75

00
11
00
90

6 8 ,8 5 4 ,2 0 0 0 0

* I n c lu d e s a d v a n c e s t o a n d o p e n cu r r e n t a c c o u n t s w ith a ffilia te d co m p a n ie s a m o u n tin g t o $ 5 0 ,1 7 9 521 50

" ,Btl‘0 “
S

T
“,uo D““ m 31 ‘ »18- A »»*">- •'
b”

^

E . I. D U P O N T D E N E M O U R S & C O M P A N Y W I T n S U B S ID IA R Y C O M P A N IE S .
C O N S O L I D A T E D G E N E R A L B A L A N C E S H E E T , D E C E M B E R 31 1919.
_
u A
ASSETS.
C a s h A c c o u n t s R e c e iv a b le , C la im s (less a d v a n c e s a p p lic a b le t h e r e t o ), M a te r ia ls a n d F in ish e d P r o d u c t
I n v e s tm e n ts in s h o r t-te r m n o te s a n d q u ic k ly m a r k e ta b le s e c u r itie s __________________
S ecu rities h eld fo r p e rm a n e n t in v e s t m e n t ___________________________________
R e a l t y , n o t in c lu d in g P la n t R e a l E s t a t e .................. ............................................................................................................... ..........................................
P e r m a n e n t I n v e s t m e n t in m a n u fa c tu r in g p r o p e r t y , p a te n ts , & c ____________________
D e fe r r e d D e b it I t e m s ____________________
T o t a l ________________________________________________

$ 1 0 8 ,7 7 7 ,3 4 0
.
1 ,5 2 3 ,0 9 8
. 6 3 ,5 3 0 ,8 9 6
.
9 6 6 .7 0 7
6 5 ,7 4 5 ,6 2 5
4 3 3 ,0 5 2

25
08
87
32
82
40

_
.............................. $ 2 4 0 ,9 8 2 ,6 2 0 74

LIAB ILITIE S.
A c c o u n ts a n d N o te s P a y a b le , in c lu d in g A c c r u e d D iv id e n d s o n D e b e n t u r e S t o c k ________
D e fe r r e d L ia b ilitie s a n d C r e d it Ite m s , in c lu d in g e s tim a te d F e d o ra l T a x e s f o r y e a r 1919.

$ 1 6 ,2 4 6 ,2 1 4 01
6 ,6 7 2 ,2 0 2 40
--------------------------$ 2 2 ,8 1 8 ,4 1 6 41

C a p it a liz a tio n :
D e b e n t u r e S to c k is s u e d ___________________________
C o m m o n S to c k is s u e d _____________________________

$ 0 0 ,8 1 3 ,9 5 0 00
5 8 ,8 5 4 ,2 0 0 00
1 1 9 .6 6 8 ,1 5 0 0 0
2 0 ,7 5 4 ,7 4 9 92
7 1 ,7 4 1 ,3 0 4 41

R e se rv e s fo r D e p r e c ia t io n , A c c id e n t s , P e n s io n s , C o n tin g e n c ie s , & c
S u r p lu s _____________________________________
T o t a l _______________
.

'
--------------------------- ................................................. ...................................................................................................................................................$ 2 4 0 ,9 8 2 ,6 2 0 74
T o r e s tim a te d a d d itio n a l n e t a sset v a lu e n o t r e fle c te d in th e a b o v e C o n s o lid a te d B a la n c e S h e e t, see p a g e 6 [p a m p h le t r e p o r t.]

E . I. D U P O N T D E N E M O U R S & C O M P A N Y W I T n S U B S ID IA R Y C O M P A N IE S .
C O M P A R A T I V E I N C O M E A C C O U N T , Y E A R S E N D I N G D E C E M B E R 3 1 s t.
1915.

N o t R e c e i p t s . ______

1917.
$ 2 6 9 ,8 4 2 ,4 6 4 78

1918.
$ 3 2 9 ,1 2 1 ,6 0 7 64

$ 8 2 ,0 1 3 ,0 1 9 90

$ 4 9 ,1 1 2 ,9 5 2 65

$ 4 7 ,2 2 1 ,3 6 7 68

9 4 ,6 7 2 65

145 ,70 8 93

* 4 ,1 2 3 ,2 9 2 96

$ 4 9 ,2 5 8 ,6 6 1 68

$ 4 3 ,0 9 8 ,0 7 4 72

$ 3 ,6 4 8 ,2 2 2 00
5 8 ,8 5 4 ,2 0 0 00
6 ,4 5 0 00

$ 3 ,6 4 8 ,8 2 2 00
3 0 ,0 1 5 ,6 4 2 00
6 ,6 6 4 00

$ 3 ,0 4 8 ,8 2 2 00
1 5,3 0 2 ,0 9 2 00
841 25

5 6 2 ,6 0 8 ,8 7 2 00

N e t E a r n in g s a fte r p r o v id in g fo r A m o r tiz a tio n
P r o f it a n d L o s s o n salo o f R e a l E s t a te , S e cu ritie s, & c ., a n d E x t r a o r d in a r y A d ju s t m o n t s ________

1916.
$ 3 1 8 ,8 4 5 ,6 8 4 76

$ 8 2 ,1 0 7 ,6 9 2 55

G r o s s R e c e ip ts fr o m s a le s . _

$ 3 3 ,6 7 1 ,1 2 8 00
$ 1 5 ,5 8 7 ,5 3 3 58
$ 4 4 ,1 5 4 ,5 7 1 20

$ 1 8 ,9 5 1 ,7 6 5 26
$ 2 4 ,1 4 6 ,3 1 9 47
$ 6 8 ,3 0 0 ,8 9 0 67

DEDUCTIONS—
E a r n in g s c a p ita liz e d in r e o r g a n iz a tio n O c to b e r 1st 1915
In te r e s t o n F u n d e d D e b t .
D e b e n t u r e S to c k D i v i d e n d s ..
C o m m o n S to c k D iv id e n d s .
D iv id e n d s o n S u b sid ia r y C o m p a n y S to c k s
T o t a l D e d u c t io n s ___
S u rp lu s fo r th o y e a r ___
A c c u m u la t e d S u rplu s t o d a to
♦ In d ic a te s lo ss .

E . I. D U P O N T D E N E M O U R S & C O M P A N Y W IT H S U B S ID IA R Y C O M P A N IE S .
S U M M A R Y O F C O N S O L I D A T E D I N C O M E A N D P R O F I T A N D L O S S F O R T H E Y E A R E N D E D D E C E M B E R $1 1919
N e t S alas_________________
.......................................................................................................$ 1 0 5 ,4 3 7 ,9 3 2 24
N e t E a r n i n g s ______________________________________
........................................................................$ 1 1 ,6 2 0 ,9 6 3 05
R e d u c t io n o f R e se rv e s a c c u m u la te d d u r in g w a r p e r io d in excess" "o"f"requirem ents" less'
p r o v is io n fo r a n tic ip a te d P e n s io n s 6 ,2 0 6 ,2 3 6 33
P r o f it a n d L o s s o n s a le o f R e a l E s t a te , S e cu ritie s, & c ......................... .
.......................................................................
♦ 144,197 64
D e d u c t io n s :
D e b e n t u r e S to c k D iv id e n d s
C o m m o n S to c k D iv id e n d s _
_

1 7,6 82 ,9 9 1 74
$ 3 ,6 4 8 ,8 2 2 00
1 0 ,5 9 3 ,7 5 6 00
1 4 ,2 4 2 ,5 7 8 00

S u rp lu s f o r th e Y e a r _____
S u rp lu s J a n u a ry 1 1 9 1 9 .

$ 3 ,4 4 0 ,4 1 3 74
6 8 ,3 0 0 ,8 9 0 67

S u rp lu s D e c e m b e r 31 1919
$ 7 1 ,7 4 1 ,3 0 4 41
♦ I n d ic a t e s loss .

NOTE. F o r es tim a te d U n d iv id e d P r o fit s a c c r u in g t o th e p rin c ip a l s to c k h o ld in g s o f th o
c o m p a n y , n o t r e fle c te d in th o a b o v o I n c o m e S ta te m e n t
see p a g o 6 [p a m p h le t r e p o r t.]




987

T H E C H R O N IC L E

M ar . 0 1920.]

SUPERIOR S TEE L CORPORATION
R E P O R T F O R T H I R D F IS C A L Y E A R E N D I N G D E C E M B E R 3 1 , 1919.
Pittsburgh, P a ., February 2 , 1920.

To the Stockholders of the Superior Steel Corporation:

. . . . . . .
T h e results of the operations of tho third fiscal year of your C om p an y ended D ecem ber 3 1 , 1 9 1 9 , are reflected b y the

statem en t siJbmitted ^ ero'rK

Q tiiroUgh very delicate conditions, due to the necessary reconstruction of business

after t h r e ^ y ears of w ar tim es.

W o think our Stockholders have reasons to feel elated over tho results obtained during the

pastTycuir, mving t

o

o

t

r

u

b

l

e

s

in the steel industry, as well as the coal strike, and this B alan ce

Shent shows th at vou r C om p an y has gone through all of these serious difficulties in a very satisfactory m anner.
... ,
T h e dem and for our product is greater than wo ever experienced, and the future indicates that very good results will be
obtained
j the Vory best physical condition, a large num ber of additions and im provem ents have been m ad e during
tho p a s t y e a r ,a n d fu rfh e? im provem ents and extensions are in the course of erection. T hese im provem ents m entioned will
increase o u i production abo u t 2 5 % , and should be com pleted abo u t the m iddle of the y ea r.
R espectfuU y
E . W . H A R R I S O N , President.
C O N D E N S E D B A L A N C E S H E E T 3 1 S T D E C E M B E R . 1919
ASSETS
CURRENT!
• C a s h In B an k s a n d o n h a n d --------------------------------- - - - - - —
--------- v ; " . V . " ----------------------------------------------------------------------U.
S . T re a s u ry C e r tific a te s o r In d e b te d n e s s , in c lu d in g A c c r u e d I n te r e s t............. - - ..................... ........................................
N o te s a n d A c c o u n ts R e c e iv a b le , N e t o f R e s e r v e s ..:.......... ...............................- ............................
....................
$4.',9.0(54 93
$ 4 5 9 ,0 6 4 93
Inventories— F in ish e d a n d P a r tly iin L sh e d P r o d u c t s ----------------------------------------------------------------------------------------------------] ,9 6 8 .3 0 1 58
1
M a te ria ls a n d S u p p lie s ----------------------------------------------------------------------------------------------------------------------------------------------------- I____________
S*fi24 2*^1 84
fnnrrvtmmts— U . S . G o v e r n m e n t L ib e r t y L o a n B o n d s . . ------------------------------------------------------------------------------------------------------------ '$ 62 4 ,2 2 1 00
" ’ 8 70
u^n
IJ. S . G o v e r n m e n t W a i S av in g s C e r t ific a t e s . . . . . . . . . . ....................- .............. ......... ..............................
10,000 00
W . H . S hinn C o a l C o . , 1st M o r tg a g e 6s, d u e 1 92 2 -1 92 3 ...................................- ..................... ..............- ...........

D U E F R O M E M P L O Y E E S O N L I B E R T Y L O A N S U B S C R I P T I O N S --------------------------------------------- --

$ 4 9 9 ,0 5 0 8f
101 ,70 1 3 7
7 2 9 .6 1 2 0 T
2 .4 2 7 ,3 6 6 51

6 3 5 .0 9 1 84
$ 4 ,3 9 2 ,8 2 2 67
15.5 79 80

--­

T R E A S U R Y S T O C K , E T C .:
$ 110,211 16
1.111 S hares F irs t P re fe r re d a t c o s t ..................................................................................................................................................................... " "
''i 1 3 38 009 38
3 ! ,8 9 38
1.4 0 5 S hares S e c o n d P re fe r re d a t c o s t .........................................................................................................................................................
3 5 .5 6 8 75
.
,5
............. .................. — " . - " S ................... .............. * ................ ................ ..................... * ............
4 .2 3 7 50
7 50 Shares C o m m o n a t c o s t
,2
C o m m o n S to c k p u rc h a se d fo r E m p lo y e e s b a la n c e t o b o c o lie c t e a ----------------------------------------------------------------------------------------------453 63
4 53
C a s h In S in k in g F u n d fo r p u rc h a se o f P re fe r re d S t o c k --------------------------------------------------------------------------------------------------------------D EFERRED CH ARGES:
,
P re p a id In s u ra n c e T a x e s . E t c ---------------------------------------------------------------------------------------------------------------------------------------------P L A N T A N D E Q U IP M E N T :
$ 71 8 ,2 2 3
L a n d , B u ild in g s , P o w e r P la n t a n d F u r n a c e s ----------------------------------------------------------------------------------------------------------------------------------- .'70(3 ,7 0 6
. 1 ,7 0 0 29
M a c h in e r y a n d E q u ip m e n t------------------------- -------------------------------------------------------------------------------------------------------------------------------------$ 2 ,4 1 8 ,9 2 9
.
7 0 5 .9 1 8
L oss R e s e rv e fo r D e p r e c ia t io n ------------------------------------------------------------------------------------------------------------------------------------------------

2 8 4 ,2 8 0 42
2 2 ,6 1 0 9

54
29
83
14

1 ,7 1 3 ,0 1 1 69
2 ,5 0 0 ,0 0 0 00

G O O D - W I L L ........................................................................................................................................................................................................................
$ 8 ,9 2 8 ,3 0 5 52
L IA B IL IT IE S
CURRENT
...
$ 6 4 5 ,6 4 9 68
A c c o u n ts P a ya b le.
155 ,54 8 00
D iv id e n d s P a y a b lo In F e b r u a r y .- - - - - ............. ; - 7
.............................................* .....................................................
..
6 5 0 A 0 7 38
R e s e rv e fo r T a x e s (In clu d in g F ed era l T a x e s fo r 1 919, e s tim a t e d )--------------------------------------------------------------------------------------------------------

$ 1 ,4 5 1 ,7 0 5 0(i

C A P IT A L AN D SU R PLU S
C A P IT A L R E P R E S E N T E D IN A C C O R D A N C E W IT H T H E L A W S OF T H E S T A T E O F V IR G IN IA :
F irst P referred C o n v e r tib le 8 P e r C e n t— T o t a l a u th o riz e d a n d Issued, 3 5.0 00 sh a res, p a r v a lu e , $ 10 0 , T o t a l o u t $ 2 .4 3 1 .5 0 0 00
S c c o n t fT ’ r e fe m 'd ^ l o ^ v e r t ^ I o ~8 P ar U o n £ — T o ta l" a u th o riz e d a"nd "issued," 20",6o 6~shares","par "value" $ 10 0 ;
C o m ^ o n d sn ^ k - A u t h o S ; i lY.OOO’ s h a V ^ ^ a r " V a T u Y .'$ io 6 f ^ 1 6 ? 60.000* s h a r e d B o o k V a lu e
t

l i 8 4 7 .5 0 0 00

F on u aU on ^ o f

S in k in g F u i T J '^ J d t ^ Y o t l r V F i r s Y a n d 'S M o n d l T r f e r m r s t o c k : : : : : : : : : : ” I I - I ! - I I - - - - - - .................... - 1 .2 1 5 ,8 3 3 33

2 ,4 6 6 ,3 4 8 03
$ 6 ,7 4 5 ,3 4 8 03
.
7 3 1 ,2 5 2 43

SURPLU S.

7 .4 7 6 ,6 0 0 46
$ 8 ,9 2 8 ,3 0 5 52

S U M M A R Y O F P R O F I T A N D L O S S A C C O U N T F O R T I I E Y E A R E N D E D 3 1 S T D E C E M B E R , 1919
- . - . - - - - $ 7 , 7 4 4 , 9 2 1 28
.......................
8 3 .6 4 3 48
------------------------

S A L E S ............. ............................................................................................................................................................................................. "
L ess D is c o u n ts A llo w e d __________________________________________________________________________________ *

$ 7 ,6 6 1 ,2 7 7 80
5 ,9 4 6 .9 3 3 99

N e t sal os___________________________________________________________________________________________________ _
C o s t o f S ales____ _— ----------------------------------------------------------------------------------------------------------------------------------------------------- -

$ 1 ,7 1 4 ,3 4 3 81
1 2 4 ,23 3 41

G ross P r o fit s ___________________________________________________________________________________________________________________
...........* ............................
M is ce lla n e o u s I n c o m o ...................................................... ...........................................................................................
G ross I n c o m o ----------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------D E D U C T IO N S F R O M IN C O M E :
A d m in is tr a tiv e E x p e n s e s ..............................................................................................................................
S ellin g E x p o n s e s .
P la n t D e p r e c ia t io n ------------------------------------------------------------H ilo P la n t E x p e n s e s ------------- - - ---------------------------------------R e se rv e fo r A c c o u n ts R e c e iv a b le -----------------------------------C o n t r ib u tio n s t o A rm e n ia n R e lie f----------------------------------

$ 1 ,8 3 8 ,5 7 7 22
j .,01 015
127 ,92 4
3 5 ,0 0 4
1 8 0 ,00 0
1 2,722
2 5 ,0 0 0
5 00

02
64
97

00
63
00
00

4 8 2 ,1 6 7 25
$ 1 ,3 5 6 ,4 0 9 96

N o t I n c o m o ________
SURPLU S A CC O U N T FO R TH E Y E A R
S u rp lu s , 1st J a a u a r y , 1919--------------------------------------------------------------------------D is c o u n t o n P referred S to c k P u r c h a s e d -----------------. . . ---------------------------N e t I n c o m e fo r th o y e a r e n d e d 31st D e c e m b e r , 1 91 9 ---------------------------

E N D E D 3 1 S T D E C E M B E R , 1919

$ 5 0 1 ,0 3 4 40
1 ,8 9 5 89
1 ,3 5 6 ,4 0 9 06
$ 1 ,3 5 9 ,3 4 0 25

D IS B U R S E M E N T S A N D A P P R O P R IA T IO N S OF E A R N IN G S :
D i v i d e n d s ----------------------------------------- -----------------------------------------------------S in k in g F u n d , F irst P referred S to c k --------------------------------------------------S in k in g F u n d , S e co n d P referred S t o c k . .
- - - - - ............... - ...........
R e s e r v e fo r F ed era l I n c o m o a n d E xce s s P r o fits l a x e s -------------------

$ 5 8 8 ,4 0 4
1 05,000
6 0 ,0 0 0
3 7 4 ,6 8 3

00
00

00
82
1 ,1 2 8 ,0 8 7 82
$ 73 1 ,2 5 2 43

Surplus 3 1»t D e c e m b e r , 1 919..............................- .................................

W o have examined tho accounts of tho S U P E R IO R S T E E L C O R P O R A T IO N as of 31st December, 1919, and wo hereby
oortify that, in our opinion, tho abovo balance shoot correctly sots forth tho Company s linancial condition at that date.
o o r iu y

U lilk ,

uu

1

I

Pittsburgh, P a ., 22nd January, 1920.




L Y B R A N D .R O S S B R O S . & M O N T G O M E R Y , A c c o u n ta n ts a n d A u d ito r s .

988

T H E C H R O N IC L E

[Vol. 110

K E LL Y -S P R IN G FIE LD T IR E COMPANY
ANNUAL

R E P O R T — A S A T D E C E M B E R 31 1919.

New York, N . Y ., February Id 1920.

To the Stockholders of Kelly-Springfield Tire Company:

S u bm itted herewith is S tatem en t o f Incom e for the
yoar ending D eceinbor 31 19 1 9 , togothor with B alance Sheot as of
the sam e date.
Q 9t
iii°oC ! ? 5 ^ n y ..fo r i 9 1 9 ’ after providing for estim ated Incom e and E>
,o

VAN
STATEM ENT

G r o ss P r o fit o n Sales

Less:o , . .

AJ

O F IN C O M E

FOR TH E

YEAR

ENDED

II. C A R T M E L L ,

D E C E M B E R 31ST

President.

1 9 19 .

........................................................................................................................................................................................................ ..

..

S ellin g, A d m in is tr a tio n a n d G en e ra l O p e ratin g E x p e n s e s ______

3 ,7 7 0 ,7 3 4 76

. N e t P r o fit o n S ales_______

Deductions from Income—

In teres t p a id a n d o th e r m is ce lla n e o u s ch arges
E x t r a c o m p e n s a tio n o n p r o fit-s h a r in g basis
...............................................................................................................................................
.................................................. ..................................................................................................

Less—

$ 3 ,2 5 7 ,6 4 0 29
$ 13 7 ,2 3 2 64
1 58,058 04
$ 29 5 ,2 9 0 58

In terest re c e iv e d a n d o th e r i n c o m e . . . ...............

2 7 4 ,5 3 8 95
2 0,751 03

N e t I n c o m e fo r y e a r, b e fo r e p r o v id in g fo r I n c o m e a n d E x ce s s P r o fits T a x e s .

$ 3 ,2 3 0 ,7 9 7 00

BALANCE

S H E E T — D E C E M B E R 3 1 st 1919.

C U R R E N T A SSETS—
ASSETS.
C ash in B a n k s a n d o n H a n d
A c c o u n ts R e c e iv a b le , less R e s e r v e s I I I ....................................................................................................................................................................... .. 1,079,940 02
N o te s R e c e iv a b le :
.................................................................................................................................................................. 1.9701441 80
C u s to m e r s ________
O t h e r s ........ ................ ............................................................................................. ...............................................................................
$ 2 3 ,5 8 0 89

C O M M ON STOCK, PU RCH ASED FOR RESALE TO E M PLOYEES—

-$ 1 2 ,2 2 5 ,0 4 7 06

Less— •
*

....................................... $ 1 ,5 3 2 ,4 3 2 72
E m p lo y e e s ’ su b scr ip tio n p a y m e n ts , a n d lo a n (b e in g liq u id a te d b y e m p lo y e e s ’ p a y m e n t s ) . . . .
,
5 24 20

S U N D R Y I N V E S T M E N T S [at c o s t ).
.................................'
D E F n ™ £ S ^ i S H A R G E S , T O f u t u r e ' O P E R A T I O N S - ................................................................................................................................................................
C A P I T A ? * A S S E T S 1-31100' *n terest an<l o th e r p re p a id e x p en ses___________________________________

8 7,9 08 43
0 9.5 00 00
3 5 ,8 7 0 94
t j 357 102

P r o p e r t y a n d E q u ip m e n t A c c o u n ts , P a te n t R ig h ts, & c. (less reserves fo r d e p r e c ia tio n )...............................................................

$ 2 3 ,7 9 0 ,0 2 9 11

LIABILITIES.
C U R R E N T L IA B IL IT IE S —
A c c o u n ts P a y a b le . .
i ? ^ ru ed J axes (o th e r th a n F e d e ra l), A ccru e d W a g e s a n d o th e r”a ccru a ls
S E E ! 0 f or. extra co m p e n s a tio n o n p ro fit-sh a rin g basis
CCrua,s.................................................................................- ................
D iv id e n d , 1 H % o n 0 % P re fe r re d S to c k , p a y a b lo J a n u a r y 2 n d 'l 9 2 0
.................................................................................................
DEFERRED

c r e d it

—

$ 35 1 ,0 5 2 40
110,730 82
158 .05 8 04

......................................................................................................_ - 4 9 ,7 5 6 50

$ 67 0 ,1 9 7 82

C A P P r A L ^ S T O C K — ^payment fr o m C it y o f C u m b e r la n d , M d ............................................................... ............
0%

2 5,0 00 00

C u m u la t iv e P refe r re d S to c k :
I s s u e d __________

Less~

,
,
......................................................................................................................................................................................$ 3,7 5 8 ,2 0 0 00
R edeem ed
a n d C a n c e le d ___
I n T re a s u ry , p u rc h a se d
f o r can"ceU aiJonI” r r r r r ” r r
$ 4 4 1 ,1 0 0 00
8 0 ,0 0 0 00
~
,
O u t s t a n d i n g .. .
5 2 1 ,1 0 0 00
8 % C u m u la tiv e P referre d S to c k :
.......... $ 3 ,2 3 7 ,1 0 0 00
Issu ed a n d O u ts ta n d in g ..........
C o m m o n S to c k :
..........$ 5,8 0 0 ,2 0 0 00
Issu ed a n d O u ts t a n d in g ......................
W a r ra n ts I s s u e d ____________________________
..$ 5 ,3 5 0 ,8 0 0 00
-1 1,1 78 25
5 .3 0 1 ,9 7 8 25
SURPLU S—
1 4,4 59 ,2 7 8 25
A P P S p o r a t l o n f . .S1
U
_V . ^ _°_f 6
a
P_re fe rre d S to c k
^ a cq u ire d fo r ca n c e lla tio n [u n de r C e r tific a te
„
-------------$ 5 2 1 ,1 0 0 00
G en era l S u rp lu s, as p'er S ta t e m e n t atta'che'd '[s u b je c t 't o p r o v is 'io h 'fo V F e d e r a l' T n c 'o m o 'a n d E x c e s s 'P r „
P r o fits T a x e s ]........... 8 ,1 2 0 ,4 5 3 04
8 ,6 4 1 ,5 5 3 04
N eW w 0r£ ’ F eb rila ry 19th 1920.

_ $ - 1 , 7 9 0 ,0 20J T

k e p t a n d s a tls fa c to r ify 1 to u c h e d 8. ° f Ivclly' h PrlnKflcItl T iro C o m p a n y fo r th e y e a r e n d e d D e c e m b e r 31st 1919, a n d h a v o fo u n d th e s am e t o b o c o r r e c t ly
1
n r o v M
° ° ^ t a c h < ^ PJ a l a i w ^ S h ^ na n ? s V a * e m e n t * S ( " o n o r a T s u r ^
m a d o , rfo r d e p r e c ia tio n o f P lants a n d e q u ip m e n t .
i S i n ecc, ai T a x e s d u o a n d a ccr u e d , are, in o u r o p in io n , p ro n o riv drawn nrw n
r
^ Z°pa£
iCd fr? n,1 tl10 b o o k s o f a c c o u n t , a n d , s u b je c t t o
h er 3 1st 1J19 a n d th e results o f its o p e ra tio n s f o r th e ye a r th en e n d e d .
*
p
s b o w t h e tru e fin a n cia l c o n d it io n o f th o C o m p a n y o n D e c e m T O U C H E , N IV E N - A C O

Public Accountants, Auditors.

BALANCE

SURPLUS FOR TH E

YEAR ENDED

D E C E M B E R 3 1 st 19 19 .

Deduct
ic o m e a n d -E xcess P r o fit s T a x e s p a id fo r 1918
•
a d d it io n a l In c o m o a n d E xce ss P r o fits T a x e s naid fo r 1017
$ 2 ,6 5 7 ,4 9 2 10
E x p e n s e s o n issue o f 8 % P re fe rre d S to c k , in clu d in g u n d e rw H tln g co'mm iYsro'n............................................................................
1 7.459 46
R e tu r n o f excess C u m b e r la n d b o n u s re ce ip ts co lle c te d in ^
................................................................
1 8 0 .72 6 52

$ 9 ,1 9 7 ,8 5 8 19

2 ,8 5 7 ,4 5 0 11
/ld d -

$ 6 ,3 4 0 ,4 0 8 08

R e s e r v e fo r D e p r e c ia tio n o f I n v e n to r ie s an d R e se rv e a ga in st S u n d ry C la im s re s to re d t o S u rp lu s .

192 ,59 4 35

N E V a x ^ ° .M E. ! ? ! y e a r en d e d D e c e m b e r 31st 1919, as p er S ta te m e n t o f In c o m e a tta c h e d , b e fo r e p r o v id in g fo r In c o m e a n d E xce ss P r o fits $ 6,5 3 3 ,0 0 2 43
P R O F I T fr o m p u rc h a se o f P re fe r re d S t o c k "fo r
.......................................................................................................................................................................
3 ,2 3 0 ,7 9 7 66
............................................................................- .................................................................................
10,007 70
A P P R O P R IA T IO N S —
F o r D iv id e n d s :
O n 6 % P refer red S t o c k ______________
O n 8 % P refer red S to c k , issu ed A u g u s t l's 't h " ’ l’o 'l 'o '.....................................................................................................................................
O n C o m m o n S to c k :
......................................................................................................................................
I n C a s h ____________________
I n S t o c k _____________ I
......................................................................................................................................................................................
S p ecia l S u rplu s A c c o u n t (fo r r e tire m e n t o f 6 % P re fe r re d S to c k , u n d e r C e r tific a te o f I n c o r p o r a t io n )......................................
B A L A N C E . D e c e m b e r 3 1st 1 9 1 9 . . .




$ 9 ,7 7 9 ,8 0 7 79
$ 19 9 ,0 2 6 00
117,204 00
8 0 0 ,4 0 9 00
4 5 4 ,7 7 8 25

*87 $

7

ffij
1 .6 5 9 ,3 5 4 75
. . . $ 8 ,1 2 0 ,4 5 3 04

989

THE CHRONICLE

M ar. G 1920.]

LOFT

INCORPORATED

400 Broome Street, New York.

R E P O R T FO R Y E A R E N D I N G D E C E M B E R 31 1919.

N e w Y ork C ity , F ebru a ry 27 1920.
T o the Stockholders o f L oft In corp o ra ted :

I beg to submit herewith a balance sheet of LO FT IN C O R P O R A T E D OF D E L A W A R E as at close of business Decern
bcr 31 1919, and an income account for the five months ended that date as prepared and certified to by our Auditors, Messrs
Lybrand, Ross Brothers & M ontgom ery.
Your attention is diroctod to tho fact that during the five months since the Company has been operating it has earned
$845,073 51, bcforo allowing for Federal Income iwid Excess Profit taxes, which amounted to $243,505 14, leaving net
profits aftor taxes of $002,108 37 to bo transferred to tho Company’s surplus account.
For your goneral information I am also submitting a statement of the combined results of L O F T IN C O R P O R A T E D
OF D E L A W A R E for the last fivo months of 1919 and its predecessor Company for the first seven months of 1919.

You

will noto tho combined earnings of both companies for tho entire year before taxes wore $1,655,543 14, and after allowing
for Federal taxes of $508,679 22 tho net profits were $1,146,863 92
Very truly yours,
C . B . U N D E R H I L L , P resid en t.

B A L A N C E S H E E T A S OF D E C E M B E R

1919.
LIABILITIES.

ASSETS.
C ash o n h a n d . In hank an d at b a n k e r s ---------------------------------------$ 1 ,2 2 0 ,0 7 3 77
N o to s r oeeiv a b lo, in clu d in g a ccr u e d In terest................................ 2 2 ,4 6 6 37
A c c o u n ts r e c e i v a b l e . . . . . . -----------------------------------$ 2 5 ,4 1 2 77
3,521 70
Loss— R o s o r v c s _________________________________
-----------------------2 1 ,8 9 0 98
In v e n to r y o f m erch an dise an d su pplias a t c o s t o r m a rk e t,
w h ic h o v o r Is lo w e r _______________________________________________ 1 ,4 8 1 ,2 3 6 97
T o t a l C u rron t A ss ets ____________________________________________ $ 2 ,7 4 5 ,6 6 8 09
In v e s t m e n t s -----------------------2 4,6 57 21
I’ rop a ld an d d oforrod c h a r g e s ..................................................................
7 2,1 17 97

A c c o u n ts p a y a b lo , tra d e c r e d it o r s ----------------------------------------------A c c o u n ts p a y a b lo , b u ild in g c o n t r a c t o r --------------------------------------A c c r u e d lia b ilitie s, in clu d in g F e d e ra l tax es o n c a n d y salos,
salaries, w a g es, e t c _____________________________________________

$ 1 5 7 ,2 7 2 16
3 1 ,5 4 6 68
2 6 7 ,2 2 3 30
$ 45 6 ,0 4 2 14

R e s e r v e fo r In c o m e a n d E xco ss P r o fits t a x e s --------------------------O th e r R e se rv e s -------------------------------------------------------------------------------

6 8 9 ,8 4 4 68
118 2 96 99

T o t a l L ia bilities a n d R e se rv e s ------------------------------------------------- $ 1 ,2 6 4 ,1 8 3 81

Capital.
C a p ita l s to c k :
650 ,00 0
shares w ith o u t n om in a l o r p a r v a l u e .$ 6 ,5 0 0 ,0 0 0 00

P la n t:
L a n d , b u ild in g s , m a c h in e r y , e q u ip m e n t, e t c . $ 2 , 8 5 7 ,4 4 5 48
L oss— 'R e s o rv o fo r d e p r e c ia t io n ------------------5 9 ,6 6 0 34

S u rp lu s:
P r o fits , 5 m o n th s t o D e c e m b e r 31 1919 b o fo re
F od era l ta x e s _________________________________
L oss— R e s e r v e fo r sa id ta x e s, a b o v e p e r io d .

$ 2 ,7 9 7 ,7 8 5 14
L a n d a n d b u ild in gs th e re o n In co u rse o f c o n ­
s t r u c t i o n _______________________________________

31

3 3 1 ,1 7 1 7 0

3 ,1 2 8 ,9 5 6 84
G o o d -w ill, leases, tra d o-m a rk s a n d esta b lis h e d b u s in e ss------- 2 ,3 9 4 ,9 5 2 04

$845 ,6 7 3 51
2 4 3 ,5 0 5 14

N e t p ro fits fo r 5 m o n th s t o D e c e m b e r 31 1919

$ 60 2 ,1 6 8 37

T o t a l C a p ita l a n d S u rp lu s ____________________________________ 7 ,1 0 2 ,1 6 8 37
$ 8 ,3 6 6 ,3 5 2 18

$ 8 ,3 6 6 ,3 5 2 18

W o havo oxamined tho accounts of L O F T IN C O R P O R A T E D , and wo certify that, accepting tho correctness of the valu­
ation of good-will, loases, & c., tho above balance sheet and tho appended income account, in our opinion, correctly sot forth
tho financial position of that company as of December 31 1919 and tho results of its operations for tho fivo months to Decem­
ber

ill

1919,

L Y B R A N D , ROSS B R O S. & M O N T G O M E R Y ,

Accountants and Auditors.

Now York, February 20 1920.

IN C O M E A C C O U N T F O R T H E P E R IO D J U L Y 31 T O D E C E M B E R 31 1919.
Sal(w

n ct

............. ......................................................................................................................................................................$ 3 ,0 6 9 ,3 6 4 5 3

C o s t o f m e rch an dise s o ld . In clu din g ra w m ateria ls, la b o r a n d fa c t o r y expen ses a n d d e p r e c ia t io n o f $ 5 9 ,7 2 2 14, re ta il s to r o exp en ses a n d
a d m in is tr a tiv e a n d o th e r gen eral c h a r g e s ............................................................................................................................................................. — --------- -----------------

’

J *
* _______

$ 80 5 ,5 5 1 19
M is cella n eou s In com o a n d results fr o m o p e ra tio n s o f b u i l d i n g s ............................................................ - ....................................- --------------------------------------------

4 0 ,1 2 2 32

P r o fit fo r th o 5 m on th s t o D o c e m b c r 31 1919, b e fo r e d e d u c tin g F e d e ra l t a x e s .......................................................................................................................
14
R ese rv e fo r said taxes fo r th o 5 m o n th s ’ p e r io d ---------------------------------------------------------------------------------------------------------------------------------------------------------------’_______ ° _____
N o t p r o fit s , 5 m o n th s fr o m J u ly 31 t o D e c e m b e r 31 1 91 9 ---------------------------------------------------------------------------------------------------------------------------------------

IN C O M E A C C O U N T F O R T H E Y E A R T O D E C E M B E R 31

$ 60 2 ,1 6 8 ,3 7

1919.

(T h e fo llo w in g I n c o m o A c c o u n t in clu d e s th o o p e ra tio n s o f L o f t I n c o r p o r a te d fo r th e 5 m o n th s t o D e c e m b e r 31 1919, as s ta te d a b o v e , a n d th e op er­
a tion s o f Its p red eces sor c o m p a n y fo r th o 7 m o n th s t o J u ly 31 1919. I t is p resen ted h e r e w ith in o rd e r t o s h o w th e c o m b in e d results o f b o t h co m p a n ie s
f o r an o n tiro y e a r.)
S a t o , n o , .............................................................................................................................................................................................................................................................................. .....

12

P r o fits fo r th o y e a r 1919, b e fo ro F ed era l t a x e s .......................................................................................................... - ....................................................................... ^ ' m a a t o
R e s o rv o fo r sa id taxes fo r th o y e a r 1 919-------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------'

w

N o t p r o fit s , y o a r 1 9 1 9 .




.$ 1 ,1 4 6 ,8 6 3 92

990
T tr i'
d~>

THE CHRONICLE
(i T ;lY t t t t n i > m » T

[Vol. 110.

denounced the attempt to ally the agriculturists of America

V J /V l l A ' l l A ' X ' A ' X ' i - C l X

w ith the radicals o f the industrial world. T his has the right

-------------------

~~~~~

COMMERCIAL EPITOME
Frirlm i AT-inht
nib m o o
A ltJiomrti
f t •
. y
M a r c h 5 t h 19 .-0 .
A lth ough m anufacturing is still active the tendency
tow ards conservatism is becom ing m ore pronounced in m o st
sections.
In the aggregate, if is tru e, there is quite a good
business, taking the country o ver, and production still

ring.

American orders valued at $50,000,000 have boon

received b y a G erm an potash synd icate, according to the
Vossische Z eitu n g ” o f B erlin, deliveries being extondod
over a period of years and paym en t to bo m ade in dollars.
tr a n c e prohibits export of raw hides. Am erica has boon
tho chief buyer of French hide and leather since the Avar,
n T h e “ W o r ld ’s ” correspondent in R u ssia, says tho Soviet
G ov ern m ent is not worrying over the depreciation in cur-

falls short o f tho requirem ents for con su m p tion . B u t the
note of caution is u n doubtedly spreading. A m a tte r, to o ,
that is w orth at least passing notice is th at failures, contrary
to the experience of a very prolonged period, are m oro
num erous than they were last Aveek and in tho same week

E ^ ’ abo u t f o S . M
t b T s T
X
S
S
goods. N eb rask a and Colorado have latterly been in the
throes of the worst blizzard in 3 0 years. Snow is tw elve
tAventy-five feet in the L a P lata m ining district,

last year, t h o u g h i f is also t r u e t h a t t h e y are far fo A v e r t h a n
in the three years previous. B ut stocking up Avith high
Pnced goods is evidently a somewhat more venturesomo

Coffoo, B r a z il________________________
ar'
^e^' 504^624
coffte! X V i h £ n B ^ u I Z : : : : : : : : :
s u ’li s
-m ill
nSfirs.......*■.................................
35.864
34)977

proceeding than it Avas a few m on th s b ack , to say nothing

C o t t o n ................................ ............................ 1

of the war period.

A lso, what is described as tho worst

storm of tho winter has latterly sw ept over the m ountain

s t o c k s of m e r c h a n d i s e i n n e w y o r k .

5604
6^0

0ur; ‘ ‘ ‘ ‘
T

.......... ; ..................

l8 ,5iiNot P241
,if53d

6'600

n -80°

r „ ^ £ 5 t:

^ gjg
^337
42
4’875
55)680
8 6 .9 4 2

5-700
“ ? tho

N e trS m a ^ ? 1,
‘ 7 “ '“ d o r a d o ,
iNeDrasKa and couth Dakota, and crippling rail and AVire noticeable firmness of prices for hogs. The trouble was
communication in Kansas, Oklahoma, Missouri, IoAva, that cash demand Avas largely lacking. Also tho Chicago
Arkansas, North Texas and M innesota. All this has
m °nthly stock statement showed lard supplies had increased
naturally delayed the delivery of merchandise. The cold nearly 10,000,000 lbs. and ribs an increase of nearly 3 ,0 0 0 ,weather, Avith rains or snoAV, has penetrated to the South.
jbs. B ut later on prices advanced Avith hogs and corn
Actual sales of textile goods have fallen off noticeably! despite dullness and liberal supplies. To-day prices declined
Retail trado is also somoAvhat smaller. In N ew York even huf they are higher than a week ago.
a month after the blizzard of Feb. 4 and Feb. 5 , many of DAILY c l o s in g p r ic e s ok l a r d f u t u r e s i n C h ic a g o
the streets are bad ly clogged Avith sn ow .

In m an y sections

buyers are purchasing only to supply immediate needs,
looking for lower prices before very long. The talk everywhere is of coming deflation. Besides, there is apersistent
shortage of cars. This, of itself, restricts trade; nobody
knows when purchases can be delivered, to say nothing of
the big snoAV storms in tho W est, Far W est and N oav England. There is a tondoncy towards restriction of bank
credits; bank reserves are not at all satisfactory. Big prices
absorb colossal amounts of capital, probably far beyond
anything in the history of tho United States. And the
country is supposed to have about roached the end of its
totner so far as expansion is concerned
Un tho other hand the Supreme Court decision in tho
matter of the United States Steel case has had a favorable
effect. The return of tho railroads to their owners is also
regarded as a cheering factor, for it means moro efficient
service. _ Spot” cotton here is up to 40.90c. per pound, the
highest since tho Civil W ar. Tho demand for iron and steel
is brisk. Building is active. There is an unprecedented
business in candy, supposedly OAving to prohibition- The
sales ot automobiles, motor trucks and accessories, even at
rising prices, are large; also in some sections of dry goods
notions, books and shoes. The condition of the country is
sound, all the more so from the spread of conservatism, with

May delivery_____ cts. 2 0 3 1 5

20 ^ 8 5

2 L22

2

L4 0

2 1 .7 2 *

21357'

21.17 21.37 21.77 2 0 2 .2 22.15
1.9 2 7

July dcllvery..............
P O R K unchanged; moss $41 @ $ 4 2 ; family, $ 5 0 @ $ 5 3 .
M a y pork closed at $35.20, a fiso for tho week of 70o.
Beef steady; mess $ 1 6 @ $ 1 8 ; packet, $ 1 7 @ $ 1 9 ; oxtra India
mess> $ 4 0 @ $ 4 2 ; N o . 1 canned roast beef $8.25. Cut moats
Q^iof but steady; pickled hams, 10 to 20 lbs., 2 4 % @ 2 6 3 4 c .;
picnic 4 to 10 lbs., 1 5 3 ^ @ 1 6 % c .; picklod bodies, 2 6 @ 2 8 c .
Butter creamery loAver at 03@(34c. Cheese, flats, 15 c@ 3 1c.
E Sgs loAver at 5 1 @ 5 7 c .
C O F F E E on the spot has been fairly active and higher;
Rio N o. 7, 1534c.; N o. 4 Santos, 2 4 3 4 @ 2 4 % c .; fair to good
Cucuta, 22 3 4 @ 2 3 e . Futuros advanced on covering of shorts
with trado buying, higlior storling and a bottor spot business
iu mild coffee. Some 25,000 bags of H ayti, it seoms, wore
sold and 15,000 bags resold supposedly to Franco at 18c.,
Avhoreas, earlier in tho Aveek it had boon offorod at 1734c.
The stock at Rio, including Government holdings, is 449,000
bags, against 670,000 last yoar and at Santos, also, including
Government holdings, 3,788,000 bags, against 3,983,000 a
year ago. This inclusion of Government coffee is Avolcome
light on tho statistical position. To-day prices woro higher
and they are up for the Avcok. Closing prices woro as follows:
March____i4.80@i4.85|Juiy_...........L5.4t@i5.45|Decomber-i5.2t@i5.25

May........ - I 5 .l 9 @ l 6 .2 0 | s e p t e m b e r .i 5 .2 6 @ l 5 .2 7 | ja n u a r y _ _ .l 5 .l9 @ l 5 .2 0

its im plication that the com m ercial com m u n ity o f this
S U G A R in good dem and and higher; C uban 9 6 dogreos
cou n try , taken as a w hole, is disposed to be more and m ore test H -2 9 c .; P orto Rican 1 0 .2 5 c .
Later Arbucklo bought it
on its guard.
seems 5 0 ,0 0 0 bags, prom pt C u b a at 1 0 34o*» cost and freight,
T h e Allies are said to bo considering the granting of a loan fixing tho spot basis of 1 1 .5 4 c .
N oav Orleans took a cargo
to G erm a n y. T h e Italian F ood M in ister declares that all if was understood at tho sam e prico; C anada purchased
c
nations, especially I ta ly , are faced w ith the absolute neces1 8 ,0 0 0 to 2 0 ,0 0 0 bags of San D om ingos at 1034c. . i. f. and
sity of reducing consum ption to avoid b an k ru p tcy. Thero 7 0 0 tons o f D om erara at 1034c. c. i. f .
Roceipts at C uban
is less fear of intorforonce Avith tho early spring building P °rts last Aveek reached 1 6 2 ,6 2 3 tons against 1 5 2 ,0 7 0 in the
program , OAving to the reassuring statem en ts of officials o f previous Aveek and 1 6 7 ,9 8 0 last yoar; exports 1 3 2 ,2 4 8 tons
the Building Trades E m ployers A ssociation , and tho B uilding against 8 0 ,0 5 8 tons in tho previous week and 8 5 ,8 5 4 last
Trades C ou n cil, ropresonting 1 1 5 ,0 0 0 workers in the N cav year; stocks 3 8 3 ,2 9 6 tons against 3 5 2 ,9 2 1 a Aveek provious and
Y o rk building in du stry.
It is encouraging to hear that the 5 2 6 ,9 9 7 last year.
Centrals grinding 186 against 185aAvook
recent assem blage o f railroad Avorkers a t W ash in g ton before and 191 last year.
T h e beot root crop of tho U . S .
probably m arked the end of aggressive m ethods b y brother- is Put at 1 4 ,5 2 6 .0 0 0 bags against 1 5 ,2 4 8 ,0 0 0 in 1 9 1 8 -1 9 ,
hoods and allied unions as distinctly as the collapse of B osto n
1 5 ,2 7 6 ,0 0 0 in 1917-18 and 1 6 ,4 0 3 ,0 0 0 in 19 1 6 -1 7 .
G ranupolico strike m arked tho crest of the radical labor w ave, luted 1 4 @ 1 6 c .
T h o change is duo to a realization b y union leadors th at their Max --------- 10.75® 10.85J J u l y ........... l0.70@l0.80|Sopt.......... 1 0 .7 5 @ 1 0 .8 5

0

methods Avere losing the public sympathy. The output of
O IL— Linseed quiot but steady; car lots $1 77 for March
Amorican shipyards in 1919 exceeded that of all others dolivery, $1 72 for April-M ay and $1 62 for Juno-Novombor.
combined and almost tripled tho production of the British Cocoanut oil, Coylon bbls., 1 8 34 @ 1 9c . Cochin 1 9 @ l9 3 4 o .
Isles, according to Lloyd’s Register. The United States Olive loAver at $2 9 0 @ $ 3 ; corn car lots 23.56o. Cod <lobuilt 1,051 mercantile ships of 4,075,385 tonnage in 1919, mestic $1 12; Newfoundland l $ 1 6 @ $ 1 18.
Cottonsood,
compared with 612 ships of 1,620,442 tonnage by Groat crude immediate $17 50. Spirits of turpontino $2(18.
Britain.
Washington bakers aro to bo called upon to oxplain Common to good strained rosin, $17 75.
their operating costs and methods of doing business in a
P E T R O L E U M in good domaiul and stoady; refined in
plan to reduce the cost of living in that city as an oxamplo to bbls. 2 3 .5 0 @ 2 4 .5 0 c .; bulk 1 5 @ 1 6 c .;c a se s2 7 @ 2 8 c . Gasoline
the rest of the country.
motor, in steel bbls. 26 34°3 consumers in steel bbls. 2 8 ’4 c .;
Bread aviII be advanced again in Manhattan, tho bakers gas machine steel 45 34c. Washington is talking of a possible
announce, a sixteen-ounce loaf to cost 12 cents. Specu- restoration of a Federal control over tho oil industry followlators are said to hold a large supply of Avheat and possibly ing a failuro of tho Shipping Board to got bids on moro than
taco big losses unless they can dispose of their holdings 1,500,000 bbls. out of 24,000,000 bbls. of oil noeded for
prior to harvesting of the 1920 crop. W ith the expiration tho year beginning Apr. 1st at prices 7 6 % to 9 0 % higher than
ot the guarantee banks aro expected to recall millions they last year. The Board may havo to buy in tho opon market
Juiye loaned on Avarehouse receipts. In urging food legis- at prevailing prices. It has asked tho Interior Department
lation to put a curb on soaring prices, Governor Smith to tako tho royalty on oil produced undor tho now oil land
ot j o w York declares efforts to control and reduco the high leasing bill in oil rather than in cash, Avhicli would provido it
N
of living thus far havo failed to improve tho situation, is estimated 4,000,000 bbls. for next yoar. Tho latest big
1 he Commercial Federation of America has been organized storm this Aveek in Wichita County of Texas blow down fifty
m St. Louis by representative business men of tho Middle derricks in tho Burkburnnott oil fiolds. During Fob. 211
V est Avith the avmved purpose of fighting radicalism. The noAv oil companies Avoro started establisliing a new high ro\
Amencan Farm Bureau Federation, composed of 1,060,000 cord for any ono month sinco tho outbreak of tho Avar, ulmembers in 28 States, at its meeting in Chicago on M a r. 4, I though tho total authorized capitalization showed a sharp




Sat.

drop. Oil C ity, P a ., wired: February had fewer oil wells
completed by 87 and a smaller production by 96,572 bbls.
than January, in fields east of tho Rockies, duo mainly to
its being a shorter month. The completions number 2,027
wells, with total initial output of 355,825 bbls. Oklahoma is
tho only division to report an increase in completions, having
115 more wells than in January. Oklahoma, Wyom ing and
tho Gulf Coast report an increase in new production.
1 ho
Oil City “ Derrick” says tho February showing is much better
than expected.
P e n n s y lv a n ia ______$0 10
C o r n i n g . . . _______ .1 5 0
‘
C a b e ll......................... 3 92
S om or set, 32 d e g .
a n d a b o v e ______3 75
R a g la n d ___________ 1 75
W o o s t e r _______ . . . 3 80
N o r th L im a ............. 3 -18
jun _____________ 3
8 o u th L im a _______ __48

991

THE CHRONICLE

M ar. 6 1920.]

In d ia n a ....................... *3 38
P r in c e to n .................. 3 52
I l l i n o i s ,..................... 3 52
P ly m o u t h ___________ 2 98
K a n s a s& O k la h o m a 3 50
C o rsic a n a , l i g h t . . 3 00
C o rsic a n a , h e a v y . 1 75
E le c t r a ______________ 3 50
S tr a w n _____________ 3 00

Mon.

4 ,9 5 8
9 ,5 3 9
G a l v e s t o n _______
8 ,3 5 6
T e x a s C i t y ______
P o rt A rth u r, & c.
,762
6,9 3 3
N e w O r le a n s ____
2 06
301
M o b ile ___________
P e n s a c o l a _______
J a c k s o n v i l l e ____
2 ,9 2 5
1,875
S a v a n n a h _______
B r u n s w ic k _______
'4 9 3
C h a r le s to n _______
80
W ilm in g t o n _____
504
N o r f o l k _________
N ’p o rt N ow s, & c
T h r a ll.................................$3 50 N e w Y o r k _______
I le a ld t o n ............................ 2 75 P o s t o n ___________
70
4 19
M o r a n ----------------------------3 00 B a l t i m o r e _______
H e n r ie tta ___________ 3 00
P h ila d e lp h ia ------C a n a d a ______________3 88
C a d d o . La l ig h t .
3 25
T o t a ls th is w e e k . 2 8 ,5 0 0 ' 1 0.053
C a d d o c r u d e ______1 75
D e S o t o ____________ 3 15
The following shows tho

Tues.

Wed.

Thurs.

6 ,4 1 9

18,858

6,311
6 ,0 3 9

3,4 0 7
225
—

6 ,5 1 8
1,146
—

6 ,6 4 6
404
—

3 ,7 4 8

2 ,0 7 9

2,599

'2 9 0
7
1.394

"5 9
25
1,2 7 5

"248
16
703
_____

500

46
3 28

75
16,065

—
3 0,3 34

40
2 3,0 06

Fri.

Total.

7 ,8 4 9
1,140
261
5 .7 4 7
96

5 3,9 34
1 5,535
261
3 1,0 13
2 ,3 7 8

'" 6
4 ,7 6 5
2 ,5 0 0
1,183
139
4 60
39
____
164
1,142
—

'" 6
17,991
2 ,5 0 0
2 ,3 1 0
274
4 ,4 2 4
39
546
981
1 ,1 4 2
115

2 5,491 133 ,44 9

week’s total receipts, the total
since Aug. 1 1919 and tho stocks to-night, compared with
last year:
___

R U B B E R has boon firmer at times on plantation grades,
with a bettor demand chiefly on speculation. Smoked
Stock.
ribbed sheets later 4 5 ^ 0 - and 4 8 c .@ 4 9 M c . for forward
1 9 1 8 -1 9 .
1 9 1 9 -2 0 .
deliveries. Para dull and weaker at 42p. for up-river fine.
Receipts to
This Since Aug This Since Aug
March 5.
Central dull and nominally 32c. for Corinto.
1 91 9 .
1920.
Week. 1 1918.
Week. 1 1919.
O C E A N F R E IG H T S havo boon steady in most cases and
3 1 5 ,8 7 7
3 2 8 .37 7
G a lv e s t o n ________ 5 3,9 34 ,7 7 7 ,1 27 2 5,6 84 1 ,2 9 3 ,8 2 0
1 9,9 23
66,691
although trading has been rather small the outlook is believed T e x a s C i t y _______ 15,535 2 9 4 ,0 0 8
5 8 ,3 6 9
1,719
1,801
to bo brightening. Sterling exchange has been 50 cents A ra n sas P a s s ------53*747
7 9,0 15
'2 4 7
*261
u r , & c __
higher than tho recent “ low .” Steamship operators and P o r t A r tha n s ______ 31,0 13 9 5 2 ,01 5 2 4 ,8 5 7 1 ,0 3 1 ,0 1 0 3 9 9 ,04 8 4 5 9 ,5 8 4
N e w O r le
2 2 ,4 8 3
24,171
1 08,127
2 3 4 ,14 4
2 ,5 4 3
2 ,3 7 8
oxporters aro inclined to think tnat tho new order of the M o b ile ____________
9 ,4 2 2
15,795
Shipping Board cancelling its freight tariffs will stimulate P e n s a c o la ________
l l ',5 6 6
'6 '. 176
1 9,090
13,064
'7 0 0
6
J a c k s o n v ille ______
shipping business. Lower rates quoted by foreign vessels, S a v a n n a h ________ 17,991 ,0 5 1 .7 00 10,233 7 1 8 ,9 2 0 189,268 2 1 5 ,6 1 6
3 ,5 0 0
14.000
5 3 ,9 5 0
135,800
500
2 ,5 0 0
which could not bo mot by operators of American vessels B r u n s w i c k _______
5 9 ,4 1 9
196,790
363 ,60 3
1 3 1 ,82 8
3 ,2 5 6
2 ,3 1 0
C h a r l e s t o n ____
4 4 ,7 1 4
4 2,4 82
7 5 ,2 4 6
119,077
2 ,5 5 9
bccauso of tho fixed charges, can bo now. Some believe W ilm in g to n . . .
274
1 0 3 ,12 6
9 0,6 40
2 1 6 ,4 3 2
2 9 1 ,82 2
5 ,1 6 6
4 ,4 2 4
that froight rates from all Atlantic ports to the Orient will N o r f o l k ________
2 ,9 8 7
78
4 ,0 2 0
39
’
t
e
8 3 ,4 9 3
5 1,3 47
bo maintained, or perhaps increased, if tonnage docs not N ep o rY oN k w s , A c 7 ,4 1 6
254
15,599
546
N w
r ________
1 2,847
5 ,9 9 4
1 9,678
3 16
19,874
981
becomo moro plentiful on tho W est Coast. Charters in­ B o s t o n ___________
7 ,1 0 5
4 ,7 5 0
1 6,352
329
81,581
1,142
B a lt im o r e _______
3 ,2 6 1
cluded coal from Virginia to west coast of Italy at $23; coal P h ila d e lp h ia ------7,1 5 4
90
60
17,041
115
from Atlantic Ilango to west coast of Italy at $24; sugar from
133,449 5 ,4 6 7 ,7 4 0 7 8.501 3 ,8 1 6 ,4 9 0 1 ,4 2 6,89 4 1 ,3 6 2 ,4 4 8
T o t a l s _______
Cuba to Antwerp, Amsterdam or Rotterdam 142s. Gd.
I n ’order that comparison may be made with other years,
March; linseed from River Plato to southern United King­
o erivo bolow tho totals at leading ports for six seasons:
dom ports up river loading 200s.; linseed from Buenos AiresLa Plata to tho United Kingdom 145s.; lumber from a Gulf
1916.
1 915.
1 917.
1 918.
1 919.
1 920.
port to South America $50 per mile; steamer 0,500 to 0,800
tons from Cuba to United Kingdom 50s.; steamer 4,000 tons G a lv e s t o n ____
3 7,331
6 0 ,9 3 8
2 7 ,6 6 8
18,497
2 5,684
53,9 34
5 ,5 2 2
1 0 ,6 0 9
1,849
723
1,966
1 5,7 96
from Cuba to tho United Kingdom 50s.; steamer 650 dead­ T e x a s C it y , & c
18,834
5 6 ,4 5 8
1 7,398
3 1 ,5 4 4
2 4.8 57
3 1 ,0 1 3
weight, French coal trado 90s., six months March;clipped N e w O r le a u s .
1 ,2 5 5
1,561
845
2,521
2 ,5 4 3
2 ,3 7 8
M o b i l o _______
2 8 ,4 0 6
11,694
2 ,3 8 9
3 8 .4 7 2
1 0,233
oats from Buenos Aires or La Plata to Adelaide or M el­ S a v a n n a h ____
17,991
4 ,0 0 0
5 ,0 0 0
1.500
100
500
2 ,5 0 0
bourne 100s.; coal from Virginia to Naples $23; coal from B r u n s w ic k ___
1 0,082
8 24
1,157
2 ,0 5 0
3 ,2 5 6
2 ,3 1 0
C h a r le s t o n ___
9 ,5 7 7
535
489
3 ,0 1 0
Virginia to a Froncli Atlantic port $20 50; six months’ timo W ilm in g to n
2 ,5 5 9
274
7 ,4 3 4
15,351
6 ,9 1 5
7,0 0 7
5 ,1 6 6
4 ,4 2 4
charter in W est India trado $9; deals from a Provincial port N o r fo lk _______
487
1,939
168
108
78
39
N 'p o r t N .,& c .
1 9,0 36
3 ,7 0 9
to the United Kingdom 360s.; lumber from a Gulf port to A ll o t h e r s ____
4 ,6 9 0
5 .1 5 5
1 ,6 5 9
2 ,7 9 0
two Windward Island ports 3 0 0 M . $26.
2 1 6 ,1 9 9
9 4 ,3 8 3
6 5 ,0 6 8
109,187
7 8,501
1 33,449
T o t a l th is w k .
T O B A C C O has been quiet of lato after tho recent heavy
5 ,4 6 7 .7 4 6 3 ,8 1 6 ,4 9 0 4 ,6 2 1.05 1 5 ,6 0 1 ,1 2 5 5 .4 9 6 .4 2 2 8 ,3 0 9,36 1
purchases by manufacturers. Tlioy now appear to bo pretty
well supplied for tho time being. Nevertheless the tono
The exports for tho weok ending this evening roach a total
remains steady, and oven firm as some regard it, with tho of 128.812 bales, of which 55,951 wero to Groat Britain,
to Franco and 72,861 to othor destinations.
Exports
outlook for 1920 considered favorablo.
Fifty tobacco
owers at Louisville, K y ., have organized tho Tobacco
rowers’ and Dealers’ Protective Association with the
From Avp. 1 1919/0 M a rch 6 1920.
IVffJt ending M a rch ft 1920.
object of maintaining present tobacco prices. They havo
Exported to —
E xported to—
made plans to bring into tho organization 10,000 growers
Exports
Great
and dealers in Ohio, Indiana, Kentucky and Tennessee.
Great
from —
Total.
Other.
F rance.
Britain.
Total.
Britain. F rance. Other.
It will make inquiry as to whether the mandate of tho Su­
80,129 275,872 1,444,079
premo Court dissolving tobacco trusts has been observed.
12,535 26,375 1,088,678
....
G a lv e s to n .. 13,840
187,262
20,934
166,328
C O P P E R in better demand and steady; electrolytic 19c.; Texas C ity.
57,852
57,852
__
175
...
175
Tin is higher at 6 2 j4 c . Lead in good demand at unchanged
11
11
K1 Paso-----prices, but offerings are light; spot Now York 9 @ 9 b i c .
92,019 458,86.1 886,926
3 ,730 60,656 336,052
29,826
New Orleans
98,216
2,379
23,298
72,539
Zinc inactivo but steady; at 89<4@9e. for spot St. Louis.
_____ _
M obile.........
19,013
19,013
P IG IR O N is in brisk demand for spot and near delivery Jacksonville
21.714
i()(
21,614
and steady. N ow and then offerings aro larger. Ship­ Savannah - . ............ ............ 15,035 15,035 236,077 172,224 452,886 801,187
142,311
142,311
ments aro often delayed by car shortago, however. For tho
*22,721 120,805
19,149
84,931
Charleston . 10,826 ............ ............ 10,826
87,928 134,138
16,847
second half of 1920 tho inquiry is less pressing. English Wilmington.
29,868
17,092
37,762
• ,350
.
76,980
inferosts want 50,(XX) tons of steel-making iron. It will bo
119,871
95,374
14,656
9,941
1,776
1,060
716
8,120
2,6.71
hard to got. Coke is still scarce and tho prospects for bet­ New Y o r k ..
1,257
4,192
74:
743
3,789
500
3,289
terment aro not good. There is a big demand in Alabama B a ltim o re ..
25,088
4.48J
200
20,405
100
100
Philadelphia
375
and Missouri for coko, but cars aro so scarco that furnaces
375
05,189
65*, 18f
3,119
3,119
aro hard put to it to got what they urgontly need.
San Fran. - - ............ ............
...........
929
921
I.os Angeles
S T E E L is in sharp demand and firm. Tho recent Su
128,584
188.584
Seattle.........
24,522
24,52:
::::::
promo Court decision against tho dissolution of tho United T acom a____ : : : : : : ............ 10,282 10,282 : : : : : :
7,630
7,6361
States Steel Corporation holps tho general situation. Some­ Portl’d, Ore
443,463 1,668,075 4,481,478
thing like 100,(XM cars aro said to bo wanted. Canada like
)
T o ta l____ 56,951 ______ 72,861 128,812 2,369,941
tho United States, also wants both cars and locomotivos.
40,120 33,372 48,821 122,313 1,429,217 482,606 1,125,057 3,037,480
Somo seo signs of an increaso in tho supply of cars. But it T o t. '18-'19 70,882 6,535 29,770 107,187 1,845,448 406,763 906,591 3.158.801
T o t. '1 7-1 8
is not marked as yet, by any means, but any improvement
at all is noticeably welcomo. East India is buying railroad
oquipmont on a notoworthy scalo. Japan wants consider­ give us tho following amounts of cotton on shipboard, not
able 30-gaugo sheets, but that gauge is difficult to got, and cleared, at the ports named. W o add similar figures for
New York.
it is almost as hard to securo 26 and 28-gaugo.

S

On Shipboard, Not Cleared for—
C

O

T

T

O

N

•
F rida y N ig h t, M a r . 5 1920.
T H E M O V E M E N T OF T H E C R O P , as indicated by our
telegrams from tho South to-night, is given below. For tho
week ending this ovoning tho total receipts have reached
133,449 bales, against 176,942 balos last week and 189,730
bales the previous week, making tho total receipts since
Aug. 1 1919 5,467,7 46 balos, against 3,816,4 90 bales for tho
samo period of 1918-19, showing an increaso since Aug. 1
1919, of jl ,6 5 1,256 bales.




March 5 at—

Ger­
Great
Britain. France. many.

G a lv e s to n --------N e w O r le a n s ..
S a v a n n a h ______

6 8 ,7 2 6
4,789
14,000

1.964
7,000

M o b i l o ...............

10,910

1,175

A e w Y o r k b ___
O th e r p o rts b ..

300
13,000

500

T o t a l 1 0 2 0 -. 111,725
T o t a l 1 0 1 9 -- 6 0,9 45
T o t a l 1 0 1 8 -- 3 3,9 90

10,639
5 5,7 02
2 9,0 00

Other
Cont't.

Coast­
wise.

Total.

7,9 1 0 4 1 ,7 1 9 13,000 131,355
2.041 8 2,5 85
12,484 6 1,307
10,500 * 1 1.5CC _______ 4 3 ,0 0 0
1,000
1,000
58 14,631
a 2,4 88
5 00
500
3 ,3 0 0
2 ,5 0 0 .............
.............
2 ,0 0 0 _______ 15,000
3 0,894 121,514
14,413
3 4,3 07

leaving
Stock.
197,022
3 1 6 ,4 6 3
146,268
1 95,796
9 ,5 4 0
9 0 ,1 4 0
4 8,0 47
132,247

1 6,599 291,371 1 ,1 3 5 ,5 2 3
3 ,4 5 0 143,510 1,21 8,93 8
3 4 ,0 0 0 131,306 1 ,3 7 3,69 3

993

THE CHRONICLE

[Vol. 110.

Speculation in cotton for future delivery has latterly been
predicted largo gold imports, improving prospoots of a loan
more active at rising prices, partly owing to a sharp demand
to Gormany, cold or rainy weather at the South, buying of
to cover hedges in M arch, M a y and July. This forced
October by Liverpool and othor interests, a drop in call
March lip to 39.25c. on the 4th inst., M a y to 36.25c. and money to 6 % and hedge covoring on March and M a y . A
i •
'^ * 4 2 c . A t the same time October and December, reaction followed. The technical position is considered
*ia,vo been sluggish, moved upward, October touching weaker. Prices aro higher for tho week, especially on March
30.70c. and December 30c. October especially active.
and M a y . Middling uplands on tho spot closed at 40 .90,
1 Ins revival of interest in the next crop was due to reports
a riso for the week of 125 points. Tho certificated stock is
of cold, rainy weather in parts of the South and, what is very small and gradually decreasing.
more, to the fact that crop preparations are somo weeks
The membership of R . M . Simpson in the Now York
backward, E ven to the far south of Florida fruits and vege­
aonr0 Excliar1
™
\?° sold on March 3 to J. T . Gwathmoy for
table^? have been badly damaged by unusual severity of the
00, a decline of $2,000 from tho last provious salo and
weather. A t Miam i it was 34 degrees for tho first time on of $5,000 sinco last December.
record. Some cotton planted in southern Texas has ceri he official quotation for middling upland cotton in tho
tamly not been helped by recent cold weather in that direc­ iNow York market each day for the past wook has been:
tion. Also there is insistence on the scarcity of labor over
'• 2 8 to M a r c h 5 —
S a t. M o n . T ile s . W ed T h u r s
Pri
much of the belt. B ut the old crop has been the principal M id d lin g u p la n d s ...........................4 0 .0 0 4 0 .2 5 4 0 .5 0 4 0 .7 5 4 0 .0 5 ' 4 0 .9 0
feature. A good while back there was much hedging,
N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
notably last fall, at discounts in tho forward months at,
Ik e quotations for middling upland at Now York on
roughly, something like 3 to 6 or 7 cents per lb ., or even
larch 5 for each of tho nast .89 vnn.™ ll O V\nnn no P I1 v tr •
vn
a /~-r n
more than that. Such a courso looked a bit hazardous at 1 9 2 0 . c ............4 0.90 1 9 1 2 -C . -------10.35 1 9 0 4 - c . ____ 10.25
1 8 9 0 - c ..............7 .6 2
1 9 1 9 ------------- 2 6 .1 5 1 9 1 1 . . . ____ 14.40 1 9 0 3 . . . ____ 10.10 18 9 5 ................ 5 .6 2
the time to some members of the trade, but tho basis was
1 91 8................ 3 3 .0 0 1 9 1 0 . . . ____
.
1 8 9 4 .............. 7 .5 6
rising, and it was supposed that it would continue to rise 1 9 1 7 ................ 18 .0 5 1 9 0 9 . . . ____ 14.75 1 9 0 2 . .. ..
9 .8 5
1901
189 3................ 9 .1 9
and so equalize matters. B ut that has not happened. 1 9 1 6 ............. . 1 1 . 5 5 1 9 0 8 . . . ____ 11.55 1 9 0 0 . . .
18 9 2 ................ 7 .0 0
9 1 5 --------------- 8 .6 5 1 9 0 7 . . .
189 1...................8 .8 8
Recently the demand for spot cotton has fallen off. Efforts 1 9 1 4 ................ 13.00 1 9 0 0 . . . ____ 11.35 1 8 9 9 . . .
1
____ 11.20 1 8 9 8 . . .
1 89 0................ 11.31
have noticeably slackened with a fall in exchange. Evon 1 9 1 3 . . ........... 12.7 0 1 9 0 5 .. . -------7 .8 5 1 8 9 7 . . . ____ 0.31 .1 8 8 9 .................10.19
-------7 .1 9
rates about 45 cents higher than tho recent low of
M A R K E T A N D SA L E S A T N E W Y O R K .
3.18 for sterling thero is no sonsiblo increase in tho outgo
ot cotton from this country. This means that the hedges
S pot
F u tu r e s
I
SALKS.
M a rk et
round themselves in a dilemma. It is out of the question
M a rk et
C lo s e d .
C lo s e d .
I S p o t.
C o n t r ’ t. T o ta l.
to fill their engagements lioro af tho discounts originally
incurred, and, on the other hand, they were confronted with S a t u r d a y ___ S to a d y . 35 p t s . a d v .
y ___ Q u t,
t
dv
a rapidly rising market here if they attempted to covor in Muoen d a y ___ S toied y ,25 pp s . .aa d _ _
T
sd a
a
25 t s
v.
tho open market. B ut plainly their only course was to W e d n e s d a y . S to a d y , 25 p t s . a d v .
r a
cover at the Now York Cotton Exchango. And that is T h u d sady .y. ... .. Q u ie t, 10 p t s . d e c . . S te a d y
F ri
Q u ie t, 25 p ts . a i v . .
what they have been doing at a steady riso in prices, which
T o t a l ____
put March to a premium of 360 points over M a y and M a y
834
834
to 315 points over July. October at times has been 877
F U T U R E S .— Tho highost, lowest and closing prices at
points under M arch. And thero is said to be considerable
hedge short interest in October. Latterly spot markets Now York for tho past week have boon as follows:
havo shown a little more lifo and certainly they have been
Saturday M on d ay Tuesday W ed’ day T hursd’y Friday,
stronger. They have naturally sympathized with tho
F eb. 28. M arch 1 M arch 2 M a rch 3 M a rch 4 M arch 5
W eek .
strength of March and near deliveries at New York.
M a rch —
Liverpool of late has generally been a good buyor here,
R a n g e _____ 37.65-. 28 37.85-.25 38.00-.75 3S.57-.9S 38.88-. 25
38.80 .18 3 7 .6 5 /1 8
37.95 — 38.2.3 — 38.67 — 38.97 — 38.90 — 39.18 —
bpot houses have bought to somo extent. So has Wall
A p ril —
Street.
It trailed after tho M arch deal. And for a time
—
Itan go......... —
36.00 —- _________ _________
30.00 —
C losin g____ 35.60 — 35.70 — 36.30 — 36.60 ■ 36.35 —
Liverpool was stronger after showing somo early depression
36.60 —
—
It fell to-day with the rise in sterling in New York. Out­ M a ga n g e_____ 34.77-.07 .34.60-.17
R
34.70-.65 35.32-.96 35.60-.25 35.52 .95 34.60 125
siders havo been generally more disposed to buy March and
34.93-.98 34.98-.03 35.56-.60 35.89 -— 35.62-.65 35.83 .85
M a y . Reports in regard to the stato of affairs at Alex­ June — g e____
Ran
andria, Egypt, have within a day or two become moro
C lo sin g ____ 32.80 — 33.00 — 33.20 — 33.60 — .33.60 - 33.50 — _____
lf/—
cheerful. And there aro rumors that the Allies will grant J UR a n g e _____
.32.10-.43 32.05-.58 32.05-.57 32.30-.95 32.85-.42 32.73 .15 3 2.05/42
credits to Germany. It is recognized that if Germany
C lo sin g ____ 32.27-.32 32.40-.44 32.80-.53 32.86-.88 .32.90-.93 32.93 .94 — _ __
could get the raw material it would bo a big thing for its August —
R a n g e ......... —
31.10-.31 31.65-.75 _________ _________ _________ 31.10 .75
textile industries. It has 11,000,000 cotton spindles, and
Closing _ .. 31.21 — 31.35 — 31.50 —■31,60
31.85
31.85 —
before tho war ranked third_ among the world’s cotton manu­ September—
R a n g e ......... 30.50 — 30.65-.78
30.50 .16
30.50-.15
facturers. Latterly trade interests have bought M a y here
C lo sin g ____ 30.50 — 30.70 — 30.70 — 31.00 — ■31.20
31.20 — __ __ __
to some extent.
October—
R a n ge.........

29.75-.03 29.70-.12 29.75-.05 29.77-.15 30.15-.70 30.10 .50 29.70«70
On tho other hand Liverpool for a time was quite depressed,
C lo s in g ____ 29.86-.95 30.01-.02 30.00-.01 30.10 — 3p.30-.32 30.28 .29 --- — __
owing partly to a bad break in prices at Alexandria, E gypt. Novem ber —•
—
—
_________ 29.93 — _________ 29.93 —
R a n g e ......... —
A number of failures wore reported there, one of thorn for
C lo sin g ____ 29.45 — 29.50 — 29.55 — 29.70 — 29.80 — 29.75 —
Reccm ber —
£80,000. And it was found necessary to fix a minimum
R a n g e ......... 29.15-.50 29.12-.49 29.15-.52 29,21-.55 29.4.5-00 29.38 .75 29.15 .00
prico of 135 for March and 114 for November though sig­
C losin g ____ 29.28 — 29.36 — 29.37-.40 29.50-.62 29.53-.55 29.48 .50
nificantly enough “ no limit for higher prices.”
A t one January ------R a n g e ____ 29.00-.02 28.94-.05 28.76-.98 2S.78-.00 29.20*.30 28.84 .30 28.76 .30
timo, too, it was said that tho market thero had brokon
Closing . _. 28.93 — 29.03 — 28.95-.00 29.00-.05 29.10 - 28.88 .90
through these minimum limits. Spot sales at Liverpool February —
—
—
R a n g e ......... —
28.75 —
28.70 — 28.70 .75
have been small, ranging from 4,000 to 6,000 bales a day.
C lo sin g ____
------------- 28.70 — 28.80 3 28.70 —
And Manchester has been quioter. Hero print cloths havo
/ 3 9 j . 1 36c. J 33c. a 30c.
also been less active and prices have been weaker especially
from second hands. Yarns havo declined. Raw silks have
Q U O T A T IO N S F O R M I D D L I N G C O T T O N A T O T H ­
been quiet and more or less depressed. W ool has boon E R M A R K E T S .— Bolow aro tho closing quotations of mid­
dull and burlaps lower.
dling cotton at Southern and other principal ootton markets
And although farm work is undoubtedly backward at the for each day of tho week:
South some reports aro to tho effect that efforts will be
made to increase the acreage. Wages are undoubtedly
Closing Quotations for Middling Cotton on—
high, but the South is wealthy. Ono farmer, it is said,
M a r. 5 .
S a tu r d a y M o n d a y .; T u e s d a y W e d 'd a y T h u r s d 'y
F r id a y .
actually paid tho debts of a family amounting to $1,200 in
4 1 .5 0
IH o lid a y 41 .7 5
41 .7 5
order to securo the services of its members. In other words Q a lv e s to n _______ 4 1 .5 0
4 2 .0 0
N e w O rlea n s___ 4 0 .2 5
40.2 5
4 0 .5 0
40 .2 5
4 0 .5 0
4 0 .5 0
the farmer seems determined to get labor, and tho moro M o b l l o _________ 3 9 .0 0
3 9 .0 0
3 9 .0 0
3 9 .0 0
3 9 .0 0
3 9 .0 0
3 9 .5 0
,3 9 .5 0
4 0 .0 0
3 9 .5 0
progressive will branch out with tractors and so forth, S a v a n n a h _______
3 9 .5 0
C h a r le s t o n .____ 3 9 .0 0
3 9 .0 0
4 0 .0 0
4 0 .0 0
:39.0 0
4 0 .0 0
fertilizers will undoubtedly be more extensively used than W ilm in g t o n _____ 3 8 .5 0
3 8 .2 5
3 9 .0 0
3 9 .0 0
. . 3 8 .7 5
for years past. They will includo Gorman potash. That N o r fo lk ___
3 8 .7 5
3 9 .0 0
38 ~76
3 9 .0 0
R a lth n r
4 0 .0 0
4 0 .0 0
40 roo
4 0 .0 0
4 0 .2 5
40 .2 5
is ono of tho most valuable fertilizers known at tho South. P h ila d eolpe _______ 4 0 .2 5
h ia ____
4 0 .5 0
4 1 .0 0
4 0 .7 5
40.9 0
4 1 .1 5
And it is of interest to add that the production of potash in A u g u s t a ............... 3 9 .5 0
3 9 .5 0
3 9 .7 5
3 9 .7 5
4 0 .0 0
4 0 .0 0
e
3 9 .0 0
3 9 .0 0
3 9 .0 0
3 9 .0 0
3 9 .0 0
Gormany in January reached the now high record of 550,000 M a lmap h.i s _______ 3 9 .0 0
D l s. _
H o lid a y 4 2 .4 0
4 1 .6 5
42 .0 0
4 2 .2 5
tons.
Large numbers of German soldiers returning to the H o u s t o n . ............. 4 0 .0 0
H o lid a y 4 0 .2 5
4 0 .0 0
40 .2 5
40.2 5
3 9 .0 0
3 9 .0 0
3 9 .0 0
3 9 .0 0
3 9 .0 0
country havo gono to work in that industry. Germany I J t t le R o c k ____ 3 9 .0 0
wants American coal and will send potash among other
N E W O R L E A N S C O N T R A C T M A R K E T . — T h e c lo s in g
things to this country in order to get it. Finally tho tech­
q u o t a t io n s f o r lo a d in g c o n t r a c t s in th o N o w O r le a n s c o t t o n
nical position has weakened here. That is only natural
m a r k e ts fo r th e p a s t w o o k h a v o b e e n a s fo llo w s :
after tho almost panicky covering earlier in the week. It
is said now that the March option is burnt powder and that
S a tu r d a y , M o n d a y , T u e s d a y , W e d 'd a y , T h u r s d 'y , F r id a y ,
the short interest in M a y has been largely liquidated. It is
F e b . 2 8 . M a r . 1. M a r . 2 . M a r . 3 .
M a r . 5.
M a r . 4.
also stated that some eastern holders sold tho actual cotton M a r c h ___________
3
3 9 .0 0 — 1 8 .9 9 — 3 9 .3 0 —
—
— 3 9 .2 5 -.3 0
here when March got up to 39.25c. W all Street and Japan­ M a y ____________ 3 5 .6 7 -.7 3 2 5 .7 4 -.7 5 3 6 .1 3 -. 10 3 9 .3 3 -.58 3 9 .1 6 -.3 8 3 6 .4 0 -.4 6
30.5O
3 0 .3 4
.........................
ese interests have been soiling hero. Also it is understood J uclyo b e r ________ 3 2 .9 4 -.9 0 J 2.95-.9 7 3 3 .1 1-. 15 J3.42-.4 8 3 3 .4 3 -.4 7 J 3.40-.4 4
O t
2 9 .9 2 -.9 0 2 9 .9 I -.9 8
J0.03-.0 5 10.2O-.25 JO .15-.10
somo southwestern spot people, some of whom, it is under­ D e c e m b e r _______ 2 9 .lfi-.1 8 2 9 .2 0 -.2 5 3 0 .0 0 -.0­5 2 9 .3 0 -.4 4 2 9 .3 7 — 2 9 .3 5 -.4 0
2 9 .3 0 stood havo had a Jfavorablo opinion of March and M a y J a n u a r y ________ 2 8 .4 5 — 2 8 .4 5 -.5 5 2 8 .6 5 —- 2 8 .7 0 — 2 8 .8 0 — 2 8 .8 0 —
T on e—
options for some timo past and have acted accordingly,
S p o t ................. S te a d y
S to a d y
S te a d y
S te a d y
S to a d y N o m in a l
O p t io n s ........... S te a d y
tS o a d y
lo -d a y prices advanced for a timo owing to rising exchango.
S to a d y
S te a d y l la ’ ly styi IJa’ ly s ty




T H E V IS IB L E SU P P L Y OF C O T T O N to-night, as made
up by cablo and telegraph, is as follows. Foreign stocks, as
woll as tho afloat, aro this week’s returns, and consequently
all foreign figures aro brought down to Ihursday evening.
B ut to mako tho total tho complete figures for to-night
(Friday), wo add the itom of oxptDrts from tho United States,
including in it tho oxports of Friday only.
March !)—
1920.
S to c k a t L iv e r p o o l-------------t e lc s .-l.O W .O O O
S to c k a t L o n d o n ----------------------------lO.jnW
S to c k a t M a n c h e s t e r --------------------- 1 <8,lH)t>

1 919.
5 0 3 ,00 0
15.000
8 3 .0 0 0

1918.
4 0 1 ,00 0
2 0 ,0 0 0
5 8,0 00

T o t a l G r e a t I lr ita ln .......................1 ,2 5 5,00 0
S to c k a t H a m b u r g — ............................................
S to c k a t B r e m e n ................................... _
S to c k a t H a v r e ____________________ 3 0 0 ,00 0
S to c k a t M a rs e ille s ..............................
S to c k at B a r c e lo n a ..............................
7 7 ,0 0 0
S to c k a t G e n o a ____________________
195,000
S to c k a t T r ie s t e ___________________
_______

6 0 1 ,0 0 0

5 3 9 ,00 0

1 54,000
5 ,0 0 0
9 1.0 00
5 9.0 00

1 22,000
1,000
2 9.0 00
11.000
1 6 3 ,00 0

■ o t a l O o n tin e n ta s t o c k s _______
T

5 7 2 ,00 0

V ia
V ia
V ia
V ia
V ia
V ia

4 9 4 ,00 0

1

T o t a l v is ib le s u p p ly ____________ 6 ,3 5 3 ,7 4 1 5 ,4 5 3 ,9 4 9 4 ,6 7 6 ,0 9 3 5 ,0 2 6 ,5 5 9
O f th e a b o v e , to ta ls o f A m e r ic a n a n d o th e r d e sc rip tio n s are as fo llo w s :
L l v w p o o /s t o c k ......................... b a le s .

8 7 7 ,00 0

3 0 1 .0 0 0

K

2 9 8 ,0 0 0
•

e “ T : : : : : i . « b :8 m
i l e a ®
U . S . U lterior s t o c k s ............................. 1 ,2 6 6 ,9 1 8 1 ,5 2 0 ,3 7 0
U . S . e x p o r ts t o - d a y ...... ...................
2 1 ,8 4 9
1 9,3 74

6 5 8 .0 0 f

j f S

*4& ooo

i l l ®
1 .2 6 8 ,9 3 2 L 1 2 6 ,1 7 9
1 2,162
» -7 ' 4

T o t a l A m e r ic a n ____________ _- .4 ,7 8 0 ,7 4 1 3 ,8 3 4 ,9 4 9 3 ,3 8 9 ,0 9 3 3 ,< 8 5 ,5 5 9
Hast Indian. Brazil, e tc.—
___ ____
1 16,000
1 63.000
2 0 2 ,0 0 0
L iv e r p o o l s t o c k ___ _________________
2 6,0 00
2 0 ,0 0 0
15.000
L o n d o n .s t o c k _______________________
1 0,0 00
11,000
3 3 .0 0 0
3 0 .0 0 0
M a n c h e ste r s t o c k _________________
3 3 ,0 0 0
*5 2,0 00
* 2 1,0 00
*3 5,0 00
C o n tin e n ta l s t o c k _________________
6 5 ,0 0 0
8 6,0 00
4 5 .0 0 0
18.000
5 4,0 00
In d ia a flo a t fo r E u r o p e . . ________
7 0,0 00
7 5 .0 0 0
3 2 ,0 0 0
E g y p t , B ra zil, A c ., a f lo a t ________
69,0 00
140.000
3 6 0 .0 0 0
3 9 6 ,0 0 0
S to c k in A le x a n d ria , E g y p t ______ 157,000
7 4 0 .0 0 0
*8 91 ,00 0 *570 ,00 0
S to c k In B o m b a y , I n d i a __________ 0 9 5 ,0 0 0
T o t a l E ast In d ia A c
1 ,5 7 3 ,0 0 0 1 ,0 1 9 ,0 0 0 1 ,2 8 7 ,0 0 0 1 ,2 4 1 ,0 0 0
T o t a l A m e r ic a n .^ .
1 1 1 1 I I 1 1 4 ,7 8 0 .7 4 1 3 ,8 3 4 ,9 4 9 3 .3 8 9 .0 9 3 3 ,7 8 5 ,5 5 9
T o t a l v is ib le s u p p ly .......................6 ,3 5 3 .7 4 1 5 .4 5 3 ,9 4 9 4 .6 7 6 .0 9 3 5 ,0 2 6 559
E g y p t , g o o d sake), L i v e r p o o l ------T ’ ......- - - o
P e r u v ia n , ro u g h g o o d , L iv e r p o • l.
B r o a c h , fin e , L iv e r p o o l___________
T ln n o v e liy , g o o d , L iv e r p o o l---------

8:lU:.
8 6 .5 0 d
49.00(1.
2 1 .1 0 d .
24 3 5 d .

—

2 6 .4 5 c .
3 0 .5 8 d .
32.00(1.
14.71(1.
14.96(1.

3 3 .2 0 c
“1 .9 3 d ..
3
39.00(1.
22.00(1.
2 2 .2 8 d .

"

1 8 .0 0 c .
26.75(1.
18.50(1.
1 1 .4 5 d .
1 1 .6 3 d .

* E s tim a te d .

Continental imports or past week have been 76,000 bales.
Tho above figuros for 1920 show a docroaso from last week
of|G4,685 bales, a ga in of 899,792 Kales over 1919, an excess
off 1,677,048 balos over 1918 and[a gain of 1,327,182 bales
_____________________
over 1917 .M ______ ____________
| * A T T H E IN T E R IO R T O W N S tho movement— that is,
tho receipts for tho week and sinco Aug. 1, the shipments for
tlio week and tho stocks to-night, and the same items for tho
corresponding poriod of tho provious yoar— is sot out in
do tail below:
Movement to March 5 1920.
Ship­ Stocks
ments.
5.
Season. Week.

Receipts.
Week.

Movement to March 7 1919.
Receipts.
Week.

15
2,502
5,201
70
020 15,000
05,331
337
1,558
30.523 2,048
400
343 8,177
30,003
2,819
171,070 2.9S9 47,542
900 32,000 2,307
80,230
8
31 2,337
9,800
1.097
1,000 37,298
1,155 134,938
4,929 32,787 3,707
5,2(52 210,002
3,850 451,842 13,089 142,778 5,331
25
33,749
1,450 17.447
2,377 190,288 5,041 33,780 3,134
405
50,093
935 12,485
300
840
1,294 60,000
71,472
950
40
2,828
10,527
2,723 122,780 0,595 41,999 2,200
1,700
500 27,500
500 105,138
( ireenwood. . .
093
32,874
460 4,578
150
M eridian____
295
25,070
278 7.508
261
Natchez . . . .
416
17,440
730 10,098
387
Vicksburg___
0(H)
392 8,593
32,523
1115
Yazoo C ity .. .
8,549
8,881 10,242
*,703 554,551
M o ., St. Louis
300
057 9,700
N.
C .,G r 1,365
’nab«ro 40,402
144
120
244
9,389
103
R aleigh............
2,000
O.
, Cincinnati. 41,700 2,400 18,000 4,344
Okla., Ardrnor
"
’ ooo
10,397
lY,035
Chlckasha___
3,550
100
10S
24,052
100
Hugo --------300
0,247
37,395
O k la h o m a ...
1,725
3,701 33,019
1,013 117,143
S .C ., Greenville
7,900
15,104
24,420 012,372 15,090 314,161 13,24(1
1,01(
1.430
N a sh v ille____i
17
4,074
47,135
T e x ., A bilen e..
1,!)()(
27
0,072
B rcnh am _____
0,002
1,691
3(M
37,771
2(8
Clarksville . . .
1,041
07,205
311 19,37(
2,02(
Dallas .
5,00(
7o:
30,08
37'
30(
Honey G rov e.
44,act 1,050,72 39,82! 200,362 21,94 <
H ouston.
110,721
3,375
1,23" 15,001
1,201
Paris-----295
1,201
40,09"
10(
i:

Ala., Eufamla
M ontgom ery Selma —
A rk., H elen a ..
Ltttlo R o » k —
Pino B lu f f ...
G o.. A llm u y ...
A then s..
A tlanta..........A u g u s ta -------C olum bus____
M a c o n ..
H o m e ...
La., Shreveport
VtlH.s.,ColumbUf
Clarksdals —

15
200
504
950
1,7*7
400

Season.
4,270
58,392
54,034
34,109
133,009
108,253
9,975
105,243
152.157
325,287
50,598
157,103
39,804
109,388
17,582
113,090
115,478
34,180
30,908
29,045
36,443
410,190
27,0.32
6,397
101,453

Ship­ Stocks
ments. Mar.
Week.
7.
..
232
408
408
2,783
197

2,930
25,910
20,003
0,000
42,831
47,110
4,449
___
1,355 39,190
2,884 24,284
5,445 191,090
100 30,200
2,502 40,172
405 14,300
74 50,572
00 4,480
2,900 47,800
1,200 44,000
70 14,550
022 15,710
449 10,154
070 17,700
8,402 25,029
9,100
....
150
217
2,844 20,000

1,720 9,700
39,921
1,348
552
20,900
300 5.700
234,340
03.595
1,928 22,490
__ _ 10,058
13,302
070,292 10,572 378,459
1.379
1.208
173
514
104
7,071
5,003
___
10,105
1,553 8,028
38,172
1,229 10,471
73,532
4,840
23,000
823
1,419,502 23,097 288,392
2,525 14,850
94,30
4,084
211
30,342

T otal, 41 towns in s ,let ,5,001.31" 118,124 12000181 80,402 4,831,918

79.73C 1520370

The above totals show that tho intorior stocks have d e ­
during tho week 9,909 bales and are to-night 253,452
bales less than at tho same timo last year. Tho receipts at
all towns havo boon 21,063 bales moro than the same week
last yoar.
crea sed




,

Week.

S t. L o u is ............................................. 8,881
M o u n d s , & c --------------------------------4 ,278
R o c k I s la n d ................................... , 2 50
L o u i s v i l l e _______________________ 4 ,2 7 4
C in cin n a ti--------------------------------- , 300
V irgin ia p o in t s ----------------------------1 .392

Since

Since
Aug. 1.

Week.

5 5 9 ,61 8
3 3 6 ,53 9
15,565
6 9,8 06
2 2,263
132,912
283 ,33 4

a 8 ,4 0 2
6 .8 2 5
1,1 1 4
1,1 2 4
1,719
4 86
1 6,3 97

.2 8 ,7 8 3 1 ,4 2 0,03 7

7 0 2 ,0 0 0 1 ,3 6 2 ,0 0 0
9 1 0 .00 0
4 5 .0 0 0
8 6,0 00
1 8,000
1 3 8 .00 0
2 4 4 ,00 0
3 0 4 ,7 5 7
7 5 .0 0 0
7 0,0 00
3 2 ,0 0 0
3 6 0 .0 0 0
1 40,000
3 9 6 .0 0 0
7 4 0 ,00 0
*891 ,00 0 *5 7 0 .0 0 0
u01
ra: : : : : : : : i . 4 § 6 $ 4 1.382:44 i . m : m 1. 249.606
S to c k in U . S. U lterior t o w n s . . . J l,2 6 6 ,9 1 8 1 ,5 2 0 ,3 7 0 1 .2 6 8 ,9 3 2 1 ,1 2 6 ,1 7 9
U . S . e x p o r ts t o - d a y ......................... 2 1 ,8 4 9
19,3 74
1 2,162
8.7

& S & S 5

...

Deduct shipments—

T o t a l E u r o p e a n s t o c k s --------------- 1 ,8 2 7,00 0
In d ia c o t t o n a flo a t fo r E u r o p e . . .
5 4,0 00
A m o r , c o t t o n a flo a t fo r E u r o p e . . 5 36,080
E g y p t , B r a z il, A c . , a flo a t fo r E u r ’o
69.0 00
S to c k in A le x a n d ria , E g y p t --------- 1 57,000

s S v t a nd

1 9 1 8 -1 9 -

1 9 1 9 -2 0 --------

Mar. 5
Shipped—

8 6 8 ,00 0
*1 ,0 0 0
*1 ,0 0 0
3 0 5 .0 0 0
6,0 0 0
1 16.000
6 4,0 00
*1 ,0 0 0

3 0 9 ,0 0 0

O VERLAND M O V E M E N T FOR TH E W E E K A N D
S IN C E A U G . 1.— W e give below a statement showing the
overland movement for tho week and since A u g. 1, as made
up from telegraphic reports Friday night. The result for
tho week and since Aug. 1 in the last two years are as follows.

1917­
7 7 4 ,00 0
2 6,0 00
6 8,0 00

itock iS

993

THE CHRONICLE

M ar. 6 1920.]

. 2 ,7 8 4
1,502
. 4 ,8 2 0

1 34,095
5 7,4 95
1 80,904

9 00
T o t a l t o b e d e d u c t e d ___________.9 ,1,16 6

3 7 2 ,49 4

.1 9 ,6 7 7 1 ,0 4 7,54 3
L e a v in g to ta l n e t o v e r la n d * -----------19,677 1 ,0 4 7,54 3
* I n c lu d in g m o v e m e n t b y rail t o C a n a d a ,

Aug. 1.
0397 ,8 4 1
3 3 2 ,5 7 7
1 7,034
8 5,8 73
50,9 21
9 4 ,1 1 2
4 4 8 ,3 2 8

3 6 ,0 6 7 1 ,4 2 6 ,6 8 6
959
1,874
3 ,7 3 7

4 3 ,5 3 6
4 0,9 71
1 56,557

6 ,5 7 0

2 4 1 ,0 6 4

2 9 ,4 9 7 1 ,1 8 5 ,6 2 2

a R e v is e d .

The foregoing shows the week’s net overland movement
has been 19,667 bales, against 29,497 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits a decrease from a year ago of 138,081 bales.
-1 9 1 9 -2 0 -

In Sight and Spinners’
Takings.

1 9 1 8 -1 9 -

Smce

Since
Aug. 1.

Week.

R e ce ip ts a t p o r ts t o M a r . 5 -------------1 3 3 ,44 9 3 ,4 6 7 ,7 4 6
N e t o v e r la n d t o M a r . 5 --------------------1 9,677
S ou th ern c o n s u m p t io n t o M a r . 5 - d 7 1,0 00 2 ,1 7 2 ,0 0 0

78,5 01
2 9,4 97
6 0 ,0 0 0

Aug. 1 .
3 ,8 1 6 ,4 9 0
1 ,1 8 5 ,6 2 2
2 ,2 7 3 ,0 0 0

T o t a l m a r k e t e d .................................. 221,126 8 ,5 a I ’ » 7 i
I n te rio r s to c k s in e x c e s s __________ * 9 ,9 6 9
464,871

167 ,99 8
6 ,7 5 3

7 ,2 7 5 .1 1 2
8 2 3 ,7 5 4

Week.

C a m e in to sig h t d u rin g w e e k . .. 2 1 4 ,1 5 7
T o t a l in s ig h t M a r . 5 ----------------- ---------

-------9 ,1 5 2 ,1 6 0

174,751
.............

8 .0 9 8 ,8 6 6

N o r . s p in n e rs ’ ta k in g s t o M a r . 5 - - 3 6 ,9 7 9

2 ,0 3 5 ,6 2 0

2 1 ,8 9 6

1 ,4 1 6 ,6 1 2

* D e cre a se d u rin g w e e k ,
a v a ila b le .

a T n e s e figu re s are c o n s u m p t io n ; ta k in g s n o t

Movem ent into sight in provious years:
Week—
1918— M a r .
1917— M a r .
1916— M a r .

Since Aug. 1—
„BnJes.
gales.
8 ............................ 1 86,254 1 9 1 7 -1 8 — M a r . 8 ................ 9 ,2 3 7 ,5 7 2
1 9 1 6 -1 7 — M a r . 9 .................1 0 ,2 9 6 ,2 8 3
9 _______________ 1 48,175
1 0 .............................169,369 1 9 1 5 -1 6 — M a r . 1 0 . .............. 9 ,4 5 8 ,9 8 9

W E A T H E R R E P O R T S B Y T E L E G R A P H — Our tele­
graphic advices from tho South this evening donote that
while rain has been quite general during tho week, the rain­
fall has been light or moderate in the main. Farm work
is apparently making better progress.
G alveston, T e x . — There has been rain on one day of tho
week to tho extent of forty-six hundredths of an inch.
I he
thermometer has averaged 45, the highest boing 04 and tho
lowest 34.
. , .
,
.
i
A b ile n e , T e x . — W o have had no ram during the past week.
Tho thermometer averaged 50, ranging from 24 to 78.
B row n sville, T ex . — It has rained on one day during the
week, to the extent of sixteen hundredths of an inch.
I he
thermometer has ranged from 30 to 78, averaging 57.
D a lla s, T e x . — There has boon no rain the past week,
l he
thermometer has averaged 54, highest, 84, lowest 24.
P a lestin e, T e x . — W o have had rain on ono day during
the past week, to tho extent of forty-eight hundredths of an
inch. The thermometer averaged 51, ranging from 2b to 7b.
San A n t o n io , T ex .— 'There has been rain on one day the
past week, to tho extent of two hundredths of an inch,
lh e
thermometer has ranged from 30 to 84, averaging 57.
N e w O rlea n s, L a . — Tliero has been rain o n three days of
the week, to tho extent of two inches and sixty-nine hun­
dredths. Tho thermometer has averaged 50.
.
Shreveport, L a . — There has been rain two_ days during
the week, to the extent of two inches and sixty-four liun
dredths. Tho thermometer has ranged from 27 to 09.
M o b ile , A l a . — Farm work is now progressing fairly well.
It has rained on three days during the week, to tho oxtont
of ono inch and ninoty-oight hundredths. The thermometer
has averaged 47, tho highest being 70 and tho lowost - o .
Selm a , A l a — W o havo had rain on three days during tho
past week, to tho extent of ono inch and seventy-fivo hun­
dredths. Tho thermometer averaged 37, ranging from 18
Savannah, G a . — It has rained on two days during the week,
Tho thorto tho extent of fifty-five hundredths of an inch
mometer ranged from 30 to 04, averaging 44.
The
C harleston, S . C . — Rain on four days of the week,
rainfall has been ono inch and fifty-six hundredths, Average thermometer 44 , highest 61, lowost 27.
Charlotte, N . C .— l t has rained during tho wook to the
extent of ono inch and seventy-six hundredths. The ther­
mometer has averaged 30, the highest boing b l and the
lowest 17.

E G Y P T IA N C O T T O N .— The Alexandria Cotton C om ­
pany, L td ., Boston, has the following by mail from Alex­
andria under dato of Jan. 23:
>
T h e s p o t m a rk e t has be e n m u c h q u ie te r th a n d u r in g tlio p a s t fe w w eek sf
but this1 m u st be a ttr ib u te d t o s o m e e x te n t t ^ ^ o p S f ^ a n t d e m a n d s o
sellers, w h o p re fe r h o ld in g o f f t h e m a rk e t t o se llin g t h e l r c o t t o n a t t h e p r e s
en t level o f p rice s; n a tiv e m e rch a n ts are at p resen t b u y in g in th e in ti n o r
a t rates a b o u t f iv e t o ten ce n ts p e r p o u n d a b o v e th e m a rk e t rates^ln A le x ­
a n d ria . T h e d e m a n d fr o m a b r o a d has b e e n o n ly m o d e r a t e . a n d s h o u ld it
c o n tin u e s o fo r s o m e tim e a c h a n g e in t h e p re se n t a t t t t u ^ o f sellers is VCTy
p r o b a b le . T h o a rriv a ls f r o m u p -c o u n t r y h a v e n o w r e a ch e d a b o u t 4 ,6 8 0 .0 0 0
can tars a n d , b a s in g o u rs e lv e s o n e stim a te s r e c e iv e d r e la tiv e t o c o t t o n in
gin n in g fa c to r ie s o r w ith c u ltiv a to r s in t h o v illa g e s , w o m a in ta in o u r o p in io n
that th e o u ttu r n o f 1919 c r o p w ill a m o u n t t o a b o u t six m illio n c a n ta rs .

994

THE CHRONICLE

W O R L D ’S S U P P L Y A N D T A K I N G S O F C O T T O N ._
_
T h e follow ing brief b u t com prehensive statem en t indicates
a t a glance the w orld’s su pp ly of cotton for the w eek and
since A u g . 1 for the last tw o seasons, from all sources from
which statistics are obtainable; also the takings, or am ounts

NEW

[Vol. 110

Y O B K - T o L iv e r p o o l-F o b . 2 7 -B e lg lc , 4 7 0 . . . M a r. ^
K a iserin A u g u sta V ic to r ia , 2 4 6 .........................

i = 3 S ^ ^ 0 6 : ^ 1 A^ ,d^ r“ ::
~
--M a r .

C o t t o n T a k in g s .
W eek and S eason .

1919.

Week.
V is ib le s u p p ly F e b . 2 7 . .
V is ib le s u p p ly A u g . 1 ______
A m e r ic a n in s ig h t t o M a r . 5
B o m b a y re c e ip ts t o M a r . 4
O th e r In d ia s h ip ’ ts t o M a r . 4
A le x a n d ria re c e ip ts t o M a r . 3 *
O th e r s u p p ly t o M a r . 3 * .
*”
T o t a l s u p p ly _______

Week.

6 ,4 1 8,42 6
214 ,15 7
6125,000
62,000
620,000
610,000

3 . 0 0 0 . ............... - ..............1 8 ,4 26

Season.

5 ,4 3 2 ,0 2 8

4 ,7 9 2 ,0 1 8
9 ,1 5 2 ,1 6 0
1 ,7 0 4,00 0
64,0 00
7 30 .00 0
143.000

i 6o
o

'^ rein aga*,”

— F o b - 28 — M o n te llo . 12,5 35
. _
' ....................
N E W M ar ^ A]^ * 7 T ? L1Xe^ ol. T ii’e b - 27— Barbadian," 5 '9 2 6 : : i : 12,635

191 8 .

Season.

lbales71 «

3 ,0 2 7 ,4 5 0
8 ,0 9 8 ,8 6 6
1 ,3 5 1 ,0 0 0
4 9 ,0 0 0
5 9 1 .0 0 0
1 16 .00 0

174,751
5 2 .0 0 0

6,000
1 9 .0 0 0
3 ,0 0 0

Deduct —

6,353,741

iViam' " ■ 40° — M a r - 2~ T ok o- 17j5njt
15
79 03
75
091

7

6 ,7 8 9,58 3 1 6 ,5 85 ,1 7 8 5 ,6 8 6 ,7 7 9 1 3 ,2 3 3 ,3 1 6

V is ib le s u p p ly M a r . 5 .............

f u k t lM ^ u , M O ™

Q A v T S r 5?S x i 0^ Mx?r - 1— M o u n t V e r n " o ' n , ' l 5 : : : : : : : : : : : :
rC
S A V A N N A H — T ° B re m e n — M a r . 4— W e s t E rro l, 7 ,0 3 9 ...........
T o H a m b u r g — M a r . 4— W e st E r r o l, 75 — .
T °rx ^ painY l F e b - 2 8 — W e s tm o r e la n d , 3 ,6 0 0 - . . M a r . 2— M u fP u * * t A. 44 I
___________________

T o t a l ta k in g s t o M a r . 5 . a
O f w h ic h A m e r ic a n .
O f w h ic h o t h e r . .

6,353^.741 5 ,4 5 3 ,9 4 9

4 3 5 .8 4 2 1 0 ,2 31 .4 3 7
273 .84 2 7 ,5 6 0 ,4 3 7
162,0001 2 ,6 7 1 ,0 0 0

5 ,4 5 3 ,9 4 9

2 3 2 .8 3 0
167 .83 0
6 5 ,0 0 0

7 .7 7 9 .3 6 7
6 .2 1 0 .3 6 7
1 .5 6 9 ,0 0 0

3 ,1 1 9
TACOM A
T o J a p a n — F e b . 19— A r a b ia M a r u , 6 , 3 3 7 . . F o b . 20—
T a c o m a M a r u , 3 .9 4 5 ............. ............. ............_
— — 7 10,2 82
T o ta l . . .

128 ,81 2

IB e particulars of the foregoing shipments for the week,
arrangod m our usual fo rm , are as follows:
*»kl]M

beiVg a v a ila b l* -a n d th0 aggregate am ounts taken b y Northern

B O M B A Y C O T T O N M O V E M E N T .— T h e receipts of
India cotton a t B o m b a y for the week en din g F e b . 1 2 and for
the season from A u g . 1 for three years have been as follow s:
1919-20.

February 12.
Receipts at—

Week.
Bombay_______

1918-19.

Since
Aug. 1.

For the Week.

Exports
from—

Total all—
1919-20..
1918-19..
1917-18..

Week.

Since August

Great Conti­ lapande
Britain. nent. China. Total.

Bombay—
1919-20..
1918- 19..
1917-18..
Oth. India*
1919- 2 0 ..
1918-19..
1917-18..

Since
Aug. 1.

133,000 1,458,000 72,000 1,163,000 25,000

Great
Britain.

41,000 94.000 137,000
14.000 15.000
23.000 23.000

2 ,0 0 0
1,0 0 0

Conti­
nent.

42.000

904,000

.

143,000
12,600

2 ,0 0 0

--- II

2 ,0 0 0
2 ,0 0 0

41,000 91.000 137,000
54,600
15.000 17.000
28,00f
23 00C 23.0001 143.00C

2 ,0 0 0

G enoa, 1.00c.
Christiania, 2 30o.

979.000 1.312.000
256.000 337,000
797.000 1.004.000
58,600
10 ,0 0 0

337,000
63.000
64.000
* No data for 1917-18, figures for 1918-19 are since Jan. 1.

2 0 .0 0 0

979.000 1,370,600
266.000 357,000
797,000 1,004,000

A L E X A N D R IA R E C E IP T S A N D S H IP M E N T S OF
C O T T O N .— T h e follow ing are the receipts and shipm ents
for the w eek ending F e b . 11 and for the corresponding week
o f the tw o previous years:
Alexandria, Egypt,
Feb. 11.

1 9 1 8 -1 9 .

1 9 1 7 -1 8 .

.

Receipts ( cantars ) —
1 20 ,15 4
5 .1 3 7 ,4 2 3

72,8 11
4 ,5 7 2 ,7 9 8

Since
Week. A u g. 1.

Since
Week. A u g. 1.

L i v e r p o o l______________
2 09 ,29 3
M a n ch ester, &c . . .
121,351
C o n t in e n t a n d I n d ia . 61418 97.0S2
A m e r ic a _______________ 1 3,496 2 19 ,0 6 0

10,219 160,279
79,771
71579 7 8 ,1 3 5
11,7 92

Export (bales) —
To
To
To
To

173 ,28 5
4 ,0 0 7 ,7 4 8

Since

Week.

.

}
>

l

2 ,7 3 0

*

T h e statem en t shows th at the receipts for the w eek ending
F e b . 11 were 1 2 0 ,1 5 4 cantars and the foreign shipm ents
were 1 9 ,9 1 4 bales.
M A N C H E S T E R M A R K E T .— Our report received b y
cable from M an ch ester to-n igh t states th at the m arket is
quiot b u t stron g, with a very m oderate m ov em en t o f b oth
y a m s and c lo th .
W e give prices for to -d a y below and leave

192?
6Z9 VOV
I W iS l.

Jan.
9
16
23
30
Feb.
6
13
20
27
Mar.
5

d.

1919.

S H b s . S h irttu g s , , C o m m o n
to F i n e s t .

d.

s. d.

d

s

C o t'n
M id .
Up t

d.

8M b s . S h irtin a s . C o m m o n
to F in e s t .

32.

C op
T w ist.

d.

d. s. d.

a.

d.

Cot*M
Af i d
Up 1

@
@
@
@

64
66
68
68

38
39
39
40

4
6
6
0

@42
@42
@42
@43

0
6
6
0

28.79 36H
28 .66 32
27.66 31 H
28.31 29>*

@
@
@

39
34
34
31M

23
21
21
20

0
0
0
3

@32
@30
@30
@29

0
0
0
0

58*
59
60
61

@
@
@
@

70
71K
72
73

40
41
42
42

6
6
6
6

@43
@44
@46
@46

9
6
0
0

27.72
29.67
30 61
30.02

20
17
18
18

3
6
6
3

@29
@27
@25
@26

0
0
0
0

17.05
16.82
17.68
17.18

61

@

76 M 42 6

@24 6

16.24

@46 0

28
27
27 H
27

@
@
@

@

30 H
29
29M
29

29.15 2614

@

28 H 16 9

19.36
19.04
1SA4
16.69

S H I P P I N G N E W S .— A s shown on a previous p a ge , the
exports of cotton from the U n ited States the past week have
reached 1 2 8 ,8 1 2 bales. T h e shipm ents in detail as m ade
up from the m ail and telegraphic returns, are as follow s:




60,556

15,0 35
10,8 26
743

100

------3 ,1 1 9
------- 1 0 ,2 8 2

25 24,691 38,827

1,419

3 ,1 1 9
10,282

15 128,812

Stockholm, 2.800.
Trieste, 1.60c.
Flume. 2.00o.
Lisbon, l.OOo.
Oporto. 1.600.
Barcelona direct, 1.60c.
Japan. 1.60c.
Shanghai, 1.60c.

iM A # th A
,
Feb• 13.
4 4 .0 0 0
O f wnlch speculators t o o k ..-___
______
Or which exporters t o o k . .
_
Sales, A m erican................................
30*666
Sales o f th o w e e k ___________________

A c t u a l e x p o r t .....................................

Bombay, I . 6 O0 .
Vladivostok. 1.60e.
Gothenburg, 2.26c.
Bremen. 1.75c.
Hamburg, 1 76c.
Danzig, 1,76o. asked.
Piraeus, 1.60c.
_______ _______
Salonlca, 1.60c.

7 ,0 0 0

Feb. 20.
----------3 5 ,0 0 0

2 0 ,one
10 ,000

104,000

T °Of'whlch^A -

Feb. 27. March 5.
---------2 0 ,0 0 0

2 2 ,0 0 0

16,0 00
18,000
105,000

16,000
2 4 .0 00
9 6 .0 0 0

>000 1.063:000 1.110:000 1,0671000

T ° 0 fw h iPh A 8 f V ^ ’ ^
::::::
a , £ ^ icFiA ? lerlcan....... ...............
A m ou nt a f l o a t . . ....... ................
O f which A m erican......................

111.000
428,000
346,000

880.000
60,000
427,000
362,000

f 43:000
114.000
401,000
337,000

10i:000
69 000
...I I I

Tho tone of tho Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton havo been as follows:
Saturday.

Market, [
12:15 1
P. M . 1

Monday.
Quiet.

Tuesday.
Quiet.

Wednesday. Thursday.
Quiet.

Fair
business
doing.

Friday.
Quiet.

29.90

29.43

29.18

20.55

29.15

6 ,0 0 0

4,000

6 ,0 0 0

0 ,0 0 0

4,000

Futures.
Market \
opened * /

Quiet,
Steady,
Quiet,
Steady,
Easy,
16@23 pta. 7® 14 pts. 14@22 pts. 18@27 pta. 15@26 pts.
decline.
advance.
advance.
advnnco.
decline.

Market,

Quiet,
Irregular, Steady, 22 Steady,
Unsettled
22@36 pts. 31 @70 pts. pts. dec. to 41@01 pts. 62@93 pta.
decline.
decline. 1 0 pts.adv. advance.
decline.

f

P. M . 1

T h e prices o f futures a t Liverpool for oach day aro irivon
below :
B
Feb. 28
to
March 5

Sat.

Mon.

Tues.

Wed.

Thurs.

Frl.

4
4
* 12 * 12 *
12 *
12 *
4
4
4
12 *
12 *
p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. P. nij p. in. p. m. p. m.
12

d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
Q
March..............
27.65 27.54 27.18 26.84 on
40.uo 40 | 4 27.30 9 7 .0 0 9 ft nn 9<; A
V
U
4 / rr. 40. U 40*Oo
April................
»,|
in
an 40.4 |
27.10 26.96 26.64 'in .O on a I do »O 20.67 •O,viil 40.40 25.97
il
-J M • nn
0
•r
)
, .4 r
.
May _______
or on
26.46 26.19 40*00 40.B , 25*88 .ip it, .10• . a 25.81 25.69
26.66
O
J(>.A 4
June_________
26.01 25.90 25.68 25.85 25.42 25.34 25,6j 25.87 25.25
July.................. ROT.Tr> AV 25.41 25.29 25.13 9A.O O 04 • 1 Q1 40. li >- 66 .1,7 J 25.10
« * vr. 44. 09 >
il A
24.58
ni .in 24.5V 24.72
August..........
24.81 24.69 24.56 24.28 24.34 44.20
34.10 24.00
September___
24.07 23.93 23.80 23.53 23.54 23.39 2 3 .o; 23.82 33.30 23.17
O ctober..........
23.37 23.23 23.12 22.85 22.86 22.69 22.9; 23.12 22.60 22.50
November___
22.91 22.77 2 2 .6 6 32.46 22.42 22.26 22.41 22.07 22.04 2 2 .0 2
December____
22.51 22.37 22.27 22.04 22.02 21.82 22.0S 22.23 21.61 21.60
January ..........
22.24 22.07 21.97 21.64 21.74 21.53 21.78 21.96 21.34 21.30
February ____
2 2 .0 2 21.85 21.75 21.53 21.52 31.3! 21.571121.75 21.12 21.08

d

66
66
67*
68

@

15

Mld.UpI’ds

2 ,7 3 0 3 1 0 ,8 6 7
E g y p t ia n b a le s w e ig h a b o u t 760 lb s .

A c a n t a r Is 99 lb s .

Total.
1,776
2 6 ,3 7 5

Sales____ HOLIDAY

T o t a l e x p o r ts ___________ 19,914 6 4 6 ,7 8 6 17,798!
3 29 ,97 7

N ote.

25
3 65
....
------- 1 2 ,5 35
____
------- 11,791 1 7 ,6 05
........................
7,921

l " 419

LIVERPOOL.— By cable from Liverpool we havo the fol­
lowing statement of the week’s sales, stocks, &o., at that port:

Spot.

1 9 1 9 -2 0 .

T h is w e e k __________
S in ce A u g . l ____

Liverpool, 1.80c.
Manchester, 1.65c.
Antwerp, ,90c.
H avre, I . 0O0 .
Rotterdam, ,90c.

Total.

46.000

8 ,0 0 0

2 0 .0 0 0

7,884

Bel­
Italy &
M ex­
gium. Spain* Greece. Japan. ico.

COTTON FRE IG H TS.— Current rates for cotton from
New York* as furnished by Lambert & Burrows, Ino., are
as follows, quotations being in cents per pound:
G hent, via A ntwerp, .90o.

Japan
China.

291,000
61,000
64.000

1,0 0 0

1,0 0 0

1

Ger-

T o ta l............65,951

1917-18.

Since
Aug. 1.

Week.

Great

„
,
Britain, many.
N ow Y o r k ...
716
670
G a lv e s to n ____ 13,840
N e w O r le a n s .2 9 ,8 2 6
.
7 114
S a v a n n a h ____
C h a r le s t o n ___ 10,8 26
’
743
_
B o s t o n _______
P h ila d e lp h ia _ ____
106
S an F r a n c is c o ____
T a c o m a ______ ___

B R E A D S T U F F S
.
.,
Friday Night, Mar.

5 1920.
lour has been q u iet, aside from G overnm ent purohasos of
3 4 0 ,0 0 0 barrels. Before long larger receipts aro oxpectod.
K a n sas flour has been offered a t timos a t som ew hat easier
prices in som e cases. O n the other hand exporters havo
bought hard clear to som e ex ten t.
R ecent sales havo re­
duced tho stocks o f tliis description.
It lia s lattorly boon
m ore steady as w heat has advanced a t tim es at K ansas C ity
even when it remained stationary a t M in n eap olis. Talcing
the situation on the,w h ole, how ever, buyers do not seem at
all anxious. O n the contrary th ey still seem to bo pretty
well supplied.
In tho northw est of lato tho m arkot has been
quiet b u t stea d y. A t M in n eapolis wheat for a tim o a t any

1

M ar.

995

THE CHRONICLE

6 1920.

O n the other hand not a few regard tho advance as only
rato w as quiet and thero were ovon reports th at it w as rather
T h e y think everything a t the present tim e
weaker.
O n the whole flour business of this country is quiet tem porary.
and tho m ills do n ot seem as a rule to bo a t all aggressive in points to a gradual decline in com m odities in the process of
the m atter of prices. B u t rye flour has been finner owing deflating war inflated prices. T h e visible supply last week
to a sharp advance in rye grain. O f late wheat has n son 5 c . increased 1 7 0 ,0 0 0 bushels as against a decrease in the same
T h is brings the total up
a t M in n eapolis and 1 to 3 c . a t K an sas C ity . T h o G ov ern ­ week last year of 7 4 0 ,0 0 0 bushels.
Later
m en t paid for its 3 4 0 ,0 0 0 b b ls .a n average price of $ 1 0 621 per to 4 ,9 5 1 ,0 0 0 bushels, against 4 ,4 8 3 ,0 0 0 a year ago.
b b l., B altim ore basis and $1 0 on tho Pacific C o a st. T h is it was said in Chicago advices th at western roads will not
I t is
business was m uch larger than oxpocted. I t is stated that allow their cars to be used for shipm ents east bound.
the flour o u tp u t continues on tho wholo to decrease. T h e said too that several lots of corn sold for export have been
spring w heat mills last week turned o u t only abou t 3 4 % of tho cancelled a t the seaboard, at 8 cents less than it would cost
estim ated cap acity; K an sas hard wintor w heat mills about to ship. B roo m corn, Indian corn and certain related plants
6 3 % while tho T oled o group of soft winter w heat m ills from all foreign countries will be denied entry into the
U n ited States owing to the discovory recently of the corn
showed a slight increase to 5 1 % .
.
.
W h o a t has been irregular. T h o visible supply m this borer in im ported corn. A m em bership in tho Chicago
country decreased last week 2 ,5 2 1 ,0 0 0 bushels against 2 ,­ B oard of T rad e has ju st sold at $ 1 0 ,0 0 0 net to the b u yer,
9 8 7 ,0 0 0 in the samo week last year. T h o total is now 5 0 ,­ a rise this week of $ 2 0 0 . T o -d a y ’ s prices for corn declined
8 7 8 ,0 0 0 bushels against 1 1 8 ,2 1 9 ,0 0 0 a year ago.
Prices b u t they are higher than last F rid ay .
D A I L Y C L O S IN G P R IC E S O F C O R N IN N E W Y O R K .
have been rather irregular. A t ono tim e a t K an sas C ity
Sat. M o n . Tues. Wed. Thurs.
Fri.
thero was a rise of 3 to 10 cents. A t the same tim e M in ­ N o . 2 y e llo w ____________________ c t s .l 6 9 J £ 16934 17134 17234 17534 175
neapolis prices rem ained unchanged. T h e cash dem and
D A I L Y C L O S IN G P R IC E S O F C O R N F U T U R E S I N C H IC A G O .
Sat. M o n . Tues. Wed. Ihurs.
t ri.
seems to have fallen o ff.
T h e dullness of flour certainly
delivery In elevator---------- c t s .1 3 6
doos n ot help w heat n ow .
Latterly tho tone, how ever, M a y delivery In elevator-----------------131 3 4 13634 13934 14034 14334 1 4 1 /4
July
131
133 34 134-4' 13*5 A 13534
has been som ew hat firm er, and on the 3d inst. prices rose 5 Septem ber delivery In elevator___ 12734 12734 12934 13034 13234 13154
cents on primo grades. Supplies are light except those of
O ats advanced in com p any w ith corn. T here w as an
inferior grades.
active d em and, too, follow ing the relatively sm all estim ates
C . P . G oodw in of C lem en t Curtis & C o . m akes the reserves of farm reserves. T h e y took n ot a few b y surpris.
A lso ,
of w heat on M a rch 1 1 4 .6 % , or 1 3 7 ,3 6 2 ,0 0 0 bushels, against although exporters havo n ot beon b uying oats m uch of late
1 4 .1 % , or 1 2 9 ,2 5 8 ,0 0 0 bushels last y ear.
IIo gave no esti­ they are said to have bought half a million bushels early in
m ate on condition of winter w heat on account of tho pro­ the w eek; and it took the same qu an tity of rye. A t least
longed w inter.
In the Southw est conditions under last th at was how m ost people understood it.
N o doubt the new
D ecem b er.
T h o N orth w est was hurt b y winter killing. export dem and for oats is light.
B u t supplies are small and
Sn ow -B artlett-F razior ‘ VJH/HP V . *“ “ “ stocks o f D -----~
report of farm
grain offerings have been readily taken. _ T h o visible suPPjy tast
T h e D U U W -U O l WOBITJ. 1 H 1UU1
"
M a rch 1 m akes w hoat in first hands 1 5 .3 % of last year s week decreased 4 6 ,0 0 0 bushels, bringing it down to 1 0 ,4 0 1 ,0 0 0
orop, or 1 4 2 ,0 0 0 ,0 0 0 bushels.
T h is is 1 6 ,0 0 0 ,0 0 0 bushels bushels, against 2 7 ,6 6 3 ,0 0 0 bushels a year a g o .
In the
m ore than was so hold a year ago, b u t is slightly less than the middlo of tho week bids a t M inneapolis for rye were 13 M?.cts.
avorago of the past fivo years.
W ith tho exception o f last over M a y on the track at B altim ore. T h is was a new high
year, when tho official roservo was only 1 4 .1 % , tho present on the crop. T h e rye “ visible” decreased last week 8 1 1 ,0 0 0
roturn is tho sm allest porcontage reported in m an y years. bushels and is now 1 7 ,8 9 6 ,0 0 0 bushels; barley fell off 3 4 4 ,0 0 0
I t adds th at it is ad m itted ly too early for a definite jud gm ent bushels and is now 3 ,0 7 3 ,0 0 0 bushels.
O ats reserves are
upon growing w hoat conditions, bu t local advices em phasize stated a t 3 1 . 5 % , or 3 7 8 ,0 0 0 ,0 0 0 bushels, com pared with
a feeling th at a very poor w heat crop is in prospect over 3 8 .2 % , or 5 8 8 ,0 0 0 ,0 0 0 bushels on the big crop of the previous
a large area. F rom Ohio to M issouri the im portant w heat year.
Snow , says the oats roservo, is 3 1 . 3 % , the sm allest
territory is infosted with hessian fly .
Exposed fields and a reported since 19 0 2 , when it was 3 0 .6 and w ith that excelong continued ice pack leads observers in O h io, Indiana, tion, is tho sm allest reported in m an y years. T h e total
Illinois, K e n tu c k y , Tonnesseo and portions of M issouri to farm stock is figured a t 3 7 0 ,0 0 0 ,0 0 0 bushels, or on the basis
expect sovoro wintor killing. In O klah om a, K an sas and of the G overnm ent crop estim ato, it is 3 9 0 ,0 0 0 ,0 0 0 bushels.
N eb ra sk a tho fall and winter wore lacking in m oisture and I t is practically 2 0 0 ,0 0 0 ,0 0 0 bushels less than last year,
tho p lan t, whilo n ot perm anently injured, will requiro ample 2 9 0 ,0 0 0 ,0 0 0 bushels less than in 1 9 1 8 , and 1 2 1 ,0 0 0 ,0 0 0 bush­
m oisturo and good weather to secure a favorable start. less than a five-year average.
O n the other hand , realizing
In California rainfall has been deficient and a light crop is sales caused reactions a t tim es, especially as country offer
forecast. T h o indications are th at the wheat crop will ings increased.
There were roports of exporters reselling.
start w ith a h ea vy reduction from tho already sm all acreage T o -d a y prices fell b u t the closo higher than last w eek.
Rye
and w ith a m arked absonce o f norm al spring vigor, according also declined but M a y ended 11 He. higher than a week ago;
to tho abovo roports.
it was at one tim e 16c. higher than then.
In Franco tho woathor has boon favorable and all grain
D A I L Y C L O S IN G P R IC E S O F O A T S IN N E W Y O R K .
Sat. M on . Tues. Wed. Ih u rs.
Fri.
orops im proved.
In the U n ited K in gd om tho expectations
10334 10434 104
10434 104
1 w h it ....................................... c t s .1 0 3
aro th at broad will soon bo raised to ono shilling per four N o . 2 w h it ee................................................ 1033 4 103
N o.
104
10334 104
10334
pounds in ordor to absorb additional costs.
Ita ly , according
D A I L Y C L O S IN G P R IC E S O F O A T S F U T U R E S IN C H IC A G O .
Sat. M o n . Tues. Wed. Ih u rs. F ri.
to advicos rccoivod, is reducing the bread ration. T here aro
8054
8234 8234
83 34 8234
M a y delivery in elevator...........c t s . 8 0
com plaints of dryness com ing from th at cou n try.
Further J u ly d e liv e r y !u e le v a t o r ............. — 7 2 %
73H
76J4 7b Y
% 77 yi 7b
rains fell in south and north A frica , b u t the early drought
D A I L Y C L O S IN G P R IC E S O F R Y E F U T U R E S I N C H IC A G O .
Sat. AIo n . Tues. W ed . Ihurs. b ri.
which w as vory sovoro, is said to have destroyed a ny hopo
16754 17034 16734
M a y delivery in elevator............c t s .1 5 9 3 4 16054 165
of a surplus in w heat there. F rom R ussia com e conflicting July delivery in ol ova to r__________ 155
156
160J£ 16314 167
lb o
reports.
Ono roport says th at it is impossible to accum ulate
T h e follow ing are closing quotations:
port stocks, which will m ake shipm ents unlikely, while a t
FLOUR.
tho samo tim e it adm its thore aro good U krainian supplies. S p rin g p a te n ts _______ S I 2 75
B a r le y g o o d s — P o r ta g e b a r le y :
N o . 1 ___________________57 70
Railroad transportation is lacking.
In tho B alkans the W in te r str a ig h ts , s o ft 10 75
N o s . 2 . 3 an d 4, p e a r l. 6 95
K a n sa s s traigh ts____ 12 25
weather has boon sovoro. In India harvesting has ju st
N o s . 2 -0 a n d 3 -0 ........... 7 7 0 @ 7 85
R y e flo u r . ....................
9 00
N o s . 4 -0 a n d 6 -0 ---------7 95
started and roports so far aro good
Latterly prices have C o rn g o o d s , 100 lb s .—
O a t s g o o d s — C a r lo a d ,
Y e llo w m e a l----------- 3 8 0 ®
advanced 5o. a t M inneapolis and 1 to 3o. a t K an sas C it y .
s p o t d e l i v e r y . . ______— 9 60
C o r n flo u r ____________
3 85®
T o -d a y a rise o f 5 to 10c. on prim e grados was roported.
D A I L Y C L O S IN G T R IC E S O F W H E A T IN

NEW Y O R K .

Sat. M on . Tues.

Wed. Ih u rs.

tn

N o . 2 r e d ........................................... c t s . 2 3 0 ^ 2 3 « ^ 2 3 0 H 236>* 2 3 6 H 236
N o . 1 s p r in g _________________________ 234>S 2 3 ‘l H 2 3 4 H 2 3 4 H 234>5 234

Indian corn has advanced on better bu yin g.
F arm re­
serves turn out to bo smallor than had been expected. Shorts
liavo covered freely. M oanw hilo receipts at prim ary points
havo beon only m oderato.
C on tract stocks at Chicago aro
vory sm all.
C ash m arkots havo been firm .
E astern roads
aro m alting strenuous efforts to clear up and reliovo tho con­
gestion, which caused em bargoes against shipm ents from tho
W e s t.
This may pull down tho western stocks. T h o m arket
had becom o oversold. T h e technical position therefore if
nothing elso called for a rally, and in a few days it am ounted
to abou t 8 conts per bushel. T h o consum ption is 2 2 0 ,0 0 0 ,­
0 0 0 bushels larger than last year.
A u stria’s purchase of
5 0 0 ,0 0 0 bushels of ryo on Paris credits had somo effect.
It
m akes somo bolievo th at tho Allied G overn m ents aro dis­
posed to help tho Contral N ation s to b u y fo o d .
T h o reserves
of corn aro stated b y Clem en t Curtis & C o . at 4 0 . 1 % or
1 ,1 7 0 ,0 0 0 ,0 0 0 busliols com pared w ith 3 4 . 2 % or 8 5 5 ,0 0 0 ,0 0 0
bushels on tho rovised orop o f tho previous year.
C ou n try
elevators report largo holdings of corn, which it is estim ated
m akes tho total corn reserves this year 1 ,200,000 bushels.
Snow o f B artlett Frazier & C o . says that tho crop carried over
is 2 5 . 4 % or 1 ,0 1 1 ,0 0 0 ,0 0 0 bushels. U sin g the official
ostim ato of the crop ho m akes tho reservo 1 ,0 3 2 ,0 0 0 ,0 0 0
bushels.
C rop distribution from N o v . 1 to M a r . 1, appears
as 1 ,9 5 7 ,0 0 0 ,0 0 0 bushels against 1 ,7 3 7 ,0 0 0 ,0 0 0 bushels for
tho samo poriod last year.




G R A IN .
O ats—
W h e a t—
N o . 1 ___________________
N o . 2 r e d .................................. $2 3634
N o . 2 w h it e ......................
N o . 1 s p r in g ............................. 2 3434
N o . 3 w h it e ......................
C o rn —
B a r le y —
N o . 2 y e llo w --------------- --------- 1 7 6
F e e d in g _____. . . . --------R ye—
M a lt in g ________________
N o . 2 ........................................ 1 8834

„„.
104
10334
103
„
1 56
1 65

T h e statem ent o f the m o v em en t o f breadstuffs to m arket
indicated bolow are prepared b y us from figures collected by
tho N e w Y o rk Produce E xch an ge. T h e receipts a t W estern
lake and river ports for tho week ending last Saturday and
since A u g . 1 for each of the last three years havo been:
Receipts at—
Chicago------Minneapolis..
D u lu th ..___
Milwaukee...
T oled o_____
Detroit_____
St. Louis___
Peoria..........
Kansas City.
Omaha------Indianapolis.
Total wk. ’ 20
Same wk. ’ 19
Samo wk. ’ 18

Flour.

Wheat.

Oats.

Barley.

Rye.

bbls. 19616s bush. 60 lbs bush. 68 lbs bush. 32 lbs bush ,4816s bush.BGlbs.
210,000
210,000
510.000 1,916.000 2,106,000
256,000
159.000
163,000
320.000
214,000
1.578.000
238.000
12,000
6,000
69.000
40,000
70.000
402.000
414.000
64.000
7,000
42.000
25.000
95.000
33.000
36.000
10.000
8,000
3,000
820.000
876.000
265.000
116,000
6,000
14,000
348.000
757.000
17.000
79,000
372.000
424.000
1.196.000
432.000
557.000
217.000
318.000
401.000
36.000
458.000
233.000
432.000

4.057.000 6.683.000
4.267.000 2.832.000
1.630.000 12,669,000

472,000
5.199.000
3.886.000 1.457.000
6.980.000 1.985.000

661,000
350.000
414.000

Since Aug. 1—
1919-20___ 14,159,000 349,184,000 123.066.000 143,243,000 22,214,000 23,124,000
1918-19___ 9,974,000 357,900,000 137.809.000 201 ’,703’,000 50:438 ^ 00 29,466,00o
i o i ^ i s : : : : l%sl%oo 139:034:0 0 0 123:3 18 :0 0 0 210 ,339,00034,341,000 18.637.0CO

996

THE CHRONICLE

T o ta l receipts of flour and grain a t the seaboard ports for
the w eek ended -F eb. 2 8 19 20 follow :

TH E D R Y GO O D S TR A D E
.

Receipts at-

[Vol . n o .

New York, Friday Night, March

5 1920.

ih o m arket for drygoods continues to bo dom inated by a
growing tone of conservatism in noarly all branches of the
Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
New York.
100,000
235.000
18,000
262,000
50,000
78,000 trade and tho result has beon another quiet week with prices
Portland, Vie.
80,000
60,000
130,000
stea d y.
R etail buyers throughout tho country are unques­
Philadelphia .
36.000
170.000
61,000
65.000
66,000 tionably m aking their influence felt in ovory quartor of the
Baltimore..
17.000
109.000
89,000
80.000
555,000
NewportNews
36.000
m arket but it is yot to bo determined whether thoir consorvaNew Orleans*
*1,000
6,000
47,000
50,000
. 0 inclinations are due to the high prices or a falling o ff
Galveston___
19.000
109,000
Montreal___
■40,000
36.000
m consumer dem and.
I t is still the contention of a great
14,000
St. John.........
89.000
30,000
m an y that weather conditions aro sololy responsible for the
Boston_
_
13,000
9,000
2,000
89,000
1,000
present dullness in the trado and they point for confirm ation
Total wk. '20
352,000
843,000
307,000
643,000
194,000
700,000
SinceJan. 1 '2 0 3,484,000 16,323,000 3,358,000 6,203,000 2,501,000 0,509,000 to the surprising steadiness of prices in tho cloth and cotton
j'Rin m arkets.
T h e y aro bold ly declaring that a m arkot
Week 1919__
523,000 2,926,000
343,000 2,191,000
236,000
721,000 that w on t go down can go up and declaro that cotton goods
SlnceJan. 1 ’ 19 5,665,000 22,318,000 2,374,000 15,553,000
2,755,000 3,053.000 have not y et reached their poak.
Thoro aro others w ho,
perhaps a bit farsighted, view the situation w ith an increasing
on*through*bIlls “ “ lading*10 graln pa3slns through New Orleans for foreign ports
degreo o f foreboding.
W h ile it is truo th at resistance to
T h e exports from the several seaboard ports for the week
prices has m anifested itself chiefly in suits, dresses, clothing
ending F e b . 2 8 are show n in the annexed statem en t:
an.( su°h goods, cutters of cotton goods aro beginning to
l
reflect the hesitation that has been noticeablo for somo tim e
Exports from—
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley. Peas.
in other lines. Furtherm ore, it is becom ing plain that dry­
Bushels. Bushels. Barrels. Bushels. Bushels Bushels Bushels goods buyers aro very m uch inclined to hold o ff until tho
New York..............
183,892
17,252 33,060 428,863
—
51,533
—
Portland, Ma____
horizon has cleared a b it.
T ho outlook in financial circles
80,000
60,000
—
---- - 130,000
----Boston___________
144,000
1900
—
is not encouraging, especially in tho m attor of resorves and
—
—
Philadelphia______ 2 1 1 , 0 0 0
192,000
—
—
credits. M anagors o f tho largo merchandise establishm ents
Baltimore________
90,000
1 2 ,0 0 0
417900
—
—
Newport News___
•36,000
are becom ing very firm in their dom ands that buying shall
New Orleans______ 153,000
32.000 2 1 , 0 0 0
6 ,0 0 0
be confined to necessities w ith tho result th at jobbers aro
St. John, N . B___
89,000
30.000
____
---reporting spot business as lagging considerably,
in instances
,0J U
950,892 139,252 295,000 iuti/O ij 31/ ,U U 187,533
U
where banking credit in business is vital tho restrictions are
Week 1919________ 2,070,447 109,342 376,647 269,210 658900
4 *6 6 "
doing m uch to lesson enterprise and if continued will no
I he destination of these exports for the week and since
doubt cause somo of the liquidation that m an y conservatively
July 1 1919 is as follow s:
inclined m erchants would like to see. I t is to bo romomborod
how ever, that banking pressure alw ays tends to croato talk
ol lower prices and ju stly so, but at tho present tim e tho
E x ports for Week
and Since
dom and for goods is such that should banking pressure
Week
Since
Week
Since
Week
Since
July 1 to—
Feb. 28
July 1
Feb. 28
July 1
Feb. 28
bo reliovod within tho noar future prices m a y again bo forced
July 1
1920.
1919.
1920.
1919.
1920.
1919.
up.
Tho disciples o f this beliof, though, are b y no m eans
Barrels Barrels
Bushels.
Bushels.
m tho m a jority . Business in tho export division of the
Bushels. Bushels.
United Kingdom. 122,197 5,243,482
797»892 46,706,032 107,252 1,524,793 m arkot has been rather quiet during tho w eek and tho lull
Continent ............ 149,863 7,124,742
153,000 73,514,565
191,000
So. & Cent. Amer.
2,000
755,119
109,606
50,778 m a y bo attributed to gonoral conditions th at are affecting
West Indies______ 21,000
949,073
4,530
32,000
654,709 tho trade in gonoral.
I t is stated b y one concern which
Brit. No. Am. Cols
3,000
Other countries__
113,340
...........25
4,579 does a largo export business th at m an y m arkets in closo proxi­
m ity to M e xico are obtaining goods tlioro at m uch lower
Total .............. 295,000 14,185,762
950,892 120,394,758 139,252
Total 1918-19___ 376,651 8,655,936 2,070,447 81.696,705 109,342 2,428,85
prices that would bo possible in this cou n try.
Thoro is
4,049,78s
9 likely to bo considerable growth to this trade unless som e
T h e w orld’s shipm ents of w heat and corn for th o week readjustm ent in our own m arkot is brought about enabling
ending F e b . 2 8 1920 and since Ju ly 1 1919 and 1 9 1 8 are A m erican exporters to com pote.
show n in the follow ing:
D O M E S T I C C O T T O N G O O D S .— In tho m arkot for
staple cotton s, business has beon gonorally quiet and it was
Wheat.
Corn.
noted that second hands wore better ablo to sell goods for tho
Exports.
1919-20.
1918-19.
second quarter of tho year if tlioy were willing to accept
1919-20.
1918-19.
slightly lower prices. B u yin g as a whole has been light and
Week
Since
Since
Week
Since
Since
Feb. 28.
July 1.
July 1.
m ostly confined to filling in purposos. B row n shootings have
Feb. 28.
July 1.
July 1.
continued dull with a slight casing tondoncy.
There has not
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 2,827900 244,588,000 195,908,000
130,000 1,813,000 7,298,000 been nny chango m bleached goods and not m an y aro being
forced.
I Ins is also truo o f m ost of tho h ea vy weight colored
D anube___
Argentina_
_ 4,333*666 126,386*666 62,652*666 3,508*666 89,907966
cottons as th ey are well sold ahead and aro not being offored
26,316965
Australia_
_ 1,760,000 71,381,000 29,996,000
a ny too freely.
I t has not been difficult, how ovor, to find
India........ .
5.623.000
toady buyers for ovorruns beyond contract requirem ents,
Oth. countr’s
1,911,000 2.647.000
1,750*666 2,817,000
kiack of pressure of goods from m ill contres is not as gonoral
Total____ 8,920,000 144,266,000 296,826,000 3,704,000 93,470900
36,431,00
af mi Was a S10r^ whilo ago but m ost offerings in tho m arkot
There appears to bo a hotter
T h e visible su pp ly of grain, com prising the stocks in still com e from second hands.
granary a t principal points of a ccu m u lation a t lake a nd tono to tho inquiries for sm all lots from convertors b u t tho
im provem ent is b y no m eans m arked. Jobbers report trade
seaboard ports F e b . 2 8 1 9 20 w as as follow s:
very quiet and in some instances state th at thoir custom ers
i_
GRAIN STOCKS.
. _
Wheat.
Corn.
Oats.
Rye.
Barley. are in no hurry for shipm ents that are duo this m onth owing
' United States—
bush.
bush.
bush.
bush.
bush
t ° tho fact that m ovom ont in thoir own territory has been
New York...........................
509,000
54.000
229.000
397.000
214,000 retarded.
Som ow hat more snap was to bo noted in th e
Boston................................
58,000
11.000
134.000
4,000
2,000
Philadelphia.......................
343,000
189.000
230.000
dem ,
print cloths during tho acvuvvjj. p a n u kji m u weolc
latter part of tho w u u ii
420.000
41,000 i , and . for * ----- ----------- -------- &
Baltimore.............
493,000
335.000
603.000 2,032,000
27,000 but business transacted was p retty well restricted
G ra y
Newport News__________
______
97,000
- - - - - - I f r n n r l a QQ
.1__ ,1. . ___ _ i* j 1
__
, rvn 1 /
.
J
New Orleans......................... 1,911,000
233*565
163.000
l‘l.8,000 eol'665
standards aro listed at 2 3 ^ cents.
Galveston.......................... 1,582,000
10,000
145,000
80.000 I
367 ooo 302 ooo
^ O O D S .— T h o m arket for woolens and w orBuffalo.............................. 8,165,000
54,000
370*666
“ . afloat................... 1,426,000
2,182900
’
teds received its first indication o f spring this wook w ith tho
Toledo................................
986,000
46.000
86,000
ifs.ooo
opening of a line of overcoatings and cloakings for fall 1 9 20 .
D etroit..............................
32,000
16.000
115,000
Chicago.............................. 9,730,000 1,346,000 3,643,000 1,825900
656*666
9 u°t e d on tlio lines aro unlikoly to hold off buyers, as
“
afloat__________
_____
.......... tno tondoncy has been to tako tho bettor qualities a t higher
231.000
Milwaukee........................ 1,040,000
481.000
585.000
350,000
P™ 3®3 rather than tho lower grados. T ho final outcom o o f tho
D u lu th.............................. 1,656,000
139.000 6.532.000
Minneapolis...................... 8,874,000
1661666 3,000.000 4.933.000
824900 . d trading depends largely on tho result of tho spring season
St. Louis............................
651,000
280.000
114.000
40,000
io5 n
rm
38>
000
Ihose goods.
There is no longer any question as to hositaKansas City....................... 10,502,000
319.000
382.000
Peoria................................
5,000
102.000
IIIIZI tion in the m arkot and it is traceablo to questions concern
176.000
Wheat.

Indianapolis....................... 428,000
O m aha.............................. 2,394,000

Corn.

Barley.

460.000
915.000

Rye.

48,000
3 nnn
40*666
287.000
343,000
°’ 00
Total Feb. 28 1920___ 50,876,000 4.951.000 10,401,000 20,388,000 3,073.000
Total Feb. 21 1920___ 53,396.000 4.781.000 10,447,000 20,670,000 3,417900
Total Mar. 1 1919___ 118,219,000 4.483.000 27,663,000 17,896,000 10,294 000
Total Mar. 2 1918___ 9,739,000 8.949.000 13,947,000 1,225,000 4,343,000
Note.— Bonded grain not Included above: Oats, 4,000 bushels New York 133 ooo
Boston, 907,000 afloat Buffalo, total, 1,044,000 bushels, against 3 000 bushels In
C a n ad ian —

Montreal_______________
667,000
Ft. William & Pt. Arthur. 8,360,000
Other Canadian_________ 2,326,000

12,000

232,000
3.494.000
1.025.000

4,000

Total Feb. 28 1920____ 11,253,000
Total Feb. 21 1920____ 11,150,000
Total Mar. 1 1919____44,397,000

12,000
19,000
123,000

4.751.000
4.686.000
6.948.000

4.000
6.000
3,000

Sum m ary—

American______________ 60,875,000
Canadian_________
11,253,000

4.951.000 10,401,000 20,388,000
12,000 4,751,000
4,000

Total Feb. 28 1920___ 62,128,000
Total Feb. 21 1920___ 64,546.000
Total Mar. 1 1919...162,616,000

4.963.000 15,152,000 20,392,000
4.800.000 15,133,000 7; ---------20,675,000
, W nnn
4,606900 33,611,000 17,899,000




fnfi iS ° W
? 1 * Purchasing power nocessary. to move a
of
lino at highest prices. So far thoro appoars to havo beon

fin o ’ high-priced dross fabrics.
I O R L I G N D R Y G O O D S .— Thoro has boon no chango in
tho local linen m arket this w eek, dom and still oxcooding th
supp ly b y largo proportions.
A lth ough prices for linens ar
now five or six times as high as thoy woro boforo tho w ar,
there is a ready m arkot hero for anything th at can bo used
to supp ly tho dem an d . Handkorchiofs aro especially
52,000
1.263.000 scarco and m anufacturers aro finding it im possible to soouro
451.000 tneir needs.
W h ile tho trado is growing skoptical regarding
the present levol o f prices thoro sooms to bo little likelihood
1.766.000
M ills in B elfast aro
1.736.000 ot recessions a t the producing en d .
580.000 now working only 2 5 hours a wook and operators aro becom ing
3.023.000 anxious lest unem ploym ent will cause thoir skilled labor to
1.766900 seek’m ore perm anent w ork.
B urlap s havo boon offored more
4,789.00n freely during tho wook with a resultant im provem ent in tho
5,153,00n . ™ ark e t.
L igh t weights wore procurable a t 1 0 .5 0 conts and
in o7i nnU
io,874.oog I h ea vy weights a t 1 5 .7 5 conts o ut of stoamors.

ite.
5'A

Maturity.
1923-1910

5)4
4 'A
5)4
6

1920-1929

9 9 9 - -B artholom ew C ou n ty,
9 9 9 - .Boll Sell. D ist., C a lif..
0 7 7 --B irm ingham , A la .

5)4
5)4

Page.

(& h x o n x d £

3 £ Ix c

PUBLISHED WEEKLY.
T e r m s o f S u b s c r ip t i o n — P a y a b le in A d v a n c e
For Ono Y ea r.......................................................................................................
ou
European Subscription (Including p o s t o g e j . . . . . . . . . . . . . ...........................
European Subscription six months (including p o s t a g e ) .- ...- - .- ..-.- - - .
Canadian Subscription (including p o s ta g e ).................................................ou
NOTICE.— On a ccou n t o f the flu ctu a tion s In the rates o f exchange,
remittances for European subscriptions and advertisements must bo made
In New York funds.

896--151ytheviUo S. D ., A rk -------------7 8 4 -.B o o n e C ou n ty, In d ----------------6 7 7 --B ou ld er C o . S. D . N o . 3, C o lo .
6 7 7 --B ou ld er C o . 8. D . N o . 3, C o lo .
6 7 7 -.B o u ld e r C o. S. D . N o. 3, C o lo .

S u b s c r ip tio n in c lu d e s fo l lo w in g S u p p le m e n ts —

B ank AND Q uotation (m onthly) I R a il w a y and I ndustrial (semi-annually)
r a il w a y E arnings (m onthly)
E lectric R a ilw ay (semi-annually)
STATE and C ity (soml-anuually) |B an ke rs ’ C onvention (yearly)
T e r m s o f A d v e r tis in g — P e r In c h S p a c e
Transient m attei per inch space (14 agate lines).......................................

i

^ r i M n i M u t l v o insertioim 10% discount; 2C consecutive insertions
15% discount; f>2 con secn tivo insertions 20% discount.
Business Cards, tw elvo months (02 tunes) per iuch......................- .........l to uu
OHICAQO O ffice —39 South La Sallo Street, Telephone M a jestic7396.
L ondon O ffice —E dwards A Smith, 1 Drapers’ Gardens, E. C.
W I L L I A M « . D A N A C O M P A N Y , P u b lis h e r s ,
F r o n t , P in o a n d I J e p e y s te r S t s ., N e w Y o r k .

j i t a

t e

im

997

THE CHRONICLE

M ar . 6 1920.]

x X

( f i t y

J p c p a f t w

e t i t

MUNICIPAL BOND SALES IN FEBRUARY.
O ur com pilation of lon g-term m unicipal bonds disposed
of during tho m on th of February shows a decided decline
in tho aggregate as com pared w ith the previous m on th , and
evon as com pared w ith tho corresponding m on th a year ago.
T h o total for February is $ 2 9 ,1 4 8 ,3 4 0 , com pared w ith $ 8 2 ,­
8 1 4 ,0 2 2 in January 1920 and $ 3 0 ,8 1 5 ,4 7 1 in F ebruary 1919.
In this wo include only $ 3 ,0 0 0 ,0 0 0 out of tho $ 1 2 ,0 0 0 ,0 0 0
highw ay bonds offered on F o b . 2 6 b y the State of ( California
and which woro bid in b y tho Stato itself.
Later tho Stato
succeeded in placing $ 3 ,000,000 of tlieso bonds and this is
all wo cou n t in our totals.
T h o im portan t issues disposod of in February comprise
M assach u setts, $ 2 ,7 0 0 ,0 0 0 5 % serial bon d s, D e c . 1 9 2 0 -1 9 2 9 ,
awarded to a syndicate com posed of tho N ation a l C ity C o
O ld C olon y T ru st C o ., E . H . R ollins & Sons, W h it e , W e ld
& C o . and W iso , Ilo b b s & A rn old of B osto n and R ed m ond
& C o . of N o w Y o r k , at its bid of 1 0 0 .7 8 9 ; San Luis Obispo
C o u n ty , C a lif., $ 1 ,5 0 0 ,0 0 0 5s a t 1 0 0 .1 8 3 ; D u v a l C o u n ty ,
F la ., $ 7 0 0 ,0 0 0 5s a t 10 0, and Indianapolis School D istrict,
I n d ., $ 5 5 0 ,0 0 0 4 ^ s a t 10 1 .0 1 .
Sliort-torm
securities
disposed
of
during
February
am ou n ted to $ 4 4 ,1 5 5 ,0 0 0 . T h is includes $ 2 5 ,0 0 0 ,0 0 0 revenue
bon d s, bills, corporate stock and tax notes of N e w Y o rk C ity .
In C an ad a $ 7 ,5 6 6 ,6 2 3 lon g-term bonds were sold during
F ebru ary, a decrease from last m o n th ’ s $ 1 5 ,0 1 9 ,3 5 7 .
In tho follow ing wo furnish a com parison of all the various
form s of obligations p u t o u t in February of tho last fivo years:
1020.

1019.

$

S

1918.

1917.

5

s

1916
S

Permanent loana (U S .). *9.118,340 30.815.471 21,548.350 25,950,360 37,047.824
•Tem ^r’y loans (U. 8 .)-.^ilSS.OOO 50.597.000 49.830,413 29,253,554 35,586,640
Canadian loans (perm’t ) - - 7,568,623 8,520,874 7,007,055 1,104,023 3,043,193
Bonds of U. 8. Possessions
Nono
None
None
None
None
T o t a l............................ 80,809,963 95,939,345 78,445,818 50,373,942 75,677,057
* Includes temporary securities Issued by New York City, 825,000.000 In le b . 1920
847,102,000 In Feb. 1910, 835,880,818 In Feb. 1918, 823,750,000 In Feb. 1917,
830,493,538 In Feb. 1910.

Tlio num ber of m unicipalities em ittin g perm anent bonds
and the num ber of soparato issues m ade during February
1920 wero 170 and 2 2 0 , respectively.
T h is contrasts with
15 5 and 193 for Fobruary 1 9 19 .
F o r com parative purposes wo add tho follow ing table,
showing tho o u tp u t of lon g-term issues in this country for
Fobruary and tho two m onths for a series of years:
For the
Month of
Two Months.
February.
..$20,148,340 $111,002,302
11)2055,383,185
1011). .......... . 30,815,471
42,437,844
. . 22,153,148
1018.
05,000,211
. . 25.050,300
1017. .
87,223,023
101(1. .............. 37,047,824
70,010,307
1015. .............. 42,010,300
122,410,201
1014. .............. 37,813,107
58,072,520
1013. .............. 27.058,087
54,505,010
1012 ............... 20,230,101
100,003,423
1011. .............. 22,153,148
34,023,031
1010 .............. 18,004,453
47,200.210
. ___ 17,041,810
1000
71,857,142
___ 00,014,174
1008
47,705,800
_____ 37,545,720
1007
30,008,237
......... 28,300,055
100(1

For the
Two Months
817,746,884
31,795,122
7.951,321
21,002.722
5,150,926
23,530,304
13,462,113
4,221,249
25,511,731
5,137,411
13,114,275
17,456,382
23,082,253
10,931,241
16,111,587
19,038,389
10,510,177
14,113.931

Month of
February.
1005................
1004................
1003................
1002................
1001................
1000 ________
1 8 0 0 .............
1808................
1807................
1800................
1805................
1804................
1803................
1802___ _____

to tlio am ou n t of $ 2 9 ,1 4 8 ,3 4 0 , issued b y 170 m unicipalities.
In tho caso of oach loan reference is m ade to the page in
the “ Chronicle” whore tho account of tho sale is g iv en .
F E B R U A R Y B O N D SALE S.
Page.
N am e.
Rate.
Maturity.
889--A lb e rt Lea, M inn --------------------- 5)4 -----------------7 8 3 --A ld erson T w p ., Okla---------- . . . 6
---------------8 8 9 --A lp ln o School District, U t a h .. 5
-. — ---lOO Arkansas & M o . II. D ., A r k .. 5
1921-1940
1949
I s o I lA th o n s , G a ------------------------------ 5
1920-1929
8 8 9 --A th e n s. O h i o . . . . . ..................- 6




Am ount.
Price.
$55,000 100.454
- - s . - -,^6,000
165,000
_______
93.075
500,000
150,000 105.0007
17,300 101.011

7 8 4 .-B rookfield S. D ., M o .

1921-1930
1923-1950
1950

1921-1925
5
5
(l 1935-1950
(11930-1910
5
5
(*1930-1940
5)4
1925-1949
4H

Price.
Am ount.
350.000 101
110.000
2,500 100.20
26,000
35,000 100.478
45,000 100.391
18,500 1/100
565,000 100
100,000 100.59
120,000 100
40,000 100
100,000
200,000
16,000
35.000
50.000 100.33
100,000
125,000
75,000
40,000 100
17,000 100
10,000 100
20,000 100
20,000 100
3,000,000
40.000 101.277
1934
7.000
1948
3.000 ioo*. i o '
315.000
5.000
17.000 100
5.000 100
266,240 100
98
150.000
35.000 100
20.000 102.71
15.000 102
50.000
25.000 i o o *'■
77.500
90.000

1921-1940
5)4
5)4 (11930-1935
1960
5
6
1959
6
890.
6
1945
6
4 H __________
9 9 9 .-C alifornia (State o f ) _________
19215 8 0 .-C am bridge C ity S. D ., O h io .- o
19228 9 0 -.C a n to n , T e x -----------------------------6
7 84-.C asm alia School D tst., C a l i f .. 6
8 9 0 . -C h octa w C ou n ty, O kla------------5
1920-1939
8 9 0 ..
Claiborne Parish, L a -------5
6 7 8 -.C la rk C ou n ty, In d ----------------4)4
9 9 9 - -C la y R oad Im p t. DLst., W . V a. 5
1921-1930
9 9 9 .-Clerm ont C o ., Ohio (2 is s u e s ).. 5
a l932
6 7 8 -.C o co n in o C ounty, A riz------------ 5)4
6 7 8 .-C olum bia C o . S. D . N o . 6, Ore. 5
1924-1943
7 8 4 .-C olusa, C alif__________________ 514
9 9 9 .-C am as C o ., Ida. (2 issues)------ 6
7 8 4 .-C ortland C ounty, N . Y ------------5
1935
999.
-C ovin g ton , O kla------------, 6
890 Crowley C o . S. II. N o . 1, C o lo . 514 dl935-1950
1921-1935
9 9 9 -.C u d a h v S. D . N o. 1, W is------ 5
784- Custer & Powder R iver C os.
6.000 100
8. D . N o. 76, M o n t _________ 6
60.000
7 8 4 .-D a vis C o. D rain D ist. 1, U tah-----5,600 100*562
1921-1930
8 9 0 --D earborn C ounty, In d ------------ 4 )4
250.000 100
1925-1938
6 7 8 --D o K alb C ou n ty, G a __________ 5
500.000 100
1930-1939
7 8 4 ..
Douglas C ou n ty, W is___ 5
150.000 100
1921-1930
784.
-D ouglas C ou n ty, W is__5
700.000 100
5 8 0 ..
Duval C ounty, F la_____ 5
152,400
785.E corso T w p . 8. D . N o . 1, M ich . " " 1 9 3 5 * "
5
77.000 1 0 0 * **
6 7 8 -.E d e n to n , N o . C aro___________ 6
185.000
7 8 5 -.E ld o ra d o , K ans__________________
5,500 i o o " "
7 8 5 -.E lizabeth , C o lo _______________6
41.500 io o
7 8 5 . -E lm ira 8. D ., N . Y . .............. .. 4 )4 1921-1931
- „„„
55.000 100.045
5 )4 1921-1960
890El M o n t e . .- 1 ..
150.000 100.506
581— Evansvilio 8. D .. In d --------------4)4 .....................
20.000 102.57
678— Fair Oaks Irrig. D ist., C alif-----6
20,000 100.825
891 --F illm o re , C alif________________ 514
12,000
1000.
-F lem in g, C o lo ____________ 6
10,000
a l934
891- -F ow ler, C o lo __________________ 514
15,000
1935
891— Fowler, C o lo ___________________ 514
4,000 100.25
1920-1929
1 0 0 0 .-G ib son School T w p ., In d -------- 5)4
785— Graham C ou n ty, A riz_________ 5 )4
----------250,000
lbb'.io*
078— Greenficld, In d ________________ 5
1921-1923
*920-1929
30,122 100.033
891 — H am ilton, O liio_______________5)4
8 9 1 --lIa m iIto n , Ohio (6 issues)_____ 5)4
1920-1929
106,880 100
891 — H amilton C ou n ty, I n d - - _____ 4)4
----------------111,500
891--H em pstead (T .j U . F . S. D .
26,000 100.023
1921-1930
N o . 26, N . Y .................................
58.500
1921-1930
785— Hendricks C ounty, In d ________4)4
301.000 100
1924-1938
0 7 8 — Hennepin C ou n ty, M in n ______ 5
200.000 100
1939
582— H cnryctta, O kla_______________6
16.500
678 . - Hidalgo C ou n ty, T e x . (2 issues) 6
14.000
785—
H olyoke, C o l o __________ 6
45.000
1000— H ugo, C o lo ____________________6
15.000
1000— H ugo, C o lo ____________________6
8,000 100
1921-1924
1000— Huron C ou n ty, O h io__________ 5
14.000
1000— Hurricane, U tah_______________ —
2,000 fob*'**
786—
Iliff, C o lo ............................6
------ - - - - _
_ _
550,000 101.01
6 7 9 --Indianapolis 8 . D ., In d ________4 %
1940
98.109
390,000
4J| ____ „
891 ..In d ian ap olis 8. D ., I n d .
582— J a ck son C ou n ty, In d __________ 4)4
*921-1930
2,600 100
1921-1922 , 2.200 100.09
7 8 6 ..
Jalama Sch. D ist., C alif_ 6
101.67
891 -.J efferson C o ., N . V ___________ 5
1921-1936 160,000
7 8 6 -.Jefferson T w p . S. D ., O hio------ 5 )4
1920-1927
4,700 100
6 7 9 - Jerome, Id a ....... ............................ 6
1940
14,000
6 7 9 -.K ap la n , La____________________ 5
---------------40,000
7 8 6 .. Kelso, W ash__________________ - 200,000
1926-1939
679--K e r n C o . U . H . 8. D ., C alif— 5)4
75,000 103.33
786 . . Kingsbury J t . U . H . 8 . D ., C alif . 250,000 100
1921-1930
1000-L a Crosse C ou n ty, W is---5
679— Lauderdalo C o . R d . D ist. N o .
75,000 1/100
1931-1944
3. M iss........................................ 6
40,000 100
1939
7 8 6 --Law rence, M ass_______________4)4
100,000 100
5 8 2 .-L o Flore C ou n ty, M iss------------5
30,000 105.515
891-.L in c o ln , C alif___________________ —
150,000 100.35
1921-1935
891-Livingston C ou n ty, M ich _______ 5
7.88S 100.40
1921-1930
679-.L o d i, C alif______________________7
6,399 100.50
1921-1930
6 7 9 -tliOdl, C alif______________________7
103,000 100
6 7 9 ..
1.0. Banos, C alif__________5
185,322 101.190
1922-1931
5 8 2 .-L ucas C ou n ty, O h io___________ 5)4
277,000
1924-1940
891 -.M a d is o n C ou n ty, M o _________ 5
15,000 100
786—
M adison C ou n ty, In d ____ 4)4
7,300 100
892—
M artin C ou n ty, I n d _____ 4)4
1920-1929 2,700,000 100.789
892— M assachusetts( State o f ) ---------- 5
75.000 101.133
1930
787—
M eeker C o ., M in n ________5)4
1,500 100
1001—
M itchell 8. D ., C a lif......... 6
300,000
787—M onessen S. D ., P a ____________ 4)4
98.68
152,000
1001--M o n tg o m e ry C ounty, Iow a — 5
18,500 1/100
(11930-1940
892— M ontcpolier, Id a _____________ 6
9,645 100
1001--M o n tp e lie r Sew. D . N o . l ,I d a _ 6
20,000 100
8 9 2 .-M t . Angel, O ro_________________ 5)4
175,000 100
1923
582— M t. Vernon, N . Y . (3 Issues)— 4)4
120.17
25,231
1921-1944
1001-.N e w b u rg h , N. Y _____________ 5
1,250,000
1969
1 0 0 1 ..N e w Y ork C ity , N . Y . (4 iss.)_ 4)4
_______
100,000
1921-1960
1001— New Y ork C ity , N . Y ----------------4 )4
50,000
1921-1915
1001--N e w Y ork C ity , N . Y __________ 4)4
—
25,000
1921-1925
1 0 0 1 — N ew Y ork C ity , N . Y ----------------4 )4
8 9 2 --N o . L ittle R ock & Gallaw ay
500,000
1921-1910
H ighway District, A rk _____ 5
2,979 100
(11921-1927
1001--O ly m p ia , W ash_______________7
15.000
787— Ord, N e b ........................................ 5)4
(11929-1939
100,000
7 8 7 --O rem , U tah____________________ - —— ---5,000 100
787— Ostrander 8 . D ., O h io..............- 5
1921-1925
250,000 100.06
6 7 9 .-P aducah 8 . D ., K y ___________ 5
-------- 30.000
679— Paris, ICy........................................ 5
1921-1929
50.000
1 0 0 1 --P ittsburg, C alif_______________5
70.000 101.69
____
1940
679— Plant C ity , F la________________ 6
10.000
. . 6 3-5 1923-1946
1002 .Pleasanton, Tex
892— Polk ~ ~ ------ .. .--------- --------— - - —
C ounty, Io.w a ___________ ------------- —
*92*929 100.97
_ ort H uron, M ich . (2 Issu e s).. 5
—
*
. . .
68,384 100.077
1921-1931
8 9 2 --P
99,000 101.6675
1935
892— Portland, M o _________________ 5
23,600
1923-1932
892—
Prowers C o . S. D . N o . 14, C olo 5)4
250.000 101
6 8 0 .-R ice C ou n ty, M in n ----------------- 5
10,000 101.25
788— R io Arriba C o .S .D .1 7 ,N .M o x . 6
85.000 100
1921-1949
7 8 8 --R iverside 8 . D ., N . J -------- . . . 5
60.000
lb 0 2 — Rochester. M ich _______________- 200.000
6 8 0 --R o ck C ou n ty, W ise----------------- 5
19,360 100
100 2 --R u sh C ou n ty, In d ______________4)4 1921-1930
3,625 100.0002
Serially
893..S a cra m en to, C a l i f --------------------- 7
550,000
95.30
1921-1950
8 9 3 .-S t. Lucie C ou n ty, F la................ 6
97.63
225.000
1930-1940
788— Salina S. D ., K ans------------------- 5
200.000
8 9 3 - -Saline C o . R d . D ist. N o . 7, A rk 5
97.69
443,000
1*940 " "
6 8 0 --Salt Lake C ity , U tah (5 Issues) 5
97.69
414,500
1921-1940
680— Salt Lake C ity, U tah (6 Issues) 5

998
Page.

THE CHRONICLE
N am e.

Rale.

Maturity

Am ount,

Price.

1 925-1939
1 0 0 2 - -S a lt L a k e C o u n t y , U ta h ............. 5
7 5 0 ,0 0 0
6 8 0 - . S a n F e r n a n d o , C a lif____________ 5 U
1921-1960
165 ,00 0
5 8 4 ..
5 an L u is O b is p o C o u n t y , C a l i f . 5 1923-1940 1 ,5 0 0 ,0 0 0
1 0 0 2 . . S a n p ete C o . D r . D . N o . 1 ,U ta h
9 5 ,0 0 0
893. .
5 a n ta A n a H igh S . D . , C a l i f . . 5 1921-1942
110,000
5 8 4 ._ S a u g e r t ie s , N . Y ________________ 4 )4
1920-1938
19,000
8 9 3 - -S e m in o le C o . S p e c . T a x S . D .
N o . 1, F la _____________
f iU
1950
2 5 ,0 0 0
6 8 0 ..
5 e y m o u r S ch o o l C it y , I n d ________ 5_
2 7 ,0 0 0
5 ,0 0 0
« c o - - Q K a d y r ? rlV301
D .,M is s . «
1929-1933
o.wuu
6 8 0 - S h a w D r a in a g e D is t ., M is s ____ 5 ) 4 .......................
120 0 00
120,000
8 9 3 - - S h e b o y g a n F a lls W i s e ............. 5
1 92 3 -1937 2 0 ,0 0 0
20,000
7 8 ! - h Ky £ 0 Un? y Tn d - (2 1 s s u e s)I
1 9 2 L 1 9 3 0 2 1 ,7 0 0
7 88 —' S ^ e lb y C o u n t y ,, I o w a __________ 4 ) 4
5 8 4 — S m it h t o w n , N . Y ______
1 0 0 2 .-S n o h o m is h C o . S . D . N o . 647
W a s h _____________ ______ ___
£ 8 4 — S n o w H ill, N o . C a r o ....................
7 8 8 — South A m b oy , N . J _____
6 8 0 - S p r i n g d a l e S. D . , N o . C a r o l ”
5 8 4 ..
5 u m m it C o u n t y , O h io ___

5
6
5

6
5

l”921 "~

1940
1921-1930

--- v/w.,
IOOUOO/ . . u
______
»
f i o f * _m m tZerlain^ Count,yA I n d --------- 4 )4
1921 -1 93 0
R I M . - l on n ^ (W^fln^0 U n ty' ^ ------------- t f » u .......................
Q ^ '" T n y , W is e _______________
il
©
7 8 9 „ T w i n F alls I n d . S . D . N o . l . I d i 5
7 8 9 - -U n io n C it y S . D . , In d
5
1 93 0 -1944
5
6 8 1 — U n io n C o u n t y , O h io ____
§ ^ - * X ? Ild e rb u rSh C o ., I n d . (3 i s s .) I 4 )4
19218 9 3 — W a lt e r b o r o , S o . C a r o ___
6
6 8 1 — W a lt h a m , M a s s ___________
'1 9 20-1939
6 8 1 — W a lt h a m , M a s s ___ __
4 U 19208 9 4 . . W a r re n S. D . , O h io .
“ 514
19228 9 4 . -W a r r ic k C o u n t y , I n d ____ __ " " 414
1921,£ & o--}Y ras5 i.n g to n C o u n t y I n d ______4 )4 _________
1 0 0 3 - . W a s h in g to n C o . R d . I m p t .
D is t. N o . 3 , A r k ____________ ______________
8 9 4 ..
W a s h in g to n S. D . , C a lif
.
Z § 2 ” }Y a ta u g a C o im t y . N o . C a r o l ” 6 "
1925-1950
7 8 9 ..
W a u s e o n , O h io .
5
1 0 0 3 — W e ld C o . S p ec. S. D . 8 4 , C o l o ! 5 )4 11111
1 0 0 3 ..W e n d e ll S . D . , I d a . . .
6 8 1 — W e s t M in n e a p o lis, M i n n . .
5~
1930-1940
6 8 1 - . W e s t M in n e a p o lis, M in n ______5
1 921-1929
6 8 2 - W p t S id e M g a t l o n D ist.T C a llf 6
12 o f " v iE?t 0 n o a l am f A 9 - £ a r o ------- 6
1921 -1 93 0
8 9 4 - . Y a k im a C o . S. D . N o . 7 . W a s h . 4
1 0 0 4 - .Y a m h i l l C o u n t y , O r e ____
5: '
r'
1 0 0 4 - .Y u m a , A r iz ________________
1940
6 8 2 . . Y u m a , C o lo ____________
6
1935

IIIIII

100
100
9 8 .4 4

100
100
100

101 .25

100
100

5 ,0 0 0

100
100
100
101.011
100

6 0 .0 0 0
5 0 ,0 0 0
9 ,0 0 0
3 0 0 ,0 0 0
3 3 0 ,0 0 0
155 ,00 0
21
z i .,0 3 5

98

112,000
f\ nnn
6,000
9,000
100,000
7 8 .0 0 0
1 8 2 ,4 0 0
1924 00
14,8
4 0 .0 0 0
2 1 5 ,0 0 0
1927
8,000
1932 .0 0 0
55
1925 ,6 0 0
7
6 ,1 3 0

„ ^ ame.\ ,
Rate.
M aturity.
Am ount.
Price.
............... 4 )4
1920-1939 )
7 8 6 - L ° w e .M a s s (July-)
20,000 100.632
7 8 6 . . L o w e ll, M a s s . (A u g u s t )............... 4 )4
1920-1924 i
2 5 ,0 0 0
100.16
7 8 6 ..
L o w e ll, M a s s . (S e p t.) (3 iss.)
^
2 9 ,0 0 0
100 .46
786. .
L o w e ll, M a s s . ( N o v .) (2 iss.)
15,000
7 8 6 ..
L o w e ll, M a s s . (D e c e m b e r ).
1920-19291
10,000 100.03
6 7 9 ..
M e y e r s d a le S. D . , Pa
8,000 100
d l9 4 0 -1 9 4 5i
6 7 9 ..
M t . V e rn o n T w p . H . S . D” i l l"
120,000 1/100
7 8 7 ..
N a m p a & M e r id ia n M u n . Ir r .
1930
-ray x r D is t; ’ I d a h ° ( D e c e m b e r ) - . . 6
z z .o u u
2 2 ,8 0 0
100.51
33 ,2 0 0
Z § Z - - K e w a rk l N - J * (S e p te m b e r )
4 )4 _______
3 3 200
100
7 8 7 ..
N e w a rk , N . J . ( N o v e m b e r )„ . 4 %
........................
3 0 0 ,0 0 0
100
8 9 2 ..
0 . d e n , U ta h (J u n e) (6 is s u e s ). 5
1933-1938
129,000
1001 .. O l y m p i a , W a s h . (4 iss u e s )___
7
6 7,1 56
7 8 7 . . P o lk T w p . . I n d . ( N o v e m b e r ) .. 6
1,750
100
1 0 0 2 ..P o r t s m o u t h , V a . (D e c e m b e r )
514
1923
3 00 ,0 0 0
100
8 9 2 ..
P o t ta w a t o m ie C o ., O k la .( D e c .) 6 1944
4 1 ,2 0 0
6 8 0 — P re b le C o u n t y , O h io ____________ 5)4
1921-1922
20,000 100.15
6 8 0 . . P re b le C o u n t y , O h io ________ ' 514
1921-1931
22,000 101 .04 *
7 8 7 ..
P ulask i C o ., K y . ( S e p t .) .5 ™
1925-1949
5 0 ,0 0 0
100
7 8 8 . -S a n F ra n c is co . C a lif .( J a n .’ 1 9 ). 4 )4
8 2 ,0 0 0
7 8 8 - . San F ra n c is co , C a lif. (J u ly )
_
(2 is s u e s )....................................... 414
2 5 5 ,0 0 0
7 8 8 . -S a n F ra n c is co , C a lif. (A u g .)
___
(2 iss u e s )____________________ _ 4 U
„ ,5 7 7 .0 0 0
,
5
7 8 8 — Stm F ra n c is co , C a lif. ( S e p t . ) . . 4 )4 ___ I ...........
’ 4 34 ,00 0
4 34 ’
7 8 8 ..
5 . n F ra n c is co , C a lif. ( O c t . ) _______ 4 )4
’
5 ,0 0 0
7 8 8 ..
5 . n F ra n c is co , C a lif. ( N o v . ) . , 4 >4
2,000
7 8 8 ..
5 . n F ra n c is co , C a lif. ( D e c . ) _______ 4 )4
7 ,0 0 0
7 8 8 ..
5 . n F ra n c is co , C a lif............. 4)4
8 33 ,00 0
7 8 8 ..
5 .a t t le , W a s h ...................... 6
<11920-1932
4 .9 2 5
100
7 8 8 . . 5 .o a l s , I n d _________________ _ 5
6,5 0 0
100
4 8 8 ..
5 0 .o r r o C o .S .D . N o . 5 1 .N .M e x . .
15,000
7 8 8 — S olid a S. D . , C a l i f . .......................5
16,000
100.756
£ 2 - - § p rin Bfie Id - O h io (J a n . 1 9 1 9 ) .. 5
,§
19191928 7 36
100
6 8 0 . -S p r in g fie ld , O h io (F e b . 1919) — 5
1 9 2 0 - 1924
13,778
100
6 8 0 — S prin gfie k i, O h io (J u n e )............. 5
1920-1929
4 ,5 5 2
100
6 8 0 — S p rin gfie ld , O h io ( A u g . ) ............. 5
1922-1927
6,100 100
6 8 0 . -S p r in g fie ld , O h io ( A u g . ) ............. 5
1920-1924
6 ,6 1 8
100
6 8 0 . -S p r in g fie ld , O h io ( S e p t .) ............. 5
1920-1924
1,916 100
6
7 8 8 ..
5 .t h e r la n d , N e b .
d l9 2 4 -1 9 3 9
20,000
C °- 8 - D - N o. 5, W y o —
6
d l9 3 0 -1 9 3 5
7 .5 0 0 t/100
681 . . W a l l a W a lla , W a s h ....................... 6
60,0 00
98
3 ,0 0 0
100
15,000
6 8 2 . . W h it e G r a d e d C o n i
K yi ”
( A u g . ) -------1--------------- ----------- 5
d l9 2 1 -1 9 3 9
3 9 ,0 00

100.183
9 6 .6 0

10,000

1 9 5 0 ""

1935-1943

PM%' T

9 6 .5 8

20,000

100
100
1 100.10
/ 07
97
100
100 .37 5
100.06
100 .06
100.05

100
100

6 00 .0 0 0

2,000

100

5 0 .0 0 0
100.11
1 60 ,00 0
100
14.0 00
3 0 .0 0 0
1 8 ,5 00 1/100.05
1 1 .0 00 y 100.05
1 0 5 .0 0 0
103.79
2 9 1 .0 0 0
______

22^000

"s b”
’.’

100

—

—05’.00 0 102.05
—
1
4 0 ,0 0 0
100 .05
6 0 ,0 0 0 100 .50

1 hese

A d m ir a l, f f l - ............. ............. R
_al? ‘
7 9 0 - A l b e r t a S . D . . A lt a . (10 issu e s). 6)4
6 8 2 . . B r a n d o n , M a n ________________ _ 5 ^,
’ 6
8 9 5 ..
C a r le to n C o u n t y , O n t _I
o n i C h a r io t t ^ ib u r g h h 'w p ., ° n t - _ . 5 ) 4
6 8 2 - - C o b d e n , O n t _______ ________
a

R E V IS E D T O T A L S F O R P R E V IO U S M O N T H S .

T h e follow ing item s, included in our totals for previous
m on th s, should be elim inated fro m the sam e. W o give the
page num ber of the issue of our paper in which the reasons
for these elim inations m a y be fou n d:
N ame,

§ 7 9 --A J t o n P a r k , T e n n . (J a n . lis t ) ___ ___________
* $ 15 0 000
6 7 8 - -C in c in n a t i S. D . O h io (O c t . l i s t ) ...........
.........................
* 65 000
2 00 000
§ § ? - - i ? ou gl5 s C o u n t y , N e b . ( D e c . l i s t ).................... I . 1 .....................
5 8 1 - . E a s t Y o u n g s to w n , O h io (J a n . lis t ).......................
20 675
7 8 6 ..
L ib e r t y T w p ., M o . ( D e c . l i s t ) . . .
145 000
7 8 6 — N e b o S . D . . U ta h ( D e c . l i s t ) . .................... I — H I ” ” I ” ”
450|000

W e have also learned of the follow ing
previous m on th s:
Narrie.

Rale.
5 7 9 ..
A lt o n P a rk , T e n n _____
514
8 8 9 — A r d m o r e , O k la . ( A u g . ) . . — ' 6
7 8 4 ..
A u b u r n , N . Y _________
4
” 6
7 8 4 — B la c k fo o t , I d a ___
9 9 9 - - B a y o n n e N . J . (F e b . 1 9 1 9 ) .. . I 5
2 7 8 — C alca sieu P a rish , L a __________ 5
7 8 4 — C a n a jo h a r ie , N . Y . ( D e c .)
5

additional sales

Maturity.
" ” 1944”
1922
' l 920 -1 9 55

Am ount.
1 40 .00 0
8 0 ,0 0 0
4 5 .0 0 0
150 .00 0
4 8 .0 0 0
1 25 .00 0

10.000
1 16 .00 0
15,0 00

100,000
( D e c e m b e r )_______
9 9 9 - . C l a y R o a d I m p t . D is t ., W . V a
? 8 4 —' ^ o< m b F la t ^ h,io (OC t. llf----------o ? - C 1lu e r Ku s , O : D ’ c a
?v
4
.) (6 Iss.)
4 8 4 - .C o l u m b u s , O h io (O c t.j (2 Iss.)
................
) ................
) ................
) - .............
4 8 4 — C o lu m b u s , O h io
r- .............
184— C o lu m b u s , O h io
’ • .............
4 8 4 . . C o lu m b u s , O h io
’ . ) .............
.) (2 iss.)
.) (2 iss.)
’.) - — —
.) (6 iss.)
•).............

5
5

6

....................
1941-1952
1930
1940
1927
Serial
1925
1920
1927
1940
Serial
1938
1929
1920
1930
1925
1927
1920
1930
1925
1 921-1940
------- ----------

5
5
5
4 )4
5
5
5
5
4 )4
5
5
5
5
5
5
5
4 8 4 . -C o lu m b u s , O h io (D e c . ) (2 iss.) 5
4 8 4 . .C o lu m b u s , O h io (D e c . ) (3 Iss.) 5
O r e ____ 5 M
1____
6 7 8 — D o s e y T w p ., M i:
______
6"
5 8 1 — E a s t Y o u n g s t o w n , O h io (9 iss.) 5 Jf .
Z § § - - E u c !!(} ’ Ch|° ( D e c .) (4 is s u e s ). 5 )4
1921-1930
7 8 5 — E u c lid , O h io ( D e c .) (4 is s u e s ). 5)4
5 8 1 — G e o r g ia (S ta te o f ) __________
” l9 2 1
£ 8 5 — H u c k e n s a c k , n . J . ( M a y 1919) 5 _
.....................
6 7 8 - .H a m i l t o n C o u n t y , I n d . ( D e c .) 414
891 . . H a r t f o r d , C o n n . (J u n e )______ 4
l'9 4 7 ”
7 8 5 — H a r t in g t o n , N e b .................... I ” 5 )4 d l9 2 9 -1 9 3 9
“
8 9 1 ..
H u t c h in"s o n , K a n . ( J u l y ) !-— I ' 5 lg2 g
8 9 1 ..
H u tc h in s o n , K a n . (S e p te m b e r) 5
1920-1929
8 9 1 ..
H u t c h in s o n , K a n . (S e p te m b e r) 4 %
1920-1929
891 ..H u t c h i n s o n , K a n . ( D e c e m b e r ) 4 »A 1 9 2 0 7 8 6 ..
1 .o n C o u n t y , M o _____
5
19238 9 1 — J en n in g s S . D . N o . 2 1 . L a . . ” 5
19211 0 0 0 - - K it t s o n C o . C o n s . S. D . N o .7 5
M i n n _____________
1930
7 8 6 — L a k e w o o d , 0 .( J a n . ’ 19) (5 'I s s .j 5 )4
1919-1929
7 8 6 — L u k e w o o d , O . (A p ril) (5 is s .) ____
7 8 6 __L a k e w o o d , O . (Ju n e)
5
19197 8 6 ..
L a k ew ood , O. (O c to b e r ).
5 9201
7 8 6 . -L a n s in g , M i c h .................
454 1 9 2 1 7 8 6 . . L a w re n ce , M a s s . (O c to b e r )
414
1924
7 8 6 — L a w re n co , M a s s . ( D e c e m b e r ) . 4 A
1924
7 8 6 ..
L e e -P h illip s D r . D is t ., A r k .
5 9 2 4 - 1939
1
6 7 9 ..
L o n d o n , K y . ( J u ly ) ___
6
1 920-1939
6 7 9 . - L o s A n g e le s C o . W a te r W o rk s
I m p t . D is t. N o . 4 , C a lif____ 6
7 8 6 ..
L o w e ll, M a s s . (J a n . 1 9 1 9 ). 4
1 92 0 -1944
2 § 2 - - f o w e !i- M a s s - ( p e b ’ 19) ’2 "iss".) 4 )4 ___________
, Y la r
(
(2 iss.) 4 )4 .....................
- 7 8 6 . . L o w e ll, M a s s . (A p r ’ 19) (3 iss .) 4




1 5 .0 00

10.000

2 ,3 5 0
6 1 ,0 0 0

20,000

1 75 ,00 0

10.000
2,000
1 5 .0 00

20.000
10,000
6 5 .0 0 0
1 6 .0 00

1,200
20,000

4 6 .0 0 0
3 .0 0 0
3 1 9 ,8 6 6
2 6 .0 0 0

10,000

1 .5 0 0
4 6 .0 0 0

20.000
10,000

2 0 ,6 1 5
3 4 .0 1 4

20,200

3 ,0 0 0 ,0 0 0
1 2 ,5 0 0
5 .0 0 0

200,000

for

Price.

100,000
2 5 .0 0 0
2 8 5 ,0 0 0

20.000
3 0 .2 5 0
5 0 ,0 0 0
50 000
8 5 .0 0 0
1 86 ,0 0 0

Amount.
....................
- I ” ” ”

Price.

$ 1 6 ,0 5 0
4 5 0 ,0 0 0
40 000

60.000

q enn

88".27_
9 9 .1 2
9 4 .7 3

94".6«"
6 8 2 " Ffirnnnfrln'0^ .T 'VP' ’ ° n t ............. *>)4 1 02 0 -1949
4 5 .0 0 0
1 0 0 4 - .G lid d e n , S ask ____ — I — ” ” ”
^ *900.000
----------------12 000
1 0 0 4 - .G o v a n , S ask .................... . . . " ----------' e ........................ ”
165 0 0
1 00 4 — G ran d M e r e , Q u o ....................
9 7 .2 5
i n o d " ' v f A S a (P r o v in c e o f ) .......... 6
193"d”
2 ,4 9 8 .0 0 0
90
1 0 0 4 - .M id la n d , O n t ____ — ___________ 6
30 000 9 7 .6 7
7 9 0 - N e w B ru n sw ick (P r o v in c e o f ) I 5 )4 I ” ”
6 00 0 00 9 5 .1 6
7 9 0 ..
P o rta g e I,a P ra irie . M a n _ 6
70
7 9 ,6 1 0 R in 9 9 .0 5
8 9 5 . . R e n fr e w C o u n t y , 6 n t „ .
5
....................
150 .00 0
9 0 .5 7
7 9 0 — S t. A n n o R . M . , M a n . . .......... I 5 U
5 7 ,2 6 3
9 3 .8 5
1 0 0 4 --S a lv a d o r , S a s k . . . ......................
2,000
1 0 0 4 --S a s k a tc h e w a n S. D . , Sask
2 4 1 ,2 0 0
7 9 0 . . 5 .a w in ig a n F a lls , Q u e __________ 6 *
1939
5 0 .0 0 0
9 8 .2 5
8 9 5 . . 5 . i r i t R iv e r , A lt a ___________
6
3 0 .0 0 0
9 5 .0 8
1004'. - V icto ria , B . O _______________
6
1932-1939
2 6 .0 0 0
7 9 0 . - W o o d s t o c k , O n t ............................I 5)4
100.000
9 3 .3 9
T o t a l a m o u n t o f d e b e n tu re s s o ld in C a n a d a d u rin g
"
F e b r u a r y 1 9 2 0 . . ................. .............................................! $ 7 ,5 6 6 ,6 2 3

100
1/97

A D D IT IO N A L SA LE S O F D E B E N T U R E S F O R P R E V IO U S M O N T H S .

100

Page.
rdn

100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100 .62 3

100
101 .21 8
100 .04 9

100” ”
100

101

100
100.137

100
1 04 .65
1 0 3 .17
101 .37 5
100 .78 9

100
100

N am e.

Rate.
«a ic.

7 9 0 — K in is tin o , S ask ________
8
----------7 9 0 — P e lly , Sask
7 9 0 — S a s k a t c h e w a n S .D .,S a s k .(6 is s .)

100
102.66
101 .47

9 5 .4 0
2 .5 0 0
100
5 0 .0 0 0
103 .55 2
3 5 .0 0 0 _ 0 0 .60
1
7 ,3 0 0 1/100
1929 ,90 0 1/100
1 01
1940 .0 0 0
200
98
1945 .0 0 0
285
100
6 5 .0 0 0
7 7 ,5 4 0
107 ,92 3
1943 .0 0 0
84
1937 .0 0 0
50
1926 .0 0 0
60

w niuicttttju) mu lur January.
a

T

D E B E N T U R E S - SOLD- B Y C A N A D IA N - M U N IC IP A L IT IE S - iff™
FEBRUARY.

“ „A ve^a g e d a te o f m a t u r it y , d S u b je c t t o ca ll in a n d a fte r th e earlier
,
n h e a.teruYc^ r ', * N o £ In clu din g 5 4 4 ,1 5 5 ,0 0 0 o f te m porarjr m ans r e p o r t e d , a n d w h ic h d o n o t b e lo n g in th e lis t.
‘ Taken lw
s in k in g fu n d as a n in v e s tm e n t, y A n d o t h e r co n s id e r a tio n s .

Page.

1 1“ .

additional January issues will m ake the total sales (not
including tem porary loans) for that m onth $ 8 2 ,8 1 4 ,0 2 2 .

T o t a l b o n d sales (fo r F e b r u a r y (1 70 m u n icip a litie s
c o r e r in g 220 s e p a ra te Issu es)...................................... .5 2 9 ,1 4 8 ,3 4 0

Page*

[V o l . 110

M aturity.
m
----------------” ” ” T

Am ount.
Amor
*1 r
1,000
*}•}
1,000
2 0 ,0 7 5

Price.
.............
.............
..............

A l l t h e a b o v e s a le s o f d e b e n t u r e s ( e x c e p t a s i n d i c a t e d ) t o o k
p la c e in J a n u a r y .
T h e s e a d d it i o n a l J a n u a r y s a lo s m a k o th e
t o t a l s a le s o f d e b e n t u r e s f o r t h a t m o n t h $ 1 5 , 0 1 9 ,3 5 7 .

NEWS

ITEMS.

L o s A n g e le s , C a l i f .— Harbor Bonds Upheld.—The S tate
Suprem e C ou rt on F e b . 2 0 affirm ed the decision of tho Su??rior* 9 ourt ° f ^ os A n &eles dismissing tho suit brought by
M r s . M a r y H . M o rg a n as a taxpayer to onjoin tho city of
Los A ngeles from spending $ 4 ,5 0 0 ,0 0 0 on harbor im prove­
m en ts. A ccording to Charles L . W ild e , C ity Clork tho
SFi/SFJLS? t f n ? ndly nature to establish tho valid ity of tho
M , 5 0 0 ,0 0 0 bonds authorized in the early part of 1919
T h e San Francisco “ C hronicle” says: “ M r s . M o rg a n con­
tended that the election a t which tho city of Los Angeles
was authorized to issue the bonds for harbor im provem ents
had been irregular in that proper supplies had not been
placed in the election booths and that a sufficient num ber of
voters had n o t approved the issue and expenditures.
O k la h o m a .—Federal Woman Suffrage Amendment Rati. ~ O n F e b . 2 7 the O klahom a Legislature com pleted the
ratification of the Federal W o m a n Suffrago A m en d m en t
when the H ouso o f Representatives passed the resolution b y
a voto of 76 for to 4 against with 2 4 m em bers absont. T h e
benate on the preceding aftornoon had adopted tho resolu­
tion by a voto of 2 5 for to 13 against. T ho aotion of the
O klahom a Legislature brings tho total o f indorsing States to
3 3 and leaves the approval of only 3 m ore necessary to m ake
the A m en d m en t part o f the con stitu tion . T h o States which
have ratified the Suffrage A m en d m en t aro: W isco n sin ,
N e w Y o r k , O hio, K a n sa s, Illinois, Pennsylvania M a s s a ­
chusetts, T e x a s, M ich ig a n , Io w a , M isso u ri, A rk an sas,
M o n ta n a , N eb ra sk a , M in n e so ta , N e w H am p shire, U ta h ,
California, M a in e , N o rth D a k o ta , South D a k o ta , C olorad o,
R hode Isla n d , K e n tu c k y , O regon, Indiana, W y o m in g ,
N e v a d a , N e w Jersey, Id a h o , A rizon a , N ow M e x ico and
O k lahom a.

fl

999

THE CHRONICLE

M ar . G 1920.]

th e snrlntr e le ctio n o f t h o p r o p o s it io n p r o v id in g fo r th e issu a n ce o f $ 1 0 0 ,0 0 0
In b o n d s fo r t h e In sta llatio n o f n o w m a c h in e r y a t th e m u n icip a l w a te r a n d

West Virginia .— Federal Fom on

Defeated — T h e resolution proposing tho ratification or tno
Federal W o m a n Suffrage A m en d m en t failed of adoption in
the Senate of tho W e s t V ir g im a X e g is la tw e
M ardi l by
a v ote of 13 for to 15 against. r ho H ou se of D elegates on
l
M a rch 3 adopted tho resolution b y a v ote of 47 for to 40
against.
O n tho samo day tho Senate voted n ot to recon­
sider its action b y a v ote of 14 to 14.
A resolution aim ed to prevont consideration o f th®
question b y tho Legislature a t any future time was defeated
hv a vote of 18 against, to 10 for.
President W ilso n took a hand in the s u f f r a g e contest
according to a special dispatch from Charleston dated M a rch
o to 1he N e w Y o rk “ T im e s ,” which said in part:

y e a rs , a n d $ 5 0 ,0 0 0 a t t h e en d o f 15 y e a r s .
C A R B O N C O U N T Y (P . O . P r i c e ) , U t a h .— BOND OFFERING.— A t
1 1 a m M a r c h fi $ 15 0 ,0 0 0 0 % 2 0-y ea r h ig h w a y b o n d s , m e n tio n e d in V . 110,
p ! 484 W i l l b o o f f w e d f o r sale ! C e rtifie d c h e c k fo r $ 1 ,5 00 re q u ire d . ) H . Ck

t o g iv in g w o m e n a v o t e b y a m a jo r it y o f 9 8 ,0 0 0 .

S l Anh is?u°eU ofy $<
120.0b0 5 % s ch o o l b o n d s Is a lso r e p o rte d o ffe re d fo r ls a le
M a rch 9.
.
_
^
r A Q H I P .N S C H O O L D I S T R I C T (P . O . C a s l i i o n ) , M a r ic o p a C o u n t y ,
Ar^ j K B O N D ' E L E C T / O N . ^ n M a r c h 27 $ 24 ,0 0 0 s ch o o l b o n d s aro t o b e
^
v oted upon .
_
CHATHAM
C o l u m b i a C o u n t y , N . Y .— BOND OFFERING.— P ro nnsals w ill b o re c e iv e d u n til 8:30 p . m . M a r c h 8 b y G e o rge E . D r u m m ,
t il l a g e C le r k , fo r $15 ,00 0 r o a d b o n d s t o b e a r Interest a t ^ ^ ^ ^ ^ v a b l e
no/ h D a t e M a r c h 1 1920. P rin . a n d s o m i-a n n . in t. ( M . & S .) p a y a p io
a t t h e S tate B an k o f C h a th a m . D u e $ t ,000 y e a r ly o n M a r c h 1 from l 1921
tn 1Q35 Incl
C e r t, c h e c k fo r 5 % o f a m o u n t o f b o n d s b id fo r , p a y a b le t o
“^ U la g e o f Chatham^,” re q u ire d . B id s m a s t b e m ad e u p o n blan k s fu r­
n ish e d b y th o V illa ge C le r k .
C H A V E S C O U N T Y S C H O O L D I S T R I C T N O . 8 (P . 0 . ~ D e x t e r ) ,
N . M e x .__ BOND ELECTION .— O n M a r c h 6 $ 82 ,00 0 s c h o o l b o n d r .a r o lt o b e
v o t e d u p o n . H o w a r d M ic le n z , C le r k .
C L A Y R O A D IM P R O V E M E N T D IS T R IC T , W e tz e l C o u n t y , W A V a.
__ BOND SALE .— T h r o o Issues o f 5 % r o a d b o n d s w ore a w a rd e d a t p a r as

BOND PROPOSALS AND NEGOTIATIONS
this week has been as follows:
for^Um 5 S u m s o f 6 % b o n d s * 1^ o g a t l n g ^ $3°385?600N £ffer1?d*n M a r c h 5

b o n d s w ill b o v o t e d o n M a r . 12, It Is s ta te d .
3 —V . f i o . p. f f l r * S » S S a S ? S
b y E lm or J a c k so n , c o n tr a c to r fo r th o r o a d , as n o b id s w ore r o c c iv e a in
answ er t o tho c a ll fo r b id s .

D u e y o a riy on A p r 1 a.s Follows: $ 2 5 .000 1922 to.1 0 2 5 . in cl; Wfii.000ft 1026
t o 1928, Incl.; $ 4 5 ,0 0 0 . 1929 t o 1931. In ch : * 5 0 . 0 0 0 , 1932 &i 1933.a v a b l e t o

815° o o o b o n d s w ero s o ld o n D e c . 8 1919 t o th o B a n k o f H u n d r e d , I lu n d r p d .
*

k ’ oo O b o n d s w ero s o ld o n F e b . 1 1920 t o th o B a n k o fH d ttlo to m J U ttle to n .
1 0!000 b o n d s w ero s o ld o n J a n . 6 1920 t o th e C o r n s -T h o m a s E n gin e e rin g

Denom C ° $ 100Un D te ° A u g . 1 1919. I n t . F . & A . D u o in 25 y e a r s ,
na
s u b jo c t t o c a ll $ 4 ,2 00 y e a r ly .
C L E R M O N T C O U N T Y (P . O . B a t a v i a ) , O h i o . — BOND SALE.— On
F e b 28 th o A m e lia S ta te B an k o f A m e lia , tho F irst N a t. B an k o f B a ta v ia &
B o th o l th e C itiz e n s B an k o f F e lic ity , th e L o v e la n d N a t.
l m d th o M ilfo r d N a t. B a n k o f M ilfo r d , th o S ta te B a n k o f M o s c o w o f
M o s c o w , th e N o w R ic h m o n d N a t. B an k o f N e w R ic h m o n d , 4 * ^ M 0™ hant 8
& F arm ers B an k o f O w cn s villo , th o F arm ers & M e r ch a n ts S ta to a n a i c o ­
pied B an k s o f W illia m s b u rg , p u rch a se d a t par t h o f o l l o w i n g ^ r o ^ b o n d s
$ 1 4 ^ 6 4 0 V c k Ha t N ^ V30 b o n d s ' D o n o m . $ 5 0 0 a n d S M O ^ n v u n S H ^
$144,041) i . v
^ p o b x fr o m 192i t o 1929 in c l. a n d $ 1 4 ,1 4 0 F e b . 1 1930.
121 600 f C II N o . 9 b o n d s .
D o n o m . $500 a n d $ 00 0 . D u o $ 12 ,00 0
121 ,60 0 y e a r ly o n F o b . 1 fr o m 1921 t o 1939 Incl. a n d $ 1 3 ,6 0 0 .F e b . 1 1930.
C L O V E R F L A T S C H O O L D I S T R I C T , S a n D i e g o C o u n t y . C a l i f .—
n o v I ) SALE — R o c e n t ly G o o . F . O t t o w as th o su ccessfu l b id d e r f o r an
Nsuo o f $ 2,3 50 6 % s c h o o l-b u ild in g b o n d s o n his p ro p o s a l o f p a r a n d a c c r u e d
in terest . D a t e J a n . 19 1920. In te ro s t a n n u a l. D u o y e a rly fr o m 1941Sto
1952, In clu sive.
r o i I IN C O U N T Y R O A D D I S T R I C T S , T e x .— BONDS REGISTERED.
__ T h o S tato C o m p tr o lle r o n F o b . 20 re g istered $ 237,000 U o a d lD is t r ic t
N o . 8 a n d $ 50 ,00 0 R o a d D is tr ic t N o . 22 5 Y % serial b o n d s .
C O L U M B I A C O U N T Y (P . O . L a k e C i t y ) , F l a .— B O N D
On
M a r c h 2 th e $ 50 0 ,0 0 0 5 % g o ld ro a d b o n d s , o ffe r e d o n th a t d a t e — V . 110,
p gg o — w ero a w a rd ed t o th e F lo rid a S ta to R o a d D e p a r t m e n t a t p a r.
S )u e J4ec. 1 1947. o p t io n a l a t 102 a t a n y in te ro st p a y in g d a te fr o m 5 t o j
y e a rs a fte r d a te , a t 101 a t a n y In terest p a y in g d a te th e re a fte r.
C O L U M B I A , H e r k im e r C o u n t y , N . Y .— BOND S A L E .— T h e $ 3 5 ,4 0 0
5% . ro a d b o n d s o ffe r e d o n M a r . 1— V .
0 00 1922
n ar an d In terest. D u e y o a r ly o n M a r . 1 as fo llo w s . $ 4 0 0 . 1921. $ 1 ,0 0 0 ,
t o 1942. in c L : a n d $ 2 ,0 0 0 , 1943 t o 1950, In cl.
C O N N E A U T , A s h t a b u l a C o u n t y , O h i o . — B O N D O F F E R IN G .— W .J B .
C o S !N
Sr.A ^ city A udhor1! w i l l ° r X l v o p ro p o s a ls u n til 12 m .lM a r c h I 2 2 ifo r

d ire ct o b lig a tio n o f H a y C it y U n io n S ch o o l D is tr ic t.
$ 45 .000< llc?ectric%liglit p la n t b o n d s .
00
1920 t o 1931, In cl., a n d $ 1 ,5 0 0 , 1932 t o 1955, in cl.
R F A V F R H E A D C O U N T Y (P . O . D i l l o n ) , M o n t .— BOND 'ELECTION.
__ O n ^ V p r. 23 th o 8 10 0 ,0 0 0 F ed era l a id r o a d $ 7 0 .000 c o u n t y
ool
d o r m ito r y a n d $ 50 ,00 0 ce n tr a l h e a t p la n t b o n d s — V . 110, p . 484 a ro t o
b o v otod upon .
R F I I S C H O O L F 1 S T R I C T , S a n t a B a r b a r a C o u n t y , C a l i f .— BOND
c jr r
n n f f n h o th o $35 000 5 Vi % 1-10 year serial s c h o o l b u ild in g b o n d s ,
H a t « ^ T ln 5 1 9 2 ( > - V 110
. 278— w ere s o ld t o th o S ta te C o m p e n s a tio n
In s u ra n c e F u n d ™ th o S t a V o f C alU e rn la fo r $ 35 107 50 £ 0 0 . 4 7 ^ a basis
o f a b o u t 5 .4 0 % . D e n o r a . $ 3 ,5 0 0 . D a t e J a n . 5 1920.
m t. J. « j .
R F V F R I Y F r* p x C o u n t v , M a s s .— TE\fPORARY LOAN* A t e m p o ­
ra ry loa n o f $ 30 0 ,0 0 0 m a tu rin g 8 m o n th s f r o m . ^ I f o n ^ t P o C r k ^ c o u n t
a c c o r d in g t o r e p o r ts , t o S . N . B o n d & C o . o f B o s t o n o n a 5 .9 0 % aiscounr.
n r t N N F V I l I F C O U N T Y (P . O . I d a h o F a l ls ) , I d a h o . — BOND ELEC-

TWN*— On A pr. 2 $300,000 additional court houso and Jail bonds aro to
bo votod upon.

B R I D G E P O R T , H a r r i s o n C o u n t y , W . V a .— BOND SALE.— A n Issue
o f $ 2 5 ,0 0 0 5 K % 1-10 y e a r ( o p t .) str e e t Im p t. b o n d s , h as b eon p u rc h a se d
a t p a r b y th o B r id g e p o r t B a n k , o f B r id g e p o r t .
n i l I S T O W C r e e k C o u n t y O k l a .— BOND ELECTION.— R e p o r ts s a y
th a t a t a s p ec ia l e le c tio n t h o c it y will v o t e o n a $ 1 0 0 ,0 0 0 b o n d Issue fo r a
c o n v e n t io n hall a n d a $ 1 0 ,0 0 0 Issue fo r p a rk Im p r o v e m e n ts.
•
B R O O K H A V E N , L i n c o l n C o u n t y , M U y ^ B O N I ) LR R 0 - ^ a v e b e e n
0 00 5 W % sew erage b o n d s o ffe re d o n F e b . 10— V . 110, ^
Dcon
s o ld t o S peed & K e a rn e y o f M e m p h is , it is re p o r te d . D u o y c a r l y a s fo l­
lo w s S 1 0 00 , 1921 t o 1925, In cl.; $ 2 ,0 0 0 , 1920 t o 1930. In cl., $ 4 ,0 0 0 , 1931
t o 193*)’ I n c l., an d $ 7 4 ,0 0 0 , 1 940.
_
_
,
.
C A C H E C O U N T Y H IG H S C H O O L D I S T R I C T (P . O . .L o g a n ),

U ta h — BONDS VOTED.— On F ob. 17 b y 778 “ for” to 327
WOO.OOO 5 % school b o n d s - V . 110. p . f 8 4 - w o r o voted.
^

aI? T

ORN

u

'Y s ' i . f X

against the
D ue $20,000

) - r n N D S I N BY

^ t c h fro in S acra m m ito th o L o s A n g e le s “ T im e s ” o f F o b . 27 h a d th e fo llo w ­
e r w i t h r e g £ ™ t h e m a t t e r : “ T h e S ta te B o a r d o f C o n t r o l as p a r t o f a
p lan t o s ecu re fu n d s t o c o n tin u e th o ro a .l b u ild in g
°tf i n Kh w a y
0
w ero n o o th e r b ld d or s
T h o S ta to T re a s u re r is n o t p e rm itte d t o sell th o b o n d
b e lo w p a r . In tu rn th o B o a r d o f C o n t r o l in p u rs u a n co o f a p lan agreed^upon
„tior c o n fe re n ce s w ith A t t v . G e n . U . S . W e b b a n d G o v . YVilliam U.
S tep h en s w ill o ffe r th o b o n d s a t th o m a rk e t In lots s ^ f l c i e n ^ k e e p g o ln g
th o u r g en t w o r k o f th o H ig h w a y C o m m is s io n .
rito lF
th o c o s t an d s ellin g p rice w ill ho su p p lie d fr o m fu n d s a t d isp o s a l o f th e IIIgh
w a y C o m m is s io n . A rra n g e m e n ts a lre a d y h a v e bo o n m a d e . It w a s s a id , t o
to. a San F ra n c ls w p a n s B ^ ) g O o
e
sell t o a San F r a n cisco b a n k jw , W O, u u u o if t h «™ b o n d s 0 ^ 5 % b a r fs m id
■•
•
this w ill s u p p ly fu n d s a t o n c o fo r h ig h w a y w o rk th a t lo n g h as b e e n d e la y e d .
issue
W o aro in fo r m e d th a t $ 3 ,0 0 0 ,0 0 0 b o n d s o f t h o a b o v e S 12 • ^ • O O 0 ! . ^
h a v o b oon s o ld t o a s y n d ic a te c o m p o s e d o f B ly t h , W itt e r & G o -. N a tio n a l
O i t » Co?, a n d E . I I . R ollin s & S o n s, w h o aro n o w o ffo r in g th e m t o In v estors
a t a p r ic o t o y ie ld 5 % I n te re s t.
_
C A M A S C O U N T Y (P . O . F a i r f i e l d ) , I d a h o . — B O N D S A L E .— I h o
!1
. n ! n e « « lis S tate h ig h w a $ ,0 0
G oV "-S ta b e e k C o . o f M in......a p o nnnlias p u rch a sed ys8and0 S ta te h ig h w a ys and
ld 1 ,
$7 000 r o a d 6 % b o n d s a t 102 a n d in t. O th er b id d e rs w ero: H igh & F rU ch m an o f B o is e ,$ 2 5 0 p rem iu m ; K eeler B r o s ., $25 p ro m tu m , a n d W r ig h tu
*, C o . o f D o n v o r , $20 p re m iu m .
8 C A N T O N . S t a r k C o u n t y , O h i o .— N O B I D S R E C E IV E D .— N o b id s
w e n fr o c o iv o d fo r th o 2 issues o f c o u p o n b o n d s a gg re ga tin g $ 9 ,3 00 o ffe re d

D o n o m . $ 1 ,0 0 0 .

ESKSSS

_J3l

“
est sem l-auinua ?.0 ^ S t T O . I f ’lM O . C e rtifie d
c h o c k fo r 1 0 % o f a m o u n t o f b o n d s b id fo r . p a y a b le t o th o C it y T re a s u rer,
rem iirod
B o n d s t o b o d e liv e re d a n d p a id fo r w ith in to n d a y s fr o m d a te
o f a w a rd . P u rch a ser t o p a y a c c r u e d in te re st.
C O N R A D , P o n d e r a C o u n t y , M o n t .— BONDS VOTED.— A t^ a ^ recen t
e le ctio n b y 84 “ f o r ” t o 6 “ a g a in s t" th e $ 1 8 0 ,0 0 0 w a te r-w o r k s-s y s to m lb o n d s
_ y i i o p . 580— w ere v o t e d .
_

M

If* “8 5 7 ^

atK

F e b . 2 1935.
,
C U D A H Y S C H O O L D I S T R I C T N O . 1 ( P . O . C u d a h y ) , M ilw a u k e e
C „ , , n ( V W i s c ^ B O N D S A L E — A n issue o f $ 9 0 ,0 0 0 5 % ta x -fr e e serial
A
b o n d s h as b e e n p u rc h a se d b y E d g a r , R ic k e r & C o ., a n d th e S e co n d W a r d
Co
D a t e F e b . 1 1920. P rin . a n d s e m l-a n n . in t . ( F . & » A .)
n a v a b le a t tlie o fffe e o f th o T re a s u re r o f th o S c h o o l B o a r d .
D u o $ 6 ,0 0 0
y e a r iy o n F e b . 1 fr o m 1921 t o 1935, In cl.
C I I S T F R C O U N T Y S C H O O L N O . 92 ( P . O . V o l b o r g ) , M o n t .—BOND OFFERING.— A t 2 a. m . M a r c h 20 $ 3 ,5 00 6 % s c h o o l b o n d s w ill b e
o ffe r e d fo r sale. D o n o m . $50 0 . C e r t, c h o c k o f $100 ro q u iro d .U .C h a s
V o n d e rh e id o , C le r k .
C U Y A H O G A F A L L S , S u m m it C o u n t y , O h i o . — BOND OFFERING
S ca led b id s w ill b o r e c e iv e d u n til 12 m . M a r c h 17 b y I I . O . B oIIch , V illa g e
Clerk for th o fo llo w in g 5 H % lateral sow er s y s te m b o n d s :
$ 5 ,100 W a d s w o r th S t. b o n ^ ^ D e n o m . $ 50 0 y a n d | 6 0 0 . J D a t e S e p t a l

6 2 9 0 B Y o n ^ S tV ’N o ^ 2^ b o n ^ f ^ 'D e n o m . $ 5 0 0 a n d $ 2 9 0 .

D a te N o v

I

i M
A
d
^ l > 0 r i 9 y « d T 9 2 | ° L d ^ « f e ' 5° ° '
2
P rin an d s e m h a n n ? in t . p a y a b le a t th e C itiz e n s B a n k o f C u y a h o g a F a lls .
C e rt c h o ck o n s o m e s o lv e n t b a n k in O h io , o t h e r th a n th o o n e s u b m ittin g
th o b id fo r 1 0 % o f a m o u n t o f b o n d s b id fo r , p a y a b lo t o th e V illa g e T r e a s ­
u rer re q u ire d . B o n d s t o b o d e liv e re d a n d p a id fo r w ith in 10 d a y s fr o m
d a te ’ o f aw ard. P u rch a se r t o p a y a c c r u e d in te re s t
D U N C A N S C H O O L D I S T R I C T (P . O . D u n c a n ) , G r e e n l e e C o u n y ,
Ari z — BOND OFFERING.— On A p ril 5 th e $ 3 0 ,0 0 0 s c h o o l b o n d s ( V . 110.
n 7 84) w ill b o o ffe r e d fo r sale, it Is re p o rte d .
E A S T B A T O N R O U G E P A R I S H (P . O . B a t o n R o u g e ) , L a .— B O N D
OFITCRING.— J o so p li G o b e lin . P rosid on t o f P o lic o J u r y , w ill ro c e iv e blda
u n til 12 m . M a r . 18 fo r $ 45 0 ,0 0 0 5 % c o u p o n c o u r t h o u se a n d Jail b o n d s ,
r w ln m SI 000
D a t o F o b . 1 1920. P r in . a n d so m i-a n u . In t. ( I . & A .)
n a v a b le a t th o N a tio n a l B a n k o f C o m m e r c o . N . Y . , o r at; th o P a rish T r e a ­
su re r’s o ffic o . D u o p a r t y e a rly o n F e b . 1 fr o m 1921 t o 1950. In cl. C e r t ,
c w k fo r $ 1 3 ,5 0 0 ro q u lro d . L e g a lity a p p r o v e d b y W o o d & O a k le y , o f
C h ica g o a c o p y o f w h o so o p in io n w ill b o fu r n ish o d th o p u rch a se r. P u r rhnsni? t o n a v ^ a ccr u o d In terest. B o n d e d d e b t (o x c la s iv o o f th is Issu o),
$ 7? 500. A a s L c d ^ X o T 1919. $ 4 5 ,8 9 4 ,1 3 0 . P o p u la tio n . 1910, 3 4 ,5 8 2 :

Pr E A s V ° F E L^C IA N A P A R I S H S C H O O L D I S T R I C T N O . 6, L a -—
BOND OFFERING.— R e p o r ts s a y th a t b id s w ill b o re c e iv e d u n til M a r . 17 b y
D G L u n s fo r d , S u p e rin te n d e n t o f th o P arish S ch o o l B o a r d ( P . O . C lin to n ),
fnr * 1 0 000 5 % 1 0-yea r serial s c h o o l b o n d s .
D e n o m . 8 1 ,0 0 0 .
f0 E A s V S I n D ^ D E P E N D E N T S C H O O L j E j i n m C T
0 . E a stl n n d ) . E a s t la n d C o u n t y . T e x .— BONDS REGIS 1 ERhD.— Vne S ta te
C o m p tr o lle r registorod $ 50 ,60 0 5 % 2 0 -1 0 -y e a r b o n d s o n F e b . 20.
F A S T L A S V E G A S S C H O O L D I S T R I C T (P . O . E a s t L a s V e g a s ) ,
S a n M i g u e l C o u n t y , N e w M ox.— BOND OFFERING.— B id s w ill b o re­
c e iv e d u n til 8 p . m . M a r c h 20 b y W . G . B e n ja m in , S e c y . B d . o f E d . , fo r
* 1 0 0 0 00 1 5 -3 0 -ye a r ( o p t .) s c h o o l b o n d s n o t t o e x c e e d 6 % int.. D o n o m .
^ 5 0 0 . I n t f s e m l - a n n . a t th e F irs t N a t . B a n k o f L as V e g a s. .T o t a l b o n d e d
d e b t (in c l. th is is s u e ), $ 1 3 5 ,0 0 0 ; assess, v a l. (rea l a n d p e r s o n a l), $ 4 ,0 0 0 ,0 0 0 :
p o p u la tio n in 1920 ( e s t .), 5 .0 0 0 . T h e a b o v e b o n d s w ero v o t e d a t a n le le c P " C A R T H A G E ’ jM sp o^ ’ C o u n t y M o .— B O N D ELECTION— T h e " J o p lin I tio n J a n . 24— V . 110. P . 485.
1
G iotto” o f F o b l 1 s ta te s th a t an o r d in a n c e p r o v id in g fo r th o s u b m is sio n a t




1000

THE CHRONICLE
C FIVFD ^S n

[V O L. 110.
COUNTY

o.

(P

I n d .- N O

G r e e n fie ld )

BIDS RF-

m an n e t a. s S a r ^ e e T ^ p ^

S r a a s a s p s s '*
P r o fK>VaIs" I\^/l^bo’ recei vlxl*1u n ti ” *12
M a r c h ^ o 'b v ^ W T
r
S e cre ta ry o f th e C om m issio n e rs o f P u b lic W o r k s f o r c in' nnn* a
™

«

fo r R$

HANOVER

2

T O W N S H IP

fP

S6^ ° »

o

u . nn„a %

5 *

"m ?»n

H E R K IM E R C O U N T Y (P .

o.

H erkim erl

N

n iwn

C r„t„n i

c it e

«

P‘ 7 8 l A w e r "

9 0 ,0 0 0

| - ^ > e a r s w i a l tu b e rcu lo s is h o s p ita l b o n d s , a basis o f a b o u t
.lmig 5 3 ,0 0 0 y e a r ly o n M a r . 1 fr o m 1921 to 1950, in c l.

r>

n„» e K 0,— , °‘
P
*

O

Y _n n w n

...............

r 91 9
g ®,d b ° nds a u th o riz cd b y a v o t e o f 124 t o 3 a

tc

,

fc „ T
° - T 1,ora' o i

I . g A W I T O R D C E N T R A L I Z E D S C H O O L D I S T R I C T fP

.$545,000
1,362,000
80,000

E N T E R P R I S E , W a l l o w a C o u n t y , O r e __ BOAT'D O f F f p r v c
p osa ls will b e r ec eiv ed un til
p. m . M arch
t
t lo n h e ld D ^ I S

SCH O OL

L i c k m g C o u n t y , O h i o .— BONDS NOT SOLD.— TO BE R I W F F F R E D ’
on Feb. 7 - V m U 0 ° p '3 8 7 9<®
% % % T t P T * $ ° o 14d « b o n d s ' o f f e ^
1
issu e.
‘
V ' 11U’ P ' 3 8 7 * 1110 B o a r d o f E d u c a t io n w ill r o -a d v o r tis o th e

SI.375 yearly on M
arch 1 from

V a n d a l Statement.

^

S S & i 'o p
n a ,.o ° ;„ r ^

Jr ? ™ ,7 e„ £ ° i ,P t y * I d a h o . — BOND OFFERING.— On M a r c h 1r,
5 8 ,0 0 0 G% fu n d in g b o n d s aro t o b o o ffo ro d fo r salo b y A . B . L u c a s , C le r k .

E atedvaluation
stim
Total bonded debt
L Population, 1,500.

° r

’

fi£m ssf£& i£|K

A ssessed v a l u a t i o n . . .

v

7

a t^ n ^ e le c t lo n held 0 A ii^ .e5d | 9 i9 ^ ^ A u t 1 iC S^ocl l 3 ^ 0 ZC ^ > l ^ ^ > ^
S
V ^
C a r o lin a L a w s, 1912
4 t o M a ro h 1 i w n 30 p0
;mVo1' V C o d ,° « f S o u th

1 21 to 1960. in sive} W
9
clu

0
%

S

g *

S ^ T tSPTR ,,N G S c V A L L E V I R R I G A T I O N D I S T R I C T (P
O
H ot
o p r i n g s ) T u l a r e C o u n t y C a l i f . — BOND ET b'CTTCiAT
\+ * i *1o t
t o b o h e ld t o - d a y (M a r c h 6) Slilrt non
an e le ctio n
series, w ill b o v o t e d u p o n , it is s ta te d
° ds> t0 b o d ,v ld o d ln to fo u r te e n

f t

$150:000

an'^inter^^c^alflbonds proviouhly^sshe^have^l^aj^^een^p^o^1 /1^
^ 1

o 1r ? ^ ? 1/('J'FFFfON— SALE .— S u b je c t t o o lo c tio n , A p r il 6

$10 000 to

O lfan u to ^$c°C o ^ o ^ D e n v e r t.r C"P a n t i>0nds have. b o c n " o ld t o B osw o°rth!
T -.test m i ,
,
r
„ Financial Statement.
l a t e s t c i t y ta x ra te fo r all p u rp o se s exp ressed in m ills o n th e dnllnr i n 7
A ssess r a l . o f real es ta te & p erson al p r o p , carnalized '10 j i S V w o q o

BT a S y S S t ° is^

2:140:105 00

^

In d e b te d n e ss ex is t!n g in o th e r fo r m s '(w a ira n Y o r flo a t in g d o h n

Sr,;9 90 00

Present estim population, 3,500; predom
ated
inating nY
tivlty, A erican 8
m
B ID S ^F C f I I e ?1L £ I S ™ , C T (P . O . E r ie ), E rie C o u n t y , P a . - I V O
o ffe re d on M a r c h 1— V

lift

A

ver

V! ,

^V* *L4 '80,Q r
>% ro a d b on d s

n^ ^ p K S O N C O U N T Y COM M ON S C H O O L D IS T R IC T

F A R M E R T O W N S H I P S C H O O L D I S T R I C T tP r>
a n c e C o u n t y , O h i o . — BOND O F F E R T N O
v o ai-

of E
ducation, w receive b S " t
ill

sSi£H£

^

c
\ r,
T®rnJe r )> D e f i -

U

s u

o

S O N T O W N S H I P R U R A L S C H O O L D I S T R I C T rP O

t

i t_

s

& 0M

r s s ^

F E R G U S C O U N T Y S C H O O L D IS T R IC T N O is o /p
M o n t .— BOND ELECTION.___ Vn issuo o f
n o n ™ i,
,

bo voted upon

i-'-!*A C m

mo

m

i

n

wi
° ; W in n e tt),

f o r 5 % o f a m o u n t o f b on d s b id fo r , p a y a b le t o th e a b i v e c l w k , re q u ired !

m ISU 0 535,000 school bonds is soon to
S0 1

B id f w ^ S v e d , W
8ta t e d “ S ^ i , M i r Cai ? ^ T C
B o a r d o f l o w n C o m m issio n e rs fo r thn
ruin
y.
*
H ailey, C ler k
b o n d s o ffe r e d u n su c ce s sfu lly o n F o b “ f r i v o l 10. p f 4 8 s !;° r' WOrks a n d s c w c r
P f t /c f e A/M ‘ / a H - T h ? p r i c e I p a ld 1^ , t h o " l 2a200* l i « t rr 9C ou n ty , 9 n,, i f —

( L00^110 2 )1!a n d 1i

n

SlL5 200 I f -y e a«
153,200 5H* r

t

c

r

e

t

M

SCH OOL

basis a b o u t r aser
,

S
16?2°6

D IS T R IC T

co u p o n s c h o o l-b u ild in g b o n d s

M

Due $25'000

(a v e r.) tu b e rcu lo s is h o sp ita l b o n d s

S W & r .W ,!®
FREM ONT

s

IP

D a to M a r

tR £ r ,A& \s"ii?A& '\;s2 „ v %
S

“ <&

O

c

1 lo w

.

,

KENMORE
S u m m it C o u n t v
O h i o . — B O N 'D n r i’porsr/i
T
,
_
S ou re V 9 ,a g e c i o r k , will re c e iv e p r o p o s a ls u n til 12 m . M a r c h 19*for^ S fil?”
? 09ft5 ^ r ' t w a ter w ork s im p t. b o n d s . D e n o m . $1 000
D a t e E o h i/ i'

A 6i ,0R ° 5 ^ %
$

in t

Ap“,i t -Jk Sit. ?y»°

u 7 9 3 3 % « r o 5 6

KENTON,

D a t e ^ d a v " 1 r " A 0 '1/ " ' ' 1 S

% 8s X * o V V l V o i ! ' ' S , f e ° 5

1

“ s fo o o '

1923'to “S2 SSi,li;?'8M
?
2 oof„? j f e Vi0d’ sl"0 00 “o h l„f'“f SSSS',‘
n O rS , .
a n d S5 0 00 S en t

P

B ^ n d s To M

G I B S O N S C H O O L T O W N S H I P (P . o. S c o t t s b u r i r R R
Nr, «
W a s h i n g t o n C o u n t y , I n d .— BOND S A L E .— O n F e b ^ tlio S4 000 5 u ’ 7
' <
s c h o o l-h e a tin g s y s te m b o n d s o ffe r e d o n th a t d a te -—v i t n . T r at
* '°
a w a rd e d t o A r th u r M c C lin t o c k a t 1 00.25 a n d . V
D u e ’ * V ^ 7 h s ix
m o n th s fr o m J u ly l l 9 2 0 to J an . 1 1929. T h e r e w e re no o t h e r b i d d e r s
G L E N N S F E R R Y S C H O O L D I S T R I C T fP
O
ri
it
,
X

l a

, ®

■ J S S S T '™

AriopoW

* l T o 00F " h S i

//E L D A / / 7 / J T . r '? / V ^ J L ^ C H O O L D I S T R I C T N O . 4 3 , O r e .— BONDS
h e ld an i s 7 o o f $ 1,000 s ^ m o ? b o n d s frre& tlM ** t b ® A t t ° ™ o y -G e n e r a l has




t

H a r d in

C ou n ty ,

O h io .— B O N D

nR ici.^ n r^ r/i

,->

.

L.r o !* B S y w a r d ^ ^ C l^ y A u d it o r C n ? il * v'm6 i u ° Pfci
u
1
^ ’ recc4vedSb y
and^17 f S T l S j a ? % • ? & " M a r c h it i q|ftm - M ?„rc h 22 ‘ Denom. 1 fo r $ 1,700
1
a t th e C it y T re a s u re r's o ffic e .
D u e $1 700 M a r c h 1 l i n o a n d '«!!* nni?
ri*0
g S n M
L fr T y ^ e t »
fo
llv e re d as s o o n as p o ss ib le a t K on ton .A U d lt0 r' r c q u lr o d -

^ ^ E S r S f
Jiollds t o b o d e -

,to A94,4 - inelu sivo; a n d $ 3 ,0 0 0 M a r c h 1

a m o iu ft^ o f b M ? W y a ^ t o ^ h e T o v e 'C R r ^ ^ e o u h e d

t a

A

T re a su re r, r ^ u i r e l ! °Bo“
o b e d e l iv e r e T a n d '
w Y "
fr o m d a to o f a w a rd . P u r ch a se r t o p a y a c c r u e d in te re s t. w 11 1 10 d a y s
1

75^ p T n S ^ N COUs
Nlir C O N S O L I D A T E D S C H O O L D I S T R I C T N O

A c tu a l v a lu e o f tax a b le s (c s f.)"™ * 01 State^ t .
A ssessed va lu o o f taxables (19191
............................................................®2§9>Q2Q
T otal b o n d e d d e b t , in c lu d in g th is lssun........................................* .............. 2 f?Q*SZ2
A cre s o f lan d in s c h o o l d is tr ic t
§ Z 'Q ?0
P o p u la tio n ( e s t . ) ____
2 5 ,6 0 0
. . „
3 50
T l u A ,>^nl nf)nS ?<yC ? i V N T Y / P ‘
L n C r o s s e ) W i s .— BOND S A I F __
i h o $ 2 5 0 ,0 0 0 5 % 53^-y e a r (a v e r .) b o n d s , o ffe r e d o n Fob ■'(; v n r / ' n
L

V

s

r

r

i t t i f c te fc & S S i £

&

B

Of $ 1 0 ,0 0 0 5 % 20-40-y e a r b o n d s was
y

„ L A K E W O O D , C u y h a g o C o u n t y , O h i o . — BOND O F F F R T N O __ A n
S lo w in g ^ 0
bondsBiUanC0’ W 1 rP °iV0 bida UntU 12 “ • * * £ * 2 2 fO T th e
H C
$ 1 0 ,0 9 0 C la ren ce A v o . w a ter-m ain b o n d s .
D en om
< 1 nno
S
D am

—

S

P

a

i

M ar.

6 1920.]

THE CHRONICLE

$ 2 2 ,1 3 0 s p ec ia l assessm ent C la ren ce A v o . sow er b o n d s .
D o n o m . $ 2 ,2 1 3 .
D a t e d a y o f sale. D u o $ 2,2 13 y e a r ly o n O c t. 1 fr o m 1921 t o
8 7 .0 0 0 str eet 'h r i p t . ( c i t y ’s p o rtio n ) b o n d s . D o n o m . $ 1 ,0 0 0 . D a t e
M a r c h 1 1920. D u o $ 3 ,0 0 0 O c t. 1 1921. a n d $ 4 ,0 0 0 y o a r ly on
O c t. 1 fr o m 1922 t o 1942, ln cl.
P rin . a n d s em l-a n n . ln t. (A . & O .) p a y a b le a t th e C le v e la n d T r u s t C o
C le v e la n d . C o r t. c h o ck fo r 5 % o f a m o u n t o f b o n d s b id fo r re q u iro d .
P u rch a se r t o p a y a ccr u ed Interest.
L A N C A S T E R , F a i r f i e l d C o u n t y , O h i o . — BOND ELECTION PRO­
POSED.— A n e le ctio n Is t o b o h e ld In th e near fu tu r e t o v o t e o n th e Issuance
o f $ 6,000 5 % s treet Im p r o v e m e n t b o n d s .
L A W R E N C E , E s s e x C o u n t y , M a s s .— TEMPORARY LOAN.— A c c o r d lug t o rop orts , a te m p o r a r y loa n o f $ 6 0 0 ,0 0 0 , lssuod in a n ticip a tio n o f ta x e s ,
lias b een a w a rd ed t o F . M . & T . E . A n d ro w s , o f L a w ro n co , o n a 5 .9 0 %
d is c o u n t basis.
L I N C O L N C O U N T Y S C H O O L D I S T R I C T N O . 13 (P . O . E u r e k a ) ,
M o n t .— HOND OFFERING.— b id s w ill b o r e c e iv e d u n til 7 .3 0 n . m . M a r c h
20 b y II. G . P o m e r o y , C le r k , fo r $ 5 0 ,0 0 0 6 % s ch o o l site a n d b ld g , b o n d s .
D a t e J an . 1 1920.
P rin . a n d s e m i-a n n . ln t. (J . & J .) a t th e N o rth w e s te rn
N a tio n a l B an k o f M in n e a p o lis .
D u e $ 3 ,0 0 0 y e a rly o n J a n . 1 fr o m 1926
t o 1936, in c l., a n d $ 4 ,0 0 0 y o a rly o n J a n . 1 fro m 1936 t o 1940. ln cl. A o
u n c o n d itio n a l ce r tifie d ch eek o n s o m e ro iia b lo b a n k fo r $ 5 ,0 0 0 . p a y a b le tn
tlio C o . T r c a s . r e q u ire d . T h e a b o v e b o n d s w oro v o t e d a t an e le c tio n I<eb. 7
L I V I N G S T O N C O U N T Y S C H O O L D I S T R I C T N O . 53, M o n t .—
BONDS DEFEATED .— A t a re c e n t e le ctio n a $ 38 ,00 0 s c h o o l b o n d Issue
w as d e fe a te d .
L O N E P I N E U N IO N H I G H S C H O O L D I S T R I C T , I n y o C o u n t y ,
C a l i f .— BOND OFFERING.— S oalod b id s w ill b o re c e iv o d o n o r b o fo re
10 a . m . M a r c h 10 b y D a n . E . W illia m s , C lerk Ilo ard o f C o u n t y S u p e r­
v is o rs (P . O . I n d e p e n d e n c e ), fo r tlio $ 40 ,00 0 5 % 1-15-year serial s c h o o l
b o n d s r e c o n tly v o t e d — V . 110. p . 486.
D e n o m . $500.
D a to M a r c h 1
1920.
P rin . a n d sem i-a n n . ln t. ( M . & S .) p a y a b le a t th o o ffie o o f tho
C o u n t y T rea s u rer. P ureliasor t o p a y a ccr u e d in terest. B onded^ d e b t ,
n o n o . A ssessed v a lu e o f p r o p e r t y , $ 2 ,5 4 0 ,7 9 9 . E stim a te d v a iu o o f p r o p ­
e r t y . $ 4 ,0 0 0 ,0 0 0 . Iia t o o f t a x a tio n , $1 70 p er $ 10 0 . P o p u la tio n ( e s t .),
1 .7 5 0.
L O S A N G E L E S C O U N T Y F L O O D C O N T R O L D I S T R I C T , C a lif.—
NO RIDS RECEIVED.— N o b id s w ore re c e iv e d , it is s ta te d , fo r th o $ 5 0 7 ,­
0 0 0 5 % b o n d s o ffe r e d on F e b . 16— V . 110. p . 679— n o r e p o r t has b e e n m a d o
as t o w h a t d isp o s itio n w ill b o m a d e o f th e issue.
L U D I N G T O N , M a s o n C o u n t y , M ic h .— PONDS VOTED.— B y a v o t e o f
2 ,4 1 2 to 17 th o p e o p le on F o b . 9 a u th o riz e d th o issuance o f $ 1 2 5 ,0 0 0 b o n d ,
t o p r o c u r o a s ite a n d b u ild a p u b lic w h a r f, a c c o r d in g t o re p o rts .
M A D I S O N S C H O O L T O W N S H I P , A ll e n C o u n t y , I n d . — BOND
HEARING.— T h o to w n s h ip has p e titio n e d th o S ta to B o ard o f 1 ax C o m ­
m ission fo r p erm ission t o Issue $ 9 5 ,0 0 0 s c h o o l-b u ild in g b o n d s . T h o B o a r d
lias sot M a r c h 30 as th o d a to fo r a h e a rin g o n th o p e titio n .
M A R I C O P A C O U N T Y S C H O O L D I S T R I C T N O . 31 (P . O . M e s a ),
A r i z .— POND ELECTION— O n M a r . 15 $ 35 ,0 0 0 6 % s c h o o l b o n d s are
t o be v o t e d u p o n .
M A L D E N M id d le s e x C o u n t y M a s s .— NOTE SALE.— O n M a r c h 2
E s t a b r o o k & C o . o r B o s to n w e re a w a rd e d a t 5 .9 6 % d is c o u n t th e $ 2 0 0 ,0 0 0
n o te s , d a te d M a r c h 3 a n d m a tu r in g N o v . 19 1920.— V . 110. p . 892.
M A R L I N , F a lls C o u n t y , T e x .— BONDS REGISTERED.— On F o b . 18
514.000 firo s ta tio n and $ 26 ,00 0 firo e q u ip m e n t 5 % 10-4 0 -yoa r b o n d s w ere
reg istered w ith th o S ta to C o m p tr o lle r .
M A R T I N C O U N T Y (P . O . S h o a l s ) . I n d . — POND OFFERING.—
T len ry o . M c C o r d , C o u n t y T re a su re r, w ill re ce iv e p ro p o sals u n til 12 m .
t o -d a y (M a r . 6 ) fo r $ 8 ,6 0 0 445 % S h oals-Jaspor ro a d im p t. b o n d s . D e n o m .
$ 43 0 . In t . sem i-a n n . D u o so m l-a n n u a lly fo r 10 years.
M I L F O R D , N e w M a v e n C o u n t y , C o n n . — BOND OFFERING.— San
fo r d H a w k in s , T o w n T rea su re r, will re c e iv e p ro p o s a ls un til 8 p . m . M a r . 24
fo r $ 1 1 0 ,0 0 0 4 ) 4 % c o u p o n b o n d s . D e n o m . $ 1 ,0 0 0 .
D a t o A p r . 1 1920
P r in . a n d s e m i-a n n . ln t. (A . & O .) p a y a b le a t th o M ilfo r d T r u s t C o . , o f
M ilfo r d . D u e $ 10 ,00 0 y e a r ly o n A p r . 1 fr o m 1921 t o 1931, In cl. B o n d e d
d e b t (in cl. th is Issue), $ 5 5 6 ,2 0 0 .

The official notice of his bond offering will be found among the advertise­
ments elsewhere in this department.
M I S H A W A K A S C H O O L D I S T R I C T (P . O . M is a w a k a ) S t . J o s e p h
C o u n t y I n d .— BOND OFFERING.— I t is r e p o rte d th a t p ro p o s a ls w ill bo
rc e o lv c d un til 6 p . in . M a r c h 23 b y th o S e cre ta ry o f th e B o a r d o f S ch o o l
T ru ste e s, fo r $ 1 5 0 ,0 0 0 5 % s c h o o l b o n d s . D u o $ 1 0 ,0 0 0 y e a r ly o n A p ril 1,
fr o m 1925 t o 1939, ln cl.
M I S S O U L A C O U N T Y S C H O O L D I S T R I C T N O . 28 (P . O . S t .
I g n a t i u s ) , M o n t .— POND ELECTION.— A n issuo o f $ 1 0 0 ,0 0 0 s c h o o l
b o n d s is so o n t o b o v o t o d , it is re p o r te d .
M IT C H E L L
SCH OOL
D IS T R IC T
C a l i f . — BOND SALE.— T h e
M e r c e d S e cu rity S avin gs B a n k o f M e r c e d s u b m ittin g a b id o f p a r w a s re ­
c e n tly a w a rd ed $ 1 ,5 0 0 6 % b o n d s . T lio b a n k a lso a d vise s us th a t th e b o n d s
h a v o n o t been d e liv e re d t o th e m as y e t .
M O N T G O M E R Y C O U N T Y (P . O . R e d O a k ) I o w a .— BOND SALE .—
I t is r e p o r te d th a t tlio $ 1 6 2 ,0 0 0 5 % 1 3 )4 -y c a r (a v e r .) fu n d in g b o n d s ,
o ffo r e d on F e b . 17— V . 110, p . 6 79— w ero a w a rd e d t o t h o W h lte -P h lllip s
C o . o f D a v e n p o r t a t 9 8 .6 8 , a b asis o f a b o u t 5 .1 4 % .
M O N T P E L I E R S P E C I A L S E W E R D I S T R I C T N O . 1 (P . O . M o n t ­
p e l i e r ) , B e a r L a k e C o u n t y , I d o .— BOND SALE.— W rig h t-S w a n & C o . o f
D e n v e r h a v o p u rc h a se d $ 9,6 45 06 6 % special sow er d istrict b o n d s , d u e o n
o r b e fo re J a n . 1 1930, a t pa r. D e n o m . $500 and $146 06.
M T . P L E A S A N T U N IO N F R E E S C H O O L D I S T R I C T N O . 9 (P . O .
P le a s a n tv ilie )
W e stch e ste r C o u n ty
N . Y . — BOND OFFERING.—
O lga S. O ls o n , C ler k o f B o a r d o f E d u c a t io n , will re c e iv e p ro p o s a ls until
7 p . m . M a r c h 17 fo r $ 4 0 ,0 0 0 5 % sch o o l b o n d s . D e n o m . $ 1 ,0 0 0 . D a t e
M a y 1 1920.
S em i-a n n . in t. p a y a b lo a t th o M t . P lea sa n t B an k o f P le a sa n tv illo , in N o w Y o r k e x c h a n g e . D u o $ 2 ,0 0 0 y e a rly o n M a y 1 fro m 1924
t o 1913 in c l., p a y a b lo in N o w Y o r k o x c h a n g o . C e r t, c h e c k fo r 10 % o f
a m o u n t o f b o n d s bid fo r . re q u ire d . L e g a lity o f b o n d s a p p r o v e d b y W ilson
It Y a r d o f P lea sa n tvlllo, a c o p y o f w h o so o p in io n w ill be fu rn ish ed t o th o
p u rch a ser w h o will b e req u ire d to a c c e p t a n d p a y fo r th o b o n d s a t t h o M t .
P le a sa n t B a n k o f P loa sa n tv illo , o n M a y 1. P u rch a se r t o p a y a ccr u e d
In terest.
M U N C lE , D e lo w n r e C o u n t y , I n d . — BONDS AUTHORIZED.— F o llo w ­
in g th e a p p ro v a l o f th o S ta to B o a r d o f T a x C o m m issio n e rs, a b o n d issuo o f
$ 3 6 ,0 0 0 , t o refu n d $ 35 ,00 0 n otes h e ld a ga in st th o c it y , w as a u th o riz e d b y
th o C it y C o u n c il, it is s ta te d .
N E W B R U N S W I C K , M id d le s e x C o u n t y , N . J .— BOND SALE.— O n
M a r . 2 th o issuo o f 5 % 1 7-year c o u p o n (w ith p rivile ge o f registration ) street
w id en in g b o n d s — V . 110. p . 787— w as a w a rd ed t o tlio N a tio n a l C it y C o ., at
100 .06 2 fo r $ 1 0 0 ,0 0 0 b o n d s. D u o y o a r ly o n F e b . la s fo llo w s: $ 3 ,0 0 0 ,
1922 t o 1937, ln c l.; and $ 1 ,0 0 0 , 1938 to 1950, in cl.
N E W B U R G H , O r a n g e C o u n t y , N . Y . — BOND SALE.— S h e rw o o d &
M o r r ifie ld o f N o w Y o r k w ero o n F o b . 21 a w a rd e d tlio $25,231 01 5 % 1 3-yea r
(a v o r .) w a ter im p t . b o n d s o ffo r e d o n th a t d a to — V . 110, p . 0 79— -at 102.17
a n d in torost, a basis o f a b o u t 4 .7 7 5 % .
D a to M a re li 1 1920. D u o $ 1 ,0 00
y o a r ly o n M a r c h 1 fr o m 1921 t o 1944, ln c l., a n d $1,231 01 M a r c h 1 1945.
G c o ? rB ^ G ? b b o n s °& °C o ., N . Y .1 0 1 .4 1 (N o w b u rg h S avin gs B a n k ..................par
N E W L O N D O N , N e w L o n d o n C o u n t y , C o n n . — BOND OFFERING.—
P ro p o s a ls will b o re c e iv e d u n til 2 p . m . M a r . 18 b y T h e o d o r e B o d e n w e in ,
S ecreta ry o f B o a r d o f P a rk C o m m issio n e rs, fo r $ 50 ,00 0 4 ) 4 % c o u p o n p ark
bon d s.
D e n o m . $ 1 ,0 0 0 . D a t o J an . 1 1920. P rin . an d s e m i-a n n . in t.
(J . & J .) p a y a b lo a t th o C it y T re a s u re r's o ffic e . D u o J u ly 1 1942. C o r t .
c h e c k fo r 2 % o f a m o u n t o r b o n d s b id fo r , p a y a b lo t o th e B o a r d o f P a rk
C o m m iss io n e rs , req u ired .
NEW PORT
H E IG H T S IR R IG A T IO N
D I S T I R C T , C a l i f .— BID
REJECTED.— A Joint b id file d b y J . I i . M a s o n & C o ., a n d F ran k & L ow is
w a s th o o n ly b id re c e iv o d a n d w as r o jo c t o d , it is s ta te d , fo r an issue o f
$ 100,000 6 % b o n d s r e c e n tly o ffe r e d .
N E W Y O R K C I T Y , N . V .— TEMPORARY LOANS.— D u rin g th o
m o n th o f F eb ru a ry tlio fo llo w in g s h o rt-to r m se cu ritie s, co n sistin g o f r o v o n u o
b ills , special rov on u o b o n d s , an d co r p o r a te s to c k n o te s , $ 2 5 ,0 0 0 ,0 0 0 in th o
a g g re g a te , w oro lssuod:




Amount.
$ 1,0 00 ,0 0 0
2 .5 0 0 .0 0 0
5 00 .00 0
1 .5 0 0 .0 0 0
100.000
1 .0 0 0 .
1 .0 0 0 .

1001
Revenue Bills of 1920, Aggregating $ 7 ,6 0 0 ,0 0 0 .
Int.Rate.
Maturity.
5K%

Date Sold.

J u n e 15 1920
M ay
10 1920
A p r.
26 1920
M ay
18 1920
A p r.
12 1920
0 00
M ay
19 1920
000
M ay
5 1920
Special Revenue Bonds of 1920, Aggregating $ 2 ,0 0 0 ,0 0 0 .
$ 1 ,5 0 0 ,0 0 0
5 )4 %
June
2 1920
SuO.OOO
5 )1 %
M ay
10 1920
Corporate Stock Notes, Aggregating $ 1 5 ,4 0 0 ,0 0 0 .
___ „
R a p id T ra n sit—
,,
$ 1 ,2 5 0 ,0 0 0
5 )4 %
M ay
10 1920
750 .00 0
5 )4 %
M ay
10 1920
1 .0 0 0 .
0 00
5 !4 %
June
15 1920
1 .0 0 0 .
000
5 '4%
June
15 1920
2 00 .00 0
5 )4 %
J u n e 17 1920
1. 000 .
000
5 )4 %
J u ly
12 1920
3 .7 5 0 .0 0 0
5 )4 %
J u ly
12 1920
5 00 .00 0
5 )4 %
M ay
27 1920
1 .3 0 0 .0 0 0
5 )4 %
M ay
10 1920
2 .0 0 0 .
000
5 )4 %
J u n e 15 1920
V ariou s M u n ic ip a l P u rp oses—
____
$ 70 0 ,0 0 0
5 )4 %
J u n o 17 1920
1 ObOloOO
5 )4 %
J u ly
12 1920
W a te r—
„
,
,
SI 50 000
4 )4 %
On dem and
1 0 0 OOP
5 )4 %
June
17 1920
4 5 0 !00 0
5 )4 %
M ay
10 1920

Dock__

$ 25 0 ,0 0 0

5H %
5 )4 %
5 )4 %
5 )4 %
5 )4 %
5 )4 %

5 )4 %

J u ly

12 1920

F eb.
F eb.
F ob.
F eb.
F ob.
F eb.
F eb.

17
18
18
18
18
19
19

F o b . 18
F o b . 18
F eb.
F ob.
F eb.
F eb.
F ob.
F ob.
F eb.
F eb.
F ob.
F eb.

20
20
24
24
26
26
27
27
27
27

F e b . 26
F o b . 27
F e b . 16
F o b . 26
F o b . 27
F e b . 27

STOCK SALE .— T h o fo llo w in g 4 ) 4 % lo n g -te r m g o ld e x e m p t co r p o r a te
s to c k , a m o u n tin g t o $ 1 ,4 2 5 ,0 0 0 , w ore a lso d isp o s e d o f d u rin g F e b r u a r y :
R a p id T ra n s it—

Amount.
$ 100,000

Maturity.

Dale Sold.

F ob. 6
N o v . 1 1969
F eb. 6
N o v . 1 1969
50.0 00
F ob. 6
N o v . 1 1969
3 50 .00 0
F e b . 16
N o v . 1 1969
7 50 .00 0
V ariou s M u n ic ip a l P u r p o se s —
F e b . 21
$ 10 0 ,0 0 0
J u n e 1 1921-1960
F e b . 21
50 000
J u n o 1 1921-1945
F o b . 21
2 5 .0 0 0
J u n e 1 1921-1925
N I L E S S C H O O L D I S T R I C T (P . O . N i le s ) , T r u m b u l l C o u n t y ,
O h i o . — BONDS NOT SOLD.— T h e $ 3 3 ,0 0 0 6 % s c h o o l Donds o ffe r e d o n
M a r c h 1— V . 110, p . 787— w ere n o t s o ld , as n o b id s w ore re c e iv o d .
N O G A L E S S a n t a C r u z C o u n t y A r i z — BOND OPINION TO BE
FURNISHED.— W o are a d v ise d b y F . E . C o le , C it y C le r k , t h a t th e a p ­
p r o v in g o p in io n o f J u d g e C h a s . B . W o o d , o f th e firm o f W o o d & O a k le y
o f C h ic a g o will b o fu rn ish ed t o th e p u rch a se r o f th e $ 35 5 000 5 ) 4 % g o ld
c o u p o n w a te r w o rk s im p t . a n d exte n sio n a n d c i t y hall a n d fir e d e p t , b o n d s
w h ic h will b o s o ld o n M a r c h 15. D e ta ils o f th e s e b o n d s w ere g iv e n in V .
110 p . 892.
O A K L A N D C O U N T Y (P . O . P o n t i a c ) , M i c h . — BOND ELECTION.—
A n e loction is t o b e n e ld A p ril 5 t o v o t e o n th e q u e s tio n o f issu in g $ 37 5 ,0 0 0
4 ) 4 % Jail b o n d s .
'
O C O N T O , O c o n t o C o u n t y , W i s . — BOND BIDS REJECTED— TO
BE RE-ADVERTISED.— A ll b id s s u b m itte d fo r th o $ 4 0 ,0 0 0 6 % s c h o o l
b o n d s o ffe r e d on F e b . 24 (V . 110, p . 6 7 9 ), w ero r o je c te d .
B id s fo r th e a b o v e b o n d s w ill b o r e -a d v e r tis e d .
O H I O , H e r k im e r C o u n t y , N . Y . — BOND SALE.— O .M a r . 1 th o $ 3 ,6 0 0
5 % ro a d im p t. b o n d s , o ffe r e d o n th a t d a te — V . 110, p . 7 87— w ere d isp o s e d
o f lo c a llv a t p a r an d in te re s t. D u e $600 M a r . 1 1921, a n d $ 50 0 y e a r ly o n
M a r . 1 fr o m 1922 t o 1 927, in c l.
O L Y M P IA ,
T h u rston
C ou n ty ,
W a s h .— BOND SALE.— D u rin g
J a n u a ry 1920 th o fo llo w in g 7 % b o n d s w ero tu rn e d o v e r t o co n tr a c to r s :

Dint, No.

Amount.\Dist. No.

Amount.

2 7 0 .................................................$ 1 ,0 0 8 19 2 9 1 ....................... - ....................... $ 3 ,5 1 8 .2 0
2 7 3 .................................................3 8 ,8 3 4 .0 2 12 6 3 ..............- ................................. 2 3 .7 9 5 .3 8
BOND SALE.— M o r ris B r o s ., I n c ., o f P o r tla n d w ero a w a rd e d o n F e b . 3
an issue o f $ 2 ,9 7 8 81 7 % L o c a l I m p r o v e m e n t D is tr ic t b o n d s a t p ar ar.d
in te re st.
D e n o m . $ 10 0 .
D a t e J a n . 1 1920.
In t. J. & J.
D u o J an .
1927 o p tio n a l a fte r 1 y e a r.
O R A N G E T H O R P E S C H O O L D I S T R I C T , O r a n g e C o u n t y , C a l i f .—
BOND OFFERING.— A d d itio n a l in fo rm a tio n is a t lian a re la tiv e to th o o ffe r ­
in g o n M a r . 9 o f th e $ 60 ,0 0 0 5 % b o n d s — V . 110, p . 892. P ro p o s a ls fo r
these b o n d s will b e re c e iv e d un til 11 a. m . o n th a t d a y b y J. M . B a c k s,
C o u n t y C lerk (P . O . S an ta A n a ).
D o n o n i. $ 1 ,0 0 0 . D a t o M a r . 1 1920.
In t . s e m i-a n n . p a y a b lo a t th e o ffic e o f th e C o u n t y T rea su rer. D u e $ 3 ,0 00
y e a r ly o n M a r . 1 fro m 1921 t o 1940, in cl. C e r t, o r ca sh ie r’s c h e ck fo r 3 %
o f a m o u n t o f said b o n d s o r o f th e p o rtio n th e r e o f b id fo r. p a y a b le t o th o
C h a irm a n B o a r d o f C o u n t y S u p ervisors, re q u ire d . B o n d e d d e b t, n o n e .
T o ta l v a iu o o f ta x a b le p r o p e r ty (e xclu siv e o f o p e r a tiv e p r o p e r ty ) 1919,
$ 7 ,9 9 6 ,5 1 5 .
O R L A N D H I G H S C H O O L D I S T R I C T (P . O . O r la n d )
G le n n
C o u n t y C a l i f . — BONDS VOTED.— R o p o r ts s ta t o th a t th e v o to r s re c e n tly
a u th o riz e d $ 22,000 b o n d s fo r im p r o v e m e n ts a n d a d d itio n s t o th o h ig h s ch o o l
D uiiding. O n ly t w o v o te s w ere c a s t a g a in s t th e p r o p o s a l.
P E O R I A , P e o r i a C o u n t y , III.— BOND ELECTION.— A t an ele ction
t o b o held A p ril 6 th e p e o p le w ill v o t o u p o n th o q u o s tlo n o f issuing $ 20 0 ,0 0 0
1-20 -y ear serial R iv e r T e rm in a l, $ 50 ,00 0 1 -10 -yoar serial G r a n t P a rk
im p r o v e m e n t, a n d $ 200,000 1- 20-y o a r serial c o r p o r a te exp en se b o n d s , all
t o b o ar 4 ) 4 % in terest.
P E O R I A S C H O O L D I S T R I C T (P . O . P e o r i a ) 1 M a r e c o p a C o u n t y
A r i z .— POND ELECTION.— O n M a r c h 27 $ 2 0 0 ,0 0 0 h ig h a n d gr a m m a r
s ch o o l b o n d s are t o b e v o t e d u p o n .
P E R K I N S C O U N T Y (P . O . B i s o n ) , S o . D a k . — BOND ELECTION.—
T h e vo te rs w ill h a v e s u b m itte d t o th em o n M a r . 23 an issuo o f $ 5 0 0 ,0 0 0
5 % 3 0 -y e a r r o a d b o n d s .
P E R R Y , T a y l o r C o u n t y , F l a .— BONDS TO BE OFFERED.— T h e
$ 2 0 ,0 0 0 5 % b o n d s o ffe r e d w ith o u t su ccess o n N o v . 25 (V . 110, p . 4 8 7 ),
w ill b o r o -o ffe re d o r a n o w issue w ill b o o ffe r e d fo r s a le , b u t d a te o f sale is
u n ce rta in .
P I K E C O U N T Y (P . O . B o w l i n g G r e e n ) , M o .— BOND ELECTION .—
A t an e le ctio n t o b e h e ld M a r . 13, it is s ta t e d , t h a t th e q u e s tio n o f issu in g
$ 5 0 0 ,0 0 0 b o n d s will b e v o t e d u p o n .
P IM A C O U N T Y ( P . O . T u c s o n )
A r i z . — BOND ELECTION CON­
SIDERED.— R e p o rts s ta te t h a t a $ 60 0 ,0 0 0 c o u r t h o u se b o n d e le ctio n Is
b e in g c o n sid e re d .
P I T T S B U R G , C o n t r a C o s t a C o u n t y , C a l i f . — BONDS SOLD ONLY
IN PART.— T h o San F r a n c is c o “ C o m m e r c ia l N e w s " in its issu o o f F e b .26
s ta te s th a t: "B e c a u s e o f th e p o o r m a r k e t fo r m u n ic ip a l b o n d s b e a r in g 5 %
in terest o r less, th e m a jo r p o r tio n o f th e P itts b u r g b o n d issuo o f $ 4 4 0 ,0 0 0 ,
v o t e d r e c o n tly fo r m u n icip a l im p r o v e m e n ts , is g o in g b e g g in g . O f th e en tire
Issue b u t $ 5 0 ,0 0 0 w o r th has b een s o ld , th e C o n t r a C o s t a B a n k b u y in g this
a m o u n t. O f th o a m o u n t s o ld $ 2 0 ,0 0 0 w ill g o f o r c o n s t r u c tio n o f s a n ita ry
sow ers. $ 1 5 ,0 0 0 fo r a s to r m sow er s y s te m , $ 10,000 f o r fir e a p p a r a tu s a n d
$ 5 ,0 0 0 fo r str e e t cle a n in g m a c h in e r y . T h o T o w n T ru ste e s are m a k in g a
sp e cial e ffo r t t o d isp o s e o f th o b a la n c e o f th o b o n d s t h a t th e p r o p o s e d im ­
p r o v e m e n ts m a y b e c o m p le te d as s o o n as p o s s ib le .”
P I U T E C O U N T Y (P . O . J u n c t i o n ) , U t a h . — BOND ELECTION.— On
M a r c h 13 $20,000 r o a d a n d co u rt-h o u s e d e b t fu n d in g b o n d s aro t o b e v o t e d
upon.
P L A I N F I E L D U n i o n C o u n t y N . 3.— BOND SALE.— O n M a r . 1 th o
fo llo w in g 2 issues o f 6 % g o ld c o u p o n (w ith p rivile ge o f re g istra tio n ) b o n d s
w ero a w a rd ed t o th e P la in fie ld T r u s t C o . a t 100.323:
$ 2 1 6 ,0 0 0 1-36 y e a r serial sow er b o n d s , a b asis o f a b o u t 4 .9 3 % . D u e
$ 6 ,0 0 0 y e a rly o n D e c . 1 fr o m 1920 t o 1955, in cl.
2 0 0 .0 0 0 21 4-5 y e a r (a v e r.) c it y hall b o n d s , a b asis o f a b o u t 4 .9 7 % .
Due
y e a rly o n D e c . 1 as fo llo w s: $ 5 ,0 0 0 , 1921 t o 1948, in c h ; a n d $ 6 ,0 0 0 ,
1949 t o 1958. in cl.
P L A T T E R I V E R D R A I N A G E D I S T R I C T N O . 1 (P . O . P l a t t o C i t y .)
P l a t t e C o u n t y , M o .— BOND OFFERING.— I t is r e p o rto d t h a t p r o p o s a ls

1002

THE CHRONICLE

w ill b o rec e iv e d un til M a r . 26 b y W . T . D y e r , S e cre ta ry o f D r a in a g e
S u p erv is ors fo r $ 23 0 ,0 0 0 534 % d ra in a ge b o n d s , m a tu r in g in fr o m 5 t o 20
y ea rs fr o m d a te .
„ P L E A S A N T O N , A t a s c o s a C o u n t y , T e x .— WARRANT SALE.— R e ?,*“ G y ,
j& H tt o f A u s tin p u rch a se d $ 1 0 ,0 0 0 6 3 -5 % s treet im p t . w arran ts
d a te d A u g . 23 1919 a n d m a tu r in g serially fr o m 1923 t o 1916, in cl.
P O N C A C I T Y S C H O O L D I S T R I C T (P . O . P o n c a C it y ) K a y C o u n t y
O k l a . BONDS VOTED.— O n F e b . 24 $ 9 8 ,0 0 0 s ch o o l b o n d s w ere v o t e J .
P O R T C H E S T E R , W e s t c h e s t e r C o u n t y , J4. Y . — BOND OFFERING.
F re d e ric k G . S ch m id t, V illa ge C le r k , w ill re c o iv e p ro p o s a ls u n til 8 p . m .
M a r c h 11 fo r th e fo llo w in g 5 % b o n d s :
$ 2 6 ,00 0 ta x -r e lio f b o n d s . D o n o m . $ 1 ,0 0 0 . P rin c ip a l a n d sem i-a n n u al
in terest p a y a b le in g o ld co in o f th e U n ite d S ta tes o f th o presen t
s ta n d a rd o f w e ig h t a n d fin e n e s s. D u o A p r il 1 1923. C e rtifie d
ch e c k fo r 5 % re q u ire d .
4 ,0 0 0 sow er a n d drain assessm ent r e fu n d in g b o n d s . Tnt. A . & O .
Due
$ 2,0 00 o n A p r il 1 in 1921 a n d 1923. C e rtifie d c h o c k fo r 1 0 %
req u ire d .
12,0 00 refu n d in g b o n d s. I n t . A . & O . D u e $ 3,0 00 o n A p r il 1 in 1921
-...
1923 a n d 1924. C e r tifie d c h e ck fo r 1 0 % re q u ire d .
’
T rea s u rer P r e q u in 92° " G o r tific d ch e ck s m u st b e p a y a b le t o th o V illago
P O R T S M O U T H N o r f o l k C o u n t y V o.— BOND SALE .— O n D e c . 27
an issue o f $ 30 0 ,0 0 0 5 )4 % im p r o v e m e n t b o n d s w as s o ld to A . B . L e a ch &
F e b 1 1923
D e n o m ' 31 -000. Dat0 F e b . 1 1920. I n t . F . & A .
Due
P R O V O S C H O O L D I S T R I C T (P . O . P r o v o ) U t a h C o u n t y U t a h —
iEh ECJ 1? N c o n s i i IERED .— A n issue o f $ 15 0 ,0 0 0 b o n d s to c o m p le to h ig h s ch o o l m a y s o o n b e v o t e d .
R A N G E R , E a s t la n d C o u n t y , T ex.— BONDS REGISTERED.— O n
b o b . 17 th e S ta te C o m p tr o lle r re g iste re d $ 8 0 ,00 0 c it y h a ll, $ 4 6 ,0 0 0 sew orex ten s ion , $-10,000 fir e -s ta tio n a n d $ 26 5 ,0 0 0 s tr e e t-im p t. 5 ) 4 % serial b o n d s .
R A I N I E R D R A I N A G E D I S T R I C T (P . O . R a i n i e r ) , C o lu m b i a
C o u n t y , O r e . - BOND CERTIFICATOIN ASKED.— An issue o f $ 2973)00
drain a go b on d s has b ee n a sk e d t o bo ce r tifie d .
n
, P ° r t a !?e C o u n t y
O h i o . — BOND OFFERING.— W . A .
?P ?b O it y A u d it o r , will re c e iv e b id s u n til 12 m . M a r c h 20 fo r $ 9 ,7 6 7 .1 2
5 4 4 % D a y S t. s pecial a ssessm en t b o n d s . A u t h . S e c. 3 914 G e n . C o d e .
D e n o m . 9 fo r $ 1 ,0 0 0 and 1 fo r $ 7 6 7 .1 2 . D a t e M a r c h 1 1920.
P rin . a n d
?
. , n "™ in t (M r & s -) P a y a b le a t t h e S e co n d N a tio n a l B a n k o f R a v e n n a .
Po’f t * 1 ’^ 90* 3^
°,n
1 from , ,1900 t o 1928 in c h , a*nd $ 7 6 7 .1 2 S e p t. 1
1 9 -9 . C e r t , c h e c k fo r $ 20 0 , p a y a b le t o t h o C it y T re a s u re r, re q u ire d .
R E S E R V E S C H O O L T O W N S H I P (P . O . M o n t e z u m a ) , P a r k e C o u n ­
ty*
? n FERI^LG -— IT o p o s a s w ill bo r c c o iv e d u n til 11 a . m .
M a r c h 20 b y R o y A lt a ia n , T o w n s h ip T ru ste e , fo r $ 4 0 ,00 0 6 % s c h o o l b o n d s .
D e n o m . 1 fo r $ 1 ,5 2 5 a n d 27 fo r $ 1 ,6 4 5 . D a t e A p r il i ,5 1900
r,it j
j
D u o $ 1 ,5 2 5 J u ly 15 1921 a n d $ 1 ,4 2 5 e a ch six m o n th s fr o m J an . 15 1922
t o J a n . 15 1934 in clu sive.
A sim ilar a m o u n t o f b o n d s w as o ffo r o d o n F e b . 21— V . 110, p . 4 87.
R I C E C O U N T Y (P . O . F a r i b a u l t ) , M i n n .— PURCHASE PRICE.__
J b o Price p a id fo r th e $ 25 0 ,0 0 0 5 % r o a d b o n d s a w a rd o d o n F e b . 5 to S tan&
P aul; SS5u r ity B a n k - F a rib a u lt, C itiz o n s N a t. B a n k ,
Fa-ribaidt, a n d F arm ors & M e r c h a n ts S ta te B a n k , F a rib a u lt— V . 110
p . 680— w a s 101 a n d in terest, a basis o f a b o u t 1 .8 7 % .
. . ,
,
Financial Statement.
A c t u a l v a lu e o f taxa bles ( a , t . ) .............
« 7 r non non
A ssessed v a lu e o f taxables ( 1 9 1 9 ) - . .
...................................21636 i 5«
T o t a l b o n d e d d e b t, in clu d in g this is s u o .
..............................
3 3 5 rinn
P o p u la tio n (1 9 1 0 ), 2 5,9 11 ; p re s e n t..........................................................
30 000
R I P L,7* Y T i p p a h C o u n t y M is s .— BONDS ----------------------U n F e b 25 b v
E
VOTED.— O
m a 7 ritv o f 19 vntno «1 n nnn em i s si . ---- V U o J S m.e n t b o n _ w ll
tm e i^----- 1 v e U
,
a m n in r it y o f 12 v o t e s $ 10,000 s tr e n t im p r------------- »______dis _ e r e _____ o riz e‘V.
jo
5a u th
d
R O C H E S T E R , O a k l a n d C o u n t y , M i c h .— BONDS SOLD I N PART —
T^n a5 t ^ v 0r? . £n t h a ^ f > 0 .0 0 0 o f th e $85 C00 high s ch o o l b o n d s v o t e d on
Ja,n. 29— V . 110, p . 788— w ore s o ld t o th o D e t r o it T r u s t C o . o f D o tr o it
on th o sam o d a y tlio y w ero a u th o riz e d .
-R O C H E S T E R N. Y .
NOTE OFFERING.— P ro p o s a ls fo r an Issue o f
$ 75 0 ,0 0 0 rev en u e n otes , m a tu r in g 3 m o n th s fr o m d a te a t th o C en tra l U n io n
Trust C o ., N . Y . , will bo r e c e iv e d until 2 :3 0 p . m . M a r . 8 b y I I. D . Q u in b y ,
C it y C o m p tr o lle r .
B idden* m u s t s ta te ra te o f in terest, d e sig n a te d e n o m ­
in a tio n s d esired , a n d to w h o m (n o t bearer) n o te s shall b o m a d o p a y a b le .
N o te s t o b e d e liv ered a t th e C e n tra l U n io n T r u s t C o ., o f N . Y . , o n M a r . 12.
« : , n r S - S ^ I?>nW ! n n e b a C ° u n t y H L — BOND SALE.— On M a r . 1 th e
$ 5 0 0 ,0 0 0 5 % 1-20 y ea r serial w a te r-w o rk s b o n d s , d a te d A p r . 1 1920— V 110
p . 584— w ere a w a rd e d t o th o C o n tin e n ta l & C o m m e rc ia l T r u s t & S avin gs
mainkr n o * !L th ti M e r c h a n ts L o a n & T r u s t C o ., o f C h ic a g o , at th eir jo in t
b id o f 9 8 .0 9 , w h ic h is a basis o f a b o u t 5 .2 3 % .
J
O th er o ffe rs w ere as fo llo w s :
N a tio n a l C it y C o . a n d E . H . R o llin s & S on s, jo in t ly , $ 96 55 p e r $ 100.
e o oa «^0 r ’
* C o ., $ 1 5 0 ,0 0 0 b o n d s , p a r an d a ccr u e d in te re s t, less
$ 2 ,2 5 0 a n d a 6 0 -d a y o p t io n o n th e re m a in in g $ 3 5 0 ,0 0 0 b o n d s , a t $ 985 a n d
in teres t fo r e a ch $ 1,000 b o n d .
t, A ; J*& C o -’ H a ls e y , S tu a r t & C o ., W m . R . C o m p t o n & C o . an d
b o n d s ° r d TrUSt C ° " ° f R o c k f o r d > i o in tly $ 9 7 5 ,7 5 2 a n d in terest p e r $ 1,0 00
. £•
C h a p m a n & C o ., 5971 10 a n d in terest fo r e a ch $ 1 ,0 0 0 b o n d , fo r
d e liv e r y o f a ll b o n d s on o r a b o u t A p r . 1, o r $975 10 fo r e a ch $ 1 ,0 0 0 b o n d ,
fo r d e liv e r y o f th e b o n d s a t th o a v e ra g o ra te o f n o t less th an $ 3 0 ,0 0 0 per
m o n t h , b egin m n g A p r . 1.
’
1
E ls to n & C o ., $ 49 0 ,3 8 5 fo r e n tire issue.
'r ™ ? . £ K ' ^ R L C ° C N T Y (P . O . R o c k w a l l ) , T e x .— BONDS REGISF A R A D .— T h is c o u n t y reg istered o n F e b . 20 $ 2 3 ,5 0 0 5 ) 4 % 1 0-20-year
ro a d b o n d s w ith th e S tate C o m p tr o lle r .
y
E d g e c o m b e C o u n t y N o . C a r o .— BOND OFFER­
ING .— A d d itio n a l in fo rm a tio n is a t h a n d re la tiv e t o th o o ffe r in g o n M a r 11
o f th e $ 1 2 5 ,0 0 0 6 % c o u p o n (w ith p rivile ge o f reg istra tion ) co n s o lid a te d
fu n d in g a n d im p r o v e m e n t b o n d s — V . 110, p . 8 93. P ro p o s a ls fo r these
b o n d s will b o re c e iv e d un til 7:30 p . m . o n th a t d a y b y C . I I . H arris. C it y
C le r k . D e n o m . $ 1 ,0 0 0 .
D a t e J an . 1 1920. P rin . a n d s o m i-a n n . in t.
p a y a b le a t th e H a n o v e r N a tio n a l B a n k , N . Y . a n d interest o n registered
b o n d s w ill, a t th o requ est o f th o reg istered h o ld e r, b o p a id in N o w Y o r k
F x,ckall g «G u e y e a r ly o n J an . 1 as fo llo w s : $ 1 2 ,0 0 0 1921 t o 1929, in ch ;
a n d §1 7 ,0 0 0 19*10. C e r t, c h e c k o n an in co r p o ra te d b a n k o r tru st c o m p a n y ,
o r a s u m o f m o n e y , fo r o r in an a m o u n t equ al to 2 % o f th e a m o u n t o f b o n d s
b id fo r , p a y a b le t o th e C it y t r e a s u re r, re q u ire d . P u rch a se r t o p a y a ccr u e d
in terest.
T h o su ccessfu l b id d e r will b o fu rn ish ed w ith th o o p in io n o f M e s sr s. R e e d ,
D c U g h e r ty A H o y t , o f N o w Y o r k C it y , th a t th o b o n d s are v a lid o b lig a tio n s
o f th o C it y o f R o c k y M o u n t . T h e b o n d s will b o p rin te d u n d e r th o su p er­
v is io n o f th o U n ited States M o r tg a g o & T ru st C o m p a n y o f N o w Y o r k C it y
w h ich will c e r tify as t o th o gen uineness o f th e sig n a tu res o f t h e C it y o fficia ls
a n d th e seal im p ressed o n th o b o n d s .

Financial Statement.
A ssessed v a lu a tio n o f tax a ble p r o p e r t y , 1 919 ________________ __ $8 567 501
E s tim a te d tru e v a lu e o f ta x a b le p r o p e r t y ____________________ I I I I 15 000 0 00
G ross b o n d e d d e b t, in clu d in g presen t issues___________
’625 000
B o n d s fo r self-su sta in in g u tilities, in clu d e d a b o v e :
W a t e r a n d e lectric lig h t ___________________
___ $191 000
G a s .............................................................. ...................................
65!0 00
P o p u la tio n , U . S. cen sus o f 1 910_____________ .
8,051
P res en t p o p u la tio n , e s tim a te d ____________________ 15,000

1 R U S H C O U N T Y (P . O . R u s h v i l l e ) , I n d . — BOND SALE.— T h o $ 1 9 ,­
3 60 4 1 4 % N o a h R e d d ic k e t al R ip le y T w p . r o a d b o n d s , o ffe r e d u n su cce s s ­
f u lly o n l e b . 18— V . 110, p . 788— h a v e been s o ld t o th o R u s h v illo N a tio n a l
B a n k , o f R u s h v illo a t p a r. D u e $ 96 0 e a ch s ix m o n th s fr o m M a y 15 1921
t o N o v . 15 1 930, in ch
D I S T R I C T (P . O . S t . C la ir ) S t . C la i r M i c h .—
SPA7D6 VOTED.— N e w s p a p e r re p o rts s ta te th a t a t a re ce n t e le ctio n , a
$ 32 5 ,0 0 0 h ig h s ch o o l b ld g , b o n d issue ca rried b y a v o t o o f o v e r 4 t o 1.
S A L I N A , S a l i n e C o u n t y , K a n s .— BOND ELECTION PROPOSED.—
I t is p ro p o s e d t o v o t o $3u 0,000 m e m o r ia l hall b o n d s a t the sprin g e lo ctio n .
S A L T L A K E C I T Y , S a lt L a k e C o u n t y , U t a h .— BOND ELECTION.—
O n M a r .131 th o $ 3 ,3 0 0 ,0 0 0 w a te r w ork s im p r o v e m e n t b o n d s , m e n tio n e d In
V . 110, p . 7 88 , aro t o b o v o t e d u p o n .




[V o l .

no.

Thf
^ G O y N T Y (P . O . S alt. L a k e C i t y ) , U t a h .— BOND SALE.—
1
^ i ^ 15-year (a v e r.) r o a d b o n d s o ffo r o d o n F o b . 20— V 110
p . 68° — h a v e boon s o ld to E . H . R o llin s & S on s, R e d m o n d & C o ., a n d th o
N a tk m a l
P ° v , • ni l y ’ a t 9 6 .5 8 , a basis o f a b o u t 5 .3 4 % .
loi,
D onom .
i
e a t e i (J'' i 1 1919. P rill, a n d so m i-a n n . in t. (A . & O .) p a y a b lo
A
a t th e N a tio n a l B a n k o f C o m m o rc o , N o w Y o r k C it y , N . Y .
D u o y oa r Iv

S T c l^ d fs M S ^ b llW ^ fn c l0 192°’ in ” : -*5 ’000- 1930 t0 193^
C
0
.

.

,

,

,

Financial Statement.

i S e d v X a M o k T g i g ; ; ; ; . - ; . - ........................................ - ..............
Sinking 0 fu n d

10.009

P o p u la tio n , i 9 r o V e n s u s ; : " ; V " " . V ' - - - .....................--f f - - Prosono e stim ated p o p u la tio n __________________________ l249|000
S A N M I G U E L C O U N T Y S C H O O L D I S T R I C T (P . O . N o r w o o d )
b o ’ v o t o t f u p o n E LEC TI0N ~ 0n Arar 15 $ 2 8 ,00 0 h 'g h s c h o o l b on d s will
S A N P E T E C O U N T Y D R A I N A G E D I S T R I C T N O . 1 U t a h .— BOND

m L000 £ £ g re b o rn L t

96°60g a e °

C° ”

0 f 8 a lt L a k °

haV0 purC hased

S A N T A M O N I C A , L o s A n g e l e s C o u n t y C a l i f . — BOND SALE.— O n
$.75 000
.d
1 9 -y e a r (a v e r .) m u n icip a l w h a r f b o n d s , d a te d M a r .
1 1 9 -0
V . 110, p . o8 4 w e ro a w a rd o d t o lo ca l b an k s a t p a r , it is s t a t e d .
S C H E N E C T A D Y , S c h e n e c t a d y C o u n t y , N . Y .— NOTE OFFERING __
L e o n G . D ib b le , C it y C o m p tr o lle r , will r e c o iv e p ro p o sals u n til 1 1 a . m .
^.I a r - 9 fo r $ 12 2 ,0 0 0 b rid g o -c o n s tr u c tio n n o te s .
D a te M a r . 10 1920
$}PaI a u d Interest p a y a b lo in N o w Y o r k E x c h a n g e , o n J u n e 15 1920, a t th e
^ roaf urf s o ffic e , o r a t th o Im p o rte rs & T ra d e rs N a tio n a l B a n k , o r
" e ! Y(,)rk ' at, th o pu rch a ser’s o p t io n . N o te s t o b o d o liv o ro d a n d p a id fo r
a t th e Im p o r te r s & T ra d e rs N a tio n a l B an k w ithin 10 d a y s fr o m (late o f
a w a rd . C e rt, c h e c k fo r 1 % o f a m o u n t o f n otes b id f o r / p a y a b l o t o th o
C it y C o m p tr o lle r , re q u ire d . B id s w ill b r o c o lv o d on ail interest basis
GP|nion o f C a ld w e ll & R a y m o n d o f N o w Y o r k as to th e L e g a lity o f th e' issue
interest fu rid sk o d t o tIlQ P urchaser i f d o sire d .
P u rch aser to p a y a ccru ed
c n ? G H U Y L E R , H e r k im e r C o u n t y , N . Y .— BOND SALE .— T h o $4 900
5 % ro a d Im p t. b o n d s , o ffe re d o n M a r . 1— V . 110, p . 788— w ere a w a rd ed on
ra at ‘i a t o t e t h 0 M a n u fa c tu re rs N a tio n a l B a n k , o f I lio n , at p a r a n d in terest
D u o $ 400 M a r . 1 1921, a n d $ 50 0 y e a r ly o n M a r . 1 fro m 1922 t o 1930, In ch
S E N A T O B I A , T a t e C o u n t y , M is s .— BOND OFFERING.— n a r p e r
J o h n s o n , T o w n C le r k , will sell a t p u b lic a u c tio n 1 p. m . M a r c h 16 t h e
fo llo w in g 5 1 4 % tax -fre e c o u p o n se w e ra ge b o n d s:
$ 2 5 ,0 0 0 h o n d S jau th o rize d b y a v o t o o f 127 t o 14 a t an e le c tio n h old J u n e
11,500 b o n d s a u th o riz e d b y a v o t e o f 113 t o 34 a t an e lo c tio n held N o v .
25 1919.
iw P ia te , !)r11,1 l ? 2R> F rin . a n d s e m i-a u n . i n t ., p a y a b le a t th e H a n o v e r
A ,
. ^ 0 0 0 Ul k 3 i U o 9 3 b Yin c lD a ^ u f^ T o O G l O l O .^
t

$2° ° ^ 21 t o 1925' ln c l”

i s s ^ S o T i ^ r S
n a t ^ r ue:. a p a y ™0" 6 o f $ 500 w ill b e re q u ire d o f th o p u rch a se r u p o n th e
m m ,,? ! ha °r a n d t h ® b a la u co o f th o p u rch a so m o n e y w ith in s ix ty d a y s a fte r
,
!w,!!\Pry
tra n s crip t o f th o p ro ce e d in g s in issuing s a m e . N o litig a tio n
p e n d in g o r th re a te n e d , n o v e r d e fa u lte d o n Interest o r b o n d s . T h e y h a v e
b e e n p a id fo r th e m o s t p a rt th r o u g h H a n o v e r N a tio n a l B a n k ; a ll o th e r
o b lig a tio n s are p a id p r o m p tly . B o n d e d d e b t (in clu d in g th is iss u e ), $ 1 0 4 ."f99 (ill th is d e b t th e re aro $ 3 7 ,5 0 0 w a te r an d lig h t b o n d s w h ic h are s e lf®^PP°r t ‘ u k ); sin k in g fu iu l, $ 2 ,9 4 2 4 4 ; assessed v a lu a tio n o f p r o p e r ty In
co r p o r a tio n is $ 73 6 ,2 9 4 ; assessed v a lu a tio n o f p r o p e r ty o u ts id e c o r p o r a tio n
a n d In S epa ra te S ch o o l D is tr ic t, $ 5 7 0 ,1 3 6 ; p o p u la tio n , a c c o r d in g t o 1910
C e n su s, 1 ,2 7 5; es tim a to o f p re se n t p o p u la tio n , 1 ,800.
S H E L B Y C O U N T Y (P . O . S h e l b y v l l l e ) , I n d . — N O BIDDERS.—
T h e r e w ero n o b id d e rs fo r th o $ 3 ,8 0 0 4 ) 4 % W M . S cu d d e r e t a l Van
B u ron T w p . ro a d b o n d s , o ffo r o d o n F e b 28— V . 110, p . 788.
S H E L B Y C O U N T Y R O A D D I S T R I C T S , T e x .— BONDS REGISJLRED .— O n F o b . 16 th o fo llo w in g 5 % serial b o n d s w ero rog isterod w ith
th e S ta te C o m p tr o lle r :
R o a d D is tr ic t N o . t b o n d s| S 7 0 ,000 R o a d D is tr ic t N o . 5 b o n d s .
100.000 R o a d D is tr ic t N o . 2 b o n d s . 1100,000 R o a d D is tr ic t N o . 6 b o n d s .
3 5 0 .00 0 R o a d D is tr ic t N o . 3 b o n d s . |
Ca(I
,c,<? P a r i s h , L a . — NO BIDS .— A t tho o ffo r in g o f
§ 4 0 0 ,0 0 0 5 % w a to r-w o rk s Im p r o v e m e n t b o n d s o n F o b 24— V . 110, p . 584
— n o bids w ore re c e iv e d .
S I L V E R C R E E K S C H O O L T O W N S H I P (P . O . S e l l c r s b u r g ) , C la r k
C o u n t y , I n d .— BONDS NOT SOLD.— N o sale w as tnado o f th o $ 1 0 ,5 0 0
5 % s c h o o l b o n d s o ffe re d o n F o b . 21— V . 110, p . 5 84.
S N O H O M I S H C O U N T Y S C H O O L D I S T R I C T N O . 6 4 , W a s h .—
B O N D SALE .— T h o $ 1 0 ,0 0 0 1 0 -y e a r b o n d s o ffe r e d on F o b . 24— V . 110
p . 58-1— h a v o bo o n s o ld , a c c o r d in g t o ro p o r ts , t o th o S ta to o f W as h in g ton
a t p a r fo r 5 ) 4 s .
°
S O U T H S T . P A U L , D a k o t a C o u n t y , M i n n .— BONDS VOTED __
R o p o r t s s ta t o t h a t th o s poclal e le ctio n h old In S o u th S t. Paul o n F e b 25
resu lted in a p r o p o s e d b o n d issue o f $ 5 0 0 ,0 0 0 fo r a n ow p u b lic h ig h s c h o o l
a n d s ite fo r a n o th o r o n e in th o T h ir d W a r d o f th a t c it y , b e in g ca rried h v
la rgo m a jo r itie s .
y
oa V i0 rPsu,1 o f tf 10 7 ? ,tlnf? wolro 2 39 fo r t o 147 a ga in s t th o b o n d Issuo a n d
iS
232 fo r t o 147 a g a in s t th o p u rc h a so o f an a d d itio n a l s c h o o l s ite .
S P R I N G F I E L D , G r e e n e C o u n t y , M o .— BONDS VOTED __ On Fnh
24 b y 218 “ f o r ” t o 16 “ against.” $ 1 7 ,8 0 0 h ig h s ch o o l b o n d s w e r e 'v o te d .
S T A R K , H e r k im e r C o u n t y , N . Y .— BOND SALE .— T h o $ 15 3 00 5 %
r ° a d , m ? fc- boIkkj *. o ffe r e d o n M a r . 1— V . l i o , p . 788— w ere d isp o s e d o f

w S X t a M a BiraStod!"* wo°

1

,ma

^

«»

- . S T E R L I N G , L o g a n C o u n t y , C o l o .— BOND ELECTION CONSIDERED.— N e w sp ap ers re p o rt th a t a b o n d Issue o f $ 30 0 ,0 0 0 t o $ 40 0 ,0 0 0 fo r
sow ers a n d s tr o o t im p r o v in g m a y b e v o t e d .
c G G N T Y (P . O . B l o o m f i e l d ) , M o .— BOND SALE.—
G
O n 1'ob. 16 th e fo llo w in g b o n d s — V . l i o , p . 680— w ero a w a rd o d to J. J .
F ro y B o n d & M o r tg a g o C o :
$ 145,000 5 ) 4 % 2 -14 y o a r sorlal L ib o r t y T o w n s h ip b o n d s a t 98.
190.000 5 ) 5 % 2 -14 yoar serial l ’ llco T o w n sh ip b o n d s a t 98.
§ 5 ,0 0 0 5 )4 % 2 -14 yoa r sorlal C a s to r T o w n s h ip b on d s a t 9 8 .
§ 0 ,0 0 0 6 % 2 -15 y o a r sorlal D u c k C rook T o w n s h ip b o n d s a t pa r.
7 5,0 00 6 % 2 -15 yoar. sorlal R ic h la n d T o w n s h ip b o n d s a t pa r.
D o n o m . $ 1 ,0 0 0 . I n t . s om i-a n n .

S U M T E R C O U N T Y (P . O . S u m t o r v i i le ) , F l a .— BOND OFFERING __
W.
N . P o t te r , C le r k o f B o ard o f C o u n t y C o m m iss io n re s , will re c o iv o
p ro p o s a ls u n til 10 a. m . M a r . 2 4 , a c c o r d in g t o ro p o rts fo r $ 750 000 5%
ro a d b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te J a n . 1 1920. In t . som l-an A .
2
T E M P E D R A I N A G E D I S T R I C T N O . 2, M a r i c o p a C o u n t y , A r i z .
— BOND SALE.— Wo aro ln fo r m o d th a t th o T e m p o N a tio n a l B a n k has
boon a w a rd e d $50 ,00 0 drainago b o n d s .
T I P T O N C O U N T Y (P . O . C o v i n g t o n ) T e n n .— BOND OFFERING —
B id s w ill b o r c c o iv e d until 10 a . m . M a r c h 15 b y J . Y . P o o to . C o u n t y J u d g o .
fo r $ 1 5 5 ,0 0 0 5 % c o u p o n ro a d b o n d s . D o n o m . $ 500. D a t e J u ly 1 1919.
I n t . s o m i-a n n ., p a y a b le a t th o o ft lc o o f th o C o u n t y T r u s te e o r a t t h o o p t io n
o f p u rch a se r, a t th e b a n k o r b a n k in g lio u so d e sig n a te d b y th o p u rc h a ser
D u o J u ly 1 1949. C e r t, c h e c k o n s o in o n a tio n a l b a n k o r o n a b a n k o r tru st
c o m p a n y in I’ onn esseo fo r $ 1 ,0 0 0 , p a y a b lo t o th o C o u n t y T re a s u re r, roT R E A S U R E C O U N T Y (P . O . H y s h a m ) , M o n t .— BOND ELECTION .—
O n A p r . 23 th o $ 13 5 ,0 0 0 b rid go a n d ro a d b o n d s — V . 110 p 893— aro to b o
voted upon .
U N IO N ( T O W N ) , H u d s o n C o u n t y , N . J . — N O BIDS RECEIVED.—
N ° b id s w ero ro c o lv o d fo r th e $ 7 5 ,00 0 ta x -a n tic ip a tio n n o te s , m atu rin g
D e c . 31 1920, w h ich w oro o ffe r e d o n M a r . 1— V . 110 p . 8 93.
V A L L E J O H I G H S C H O O L D I S T R I C T (P . O . V a l l e j o )
S o la n o
C o u n t y C a l i f .— BOND ELECTION .— T h is d is tr ic t will v o t o , M a y 4 ,
it is s ta t e d , o n th o q u e s tio n o f Issuing b o n d s o f $ 5 0 0 ,0 0 0 , fo r th o e re c tio n
o f a n o w h ig h s c h o o l b u ild in g a n d fo u r n ow e le m e n ta ry s c h o o l s tru ctu res.

M ar.

1003

THE CHRONICLE

6 1920.]

V A L L E Y V I E W (P . O . I n d e p e n d e n c e R . F . D . N o . 1) C u y a h o g a
C o u n t y O h i o .— BOND OFFERING.— ' . C . L a n g , Village! C le r k , w ill
T
r e c e iv e p rop osals until M a r c h 16 lo r th e $ 1 6 ,00 0 6 % e lectric ligh t p la n t
b o n d s , w h ich w ere v o te d b y 29 “ fo r ” t o 0 "a g a in s t ’ a t tlio ele ctio n h eld
F e b . 6— V . 110, p . 4 88. D e n o m . $ 500. I n t . se m l-a n n . D u o $ 1 ,0 0 0
y e a r ly o n S ep t. 15 fr o m 1923 to 1938, in ch
W A R R E N C O U N T Y (P . O . W a r r e n t o w n ) , M o .— ROND ELECTION.—
A n o lo ctio n will b e held M a r . 13 t o v o t o o n th o q u e s tio n o f issuing $ 10 0 ,9 0 0
b o n d s , it is s ta te d .
W A R R E N S C H O O L D I S T R I C T (P . O . W a r r e n ) T r u m b u l l C o u n t y
O h i o . — VOND SALE.— S ea s o n g o o d & M a y e r o f C in cin n a ti, b id d in g par
a n d interest, w ere .awarded th e $ 45 0 ,0 0 0 5 % c o u p o n h igh s ch o o l b ld g ,
b o n d s o ffe re d o n M a r c h 1 V . 109, p . 2 460.
—
D u o $15 ,00 0 y e a r ly o n
M a r c h 1 Horn 1922 t o 1925, Inch : $ 1 0 ,00 0 o n M a r c h 1 and S ept. 1 in th e
y ea rs 1920 to 1932, In ch , and $25 ,00 0 o n M a r c h 1 a n d S e p t. 1 in th e ye a rs
1933 t o 1937. in ch
W A S H IN G T O N
COUNTY
ROAD
IM P R O V E M E N T D IS T R IC T
N O . 3 , A r h .— BOND SALE.— A c c o r d in g t o n ew sp a p er rep orts $ 60 0 ,0 0 0
ro a d b o n d s w ere r e c e n tly sold to G u n te r & C o ., o f L ittle R o c k .
W A T E R V L I E T A l b a n y C o u n t y N . Y .— BOND OFFERING.— P r o p osa ls will 1)0 receiv ed b y M a r y I. D u n n , C it y C h a m b e rla in , until 4 p . m .
M a r c h 9 for $ 5 0 ,00 0 6 % registered re fu n d in g w a ter b o n d s.
D enom .
$ 1 ,2 5 0 .
D a te S ep t. 1 1919.
P rln . a n d s e m l-a n n . in t. p a y a b le a t t h e
H a n o v e r N a tion a l H ank o f N o w Y o r k .
D u o $ 2,5 00 y e a rly o n S e p t. 1
fr o m 1920 to 1939, in ch
C e rt, c h o ck o n a s o lv e n t b an k o r trust c o m p a n y
fo r 2 % o f a m o u n t o f b o n d s b id fo r , p a y a b le t o th o C it y C h a m b e rla in , re ­
q u ire d .
B on d s to b o d eliv e re d a n d p a id for a t th o C it y C h a m b e rla in s
o ffic e .
B on d s will b o p rep a re d b y th o U . S. M tg o . & T r u s t C o . o f N . Y . ,
w h ic h will ce r tify as to th e gen u in en ess o f th o signatures o f th e o ffic ia ls
and th e seal Im pressed th ere o n ; le g a lity a p p r o v e d b y C ald w ell & M a s slich
o f N . Y . , a c o p y o f w h o so fa v o r a b le o p in io n will b o fu rn ish ed th o pu rch a ser
P u rch a ser to p a y a ccr u ed Interest.
' W EATHERFORD
P a rk er C o u n ty
T e x .— BOND ELECTION —
A 'p r o p o s it io n t o Issue $ 1 0 0 ,0 0 0 s c h o o l b o n d s will p r o b a b ly b o s u b m itte d to
t h o v o te r s a t th o c o m in g s p r in g e le c t io n , it is r e p o r te d .
W E L D C O U N T Y S C H O O L D I S T R I C T N O . 84 (P . O . L a S a lle )
C o l o . — BOND ELECTION SALE.— S u b je c t t o e le ctio n M a rc h 17 $14 ,00 0
L'A% 15-30 y e a r (o p t .) s ch o o l b o n d s h a v e been so ld t o th e In tern a tion a l
T ru st C o . o f D en ver.
W E N D E L L S C H O O L D I S T R I C T (P . O . W e n d e l l ) , G o o d i n g C o u n t y ,
I d a h o . — BOND SALE.— W e are In form ed th a t th o $ 3 0 ,0 0 0 s ch o o l b o n d s —
V . 110, p . 681— h a v e b een s o ld to th o S ta te .
W E S T A L L I S , M i l w a u k e e C o u n t y , W i s e .— BOND OFFERING.—
A . L . W ic h n e r , C it y C le r k , will re c e iv e b id s u n til 2 p . m . M a r . 8 fo r th e
$ 3 7 5 ,0 0 0 5 % s c h o o l b o n d s , o ffe r e d u n su c ce s sfu lly o n F e b . 21— V . 110.
p . 8 9 4 . D u o y e a r ly as fo llo w s ; $ 1 9 ,0 0 0 , 1921 t o 1935, in c l.; and $ 1 8 ,0 0 0 ,
1936 t o 1910, in c h
B o n d e d d e b t $ 8 1 9 ,1 0 0 . A ssessed va lu e 1929, $ 2 4 ,­
9 2 0 ,7 1 1 .
W E S T F E L I C I A N A P A R I S H R O A D D I S T R I C T N O . 1, L a .— BIDS
REJECTED.— W o aro a d v is e d th a t th o P o lic o J u ry re je c te d all b id s fo r tho
$ 2 5 0 ,OoO 5 % r o a d b o n d s o ffo r o d o n F o b . 2 6 — V . 110, p . 488— as b e in g in ­
s u fficie n t.
T h o a b o v e b o n d s w ill b o r o -a d v o r tis o d .

A d r ia n
W

ir e

$ 42^) 00 * 1 9 ^ -y e a r (a v e r .) sew er and Im p t. b o n d s , a t 1 0 0 .23 9 , a basis o f
about 4 9 8 % .
D u e y e a rly o n J a n . 1 as fo llo w s : $ 2 ,0 0 0 . 1921 &
1922; a n d $ 1 ,0 0 0 , 1923 t o 1960. in cl.
.
,
,
_
5 1 ,0 0 0 11 >4-y e a r (a v e r .) V a lle y R d . & M a in S t. p a v in g b o n d s a t 1 0 0 .07 9 .
a basts o f a b o u t 4 .9 9 % . D u o y o a r ly o n J an . 1 as fo llo w s : $ 2 ,0 0 0 ,
1921
t o 1929, in c l.; a n d $ 3 ,0 0 0 , 1930 t o 1940, in cl.
M . M . F re e m a n & C o ., o f P h ila d e lp h ia o ffe r e d t o p a y p a r fo r b o t h issues.
W H E A T L A N D C O U N T Y (P . O . H a r l o w t o n ) , M o n t . — BONDS VOTED.
— T h o $20 0 ,0 0 0 d r o u g h t ro lio f b o n d s — V . 110, p . 5 8 5 — are r e p o r te d v o t e d
b y 626 “ f o r ” t o 284 “ a g a in s t."
W H E E L I N G , O h i o C o u n t y , W . V a — NO ACTION YET TAKEN .—
T h o m a s F . T h o n e r , M a v o r , ad vises us t h a t in re fe re n ce t o v o t in g o n th e
q u e s tio n o f issuing $ 2,0 0 0 ,0 0 0 w o rth o f b o n d s th e C it y o f W h eelin g is f i g ­
u rin g o n in sta llin g a filtr a tio n p lan t b u t n o d e fin ito co n c lu s io n has b een
a rriv e d a t as y e t .
W I N S T O N -S A L E M , F o r s y t h C o u n t y , N o . C a r o . — BOND SALE.—
R e c o n t ly th e H arris T ru st & S avings B a n k o f C h ic a g o p u rch a se d a n d is n ow
o ffe rin g t o in v e sto rs a t a p rico t o yie ld 5 M % h it. $ 29 1 ,0 0 0 6 % c o u p o n b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a to F o b . 1 1920. P rin . a n d s e m i-a n n . in t. (F . & A .)
p a y a b le a t th e U . S. M t g o . & T ru st C o ., N . Y .
D u o y o a r ly o n F o b . 1
as fo llo w s: $ 2 9 ,00 0 , 1921 t o 1929, in c l., a n d $ 3 0 ,0 0 0 , 1930.

Financial Statement.
(A s o ffic ia lly r e p o r te d ).
A c tu a l va lu o o f tax a b lo p r o p e r t y ___________________________________$ 8 5 ,0 0 0 ,0 0 0
A ssossed v a lu a tio n fo r t a x a tio n -------- ---------------------------------------------- 2 7 ,7 3 1 ,8 1 3
2 ,8 5 0 ,0 0 0
T o t a l b o n d e d d e b t, in clu d in g this issu e__________________________
Loss w ater d o b t ----------------------------------------$97 0 ,0 0 0
L oss sin k in g f u n d ------------------------------------ 8 8 ,5 0 0 $ 1 ,0 58 ,5 0 0
N e t b o n d e d d o b t _________________________________________________
1 ,< 91,500
P o p ., 1910 cen su s, W in s t o n , 17,157; S alem , 5 ,5 2 3 ; 1918, e t s . . .
5 0,0 00
W in sto n -S a le m , o n e o f th o largest citie s in N o r t h C a r o lin a , Is th o c o u n t y
seat o f F o rs y th C o u n t y , w h ic h is re co gn ize d as o n e o f th o rich e st a gricu ltu ra l
co u n tio s o f th o S ta te . T h o c it y is esse n tia lly a m an u fa ctu rin g co n tr o , b oin g
co u sid e re d th e largest p ro d u c e r o f m a n u fa ctu re d t o b a c c o in th e w o r ld a n d
th e m o s t im p o r ta n t lo o so -le a f t o b a c c o m a r k e t in N o r t h C a r o lin a . T h e
c it y also sta n d s firs t a m o n g th o cities o f th o so u th in th o m a n u fa ctu re o f
c o t t o n k n it g o o d s a n d s o co n d in th o m a n u fa ctu re o f fu rn itu ro . T h o j o b ­
b in g tra d e in th o c it y a lo n o a m o u n ts t o a p p ro x im a te ly th re e -q u a rte r m illion
d o lla rs per a n n u m , a n d d u rin g tho yea r 1919 the U n ite d S tates G o v e rn m e n t
w a s p a id o v e r $ 7 2 ,0 0 0 ,0 0 0 in internal re v e n u e ; tho U n ite d S ta tes C u s tom s
O ffic o a t W in sto n -S a le m ra n k in g s e ve n th in th e U n ite d S ta tos in th e a m o u n t
o f its a n n u al co lle c tio n s .
E x ce lle n t tra n spo rta tio n fa cilities aro a ffo r d e d th o c it y th ro u g h th o S o u th ­
ern R a ilw a y , th o N o r fo lk & W estern a n d th e W in sto n -S a le m S o u th b o u n d ,
w h ich is o p e ra te d b y th o A tla n tic C o a s t L in o .
In a d d itio n t o this rail
tra n s p o r ta tio n s e rv ice , W in sto n -S a le m has a s p le n d id str o o t ra ilw a y system
a n d an a b u n d a n co o f o lo ctric p ow er fu rn ish ed b y tho S ou th ern P o w o r C o m ­
pany.
Its b a n k in g in stitu tio n s h a d in 1919 resou rces o f a p p ro x im a te ly
$ 3 0 ,0 0 0 ,0 0 0 .
, ,
,
, .
U n d er th e ru lings o f th e T ro a s u ry D e p a r tm e n t, th e ln terost fr o m m u n ici­
pal b o n d s issu ed in th e U n ito d States is o x o m p t fr o m th o F ed ora l in c o m e ta x
an d o w n ersh ip ce r tifica te s a r c n o t req u ired .

NEW LOANS

F IN A N C IA L

N EW LOANS

P r iv a t e

W E S T O R A N G E , E ss e x C o u n t y , N . 3.— BOND SALE .— O n M a r . 2
th o 2 Issues o f 5 % c o u p o n (w ith p rivile ge o f re g istra tio n ) b o n d s , o ffe r e d on
t h a t d a te — V . 110, p . 894— w ere a w a rd e d t o th e N a tio n a l C it y C o ., o f

A U C T IO N E E R S

t o
O F F IC E

New York City

TOWN OF MILFORD CONNECTICUT

N o . 00 W I L L I A M S T R E E T
C o r n e r P in e S tr e e t

R eg u la r W e e k ly S a le s
OP

Call Joh n 5089

STO CK S

and

BO N D S

EEYWD E A
VR
E N SD Y

Biddle & Henry

A t t h e E x c h a n g e S a le * R o o m *
1 4-1 0 V eaey S t r e e t

104 S o u th F ifth S treet
P hiladelph ia

He D . W a l b r i d g e &
14 W a l l S t r e e t ,

M U N IC IP A L

P u b l i c

BONDS

U

t i l i t y

New York
S e c u r it ie s

Circular on request
A R O L D
G . W I S E
&
C O .
G o v e r n m e n t a n d M u n ic ip a l B o n d *
0 19 -2 1 F lr * t N a t ’ l B a n k B l d g ., H o u s t o n . T e x

Tax Exem pt
P en n sylvan ia and New Jersey
M u n icipal B on ds

F . W M . K R A F T , L a w y e r
S p e c i a l i s i n g I n E x a m in a t i o n Sc P r e p a r a t i o n at

C o u n t y , M u n ic ip a l a n d C o r p o r a t io n
B o n d a , W a r r a n t * a n d S e c u r it ie s a n d
P r o c e e d in g s A u t h o r i z i n g S a m e .
R o o m . 0 1 7 -0 2 0 , 111 W . M o n r o e S t . ,
H a r r is T r u s t B u i l d i n g

A N

Corporations

W
BUFFALO
M

E

R

I C

A

N

M

F G .

C

O

Financed

Bond Issue,
Underwritten

M A N IL A , S IS A L , J U T E




o f

L e e s v ille ,

L a .

5 % S treet Im provem ent B on d s
L e o s v illo , L a ., F e b . 1 8 th , 1920.
N o tic e Is h e r e b y giv e n th a t o n th e 1 6 T H
D A Y O F M A R C H , A . D . 1 920, I w ill o ffe r a t
p u b lic a u c t io n , fo r n o t loss th a n p a r , a t th o C it y
H all o f th o T o w n o f L e o s v illo , S ta te o f L o u is ia n a ,
an issue o f O n e H u n d r e d T w e n t y T h o u s a n d
D o lla rs o f L ee sville fiv e pijr c e n t s tr e e t i m p r o v e ­
m e n t b o n d s . K ach b id d e r , b e fo r e p a r tic ip a tin g
in th o sale , w ill b o r e q u ire d t o d e p o s it w ith m e ,
a n d p a y a b le t o m y o r d e r , a ce r tifie d c h e c k fo r
th e a m o u n t o f T h r e e T h o u s a n d D o lla rs as e v i ­
d e n c e o f g o o d fa ith In b id d in g .
T . I. D A V IS .
M a y o r or T o w n o f L e e s v ille .

C e r ttfle b

&

P A S L E Y

$ u b U c

a cco u n ta n t*

55 Liberty St.,

New York

G E O R G E

W

.

M

Y E R ,

J R .

C ertified P u b lic A c c o u n ta n t
M

A R K

H A R R I S

STOCKS and BONDS
Main Office
Canadian Brandi
M u t u a l L i f e B ld g .
B u ffa lo . N . Y .

n o b l e S. W e s t S t r e e t * , B r o o k l y n . N . Y . C l t j

T o w n

ENTIRE STOCK ISSUES
PURCHASED OUTRIGHT
C O R R E S P O N D E N C E IN V IT E D

C O R D A G E

$ 1 2 0 ,0 0 0

F E D D E

&
C O .
P h l l a d e lp h ii

Telephone. Lom bard 710

A

C ou p on B on ds

C H IC A G O , IL L IN O IS

Lists mailed upon request.
M . M . F R E E M
421 C l i e . t n u t S t r e e t

4^%

S ealed p ro p o s a ls w ill b o re c e iv e d b y t h o T o w n
T re a su re r, a t th o o ffic o o f th o B o a r d o f S o lo c tm e n ,
M u n ic ip a l B u ild in g , u n til 8 P . M ., M A R C H 2 4 t h ,
1920, fo r th o p u rch a se o f th e a b o v e n a m e d b o n d s
a m o u n tin g to $ 110,000.00 w ith in te re st a t fo u r
a n d o n o -h a lf (4 'A) p e r c o n t p e r a n n u m , b o n d s t o
b e d a te d A p ril 1st. 1920, a n d m a tu r in g as fo llo w s ;
$ 10 ,0 0 0 .0 0 e a ch a n d e v e r y y o a r b e g in n in g A p r il
1st, 1921, a n d e n d in g A p r il 1st, 1931. B o n d s
a n d in terest p a y a b le a t tlio M ilfo r d T r u s t C o m ­
p a n y , M ilfo r d , C o n n e c tic u t.
R ig h t re se rv e d t o r e je c t a n y a n d a ll b id s .
F o r fu r th e r In fo rm a tio n ad d ress
S A N F O R D H A W K IN S ,
T o w n T re a s u re r.

C e

o f Texas M unicipalities
y ie ld in g from 5 t o 0 .20%

H

$ 1 1 0 ,0 0 0

H . M u lle r & S on

R o y a l B a n k B ld g .
T o r o n to , O n t.

2 RECTOR

S T ., N E W

YORK

Audita, Investigations,
E state A ccounting,
Inoom e T a x R etu rn s.
Telephone R ector 644}

1004

T H E C H R O N IC L E

[Vol. 110.

' W O R C E S T E R W o r c e s t e r C o u n t y M ass.— TE M PO R A R Y L O A N .—
O n M a r c h 3 a te m p o r a r y lo a n o f $ 20 0 ,0 0 0 , d a te d M a r c h 4 a n d m a tu r in g I D 7 ^ v r V ^ ^ ^ U ^ HnT, ° ^ N S H ,P ( P - ° ’ W i l l i a m s t o w n ) , O n t . —
SALE. -O n F o b . 16, a c c o r d in g t o re p o rts , th o $ 6 0 ,0 0 0 5 A %
J u !y 15 1920 w as a w a rd e d a c c o r d in g t o r e p o rts , t o th e M e r c h a n t s N a tio n a l
in sta llm e n t ro a d d o b o n tu re s , w h ic h w ero o ffe r e d o n th a t d a to — V . 110 n
B a n k o f W o r c e s te r o n a 5 .6 4 % d is c o u n t b asis.
.
4 89— w ore a w a rd e d to B r e n t, N o x o n & C o ., o f T o r o n t o , a t 9 4 .7 3 .
Y A M H I L L C O U N T Y (P . O . M c M in n v ille ) , O r e . — BOND S A L E .—
kc7 ? R T W I L L I A M , O n t.— DEBENTURES N OT SOLD.— T h o $ 33 7 ,0 0 0
F
& C o’
p.u^ ¥ ^ e d . th0 =5105,000 5 H % b o n d s o ffe r e d
%
co u p o n g o ld s ch o o l d o b o n tu re s . o ffo r o d o n F o b . 2 4 — V 110 i> 7 0 0 ___
o n F e b . 23— V . 110, p . 790— a t 102.05 (5 .3 0 % b asis).
market;01 S° l d ’ M th ° City h a d d c ld o d to w ‘ th d ra w th o ‘issuo’ fr o m t o o
Y E L L O W S T O N E C O U N T Y S C H O O L D I S T R I C T N O . 7 (P . O .
M o n t .— BOND OFFERING .— A t 7 n . m . M a r c h 8 th e $ 4 2 ,5 0 0
o f G U D D E N , S a s k .- DE B EN TU R E S A L E . - W . L . M c K in n o n & C o ­
6 % 2 0 -y e a r s c h o o l b on d s— V. 110, n . 185— will b e o ffe r e d fo r sa lo . C e r t,
ot R e g in a , h a v o p u rch a se d , it is s ta te d , an issuo o f $ 3 ,5 0 0 d o b o n tu res .
c h e c k o f $ 4 ,2 5 0 re q u ire d . E . L . F e n t o n . C le rk .
Y U M A , Y u m a C o u n t y , A r i z . — BOND SA LE. — S w e e t, C a u s e y , F o s te r
& C o ., o f D e n v e r a n d B o lg e r, M o s s o r & W illa m a n o f C h ic a g o , b id d in g
J o ‘ ly i , wer,° aw a rd ed $ 4 0 ,0 0 0 6 % 2 0 -y e a r c it y -h a ll b o n d s , d a te d J a n . 1
,°o
1920 o ffe r e d o n F e b . 24— V . 110, p . 790— a t 1 00.05 an d in terest a basis o f
a b o u t 5 .9 9 % . A bid w as also r e c e iv e d fr o m K e e le r B r o s ., o f D e n v e r .

CANADA,

its

P rovinces

an d

M u n icip a lities.

A D M I R A L , S a s k .— D E B EN TU R E SA LE . — I t is re p o r to d th a t H arris,
R o a d & C o ., o f R e g in a , h a v o p u rch a se d $ 1 ,5 0 0 d e b e n tu re s o f this v illa g o .
A L B E R T A S C H O O L D I S T R I C T S , A l t a .— D E B EN TU R E OFFERING
— S epa ra te soaled tonders will b e re c e iv o d b y t h e d e b e n tu re b r a n c h o f th o
D e p a rtm e n t o f E d u ca tio n (P . O . E d m o n to n ) u n til 4 p . m . M a r c h 15
on th e fo llo w in g s ch o o l d e b e n tu re * , issuod o n clio serial p lan a t th o ra to o f
(y A % . T en d or s in ea ch ca so sh o u ld in clu d e a ccr u e d in te re st fr o m th o
d a te o f th o d eb en tu re u n til th e d a to o f p a y m o n t.

A m t. o f Issue. Date o f Issue.
T u r n e r , s.- D i VN ° - M 97 .............................
1 3 ,2 0 0
£ ? ari£ L a H°V No> 3 l665 - - - - .................... - .............. 1.5 0 0
(3) N o rth o rn M o o s e , N o . 3 ,5 8 1 ...................................... 1,500
(4
Siberian N o 3 ,4 7 5 ...............................
1,000
(5) L o t u s , N o . 3 ,7 2 5 ..................
1,800
6
C u rrie, N o 3 ,7 6 7 . ...............................
1,800
(7) N a c m in e , N o . 3 ,7 7 1 ______________
8 .0 0 0
(8) C a p it o l, N o . 2 ,7 7 9 ........................................................ 1 2 00
Rural— 12 years—
(9 ) B e r g , N o . 3 ,6 7 5 .....................
$ 1 ,2 0 0
Rurals— 15 years—
(10) B la r n e y , N o . 3,6 2 7
$ 2 ,5 0 0
2 ,0 0 0
G O Hunrtbourne, N o . 3 ,0 4 7 --------(12) L ily L a k o , N o . 3 ,8 2 2 ..............
2 ,2 0 0
13 S m o k y L a k e , N o . 3 ,8 8 0 .............................................. 5 ^ 0 0
(14) P a ss ch on d alo, N o . 3 ,8 4 0 ...................
2 ,5 0 0
15 W e llm a n , N o 3 ,8 5 3
4 J )0 0
I® g u s h y P^r k ’ ^ ° ’
2 ,5 0 0
(1 7) C h a m p la in , N o . 1 ,7 7 6 .....................
1,500
(1 8) P in e G r o v e , N o . 2 , 6 6 5 . . .........................................
7 00
Village S. D . — 5 years—
U 9 ) S tr om o, N o . 1 ,9 7 8 .........
$ 1 ,5 0 0
Village, S. D . — 15 years—
(20) B o w d e n , N o . 3 0 2 .......................................................... $ 2 ,0 0 0
G>

M a r . 10 ’ 20
M a r . 10 ’ 20
M a r . 1 0 ’20
M a r . 1 0 ’20
D ec.
20 T 9
A ug.
1T 9
D oc
1T 9
M a r . 10 ’ 20

q

D ec.

1T 9

M ar.
M ar.
M ar.
M ar!
M ar
M ar!
M a r.
M ar.
D oc.

10 ’ 20
10 ’ 20
10 ’ 20
10 ’ 20
10 '2 0
10 ’ 20
10 ’20
1 0 ’ 20
20 T 9

M a r . 10 ’20
M a r . 10 ’ 20

P B R O C K V I L L E , O n t . — DEBEN TU RES VOTED.— T h o b y -la w to Issue
$ 2 0 ,0 0 0 ra ilw a y exten sio n d e b e n tu re s ca rried b y a v o t e o f 491 t o 10 at tho
e le c tio n h old F e b . 23— V . 110, p . 6 82.

o f ? M y ^ S£ Bk^ DEDf :,NTURE,,SA L B -— An 183X10 o f * 1 2 .0 0 0 d eb en tu res
Saskatoon*™ haS beon so

a c c o r d in g t o r e p o rts , t o T . K . M c C a llu m , o f

e ' D E B EN TU R E SA LE.— I t is r e p o rto d th a t an
9T eiV f,,lrid in K ? ntl Irap*- d e b e n tu re s has been s o ld
t o V ersailles, V id ricairo & B o u la is , o f M o n tr e a l, a t 9 7 .2 5 .
K I N C A R D I N E , O n t.— DEBENTURES VOTED .— On F o b . 23 a b v -la w
is re p o r te d 9,000 11YU ro-eleotrlc d e b e n tu re s ca rrie d b y a m a jo r it y o f 198, it

i

s

s

m

w

t

f

8'tnfnfww^e/ P in ° n t \ ~ D EBEN TU RE S A L E .— I t is re p o r to d th a t th o
5 3 0 ,00 0 6 % 2 0-in sta llm e n t h o sp ita l d e b e n tu re s v o t e d a t an o loctlon h old
T o r o n to " a t 97 6?* 283~ h a v o boon P u rch ased b y C . I I . B u rg oss & C o ., o f
a iw
a b ly aW

VOTED .— A t an o lo c tio n h o ld F e b . 2 0
ssu c * 1 5 ,0 0 0 h y d r o -o le c tr ic d e b e n tu re s w a s v o t e d u p o n fa v o r -

S T . H O N O R E P A R I S H , Q u e .— DEBEN TU RE OFFERING — I t is
f o ? ° « 7odnnoa«
P a ^ s h S e cre ta ry T rea su rer will r o c o iv o b id s u n til M a r . 8
fo r 8 /0 ,0 0 0 b % 4 0-in sta llm o n t d e b e n tu re s.
SA L E .— -It is re p o rte d th a t an
hwiie o f $ 2,0 00 villa g o d e b e n tu re s has boon s o ld t o W . L . M c K in n o n & C o ..
or R ogina.
K
9 e1 n
N S C H 9 O L , D I S T R I C T S , S a sk .— DE B EN TU R E
*
f ° l lo w in B. a c c o r d in g t o th o “ M o n e ta r y T lm o s ” o f T o r o n t o , Is
a list o f d e b e n tu re s a gg re g a tin g $ 2 4 1 ,2 0 0 , r e p o rto d s o ld b y th o L o c a l
G o v e rn m e n t B o a r d fr o m J an . 26 to F o b . 10 1920:
V enice S. D . , $9 000:
L a n d e d a n d N a tio n a l In v e s tm e n t C o ., W in n ip e g .
R e ro sh lll.
$ 500, O llcn b o rg o r, $000, W a r w ic k , $ 1 ,0 0 0 , B o n n ie H ill. $ 1,200- S a s k a tch oo iW r G£ n JriJ1 11 vest m e e t a n d A g o n c y C o ., R o g in a .
l
1
Itivorburn
$3 5 0 0
? • H . G r ip t o n . S t. C ath a rin os.
V im y R id g e , $ 1,2 00 ; C ro ss , J o n a h , l l u g g
a n d F o r b e s , R e g in a . E d a m R .C .S .S .. $ 4 ,0 0 0 ; A raodo L a v ig n e .
i>oterss o i n ’ o o n ’ ^ iP ’ P ™ A g o n c lo s , L t d ., M o o s o J a w .
S a s k a to o n P. 8 . D . ,
$ 21 0 ,0 0 0 : W o o d , G u n d y a n d C o ., S a s k a to o n .
H a rv a rd , $ 5 ,0 0 0 ; W a to rm a n W a to r b u r y , R o g in a . H a lf W a y , $ 3 ,7 0 0 ; s o ld lo c a lly .
DEBEN TU RES A U T H O R IZ E D .— T h o fo llo w in g is a list o f a u th oriz a ­
tio n s gra n te d b y th o L o c a l G o v o rn in o n t B o a r d fr o m J an . 26 t o F o b . 10
i ? 2 0 . S ch o o ls .— M ile s to n e , $ 2,0 00 10-yoars 7 % In stallm en t; *F a irh olm o,
$ 4 ’ 750 10-years 8 % a n n u ity ; * L ittlo Six, $ 3 ,5 0 0 1 0-yoars 8 % in stallm en t
Ip s lo y M o u n d , $4,0 00 10-years C>A% a n n u ity ; E a s t S id < , .$3,500 10-yoars
7 % a n n u ity ; G ro o n va lo , $ 2,7 00 10-yoars 0 A % a n n u ity ; * D e o r R u n , $2 7 50
10-yoars 8 % a n n u ity .
’
* T o b o in clu d e d in the n o x t salo h o ld b y th o b o a r d .
V I C T O R I A , B . C .— DEBEN TU RES SOLD I N P A R T .— O f tiro $ 8 7 ,'7on Ooo9^n H 0^
)0ntllr0i1
Par a n d in terest as r o p o r te d in V . 110, p .
«T °n/v?2 (,’R0(? ’ m atu r in g in 1932 a n d 1939 w ore d isp o s e d o f .
D onom .
$ 1 ,0 0 0 .
D a to S o p t. 15 1919.
In t. M . & S.

FINANCIAL

FINANCIAL

S e le c te d Investm ent S ecu rities
Located in Pittsburgh, the greatest industrial centre
in the world, we are intimately in touch with devel­
opments in this district.
We own and offer for sale a number of bonds, which
Lavo been selected by us because of their investment
possibilities.

"Reasons W h y" N o. 7

T h e C h ic a g o
“ N a t io n a l C i t y ” W a y
Y ou r account with The
N ational C ity Bank o f Chi­
cago Rhould p ay Y O O a
profit In both m oney and
satisfaction.

Write for information and late lists

W o endeavor to handle
tho account o f each corre­
spondent bank In a m an­
ner which will meet Its
particular requirements.

M ELLON N A TIO N A L BANK
P I T T S B U R G H , PA.

OKeN a h o n a i / ( I t y B a n i ^
o f (T i i c a g o

If T ere Is AMrk W Cn F dI
h
a et e a in t

Lincoln M enny O ppenheim er

We hold sales of stoksc
and bonds every Wednesdy.a
charging $1.50 entrance eef
for each item. Our weekly
catalogues and postal card servioJ
reach every m arket.
W o take
pleasuro in furnishing quotations.

BANKERS
FRANKFORT-o-M., GERMANY

147 S. 4th St.,

&

F O R E IG N

EXCHANGH

H ong

K o n g & Shanghai

BANKING CORPORATION
SILVER
BULLION

EASTERN
EXCHANGES
Weekly “ Bullion Letter"
Sent on Reguest.

SRINIVAS R. WAGEL
M P IN E S T .
HEW YORK

P h o n e J O H N IB M

G E O . B. E D W A R D S
IN V E S T M E N T S
IS B r o a d w a y . N E W Y O R K . N . Y .
P O R S A L E — T im b e r . C o a l. Ir o n , R a n c h s o t
o th e r prop erties.
C o n fid e n tia l
N e g o tia tio n s .
In v e stig a tio n s
S e ttle m e n ts an d P u rch a ses o f P ro p erty.
Halted States.
West Indies.
Oanads




C R A N D A L L , Vlee-Pros.
Assistant Cashier
H E N R Y M E Y E R , Assistant Cashier
R. V. K E L L E Y , Assistant Cashier

8- T iT D H N S O N .

IN V E S T M E N T S E C U R IT IE S

Auctioneers

Philadelphia

F. A

Cable A d dress “ Openbym"

Barnes fk Lofland
Stook Brokers

D A V ID R . F O R O A N . President

Banks and Bankers Department

Paid up Capital (nong Kong Currency).—*16.000,000
Reserve Fuud/In G old ...* 1 5 ,000,000\
*38,000,000
lIn 811ver..*21,0 0 0 ,0 0 0 /
Reserve Liabilities of Proprietor*_______. . . 15,000,000
GRANT D R A FrS, ISSUE LETTERS OF CREDIT,
NEGOTIATE OR COLLECT RILLS PAYABLE IN
CHINA, JAPAN, PHILIPPINES, STRAITS SET­
TLEMENTS, INDIA.
WADE OARD’NER, Agent, 34 Wall St.

B R IN RH N E S E E L C A T
E L E A D L -G S L S H F
BN
AK
_

„

Berlin W. Behrenstrasse S2-3S
, .

(Founded In 1850)

Fully-paid capital & reserves M 144,500,000
AH kinds o f banking business transacted.
Special attention given to foregn exchange and
docum entary business. T rade Inform ation furn­
ished.

Cable Address: Handeloes Berlin

CINCINNATI GAS
& ELECTRIC CO.
6%
S ecu red G o ld N otes
D u o D ec. 1, 1922
Principal and semi-annual Interest puyablo In N ow York.
Complete description on ragnest.
P rice OTA a n d in te re st
Y ie ld in g 7%
BOND D E P A R T M E N T

Fifth-Third
National Bank
C IN C IN N A T I, O H IO