The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
"1921
MAY :
f. *
TWO
ONE
SECTIONS—SECTION
iY 1P192J
INCLUDING
Bank &
Railway & Industrial Section
Railway Earnings Section
COPYRIGHTED IN 1921 BY WILLIAM B.
DANA COMPANY, NEW
YORK.
Electric
Bankers* Convention Section
Quotation Section
State and
ENTERED AS SECOND-CLASS MATTER JUNE 23,
1879, ATTHE POST OFFICE AT NEW YORK,
NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
William B. DanaCo.,
Weekly
Issued
VOL 112.
YORK, MAY 14, 1921.
NEW
$10.00 Per Year
INCORPORATED
TRUST
THE FARMERS' LOAN &
32 NASSAU ST.. NEW YORK
William Street
475 Fifth Avenue, at
Harris, Forbes & Co
Pine Street, Corner
NEW YORK
Gardens, London, E. C.¬
FORBES & CO.,
BOSTON
PHILADELPHIA
CHICAGO
Inc.
BOSTON
EAST 45TH ST., NEW YORK
41st Street
William
10 Drapers
OTHER OFFICES
16, 18, 20 and 22
OQ1C
MU. £Ul0.
HARRIS,
COMPANY
17
MA
jffnantfal
HARVEY FISK & SONS
CHARTERED 1822
Publisher#
138FrontSt., N.Y.City
^financial
Jflnantlal
Railway Sections
City Sectio®
HARRIS TRUST &
SAVINGS BANK
CHICAGO
BUFFALO
YORK
NEW
fiscal agents for munici¬
palities and corporations and
deal in Government, munici¬
Act as
MUNICIPAL,
GOVERNMENT,
MANAGEMENT
PUBLIC UTILITY AND
ESTATES
OF
INDUSTRIAL SECURITIES
CARE.OF SECURITIES
DOMESTIC AND FOREIGN
List
public utility
INVESTMENT
Application
on
Cable Address
BANKING
SABA, NEW YORK
COMPANY
AMERICAN EXPRESS
EXCHANGE
FOREIGN
pal, railroad and
BONDS FOR
:h
LETTERS OF CREDIT
'
SECURITIES
COMMERCIAL LETTERS
DEPARTMENT
Established 1810
ACCEPTANCES
The
INTERNATIONAL
SECURITIES
Mechanics and Metals
PARIS
LONDON
National Bank
OF TOE CITY OF NEW
YORK
65
BROADWAY
NEW
YORK
Member Federal Reserve System
and
York
New
Clearing House
Capital, Surplus, Profits
Deposits, April 28,1921
-
$26,800,000
$179,000,000
Established 1874.
John L. Williams & Sons
Trust Service
Foreign Exchange
BANKERS
Bond
Department
Edward B.Smith
&Co
Comer 8th and Main Streets
RICHMOND, VA.
Baltimore Correspondents:
LANCASTER WILLIAMS & CO., Inc.
R.
The NewYbrkTru st Company
NATIONAL BANK
STREET,
23rd
-
A
The
AVENUE
Crosses
Capital,
Broadway
Surplus,
$1,000,008
Bank for
consolidated
with which is
where
FIFTH
Liberty National Bank
-
$1,000,000
CAPITAL-.
— -
SURPLUS AND
UNDIVIDED PROFITS
DEPOSITS
The Bank of New York
Trustee for Foreign
137 years'
experience
service of our
is
at the
Main
of
Office
Philadelphia
CHARTER NO.
Liberty Office
Broadway
A.
LAW,
Fifth Avenue Office
BARTON
20,183,60 0
320,285,060
ALBERT
HEPBURN.
Advisory Board.
H. WIGGIN. President
Vice-Presidents
8amuel H. Miller
Carl J. Schmidlapp
Gerhard M. Dahl
Reeve Schley
Alfred O. Andrews
Robert I. Barr
Assistant Vice-President*
Edwin A. Lee
William E. Purdy
Comptroller
Cashier
Thomas Ritchie
George H. Saylor
M. Hadden Howell
William P. Holly
Henry W. Cannon
Newcomb Carlton
Hepburn
Wiggin
John J. Mitchell
Guy E. Tripp
Carl J.
A. Barton
57th Street &
Fifth Avenue
1
President
1921)
515,000,666
DIRECTORS
Albert H.
James N.
Member Federal
Wm.
•
26 Broad Street
120
Bank
(April 28.
Chairman of the
depositors
FIrst National
---——
PROFITS---
OFFICERS
Association
and Domestic Corporations
—
$26,000,000
A.
National Banking
Oar
BROADWAY
57
the Builders of Business
CAPITAL, SURPLUS &
as
National Bank
City of New York
The Chase
of the
of New York
ESTABLISHED 1784
We Act
New You
Philadelphia
GARFIELD
Reserve System
Hill
Daniel C. Jackling
Charles M. Schwab
Samuel H. Miller
Edward R. Tinker
Edward T. Nichols
Frederick II. Belter
Eugene V. R. Thayer
Schmidlapp
Gerhard M. Dahl
Andrew Fletcher
Wm. Boyce Thompeasr
Reeve Schley
Kenneth F. Wood
H. Wendell
Endicott
William M. Wood
THE CHRONICLE
Snbflftment J^on
[VOL. IIS.
ilnattt
©ratoenl of fmti$n
Cxtljangt
I. P. MORGAN & CO. Maitland, Coppell & Co.
Wall Street, Corner of Broad
62 WILLIAM STREET
NEW YORK
/■
NEW YORK
OREXEL
&
CO.,
KiDDER, PEABODY & CO.
Orders executed for all Investment
Securities.
Act as agent* of Corporations and
negotiate and
PHILADELPHIA
Corner of 5th and Chestnut Streets
issue Loans.
MORGAN, GRENFELL & CO., LONDON
Bills
;;K-'VC
of Exchange,
Letters
No. 22 Old Broad Street
Telegraphic
of Credit
115 Devonshire St
18 Broad SI
BOSTON
NEW YORK
Transfers,
on
MORGAN,
HARJES
&
CO.,
PARIS
The
National
Securities bought and sold
&
Union
Messrs. Mallet Freres &
and
Commission.
on
Provincial
Bank
of
Commercial and Travellers
England, Ltd., London,
14 Place Vendome
Foreign Exchange, Commercial Credits.
Principal Places
Letters of Credit
Cie, Paris,
in Mexico.
Cable Transfers.
Circular
Letters
for
Travelers,
available
in
on
Agents for the Bank of Australasia.
all
>'
parts of the world.
TRAVELERS'LETTERS OP CREDIT
BROWN BROTHERS & CO.
•PmuuDztraiA
NEW YORK
BARING
BROTHERS
August Belmont & Co.
Bostor
43 EXCHANGE
i
CO, LTD.
PLACE, NEW YORK
Members New York Stock
ALEX. BROWN & SONS, Baltimore
&
LONDON
Exchange.
Agents and Correspondents of the
Messrs.
ROTHSCHILD,
London, Paris and Vienna
Investment
Securities
ISSUE
Foreign Exchange
Available
Deposit
LETTERS OF CREDIT
for
Accounts
Draw bills of
Transfers
Commercial
Credits
Travelers
all
in
parts of
the world.
'
Exchange and make Telegraphic
J. & W. Seligman & Co.
Execute orders for the purchase and sale of
Travelers' Credits
Bonds
and
N§_54 Wall Street
Stocks.
NEW YORK
BROWN, SHIPLEY &
CO.
Equipment
London
Bonds
T. Suffern Tailer
Grenville Kane
James G. Wallace
FREEMAN & CO.
34 Pine
Street
NEW YORK
TAILER & CD
Members
New
York
Stock
IRedmoni&Cft.
Exchange
10 Pine Street, New York
New York
Philadelphia
Pittsburgh
Investment Securities
Baltimore
Washington
Lawrence Turnure & Co.
64-66 Wall Street,
Investment Securities
New York
Winslow, Lanier & Co.
59 CEDAR
Investment securities bought and sold
mission.
STREET
Central
NEW
com¬
credits, available through¬
States, Cuba, Puerto Rico, Mexico,
America
and
Spain.
Make
In and issue drafts and cable
transfers
YORK
on
collections
on
above
countries.
BANKERS.
Deposits
Received
Allowed
on
Subjeci
to
Deposits.
Bought
and
Sold
London
Bankers: London Joint City
Midland Bank, Limited.
Paris Bankers: Heine & Co.
,
Draft.
Interest
Members
Travelers'
out the United
New York,
Philadelphia and
Pittsburgh Stock Exchanges.
&
Securities
HEIDELBACH, ICKELHEIMER & CO.
on
Commission.
37 William Street.
Foreign Exchange, Letters of Credit
MEMBERS
N.
HUTH & CO.
Y.
STOCK
EXCHANGE
Execute orders for
purchase and sale of
Stocks and Bonds.
Bonds for'
Investment
Foreign Exchange Bought and Sold.
Issue Commercial and Travelers' Credits
available in all
parts of the world.
30 Pine Street
Foreign Bonds & Investment Securities,
Commercial Credits, Foreign Exchange,
Cable Transfers
FRED?
BERTRON, GRISCOM & CO. INC.
Kemi, Taylor &* Co.
Neuf\brk.
INVESTMENT
JPitb&hurgh.
40
Wall Street
NEW YORK
John Munroe & Co.
NEW YORK
Letters
BOSTON
of
Credit
Commercial Credits.
for
Travelers
Foreign Exchange
Cable Transfers.
New York
■
and
on
HUTH
&
on
CO., London
the Continent of Europe.
SECURITIES
Land Title
Building
PHILADELPHIA
BOISSEVAIN & CO.
52
BROADWAY, NEW YORK
Members of the New York Stock
Exchange
INVESTMENT SECURITIES
COMMERCIAL DEPARTMENT
ALDRED & CO.
40
Wall Street
New York
FOREIGN EXCHANGE
Fiscal Agents for
MUNROE &
CO., Paris
MESSRS. PIERSON & CO.
Public Utility and Hydro-Electric
Amsterdam, Holland.
Companies
/
MAY 14
1921.]
THE' CHRONICLE
m
inbetftmettt anb financial ®oh*m
Goldman, Sachs & Co.
60 Wall Street
v
Lee, Higginson & Co.
NEW
Millett, Roe
YORK
187 So. La Salle Street
60 Congress
CHICAGO
Investment Bankers
14
Montgomery Street
New York
PHILADELPHIA
INVESTMENT SECURITIES
24 Marietta Street
ST. LOUIS
ATLANTA, GA.
Title Insurance Building
LOS ANGELES, CAL.
Chicago
Hagen
421 Chestnut Street
SAN FRANCISCO
411 Olive Street
Boston
&
Street
BOSTON
MEMBERS
Members of New York and Chicago
Stock
Higginson & Co.
St.
80, Lombard
Exchanges
YORK
STOCK EXCHANGE
Commercial Paper
Securities
E. C.
London,
NEW
bought and sold
commission
on
Foreign Exchange
Commercial
available
Travelers'
in
all
Letters
parts
of
the
of
Credit
52 WILLIAM ST.
NEW YORK
world
Hornblower & Weeks
42
NEW YORK
BROADWAY,
RAILWAY
EQUIPMENT
Securities
Investment
BONDS
Bonds
Preferred Stocks
MEMBERS
NEW
YORK,
CHICAGO
BOSTON AND
EXCHANGES
STOCK
Members New York Stock
Direct
wires
to
all
Acceptances
EVANS, STILLMAN &, CO.
principal markets
Main Office:
Exchange
National City Bank Building
Uptown Office: Fifth Avenuo and 43rd St.
60
BROADWAY
NEW
YORK
Correspondent
Boston
Offices in
50
Cities.
*
Chicago
Detroit
Providence
Established
Portland
Robinson & Co.
188S
Investment Securities
U. S. Government Bonds
i
Investment Securities
IL
Founded
1797
W. A. Harriman & Co.
26
Exchange Place
V
New York
Members New York Stock Exchange
INCORPORATED
U
Seasoned
Investments
New York
Boston
Conservative
Syracuse
Investment Securities
30 Pine Street
Yielding 6%
Investment Securities
New York
Underwritten
&
8%
Distributed
7
Peabodv
Federal Securities
Bvrsly Bro s. & Co.
HoagMeliog &Go.
Corporation
blajsteleics
MEMBERS
to
PHILADELPHIA STOCK EXCHANGE
EST. 1865
38 South Dearborn Street
Investment
INC. 1918
10 So. La Salle St.
CHICAGO
366
Madison
•
Chicago
Ave.,
New
York
Securities
1421 CHESTNUT STREET
Distributers
Underwriters
PHILADELPHIA
V
Howe, Snow,
B.
i
SALES CQ.|
n SEC-OFtlTIES
H.
Collins,
President
Corrigan & Bertles
Marshall Field, Glore, Ward & Co.
Investment
GRAND
Bankers
RAPIDS,
MICH.
Southern
18J SOUTH LA SALLE STREET
64
Securities
PEACHTREE, ATLANTA
CHICAGO
H. MOUNTAGUE VICKERS
NEW
JACKSONVILLE
ORLEANS
MEMPHIS
BIRMINGHAM
49
Wall
Street
RAILROAD, INDUSTRIAL,
Bonds
h.
t.
holtz &
Guaranteed Stocks
FOREIGN
GOVERNMENT
AND
co.
MUNICIPAL BONDS
INVESTMENT
harper
& turner
INVESTMENT
BONDS
STOCK EXCHANGE BUILDING
WALNUT STREET ABOVE BROAD
39
SOUTH LA SALLE STREET
CHICAGO
FOR
INVESTMENT,
BANKERS
PHILADELPHIA
Members Philadelphia Stock Exchange
Parker & Co.
49 Wall Street,
New York
Formerly
Colgate, Parker & Co.
[Vol. 112.
the chronicle
financial
^Financial
FINANCE
WE
ESTABROOK & CO
Exchanges
15
State
earnings.
SECURITIES
INVESTMENT
Street,
and
Bankers
BOSTON
-
CHASE & COMPANY
|
BONDS
WE OFFER
Investment
Proven Power and
NEW YORK
24 Broad Street,
Light Enter¬
prises with records of established
Member* New York and Boston
Stock
and
Power
Electric
ftaaadal
Dealers
Light Securities
19 CONGRESS
BOSTON
ST.,
Correspondence Solicited
PROVIDENCE
SPRINGFIELD
|
HARTFORD
ELECTRIC BOND & SHARE CO.
(Paid-Up Capital and Surplus $24,500,000)
Members
71
BORG & CO.,
SIMON
of New
York Stock Exchange
No. 46 Cedar Street
-
-
BROADWAY,
Arthur Lipper
NEW YORK
& Company
New Street and Exchange Place
NEW
MUNICIPAL AND RAILROAD
YORK
BONDS
New York
SECURITIES
For Conservative Investment
BOUGHT AND
SOLD ON COMMISSION
HIGH-GRADE
R. L.
INVESTMENT SECURITIES
35
Day & Co.
Branch Offices
Members
N, Y. Stock Exchange
Congress St., Boston
W aid orf-ABtoriaHotel ,N. Y,
Saratoga Springs, N. Y.
Philadelphia Stock Exch.
Atlantic
Chicago Board of Trade
Correspondents
11 East 44th
N. Y. Coffee & Sugar Exch
New York
N. Y. Cotton Exchange
West
REMICK, HODGES & CO.
W. F. Ladd & Co.
St., N. Y.
City, N.J.
End, N. J.
Long Beach, N. Y.
PARKINSON & BURR
Investment
Members of the New York and
Boston Stock Exchanges
Securities
53 State Street
7 Wall Street
BOSTON
NEW YORK
William R.fpmpton fa
New York
INVESTMENT BONDS
14 Wall
BONDS
Street, New York
Cincinnati
St. Louis
New
Chicago
ESTABLISHED
Orleans
1865
Baker, Ayiing & Young
eftxdlhJQs^eb&Co
6 Nassau
RAILROAD
St., N. Y.
BONDS
INDUSTRIAL BONDS
BOSTON
PUBLIC
UTILITY BONDS
PAUL
H.
MEMBERS NEW YORK STOCK EXCHANGE
A
PHILADELPHIA
'
Deal in
WATSON*
SECURITIES
INVESTMENT
Underlying Railroad Bonds
and
55 William
Tax-exempt Guaranteed & Preferred
Railroad & Telegraph Co. Stocks
St., N. Y.
Telephone— John 1832
stocks and bonds
bought
and
sold
for
cash,
conservative
carried
or
on
terms.
Inactive and unlisted securities.
Inquiries invited.
Hollister,White & Co.
FINCH & TARBELL
»*co«»o**rcci
Members New York Stock Exchange.
investment Securities
f
120
BROADWAY,
NEW YORK
FOUNDED
Investment
115 BROADWAY,
50 Congress St.
Boston, 0. Mass.
NEW YORK
Letters of
Nerth American Bldg.
Foreign
Exchange
Credit
Philadelphia, Pa.
1852
Securities
Travelers'
Checks
Correspondents Throughout
Thomas C. Perkins
Jamrs 'gultoU %nc.
FOUNDED 1854
Constructive Banking
15 State Street
Boston, Mass.
the World.
Ktiautfj Narljoti &Kttluif
Members New York Stock Exchange
Equitable Building
New York
36 Pearl Street
Hartford, Conn.
Municipal, Railroad,
Specialist
FACTORS
years
for
eighteen
Public
in the Financing
erous
Utility
and
of established and pros-
Industrials.
Industrial Securities
Main Office
Entire stock issues
225 4th Ave
-
Cable Address
-
•
New York
Quomakel
underwritten and distributed
WATKINS & CO.
7 W\ll Street
NEW YORK
15
Exchange Sr.
BOSTON
MAT 14
1921.]
THE
v
CHRONICLE
Cana&ian
BANK OF MONTREAL THE CANADIAN BANK
Canadian
Established
100
over
OF COMMERCE
Years
Government and Municipal
HEAD
CAPITAL
Bonds
These
bonds
offer
exceptional oppor¬
If pur-
yield
will
they
now
UP
122,000,000
-
Reit
tunities for sound investment.
shased
PAID
22,000,000
UNDIVIDED
TOTAL
PROFITS
1,251,850
-
ASSETS
SIR CHARLES
Particulars
C-21
payable
In
Head
Sir
Wood, Gundy Si Co.
F. Jonee.
General Manager, H. V.
YORK
London, Eng.
New York Office, 16
President.
F.
B.
C.
Manager.
Agencies;
Throughout Canada and Newfoundland.
London, England, and at Mexico City.
Paris,
Bank
Montreal
of
(France).
In the United States—New York, Chicago,
Spokane,
FRANCIS,
FOSTER,
Agent.
STEPHENSON,
L.
J.
made at all
In
Exchange Place
Buy and Sell Sterling and Continental
Exchange and Cable Transfers.
Collection,
Williams-Taylor
General
At
Incorporated
(Toronto, Winnipeg, Montreal,
General Manager. Sir John Aird.
Assistant
Office—MONTREAL
Branches and
14 WALL STREET, NEW
President, Sir Edmund Walker, C.V.O., LL.D., D .O.T
GORDON, G.B.E., Vice-Pres.
Frederick
request.
on
$15,000,000
_
C.
United States funds
Full
,
$15,000,005
RESERVE
560,150,812
SIR VINCENT MEREDITH, Bart.,
and interest
OFFICE, TORONTO
CAPITAL
from
6.50% to 8%
Principal
PAID UP
San
points.
Travelers' Cheques and Letters of Credit issued
available in all parts of the world.
Banking
and
Exchange
business
of every
description transacted with Canada.
LONDON
Francisco—British American
by the Bank of
Bank (owned and controlled
Lombard
OFFICE—2
Street,
E.
O
BANKERS IN GREAT BRITAIN
Montreal).
West
Indies,
Africa—The
British
Colonial
Guiana
(in
and
The
which an
Bank of Montreal).
Bank
of
England,
Ths
West
Bank
Interest is owned by the
Bank
of
Scotland,
Lloyd's
*
Limited.
Bank,
THE
*A'&'tAmas
<2o
&
Srtafclishcd 1889
Mcmberalbtonio Stock
&xcha*Qa
ROYAL BANK OF CANADA
United Financial Corporation
Established
(3can<adi<art
$19,000,000
Reserve Funds
Limited
„
19,000,000
550,000,000
Total
^Spvcvnincnt.Atunicipil & Corporation
^Btoadxvay
%oixmto
/NewYorfo
Toronto
London
Montreal
Montreal
Vtetoria'RC
Assets
Chicago
Affiliated
Branches throughout CANADA and NEW¬
FOUNDLAND,
in
CUBA,
PORTO
RICO,
DOMINICAN
REPUBLIC,
HAITI,
COSTA
RICA, COLOMBIA and VENEZUELA, BRIT¬
730
FRENCH
and
WEST INDIES, BRITISH
HONDURAS and BRITISH GUIANA.
of New York.
Trust Co.
Guaranty
SIR HERBERT S. HOLT, President
E. L. PEASE, Vice-Pres. & Man. Director
C. E. NEILL, General Manager
ISH
with
•
—Montreal
Head Office
INVESTMENT BANKERS
Securities
1869
Capital Paid Up
ARGENTINA—Buenos Aires.
BRAZIL—Rio de Janeiro, Santos, Sao Paulo
URUGUAY—Montevideo.
SPAIN—Barcelona.
LONDON OFFICE—Princes
Street, E. C.
NEW YORK AGENCY—68 William St.
DALY
A.
R.
RURNEIt:
CO,
Sl
FRENCH
Canada
GOVERNMENT,
Canadian
MgDbenHoiMStodiBtdw^e^
Bank of Toronto
Building
Bought—Sold—Quoted
STOCK AND BOND BROKERS
GREENSHIELDS & CO.
The Dominion Bank
HEAD OFFICE,
TORONTO
CANADIAN
Total
Undivided Profits
Reserve Funds &
SECURITIES
Members
Dealers
Clarence A. Bogert,
President
General Manager
CANADIAN
INVESTMENT SECURITIES
Offerings on Request
ffOUSSERVVfrODv-'GlMPANr
Correspondence Invited
IANKW
New York Agency,
CANADA
C.
S.
61 Broadway
Howard, Agent
London Branch, 73 Cornhill
S. L. Jones, Manager
McDonagh, Somers & Co.
Dominion Bank
Building
TORONTO, CANADA
Specialize in
New York
Montreal
7,669,000
——140,000,000
Assets
Sir Edmund Osier,
We
Stock Exchange.
Canadian
Bond
Issues.
Montreal
in
17 St. John Street,
$6,000,000
Up Capital
Paid
TORONTO
Provin¬
Corporation
Bonds
I
TORONTO, ONT.
Montreal
of
Government,
cial, Municipal and
'
INVUTMENT
The
MUNICIPAL
AND CORPORATION BONDS
&CS)
B. Mclnerny
Royal Bank
(France), PARIS, 28 Rue de
Quatre-Septembre.
AUXILIARY:
CANADIAN
V PORTEOUS
Of
IT St. John Street
F. T. Walker, J. A. Beatson, E.
and J. D. Leavitt, Agents.
City Bonds
CANADIAN
AND
FOREIGN EXCHANGE
BOUGHT AND SOLD
(Small Denominations)
TRAVELERS'
HENRY NIGHTINGALE & CO.
AND COMMERCIAL
LETTERS
OF CREDIT
HERDMAN & COMPANY
Canadian, Mexican and Foreign Government
Bankers
Securities
Phone
Broad
Dominion
42 BROADWAY
7118
Montreal Stock Exchange
fembers
MUNICIPAL BONDS
CANADIANIBONDS
Muller &, Son
H.
AUCTIONEERS
OFFICE
No.
55
Corner
WILLIAM
Pine
Brokers
MONTREAL
R. C. Matthews & Co.
Adrian
&
Express Building
CANADIAN
STREET
C.
P.
R.
TORONTO
Bldg.
BONDS
Street
Regular Weekly Sales
Nesbitt, Thomson & Co.
OF
Limited.
Stocks
and
Bonds
EVERY WEDNESDAY
y
At tha Exchange
Salmi Room
14-11 Vesey St root
Canadian
Municipal, Public Utility &
Aimilius Jarvis & Co
Industrial bonds
222 St. James St.,
Hamilton
Toronto
INVESTMENT
Established
MONTREAL
London, Ont,
JARVIS
BLDG.
BANKERS
181B
TORONTO
GAB
[Vol. 112.
CHRONICLE
THE
VI
jFoteign
Australia
New Zealand
and
LONDON JOINT CITY AND
BANK OF
NEW SOUTH WALES
(ESTABLISHED
»
.id-
Xeserve
CHAIRMAN:
(IMSI.tOO
18,700,000
^9serve Fund
The
24,805,500
of Proprietors
Liability
30th Septr. 1920 $862,338,970
RUSSELL FRENCH,
Manager.
JOHN
Sir.
S.
WOOLLEY
OFFICE
HEAD
OVERSEAS BRANCH: 65 & 66, OLD
AUSTRALIA Limited
Atlantic Offices
Incorporated 1880
" Aquitania
:
Capital—
.£7,500,000
Authorized and Issued
Pald-Up Capital $2,500,000)
ToSeserve
Fund- £2,630,000 [gather £5,130,000
(•serve Liability of Proprietors
£5,000,000
"
OVER
BROAD STREET, LONDON, E.C.2.
" Mauretania "
"
BANKS:
THE CLYDESDALE BANK LTD.
OVER
IRE
110 OFFICES IN
WALES
AND
" Berengaria
AFFILIATED
BELFAST BANKING CO. LTD.
E.C. 2.
LONDON,
STREET,
ENGLAND
IN
OFFICES
1,500
10,859,800
371,841,968
-
THREADNEEDLE
5,
:
OVER
10,859,800
-
Deposits {Dec. 31st, 1920)
London Office
89, THREADNEEDLE
STREET, E. C. 8
£38,116,050
-
Fund-
Reserve
description of Australian Banking Business,
Credits arranged.
Established 1837
-
.
Paid-up Capital
oo! and othe»* Produce
THE UNION BANK OF
E. W.
HYDE
F.
MURRAY
B.
Subscribed Capital
and"AGENCIES
857
BRANCHES
in the
Australian
States, New Zealand, Fiji. Papua
New Guinea) and London.
The Bank transacts
Head Office
(leORGE STREET
SYDNEY
McKENNA
R.
Hon.
K.B.E,
General
jvery
Right
IOINT MANAGING DIRECTORS:
$66,061,000
A««re«ate Assets
LIMITED
BANK
MIDLAND
1X17.)
Up Capital
160 OFFICES IN
SCOTLAND
Total Issued Capital Sc. Reserves. £10,130,000
The BaDk has 42 Branches in VICTORIA, 39 In
WEW SOUTH WALES, 19 In QUEENSLAND,
<8 In SOUTH AUSTRALIA, 21 In WESTERN
AUSTRALIA, 3 In TASMANIA and 44 In NEW
%
(ALAND
CORNHILL, LONDON, E. C.
Manager—W. J. Essame.
Assistant Manager—W. A. Lafnji
M.ad Office: 71
International Banking Corporation The Mercantile Bank of India Ltd
Head
Office
STREET,
WALL
60
NEW
YORK CITY.
$10,000,000
Capital and Surplus
THE
$4,000,000
Profits
Undivided
Branches
Commercial Banking Company
Gracechurch Street, London
15
Capital
Capital
Reserve
in
Reserve
Authorised and Subscribed
£1,566,SSI
Paid Up
£756,060
Liability of Shareholders
£750,661
Fund and Undivided Profits—
£785,7ft
China
San Francisco
Straits Settlements
menta, Federated
India
Panama
New
Japan
Santo Domingo
Java
Spain
Lyons
London
of Sydney
LIMITED
Established 1834.
Branches
York
In
India,
Burma,
Straits Settli
Ceylon,
Malay 8tate8, China and Maurltiu
R. A. Edluntlh. 64 Wall Strer
,
Agency,
.
Philippines
Incorporated in New South Wales.
Reserve
(•serve
£2,000,000
Capital
^aid-Up
2,000,000
£6,040,000
demand, and Letters of
Oredit are issued by the London Branch on the
Head Office.
Branches and Agencies of the Bank
Drafts
payable
on
Bills on Australasia
Remittances cabled.
im Australia and elsewhere.
negotiated or collected.
dead
Office,
Hong Kong & Shanghai
Street.
O.
E.
CORPORATION
BANKING
Paid up Capital
(Hongkong Currency)—H$15,000,00l
Reserve Fund in Silver (Hongkong
Reserve Fund in Gold
Office:
Lombard
Lane,
Blrchln
Wales
South
New
Sydney,
Iiondon
19,
NATIONAL BANK OF INDIA Limited
2,040,000
Fund.
Liability of Proprietors
Cuir.)H$23,000,00(i
£1,500,0Q(
Sterling
LETTERS OF CREDIT
BILLS PAYABLE IB
PHILIPPINES, STRAITS SET
GRANT DRAFTS, ISSUE
NEGOTIATE OR COLLECT
JAPAN,
CHINA,
Bankers to the Government In
Africa and Uganda
Head
British East
Office: 26, Bishopsgate, London,
Branches
In
India,
Colony
and at
Burma.
Aden
Ceylon,
and
E. L
Kenyc
Zanzibar.
£4,000,000
£2,000,000
£2,500,000
description of banking
Subscribed
Capital
Paid-Up
Capital
Reserve
Fund
The Bank conducts every
and
exchange business.
TLEMENTS, INDIA.
Ionian Bank, Limited
J.
A.
JEFFREY,
Agent,
36
Wall St.,
New Yorl
by Royal Charter.
Offers every banking facility for transaction
with Greece, where It has been established for
19
years,
and has Branches throughout the
Incorporated
Country.
Also
at
Alexandria,
Cairo,
8c,c.,
n
Egypt.
The Union Discount Co.
Hsad Office: Basildon House,
Moorgate
Street,
LONDON, E.
C. I.
39
English Scottish and Australian Bank, Ltd.
Address:
5 Gracechurch
St., E.
Head Office: London, E. C. 8
Subscribed
Pald-Up
Further
Capital
Telegraphic Address, Udisco:
Capital Authorized Sc
0
0
0
539,437 10
539,437 10
Capital
Liability of Proprietors
CORNHILL
London.
Branches
C.
£3,000,000
585,000
1,078,875
Authorized
Capital—
Fund
Reserve
0
0
0
Capital Paid Up
Remittances made by Telegraphic Transfer.
Sills Negotiated or forwarded for Collection.
Banking and Exchange business of every devsrlptlon transacted with Australia.
E. M. J ANION. Manager.
IS
NOTICE
OF
RATES
STERLING.
HEREBY
INTEREST
FRANCE
SPAIN
GIVEN that the
allowed for money
ARGENTINA
deposit are as follows:
CHILE
At
Call, 4 H Per Cent.
PERU
The
Notice, 454 Per Cent.
URUGUAY
Company discounts approved bank
acceptances, receives money on
mercantile
posit at rates advertised from time to
grants loans on approved negotiable
CHRISTOPHER R.
BANKERS
ENGLAND
on
At 8 to 7 Days'
Lincoln Menny Oppenheimer
5,000,000
$5=£1
0
0
Subscribed.$10,000,000
5,000,000
Fund
Reserve
Remitting Money
Abroad
Limited
of London,
and
de¬
time, and
securities.
NUGENT. Manager.
MEXICO
Affiliations
BRAZIL
GERMANY
PRANKFORT-o-M.,
Cable Address
COLOMBIA
ECUADOR
"Openhym"
FOREIGN EXCHANGE
Company, Limited
SB
Cable Address—Natdla
Subscribed
Ltd.
500
$21,166,625
4,233,825
Capital
Fund
Capital and Reserves exceed
$21,000,000
INTEREST
as
allowed
for
money
on
facilities for the extension of trade and com¬
merce
between this country and
New York
Agency
-
-
Africa.
44 Beaver St.
Correspondents in Belgium, Holland,
Italy, Switzerland, Germany, etc.
Deposit are
Anglo-South American
follows:
454 %
NICARAGUA
the RATES OF
43^ % Per annum at call.
Offers to American banks and bankers its superior
SALVADOR
Telephone Whitehall 700
STERLING.)
NOTICE Is hereby given that
Paid Up
SAN
VENEZUELA
2,500,080
Branches in Africa
($5=£1
GUATEMALA
London.
Capital.
Paid Up
Reserve
Over
LONDON, E. C.
CORNHILL
The NATIONAL BANK
of SOUTH AFRICA,
Discount
National
The
INVESTMENT SECURITIES
7 and 14 days notice.
Approved Bank 3c Mercantile Bills discounted.
Money received on deposit at rates advertised
from time to time; and for fixed periods upon
specially agreed terms.
Loans granted on - ap¬
proved negotiable securities.
PHILIP
HAROLD
WADE,
Manager
'Hank, limited
New York
Agency, 49 Broadway
MAY 14
1921.]
THE CHRONICLE
foreign
va
Jforefgn
Jforeigtt
Agency
NATIONAL BANK
IBanque Industridle
Pin*
27
it
(thine
J
New
of EGYPT
Head Office—Cairo.
27 Pine St.
St
Ysrk
New York
/
Banque Nationale de Credit
t
draw
Capital.
Banks
drafts
direct
Hong Kong,
an
_frs.
500,000,000
Surplus
frs.
92,000,000
Deposits
Permit
to
frs.2,420,000,000
Shanghai,
Head
Yokohama
I
20
and
other
Europe
and
branches
the
Far
Branches in
the
Rhenish
Provinces
Letters of Credit
#•
Cable
Fund
AND
AGENCY
KING
7
WILLIAM
ST*,
LONDON, E. C., 4, ENGLAND.
THE
NATIONAL PROVINCIAL AND
Transfers
GENERAL BANKING
%
£2,000,006
6
330 Branches in France
4
Foreign Exchange
£3,000,000
Reserve
LONDON
.
'
Capital, fully paid
Office
PARIS
In
East.
Established
under
Egyptian
La9
June, 1898, with the exclusive right te
Issue Notes payable at sight to beaKBf*
BUSINESS
Mscrlteil Capital: Frs. 150,088,808
UNION BANK OF ENGLAND
Limited
($5=£1.)
BANCA COMMERCIALE ITALLANA
CAPITAL
.....LIT.
.....LIT,
PAID UP
400,000,000
SURPLUS
SUBSCRIBED
156,000,000
DEPOSITS
SWITZERLAND
Head Office,
BONDS
COMMERCIALE
ITALIANA
(France)
Peria, Marseille* end branches
COMMERCIALE ITALIANA
E BULGARA
BANCA
and
DELLA
SVIZZERA
.
$44,390,205
Office:
Offices
numerous
ZURICH
GENEVA
Rotterdam
Amsterdam
The
Branches all
over
Hague
Switzerland and in London
CAPITAL AND
ITALIANA—Lugano
branches
SURPLUS
ITALIANA
DI
CREDITO
F. 110,000,000
COMMER¬
CIALE—Vienna, Trieste and branches
BANCO
FRANCES
DE
England
BANKVEREENIGIN0
BANCO ITALIANO—Lima and branches
■OCIETA
in
BASLE
UNGARO-ITALIANA—Budapest
BANQUE
FRANCAISE
A
ITALIENNE
POUR
L'AMERIQUE DU SUD—Paris,
Buenos Aires,
Sao Paulo, Rio de Janeiro and branches
$46,547,080
.
ROTTERDAMSCHE
SWISS BANK CORPORATION
—Sophia and branches
8ANCA COMMERCIALE ITALIANA E ROMENA—
Sucre* t and branches
.
and Wales
Apply to
INSTITUTIONS
AFFILIATED
with
Investment
for
.
.
$217,235,400
.
15, Bishopsgate, London, England,
Broadway
Office, 1 Old Broad Street, E. C. 2
Constantinople
80 branches in Italy, at all the prin¬
cipal points in the Kingdom
BANCA
FUND
Head
Government, State and Municipal
Milan, Italy
London
BANCA
CAPITAL
LIT.4,871,070,562
...
New York Agency, 165
UANCA
RESERVE
CAPITAL
CHILE—Santiago,
Val¬
COLLECTIONS
SOCIETE GENERALE ALSACIENRE
LETTERS
DE BANQUE
BANCO FRANCES E ITALIANO DE COLOMBIA—
Bogota
OF CREDIT
FOREIGN
paraiso.
EXCHANGE
Fondee in 1881
PRAGUE CREDIT BANK
Head
Office:
PURCHASE AND SALE OF
Siege social:
STOCKS AND SHARES
Strasbourg
4, Rue Joseph Massed
Prague, Czechoslovakia.
Capital,
100
COMMERCIAL BANK OF
millions de francs entierement
Branches throughout Czechoslovakia.
Subscribed
Established
in
1870.
86 Agences notamment
a
MULHOUSE
METZ
COLOGNE
MAYENCE
LUDWIOSHAFEN
and Reserves
FRANCFORT
CzK 122,000,000
SARREBRUCK
Organized 1850.
CITY
OF NEW
Alex. Robb, Gen'l Manager
BANK OF JUGOSLAVIA, Lid.
New
York
high
class
under
Company.
Address Home Office. 277 Broadway
contracts
AMSTERDAM
N. CVETNIC,
Sub-Agent
with
the
Achilles-Amsterdam
Oable Address:
THE HAtttMB
ROTTERDAM
persona
producers,
direct
SORGER,
Sub-Agent
M. D., PRESIDENT
for
Bank
8081 Damrak
BERKS,
Agent
open
Magnus Irvine, Beeratoiy
ArnoldGilissen &Co.
Agency
LOTHAR
territory
41,000,088
YORK.
LEO
Good
.
Office, 14 George Street, Edinburgh
New York Agents
Non-Participating Policies only.
MUNN,
.
1,750,008
1,000,080
.
.
American Exchange Natlona'
holders.
P.
.
.
Glasgow Office, 113 Buebanan Street
Over Forty-Five Million Dollars Paid to Policy¬
JOHN
.
.
.
Deposits (Nov. 1920)
Head
£5,500,008
....
.
233 Brandies and Sub Offices throughout Scotland
Insurance Co.
THE
Fund
London Office, 62 Lombard Street
The United States Life
IN
Capital
Paid-up Capital
Reserve
Capital
SCOTLAND, LM.
Established 1810
verses
Established
1871
Subscribed Capital. _J.K.200,000,000
Reserve
50,000,000
New York City
BANKERS AND STOCKBROKERS
FOREIGN
25
Broadway,
Cable Address
EXCHANGE
New York
"Jugobank*
LOCATE CAPABLE MEN
K0HI6
BROTHERS
&
SB.
Ill Pt*l Stmt, NEW YORK
to
fill vacancies in
your
organization through the
BANQUE GUYERZELLER
Classified Department of
SOCIETE ANONYME
the
ZURICH
Established 1894
FINANCIAL CHRONICLE
Our
Classified
insida back
Paid
up
Capital Frs. 6,000,000
Commercial
and
Travelled
Letters of Credit
on
KONIG BROTHERS, LONDON
and
covar.
Every description of banking business
transacted.
NEDERLANDSCHE HANDEL-MAATSCHtH*
ROTTERDAM
[VOL. 115.
VIII
Ranker* anb ^ofcei* Gutxibt JJeto gorl
CHICAGO
MILWAUKEE
CHICAGO
JAMES
&. CO.
EDGAR, RICKER
D.
Lacey Timber Co.
BONDS
TIMBER
East Water and Mason Streets
based
MILWAUKEE, WIS.
A. G. Becker & Co.
upon
expert
verification
of underlying assets
Specializing
WISCONSIN CORPORATION ISSUES
always
322 SOUTH MICHIGAN
AVE., CHICAGO
COMMERCIAL PAPER
INVESTMENT SECURITIES
& STITT
SCOTT
BONDS
INVESTMENT
Financing of Milwaukee
Salle Street
South La
187
111
CHICAGO
and Wisconsin Industries.
St.
CHICAGO
SEATTLE
ST. LOUIS
YORK
NEW
Investment Securities
Monroe
W.
LOS ANGELES
SAN FRANCISCO
Bought and Sold.
First Wisconsin Company
Securities
Investment
Greenebaum Sons
the
Ranlr' andTrust Company
disposal
WISCONSIN
MILWAUKEE
LOCATE
TO
GENERAL BANKING
Classified Department
Capital and Surplus, $2,000,000
Second Ward Securities Co.
Ward
Second
Savings Bank
of The Financial Chron¬
FIRST MORTGAGE BONDS
Individual®
and
Trustees
Batatas,
for
re¬
ad in the
an
Salle and Madison Sts
Southeast Corner La
Suitable
for
you
what
quire, insert
6% CHICAGO
has
that
firm
Bldg
Oldest Banking House In
icle
the
(faces
inside
back cover.)
Circular C 25.
Write for Bond
A State Bank
Chicago.
MILWAUKEE
JOS So. La Salle St
CHICAGO
MUNICIPAL BONDS
Specialists In
Corporation Bonds
First
Wisconsin
Mortgage
Municipals
Industrial
and
High Grade Investments
!»
South
Note
Issues
CHICAGO
St.
L. Salle
CHANNER & SAWYER
& Co.
Emerson
Hyney,
CINCINNATI
Term
Short
SECURITIES
INVESTMENT
Union
Trust
Bldg.,
OHIO
CINCINNATI,
SPRINGFIELD, ILL.
A. O.
Slaughter & Co.
Ohio Securities—Municipal Bonds
New York Stocks and Bonds
Members
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
Matfaenjr, Dixon, Cole & Co.
WEST MONROE
110
SPRINGFIELD, ILLINOIS.
DEALERS
Dealers in
Bunicipal
and
IRWIN, BALLMAN A CO.
Corporation
and
Illinois
Farm
SECURITIES
INVESTMENT
ILL.
CHICAGO,
Bonds
Powell, Garard & Co.
328-330 332
Mortgages
39
South
Walnut St.
CINCINNATI, OHIO
SECURITIES
INVESTMENT
Salle Street
La
Chicago
BUFFALO
St. Louis
Philadelphia
EDGAR
FRIEDLANDER
IN
DEALER
JOHN
T. STEELE
Government,
SPECIALISTS
gQNDS
Cincinnati
w
Corporation
Securities
OHIO
CINCINNATI
Municipa
SHARKER
Bonds
Corporation
and
Municipal
BUFFALO, N. Y.
and
IN
STREET
&
COMPANY
Formerly
8HAPKER,
IN
184
Buffalo and Western New York Securities
SOUTH
WALLER
LA
SALLE
TOLEDO
& CO.
STREET
CHICAGO
TUCKER,ROBISON&CO.
Successors
IRVING
T.
LESSER
John Burnham & Co.
STOCKS AND BONDS
Bankers—Established 1876
Municipal, Railroad and Corporation Bonds
Investment Securities
Toledo
»T5
Ellicolt Square
BUFFALO, N. Y.
^
80%
NATIONAL
FOR
New
York
SAFETY
City
Salle
and
Chicago
Monroe
use
PAPEF
THEIR CHECKS
Specializing in Examination &
County, Municipal and
Preparation of
Corporation
Bonds, Warrants and Securities
and
Proceedings Authorizing Same.
Rooms 617-520,
George La Monte & Son
61
Broadway
Gardner
and
Ohio Securities
TOLEDO, OHIO
Building,
F. WM. KRAFT, Lawyer
Of the Banks in
Over
La
to
David Robison Jr. & Sons
New York
111 W. Monroe St.,
Building
Harris Trust
CHICAGO,
ILLINOIS
Graves, Blanchet & Thornburgh
MUNICIPAL BONDS
GARDNER
BUILDING
TOLEDO
OHIO
Mat
U1921.]
THE
CHRONICLE
'
ix
iBanfeer* alto JSrofeew ©utgfbe Jfteto gotft
PITTSBURGH
GORDON
COMPANY
&
Members of
A. J. Hood &
BANKERS
INVESTMENT
(Established
Bank
Building,
Phone
3264-5
20
Stock
Exchange
Charles A. Pa reel is & Co.
Years)
INVESTMENT SECURITIES
BOUGHT—SOLD—QUOTED
PITTSBURGH, PA.
Court
Detroit
Company
MICHIGAN SECURITIES
fembers Pittsburgh Stock Exchange
Union
MICHIGAN
MICHIGAN
Specialize in Michigan Stocks and Bonds
PENOBSCOT
BUILDING
PENOBSCOT BUILDING, DETROIT, MICH
DETROIT
LYON, SINGER & CO.
INVESTMENT
Members Detroit Stoek Exchange
BANKERS
Commonwealth Bldg.,
PITTSBURGH
Richard Brand
HUGHES, GORDON, BRASIE & CO.
Pennsylvania
Company
Specializing Detroit Securities
Securities of Pittsburgh District
High Grade Bonds
Municipal Bonds
DIME
BANK
BLDG.
We
invite
DETROIT
inquiries
your
1721-3 Dime Bank
Bldg., Detroit
Geo. W. Eberhardt & Co.
OLIVER
BUILDING,
PITTSBURGH
PROVIDENCE
Stocks,
and
Provisions
Members New
Chicago
Board
of
Municipal Bonds Corporation Bonds
BODELL & CO.
York Stock Exchange
Members Pittsburgh Stock Exchange
Members
WHITTLESEY, MeLEAN & CO.
Bonds, Grain
Trade
10 VVEYBOSSET
Preferred
STREET
PROVIDENCE
A.
MASTEN
E.
Established
& CO.
New
Stocks
Active Members of Detroit Stock Exchange.
2964-56-68 Penobscot Bldg.,
York
DETROIT
Boston
'
1891
j>
\
Now York Stock Exchange
Boston Stock Exchange
Members
Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
323 Fourth
Ave*,
NEWARK,
INVESTMENT SECURITIES
Wheeling, W. Va.
List upon
W. Car sod Dick & Company
INVESTMENT
Investment
CONSERVATIVE
Pittsburgh, Pa
Branch Office—
fenton, davis & boyle
N. J.
Chicago
Bankers
Detroit
Grand Rapids
request
F. M. CHADBOURNE & CO.
FIREMEN'S
INSURANCE
KEANE, HIGBIE & CO.
BUILDING
N. J.
NEWARK,
BONDS
MUNICIPAL BONDS
890-296 UNION ARCADE BUILDING
6T
TEXAS
GRISWOLD ST.
DETROIT
PITTSBURGH, PA.
J. E. JARRATT & COMPANY
INDIANAPOLIS
Investment
Fletcher American Company
Bankers
INVESTMENT BANKERS
P.nobscot Bldg.
San Antonio, Texas
DETROIT, MICH.
Members
Detroit
Stock
Exchange
$1,500,000
-
Specializing In Indiana and Indianap¬
olis
Inc.,
Municipal Bonds
INDIANAPOLIS
Capital
KAY & CO.
george m. west & company
DUNN & CARR
Corporation and Municipal bonds
Established
and stocks.
1893
Investment Securities
INVESTMENT BANKERS
BREED, ELLIOTT & HARRISON
Union Nat. Bank Bldg.
HOUSTON
INDIANAPOLIS
Cineinmatl
Detroit
Chicago
-
-
-
UNION TRUST
TEXAS
•
DETROIT,
BLDG.
Members Detroit Stock Exchange
Milwaukee
Investment Securities
MACON
Municipal Bonds
Indiana
Corporation Securities
W. M. DAVIS & COMPANY
Southern
NEWTON
Corporation
Members
Detrsit
Stoek
Exchange
AND
TODD
Bonds and Stocks
IIS Lemcke Bldg.
Motor Stocks,
Guaranteed Stocks
Local Securities and
Indiana
Municipal Bonds
W. A. HAMLIN A CO
MACON
-
-
GEORGIA
-
Public Utilities & Oils
DETROIT, MICH.
1010 Penobscot Bldg.,
INDIANAPOLIS
BALTIMORE
,
•
.
'
-•
.
.
'
'
-•
'
1
'
-■/ "
Joel Stockard
& Co., Ine.
INVESTMENT BANKERS
R. Lancaster Williams & Co., Inc.
ALWAYS
Municipal, Government &
Corporation Bonds
INVESTMENT SECURITIES
Members Detroit Steele Exchange
Equitable Building
BALTIMORE
;
refer to the Financial Chron¬
Penobscot Bldg.,
-
DETROIT
■
Cherry 2698
MARYLAND
icle
Scott
& Stump
Trading
when you
bonds
INVESTMENT
wish to buy
unlisted
or
or
sell
inactive
Harris Small &
Lawson
SECURITIES
stocks.
Stock
or
Department
Excltaafe Building
INVESTMENT
SECURITIES
PHILADELPHIA
7fe«»as:
Locust 6489. 6481. 6482, 6483
Keystone:
Race 2797
CONGRESS
ST., W
DETROIT
[Vol. 112.
X
Ranker* anfc prater* ^utafoe JJeto gorl
PACIFIC
PACIFIC
COAST
Howard Throckmorton
CALIFORNIA
COAST
Pacific Coast Securities
HALL & COMPANY
MUNICIPALITIES AND
of
CORPORATIONS
{Government
Municipal
Corporation
BONDS
INVESTMENT
BONDS
SECURITIES
ORE.
PORTLAND,
Local and Pacific Coast Securities
LEWIS
PORTLAND, ORKOOR
BUILDING
having substantial asset*
and
earning
power.
San Francisco
MINNEAPOLIS
Buildin
Commercial
Alaska
%'(if h
WILLIAM R. STAATS CO.
LOS ANGELES
SAN
Quotations
and
Furnished
Information
PASADENA
FRANCISCO
on
K.lTsh£T> K>if>
Paclflo Coast
Securities
Established
MUNICIPAL RAILROAD
1853
CORPORATION BONDS
SUTRO A CO.
Hunter, Dulin &Go.
INVESTMENT BROKERS
Members
San Francisco Stock
San Francisco
Montgomery St.
'
COMMERCIAL PAPEIL *
A1INNEAPOLIS
I
ST.PAVL '
DENVER
and Bond Exchange
GOVERNMENT
MUNICIPAL AND
BONDS
CORPORATION
CLEVELAND
Municipal and
Corporation Bonds
Specialty
a
TheGundling-JonesCompany
San Francisco
Angeles
San
Pasadena
BANKERS
DENVER
Diego
AUGUSTA
Oakland
CLEVELAND
BUILDING,
INVESTMENT
8«cond Floor U. S. National Bank Bldg.
Los
STOCKS—BONDS—NOTES
BANGOR
COMPANY
WADE
H.
WILL
Issues
California
JOHN W. DICKEY
We
OTIS & COMPANY
Augusta, Ga«
specialize in California
Municipal
&
Corporation
Southern Securities
BONDS
Stocks
Bonds
Acceptances
Members of New York, Boston, Cleveland,
and Detroit Stock Exchanges, the Neiv
Cotton
Exchange and the
of Trade.
Chicago
Chicago
York
Board
Batabllaked
Van
CLEVELAND
Nuys Building
LOS
ANGELES
WM. E. BUSH & CO.
Cincinnati
New York
Boston
Columbus
Toledo
Detroit
Akron
Dayton
Denver
18S«.
DRAKE, RILEY &. THOMAS'
Colorado Springs
Bonds
Stocks
Youngstown
Augusta,
Acceptances
R. H. M0ULT0N & COMPANY
CALIFORNIA
TERM
SHORT
NOTES
Nat'l Bank
SOUTHERN SECURITIES
COTTON
STOCKS
MILL
MUNICIPALS
Title Insurance Building,
American
Ga.
LOS ANGELES
Bldg.,
San Franciaca
SPARTANBURG,
S.
C.
RITTER COMMERCIAL TRUST
Unincorporated
BUFFALO
Niagara Life Bldg.
CLEVELAND
410 Euclid Ave.
A. M. LAW & CO.,
CHAPMAN DE WOLFE CO.
861-89S
Montgomery Street,
FRANCISCO, CALIF.
SAN
Stocks
THE
CO.
INVESTMENT SECURITIES
Information
and
Quotation#
on
all
Pacific
a
Specialty*
SPARTANBURG, S. C.
Coast Securities
Members San Francisco Stock & Bond
Bonds
and
Southern Textiles
Stocks and Bonds
KilPFEL - WASHBWtN - BERKLEY
Inc.
DEALERS IN
Fifrhnsaas
CHATTANOOGA
Snd Floor National City Bldg.
CLEVELAND, O.
NORFOLK,
Warren
Dayton
LEWIS BURKE
MOTTU
Listed
-
VA
Bucyrua
Unlisted
Inactive
-
& CO.
LOCAL AND SOUTHERN
Established 1892
Stocks & Bonds
& CO.
SECURITIES
Investment Bankers
Jamea Building
CHATTANOOGA
NORFOLK, VA.
ALBERT
FOYER
Leader News Bldg.
Correspondents: E. & C. Randolph, New York
CLEVELAND, O.
MONTGOMERY
HUNTER GLOVER & CO.
B. W.
Investment Securities
BUILDING.
ERIE
Philadelphia
Cincinnati
SOUTHERN
CLEVELAND
Strassburger
INVESTMENT
Montgomery,
SECURITIES
Ala,
Ashtabula
BOSTON
_
New
COMPANY
-
•
•
industrial Securities
FINANCIAL CHRONICLE.
Yielding 63^% to 8%
ALA.
Our
Municipal and
Corporation
Bond*
be
of the
England
Classified
Department faces the
inside back
Southern
can
ad in the Classified Department
BANKERS
BIRMINGHAM,
Departments
obtained by inserting a small
ALABAMA
MARX &
and capable head for any one
of your
Springfield
New York
A BUSINESS EXECUTIVE
J.
15
MURRAY WALKER
Devonshire
Stre*»t
Boat on
cem.
i
MAT 14
1921.]
THE CHRONICLE
2LI
JBankers and JBrokcra <£hitsrf&e j^eto D«k
NEW ORLEANS
Graham. Parsons 3c
THAYER, BAKER & CO.
MI CHESTNUT ST.
ST.
NEW YOB*
(
Municipals
Southern
PINK
II
PHILADELPHIA
Investment Securities
Deal
In
INVESTMENTS
Notes
Short Term
and
Purchase
Issues
of
MUNICIPAL BONDS,
Commercial
Preferred Stbcks
Trust
Bldg.,
BONDS, NOTES AND PREFERRED STOGft
PHILADELPHIA
of
RAILROADS,
Commercial Paper
UTILITIES
INDUSTRIAL
AND
CORPORATIONS
1
of
Bankers
ESTABLISHED
Acceptances
Recommended
Cable
Address
VALUE.
"Grace." Philadelphia.
For Investment
Hibernia
8y2% for 10 Years
Securities Company
Bond secured 8% Gold Note of
.
the
(Incorporated)
largest electric
and
gas
in the fastest growing
Boles&Westwood
company
Members Philadelphia Stock
State in the Union.
New Orleans
Company has no street
railways.
Earnings
show
large
steady growth.
Long and continuous
preferred
dividend
Direct Private
New York Office
Wire
44 Pine Street
Service
Investment
Securities
record.
let Tim
Ask for Circular
H. M.
Exchange
mm*
CC-65
PHiumnu
Telephone Locust 4731
Byllesby & Co.
Incorporated
New York
Empire Tube & Steel Corp.
Circular
11 1
Providence
Request
on
Chicago
208 S. LaSalle St.
Broadway
10
€.0).eiarK*eo.
Boston
Weybosset St.
BANKERS
14 State Street
;
&
Jones
25
Broad
New
Phone:
Broad
York, N. Y.
7412
0
Edward £. Hall & Co.
8th
St.,
St.
Bonds
New York Stock Exchange
New York Ootton Exchange
Members
Chicago Board of Trade
St. Louis Merchants Exchange
St. Louie Cotton ExchangeSt. Louis Stock
NEW
Tel. John
Are
Louis
Corporation
Exchangee
Bonds,
your
Holdup
and
YORK
4276
Mf€own&Ca
Fire,
Liability
Automobile,
policies properly
BANKERS
written?
Advice
given
on
policy contracts, fire
Land Title
protection and loss adjustments.
Prompt
coverage
procured
wherever
Members
Bldg., Philadelphia
Philadelphia
Pennsylvania
SMITH, MOORE & CO.
INVESTMENT
BONDS
ST. LOUIS, MISSOURI
LOUIS SERVICE
Chestnut
Situation
Are you
discussed in current issue of
ST. LOUIS
or
have you need for one?
Then you should
on
R^rfffioARGEiTSTCh.
27 Pine
(Jnftoo
Arcade
Pittsburgh.'
use
and
request
consult
FINANCIAL
a
as a
BANK OFFICIAL
Free
MATTERS
seeking
position
fembers New York Stock Exchange
BOYLE, BROCKWAY & GRAHAM, INt
Strast
PHILADELPHIA
The Motor and Tire
i embers St. Louis Stock Exchange
Broadway
Philadelphia Stock Exthange
1411
MARK C. STEINBERG & CO.
N.
Tax Free Bondl
PAUL & CO.
Members
SGO
Exchange
Charles W. Moore
William H. Burg
ST.
Stock
desired.
Exchange
deration Smith
CU9 OLIVE ST..
Philadelphia
!
LANE
MAIDEN
Lorenzo E. Anderson & Company
N.
Established 1837
Stock
■
80
and
Philadelphia
Members New York and
1866)
ST. LOUIS
i
.
Chestnut St.,
Brokers
Insurance
816
I
.
.
;
(Established
Municipal
,
J21
Thurmond
St.
...
Street, New York
Chronicle
the
Financial
Classified
De¬
partment (opposite inside
back
cover.)
THE CHEONICLE
XII
E3»;^^^s^w6wttiwiiaatgaagg
-
[VOL. 112.
----
._
11
*
_
aA
,
TRADING DEPARTMENT (jsP
American
UNLISTED
Bank Note
Amer Coal of
Atlas Portland Cement 6s, 1925
Central
Allegheny Co.
New
England 4s,
1961
Atlas Portland Cement
Central Union Gas 5s, 1927
Borden Co.
Cleveland Akron & Col. 5s, 1927
Blue Creek Coal & Land
Equitable Gas Light 5s 1932
Commonwealth
Finance,
Harlem Riv & Portch'tr 4s, 1954
Pref.
Eastman Kodak
Havana Tobacco 5s,
Hillman Coal & Coke
N. Y. & East River Gas 1st 5s, '44
National Ice & Coal
Pacific RR. of Mo. 2nd 5s,
Packard Motor,
Std.
Pref.
United
Singer Mfg. & Singer, Ltd.
Ward
Com
Baking,
&
Gas
Members New York Stock
Pref.
25
Investment
Broad
Lead
Exchange
St., New York
War
1
N.
Y.
Stock
Co.
5s,
1930
1943
lrotl)ers
JSraafctuay, Wtva $ark
1958
■
'
••
5s,
Jltthlic Utility S^curitirs
111
April
Y.
1938
Baking 6s, 1937
First Consolidated 5s
Due
Member*
Deb.
Virginia & Southwestern Ry.
Securities
Davies,Thomas
of N.
Lt.
1922
C-
•
Telephone-Broad 3500
We
Specialize in
Exchange
New York
5 Nassau St.
American Water Works
Telephone Rector 1810
& Electric Co.
Spencer Trask & Co.
American Tobacco 6s, 1944
Bklyn. Union Gas Conv. 7s, 1929
Chic. & West. Ind. 7%s, 1935
25 Broad Street, New York
50
Congress
Chic. T. H. & S. E. Inc. 5s, 1960
M. St. P. & S. S. M. & Cen. Term.
Street,
ALBANY
Boston
Wisconsin Elec. Power
New
York
Stock Exchange
Members Chicago Stock Exchange
St., N. Y.
Erie Gen.
4s, 1996
Grand Trunk Pacific 3s & 4s
Canada & Atlantic 4s, 1955
CANADIAN
Westkeimer & Company
Chicago
Baltimore
Board
Stock
Exchange
Exchange
of
Private
Phones
to
Philadelphia and Boateo
1
PROVINCIAL
MARKET STREET
BONDS
CUBAN
Members ef the
Stock
Phone Rector 99M-8, 2728-7, 8911-8
Market St. Ry. 5s, 1924
Bell Tel. of Canada 5s, 1925
GOVERNMENT &
Stock
Bonds due 1934
Subsidiary Companies
1946
Big Four Gen. 4s, 1993
INDIAN REFINING CO.
York
Collateral 5%
Western Pacific 5s,
Tel. Rector 9261
Cincinnati
Cumulative
of all
7Vfcs, 1945
PROCTER & GAMBLE CO,
New
&
Preferred Stocks
Bonds and Stocks
JOSEPH EGBERT
2 Rector
Participating
CHICAGO
Members
Ry. Co. 1st Chic. Term. 4s, '41
Rochester Ry. 1st Cons. 5s, 1930
Trinity Bldg. Corp. 51/2S, 1939
Common
GOVT.
of
BONDS
San
RY.
Francisco
New Securities
MILLER A COMPANY
Trade
Exchange
Members N. Y. and Phila.
120
CINCINNATI, OHIO
Broadway
Stock Exchanges
Phone 7500 Rector, N. Y.
SUTRO BROS. & CO.
120
BALTIMORE, MD.
BROADWAY,
YORK
NEW
Telephone: Rector 7350
Members of New
'
*
York Stock Exchange
Bought—Sold—Quoted
TOBBACCO
STOCKS
EASTMAN
KODAK
COMMON
3991
R. J.
Telephone 3992 Becter
Reynolds Com. & Pfd.
Porto Rican-American
Geo. W.
Tobacco Prod.
Helme
Imperial Tobacco
3993
3994
American Cigar
America Tobacco Scrip
British American Tobacco
MacAndrews & Forbes
Tobacco
Weyman Bruton
New York
Broadway, N. Y.
GLOVER & MACGREGOR
848
Stone, Prosser & Doty
W1H2am St.,
74
Scrip
Bought—Sold—Quoted
*t
ALFRED F. INGOLD & CO.
Schulte Retail Stores
"Phone Hanover 7788
Fourth Avo.,
PITTSBURGH, PA.
Amer. Wat. Wks. & Elec. 5s, 1934
West Penn Traction 5s, 1960
St, Paul Union Depot 7s, 1923
West Penn Power deb. 6s, 1924
May 14
1921.]
THE CHRONICLE
Aetna Explosives "B" 6s, 1941
Continental Motor 7s, Serial
Abitibi Pr. & P. 6s, All Issues
Amer. Water Wks. & El. 5s, 1934
Buenos Aires, Prov. of, 6s, 1926
Ford Motor of Canada
Detroit United Ry. 7s, 1923
Steel & Tube of Am. Pfd.
Peerless Truck & Motor
General
Phonograph 7s, 1921-23
Minn.-Ontario 6s, 1921-28
Salmon River Power 5s, 1951
Central Power & Light 6s, 1946
Goodyear T. & R. Com & Pfd.
H. H. Franklin Mfg. Co.
Sen Sen Chiclet 6s, 1929
Texas Electric Ry. 5s & 6s
Champ. 5s, 1923
Motors, Class "A"
Paige Detroit Com & Pfd.
Woodward Iron 5s, 1952
Continental Motors Corp. 7s
Denver Gas & Elect. Lt.
Butler Bros.
Eastman Kodak
Dubuque Electric 5s, 1925
Assoc. Simmons Hardw. 7s, 1925
Danville Urb. &
XIII
Packard Motor Com. & Pfd.
Lincoln
7%s, '46
Merrill, Lynch & Co.
Grand Trunk Pac. 3s, 1962
120
Kelly Spgfd. Tire & Rub. 8s, '31
Telephone 6070
Lehigh Power Sec. 6s, 1927
Broadway, New York
Rector
Traders Telephone
7683
Reptor
Private wires to Chicago, Detroit,
Cleveland, Buffalo, Rochester, Youngstown, Grand Rapids,
Lansing and
Louisville Gas & Elect. 7s & 8s
New
England Oil 8s, 1925
New
England Oil Ref. 8s, 1931
Saginaw
Ohio Cities Gas 7s,
1922-25
Alabama Midland 1st 5s, 1928
Chi. Mil. & Puget Sd. 4s, 1949
American
Waterloo C. F. & Nor. 5s, 1940
Illinois Central 4s, 1952
Tel. & Tel. Co.
c
111. Cent. St. L. Reg. 3V^s, 1951
Long Isl. Cons. 4s, 1931
Rights
New York Central
Pennsylvania Cons. 4s, 1948
Southern Ry. Cons. 5s, 1994
St. P. & Kan. Cy. S. L. 41/£s, 1941
Morton Iachenbruch&Cq
4 2 Broadl Street. New York
femoral PCT-nFTRfllT- £LEVELMD-GRAND
C. C. Kerr & Co.
RAPIDS
2
Rector
R. W.
Phone 6780 Rector
St., N. Y.
46 Wall
New
DO YOU
That
the
in
fields
use
and
Financial
Atch.
efficient
most
their
men
fied
KNOW
respective
consult
Chronicle
the
Classi¬
Department.
Keep
this
mind for
sion
use
Department
when
the
in
occa¬
Trans.
Cont.
Shot
L 4s,
Ohio
River
Southern
1st
5s,
Con
Br.
Pacific
Broadway NY'
IC. L. FLEMING S
,TEL;
Southern Ry. Consol. 5s, 1994
Kan. City Terminal 1st 4s, 1960
Ore.-Wash. RR. & Nav. 4s, 1961
St. L. Iron Mtn. & So. Gen. 5s, 1931
1931
Great Northern Gen'l 7s, 1936
Bait. & Ohio prior lien 3^£s, 1925
Bait. & Ohio Secured 6s, 1929
Long Island Refunding 4s, 1949
Chic. & Nor. West. Gen'l 4s, 1987
Prince &. Whitely
1937
New York City
Y.
Member8 N.
43^s, '39
BONDS
RAILROAD
80 Broad St.
Rector 727<T
John 0307
Long Island Consol. 4s,
1996
6s,
1st
S. P. LARK1N & CO.
CONSTABLE.
«
St. L. 1. M. & So. Riv. & G. 4s, 1933
52
66
Telephone
O
5s, 1936
Railway
Term. RR. Assn. of St. Louis
CONSTABLE & FLEMING
TJ'V/W.
PRESSPRICH
Street,
York
1958
Central
of
Georgia con 5s, 1945
Chicago Ind. & Southern Is, 4s, 1956
Chicago & Northwestern Ext 4s, 1926
Georgia
Midland
1st
3s,
1946
Lehigh Valley of Ky. 1st 4J^s, 1940
Milw. Lake Shore & Western 5s, 1929
New York & Long Branch 1st 4s, 1941
New Orl. & No. East. ref. 43^8, 1952
South.
arises.
3^8, 1997
New Orl. Tex. & Mex. 6s, 1925
Bought, Sold & Quoted
Private Wires to. CHIOW-PHILADELPHIA-ST. LOUIS
Stock
Exchange
173
Broadway
Orange St.
New Haven
New York
Private wires to Philadelphia,
Richmond,
Baltimore,
New Haven
Telephone: Broad 3485-6
Bond
Railroad
So Ry.
Public
Dept.
Utility Dept.
American Lt.
Memp. Div. 5s, 1996
M. & O. St. Louis 5s,
& Trac. 6s, 1925
American Power &
1927
Light 6s, 1921
Cedar
Chic & Erie 2nd inc. 5s, 1982
Canadian, Cuban,
Rapids Mfg. & Pr. 5s, 1953
Dennisson & Sherman Ry 5s '27
Fla. Cent & Pen.
Adirondack Pwr.
C.
Mexican
& O.
cons
SECURITIES
5s, 1943
Great
1945
Nor.
Big 4 St. Louis Div. 4s, 1990
Cinn. Wabash & Mich. 4s, 1991
Grand Trunk Pacific
Central New England 4s, 1961
Memphis Union Station 5s, 1959
4s, 1955
N. Y., Penn.
(Prairie Section)
& Ohio 43^8, 1935
Ft. Worth & Rio Grande 4s, 1928
Grand Trunk Pacific
4s, 1955
Grand Trunk Pacific
4s, 1955
(Lake Superior Section)
j
Am. Tel. & Tel. & Tex. Co. Rts
Norwalk
Sumatra
Steel 4^8,
73^s,
Power 6s,
1946
'25-'49
States Power 5s, 6s, 1941
Wheeling Traction 5s, 1931
Lt. & Rys. 5s, 1932
United
Utilities
United
6s,
1943
Municipal Bond Department
We
offer:
835,000
Wentworth Term 8s, 1950
American
Western
Brunswick Co., N. C.
Monon Coal 5s, 1936
Port
6s, 1950
Southwestern Pr. & Lt. 5s, 1943
Industrial Bond Dept.
Mobile Cotton Mills 7s, 1926
(Mountain Section)
& Lt.
Great Western Power 5s,
Impt 5s, 1929
C. & O. Northern 5s,
1925
1929
Industrial Stock Dept.
Coupon 6s, Apl. 1923@98 &
int. Yielding 7.25%.
Municipal Dept.
Canadian
Nova
Scotia
6s,
Nov.
15, 1930
Manitoba
6s, Aug. 16, 1925
Brit. Columbia 6s, Apr. 25, 1926
Newfound'd 63^s, June 30, 1928
General Baking, Com. & Pref.
Ward Baking, Com. & Pref.
Kuczynski & Co.
120
.
..
Broadway
New York
Telephone Rector 6834
CORRESPONDENTS
All
Important Foreign Capital*
PRIVATE
Montreal
WIRES
Toronto
Willys Corp.,
Kolb
Baking,
all issues
Pref.
Cushmans Sons
Inc.,
Bank
Stock Dept.
Irving National Bank
National Park Bank
Bank
Com.
Lehigh Valley Coal Sales
of America
Central
Amer.
Union
Street, New York
Philadelphia Phone, Locust 572
Trust
Exchange National Bank
CARRUTHERS, PELL &
15 Broad
■,
CO.
Phones 5161 to 5169 Hanow*
Bait.
Phonet St. Paul 9380
[▼«• m-
THE CHRONICLE
mi,liijuiji^imsssses^y?^
1
m
"
M''J1 ' '"1;'^""'",!i'M'j"
^
£§6) TRADING DEPARTME
F.
J. LISMAN & CO.
New
itaberi
Baltimore
Chesapeake & Atlantic 5s,1934
Chicago T. H. & S. E.
Detroit & Mackinac 1st
Kansas
Kan.
1st Ref. 5s & Inc. 5s
Lien 4s & Mtge. 4s
City Mem. & Birm. 4s
5s
Racine Water Co.
Wichita Water Co. 5s
& 5s, 1934
1927
Queens County Water Co. 5s
Otero Irrigation District 6s
5s, 1965
Leavenw.CV&Ft.L.Wtr^SjSsjGt
1948
Ogdensburg & Lake Champlain 4s,
Rio
Grande Junction 5s,
1939
Rutland-Canadian 4s,
Joplin Water Co. 5s
New York Interurban Water 5s
Acquackanonk Water Co. 5s
City Shreve. & Gulf Term. 4s,
Macon Terminal
Water Works 4s and 5s
Birmingham Water Co. 5s
Middle States Water Works Co. 5s
Clinton, Iowa, Water Co. 5s
& Springf. 5s, 1925
Kansas City Clinton
WE DEAL IN
WANTED
- Peoria
York Stock Exchange
broadway, new york
61
'TP
H. C. SPILLER & CO
1949
INCORPORATED
17 Water St., corner
Southern Indiana 4s, 1952
68
Devonshire St., BOSTON
Wall Street,
NEW YORK
1925
Toledo St. Louis 8c West. Prior Lien 3^>s,
Wheeling & Lake Erie 5s, 1926, 1928, 1930
—J
-
-
AND ALL RAILROAD AND STEAMSHIP
SECURITIES
American Tobacco
Chicago & N. W. gen. 3 Vis, 1987
Great Northern 41/48, 1961
IInrlftrlvinu
Underlying
49 Wall
Specialists
Tob. Co.
all
in
Tobacco
Securities
Bristol H Bauer
Exchange
Hanover 8317
St.f,;N. Y.
Reynolds Tobacco
Imperial Tob.Co.of Gt.B.&Ir.
VILAS & HICKEY
Member* N« Y. Stock
Scrip
Forbes
&
British-American
Bonds
4s, 1936
cons.
R. J.
Railroad
"Soo" Cons. 4s, 1938
Iron Mtn.—River & Gulf 4s, 1933
D. & r. g.
MacAndrews
Phone- Rector 4594
\2o
WOOD, STRUTHERS & CO.
Central Pacific 31/2S, 1929
M
Oregon Wash RR. & Nav. 4s, '61
5 Na"au Stree*
Caro. Clinch. & 0. 1st 5s, 1938
new york
M
c
locate
Indiana Steel 1st 5s, 1952
Dteel
11^6/!
eSn
N. & W. Poco. C. & C. Jt. 4s,
Ml
41
Harlem River & Portch'tr 1st 4s, 1954
Lack jron & Steei lst 5sj 1926
New York
Telephone 4^8, 1939 Indianapolis Un. Ry. lst 6s, 1923
Empire Gas & Fuel 6s, 1926
Westchester Lighting Co. lst 58, 1950
Central Pacific Ref. 4s, 1949
Centrel Union Gas Lt Ss, 1927
a
,
•
/■>(
i«
mt
,
-
j
0
Argentine Govt. 5s, listed &
Unlisted
jl
•
Bush
& E.
Morris
Members New York Stock Exchange
S,XTYT?,RSArYG,Mn,150
,
Central
_
Petroleum
Wastern Power
Splitdorf Electric Co
St., N.
Y.
cover.
1930
Duluth & Iron Range 5s, 1937
Central Aguirre Sugar
Brooklyn Union Gas 5%, 1945
Elgin Joliet & Eastern 5s, 1941
Joplin Union Depot
1948
4%, 1951
Gas Lt. Ht. & Pwr. 4%, '49
RR.
Galveston Terminal 6s,
L.
I.
North
Shore
Long Island Ferry
A
1938
42^>s, 1940
5s,
1932
4^>s,
1922
Rio de Jan. Tram. L. & P. 5s, 1935
Shawinigan Wat. & Pr. 5s & 5 Vi%
Coady
Stock Bzchono*
1
Bang. & Aroos. RR. underly'g bds.
Chic. Lake Shore & East. 43^8, '69
Cons. Cities Lt. Pwr. & Tr. 5s, '62
Central Vermont 5s,
Pierce, Butler & Pierce
......
.
....
THEODORE l. BRONSON & CO.
*
\
14 Wall
Department faces ths
inside back
Tel. Rector 6881
New York Mutual Gas'Light
N. Y.
York
Classified
Railroad Terminal Bonds.
Nassau Elec.
Umtiri New
Our
New Amsterdam Gas 5%,
Pacific Gas & Electric
MacQuoid &
of
the
FINANCIAL CHRONICLE
Finlay ^Davenport
72 Trinity PI
Amer. Lt. & Trac
your
Classified Department
lst 5s, 1944
River Gas
fill vacancies In
organization through the
Terminal Co., Pref.
Gen. Amer. Tank Car, Pref.
H°McKinTeye &
_
N.
to
capable men
Members New York Stock Exchange
Tel. Reotor 6970
120
Broadway,
N. Y.
Toledo Terminal
4J^s, 1957
abraham & co.
87 William St., N. Y.
Tel. Broad 8781
Tel. Rector 7580
Citizens Lt., Ht. & Pr. of Pa. lst
5s, 34
Dallas Gas Co. lst 5s, 1925
Erie
RR.
Penn.
Coll.
Penn. Pub. Service
GARDNER
20 BROAD STREET, N. Y.
&
CO.
Tel. Rector 7430
Trust 4s,
Co.
lst
5s,
1951
1962
Corp. 6s, '29; 7^8, '35
Penelec Coal Co. 1st 6s, 1924
Penn. Pub. Ser.
A. B. Murray & Co.
14 Wall Street
Phone 1053 Rector
New York
Northern States Power 7s, 1923
Manitoba Pac. Ext. 4s,
1940
Denver & Rio Gran. 4^s, 1936
Terre Haute & Indpls. 5s, 1925
1949
Man. S. W. Colo. 5s,
1934 Mo. Kan. & Tex. 4s,
1990
R. I. Frisco Term. 5s,
1927 Wabash Tol. & Chic. 4s, 1941
Atl. Coast Line Unif. 4s, 1964 Chic. & N. W. Ext. 4s,
1926
Long Island Ref. 4s,
Brooklyn Edison 7s, 1940
Toledo Trac.,
Lt. & P. 7s, 1921
Rochester Ry. & Lt. 7s, 1921
Minneapolis Gen. Elec. 6s, 1934
Gilbert J. Postley & Co.
15
broad street
new york
Telephone Hanover 9762
MAY 14
THE
1921.]
American
Glue,
& pfd.
com.
American Hosiery
CHRONICLE
Bklyn. Boro. Gas Co. Gen. 5s, 1938
Bklyn.
Co.
Union
Gas
Co.
Brookside Mills
Central Union
Chace Mills
Edison Elec. Ilium. Co.,
Everett Mills
&
Westch.
Ltg.
Co.
4s, 2004
1945
N.
Y.
&
Westch.
Ltg.
Co.
5s,
1st
5s, 1927
N.
Y.
Bklyn.4s, *39
N.
Edison Elec. Ilium. Co., N.
Y.
Suburban Gas Co.
Mutual
Gas
Lt.
1954
5s, 1949
Stock
Co.
Northern Union Gas Co. 1st
5s,
1927
Equitable Gas Lt. Co. N. Y., 5s, 1932
North.
1955
Standard Gas
Y., 5s, *95
Westch.
Ltg.
Co.
5s,
Kings Co. Ltg. Co. 1st ref. 5s, 1954
Co.
Naumkeag Steam Cotton Co.
Light Co., N. Y., 6s,'30
Westchester Ltg. Co. 5s, 1950
Dry Dock E. B'way & Batt. 5s, 1932
5s,*48
N. Y. & East River Gas Co. 5s, 1944-45
Sharp Mfg. Co.
2d Ave. RR.
Co., N. Y., 6% Rec. Ctfs.
Wm. Carnegie Ewen
Soule Mill
2 Wall
Tel. Rector 3257-3273-4-5
Sanford Mills, common
Street, New York
.
53 State
St.,
Boston 9, Mass.
Main 460
OFFERINGS
& CO.
HOTCHKIN
Telephone
Missouri
"Undeposited" stock
4^s, 1933,"$100 bds."
Bell Tel. of Canada 5s, 1925
Ches. & Pot. Tel. of Va. 5s, 1943
Mo.
of N.J.
Bought—Sold—Quoted
England Tel. & Tel. 5s, 1932
Northwestern Telegraph Stock
U. S. Tel. "Extended" 7s, 1921
Western Electric 5s, 1922
Western Union* Telegraph 5s, 1938
ALL
&
Texas
Ry.
4^s, 1936
Extended
Mo.
Kan. & Tex. 1st 5s, 1942
Mo. Kan. & Tex. of Texas 5s,
Cuyahoga Telep. "Extended" 7s, '21
Houston Home Telephone 5s, 1935
Home L.D. Tel. of S.F. 5s, 1932
*■
New
Kansas
Kan. & Tex.
OF
OF
Mo. Kan. & Tex. 4s, 2004
Mo. Kan. & Tex. 5% Notes
A.T.&T. Conv.
Michigan State Tel. Pfd. Stock
Mountain States Tel. & Tel. Stock
WANTED
ISSUES
FOREIGN GOVERNMENT
BONDS
A.D.T.
&
New Amsterdam Gas Co. Cons.
Alpaca Co.
Hamilton Mfg.
i
Y.
5s,
Kings Co. Gas & Ilium. Co. 5s, 1940
Dartmouth Mfg., common
Farr
Co.
Gas
N.
1st
BONDS
OR
1942
CERTIFICATES
Chase National Bank
BULL & ELDREDGE
Members of the New
York Stock Exchange
Tel. Rector 8460
ST., N. Y.
26 BROAD
Federal Farm
Loan
Bank of New
York, N.B.A.
Exchange Nat'l Bank
American
Bonds
Specialists in Short Term Securities
Equipment
Bank of America
Wm. C. ORTON & CO.
Bonds
Specialists Reorganization Securities
MacDonald
T. L.
SI
STANDARD
Will
Summary
Tel. Hanover 9690-9697
#
_
We
STANDARD
TANK CAR
Goodyear T. & Rub* Com. & Pf.
Peerless Motors Stock & Notes
Preferred Stock
be mailed
Specialize in
INQUIRIES INVITED
to
on
Investors
Standard Oil
H.
Dealers
on
8% Notes, 1931
request.
Oil
Standard
SMITH
Tel. Bowling Green 1MM
Chic. Milw. & St. Paul 4n
Securities.
N. Y. New Haven & Hartford 4s
25 Broad St., N. Y.
Phones 4860-1-2-3-4 Broad.
B'way, N. Y.
Central Pacific Coll. Tr. 4s
PFORZHEIMER A CO.
in
ROBINSON &
INDIAHOMA REFINING CO,
61
L
Issues.
CARL
Street, N. Y.
Tel. Broad 2357-8-9
B'way, N. Y.
Weekly
54 Wall
Japanese 5s, 1907-47 (French Issue)
AND ALL FOREIGN
Rollins, Kalbfleisch & Co.
Actual trading markets
in securities of
MAXWELL B. SMITH
Members N. Y. Stock'Exchange
67
Water Wks. & El. Co.
Amer.
BONDS'
Exchange
Place
Phone—Rooter 8411
Telephone Broad 7064-6-6
West Penn Tr. & Wat. Pr. Co.
and all subsidiaries
Chicago
WANTED
.
17 Wall St., N.
#
Securities
'
BILLO
OTTO
Phone Hanover 6297
Y.
BEECH NUT PACKING CO.
J. S. Bache & Co.
7s, due May, 1922
Liberty Registered Bonds
Members New York Stock Exchange
NeW York
NEWBORG & CO.
Cincinnati
Albany
Members
60
York
New
Stock
BROADWAY, N.
Telephone
4390
Y.
INVESTMENT
Green
TO
LOUIS
ST.
Rock
Central
Pine
Br.
Bluff
&
H.
S.
Union
&
West.
Carolina
Rochester
St. Louis
Syracuse
Philadelphia
Troy
0944-5-6
Portland
Clinch. & Ohio 5s
Ry. Lt. & Power 5s,
Ry. 5s, 1930
4s,
1939
Lake Erie & West 2nd 5s
Pac.
4s,
Dominion
5s,
1940
1923
Fla Cent. & Pen. 5s and 6s
1st
Harlem River & Portchester 4s
Oregon Short Line 6s
V
Kansas City Southern 3s
Denver & Rio Grande Adj. 7s
Houston Belt & Term 5s
1942
Vermont
Advance
Joseph & Gr. Island 4s, 1947
Milw. & St. Paul 4s, 1989
Union Terminal of Dallas 5s, 1942
Chic.
Ogdensburg & Lake Cham. 4s, *48
Hudson & Manhattan 4 ^s, 1957
"
"
Com. & Pref.
"
Companies Pref..
Hocking Valley Common Stock
WOLFF & STANLEY
Telephone Rector 2920
Trinity Place, N. Y.
Rector
Chicago
W.
St.
72
New York City
Pittsburgh
Cleveland
Kansas City
New Orleans
Baltimore
Buffalo
SECURITIES
116 Broadway
Vicks. Shreve. & Pac. Gen. 5s, '41
Little
EDWIN BANCKER & CO.
Boston
Bowling
WIRE
PRIVATE
Exchange
Tel., 6400 Broad
BRANCHES and CORRESPONDENTS
Central
Portland
Rumely 6s
Granby Mining 6s and 8s
New York Shipbuilding 5s
Argentine 6s
Burl., Cedar Rap. & No. 5s
Canton & Youngstown
M., K. & T. 6% Notes & Ref. 4s
Wichita Falls & No.W. Ref. 5s
SAM'L
6s
St. Louis Transit 5s
Federal
Virginia & Pitts. 4s
Phone 5380*1«2>3 Broad
5s
Cleveland Electric 5s and 7s
Akron
West
Coal
Hydro Electric 6s
Denver Union Stockyards 5s
Consolidation Coal 43^s and 5s
Light
Oil,
& Traction
Pref
Govt.
RR.
Valvoline
Mexican
5s,
1942
Issues
GOLDSCHMIDT
25 Broad Street
[Y*l. 12*.
CHRONICLE
THE
XVI
szswwwst'jgjm
TRADING
Arizona Power 6s, 1933
Braden Copper 6s, 1931
,
Advance Rumely 6s
Haytian-American 7s, 1922-24
Monongahela Val. Trac. 5s, 1942
St. Louis Southw. cons. 4s, 1932
Nashville Ry. & Lt. Ref. 5s, 1958
Peoria Ry. 5s, 1926
Chicgo & Alton 3s & 31/28
Southern Pacific Branch 6s,1937
adj. 7s, 1932 Second Ave. RR. Rec. Ctfs. 6s
St. L. Springf. & Peor. 5s, 1939
Chicago & East Illinois issues
Topeka Ry. & Light 5s, 1933
Mexican Government issues
United Water, G. & El. 5s, 1941
Providence Securities 4s
Sierra & San Fr. Pr. 5s & 6s
So. Calif. Edison 6s, 1944
Denv. & Rio Grande
HUGHES & DIER
Stocks——Bonds—Grain
Philadelphia Stock Exchange
Membersi Pittsburgh Stock Exchange
Chicago Board of Trade
New York Produce Exchange
Yadkin River Power 5s, 1941
ARTHUR E. FRANK & CO.
Members of New York Stock Exchange
HANSON & HANSON
72 Trinity
Tel. Rector 5300
100 Broadway. N. Y.
Place
•
•
42 New
Street, New York
New York
•
Telephone Broad 5140
Telephone: Whitehall 1056
Waterloo Cedar Falls & North. Ry. 1st 5s, 1940
Consumers Electric Light & Power 5s, 1936
Guaranteed Stocks
Union
Gas & Electric 6s, 1939
Railway,
(Penna.) Gas Company 5s, 1924
Allentown
Rochester
'
Write
for
QaszpU WLuIke* St jitras
Members New York Stock Exchange
fl Broadway
New York
"
Argentine Govt. 4s & 5s
Mohawk
Sheets.
Quotation
Buenos Aires 5s & 6s
Railway 2nd 6s, 1933
Valley Company Stock
GEORGE N.
221 Lafayette
FLEMING
Building,
Philadelphia
Brazilian Govt. 4s & 5s
Chinese Hu Kuang Ry.
Colombia 6s
5s
Japanese Govt. 4s, 41/£s & 5s
French 5s
Adirondack Elec. Power
Crowell & Thurlow
.
pfd.
Italian 5s
Uruguay 5s
German 5s
Bremen 3s
S.
Douglas Shoe preferred
Fairbanks Co. 1st
Inquiries Invited
Warsaw 6s
Vienna 4^s
Vienna 5s
Hamburg 3s
preferred
Mexican Govt. 4s & 5s
Krupp 4s k
AEG 4Hs
Budapest 4J^s
Russian 5}^s
British 414s
from Banks and Brokers
COWEN & CO.
>
Nehemiah Friedman & Co.
Greenfield Tap & Die pfd.
60 Beaver St., N.Y.
Liggett's International pfd.
Tel. Bowling Green 2538
67
Exchange Place, N. Y. Tel. Rector 6700
Southwestern Pwr. & Lt. pfd.
Turners Fallrf Power & Elec.
WANTED
Chalmer Motor 6s, 1922
U. S.
Envelope Common
50-100
WALTER S. PLACE
35
BOSTON, MASS.
Congress St.,
Private
Telephone New York
Philadelphia
and
"Main 7088"
Willys Corp. 1st and 2nd Pfd.
100 Rolls Royce Pfd.
100 H. H. Franklin Mfg.
25
Nash
R. B.
,
Specialists
Tire and Rubber Stocks
Motor Stocks
20 Nassau
a
Motors
Kansas
4^8, 1963
New York Central 4s,
Hathaway & Co.
Montgomery
Tel. John 5020-1
St., N. Y.
City Term. 4s, 1960
Chic. Un. Station
Bros.
25 Broad St.,
Telephone
.
Broad
1934
S063
New
York
SECURITIES
CHICAGO
Bought, Sold & Quoted
FOREIGN
ALL
BABCOCK, RBSHTON & CO.
Members
New
York, Chicago
Stock Exchanges
HOME IN8.BLDG..
and
CHECKS
'
'■
7 WALL STREET
CHICAGO
NEW
Mortgage Bond Co.
Mechanics & Metals Nat'l Bank
Boston
0?
Alliance Realty Co.
YORK
BO KIDS
FRANK J.
Offerings Wanted
BELL TEL.
5s & 7s,
CURRENCIES
OF CANADA
INI
due 1925
T
R.A.SOICH &CO.
Joseph Gilman
16-18
Investment Securities
84
Pine
Street
New
'Phone
Acadia
5691-4
York
City
Exchange Place
New York
Phones: Bowling Green 3230-39
New
Due
FOREIGN
Sugar 7s, 1921-40
Sumatra
JERSEY CITY
I
John
Tobacco
BONDS
7 As
8. J. Van
ingen & Co*
46 Cedar
Belgian
Brazilian Traction 6s. 1922
Brazilian
French
Buenos Ayres Consol.
Jersey
March, 1924
Argentine
Abitibi Power & Paper 1st 6s
American
DILLON
M.
Tel. 6460 Bowling Green
New York
German
Ba, 191.6
Binghamton L. H. & P. 7s, 1925
TEL. 6364 JOHN
Italian
Japanese
Beaver Board 8s
Mexican
Continental Motor 7s, 1922-25
Russian
Consolidated Textile 7s
Empire Gas & Fuel 6s. 1924-26
General
Gas
&
Electric
5s,
1932
General
Gas
&
Electric
6s,
1929
General
Gas
&
Electric 7s, 1934
Grand Trunk Pacific 3s, 1962
Haytian-American Corp. 7s, 1922-24
Laclede Gas Light 7s
Metropolitan Edison 5s, 1922
Nevada California Electric
6s,
Ohio Cities Gas 7s. 1921-25
Province
of
Utah-Idaho
Buenos
Aires 6s.
1946
1926
Sugar 7s
By-Products Coke
Bordens
Com.
&
British-American
Battery Park
IF YOU ARE A
Pfd.
Tobacco
Bank
Childs Com.
& Pfd.
Continental
Insurance
Esperanza Ltd.
BANK MAN
Gillette Safety Razor
General Gas &
Electric, Pfd.
Imperial Tobacco
Michigan Limestone, Com. & Pfd.
U.
S.
Worsted
and
are
tions,
seeking
Financial
fied
ERNEST SMITH
20 Broad
Street, New York
& CO.
Tel. Rector 6157-8, 2558, 6852
and
use
new
Chronicle
Department
inside back
connec¬
consult
cover.)
the
Classi¬
(opposite
Mat 14
1921.]
THE CHRONICLE
Bonds
Foreign
West. N. Y. & Pa. Gen. 4s, '43
Harrisburg Lt. & Pr. 5s, 1952
Caddo Cent* Oil & Ref. 6s, '30
Tenn. Ry. Lt. & Pr. Pfd.
Portland
Jerome 6. Sullivan & Co.
Tenn. Power 5s, 1962
Railway 5s, 1930
Phila. Gas & El. 5s, 1960
Street, New York
Penn. Power &
Market St. Elev. 4s, 1955
ForeignGovernment & Municipal Bonds
Port. Ry. L. & P. 1st & 2d Pfd.
Light 7s, 1951
5234-5,
1723-4, 5259,
7130-1-2-3-4
Broad
Phones:
Newark Pass. Ry. 5s, 1930
Consol. Trac. of N. J. 5s, 1933
Inquiries invited from
banksf brokers and dealers
44 Broad
XVII
MOORE, LEONARD & LYNCH
Louis Transit 5s
St.
New York
Pittsburgh
Laclede Gas 5s and 7s
Philadelphia
STIX & CO.
I
Members St. Louis Stock Exchange
509
Butte
ST.
ST.
OLIVE
Anaconda
Pacific 5s,
&
LOUIS
Government,
Public
1944
Connecticut River Power 5s, 1937
Railroad
Municipal,
Industrial
Utility
Republic 5s, 1958
Dominican
Manufacturers Water 5s, 1939
Northern Ry. of California 5s,
Investment Bonds
1929
Oregon & California 5s, 1957
Seaboard Air Line 6s, 1945
Wayne Coal 6s, 1937
Atlantic Lobos Preferred
Chestnut & Smith Com. & Pfd.
A. B. Leach &
Co., Inc.
Coal
Clinchfield
Investment
Lehigh Valley Coal Sales
Securities
Standard Oil of New York
62 Cedar
& CO.
DUNHAM
Established
Chestnut
Stock
We
Exchanges
interested
are
New Jersey
Minneapolis
Pittsburgh
St. Louis
Milwaukee
Heinz 7s, 1930
Philadelphia
St.,
York and Philadelphia
of New
Detroit
Hartford
1865
& co.
bloren
Members
Cleveland
'Phone 8800 Hanov«
Exchange Place
410
Boston
Scranton
Securities
Investment
48
105 So* La Salle St., Chicago
St., New York
Philadelphia
in
offerings
of
Armstrong Cork 7s, 1931
Aluminum Co. of Am. 7s, 1925
Aluminum Co. of Am. 6s, 1923
Jones &
Municipals
But
"
SECURITIES
RAILROAD
CO.
CANADIAN
Standard Railroad Equipments
Penna. Tank Car
We Witt
Laughlin Steel 5s, '39
Illinois Cent. Stock Coil. 4s
Government, Provincial
Equipment
and Municipal Bonds
5s, 6s, and 7s
&
Holmes
J. H.
•1
Union Bank Bldg.
Broadway
FARLEE & CO.
Hartshorne & Battelle
Members New York Sleek Exchange,
Pittsburgh
New York
J. S.
Co.
Stock Exchanges
Members N. Y. and Pittsburgh
TeL Bread TT48
88 Bread St.
Direct Private Wire Connection
NEW YORK
Middlesex Valley RR.
16 BROADWAY
Cambria &
1st 5s, 1942
Clearfield 1st 5s,
1941
Pitts. Bess. & L. E. RR. cons. 5s
Rector 1196
Portland Ry. 1st
& Ref. 5s, 1930
Co. 5s, 1942
Portland Ry. Lt. & Pwr.
Pa.
investments
S.
Water
S.
Co.
& Pr.
1st
United Rys of Havana
5s,
1940
MuMfntpK JV V-
,'e. BENSINGER CO,
Co. 8s, 1930
White Dent. Mfg.
77 Whitebait Street
Nt u> YortjCity
Eq 7^s, 1936
CABLE COPES
•tNSiNafn^3oP3o^TK!uu*v» o"c«
"BENTLEY COMPLETE PHRASE
office
Biddle & Henry
Texas
Municipal Bonds
104
High Yield
Vire to New
Private
141
ASK FOR IMPORTANT CODE
York
'
CIRCULAR NO. 339 -»«
BENSINGER-"PH0NE— BOWL. GR. 6989
Call Canal 8437
Birmingham Water Works 5s,
Rector 4514
Texas
#|f#
*755
A BUSINESS
New York
Broadway,
,
t.
Street
L. ARLITT
Tel.
Kearber
Fifth
mmr
CODE"
Largest .•jelling cjjde—used all over tho world—
English cabling,
gavea more thanW* over plain
Philadelphia
Short-Term County Notes
J.
South
alxe,
18.60
Bankers' Association
1939
EXECUTIVE
Brazilian Tract., Lt. & Pow. 6s, 1922
Bronx Gas &
Electric 5s, 1960
Columbus Ry.,
and capable h^ad for any
Pr. & Lt. 5s, 1940
one
Galveston & Houston Elec. 5s,
Kansas
Gas & Electric 5s, 1922
Tennessee Power
fnn
Bond
Department
STATE
Exchange
Securities
a
F.
&
North.
Financial
Classified
5s,
1940
(opposite
Chronicle
Department
inside
back
BANK
££tz£/a/le £/£.
Foreign
C.
be obtained through
the
5s, 1962
Tri-City Ry. & Lt. 5s, 1930
Waterloo
of your Departments
can
1954
cover).
^fo/uccupo,
and
Foreign
Specialty.
Louis Levenson
Public Utility—Industrial—
Short
Term
Tel. Broad 4931
Securities.
27 William St., N. Y.
Use and Consult It*
'
CHRONICLE
THE
XVIII
[Vol. 112.
jfimntUd
Jfinattrtal
Readjustment of Capital
of
INCORPORATED
ALLIED PACKERS,
To Holders
UNBIASED
OPINION
of
Twenty-Year
Sinking
Convertible
Fund
6%
upon
the fundamental value of
in¬
securities prevent losses to
Debenture Bonds
vestors.
#
our
Preferred Stock and
Send one dollar for
.
opinion of
investment
any
security.
Common Stock
representatives of Debentures, of Stock and
Directors of the Company regarding: the difficulties with
which the Company is confronted, the undersigned Committee was
organized, none of the members of which are pecuniarly interested in
the Company except Mr. Fenhagen, who represents Debentures,
Mr. Lewis who represents Preferred Stock, and Mr. Foster who owns
and represents Common Stock.
After conferences with
of the Board of
Central Union Trust
and Agreement for the Readjustment
of the capital of Allied Packers, Inc., dated April 30, 1921, which has
been approved by its Board of Directors and the holders of a large
amount of its Debentures and Stock of both classes.
The Committee has
Investment Registry of
America, Inc.
ESTABLISHED
608 Chestnut
Street,
1910
Philadelphia
prepared and filed with
Company of New York a Plan
Under said Plan and Agreement securities must be deposited on or
before JUNE
1, 1921, either with the Depositary, CENTRAL
UNION TRUST COMPANY OF NEW YORK, at its principal
with one of the Sub-Deposi¬
BANK OF PHILADELPHIA,
at its principal office, 315 Chestnut Street, Philadelphia, Pa.; with
FIRST NATIONAL BANK OF BOSTON, at its principal office,
office, 80 Broadway, New York
City,
or
taries, viz.: with FIRST NATIONAL
70
Federal
AND
BANK,
SAVINGS
•NATIONAL
DEBENTURES
Price $115 per
with FORT DEARBORN TRUST
at its principal office, 78 West Monroe
Boston;
Street.
CENTRAL
share
or
Paid
Street, Chicago.
Certificates of Deposit for
all securities deposited will be issued by
the Depositary or Sub-Depositary with which the deposit is made.
Debentures must be deposited in negotiable form with the coupon of
July 1, 1921, and all subsequent coupons attached. Stock Certificates
must he properly endorsed in blank for transfer or accompanied by
duly executed transfers in blank.
Tax transfer stamps need not be
affixed to stock transfers as the Committee will cause any such
stamps as may be required to be affixed and cancelled on behalf
of the respective depositors of stock.
Copies of the Plan and Agreement may be obtained from the De¬
positary, the Sub-Depositaries, or the Secretary of the Committee.
The members of the Committee invite inquiries from
interested
securityholders.
The Plan and Agreement provide that no expenses
thereunder shall be charged against the deposited securities, the Com¬
pany
having agreed to defray the same.
7% in Cash
10% in Participations
at par
Buy through
or
securityholders the Necessity
Dated,* May 2, 1921.
GEORGE W. DAVISON, Chairman
CLIFTON H. DWINNELL
E.
C.
SIGLER, Secretary
JAMES C. FENHAGEN
80 Broadway
New
York
FLETCHER
JOHN
City
HERBERT
I.
WILLIAM A.
EDWIN
C.
FOSTER
LAW
LEWIS
Committee
Illinois Trust & Savings Bank
La Salle at Jackson
-
Chicago
.
Capital and Surplus
Pays Interest
on
Time
Has
Deposits, Current and Reserve
Accounts.
change.
Deals in Foreign
Transacts
a
Ex-
on
hand at all times
cellent securities.
Government,
General Trust Business.
a
variety of
ex-
Buys and sells
Municipal
and
Corporation Bonds.
your
Bank
owui
Broker
or
FERGUS0NG00DELL & CO., i*
28
The Committee desires to impress upon
in their own interests of prompt deposits.
in 1920
West
44th
New
York.
St.
MAT 14
1921.]
THE CHRONICLE
Accountants
XIX
Jffnatufal
FINANCIAL
CONSULTANTS
American
Express
Company
WORLD-WIDE INVESTMENT SERVICE
Valuation, Security
oil
tion,
Income
For
Investment
Tax,
etc.
St., N. Y.
Banks
5% LOAN OF 1912
Redeemable
and Associates
63 Wall
and
STATE OF RIO DE JANEIRO
BAUER
JOHN
Dealers
Litiga¬
Financial
Issues,
AT
PAR
by
semi-annual drawings.
Principal and interest, April 1st and October 1st, payable
in London in £
sterling
of the
Hanover 6673
London.
day
on
or
in Paris in francs at the exchange
It is the only external issue of the State.
The State
the
GEORGE W.
Certified
35
MYER,
Public
NASSAU
JR
NEW
revenues
in 1919
for
necessary
were
more
than
FOUR times
service of this loan.
the
Also
additionally secured.
Our World-Wide
Accountant
ST.,
amount
mestic offices,
YORK
Banks
a
organization, including foreign and do¬
us to offer Investment Dealers and
enables
complete service in this connection.
Audits, Investigations,
Estate Accounting,
Income Tax
Returns
American Express Company
Telephone Rector 5441
65
BROADWAY—NEW YORK
Securities
Telephone-
Department
bowling green 1qooo
Selling
Bonds—
Why
some men
do
sell
L. L. DALY and BRUCE SEDDON
bonds
more
than others?
WISH TO ANNOUNCE THAT THEY HAVE ORGANIZED A COMPANY
■
The succesful salesman, because he is equip¬
'
•V'''''"'.'''
*
UNDER
the fundamental knowledge of
investment facts, is able to present his pro¬
position intelligently —and thus secure the
confidence of the buyer.
This knowledge
combined with the ability to close, gives the
successful salesman a big advantage over
his competitors.
ped with
THE
NAME
f'.-H
•
OF
DALY, SEDDON COMPANY
TO
Our 30 Lesson
Course of Investments and
Security Selling—the course that is endorsed
by hundreds of successful bond salesmen
today —will not only give you the informa¬
tion you need to be of real service to your
clients, but will give you a training in Secur¬
DEAL
IN
WITH
INVESTMENT
OFFICES
BONDS
AT
1120 AND 1121 BOATMEN'S BANK BUILDING
ity Selling that will greatly aid in insuring
success.
It contains the information
which distinguishes the Bond Salesman from
the order taker.
your
Write
Today * MMSS
and copy of "What
Bond
ST. LOUIS, MO.
the Investor Likes in
BELL
a
TELEPHONE
OLIVE
106
Salesman," gratis.
Ask for Bulletin 60-E
Babson
Institute, Inc.
Wellesley Hills, 82, Boston, Mass.
Ask
your
Banker about
Moody's
BOOKS
RATING
Bankers, Brokers and Security Dealers
can
on
of
Railroads—Public Utilities
Industrials —Governments
He
uses
them in selecting the investments
for his institution.
If you are an
Issued
investor
Moody
x
Boston
should
you
Annually in four volumes.
information
s
use
them.
Send for
to
Investors Service
35 Nassau Street, New
Philadelphia
locate the houses that will buy or sell many bonds and
and inactive stocks by referring to the Trading
unlisted
Department (Pages XII, XIII, XIV, XV, XVI and XVII)
'
•
Illinois
York
Chicago
the
Financial
Chronicle.
In the advertisements
on
these pages,
dealers .and brokers
list the bonds and stocks they wish to buy or sell and indi¬
cate the class of securities they specialize in.
From time
time virtually every security having any degree of salability in the United States is bought or sold through this
department, the advertisers in which are prepared to furnish
quotations on thousands of securities.
to
Always refer to the Financial Chronicle
Trading Department when you wish to buy
or
sell bonds
or
unlisted
or
inactive stocks.
[Vol. 112.
THE CHRONICLE
XX
J£anfc ^tatemarte
<1he CONTINENTALW
COMMERCIAL
BANKS
Chicago
Statement of
National
Commercial
and
Continental
condition, April 28, 1921.
Bank
Resources
Time Loans
_____
____— __
Demand Loans
Acceptances
__
U. S. Bonds and Certificates of
Stock of Federal Reserve
Bank Promises
278,627.25
12,209,850.96
—
_
Bonds, Securities, etc
$194,682,453.04
68,939,988.32
$276,110,919.57
4,271,460.23
1,200,000.00
Indebtedness
Bank
6,000,000.00
(Equity)
32,945.00
Real Estate
Other
Customers'
Liability
Customers' Liability
Overdrafts
_
on
on
2,656,340.37
7,874,234.17
Letters of Credit
Acceptances (as per Contra)
13,764.47
80,110,829.96
_
Cash and Due from Banks
$378,270,493.77
Liabilities
$25,000,000.00
15,000,000.00
Capital
Surplus
__[_____
Undivided Profits
Reserved for Taxes
4,889,085.83
_
1,943,711.41
50,000.00
•
Circulation
Bills
4,322,000.00
Payable with Federal Reserve Bank___
Federal Reserve Bank
Rediscounts with
Foreign Bills of Exchange
Liability on Letters of Credit
Liability on Acceptances
47,850,000.00
___:
1,088,037.50
2,869,739.28
7,880,156.37
_
__
___
$156,711,695.30
Deposits—Individual
110,666,068.08
Banks
267,377,763.38
$378,270,493.77
Bank
Resources
_^____
$24,526,024.59
$22,404,284.19
9,384,477.48
23,899,143.89
55,687,905.56
Time Loans
Demand Loans
♦Bonds and Securities
Cash and
Due from
Banks..
_.
$80,213,930.15
♦
Adjusted to Cost or Market Price, whichever is lower.
Liabilities
'.
Capital."...
$5,000,000.00
5,000,000.00
Surplus
1
Undivided Profits
Unearned
Interest
Reserved for Taxes,
Interest and Dividends
..
1,739,568.71
174,002.44
1,440,846.20
$13,354,417.35
19,797,268.41
42,050,056.46
5,012,187.93
Demand Deposits.
Time Deposits
Special Deposits...
66,859,512.80
$80,213,930.15
The
and Savings Bank is crwned
Commercial National Bank of Chicago
capital stock of the Continental and Commercial Trust
by the stockholders of the Continental and
Combined
Deposits, $334,237,276.18
MAY
141921.]
THE CHRONICLE
XXI
.
National Bank of Commerce
in NewYork
Established 1839
STATEMENT
OF
APRIL 28,
CONDITION
1921
Resources
Loans and
U.
S.
Liabilities
Discounts......
Certificates
debtedness
$324,387,883.79
In¬
of
S.
10,465.73
.....•.«««««.
ties
Government
8,643,786.26
Deposits
U.
11,200,000.00
Federal
of
and
from Federal Reserve Bank
Accrued
Customers'
Liability
with
Taxes
Letters
under
Letters of Credit and Ac¬
11,200,000.00
4€,842,500.00
..
for
Interest
and
Accrued
Unearned
424,678.85
Securi¬
and
Redis¬
Federal Re¬
Bank
Reserved
10,710,352.95
Interest
8,149,879.80
336,352,558.46
•»••••••••••»• *
Payable
counts
98,721,181.02
Due from Banks and Bankers
i ii
.
Government
serve
due
Profits
Borrowed
Bills
1,500.000.00
4,000,000.00
Banking House
Cash, Exchanges,
S.
ties
Reserve
Bank
25,000,000.00
Undivided
Securi¬
borrowed
Stock
$25,000,000.00
up
Surplus
Other Bonds and Securities
U.
Capital Paid
3,709,963.56
Discount
of
3,357,121.18
Credit and
Ac¬
ceptances
ceptances
30,733,813.28
Other
32,415,138.88
3,305,000.00
Liabilities
$490,332J6L88
$490,332,161.88
PRESIDENT
JAMES
S.
ALEXANDER
VICE-PRESIDENTS
J.
HOWARD ARDREY
JOSEPH
A.
HERBERT
LOUIS A.
BRODERICK
GUY EMERSON
DAVID
H.
JOHN
E.
SECOND
HARRY
LOUIS
P.
I.
HOWELL
G.
FARIS
ROGER
FRANZ
E. WARD
VICE-PRESIDENTS
F.
EDWARD
MAXWELL
H.
EVERETT
MEYER.
HENRY
CASHIER
ROY
RUSSELL
H. WILLIAMS
ROVENSKY
ARCHIBALD
CLARKE
R.
STEVENSON
PENNY
BARRAND
P. CHRISTENSON
JAMES
P.
KEIDEL
E.
RAWLS
RISLEY
C. STEVENS
AUDITOR
H. PASSMORE
ALBERT EMERTON
DIRECTORS
JAMES S. ALEXANDER
WILLIAM A. DAY
E.
CHARLES
DUNLAP
VALENTINE P. SNYDER
HERBERT P. HOWELL
HARRY
HENRY W. de FOREST
FORREST F. DRYDEN
THOMAS WILLIAMS
No. 11965
DEPARTMENT
COMPTROLLER OF THE
JBtbttien&g
TREASURY
OFFICE
OF
CURRENCY,
Washington, D. C., April 27, 1921.
WHEREAS, by satisfactory evidence presented
to the undersigned, it has been made to appear
Office
Dfbftientaf
of
THE
UNITED
GAS
IMPROVEMENT
CO.
N. W. Corner Broad and Arch Streets,
NEW YORK, in the COUNTY OF NEW YORK
STATE OF NEW YORK has
complied
all the provisions of the Statutes or the
Philadelphia, March 9, 1921.
The Directors have this day declared a quar¬
terly dividend of one and three-quarters per
cent (87^>c. per share) on the Preferred Stock of
this Company, payable June 15, 1921, to holders
United
of Preferred
that "COMMERCIAL EXCHANGE NATION¬
AL BANK OF NEW YORK" in the CITY OF
AND
with
before
States,
an
required
to
be
complied
association shall be authorized to
with
com¬
the business of Banking
NOW, THEREFORE, I, D. R. CRISSINGER, Comptroller of the Currency, do hereby
certify
that
"COMMERCIAL
EXCHANGE
Stock of record at the close of busi¬
May 31, 1921.
ness
NATIONAL
OF
BANK
NEW
OF
YORK,
NEW
in the
YORK"
in
NEBRASKA POWER COMPANY
the
COUNTY
OF
YORK AND STATE OF NEW YORK,
is authorized to commence the business of Bank¬
NEW
The
the
regular
Preferred
quarterly
Stock
States
business May 14,
S. E.
City of New York, N. Y.
TESTIMONY
WHEREOF,
witness
my
hand and Seal of office this TWENTY-SEVENTH
day of APRIL, 1921.
[SEAL]
(Signed) D. R. CRISSINGER,
Comptroller of the Currency.
PACIFIC
RAILROAD
CO.
A quarterly
dividend of $2.50 per'share "on the
Common Stock of this Company has thisjday been
declared payable on Friday, July
1*1921, to
stockholders of record at 3 p. m. Wednesday,
June 1 1921.
,»
EDWARD G. SMITH, Treasurer.
New York, N. Y., Mayil2, 1921.'
of
dividend
Nebraska
of
Southwestern
PREFERRED
Dividend.
\%%
Power
on
Com¬
has been declared, payable June 1, 1921,,to
pany
CONVERSION of The Commercial Exchange
Bank,
New
York,
N.
Y., with
three
branches located within the limits of the
Stock
Preferred
ing as provided in Section Fifty-one hundred and
sixty-nine of the Revised Statutes of the United
IN
Checks will be mailed.
MORRIS, Treasurer.
UNION
W.
I.
mence
CITY
B. THAYER
JAMES TIMPSON
preferred stockholders of record at the close of
1921.
SCHWEITZER, Treasurer.
PowerJ&fLight'ICo.
STOCK
DIVIDEND.
The regular quarterly dividend of one and threequarters per cent (1M %) on the Preferred Stock
of Southwestern Power & LightlCompany has
been declared, payable June 1
holders of record at the close of
1921,
to
stock¬
businesslMay 18
1921.
WILLIAM
REISER,ITreasurer.
UNDERWOOD TYPEWRITER CO.
The Board
of Directors1 of the Underwood
Typewriter Company at its regular meeting held
12,
1921,
declared a regular quarterly
of $1.75 per share on the Preferred
and $2.50 per share on the Common Stock
of
the company, payable July
1, 1921, to stock¬
holders of record June 4, 1921.
May
dividend
D.
W.
BERGEN,
Treasurer.
AMERICAN
POWER
&
71 Broadway, New
LIGHT ECO.
York."*"
,
COMMON STOCK DIVIDEND NO. 34.
The regular quarterly dividend of one
per cent.
(1%) on the Common Stock of the American
Power
& Light
Company has been declared,
payable June 1 1921, to common stockholders
of record at the close of business May 18 1921.
WILLIAM REISER, Treasurer
JACOB
BACKER
SOUTHERN
Edison
Est. 1911
The
CALIFORNIA
Building,
regular
Los
quarterly
EDISON
Angeles,
dividend
share on the outstanding Common
FINANCIAL
Exchange Bank Bldg.
BROKER
St. Paul Minn.
of
CO.
California
$2.00
per
Capital Stock
(being Common Stock Dividend No. 45) will be
paid on May 15th, 1921, to stockholders of record
at the close of business on April 30th, 1921.
W. L. PERCEY, Treasurer.
MAHONING INVESTMENT CO.
A dividend of One Dollar and Fifty Cents per
share has been declared on the stock of this
Company, payable June 1 1921, to stockholders
May 23rd 1921.
of record
LEWIS ISELIN, Secretary.
[VOL. 112.
THE CHRONICLE
XXII
^financial
SOUTHERN PACIFIC CO.
NO. 59
DIVIDEND
QUARTERLY DIVIDEND of one dollar
and fifty cents ($1.50) per share on the Capital
Stock of this Company has been declared payable
at the Treasurers office,
No. 165 Broadway,
New York, N. Y., on .July 1, 1921, to stock¬
holders of record at 3 o'clock P. M., on Tuesday,
May 31, 1921.
The stock transfer books will
not be closed for the payment of this dividend.
Cheques will be mailed only to stockholders who
A
To The Stockholders:
There is presented herewith consolidated balance sheet of the
Company at December 31, 1920, on which date the Company acquired,
in exchange for issue of its preferred and common stock, substantially
all the outstanding stock, preferred and common, of General Chemical
Company, The Solvay Process Company, Semet-Solvay Company,
The Barrett Company, and National Aniline & Chemical Company,
Inc. (exclusive of inter-company holdings), pursuant to the Chemical
Consolidation Plan of September 9, 1920.
There is also presented
consolidated income account of the five Consolidating Companies for
the
As reflected in these
statements, inventories
at the end of the year
basis of cost or market
value, whichever was
have been reduced to the
charged to the year's operations; and ade¬
been made for depreciation and obsolescence
The valuations of assets on the subsidiary
books have not in any case been increased in the consoli¬
lower, the reduction being
quate provision has likewise
of plant during the year.
companies'
dated
CANADIAN PACIFIC
usual
the
depression.
period of general industrial
the recent and current
It is
solidating Companies, in joining the Consolidation Plan, speaks for
itself; and the investigations so far made by the consolidated manage¬
ment confirm the belief that there exist varied opportunities of much
H.
WM.
NICHOLS,
Chairman of the Board of Directors.
lay 7, 1921.
Consolidated General Balance
(After Elimination of
of seven
cent per annum from revenue, and
cent per annum from special income
per
per
account,
Sheet—December 31, 1920
and Accounts)
,
_
,
$141,370,951 59
ALEXANDER,
ERNEST
Secretary.
Montreal, May 4, 1921.
ALABAMA GREAT SOUTHERN
RAILROAD COMPANY.
THE
May 12th, 1921.
of three per cent on the
Great Southern
A dividend
of The Alabama
stock
preferred
Railroad
Company has to-day
been declared payable
August 18, 1921, to stockholders of record at
the close of business July 14, 1921.
a dividend of three per cent on the ordinary
stock has been declared payable June 29, 1921,
to stockholders of record at the close of business
May 31, 1921.
E. a.
C.
McCarthy, Secretary,
READING
COMPANY.
Office, Reading Terminal.
Philadelphia, May 12, 1921.
The Board of Directors has declared from the
net earnings
a
quarterly dividend of one per
cent
(1%) on the First Preferred Stock of the
Company, to be paid on June 9, 1921, to stock¬
holders of record at the close of business, May 24,
1921.
Checks will be mailed to stockholders
who have filed dividend orders with the Treasurer.
JAY v. HARE, Secretary.
$17,808,539 39
2,177,320 92
19,985,860 31
CURRENT ASSETS
—
Notes Receivable-----------
—
Receivable
"
38
45,602,875 09
etc-__-
Mass.
Boston,
quarterly dividend of 1% ($0.50 per share)
upon the common stock of International Cotton
Mills has been declared payable June 1, 1921,
at the office of the Transfer Agents, the Old
Colony Trust Company, Boston, Mass., to all
stockholders of record at the close of business
May 24, 1921.
INTERNATIONAL COTTON MILLS,
Allan B. Greenough, Treasurer.
95,637,987 15
~
DEFERRED CHARGES
Prepaid Taxes, Interest, Insurance, etc..
The
1,366,402 65
ASSETS
quarterly
Managers,
CO.,
&
GREENE
Mass.
Boston,
471,465 32
of
Office
LOCKWOOD,
$894,937 33
—
Other Deferred Charges
SINKING AND OTHER FUND
Cash and Securities
CONTINGENT ASSETS
Managers,
CO.,
&
GREENE
Fin¬
Work in Process,
Inventories:
Raw Material,
ished Product, Supplies,
04
34
30
$19,942,819
2,699,531
4,125,455
23,267,306
------
Marketable Securities.
of
Office
LOCKWOOD,
The
— .
1%%
of
dividend
upon
the
been stock
Ereferred declared payable June 1, Cotton at the
of International 1921, Mills
as
1,131,361 50
of
office
Trust
Property created by Guarantee of Bonds
OTHER ASSETS
Patents, Processes/Trade Marks, Goodwill, etc
Lien
of
next.
V
ASSETS
Accounts
payable 30th June next
record at 3 P. M. on 1st June
declared
was
to shareholders
Inter-Company Stock Ownership
PROPERTY ACCOUNT
Real Estate, Plants, Equipment, Mines, etc
INVESTMENTS
Bonds and Stocks of other Companies.
Sundry.
-----
-
the Common Stock for the
March last, being at the rate
half per cent on
quarter ended 31st
General
promise to be developed through united effort.
Respectfully submitted,
-.
100.
of the Directors held to-day
quarterly dividend of two and one-
meeting
a.
New York,
confidently expected, however, that the Company will likewise share
fully and promptly in the prospective general recovery.
The substantial unanimity of action by stockholders of all the Con¬
Cash-
RAILWAY COMPANY.
DIVIDEND
At
statement.
Owing to the fundamental character of the Company's business,
it was, of course, inevitable that operations should be curtailed during
Dated,
N. Y., May 12, 1921.
New York,
three
1920.
year
have filed permanent dividend orders.
A. K. VAN DEVENTER, Treasurer.
on
1,967,040 00
.
.-.
21,283,444 33
.
$282,743,047 53
Transfer
the
the Old Colony
Mass., to all stock¬
of business May 24,
Agents,
Boston,
Company,
holders of record at the close
1921.
INTERNATIONAL COTTON MILLS,
Allan B. Greenough, Treasurer.
LIABILITIES
FUNDED
DEBT
$5,420,000 00
-
-
PURCHASE MONEY
620,547 34
OBLIGATIONS
Notes
$11,100,000 00
Payable
Ps
* *
Payable.
Accounts
— —
—:
RESERVES
Depreciation, Obsolescence,
—
—_
11,638,816 94
22,738.816 94
$54,513,402 60
etc
2,885,577 87
Taxes————-.—
Sundry-15,546,041 36
CONTINGENT LIABILITIES—Bond Issue Guaranteed
MINORITY STOCKHOLDERS' INTERESTS—
CAPITAL STOCK
Preferred—373,264 shares, Par $100
—$37,326,400
Common —2,143,455 shares, without Par Value, De¬
clared at $5 per share
------—
10,717,275
SURPLUS-December 31,
1920------
72,945,021 83
1,967,040 00
4,638,940 67
Five
Consolidating
Account of
the
Companies and Their Subsidiaries
ended December 31,
Income
and local
ATLANTIC
1920
At
a
meeting of the
May 10, 1921.
Board of Directors held
May 9, 1921, a dividend of $5.00 per
declared on the Common Stock of the
share was
Company,
payable June 15, 1921, to stockholders
at the close of business May 21, 1921.
will be mailed.
W.
D.
of record
Checks
ANDERSON, Secretary.
$29,768,751 32
HOMESTAKE MINING
Income
—
-
—
$18,743,628 47
2,563,689 26
$16,179,939 21
has to-day declared a
cents (25c.) per share,
Board of Directors
dividend of twenty-five
payable May 25th to stockifylders of record at
the close of business May 20th, 1921Checks will be mailed by COLUMBIA TRUST
COPANY, Dividend
Certify
COMPANY.
May 11th, 1921.
NO. 542.
DIVIDEND
11,025,122 85
The
Taxes
Federal Taxes
We
COMPANY,
Ave.,
after
taxes,
Net Income before Federal
Net
REFINING
Passyunk
PHILADELPHIA.
48,043,675 00
126,369,005 75
provision for depreciation, obsolescence, all State
repairs and renewals
Reduction of Inventories to cost or market whichever was
lower as of December 31. 1920
$10,226,687 73
Loss resulting from sale of securities. —
_
798,435 12
Gross
"E"
3144
00
------
Income
Year
Series
THE
00
$282,743,047 53
Condensed
PRODUCTS CORPORATION
Dividend Certificates issued by
Corporation on May 15, 1919,
will become due and payable on May 15, 1921,
with the last installment of interest thereon.
Upon presentation
and surrender of such
Dividend Certificates to
the Guaranty Trust
Company of New York, 140 Broadway, New
York City, on or after May 16, 1921, the prin¬
cipal sums due thereunder and interest due thereon
to May 15, 1921, will be paid.
WILLIAM A. FERGUSON, Secretary.
TOBACCO
Tobacco Products
CURRENT LIABILITIES
that,| in our opmion the above Consolidated General
Disbursing Agent.
FRED
CLARK,
Secretary.
Balance Sheet properly presents the financial condition of the Company
and its Subsidiary Companies at December 31,1920, after the elimina¬
tion of Inter-Company Stock Ownership and Accounts, and showing the
capital stock at the amount issued or to be issued in exchange for stock
deposited and that the accompanying Condensed Statement of Income
correctly states the profit from Operations ar.d Investments for the
year
ended December 31, 1920.
New York,
April 30,1921.
WEST
&
FLINT,
Accountants and Auditors.
C0SDEN &'COMPANY
May 5. 1921.
The
pany
Board of Directors
has this day
of Cosden and Com¬
declared the regular quarterly
dividend of 1%% on the Preferred Stock of
the Company, payable June 1st,
1921, to the
stockholders of record at the close of business
on
May
16th,
1921.
The stock books will
remain
open.
E.
M.
ROUZER, Secretary.
May
141921.]
THE
CHRONICLE
xxir
rfutatictal
NEW
ISSUE
A
6% Federal
Income Tax Exempt Bond
At Par
$485,000
CITY
OF
SALISBURY, N. C.
6% Gold Bonds
Dated
May 1, 1921.
Due as shown below.
Principal and semi-annual interest payable
May 1st and November 1st, in New York City.
Coupon Bonds at $1,000 Denomination.
Eligible
to
Secure
Postal
Savings Deposits
financial statement
Assessed Valuation
$20,781,249
Net Bonded Debt
Population
1,319,843
1920
(U.
S.
Census),
13,884
SALISBURY is located in the most fertile
agricultural part of North Carolina,
the Piedmont Section.
This City's population has increased
more
These# Bonds,
entire5_City
issued
of
for
Salisbury
Street
Improvements,
payable
from
are
Unlimited
an
knownjas
than
General
a
Tax
on
94% in ten years.
Obligation of the
all
the
^Taxable
Property therein.
Legal opinion of Messrs. Reed, Dougherty & Hoyt
Maturing $17,000 Annually May 1, 1924
$25,000
"
May 1, 1929
$40,000
"
May 1, 1937
We
own
to 1928 inclusive
to 1936
to 1941
and offer the above bonds
subject to prior sale at
100 and
interest
Yielding 6%
Descriptive Circular (7-107
sent
upon
request.
R. M. GRANT & CO.
31
Boston
Nassau
Street,
New York
St. Louis
While
we
do
not
guarantee the above statements,
Chicago
we
believe them to be correct.
[VOL.112.
CHRONICLE
THE
XXIV
Jfinattdal
NEW ISSUE
$10,000,000
Kelly-Springfield Tire Company
Ten-Year 8% Sinking Fund Gold Notes
Dated May 15,
Due May 15, 1931
1921
payable in New York May 15 and November 15.
Interest
Denominations of $1,000, $500 and $100, Registerable as to Principal
or, if in part, only pursuant to the sinking fund, on
Coupon Notes in Interchangeable
Redeemable
only.
whole
as a
interest date at 110 and interest.
any
payable without deduction of
Interest
normal Federal Income Tax not in
Pennsylvania Four Mill Tax will, on application, be refunded to
The present
excess of 2%.
holders resident in
Pennsylvania.
THE TRUST AGREEMENT WILL
110
PROVIDE FOR THE RETIREMENT OF THE ENTIRE ISSUE AT
INTEREST BY DRAWING BY LOT $1,000,000 PER ANNUM
AND
EACH
MAY
UNTIL
;
AT
PAID
MAY
THE
J;''
Union
Trust
($500,000 NOTES ON
CONTINUING
$2,000,000
WILL
INTEREST
::
■
.
:
.
information in regard to this issue of Notes is given in a letter to us from Mr. A. B. Jones,
the Company, from which we summarize as follows:
among other covenants, that so long
of these Notes are outstanding:
Notes
,
proceeds of this issue will be used for
the funding of its floating indebtedness and
to furnish additional capital.
1
purchasing property subject to a mortgage or from
e-quity
issue.
r-epr?sef
,
^
^nd ratably in shalllien of such mortgage or pledge.
This covenant the not prevent the Company from
ranking junior to this
over
any
after acquired, unless these Notes shall share equally
Company's outstanding capital stock at
°frr<3nt $20,000,000
Srfnnn
of
as
The Company will not mortgage or pledge any
of its real or personal property now owned or here-
The
The
AND
1923,
Company of New York, Trustee
are
the direct obligations of
Kelly-Springfield Tire Company and constitute
its only funded debt.
These
15,
REMAINING
AND
110
•
Central
Further
WHEN
1931,
15,
BE
President of
BEGINNING
DATE),
INTEREST
nor
from
pledging
as
security for loans made to it
profits for the four years ended Decern- A *n tIie regular and current conduct of its business,
±'
i
-i
1 1
accounts receivable or other liquid assets or stocks,
ber 31, 1920, after depreciation, and available
bonds or other securities owned by it.
for interest and Federal Taxes, as certified by
Messrs.
Touche, Niven & Co., Public AcDuring the life of these Notes the Company will
countants
averaged $3,269,006 per annum
Net
,
innn
01
or
over
four
j
a.
the
times
maximum
interest
amount
charge of $800,000 under this issue.
i
r™
'
These
\t
Agreement
We
x
Notes
*n
will
which
i_
be
will
offer these Notes when,
as
j
j
under
issued
provide
in
m
a
x
Trust
substance,
and, if issued and received by
us,
All
Moses
expected that temporary notes
or
future
earn-
or
subject to prior sale and to the approval of counsel, at:
Price 99J£ and
It is
of these Notes except from
the future issue of preferred or common
stock, and will maintain total current assets at
least equal to the amount of its total indebtedness,
including these Notes then outstanding.
,
ings
Interest
interim receipts will he ready for delivery on or about May 25, 1921.
y
legal matters in connection with this issue will he approved hy Messrs. Sullivan & Cromwell and Messrs.
& Singer of New York.
H.P.GOLDSCHMIDT&CO.
GOLDMAN,SACHS & CO.
LEHMAN BROTHERS
HALSEY, STUART &
We do not guarantee the statements
and figures presented herein, but they
Subscriptions having been received for
more
than the entire
as
a
matter
amount
of
are
taken from sources which we
believe to be accurate.
of the above Notes, this advertisement appears
only
record.
S
May 14
1921.]
THE
CHEONIOLE
XXV
^Financial
$6,000,000
The
Niagara Falls Power Company
First and Consolidation
Dated
November
1,
Mortgage Series AA 6% Gold Bonds
1920
Due
November
1,
1950
Interest payable
semi-annually. May 1 and November 1, in New York and Buffalo.
Company is obligated
to pay Federal Income Tax lawfully deductible at the
source, up to 4%.
Coupon bonds in denominations of
$500 and 81.000; principal may be registered.
Fully registered bonds in denominations of
$1,000
authorized
and
105
and
Authorized
multiples.
accrued
Redeemable
interest, upon
Series AA,
Issue,
in
whole
two months'
notice.
that
never
at any
part,
the
at
Marine
The
option
of the
Company, at
Company of Buffalo, Trustee.
Trust
*$15,000,000
Outstanding,
♦The total amount of First and Consolidation
so
in
or
Mortgage Bonds which
time shall there be outstanding
an
may
be
f$10,000,000
executed is limited
aggregate principal sum exceeding $75,000,000.
flncluding $6,000,000 to be presently issued.
PROPERTY
and
owns
plants
at
on
The
:
Niagara Falls Power Company
operates
all
the hydro-electric
presently to be issued.
The earnings for the year
1920 do not reflect the full benefit from the opera-
power
the American side of the Niagara River
Niagara Falls and controls the
plant
power
the Canadian side of the Falls owned and
tion of the three new units (aggregating approximately 112,500 horsepower) which have recently
been installed, nor do they reflect any benefits
on
operated
by the Canadian Niagara Power Company.
The
from the extensive improvements
present aggregate installed generating capacity of
the four
generating stations
of the Falls is
on
the American side
installed in
Company brings the aggregate of the system
plants
up
tion
to 486,000 horsepower.
of the
which is
now
have
horsen
a
in progress,
DDODrDTirc
program,
upon
of about 673,500
1920,
was
available for
are
on,
.
i
,
use.
•
.
,
sheet under date of March 31, 1921, at $55,865,-
r
EARNINGS:
debt,
a
PROPERTIES . The real estate interesP?WeL, houses, transmission systems, etc.,
owned byThe Niagara Falls Power Company and
the Canadian Niagara Power Company, and the
investments pledged with trustees under various
mortgages, are carried on the consolidated balance
046.04,
year
become
not
^ LUE O
the plants of the system
combined capacity
under way.
earnings until the improvements
have been completed and
Upon comple-
enlargement and extension
plans for which have been perfected and work
will
charge against
generating stations of the Canadian Niagara
Power
now
the present issue of
on
$6,000,000 Series AA Bonds does
approximately 373,500 horsepower,
and the additional 112,500 horsepower
the
Furthermore, the interest
Total
net
income
for
available for interest
equivalent
on
OVER
to
the
calendar
the
interest
annual
total
the hands of the publics including the $6,000,000
and to OVER ONE AND
TIMES
of the
The Niagara Falls Power Company First and Con-
TIMES
SEVEN-EIGHTHS
excess
AND
THREE-QUARTERS
the
$17,639,046.04 in
funded
the
TWO
quirements of the
year,
or
funded debt of the two companies outstanding in
solidation Mortgage Series AA 6% Gold Bonds to
re-
interest
be presently issued.
The equity in these
proper-
ties beyond the total funded debt outstanding in
requirements of the present outstanding funded
the hands of the public,
debt, including the $6,000,000 First and Consoli-
present market values of the preferred and common
dation
stocks, is easily
The
Mortgage
Series
AA
6%
Gold
Bonds
over
$25,000,000.
Security for these Bonds, Sinking Fund Provisions, Purposes of Issue and complete infor¬
mation
regarding the property and business of the Company,
set forth in
are
us
by Mr* Paul A. Schoellkopf, President and General Manager, copies of which
to
furnish to
investors
upon
application.
Issuance of these bonds is subject to the
shall be pleased
yielding about 7%
All proceedings relating to the issuance of the bonds will be
Bonds
passed
are
upon,
behalf, by Messrs. Masten & Nichols, New York.
Spencer Trask & Co.
25
letter furnished
approval of the Public Service Commission of the State of New York.
offered if, as and when issued and received by us.
our
a
we
~
Price 88 and interest,
in
represented by the
as
Broad
E.H.Rollins & Sons
Street, New York
43 Exchange Place, New York
Schoellkopf, Hutton & Pomeroy, Inc.
Marine Trust
Building, Buffalo
All
information given herein is from official sources,
but
in
no
event
are
the
statements
herein
or
contained
from those which
to
be
regarded
as
we
regard
our
as
reliable;
representations.
V
[You 112.
THE CHRONICLE
XXVI
jf manual
i
,
$5,000,000
if.
The Milwaukee Electric
20-Year 734%
i
Railway and Light Company
A
Refunding and First Mortgage Gold Bonds, Series
Due June 1, 1941
Dated June 1, 1921
of SI,000 and $500 denom¬
the following
1923 at 102M%; there¬
including
of Series A
Principal and interest payable in New York.
Interest payable June 1 and December 1. Coupon bonds
provision for registration of principal. Redeemable as a whole or in part by lot after sixty days' notice at
prices and accrued interest:
To and including June 1 1922 at 101 J^%; thereafter to and including June 1
after to and including June 1, 1924 at 108^%; thereafter to and including June 1, 1926 at 107 M%', thereafter to and
June 1 1931 at 105Vi%\ thereafter to and including June 1 1936 at 10334%; thereafter at 10134%Total amount
Bonds authorized and issued $5,000,000.
inations with
CENTRAL
The Company agrees to pay
application the present
on
1^4%
per
Normal income tax up to 2%, if exemption is not claimed, and
Pennsylvania four mill tax to holders resident in Pennsylvania who have paid
annum
following information is
to refund
such tax.
fund will retire 2% per annum of these bonds until June 1, 1926
thereafter, if obtainable at or under par and accrued interest
These bonds become a first
The
COMPANY OF NEW YORK, TRUSTEE
the United States
A semi-annual sinking
and
UNION TRUST
lien
on
the Company's entire property by December 1,
summarized from a letter to us from Mr. John I. Beggs, President
1931
of the Company:
Railway and Light Company will owm or control upon completion of
the present financing the entire central station electric light and power and steam heating business
in Milwaukee and suburbs.
It also owns and operates substantially the entire street railway business in
this territory and furnishes all of the central station electric light and power and most of the interurban
railway service through an extensive surrounding district.
More than 68% of 1920 net income was
derived from light and power business.
The area served comprises approximately 3,970 square miles
and has a total population of approximately 800,000 people.
Business—The Milwaukee Electric
Earnings for Ten Years
More Than Twice Interest—Net income after taxes available for interest,
dividends for ten years ending December 31, 1920, averaged 2.27 times
follows:
depreciation, reserves and
annual interest charges, as
Net Income
$6,457,820
1912
7,009,823
1913
7,507,045
7,566,021
7,482,806
8,891,409
10,309,614
12,145,874
15,033,986
19,064,335
1914
1915
1916
,
1
1917
1918
1919
1920
Balance
Interest
$2,871,440
2,988,044
3,121,960
3,139,247
3,072,108
3,669,002
3,445,894
3,063,158
4,679,710
4,275,442
Gross
1911
$1,283,713
1,380,912
1,348,000
1,468,446
1,456,230
1,345,975
1,324,136
1,733,368
1,958,382
1,799,088
$1,587,727
1,607,132
1,773,960
1,670,801
1,615,878
2,323,027
2,121,758
1,329,790
2,721,328
2,476,354
funded debt including present issue is $1,978,210.
properties have been particularly well maintained, and the above earnings are after
maintenance and replacements, $6,539,233 having been charged to operating expenses
for this purpose in the three years ending March 311921.
During the ten-year period, the Company set
up depreciation reserves aggregating $8,537,267, and total reserves and surplus were increased from
$4,760,073 to $11,092,548.
* .
The annual interest requirement on total
The company's
liberal charges for
21-Year Dividend
since 1900 on its 6% preferred
paid dividends annually averaging in excess of 8%
Record—The Company has paid dividends as due
stock, $4,500,000 now outstanding; and since 1903 has
on its common stock, $9,850,000 now outstanding.
Equity—The Wisconsin Railroad Commission's valuation of the Company's physical property as of
January 11914, together with subsequent capital expenditures to March 31,1921, aggregates $51,671,518
(exclusive of $3,273.960 of materials and supplies on hand).
The total funded clebt of the Company now
outstanding in the hands of the public, including the present issue, amounts to $36,532,000.
Security—These bonds will become a first lien on the Company's entire property by December 1, 1931,
all underlying mortgages being closed except for use as collateral to this indenture, and bonds of such
issues must be paid at or prior to their maturity.
These bonds are secured by direct first mortgage lien
or pledge of all stocks and securities on certain small central station and distribution system property in
Milwaukee and North Milwaukee and by direct mortgage lien, subject to underlying mortgages, upon all
other property of the Company now owned or hereafter acquired.
They will be additionally secured by
deposit as collateral of an equal face amount of underlying bonds which are subject to prior liens of
$13,228,000 on the property in Milwaukee and of $5,000,000 on all remaining property.
Unlimited-—In the opinion of counsel, the Company's franchises are unlimited
subject to public purchase at valuations to be fixed by the Railroad Commission of Wisconsin.
Franchises
We offer
these bonds when,
as,
and if issued and subject to approval
by the Wisconsin Railroad Commission.
Price 95 and Interest.
in time,
of legality by our counsel and of issue
To Yield
over
Dillon, Read & Co.
Harris, Forbes & Co.
The
Spencer Trask & Co.
information contained in this advertisement has been obtained from sources which we
it is accepted by us as accurate.
'
consider reliable.
While not guaranteed,
MAY 14
1921.]
THE
CHRONICLE
XXVII
financial
New Issue
$20,000,000
Standard Oil Company
of
New York
Twelve-Year 6%% Gold Debentures
Dated May
1,
1921
Interest passable
May 1 and November 1
1
Coupon
Debentures in
Redeemable in whole
and
Total
Due
1928,
at 103
3-10
of .1%
May
1,
1933
$20,000,000
denominations of $1,000, $500 and $100 with privilege of
registration
in
part on May 1,
accrued
interest less
or
authorized issue
as
to
principal
and accrued interest, and thereafter on
any interest
for each succeeding six months until
maturity
date
at
103
Interest payable at the office of Bankers Trust
not
exceeding 2% in
Company, or Blair & Co., New York, without deduction for any Federal Income Tax
which the Company or the Trustee may bo
required to pay thereon or retain therefrom
present or future law of the United States of America
any year
under
any
BANKERS
Mr. H. C.
TRUST
COMPANY, NEW YORK, TRUSTEE
Folger, President of the Company, in
"SECURITY: These Debentures will
a
letter dated May 9, 1921, writes in part
as
follows:
be the direct
obligation of the Standard Oil Company of New
York and together with $30,000,000 Serial Debentures now
outstanding will constitute its sole
funded
debt.
NET EARNINGS of the
Company
compare as
follows:
Year
Before Federal Taxes
After Federal Taxes
1916
$37,401,764
$36,638,495
1917_
39,376,043
30,000,672
1918
44,157,080
28,642,387
1919-__—
Net
58,330,176
43,165,109
1920
46,468,771
39,405,631
earnings before taxes for the five
the annual interest
were
over
ASSETS:
on
the Debentures
years ended December 31, 1920, averaged over 13 times
outstanding, together with the present issue, and for 1920
133^ times such annual interest.
The balance sheet
as of December
31, 1920, shows total net assets of $254,315,242 and net
quick assets of $123,808,685.
Adding the proceeds of the new Debentures and the outstanding
Serial Debentures, the total net assets exceed six times the total funded debt.
The net quick assets alone
as of December 31, 1920 (adding the proceeds of the new Debentures
outstanding Serial Debentures) equal almost 33^ times the total funded debt to be pres¬
ently outstanding.
and the
The balance sheet includes
in the value of the
SINKING FUND:
The
nothing for good will and does not reflect the very substantial increase
Company's physical and other properties accruing over a period of years.
Company will provide $750,000
per annum,
available semi-annually, beginning
November 1, 1921, to be applied within six months to the purchase of these Debentures at not over
100 and interest.
If Debentures are not available for purchase at that
price, the unexpended
balance will revert to the Company.
■
"
.
'
RESTRICTIONS:
l
These Debentures
.
are
to be issued under
an
indenture with Bankers Trust
Company,
New York, as Trustee, providing, in substance, among other
things: (1) that the total funded indebt¬
edness of the Company, including this issue, shall never at
any time while any of these Debentures
outstanding, exceed 50% of its Total Net Assets as defined in the Indenture; (2) that the Com¬
will not create any mortgage on or pledge of its properties unless these Debentures shall share
equally and ratably in the lien of such mortgage or pledge, but this shall not apply to purchase
money mortgages or pledges of personal property to secure temporary loans in the usual course of
business, and shall not restrict the acquisition of additional property subject to lien or mortgage."
are
pany
The legal proceedings in connection with the issue
Garrison, New York.
Pending receipt by1
us
are
being passed
upon
of Temporary Debentures, interim receipts may be delivered.
"when,
as
and if issued and received
by Messrs.
Hornblower, Miller* &
All offerings are subject to approval of counsel,
by us."
I
Price 100 and accrued interest
Blair
8-
Co.
The Equitable Trust Co.
INCORPORATED
OF NEW YORK
Dillon, Read &
The statements presented
All the above Debentures
Co.
above, while not guaranteed, have been obtained from
having been subscribed for, this advertisement
sources
which
we
believe to be reliable.
appears as a matter
of record only.
1
[VOL. 112.
THE CHRONICLE
XXVIII
^financial
$4,500,000
Portland Railway, Light and Power Company
First Lien and
Refunding Mortgage Gold Bonds
Series "A"
Twenty-Five Year 7
Non-callable during the first ten
THE ISSUE
Strong Features
Interest
The Portland
Railway, Light
Oregon,
Western
THE
For
has
fully
with
interchangeable
and
NATIONAL
BANK OF
CITY
Interest
1946
registered
NEW YORK,
TRUSTEE
Federal
Pennsylvania
payable without deduction of the Normal
Tax
Income
up
2%.
to
'
,
past twelve years
the electric energy
been generated by water
Four
Mills Tax in
Refunded.
.
the
of
power.
A continuance of
economical
operation will be made possi¬
ble through development of
additional
hydro-electric
will
Refunding
Mortgage 5% Bonds in a direct first lien on over 75% of the
Company's generating capacity, including the largest hydro-electric
plants with a combined installation of 58,000 h. p., modern steam
stations of 31,000 h. p. capacity and a large amount of other valu¬
The Bonds,
Public
For the purpose
Service
of
pledge initially of $6,700,000 First and
able property.
Commis¬
funding Bonds
valued the
properties of the Company at
a
figure which is more than
150% of outstanding mort¬
gage
debt,
including
this
sion
in addition to being secured by a direct mortgage,
share through the
properties.
The
May 1,
$1,000 each, registerabie
the Portland
It also operates
city railway system which is
showing a substantial earn¬
88%
denominations of $500 and
n
in¬
cluding Portland.
ing power.
Due
and Nov» 1
as to
Bonds in denomina¬
tions of $1,000, $5,000 and multiples of $5,000. ^Redeemable after May 1, 1931,
at 105 and accrued interest and after May 1, 1941, at 103 and accrued interest.
principal, only
supplies
electric light and power in
more
than twenty communi¬
in
payable May 1
Bonds
Coupon
and Power Company
ties
years
Oregon
of purchasing or redeeming
Fipt Lien and Re¬
the Mortgage will provide for a
Sinking Fund
least $225,000 semi-annually
beginning September 1,1921.
It is estimated that during the
life of these Series "A" Bonds this Sinking Fund will retire in
requiring
the
cash
aggregate
payments of
at least
at
$10,000,000 First Lien and Refunding
Mortgage Bonds of this
and.succeeding series.
issue.
First Lien
Cash
of $450,000
each year into sinking fund
may be used for purchase of
Bonds up to 107% during the
first ten years and redemp¬
tion prices thereafter.
and Refunding
future,
will share in
Bonds then to be issued.
a
more
first
mortgage lien on over
75% of the Company1 s gener¬
ating capacity, including the
largest hydro-electric plants
and modern
steam
for the twelve months ended
than twice the annual
Bonds
are
offered, if, as and when
issued and received by us, subject
approval of legal proceedings by our Counsel. It is expected that
interim certificates will be ready for delivery on or about May 12, 1921.
recommend these Bonds for investment
The above information is
yielding
based upon official statements
purchase of these Bonds.
Halsey, Stuart & Co., inc.
including this issue.
to
Price 96 and accrued interest,
relied in the
April 30, 1921, are
interest charges on all mortgage bonds
outstanding with the public,
stations.
We
issued in the
under conservative restrictions
Net earnings
These Bonds
Mortgage Bonds may be
only for refunding pur¬
poses, and for 75% of expenditures for additional property pro¬
viding net earnings are at least
times the annual interest
charges on the mortgage debt with the public, including the
payment
over
and statistics on which we
We do not guarantee, but
7.85%
have
believe it to be correct.
The National
City Company
Mat 14
1921.]
THE
CHRONICLE
YYTY
^financial
$35,000,000
.
(Total Issue)
E.I.du Pont de Nemours and Co.
TEN-YEAR 7^% GOLD BONDS
Dated
May
1,
1921
Due
Interest payable May
1 and November
1
May
1931
1,
in New York City
Redeemable at any time at the option o
to
May 1,
1922
,
the Company, in whole or in part, upon 60 days' notice, at 110% and accrued interest prior
the redemption price thereafter decreasing one per cent each succeeding year
ending April 30.
Coupon Bonds in denominations of $1,000, $500, and $100, with privilege of registration as to principal.
Fully registered Bonds in
denominations of $1,000 and authorized multiples thereof.
Coupon and registered Bonds and the several denominations
v
■
interchangeable.
BANKERS
The
TRUST
COMPANY, NEW YORK, Trustee
following summarized description of these Bonds has been prepared for
President of the Company, from his letter to
^usiness of
Business
Nemours
1802
and
has
E.
du
Company's direct
Motors
continuously conducted
established
was
by the du Pont interests, first
Bonds,
du
indirect investment in General
or
In
connection
with
the
issue
Pont American Industries,
of
Inc.
(which will hold the du Pont interests in General
Motors stock), will issue to E. I. du Pont de Nem¬
Co.,
was
organized
development of
a
busi¬
which has been in successful operation for 119
In addition to its explosives business,
now
stock.
partnership and
as a
E.I. du Pont de Memours and
Company is
by Irenee du Pont, Esq.,
The present corporation,
in 1915 and represents the
years.
these
us
1921:
in
Co.
been
since
dated May 12,
de
Pont
and
later in corporate form:
ness
P.
us
the
active in many allied lines,
in¬
ours
and
Co., $25,000,000 of its Serial Notes (se¬
cured by 7,000,000 shares of General Motors Cor¬
poration
common
stock),
$20,000,000 of its
8%
preferred stock (being the entire issue thereof), and
all its
common
stock.
cluding artificial leather, pyralin, dyestuffs, paints
and varnishes and acids.
r^^ie total assets of E. I. du Pont de
Equity
Nemours and Co. aggregate $280,000,000,
Proceeds
these Bonds will be used in
part
suPp*y funds for the permanent
Purpose
of Issue
financing of the cost of General Motors
i
common
stock
Securities
(temporarily financed by du Pont
Company), and in part for other
ate purposes
corpor¬
of E. I. du Pont de Nemours and Co.
compared with which this
tutes
the
there
are
still
subsidiary manufacturing companies which
in
course
of retirement.
to the Bonds is
\
Earnings during the last ten years the Com-
and the
as
to
distinguished from the profits
necessarily
tary business, have averaged
ally, and in only
one
of such
over
on
$7,500,000
years were
mili¬
annu¬
such receipts
less than twice the $2,625,000 required to meet
annual
These
interest
earnings
The
charges
were
above
on
this
exclusive of
Bonds
issue
any
are
of
the
Bonds.
return from the
common
interest,
be
stock
are
capitalization junior
represented by $70,629,000 of 6%
stock,
$88,675,000.
and $63,378,000 Common stock
The
of
du
to
Pont
the
amount
reserves
Company's
affected
surplus
that
extent
American
will
the
Industries,
Inc., is sold to the stockholders of E. I, du Pont de
Nemours and Co. for
is
now
carried ,on
a
sum
other than at which it
the balance sheet of E. I.
du
Pont de Nemours and Co.
offered, subject to issue
accrued
The
uncapitalized surplus and
pany's net receipts from its commercial
business,
outstanding about $1,000,000 bonds
of
Debenture
v
55,000,000 issue consti-
Company's only funded debt, although
to
as
planned, at 100% and
yield
(
Subscription books will be opened at the office of J. P. Morgan & Co. at 10 o'clock A.M., Friday, May 13th, 1921, and will be closed
in their discretion.
The right is reserved to reject any and all applications,
and also in any case to award a smaller amount than
The amount due on allotments will be payable at the office of j. P. Morgan & Co., in New York funds to their order,
applied for.
on
or
about May 25th,
Temporary Bonds
1921.
or trust
receipts,
exchangeable for definitive Bonds when prepared and received,
J.
First National
P.
Bankers Trust
New
York, May 13, 1921.
payment.
Morgan & Co.
Bank, New York
Guaranty Company of New York
will be delivered upon
National City Company, New York
Company, New York
Harris, Forbes & Co.
*
,
THE
xxx
[Vol. 112.
CHRONICLE
jftnantial
Investment
From Our
Suggestions
Current List
YIELDS %
PRICES
MATURITIES
ISSUES
Argentine Republic Internal Gold 5s
-Sept. 1, 1945
66^
7.98
J_ _Sept. 1, 1945
62}^
8.53
99
8.25
(unlisted Numbers)
Argentine Republic Internal Gold 5s
(unlisted numbers, $100 bonds)
—
Republic of Chile External 20-year S. F! Gold 8s
State of San Paulo Brazil 15-year Ext.
Feb. 1, 1941
April 1, 1934 Market 8.17
Chicago Rock Island & Pacific Ry. 1st & Rfdg. Mtg. 4s
Great Northern
966.25
(C. B. & Q. Coll.) Conv. 6^s-.__July
Pennsylvania RR. 15-year Secured 6j^s
May 1, 1933
subject to prior sale
may
6.50
100^
6.95
___Nov. 1, 1932 Market 8.40
Virginia-Carolina Chemical Co. S. F. Deben. 7^s___
Descriptive circulars
100
April 1, 1936
Company 15-year S. F. Deben. 7s
th?
6.87
5s-.July 1, 1936 Market 7.53
S. F. Deben. OJ^s.
We offer the above issues
96^
1, 1936
July 1, 1994 Market 5.97
Bethlehem Steel Co. Purch. Money & Impt. Mtg. S. F.
Standard Oil Co. of N. Y. 12-year
7.40
____Feb. 1,1936 Market 6.93
____
Ry. 1st Cons. Mtg. 5s___
Vacuum Oil
96)4
July 1, 2047
Ry. Rfdg. & Impt. Mtg. Series "B" 6s
Nor. Pacific-Gt. Northern
'southern
July 1, 1936
Ry. General Mtg. Series "A" 7s_
Northern Pacific
1, 1936 Market 8.47
S. F. Secured Gold 8s.-Jan.
be had
or
upon
change in prices.
request.
equitable
Trust Company
OF NEW YORK
37 WALL STREET
UPTOWN OFFICE
COLONIAL
Madison Ave. at 45th St.
222
London—3 King William St.,E.C.4
*.
'
'•
'
'
OFFICE
Broadway
Paris—23 Rue de la Paix
'
Total Resources
'
-
over
'
'
'
'
$300,000,000
/
-
'
'
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
VOL. 112.
PUBLISHED
NO. 2916
Week ending
Inc.
WEEKLY
Sir Months
«_$10 00
6 00
13 50
7 75
Suropean Subscription (including postage)
Suropean Subscription six months (including postage)
Canadian Subscription (including postage)
NOTICE—On
account of the fluctuations
for European
York fund3.
cances
Now
Bank
State
subscriptions
and
Eabningb
advertisements
must
be
made
iu
Elkctbic
(monthly)
1919.
1918.
(semi-annually)
(semi-annually)
657,108,564
—8.9
531,593,081
502,120,514
52.645.3S3
101,063,078
67,265,412
121,996,126
111,938,559
—21.7
52,769,509
61,319,216
—17.2
84,075,205
—19.8
80,606,789
35,278,305
—14.5
17,622,000
—10.1
31,683,036
13,147,000
—7.9
12,051,000
—14.9
11,445,274
5,585,162
79,558,138
53,792,616
27,732,886
13,602,000
10,304,200
10,348,986
6,075,024
5,142,512
Cleveland
Detroit
90,450,769
Milwaukee
30,154,740
15,839,000
12,500,000
12,470,870
5,586,704.
5,561,620
4,308,378
3,989,406
1,781,647
3,028,728
Springfield, 111...
2,900,000
13,570,000
14,648,992
5,752,114
7,119,411
4,991,122
5,218,656
2,103,107
4,146,417
3,260,328
Rockford
2,335,579
Indianapolis.
Columbus...
.
_..w
agate line..
per
Grand
Rapids...
Dayton....
Evansville ..../.
...
Fort Wayne
Advertising
45 cents
On
request
Chicago Office—19 South La Salle Street, Telephone State 5594.
London Office—Edwards <fc Smith, 1 Drapers' Gardens, E. O
S
598,526,369
Cincinnati
Peoria..........
Bankebb* Convention (yearly)
Terms of
Transient display matter
Contract and Card rates
Railway
%rt
Chicago _L
Toledo
Git* (semi-annually)
and
or
Dec.
S
Youngstown.--..
1150
in the rates of exchange, remit,
Subscription includes following SupplementsQuotation (monthly) Railway & Industrial
and
Sail wax
1920.
Subscription—Payable in Advance
One Year
F«r
May 7.
Clearings at1921.
Terms of
City Section
SATURDAY, MAY 14, 1921
'he ffihxmxxcU
(far
Railway Section
—2.9
—21.9
—27.0
5,503,066
3,965,394
4,292,158
1,645,595
4,2S0,973
11.0
2,412,314
3,106,493
—24.8
1,975,029
—17.7
—23.4
—15.3
—
3,919,788
4,596,779
1,398,343
3,275,872
2,295,249
2,121,437
5,480,060
B.
DANA
COMPANY, Publisher^
Front. Pine and Depeyater Street*. New York.
7,880,000
10,934,000
—27.9
8,746,000
1,200,000
1.300.000
—7.7
1,000,000
800,000
Canton
WILLIAM
Akron
Lexington...
3,588,569
1,468,631
4,962,033
1,919,458
1,942,973
2,017,997
1,440,933
1,809,236
1,651,956
1,831,255
1,111,386
781,207
807,494
—27.7
2,807,044
—20.2
3,099,254
1,524,278
1,493,953
+ 18.7
1,400,000
—24.3
1,187,125
—28.8
1,257,105
1,156.776
—18.8
1,209,667
—30.2
796,742
1,143,216
631,443
—13.8
1,075,000
774,762
Quihcy
Springfield, Ohio.
1,550,000
2,394,033
1,090,149
1,288,417
1,340,705
Danville
1,277,596
Bloomington
Bend.....
/
South
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Presi¬
dent, Jacob Seibert Jr.; Vice-President, Arnold G. Dana; Business Manager, William
D. Riggs; Secretary, Herbert D. Seibert.
Address of all, Office of the Company.
Decatur....
Mansfield
...
958,708
536,778
Lima...
CLEARING
HOUSE
Jacksonville, 111..
RETURNS
The following
table, made up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending, to-day
have been $6,567,839,765, against S7,275,781,562 last week and
§8,416,604,763
the corresponding
week last
600,000
Arbor
Ann
Per
1921.
1920.
.
Cent.
....
§2,958,627,223
416,846,300
§3,656,286,136
310,288,600
Chicago
Philadelphia.
432,466,459
339,402,959
195,716,161
143,335,509
125.000,000
Boston
514,413,730
227,171,868
Kansas City
118,668,462
100,546,284
103,100,000
106,136,317
...
St. Louis
...
.
San Francisco
Pittsburgh
...
Detroit
—25.1
1,189,169
—31.1
1,487,933
1,092,756
—12.6
873,748,316
809,575,558
114,643,599
—17.9
114,345,554
39,337,000
33,971,120
28,123,017
—24.6
13,473,743
—17.0
453,453
1,703,000
Lansing
Francisco.
San
Los Angeles-__
—19.1
—
19.1
128,100,000
78,665,000
142,606,378
71,86 ,000
—10.2
27,887,630
29,044,554
12,296,029
9,698,704
3,370,425
40,239,730
35,368,036
16,300,045
11,678,300
5,314,693
10,571,733
3,016,020
5,168,299
—32.3
2,141,334
3,410,831
4,186,500
2.0S7.385
1,971,473
891,149
3,107,602
+ 43.7
1,480,000
—5.0
2,599,240
1,170,891
1,970,029
+ 9.9
1,980,091
1,725,738
—18.5
1,284,841
927,534
40.6
946,990
827,670
—22.0
642,651
1,501,664
537,110
1,050,000
245,581,424
.......
Portland..
Salt Lake City-
—28.2
Spokane
—33.1
Taeoma
10,680,351
—39.4
Oakland
—29.9
San
—17.5
Sacramento
2,836,216
Diego
—22.9
Pasadena.....
—33.4
Fresno
4,684,941
3,076,055
3,238,514
—20.6
Stockton
4,601,000
63,248,704
—38.2
.
1,700,593
1,171,900
695,000
3,563,185
San Jose
Yakima
Eleven cities, five days...^
Other cities, five days
§4,515,212,921
947,147,918
$5,795,032,668
1,245,404,216
—22.1
Reno.
—24.0
Long Beach.
$5,462,360,839
1,105,478,926
...
§7,040,436,884
1,406,167,879
—22.4
__
903,810 Not included
Santa Barbara...
Total all cities for week
§6,567,839,765
§8,446,604,763
The full details of the week covered by the above will be given
We cannot furnish them to-day, clearings being made up by the
—22.2
next Saturday.
clearing houses
Saturday, and hence in the above the last day of the week has to be in
as we go to press Friday night.
Detailed figures for the week ending May 7 show:
Inc.
1920.
or
60,002,787
—35.1
197,808,102
37,707,141
54,086,728
16,066,418
Minneapolis
Omaha.........
St.
Paul
Joseph.
Des Moines
1919.
1918.
Cedar
4,104,042, 489 4,793,056,550
395,266, 106
493,579,038
—14.4
Rapids...
375,953,731
117,310,521
70,045,617
135,272, 727
146,339,810
—7.6
83,934, 087
Buffalo
34,671, 131
89,540,962
42,808,116
—19.0
Washington
Albany
17,499, 477
19,890,707
—12.0
4,894, 517
5,301,759
—7.7
Rochester
9,662 046
5,058, 827
5,230, 889
2,900, 060
2,3.58, 126
2,873, 078
4,804, 929
4,111, 839
12,237,009
5,320,269
5,537,378
3,793,982
—21.0
Scranton
Greensburg
Huntington
Bethlehem
Total Middle-
4,202,151
—5.51
3,749,8.56
2,873,951
3,389,812
2,337,306
3,645,122
3,005,816
1,291,044
2,448,092
2,036,353
905,100
1,050,000
1,175,861
924,142
446,208
—23.5!
—7.71
—14.0;
—2.7i
2,738,482
—46.1)
2,934,931
1,522,500
—17.3
1,538,700
—32.0
1,683,996
1,175,357
717,559
1,743,751
1,898, 965
—30.4,
4,403,174
1,644,406
513, 051
-
22,102,633
17,783,114
4,351,285
8,588,355
—5.0!
3,112,135
5,583,219
1.080, 193
Montclalr.
—6.3
3,390,431
1,600, 000
1,477, 386
2,427, 206
1.079, 441
1,046, 300
1/00, 000
Altoona
—16.9
3,733, 305 Not included
4,826,102,870 5,649,594,221
6.6;
'
—29.1;
—8.1
—28.4
Colorado Springs.
Pueblo
64,513,991
21,909,966
15,106,064
4,556,487
7,085,487
3.600.000
4.661.387
2,864,862
3,416,695
2.393.001
3,808,474
3,015,720
1,391,603
2,633,435
Fremont........
2,385,263
903,849
1,252,689
1.711.388
782,898
418,618
+ 8.9
in
Aberdeen
Billings.
Hastings
Tot. Oth. West
St. Louis
New
Orleans....
Louisville
Houston
Galveston
Richmond
Atlanta.
Fort
Worth
Memphis
Nashville
—14.6 4,488,425,858 +,187,513,378
—27.2
7,368,889
—14.4
2,400,000
3,500,000
2,600,000
—7.7
Worcester
—23.4
Fall River
1,501,939
New Bedford-...
4,567,580
3,209,378
1,829,716
1,550,625
950,000
1,073,826
1,229,761
1,113,042
900,000
961,306
2,234,612 Not included
1,179,803 Not included
New
Haven.
Springfield
Portland
Lowell.
Holyoke
Bangor
Stamford
Lynn
Tot. New Eng
334,572,083
5,586,597
1
—23.6
—19.5
—22.0
—53.2
—32.8
—28.2
—5.3
—10.4
305,294,165
7,618,900
8,895,635
5,570,117
3,644,276
2,437,550
3.802,250
2.317,250
1,765,966
1,156,976
663,153
733,887
,
307,496,431
11,234,100
Birmingham
Knoxville
Augusta
Macon
......
Austin
Vicksburg
350.647.428
+ 30.5
2,800 ,000
2,204 ,271
2,900 ,000
—41.9
655,305
353,684,880
505,267,238
—30.0
410,430,207
402,114,924
116,081,090
48,910,417
22,171,524
20,806,824
151,441,893
62,079,517
30,511.944
25,858,023
6,376,070
64,428,277
68,397,799
19,191,561
22,474,219
—23.3
138,793,376
155,844,128
54,765,309
7,118,073
36,182,029
39,578,557
12,500,000
13,665,008
17,234,727
4,372,595
7,044,108
1,910,271
—
17.5
1,166,143
—16.1
990,449
—12.8
—31.5
1,723,327
1,523,071
—21.2
50,534,036
—27.3
16,125,180
—19.5
+ 11.6
16,430,904
5,792,800
—43.8
46,910,096
3,400,000
45,412,101
—42.1
51,716,580
15,585,988
17,573,047
49,937,872
12,860,063
11,057,138
13,356,585
6,795,059
7,051,493
4,054,515
3,203,549
5,417,180
5,417,518
2,590,790
4,502,721
—34.9
—39.2
—29.3
20,535,186
—15.1
16,598,909
6,461,001
11,811,025
11,420,970
—16.0
3,106,411
—14.1
7,844,009
—31.7
5,937,862
—47.0
4,007,479
8,410,909
3,571,902
11,999,746
7,466,702
4,545,679
12,152,965
—30.8
5,037,121
—46.4
13,669,418
2,643,394
8,542,940
—33.3
17,424,454
3,090,000
10,311,993
5,088,828
2,408,816
24,370,676
10,500,000
—58.4
10,756,966
—34.5
519,312
—37.4
797,596
—31.0
11,958,184
—32.3
4,073,007
36,291,744
—21.5
—34.2
3,977,489,
5,956,315
—33.2
4,863,556
4,561,294
11,044,999
1,823,460
1,530,000
3,604,806
409,041
608,887
8,776,593
2,347,971
23,795,085
2,873,552
-28.2
492,888,917
4,419,209.'
1,384,6821
325,000
3,197,058!
Dallas
Shreveport
Southern
Total all
343,900,132
18.8
—24.6
—41.1
9,201 ,451
7,786 ,032
4,687 ,448
—46.3
Muskogee
Total
—
19,008 272
10,622 ,702
4,187 ,879
—32.8
Tulsa
767,348
841,401
—19.4
23,209 310
964,195
2,808,109
1,324,107
—42.9
—36.2
197,853 ,741
28,345 304
65,823 257
13,670 856
1,895,625
1,425,630
1,013,113
550,000,
8,093,115)
1,873,889
—34.4
22,814,334
16,799,223
11,026,757
6,331,598
10,700,000
12,495,977
5,350,116
3,447,701
2,672,030
1,784,050
2,059,642
2,630,660
986,515
828,446
933,066
-
1,977 ,289
2,072 ,651
830 ,500
686 ,635
974 ,704
1,415 ,875
1,149 .601
701 ,146
Jackson
total
456,047,766! —26.6
2,412,813
978,651
863,534
518,447
1,298,578
958,848
3,628,910
In total
In
Oklahoma
Mobile
3,850,038
2,850,000
3,415,460
3,275,452
2,328,337
10.7
+ 47.1
—28.9
23,865,550!
Rock
Charleston
5,194,986
2,774,764
2,468,609
1,371,099
2,500,000
2,000,000
.
10,795,635
14,017,818
6,403,838
+ 34.6
—
22,842,4771
1,749,790,
Norfolk.
8,778,109
14,108,908
8,495,026
—24.9
2,700,000
.......
Savannah
Chattanooga
401,422,497
13,953,800
11,934,858
providence
...
Jacksonville
total
292,025,455
10,660,900
9,612,324
6,308,774
4,358,582
Hartford
......
Fargo
400,393,497
128,545,108
Little
Boston
6,974,269
1,972,636
3,790,744
589,714
Helena
,838,809,788 3,510,362,890
—19.9
22,674,401
22,382,028
16,636,680
11,292,720
4,082,004
City
Topeka.
Dec.
Baltimore-
Blnghamton
4,405,338
267,599,759
Wichita
%
Chester
12,439,196
8,100,000
*
In total
—9.9
Waterloo
Erie.
14:7
—38.3
Lincoln
1921.
Lancaster
+
226,009,875
82,930,754
Sioux
Week ending May 7.
Clearings ai-
Trenton
—
139,462,302
62,335,227
38,812,711
30,512,281
19,994,437
9,106,360
10,027,135
5,571,058
6,166,401
Duluth
York
35,550,893
21,547,777
4,388,405
Kansas Clty...u.
St.
Wheeling
—9.4
27,948,000
1,900,000
380,899,608
Denver.........
Wilkes-Barre
—6.0
325,310,097
all cases estimated,
Reading
Wilmington
+ 1.0
8,9S6,143
4,576,258
8,062,442
—36.6
Pacific..
Total
—21.4
at noon on
Syracuse
+ 9.5
*
five days
All cities, one day
York.....
506,471
344,468
78,761
1,196,848
970,697,310 1,111,179,391
Owensboro
77,415,602
39,104,895
NewjOrleans.
Philadelphia
Pittsburgh
1,013,282
—25.1
137,747,408
11.0,000,000
73,235,144
61,487,828
Baltimore
New
1,076,885
300,416
605,440
2.602.001
226,000
Seattle
cities,
1,550,920
1,526,069
year.
Clearings—Returns by Telegraph.
Week ending May
14.
all
—31.4
—25.7
1,496,710
401,320
106,122
Adrian
Tot. Mid. West
Total
—24.7
Outside N. Y_.
465.414,322
1,900,000!
648,028,6.56
17,275,781,562'8,731,016,280
3.171,739,073
3,937,959,83o!
+ 67.1
—48.3
—27.2
23,238,143
13,184,102
2,300,000
8,588,881
1,481,234
1,500,000
4,665,270
372,879
589,284
11,183,822
2,636,066
20.770,657
2,476,948
478.653.287
—18.7 6.876.993,189 6.475,162,739
—
19.5
3.038.182,401l2,964,799,843
2008
for the
THE FINANCIAL
expansion in value recorded, when
contrast
is made with pre-war
SITUATION.
The total value
periods.
of the merchandise exported in
in
April this year was only $340,000,000, against $684,yielding this week to the ultimatum of the Allied
319,392 for the period a year ago, and 715 millions
Supreme Council and accepting unconditionally, as
in 1919.
For the ten months of the fiscal year
required, the reparations demands laid down by
(July 11920 to April 30 1921, inclusive), moreover,
the Council, will no doubt be referred to as one of
the export
aggregate at $5,852,880,246 is over 881
the most noteworthy historical events
connected
million dollars less than that of last year, compari¬
with the great war.
For the time being it has had
son being with $6,734,088,683, and shows a gain of
no
immediate influence upon affairs in this coun¬
only 152 millions over 1918-19.
Merchandise im¬
try, beyond the fact that it served further to ad¬
ports for the month, while a little greater than in
vance the rates of exchange on the leading European
March, were quite well under the total of a year
centres, following the gradual rise in exchange rates
which has been in progress for some time.
This last, ago, explanation of which, as in the case of the ex¬
ports, is to be largely found in the shrinkage in
of course, is in itself a highly favorable circum¬
prices. They aggregated $255,000,000, against $495,stance, since anything that tends to restore or bring
738,571 in April 1920, and $272,956,949 in 1918, with
nearer
the old equilibrium in exchange must act
the ten months' aggregates $3,264,298,426 and $4,as a powerful stimulus in promoting foreign trade.
254,741,636 and $2,473,878,932, respectively.
The
Rates of sterling on London crossed the $4 mark,
export balance for April on the merchandise move¬
both on demand bills and cable transfers, while
In
the years to
rates
Paris
on
tres likewise moved
favorable
while
response
last
however, there was no
much
stock market, under the
contrary,
the
On
whatever.
was
ment
$85,000,000, this contrasting with
a year ago,
and no less than $441,843,-
1919, and for the ten months exports have run
imports by $2,588,581,820, against $2,479,-
ahead of
347,047 in 1919-20, and $3,226,573,523 in 1918-19.
imports in April, although under those
Gold
strength to the
leadership of the railroad
down to
was
$188,580,821
188 in
upward.
there
week
a
the other Continental cen¬
on
Stock Exchange,
our
responded with
also
Rome
and
sharp rise, and rates
On
the action of Germany
come
March,
were
of
of full volume, having reached $92,-
shares, the present week the course of stock prices
000,000, of which much the greater part came from
has
England (approximately 15 millions), France (20
again been reversed, and some sharp declines
have occurred in the industrial list,
road
stocks
with the rail¬
sympathetically affected, though the
declines in the latter have
only been moderate. The
explanation of all this, however, is very simple.
mestic
events
have overshadowed
Do¬
foreign happen¬
The trade outlook was supposed to be im¬
ings.
millions), Sweden (25 millions), Holland (11 mil¬
lions) and the Far East (12 millions).
totaling only $400,000.
was,
504
Exports, on
hand, were merely nominal in amount,
other
the
Our net gain of the metal
therefore, $91,600,000, increasing to $441,708,the net influx for the ten months ended April
1921, this contrasting with net exports of $345,-
proving, and the most tangible evidence of this
30
appeared to be found in the automobile trade.
567,495 in 1919-20, and an import remainder of $3,-
the present
in the
week there have been reductions anew
prices of motor
stimulate
revival
has
A further
the official
The total
measure,
was
disappointment.
our
foreign countries is indicated by
times,
an
April, issued this week.
of the amounts
excess
outcome due in considerable
as
compared with these earlier
riods, notwithstanding the
flation in progress
more or
pe¬
less marked de¬
in recent months.
The prices of
majority of the commodities that
go
to make
export trade, while well below those of
a
year
agp,
continue appreciably above the level of,
say,
i914.
Take wheat, for example: in April 1914
export price
1921 close to
1914,
$2.
compares
$48,849,530 (the April total having been $3,300,-
of
98c per bushel, but in
was
Flour, at $4 65
exports of $79,750,862 and $196,134,384, respec¬
per
bbl. in April
with about $7 40; sole leather, 25.7c
lb., with 39.5c; fresh beef, 12.7c with 17c; hams,
13.8c with 20c; illuminating oil, 6.6c per
gal., with
and 1918-19.
Transvaal advices this week
exports
if not wholly, to the higher level* of prices
the average
$48,740,729, against which latter there were imports
tively in 1919-20
falling off in the value of
rules,
Silver exports for the month
$2,300,000, and for the ten months reached
but
net
is, however, much in
that still
our
expected
503,188 in 1918-19.
were
destroyed and the stock market
statement for
for pre-war
vast
being to
000), leaving a slight net import of the metal against
of merchandise to
up
purpose
time when it
very
been
has reflected the
a
the
Thus the illusion of early trade
active.
grow
cars,
buying, which it is admitted has been
slackening at the
to
But
of
covering the results
operations of the gold mines in April, reveal a
moderate
gain in production
the preceding
over
month, but at the same time the output was less
the corresponding
than in
fact smaller than for any
period of 1920, and in
earlier year back to and
including 1911, with the falling off especially pro¬
nounced
Stated
as
compared with 1917,
1916 and 1913.
briefly, the yield of the mines for April this
681,382 fine ounces, against 686,979 fine
ago, and no less than 784,974 fine
in 1913.
For the four months the yield
year was
a
ounces
ounces
reached
year
an
aggregate of only 2,562,235 fine ounces,
against 2,689,848 fine ounces last year, 2,720,110
fine ounces in 1919 and 3,099,038 fine ounces in 1913
-—the
high record for the period.
per
15.7c; leaf tobacco, 11.2c
billets, $20 63
lb., with
newsprint
This
per
per
ton, with $60; tin plates, 0.34c
.072c; rosin, $4 71
paper,
lb., with 42.3c; steel
.028c
per
per
per
bbl., with $7 05
lb., with .078c, and
so on
comparison could be extended indefinitely, but
enough has been given to indicate that
the recent decline
price
more
even
after
than quantity accounts
Reporting Board of the
the United States on
winter wheat, for May 1, issued Monday last, is
highly encouraging, only a slight deterioration in
condition during April is shown, and the outlook
The
report of the Crop
Department of Agriculture of
remains
much
more
favorable than at the corre¬
sponding time in 1920 and better
of
than the average
As had been
previous years at the same date.
May 14
1921.]
THE
2009
OH RONICLE
alga
•
expected, because of well authenticated private ad¬
worthy decline in the aggregate of liabilities from
vices, the abandonment of area as a result of winter
the
killing, etc., is found to have been much less than
sharp decrease in the indebtedness involved in large
the average,
failures, and not to
it being reported as 4.6% of the
acre¬
planted in the fall, or 1,884,000 acres, clearly
age
high record total of March, but this is due to a
indicating the quite satisfactory manner in which
was
the
as
crop
has passed through the freezing period.
On the
faults.
any
falling off in number of de¬
contrary, the number of insolvents
greater than in the preceding month, although
compared with the three monthly periods prior
In Kansas the amount of land thrown out is stated
thereto contraction is shown.
to have been about
in
8%, but in other States of lead¬
The
April exhibit is,
fact, the poorest since 1915, when the Greenhut
ing production the loss in area is of relatively negli¬
failure contributed
gible importance, running under 3% quite generally.
As against this contraction of 1,884,000 acres in
of the
debts, and the number forced to the wall
ceeded
2,000.
12% million dollars to the
sum
ex¬
The defaults for amounts of $100,000
reached in
1921, the loss through the vicissitudes of the winter
or
in 1920
against 81 for $51,153,792 in March, and only 21 for
though,
was
4,605,000
11.9%,
acres, or
the other hand, in 1919 it reached only
on
nominal
a
less than
no
amount—544,000
acres, or
but little
over
Contrariwise, in 1918 the abandoned territory
1%.
estimated
was
as
comprising
13.7%
of
the
area
planted the previous fall, and the average for the
regards the condition of the crop,
$6,763,752 in the month of 1920.
in both 1916 and in
ties is the
points is reported
the
having occurred during April>
as
May 1 percentage of 88.8 comparing with 91.0
month
earlier, 79.1 the
two years ago,
time last
same
year,
a
100.5
86.4 in 1918, and 73.2 in 1917, with
the
ten-year average 86.8.
son
hereafter, the conclusion is officially arrived at
that
condition of
a
88.8
Assuming
normal
a
sea¬
May 1 foreshadows
on
yield of approximately 16.3 bushels
figure, applied to the 38,721,000
a
That
per acre.
estimated
acres
as
remaining under cultivation at this time, would give
production of about 629,287,000 bushels,
a
subject to expansion
or
contraction
subsequent meteorological conditions
below
normal.
Comparison
is
bushels, the
revised
the
558% million bushels in 1918.
of
a
year ago,
but
577,763,000
729,503,000
1919,
and
Due mainly to dam¬
now
expect¬
mil¬
one
expected in Kansas and Nebraska,
important gains
are
looked for in Ohio, Indiana,
upon
officially at this time.
are
and
not reported
But reliable private
last year.
other
an
increase in number is to be noted in
line, witli
every
in
In the manufacturing branches, on the
hand,
all
over
1920 strikingly heavy in machinery,
month
$14,111,238, which
were
also, have fared badly, the April total of debts at
$17,066,816 comparing with only $3,276,615
a
a year
In this division paints and oils alone report
ago.
smaller
sum
such lines
of liabilities than last year,
and in
groceries, meats, general stores, cloth¬
as
ing, drygoods, hardware and miscellaneous the in¬
noticeably heavy.
are
For the four months of 1921 the total number of
insolvencies
is
comparison
being between 6,359 and 2,131, while
virtually three times that of 1920,
ord
$218,965,758 establishes
of defaulted
a
high rec¬
indebtedness, and contrasts with
only $42,926,634 last
The 1919 record
year.
was
2,447 and $47,271,514, and that of the preceding year
of wet and
cold
weather, with the
4,205 and $64,052,149.
Southwest will be offset
area
by
a
The condition of
uncertain, owing to the great
of
replanting necessary this
shows little change.
reports from
favorable grain
to be
season,
more
but
a
attention than
manufacturing,
and
The Canadian
Wheat
a
greater number
year
against
$71,791,546,
a
common
$12,476,597,
compilation of failip'es for April,
with that for the United
As compared
the
corresponding period of 1920,
an
extended
April 1921
mercan¬
tile and industrial circles in the United States
as
a
changed conditions of recent months.
true that the latest statement shows
a
note-
one,
or
of earlier
period, the exhibit is
and especially
so
which the indebtedness shows
It
States, shows
a
o(f insolvencies than in March, but
smaller volume of liabilities.
for
good.
furnishes still further evidence of stress in
less than $88,434,-
agents, brokers, etc., $58,739,248, against $17,-
isfactory
result of the
no
964, and comparing with but $12,770,028 in 1920;
in
seeding is said to be well advanced; labor is
adequate to plentiful at reduced wages, and condi¬
The record of commercial failures for
Needless to say, the exhibit
by the various divisions is of like character, the
trading liabilities standing at
rather
ago;
tion is reported
made
680,009.
Canada indicate
outlook in the Dominsion.
receiving
ex¬
in the South and
smaller planting in
largest production.
oats is looked upon as
It is
Traders,
is progressing slowly
account
seems
with
compares
$2,601,053 in 1920 and $6,107,171 in 1919.
corn
the States of
,
and baking, liquor and
Altogether manufacturing debts for
Planting of
pectation that the gain in
Recent
augmentation in indebtedness
clothing, milling
miscellaneous.
the
an
printing and engraving, and with the
save
probable.
acreage
The group com¬
factory exhibit of the month, the liabilities of $7,
the liabilities at
amount
543 and $11,450,462 in 1919,
389,715 running but nominally above the total of
investigations indicate that spring wheat seeding is
nearing completion, the early sown is up to a fairly
good stand, and a moderate decrease in acreage is
on
year,
$14,271,849 in 1918.
prising agents, brokers, etc., makes the most satis¬
except rye, which showed
improvement in condition in April,
preceding
905
creases
Illinois, Missouri, Texas and Washington.
The other cereal crops,
and
lumber,
and losses of approximately
are
of the
expansion
ed to fall not far from 10 million bushels under that
lion bushels
only 504 and $13,224,135 in the corresponding period
as
by rust, the outturn in Oklahoma is
age
total
a
April,
1,487, involving $38,567,789 of debts, against
was
or
year,
approximation of
1915, but the volume of liabili¬
high record for the period, the nearest
according to Messrs. R. G. Dun & Co.'s compilation,
above
are
fin^l estimate of last
bushels
For the elapsed
exceeded in number
approach thereto having been in 1915.
according
with
were
The total number of mercantile defaults in
loss of 2.2
a
April 64, for about $21,000,000,
portion of 1921 the failures
ten-year period, 1911-20, is given as 11%.
As
over
a
with
years
quite unsat¬
in trading lines, in
heavy augmentation.
reaches, in fact, no less than $2,956,817, against
only $319,765
a year ago,
of
compare
$1,425,704
while manufacturing debts
with $1,096,098, and those of
$535,519 in miscellaneous
lines
with $55,093.
In
181
for $1,470,950 in 1920, and
For the four months the
all, the number of defaults for the month was
for
|4,918,040? against 75
56 for
$726,619 in 1919.
insolvencies
involved—$27,163,560—the
1916, with the amount
heaviest
in
$5,798,140 in 1920 and 273 for $5,506,In the manufacturing division, the
1919.
reach $13,183,415,
debts
months'
four
period in 1915.
same
with 184 for
256
greater
Comparison is
record, and over 9 million dollars
on
for the
than
since
747, exceeding all years
totaled
against $3,-
trading lines, $11,898,741,
against $1,599,671, and among agents, brokers, etc.,
930,785
last
in
year;
$2,081,404, against $267,684.
The
was
affairs
of the
acceptance, by the German Reichstag,
Allied ultimatum
ernment had decided that
Ambassador to Great
regarding the fulfillment of the
George Harvey, the new
Britain, "will take part as the
representative of the President of the United States
in the deliberations of the Allied
It
was
resume
Roland W.
an
ington
"an official
Boyden vrould be instructed to sit again
"unofficial
mission.
his place as
Ambassadors, and that
observer" in the Council of
in
Supreme Council."
also made known in the note that the Ambas¬
sador to France will
The
capacity"
the Reparations Com¬
on
opinion seemed to prevail in Wash¬
very soon
after the contents of the Ameri¬
reply became known that it wrould pacify the
can
so-called "irreconcilables" in the Senate relative to
the
big event of the week in European
the
[Vol. 112.
CHRONICLE
THE
2010
"Times"
Versailles
of
adoption of the Treaty
American
by
the
although
correspondent
the
New
York
asserted
Government,
that
they
wrere
rather "blue."
This occurred
The big question was what the Germans would
By this
do with the terms of the ultimatum.
The Berlin
action, the new Cabinet, headed by Dr. Julius Wirth,
was
accepted also.
Prior to that session of the correspondent of the New York "Tribune" cabled as
Reichstag, uncertainty had been the dominant note early as last Friday night that "Germany's accept¬
ance of the Allied reparations ultimatum may be
in practically all the advices relative to the situa¬
regarded as a foregone conclusion." He'declared, fur¬
tion, growing out of the failure of the Germans to
meet former reparations demands of the Allies and thermore,! that "sentiment in leading political circles,
including even an influential section of the Monarch¬
the delivery of the ultimatum agreed upon by the
reparation demands of the Allies.
The vote was 221 to 175.
Tuesday night.
Supreme Council at its recent session in Lon¬
Allied
It will be recalled that the Germans were re¬
don.
quired to give their answer by May 12, the penalty
for failure to do so
being the invasion of the Ruhr
The Fehrenbach Ministry
Valley the following day.
in
Germany resigned, but was persuaded to remain
could
another
until
in
finding
a
man
selected
be
The German President
and
established.
experienced great difficulty
to undertake the difficult task.
Every day the Berlin dispatches contained the
of
a
different
political leader, who, it
had been asked to do
in
getting
a new
asserted,
The two chief difficulties
so.
Cabinet
ists would not agree
was
name
were,
first, that the Social¬
to becoming
an
element in
a
ists German
People's Party, favors acceptance of
the London demands in order to
the
occupation of additional
"Times"
The New York
avoid, at all costs,
territory."
German
representative in the Ger¬
capital, in outlining the situation there last
man
Saturday, said that] "the attention of the Govern¬
ment and
news
don
public is being divided between the grave
from Silesia and the still
more
important Lon¬
ultimatum, and the formation of thevnew Cabi¬
net has been
est of the
relegated to
But
people.
is at least
a
now
third place in the inter¬
that the London decision
partly known in Parliament, immediate
steps will be taken to form a new Government to
deal with."
According to his information at that
coalition, and second, that all who might be asked
time, "the new Cabinet probably will be formed by
to become Cabinet members realized that
to-morrow
be
they would
required to decide the momentous question of
accepting
rejecting the Allied ultimatum.
or
The
former Cabinet announced that it would not make
a
decision.
Through
an
Associated Press dispatch
the
[Sunday] and present itself Monday to
Reichstag."
He added that "it will consist of
members of the old
Coalition, excepting, perhaps, the
reactionary Deutsche Volkspartei, whose members
consider the ultimatum
The next
Tuesday evening it became known that "Dr. Julius
unacceptable."
day the same correspondent cabled that
Wirth, formerly Minister of Finance in the Cabinet
"until
of Chancellor
ent Coalition Cabinet seemed inclined to
to form
a
Fehrenbach, agreed to-day to attempt
new
Cabinet."
the latest Allied terms at
in the
were
for
Reichstag would accept
ply with its terms for at least a year or two and
session to be held later
The Centrists and Majority Socialists
reported to have been leading in the movement
acceptance, while the Democratic and German
undecided.
were
said to have been somewhat
Their
opposition, however, appeared to
dwindling, according to the best information ob¬
tainable in the German
The
most
accept the
ultimatum, hoping Germany would be able to com¬
day.
Peoples parties
be
a
yesterday the parties forming the pres¬
was
Tuesday morning it
believed in Berlin that the
noon
that time
might bring
Entente.
Since then three factors have contributed
to
a
change in the mood of the
He added that
change the situation cpmpletelv."
these factors were,
enstein
was
of
the
first,
a
Deutsche
speech by President Har-
Reichsbank, by which he
said to have "made such a
nearly all
deep impression that
present went away
convinced of Ger¬
many's immediate ruin if the ultimatum were ac¬
capital.
the
cepted," and, secondly, "news from Upper Silesia,
European situation, outside of, or in addition
to, what we have briefly outlined in the above, was
the announcement in
Washington late a week ago
last night, that the American Government had
de¬
especially that concerning the attitude of the French
cided to be represented
dared to do what he did
striking development
relative
to
whole
constituting
a
"unofficially" in three bodies
part of the rather complicated
ma¬
politicians that Up¬
It is believed here
Korfanty (the Polish leader) would never have
troops there, convinced leading
per
that
Silesia is lost to Germany.
of France.
What is
happening in Silesia now, it is
chinery for the establishing and enforcing of peace.
Secretary of State Hughes sent a note in reply to
the invitation of the Allied Supreme Council to
argued,
have such
session. of the mining
representations.
He said that
our
Gov¬
Whether
without the secret consent
will surely happen in the Ruhr district.
the
ultimatum
is
accepted
France, under some pretext or other,
territory,
as
or
rejected,
will take pos¬
the Poles
now
Mat 14
1921.]
THE
have done in
Silesia, and,
ther
nor
England
raises
in the latter case, nei¬
other Entente Power
as
will
none
even
of the Powers
Minister
to meet the
capital this afternoon, succeeded in convincing the
leading politicians here of the physical impossibil¬
ance
the
district,
news
the Entente's
Kahr's arguments being aided by
as it was contended,
von
from
obligations imposed
will
we
our
remove
occupation of the Ruhr.
utmost
By accept¬
upon us.
the
imminent
The fear often
expressed that occupation will take place in any
case, whether we sign or not, is not supported by
gesch in time to prevent French invasion of the
Ruhr
no
believe
we
threats of
ity of disarming the Bavarian home guards and Or-
political existence and
point concerning which
obscurity. It would be useless to
one
"yes" without the resolution to do
say
Kahr, who is returning to the Bavarian
von
our
But there is
there must be
Thirdly, Prime
life, and the effects might be
terrible for
more
realm.
our
prevent France doing as she likes in the
Rhenish provinces and Westphalia.
3011
entire industrial
our
nor any
voice of protest, so
a
named
Italy
CHRONICLE
any passage
Silesia, proving,
to show
me
inability to defend the country against
to turn
Polish invasion."
in the ultimatum.
There is
need for
no
why, in taking the decision, we ought
eyes to Upper Silesia.
In that respect
our
have firm confidence in the results of the
plebi¬
scite. The Allied Governments will not tolerate an
we
Discussing the situation at Dusseldorf, the head¬
quarters of the French troops of invasion, the
attempt by the Poles to create
which would be
corre¬
a
spondent there of the New York "Times" said that
cumstances shall
"the French
the few
project for the Ruhr occupation
greater and clearer.
Night and day troops
grows
an
accomplished fact
mockery to all justice.
In
no
cir¬
Polish dictator tread under foot
a
rights which the Peace Treaty gives us.'"
press on
around the
area.
Yesterday it was the Thirty-third
Corps which moved up in service kits and with full
The New York "Times"
correspondent in Berlin
said that "the
ready to drive northward for the planned envelop¬
new Cabinet is
generally regarded as
makeshift, largely unrepresentative, but good
enough to accept the Entente ultimatum and thus
ing movement.
avoid
allowances of ammunition, from Bonn to
soldiers
are
will be
the
in
Already not far short of 70,000
fully 125,000.
that
ditions
Some
go so
far
Ruhr
must
be
seized
as
Naturally the soldiers have little
a
tained
for
The
ing
dispatches from Berlin Monday evening indi¬
well
and
tained there that "a
will
time
the
belief
was
enter¬
Parliamentary Coalition which
accept the Allied ultimatum will be consti¬
tuted
within
the next
Associated Press
morning it
"the
as
tutes
that
was
twenty-four hours."
In
an
cablegram from Berlin Tuesday
stated that late the night before
party leaders admitted that there would
available
to-morrow
in
the
Reichstag
safe
a
be
ma¬
comfortable
only the Majority So¬
According to the same cor¬
are
as
a
those of Chancellor.
coalition of
Democrats.
familiar
are
Minister of the
of
Centrists, Majority Socialists
Gustav
Bauer, Vice-Chancellor and
Justice, and Herr Gessler, Minister of Defense.
Germany's acceptance was handed to Premier
Lloyd George at 11 o'clock Wednesday morning in
London by
Dr. ^thamer, German Ambassador to
Dispatches from that centre stated
Great Britain.
that the British Premier
in
Clericals, in party conferences, had voted
favor, while the German People's Party, by a
of 59 to 5,
rejected the proposition.
From
vote
Dusseldorf
the
came
troops of invasion
statement
were
eager to
that
the
French
advance.
er,
an earlier
paragraph, it became known
Tuesday that Dr. Wirth, the Centrist lead¬
and formerly Minister of Finance, had consented
to undertake the formation of
to that time his
list of
names
actually
of
named
name
a new
Cabinet.
had not appeared
Prior
in the long
those who had been
suggested
for
that
troublesome
task.
or
The
Berlin
"in
the
the
dispatches Wednesday morning stated that
making his announcement to the Reichstag of
necessity of speedy acceptance by that body of
ultimatum, he spoke in part as follows: 'Our
task in this grave
the
hour is to obtain* the decision of
Reichstag with regard to the ultimatum of the
Allied Governments.
clare
our
readiness to
Acceptance
means
basis of
would,
our
however,
mean
entire industrial
so
year
by
de¬
year.
surrendering the
activities, and,
consequence, dismemberment of
already
we
bear, in voluntary labor, the
heavy financial burdens demanded
Refusal
that
our
economic
also
"immediately telegraphed
to all the Governments
concerned."
He
announced in the British House of Commons
during the afternoon "Germany's complete accept¬
ance
of all the Allied demands."
dispatch it
was
economists
In
a
Washington
claimed that "American
appear
be
to
Govern¬
convinced of Ger¬
many's ability to meet the obligations imposed, and
they profess to see in her decision promise of an
economic revival that would
cause a
throughout the world."
In
following assertions
made:
to the Allied
down
were
a|
decisions of
repetition of the exact terms of the
the
Allies with
disarmament, the trial of
cial conditions.
ment
The
Zeitung"
regard to guarantees,
war
criminals, and finan¬
reply states that Germany ad¬
unconditionally
"Vossische
a
"Germany's reply
ultimatum, accepting the terms laid
by the Allied Supreme Council in London, is
confined to
heres
happy reaction
Berlin dispatch the
a
these
to
was
decisions."
The
authority for the state¬
that
President Ebert threatened "to
resign if
Parliamentary and politically responsible Cabinet
was
not
Here
formed to
are
answer
the
Allied ultimatum."
the
a
things that Germany has promised
specifically to do, as set forth in the note handed
body,
by Ambassador Sthamer to Premier Lloyd George:
as
greatly weakened, and the shackling of
news
ment
As noted in
in Berlin
names
Treasury; Herr Schiffer, Minister
the
ists and
Foreign Minister
The Cabinet consti¬
The other members whose
with regard to
The Majority Social¬
ob¬
majority in the Reichstag, it
jority in favor of accepting the Allied ultimatum
reparations."
He called
that "while the Cabinet
Dr. Wirth assumed the duties of
political circles "was show¬
terms."
At
the fact
respondent, "the members of the other parties, it is
declared, have given it support as a makeshift, and
are not
pledged to give it Parliamentary support.""
the
drift in favor of agreeing to the Allied repara¬
a
tions
a
to
cialists and Clericals."
administrative and technical details of
occupation,"
cated that sentiment in
French advance into the Ruhr."
has the undivided support of
as
con¬
guarantee.
concern
a
attention
None of the French doubts
if Germany accepts the Allied
even
the
a
position and by Thursday night there
occupation will take place.
to say
Solingen,
"The German
Government is fully resolved, first, to
condition its obliga¬
by the Reparations Commission.
Second, to accept and carry out without reserve or
condition the guarantees in respect of those obliga¬
tions prescribed by the Reparations Commission.
out without reserve or
carry
tions
defined
as
delay, the
Third, to carry out without reserve or
of
measures
notified
to
military, naval and aerial disarmament
the German Government by the Allied
Powers in their note of Jan.
29, 1921, those
Fourth, to carry out without re¬
prescribed date.
of war criminals and to
delay the trial
or
serve
execute the other
referred
Treaty
paragraph of the note of
unfulfilled portions of the
the first
in
to
overdue
remainder by the
completed at once and the
to be
the Allied Governments of May
Cablegrams from Berlin Thursday morning stated
new German Cabinet might be recast in the
I)r. Wirth was said to be
future.
of
folio
to be
Foreign Minister.
looking for
important port¬
acceptable man to assume the
an
The opinion appeared
general that the new Cabinet
would experience
difficulty in maintaining strong Parliamentary sup¬
the
few
the towns if
they choose to do so."
More encourag¬
Silesian situation were
ing reports regarding the
received here
Rybnik area and also of an incli¬
nation to withdraw from
dustrial
They told of the
Sunday morning.
evacuation of the
other sections of the in¬
It was added that "the only seri¬
region.
fighting is at Kirfer-Stadtl, 36 miles southeast
ous
of
question of only
days when the Poles will be able to occupy all
Oppin, where German Einwohnerwehr are attack¬
A French authority was quoted as
ing the Poles."
saying that "the Poles are coming to realize that
having add¬
"the indications are that they will gradually
retire and leave the Entente to decide this question.
ed that
We
expect this attitude to make
the next three
or
that the presence
would further
an
four
itself plain within
It was feared in Paris
days."
of German troops in Upper Silesia
complicate the political situation to
On the other hand, the
"Tribune"
extremely serious extent.
Dusseldorf
morning that the French army no longer
same
cabled
that "the invasion
Valley Friday
(yesterday). In Paris advices it was asserted that
French
troops would be kept
where they are
would not be
increased.
According to a message from Dussel¬
dorf Thursday evening, "General Degoutte, com¬
present; but that the number
for the
a
insufficient to eject
are
He added that "it is a
the Poles."
correspondent of the New York
expected to advance into the Ruhr
the
to-day that "British officers here believe that
Berlin
It was admitted in a dispatch from
port.
ago
Allied forces "now in Silesia
they adopted the wrong tactics," and as
5."
that Ihe
near
[Vol. 112.
CHEONICLE
THE
2012
mander of the Allied forces on the
there earlier in the day,
Rhine," arrived
"and immediately ordered
of Upper Silesia has so
roused nationalist sentiment in
Germany that a stif¬
fening in the nation's attitude toward the
from the Allied Powers on
in both
ultimatum
reparations is observable
political circles and in the press.
sides cries
of
disarmament
On all
opposition to the Allied demand for
are raised, and conservatives in
the
pointing to Si¬
Allies to
to their obligation to maintain order there
Reichstag and the newspapers to-day,
lesia, insist that the alleged failure of the
preparations for occupation of the Ruhr to cease."
live up
Dr. Wirth
gives Germany reason to refuse to accede to
was
quoted in
a
Berlin dispatch as hav¬
ing made this observation:
mament, which is one of the
of
disar¬
demands included in the
ultimatum."
"This is to be a Cabinet
In a cablegram from the
deeds, not words."
of the New York "Times" yes¬
Paris correspondent
terday morning the statement was made that
"the
It
reported here on Monday that the day be¬
was
fore "detachments of the army
[German] and mili¬
commenced entraining for the Si¬
border, to be in readiness to step in and open
British Government is understood to favor the im¬
tary police have
mediate withdrawal of the Allied troops
lesian
from Dus¬
seldorf, Duisburg and Ruhrortiand tlie suppression
the Rhine
on
of the customs
barrier, whereas the
French Government does not wish to take this ac¬
The Berlin
tion."
cabled
"Herald"
Chancellor
correspondent of the New York
yesterday that "the stability of
Wirth's
Ministry
depends
the
for
develop speed in dealing with the insurrec¬
fail to
Berlin
ers
correspondent added that "crowds in
The
tion."
saw
the forces off,
having "proclaimed his unalterable de¬
tion."
termination
as
ports of which began to come to hand late last week,
developed into
a
movement that threatened to
plicate and make still
to
more
bring the Germans to an acceptance of the latest
reparations terms of the Allies.
Oppeln
"the
a
week
ago
In
this morning it
a
dispatch from
was
stated that
uprising of Polish insurgents in Upper Silesia
is) hourly becoming more serious.
cities
in
com¬
difficult the attempts
are
very
gents."
still
While most of the
occupied by Allied troops, these
are
small numbers compared with the insur¬
The
military
clashes
a
week
ago
were-
was
said
to
resist by
to
invasion of the
re¬
reports that "Adalbert Korfanty,
lesia, who had proclaimed himself
Upper Si¬
leader
of the
Polish
insurgents in that territory," had been
rested
by the inter-Allied Plebiscite Commission.
ar¬
A
overcoming the
Paris
small Allied forces
that, although "it is
in Silesia are
evident that the Allied troops
numbers, of maintaining
order, and although it is
Allies to send more
extremely difficult for the
spell hostilities
which
The
the Allies do not intend that
order.'
That wrould
troops shall 'restore
between the Poles and Germans,
might easily spread into a
good-sized war."
correspondent also said that "the Ambassadors
called
fluence
on
to
the Polish Government to
calm
the Poles
exercise its in¬
of Upper Silesia."
He
declared that "the situation is frankly recog¬
Ledger," at Betkuen, Upper Silesia, cabled
nized in Paris as
The
sadly incapable, because of their small
even
week
there."
correspondent of the New York "Times" cabled
special correspondent of the Philadelphia "Public
a
restoring order in
This note, it was explained, was
"in reply to German representations that Polish
citizens were invading Upper Silesia illegally and
Upper Silesia."
troops at this time,
unconfirmed
notq to Berlin, in
"will not consider permit¬
ting German soldiers to aid in
German
were
if necessary, any
The French Government
have dispatched a
which it declared that it
although the French had participated also.
former Polish Plebiscite Commissioner in
force,
province."
chiefly between the Polish and the Italian forces,
There
the door."
Korfanty was quoted in a dispatch from
Adalbert
Bethuen
uprising of the Poles in Upper Silesia,
decorated them with flow¬
and otherwise acted as if war were at
present on the solution of the Upper Silesia ques¬
The
the Polish insurgents if the Allies
hostilities against
being full of dynamite."
-
May 14
1921.]
Attention
that
on
was
THE
CHRONICLE
called in Paris advices to the fact:
Monday
"Hugh C. Wallace, the retiring
American Ambassador here,
to-day listened while
the Allied
representatives discussed the Upper Siquestion, but Ambassador Wallace confined
lesian
his role
by his colleagues."
munist
Ambas¬
concluded
The "Rote Palme,"
suspended for
district.
planning to set
Reports
Thursday that
The
lated
in
in
reports stated
that
In
line
a
was
been
ster
ent
Elysee Palace yesterday, at which Paul
Doumer, Minister of Finance, outlined "recent ne¬
It
end
an
on
unless the
over
than for
International bankers here believe that the German
Ilamar Greenwood
tive.
price
They also
terest
say
raise their market
on
and
bonds, coupled with the
great
in
a
backed
credit
Government, could be
sold
here
difficulty."
The
banking circles that
§200,000,000 of the
sold in the American
Ireland
came
without
uted
in
exists
than
$100,000,000 to
local
between
of
trade agreement
Germany and Soviet Russia
will continue
completed,
operative "until
and
provision
a
is
It
ment that "it is to be
was
a
that had been
spirit of
a
economic
extremely hope¬
soon as
they get together and
fighting each other."
Sinn
Fein,
statement
a
on
Thursday,
declared that "the recent
meeting
Craig, Premier-designate for Ulster,,
Eamonn de Valera, the 'Irish
Republic leader,
Sir James
regarded
as an
The
event of the first political
London
night that "to-morrow,
ern
as
correspondent of
cablegram Thursday
nomination day in south¬
Ireland, will mark the virtual completion of the
Parliamentary elections there.
128 nominees in the south will be certified
Dublin
University
Sinn Fein will have
interpreted in the
delegations between Germany and Rus¬
Almost all of
as
the
elected
without opposition to a Parliament in which
there
is little likelihood of their
resump¬
exchange of
the
a
either
binding basis for the
attrib¬
reported from day to
!-
" "
,
Castle issued
was
was
Destruc¬
was
treaty
that
bear
common
made
The agreement further
provides for the
as
Sir
Tues¬
on
negotiations will
commercial
mutual desire to promote prosperous and
relations
between the two countries."
commercial
a
New York "Tribune" said in
also set forth in the
agree¬
tion of trade relations and to be
greater hope
for Ireland.
through century-long dissension
As
on
importance.'"
party may terminate the agreement by giving three
months' notice."
the
'must be
Monday of the publica¬
a
was
a
dis¬
said to have added that "the trouble
arises
^
concluded, and which, it was said, became effective
on
May 0.
According to the text of the pact, it
is
to
Dublin
market this year.
tion there of the official text of
peace
property of various kinds, which
reparations bonds could be. in which it
on
was
ap¬
London
quoted in Dublin
present peace
day.
also
more
from Berlin
was
Irishmen have been
and
Word
He
tion to
the
belief
not
new
of
new
all-Ireland policy the
Irish question will be settled.
Up to the present
French Govern¬
and
the
stay together
by the German
word
a
lengthy
a
Ireland."
long time of early
among Irishmen.
endorser of the bonds would
as
that
fruit."
of in¬
maturity cancellations must
value, and that
issue, based
French
ful
guaranteed, that the signature of the
French Government
ment
assurances
of
day as having "expressed himself
sufficiently attrac¬
that "definite
payments and
be made and
country if the rate of
made
were
a
makes
Sir James to the idea of
patches stated, however, that there
neces¬
sity of America helping France in this financing.
and
Sinn Fein
different line to that
adopted at yester¬
a
Republic for the whole
i
could be sold in this
subject,
people of Ulster, along the lines of
peal, tried to win
•
bonds
anything
same
possible, either with the
day's conference, when De Valera, in
policy
to the
at
are
move
France has had since the war." Much has been said
European cable advices relative
the
the
policy." It was added that
might definitely be stated that the negotiations
"it
added that "this
was
or
progress was
on
the Sinn Fein's
present
gotiations with American bankers regarding the
financing which France is planning, based on the
reparations settlement."
declared that "Sir James's
Lloyd George has said
Premier
was
held at the
was
or par¬
The correspond¬
decisive and emphatic as
was as
no
assenting to
Irish Republic."
an
added that it
statement
Premier
circumstances would Ul¬
no
entertain the idea of
ever
ticipating in
"a complete defiance of
will be the nucleus of the first definite financial
that "it
from a high
authority that Sir
Craig, in his conversation with Eamonn de
able terms that under
Lloyd George
meeting of the French Council of Ministers
this
ago
learned
and hence
interest
military
Vdlera gave De Valera to understand in
unmistak¬
a
in the
her
Silesia."
James
Treaty of Versailles."
A
mili¬
an
has
and remain in the stipu¬
upon
speech in the House of Commons yesterday,
which he vigorously denounced the Polish
upris¬
the
withdraw
a
front, there¬
Associated Press dispatch a week
morning the correspondent in Belfast said
"it
positions pending final settlement of the Up¬
Later dispatches told of
ing, declaring that it
by striking
the eastern
The Irish situation has attracted fresh
attention.
Upper Silesia and
continuation of hostilities. Premier
made
on
by compelling Poland to
from
Silesian questions. "
per
a
tary blow against Poland
Republic in that
agreed that the insurgents would occupy
agreed
obligated to help Ger¬
many against Poland in Silesia
from Warsaw and London
came
Korfanty.
recently signed and made
He added that "under the terms of
the secret document Russia is
truce had been effected between
a
of demarcation
Com¬
insurgents in Upper
up a
the Inter-Allied Commission
Adalbert
with the commercial
pact
time by the Government, print¬
a
report that the Polish
were
a
Berlin, Russia and Germany have
military treaty in connection
secret
a
public to-day."
in Paris, publication of which
newspaper
Silesia
was
correspondent of the New York "Tribune" cabled
Russian circles in
correspondent said that "Mr.
attended, said he was greatly
impressed by the cordiality of the greeting accorded
a
customary privileges relative
waters, and the resumption of radio,
telegraph and postal communications." The Berlin
The "Tribune"
sadors which he had
ed
two countries of "the
to territorial
that, "according to reports current in well-informed
Wallace, after the session of the Council of
was
sia, and for the enjoyment by merchant vessels of the
strictly to that of reporter for his Govern¬
ment."
him
3013
1
may
a
George Harvey, the
the Court of St.
day.
In
an
sitting.
Four seats from
be contested.
clean
new
Otherwise
sweep."
American Ambassador
James, arrived in London
on
to
Tues¬
interview with newspapermen, he said:
"We Americans realize
that
must now pass from
we
recollection of the immediate past to
tention if
are
we
action and at¬
successfully with the
to grapple
When America felt
time
to the mother
Never was
trying to help.
are
We
there a
obligation
Gov¬
in England the full co¬
more
The
world."
themselves and to save the
presented to King George at
Ambassador was
Buckingham Palace Thursday morning. Attention
was called in one London dispatch to the fact that
in the British capital only
he had arrived
day, and that "in three
Rx-exports of foreign goods..
Total
Excess of
the transport
ernment became known on
exceeded income,
balance
last Tues¬
ment."
H.
James
the
sources were
services essen¬
provide for its move¬
New
belonged to the Irish-
during the coal miners'
urgent advice of his physician, who declared
sucli rest he would suffer a complete
that without
New York "Times"
that
on
In
breakdown.
a
London cablegram to the
yesterday morning, it was said
Thursday "the Executive of the Association
of Locomotive
£20,550,000.
Of this total, revenues
872,000 the week previous.
strike, he replied that he came away for a rest, upon
nervous
Repayments of ad¬
Receipts from all
£128,006,000, in comparison with £101,-
totaled
yielded £13,791,000, against £17,222,000, and savings
certificates
£700,000, against £550,000.
Foreign
credits
brought in £20,000, against nothing last
contributed
Sundries
Sales of
of £27,650,000 was received,
with £7,300,000> the week before.
Treasury bills showed a material increase,
£85,543,000,
totaling
Treasury bonds were
against
strength to prevent 'victimization.'" It was report¬
ed from London last evening that the National Union
£76,502,000,
while
sold to the amount of £151,-
£95,000 last week. The volume of
owing to the heavy sales,
exceeded repayments, have been expended and
against
000,
Treasury bills outstanding,
which
stand at £1,104,142,000,
now
been
an
been
a
week earlier, while total floating debt
up to
£1,301,561,000, against
brought
increase
£1,290,031,000 in the preceding week, an
Ma^ch 31 of £26,231,000.
since
No
change has been noted in
leading
at
has
expansion to £197,419,000, comparing with
£190,319,000
has
against £1,099,712,000
In temporary advances also there
week ago.
they were not to move 'black¬
leg' coal, and that in case there were any dismissals
as
a result of the order the union
would use its
week.
£203,000.
comparison
in
Engineers and Firemen sent out word
to its branches that
against
£151,000,
From advances the sum
a
the
Treasury
namely £81,080,000.
Pressed for the reason for
his absence from London
30).
constituted the largest single amount
again
vances
Thomas, Secretary of the Na¬
League.
week earlier, with the total
bills, ad¬
items, £128,401,000 (against £102,-
repaid,
steamship pier by a group of individuals, carry¬
American Labor
against £3,765,000
Expenditures for the week were £24,064,-
128,000 for the week ending April
community, and that if neces¬
ing placards, who said they
that outgo
with the result that the Exchequer
again reduced, this time £395,000, bring¬
and other
vances
Wednesday, was heckled more or less at
on
statement of national finan¬
outflow, including repayments of Treasury
Tuesday when "the Gov¬
tional Union of Railwaymen, who arrived in
York
£74,607,544 £199,865,129
000, against £13,575,000 a
workers' union of
import coal for carrying on
was
last week.
Tuesday to continue the
it would take measures to
sary
£40,495,198
ing the total down to £3,370,000,
definite announcement that it in¬
tial to the life of the
£21,610,000
imports
cing for the week ended May 7 showed
handling of imported coal. Their
was reached at a meeting behind closed
London.
The attitude of the British Gov¬
tended to
167,154,309
|
£497,302,154
397,621,757 697,167,383
The British Treasury
embargo on the
ernment issued a
95,507,042
35,367,427
20,417,419
8,520,000
89,990,000
Imports
days he had completed a
weeks or
Great Britain decided on
doors in
£106,251,692 £287,646,786 £401,795,112
£68,38 ,000 £126,659,111 £323,014,213
exports
bills
decision
1920.
1921,
1920.
Exports of British products..£59,860,000
more."
The executives of
4 Months ended Apr.30—
April
which usually extends over two
program
months
1921.
works. Acting to¬
gether this great Empire and the great Republic,
shoulder to shoulder and hand in hand, cannot fail
save
and for the
four
corresponding period of last year, follows:
her moral
operation of America in all good
to
rind for the
of the current year
first
I am directed by my
country.
ernment to extend to you
new
corresponding month of last year,
the
all
problems of the present. You, in England, as
the world knows, are striving to do your part.
Americans
[Vol. 112.
CHRONICLE
THE
2014
European
official discount rates
centres from 5% in
Berlin;
5)/2% in Belgium; 6% in Paris, Rome and Madrid;
6in London, Sweden, Denmark and Norway,
In London
been lowered and
of Railwaymen had voted not to move imported coal,
is now quoted at 4%% for short bills and 5J^@5%%
•"no matter for what purpose it was intended."
for three months, against 5J^% and 5%% last week.
'Pr-HrC';
~~
~~
The statement of the British Board of Trade for Money on call, however, remains at 4)4%> the same
and
the
■
.
April disclosed a decrease in total exports of £7,316,966,
compared with March of this year,
and1 of
£58,279,111 compared with April of last year.
Im¬
£3,751,654 less than for
month were
£77,164,309 less than in April
ports for last
March and
The figures
changes.
for April of this year reflect striking
were
prices prevailing.
considerably smaller than for
month since early in 1919.
were
a year ago.
This is due at once to the coal miners'
strike and the lower level of
exports
On
a
The
any
value basis they
less than half the exports of July of
The imports
last
year.
for last month represented the smallest
The excess of imports
total since December 1917.
for
April of £21,610,000 was only a little more than
April of both 1920 and 1919. A sum¬
half that for
mary
4J^% in Holland and Switzerland.
private discount rate has again
of the returns for April 1921, compared with
as a
week ago.
,
A small increase
the Bank of
in gold, viz., £5,613, is shown by
England statement this week, with an
accompanying expansion in total reserves
of no less
of £760,000 in note
circulation.
In addition to this, the proportion of
reserve to liabilities registered an advance to 14.05%,
which compares with 12.27% last week, and 16.26%
a year ago.
Prior to the outbreak of the wrar, the
reserve ratio stood at 44J^% and in 1910, 543^%.
Substantial reductions were shown in the deposit
items, indicating a return of funds into normal bank
channels.
Public deposits fell off £577,000, other
deposits £11,809,000 and loans on Government
securities £12,481,000.
Loans on other securities
than
£765,000, the result of a cut
May 14
declined
ings
1921.]
THE
£655,000.
CHRONICLE
Threadneedle Street's gold hold¬
as against £112,518,503
total £128,363,247,
now
last year and £85,573,632 in 1919.
Reserves
amount
to
£18,044,000, in comparison with £19,655,568 in
1920 and £27,536,547 the year before, while loans
other
on
compares
in
1919
securities
£78,903,000,
aggregate
with £80,444,463 the preceding
£77,984,317.
000.
Last
year
year
earlier
at
which
Circulation totals £128,768,stood at £111,312,935 and a
it
The
£76,487,085.
discount rate continues at
Bank's
official
6]^%, unchanged.
Clear¬
ings through the London banks for the week
£619,922,000.
This
with
compares
tabular statement of
were
£748,990,000
last week and £752,226,000 a year ago.
a
and
year
We append
comparisons of the different
items of the Bank of England returns:
BANK
OF ENGLAND S
COMPARATIVE
1919.
1918.
May 14.
May 15.
May 10.
£
£
£
£
128,768,000
111,312,935
Public deposits
76,487,085
21.42S.930
14,860,000
49,976,550
up to 70,839,695,000 marks.
with 47,939,700,000 marks last year
and 26,628,920,000 marks in 1919.
The Bank's gold
holdings were shown to be 1,091,579,000 marks, as
against
1,091,680,000
860,000 marks
22,807,099
41,457,354
62,995,952
99,404,124 111,479,248
133,820,292
117,220,143
38,455,283
46,433,817
57,319,732
44,963,406
Other securities....
78,903,000
80,444,463
77,984,317
105,552,431
108,231,263
Reserve note? & coin
18,044,000
19,655,568
27,536,547
30,181,637
128,363,247 112,518,503
85,573,632
6008,187
54,840.779
liabilities
14.05%
16.26%
20.50%
17.20%
20.42%
6K%
7%
5%
5%
5%
Bank rate
further increase in
The Bank of France in its
weekly statement reports
gain of 216,000 francs in the gold item
further small
The Bank's total
gold holdings
are
note
marks
and
Treasury notes
deposits
A
other
drop of 393,000 marks
1921
and
1,978,278,416
banks
was
ings
reported
are
being 1,091,577,000 marks,
as
against 1,091,680,000 marks last
260,000 marks in
another
1920 and
Last
1919.
high
new
Note
record,
compares
year
and
71,114,511,000
26,722,000,000 the
before that.
year
Saturday's Clearing House bank statement
better
showing, in that, as has so often hap¬
pened under similar circumstances, the banks were
a
surplus of
preceding week into
than $3,000,000.
more
This
was
plished mainly by
member banks at the Reserve bank and
18,702,000 francs.
Bills
discounted,
on
the other
reduced 419,849,000 francs, while general
deposits fell off 122,616,000 francs.
Note circulation
took
were
favorable turn,
a
francs
being recorded.
741,680,370
francs,
contraction of 91,159,000
The total outstanding, 38,-
a
with
contrasts
38,138,078,740
reached
with 48,372,880,000 marks in
silver
hand,
as
1,750,-
circulation
namely
francs
in both 1920 and 1919.
During the week
gained 115,000 francs, advances rose 38,470,000
francs and Treasury deposits were
augmented by
112,000
noted in ad¬
while investments decreased 2,545,000 marks
49,153,000 marks.
Gold hold¬
vances,
able to turn the deficit of the
before; of these amounts 1,948,367,056
held abroad in
5,875,766,000
and other securities
francs the year
were
1,755,-
brought down 1,181,-
were
5,518,074,300 francs, comparing with
5,586,767,135 francs last year and with 5,548,289,953
francs
and
Heavy reductions were reported
nearly all other items. Bills discounted declined
962,000 marks and notes of
thus
up to
1920
circulation of 274,816,000
made
brought
in
lion 161,000 marks.
in
marks, which
this week.
marks
earlier.
marks and in other liabilities of
272,149,000 marks.
Gold was reduced 2,000 marks and total coin and bul¬
34,776,284
Proportion of reserve
a
a year
Yesterday (Friday) another statement was issued
by the Imperial Bank under date of May 7, showing a
38,514,495
Other deposits.....113,561,000
an
bringing that total
marks.
Governm'tsecurities 49,185,000
to
expansion in
amounting to 2,460,573,000 marks,
1917.
May 12.
£
was
This compares
marks.
1920.
May 11.
Coin and bullion...
able feature of the statement
note circulation
4,094,472,000
STATEMENT.
1921.
Circulation.
3015
down of
an
deposits.
a
accom¬
increase in the borrowings of
Loans
drawing
a
also cut, $30,753,000.
were
In net demand
was
deposits a contraction of $14,183,000
reported, bringing that item down to $3,703,211,-
000.
This
is
exclusive
of
Government
deposits
amounting to $76,227,000, and represents
a
con¬
traction in the latter of $27,489,000 for the week.
Net time deposits were almost the same as the
francs at this time last year and with
34,324,384,140
francs the year previous.
On July 30
An increase of
to the outbreak of war,
vaults of members of the Federal Reserve
184,785 francs.
$79,275,000, and
1914, just prior
the amount Was only 6,683,Comparisons of the various items
previous week, $248,078,000, against $248,788,000.
$389,000 was shown in cash in own
,
an
expansion in
reserves
in this week's return with the statement of last week
banks with the Federal Reserve Bank of
and
to
corresponding dates in 1920 and
follows:
OF
FRANCE'S
COMPARATIVE
In France
..Inc.
Abroad......
Total
216,000
No change
STATEMENT.
Status
May 12 1921.
Francs.
as
$476,559,000.
,
Changes
for Week.
Oold Holdings—
are
banks
y
BANK
1919
Francs.
as
of—;
May 14 1920.
Francs.
—
Francs.
3.569,707,244
3,608,488,719
1,978,278,416
1,978,278,416
216,000
5,518,074,300
5,586,767,135
$302,000, to $8,539,000.
reported in aggregate
115,000
271,755,495
240,843,389
308.234,952
Bills discounted..-Dec. 419.849.000
2.628,119,298
1,996,395,947
911,701,325
Advances
Note
...Inc.
circulation..Dec.
38.470,009
2.212,774,000
1,833,473,411
1,240,854,134
91,150,000 38,741.680,370 38,138,078,740 34,324,384.140
18,70*2,000
46,272,000
42,029,368
General deposits. .Dec. 122,616,000
2,964,531,000
3,641,249,330
3,308,435,098
deficit
ures
left
here
above
of the
The
Imperial Bank of Germany in its statement
issued as of April 25 showed that both
gold and total
coin and bullion had been
reduced, the former 4,000
marks and the latter
31,000 marks.
Treasury cer¬
518,427,000 marks, but notes of
other banks fell 1,078,000 marks.
In bills discounted
tificates increased
there
was
another
enormous
expansion, 6,872,935,000
marks, while deposits gained
000
marks.
Liabilities
no
were
less than 4,911,039,reduced
148,813,000
marks, investments fell off 379,000 marks and securi¬
ties 144,452,000 marks.
Probably the most unfavor¬
A gain of $5,116,000
reserves,
which brought
was
up
the
$7,043,370,
excess
reserves
of
given for surplus
167,854,204
Treasury deposlts.Inc.
to
$494,766,000, while surplus was expanded
which, after eliminating last week's
5,548,289,953
....Inc.
—
State
kept in other depositories
by State banks and trust companies were reduced
total to
......Inc.
Silver
of
reserves
3,570,011,537
1,948,367,056
$5,240,000,
vault
own
and trust companies increased
$178,000,
$9,668,000, but
May 15 1919.
Reserves in
Bank, to
of member
$3,588,010.
based
are
The fig¬
on
reserves
legal requirements of 13%, for member banks
Federal Reserve system,
but do not include
cash in vault
banks
on
amounting to $79,275,000 held by the
Saturday last.
From, the Federal Reserve statement, issued at the
close of business
owing to
a
on
Thursday, it will be
decline in gold
000,000, the
reserve
reserves
of
more
seen
that
than $21,-
ratio, for the New York institu¬
tion, fell from 55.5% last week to 53.8%. The Bank's
bill holdings were expanded
nearly $20,000,000, not¬
withstanding that
purchases
decreased $5,936,000.
the ratio of
reserve
in
the
open
For the system
advanced
as
marked
a
whole
fractionally to 55.9%
1
as
increased
reduced more
against 55.3%, while total gold reserves
hand \^ere
$48,000,000; here, too, bills bought in the open
Total bills
$20,195,000.
than
market
on
circulation records a
note
Reserve
contraction of $23,653,000 for
the twelve banks com¬
$13,573,000 for the
and of
bined
$17,000,-
this instance over
cut down in
were
Federal
000.
Federal Reserve
Bank of New York alone.
In
general
a
[Vol. 112.
THE CH
2016
what was said in this column last
the money market has been equally
Friday the rate
against 63dS@6%% last week, but on
was
were
is
business
trades
'
Five and
remains at 6@63/2%> unchanged.
six months money
Some
6^@6M%-
advanced to
more
once
although
passing,
important
no
reported.
Commercial paper
6%@7% for
^ates continue at
sixty and ninety days' endorsed bills receivable and
six months' names of choice character.
Names less
well known still
way,
week relative to
shade easier, at 63^%,
and four months money was a
Most of the busi¬
quoted on New
A good inquiry was reported,
light the volume of transactions
require 7 @7 3<(%.
passing is at 7%, with 6^%
ness
of quotations England mill paper.
but as offerings were
for both time and call loans in the near future is
was small.
Interior banks are absorping all of the
divided to about the same extent that it has been lor a
high-grade names offered.
long while.
For weeks, when from time to time,
Banks' and bankers' acceptances were fairly active
the offerings were smaller and the rates somewhat
early in the week, but with the stiffening in the call
higher, those who had been predicting permanently
market the market quieted down.
The undertone
easier iconditions have said that the seeming strin¬
Opinion
week.
true this
as
to the trend
should be regarded' as only temporary and
as soon as certain large private and Government
gency
that
operations were out of the way money would
materially easier.
It has been true that for a
financial
be
week
days at
ten
or
a
have been
the offerings
transactions
larger and the rates a little
time following such
the fact has been that
On the other hand,
lower.
periods of large and imperative requirements
recurred with striking regularity and more
these
have
the weeks have come and gone. This
week the decidedly firmer tone of the call monpy
market has been attributed to rather heavy Govern¬
frequently
local institutions and, to a
to the large operations that will be
greater extent,
consummated
of
first
the
at
the
observers of
money
week.
next
Close
market at this centre are
the probable
effect on it of large offerings of German reparation
bonds, or of French securities with those bonds as
part collateral.
Notwithstanding all that has hap¬
pened to1 upset their predictions, there are important
interests here who
der
occur,
moriey will be
There
short time.
a
authorities who
bankers'
are
The
can
money
is whether they will
question
be
scale large enought to make the local
on a
market firm
money
practically impossible.
deny the probability of these demands.
important
granted
::'C
tight.
to
a
same as a
money
week ago, on both
those in the
Movements
were
preceding week, and
high, low and ruling rate.
renewals continued at
but
a
dis¬
market at the service of overseas commerce.
count
Open market loans against bankers' acceptances are
still
The posted rate of the Amer¬
Rates in detail fol¬
quoted at 5J^%.
Council is 6%.
ican Acceptance
low:
Spot Delivery
Sixty
Days.
Ninety
Days.
Eligible bills of member banks
Eligible bills of non-member banks
Two
6
@5%
6H@5%
6Ji<©6
0
6
@5%
@5%
its redis¬
Chicago Federal Reserve Bank reduced
The
rate
commercial paper from 7% to 6%%.
on
ment paper was
On May 9
left unchanged at 6%.
likewise
Federal Reserve Bank of Minneapolis
the
I
acceptances and on Govern¬
bankers'
on
6H bid
On May 6 the
reductions in their discount rates.
count rate
57A bid
6% bid
have made
of the Federal Reserve banks
more
Delivery
within
30 Days.
Thirty
Days.
5$4<&5%
5%(&5%
-.6K@5J6
_
Ineligible bills...
reduced the rates
commercial paper from 7 to
on
for
6%%, at the same time moving up the rate
by Treasury Certificates of Indebted¬
loans secured
53/2% to 6%, which latter was already
from
ness
the rate
these
on
Liberty bonds and Victory notes.
With
changes the following is the schedule of rates
in effect for the various classes of paper at
the different Reserve
banks:
on
similar to
very
Monday there
was
OF
RATES
DISCOUNT
,7
Discounted
within
was
■7'7
I-
7
7.,77;
member
7
bills
days
banks
notes)
Treasury
Bank of—
certifi¬
cates
was
90
13
maximum figure of 7%
BANKS
maturing
(including
15-day coh Bankers'
by-
secured
the mini¬
of
Liberty
Other¬
Agricul¬
accep¬
Trade
tural
accep¬
live
disc' ed
tances
maturing
bonds
wise
for
and
secured
member
within
Victory
and
banks
notes
-
and
stock
paper
maturing
90 days
indebt¬
91 is
180
days
unsecured
quoted for
was
RESERVE
1921.
Federal Reserve
Tuesday and Wednesday
6^% and this
MAY
tances
lateral
the
FEDERAL
THE
EFFECT
IN
edness
mum,
time
effectively to place the facilities of the open
mixed collateral and all
single figure quoted, 6K%> which
a
unsatisfied demand, and at the same
an
during the week of 63^@7%, the
range
industrials alike.
again
rates in detail, loans on call
The effect of
more
now
Referring to
covered
become eligible for open
been
suggesting that the world-wide
make really easy
one
now
is expected to be the providing to the dis¬
market of a class of paper for which there has
count
equally good
are
in import and export
market
acceptances issued
purchase by Federal Reserve banks.
permanently
likely to be sufficiently large for an indefinite period
No
regulation of the Reserve Board six months'
this step
requirements for money as a result of the war are
to
a new
transactions have
still maintaining that, in spite of
are
likely to
easier after
Federal Reserve Bank that un¬
announcement of the
to raise the question as to
now
all that is
trifle lower for eligible member
the
a
Considerable interest was shown in
bank bills.
as
ment withdrawals from
beginning
steady but
was
brief
period
noted
was
on
and
each day.
all
through at 7%.
Thursday
transactions
on
a
firmer tone
call
6
6
6
6
0
6
6
6M
6
6«|
6X
5A
6
6
6
6
6
6
6
6
6
6
Richmond
a
6
6
6
6
*6
Atlanta
6
6
6
6
6
6
6A
Boston..
...
New York
-
*6
Philadelphia
were
put
A slightly relaxing tendency devel¬
Cleveland
—
6
6
6H
Chicago
the
on
Friday and 6J^%
basisi for
renewals.
was
the high and low, also
Heavy Government with¬
drawals to meet maturing Treasury certificates of in¬
debtedness
rary
6
St. Louis
6
5A
6
5H
6
6
Minneapolis
oped
6
6H
6
6
6H
6
6H
6M
Kansas City
*6
6
6
5M
6
6
6
6
7
6
7
7
6
6
6
6
6
6
Dallas.
San Francisco
«
was
assigned
stiffening 'in rates.
as
the
reason
for the tempo¬
For fixed maturities offer¬
Discount rate
different.
corresponds with Interest rate borne
Note.—Rates
shown for St.
to discounts not in excess
progressive increase for each
12%.
Louis and Kansas City are normal rates, applying
of basic lines fixed ior each member bank by the Federal
In excess of the basic line are subject toa M%
Rates on discounts
exceeds the basic line,
Early in the week sixty and ninety days
by certificates pledged as
collateral.
Reserve Bank.
ings continue scanty, but the inquiry also is still in¬
—
.
-
25% by which the amount of accommodation extended
City the maximum rate Is
except that in the case of Kansas
May 14
1921.]
THE CHEONICLE
Sterling exchange responded to the news that
Germany had at last accepted the reparations terms
of
the
before; the
cable
Allies
by an increase in both activity and
strength, although the actual advance in quotations
was
as
for
3
comparatively small, indicating that,
usual, the market had largely discounted this mo¬
mentous event.
As
were
a
quoted
at
matter of
a
high
new
Saturday.
Subsequently there
3
97%, but
on
3
of
3 98%
a
reaction
there
was
to
sixty days
to
active than for
partly to
3
short commitments, and this had
brought about
however,
of
the
a
Still later
rates.
on
fractional
business
a
lowering in values.
week
advices from
Washington
This,
4 00
to
for
demand.
Cable
indicating
transfers
on
Thurs¬
though later
several
transacted
weeks, with the volume of
large.
Friday's market was
higher, and demand bills moved up to
for cable transfers.
at 3
general improvement in European affairs, created a
highly favorable impression and resulted in an ad¬
vance
buying
to 3 99%,
was
99%@4 00, cable transfers to 4 00%@4
00%, and
sixty days to 3 94%@3 95. Closing quotations were
3 94% for
sixty days, 3 99% for demand and 4 00%
realizing sales
of short duration, and toward the end
was
days
European outlook
fresh outburst of
up
sixty
Washington of
to
3 98%;
cable transfers
mark, ranging at 3 99%@4 00%, and
at 3 93%@3 94%;
trading was more
firm and still
cover
from
recession
a
Immediately following the settlement of the
indemnity controversy good buying was noted,
stimulating effect
a
98%@3 98%,
and
crossed the $4
98%.
was
Intimations
3
was
98%@3 99%,
day, and demand sold
last
Wednesday the price moved back
3
93%@3 93%.
responsible for
fact, demand bills
level
for demand
range
transfers
further improvement in the
time
a
2017
Commercial sight bills finished
99%, sixty days at 3 93%, ninety days at 3
91%,
documents for payment at 3
93%,
grain bills at 3 98%.
The week's
also
and seven-day
gold
movement
heavy and included $12,000,000 on the Mauremark, for the first time in both sight tania from
London, $1,000,000 on the Olympic,
and cable bills since
April 10 of last year, when de¬ $5,000,000 on the Stureholm
from Sweden,
$11,000,mand for a brief
period went to 4 06% and cable 000 on the United
States, also from Sweden, 8 boxes
transfers to 4 07%,
touching 4 00%.
Incidentally, of bar gold on the La France from Paris,
$4,000,000
offerings of bills continue light, and this, together on the
Carmania, and smaller amounts from South
with the continued influx of
gold, aided materially in America and elsewhere as follows:
$38,000 on
the recovery of
prices toward higher levels.
the Toloa from Port
Limon, 9 packages on the
Detailed inquiry in financial circles reveals the
Mayaro from Trinidad, $57,650 on the Huron from
fact that while a
feeling of confidence and decided Montevideo, two
packages on the Independent
optimism prevails regarding the future of
exchange Bridge from Beyrout and $177,242 on the Vestris
and foreign trade
generally, large operators are, for from Argentina, 14 bars on the Carillo
from Colom¬
the time
being, still disposed to move cautiously. bia and 6 cases of
was
crossed the $4 00
Not
Allied ultimatum
which
Germany's acquiescence to the
furnishing more of a basis upon
as
work rather
to
this difficult
a
tional problems
However,
the
situation is
than
actual
an
permanent
is arrived at.
war
is
freely expressed that the
vastly improved and that sterling is due
advance to yet higher
levels, with a greatly
increased volume of business in the
near future.
On
an
the other
strike
hand, it is pointed out that the British coal
only remains unsettled, but has latterly
not
given symptoms of again approaching
while labor
difficulties
this
at
critical stage,
a
port continue
to tie
shipping and retard the normal movement of
freight.
Among the favoring factors of the week
were the
steady improvement in money conditions as
up
evidenced
by
the
lowering
of
discount
rates
of
Federal Reserve banks in various
parts of the coun¬
try, continuation of the gold movement toward this
centre and the
gradual improvement in trade balances
of
European countries.
As
the
to
change
on
more
detailed
an
week
an
advance in
rates fluctuated
irregularly,
97%@3 98% for demand, 3 98%
and 3 92%@3
93% for
Higher quotations from London brought
advance in
prices here
on
demand moved up to 3
98%; the low
with cable transfers at 3 98
Tuesday, and
was
3 97
15-16,
11-16@3 99%, and sixty
days 3 92@3 92%.
On
Wednesday sterling reflec¬
ted
Germany's acceptance of
by
increased
actual
rates
activity
did
not
and
get
ar¬
exchange, the effect of the
vances
was
much
set¬
more
sterling and price
francs, lire and marks responded by ad¬
levels for
of from 25 to 40
points.
Prior to the
news
from
London, currency values at nearly all important
European centres were strong in anticipation and
trading
was more
active than for
a
good while past.
Heavy buying, mainly on speculative account, for
short covering
purposes, carried prices up sharply on
Wednesday, although after ajwhile realizing or profit
taking sales resulted in a partial reaction.
Changes
in
rates
final
frequent and widespread, but in the
dealings prices once more shot upward and clos¬
were
ing prices
were
for the week.
for the most part at the highest levels
French francs again attracted atten¬
tion by a spectacular advance to 8 64 for
points
up
from the closing quotation
when francs
@3 99 for cable transfers
about
Philadelphia Mint reports the
As to Continental
strong and
was
reactionary, and
sixty days.
the Guillotta from
tlement of the reparations
question
pronounced than in the case of
two months
demand bills to 3 97%@
98%, cable transfers to 3 97%@3
99%, and sixty
days to 3 92@3 92%.
Monday's mafket was some¬
what
on
$1,273,000 gold from Sweden.
ex¬
3
with the range 3
The
on
checks, 33
Friday last,
nearly 150 points above the levels"prevailing]less than
quotations, sterling
Saturday of last
higher, with
rival of
much to
adjustment of interna¬
arising from the
belief
Ecuador.
settlement of
question, and feel there is still
be done before
for
gold dust
few look upon
a
the
a
Allied ultimatum
firm
above
tone,
those
of
though
the
day
ago,
and 257 pointsjover January last,
selling around]6.07%. Good buying
developed and the feeling ^apparently growing that
were
France is likely to profit more
extensively from the in¬
demnity settlement than had seemed likely a few
weeks ago.
olayed
hat
Speculative'frnanipulation has, of
some
course,
part in the rise, while it is understood
recently there has been quite heavy selling of
American securities in thisTnarkeLforiFreneh
account,
presumably incidental to the payment of maturing
obligations. In the case of lire, though trading
loan
was
less
and the
bills,
a
active, the advance
quotation
was
was even
rushed
up
more
marked
to 5 67 for sight
rise of 54 points from last week's high level,
and 207 points
higher than the January level. Reichsmarks, after ruling practically^unchanged during the
THE
2018
reflected improvement in
sentiment over the reparations settlement by an
advance of 33 points, to 1.84 for checks.
Here also,
liberal buying developed and considerable quantities
of exchange changed hands.
Short covering opera¬
tions figured prominently in the dealings; also profit
taking sales.
Antwerp francs moved closely parallel
to French currency, being now in fact quoted at
early part of the week,
similar
levels,
Austrian kronen
but
were
in the
upward movement, gaining an
additional 74
Swiss francs were firmly
held, moving up to 18.04, an advance of 24 points.
In the Scandinavian exchanges, however, gains were
points, to 36.15 for checks.
points for
although
Norwegian currency rallied to the extent of 115
points from the low record recently established.
heavy Spanish pesetas ruled steady till Friday, when there
was a break,
to 12.48 points.
Transfers of funds
less
pronounced, ranging from 10 to 35
Copenhagen and Stockholm remittances,
breaking at one time to 00.19on
and financial developments in
that distracted country, but recovering to 00.24.
Greek exchange was another conspicuous exception
throughout,
[Vol. 112.
CHRONICLE
unfavorable political
from Barcelona to London
and Paris by Germany,
responsible
understood to have
large balances in Spain.
The recovery in Norwegian
to the general firmness and violent fluctuations took
exchange was attributed to rumors that the Govern¬
place which brought the quotation down to 4.85 for ment of
Norway is soon to place a 150,000,000-kroner
checks, a loss of 110 points from the recent low record
loan here, also to talk of a substantial loan in London.
figure, although before the close there was a re¬
Bankers' sight on Amsterdam finished at 36.15,
covery to 5.85.
So serious has the situation be¬
come
that
it
is
understood
the Govern¬ against 35.40; cable transfers at 36.20, against 35.45;
commercial sight at 36.10, against 35.34, and com¬
ment at Athens is about to take drastic meas¬
mercial sixty days at 35.74, against 34.98 on Friday
ures
to check further depreciation.
Military re¬
of the preceding week.
Final quotations for Swiss
verses to Greek troops are held responsible for the
francs were 18.04 for bankers' sight bills and 18.05
break, though it is believed that speculation tactics
for cable remittances, as compared with 17.81 and
have
aggravated matters. Advices from Athens
17.82 last week.
Copenhagen checks finished at
state that a bankers' consortium has been formed with
18.10 and cable transfers 18.15, against 18.15 and
the object of checking speculation, to operate under
18.20.
Checks on Sweden closed at 23.55 and cable
the direction of the Minister of National Economy.
transfers 23.60, against 23.35 and 23.40, while
Market observers are giving close attention to the
checks
on
Norway finished at 16.35 and 16.40,
movements in Continental exchange, and speculation
against 15.40 and 15.45 a week earlier.
Spanish
is rife as to whether the recent advances will be
maintained.
Few, if any, were willing to venture pesetas closed at 12.48 for checks and 13.50 for
cable transfers.
A week ago the close was 13.96 and
upon predictions as to the future course of Euro¬
13.98.
pean currency.
It is claimed that while financial and
With regard to South American exchange, sensa¬
economic conditions
incidental to
for the
i(n Italy show genuine improve¬
again been sup¬
porting the. market. Large transactions were re¬
ported which were attributed to the Government.
Italian Government has
ment, the
The official
London check rate on
Paris finished
In New York
sight bills on the French centre closed at 8 57%,
against 8 303/2; cable transfers at 8 58%, against
8 313/2; commercial sight bills at 8 55%,
against
8 283/2, and commercial sixty days at 8 49%, against
8 22% last week. Antwerp francs finished the week at
8 57%, against 8 303/2 for checks and cable transfers
at 8 58%, against 8 31a week ago. Closing rates
at
46.70,
tor
as
against 48.30 a week ago.
Berlin marks were 1.77 for
the
preceding week.
00.24
for
checks and 1.78 for
in comparison with 1.51 and 1.52
cable transfers,
Austrian kronen finished at
checks and 00.25 for cable remittances,
with 00.253/2 and 00.26% the week
for bankers' sight
for cable transfers.
Last week the
which compares
For lire the close was 5.59
before.
bills and
5.60
close
5.13 and 5.14.
was
Exchange
on some
of the
firm and higher,
notably Czecho, which closed at 1.75, against 1.39,
central
while
European republics ruled
Bucharest
Polish marks,
moved
up
to 1.85,
against 1.67.
however, continue to sag, finishing at
decline to 0.12, against 0.12% a
week ago.
Finnish exchange closed at 2.30, against
2.17 last week.
Greek drachma rallied in the final
0.13,
after
a
dealings and finished at 5.50 for
checks and 5.55 for
reparations payments, is held
German firms are
slump.
weakness developed in the
tional
first half of the
though later on some recoveries were made.
rate for checks on Argentina, after breaking to a
week,
The
rallied and closed at 30.76 for
low of 30.04,
new
checks and 30.91 for
cable transfers, as against 31.12
and 31.27 last week.
Brazil also lost ground, touch¬
though subsequently recovering and finish¬
ing at 13.51 for checks and 13.57 for cable trans¬
fers, against 13.29 and 13.35 a week ago.
Advices
from Brazil state that the Treasury of Sao Paulo has
authorized a loan of 150,000,000 milreis for the pur¬
ing 13.26,
pose
and
of liquidating the
at
the
same
Movements in
Argentine currency were so
and erratic as to cause
requests for
Government.
Government
floating debt of the State,
time stabilizing exchange rates.
violent
of
fresh alarm and a renewal
remedial measures on the part of the
It was rumored for a time that the
contemplated releasing part of its gold
reopening the Caja de Conversion,
Chilian exchange con¬
its downward course, breaking to 11.17,
holdings, and also
but
this
tinued
was
later denied.
though rallying and
last
closing at 11.87%, against 11.78
was firmer, closing at 4.00,
week; but Peru
against 3.90 a week ago.
Far Eastern exchange was about stable
last
part of the
until the
week, when declines were noted
in
Shanghai and Hong Kong currency.
The former
closed at 51%©51%, against 52%©52%; and the
67%@67%; Yokohama
Manila at 46@
week previous.
46%, against 46@46%; Singapore, 46%©46% (un¬
changed); Bombay, 26%@27%, against 26@26%,
Movements in the former neutral exchanges fol¬
lowed along the lines marked out by sterling, and the and Calcutta 26%©27%, against 26%©26%.
cable transfers, as
compared with 5.95 and 6.00 a
latter
at
67%©68, against
finished at
other Continental centres,
the volume
and distinct firmness was
and there a material expansion in
of trading. Dutch guilders participated
shown, with here
49@49% (unchanged);
The
New
York Clearing House
operations with
banks, in their
interior banking institutions, have
May 14
1921.]
THE
gained $9,232,037 net in cash
rency
Their
for
movements
the
as
CHRONICLE
result of the
a
week
ending
May
tion, even if its
ing tendencies.
12.
receipts from
the interior have
aggregated
the shipments have reached
$1,the following table:
Such
$10,375,736, while
143,699,
as per
CURRENCY
RECEIPTS
AND
SHIPMENTS
BY
NEW
YORK
to
12.
Into
Out of
BANKING
As the
S10.375.736
Sub-Treasury
eral Reserve Bank
to
show
the
the
Dec.
on
effect
of
6, it is
over
Bank of New York
ing House
each
day
as
was
o-
Lo
S9.232.037
May
Monday,
May 9.
By
operations
7.
on
Federal Re¬
good
S
May 10.
M ay 11.
$
S
S
S
The
foregoing heavy credits
historic
foi Week.
from
all
These large credit
sent
the
the Reserve Bank's
account,
upon the Reserve Bank itself
to
the
bank
and
never
go
House.
The
are
£
Total.
£
Gold.
£
54,574,800
438,950 55,013,750
10,941,000
2,369,000 13,313 ;ooo
99,316,000 24,245,000
123,581,000
32,892,000
3,000,000 35.892,000
50,495,000
1,161,000 51,656,000
10,662,000
1,487,000 12,149,000
21,744,000
4,446,000 26,190,000
15,658,000
,
Aus.-Hun.
Spain,—Italy
Xetherl'ds.
Nat. Belg-
Switz'land.
Sweden
15,658,000
12,820,000
"
Denmark
Norway
.
12,643,000
8,115,000
„
.
Total week
588,195,337
Prev. week
588,436.282
a Gold
holdings of
held abroad.
177,000
8,115,000
64,584,000
10,944,000
98,109,000
32,194,000
53,954,000
10,657,000
21,235,000
14,500,000
12,588,000
8,122,000
48,163,950 636,359,287
573,745,051
47,646,350 636,082,632
572,717,085
the
Bank
of
France this year
a
are
54,923.000
11.759,000
24,837,000
14,500,000
164,000
12,752,000
8,122,000
46,117.150 619,862/201
46.063.350 618,780,435
exclusive of
£77,934,682
reach of all used to lie the
the comfortable
condition
of
"Ultimate Con¬
sumer" is the
problem and chief function of all
po¬
economic organization.
What in the schools
used to be called
"Political
Economy," and was regarded so
simple as to be con¬
sidered a
"snap course," has grown into a varied
department, embracing
of
which
Social
Philanthropy
vast and
are
a
part.
complex; its principles
substantial
working of
of
new
and
recognized
are but
as
imperfectly
inadequately tabulated.
volume, therefore, that aims
by his¬
ing foundations
sure
It is
its facts
torical research to
uncover
the
investigation,
Service, Economics, Politics
comprehended, and
A
many lines of
only
principles of
permanent forces has
for
any
conditions
its
investigation
may demand.
action and
value in lav¬
that the pres¬
It
challenges
with
world-system
whole;"
great saying, "If there
predicting, of directing,
past should
be for
it
the
race,
first
or
ex¬
of accel¬
the
history
foundation,"
of the material
up to the middle
It notes the contrast between
century.
development of
navigation, and that of tech¬
industry and commercial organization.
What he calls "The Blunder
of 1840" was the
reac¬
tion from the lesson
taught hv the failure of
gov¬
ernmental control of the
major enterprises of trans¬
portation and the
like, which was the policy of the
first quarter of the
century.
This reaction led to
an
unqualified adoption
vate
enterprise should
direct all
large public
of
of the principle that
pri¬
be relied
upon to finance and
matters.
A systemless
policy
free license to individuals
to embark in
any ecoc
nomic venture without
further
responsibility to the
community than to apply for a license
their
taxes, has maintained ever since.
community.
The term has
passed;
while the
thought remains that
meeting the desires
and
securing the well-being of the
or
science of
our
were
anthracite coal, with the
subsequent
railway and steam
£
969,000
Corporation,
conditions in 1815 and in 1915.
This is involved in
the growth of the
culture of cotton and
the use of
112,518,503
153,939,548
152,150 54,736,150
2,369,000 13,313,000
25,155,000 123,264,000
3,004,000 35,198,000
contented
litical
a
of the last
9~,6ob;666
1.102.000
3.602.01 0
Steel
opening chapter gives an outline
development of the United States
Total.
MODERN ECONOMIC
TENDENCIES.
"Cakes and Ale" within
term which
described
a
the
£
128,363,247
112,518,503
Jo,840,000 153,628,290 144,339,548
S.
his
of bul¬
Silver.
£
__
Germany
of
May 13 1920.
Silver.
England
128,363,247
France a. / 142,788,290
as
nical
May 12 1921.
Gold.
the TJ.
or
erating the progress of the human
repre¬
through the Clearing
following table indicates the amount
principal European banks:
commanding in their
to-day "that those men
with the formation of
the Standard Oil
Co., the Penn¬
as
Recalling Condorcet's
ists
checks drawn
as
clear and
so
job of straightening out
of economics
presented directly
lion in the
Banks of
enterprises
the man's
operations
They
To him
well settled and certain
so
playing at tops and marbles, in
comparison
balances, however, show nothing
side of the
one
mass
the operation of
Clearing House institutions.
only
huge
par collection scheme.
to the results of
with
such
sylvania RE.,
parts of the country in
the Federal Reserve
System's
as
teachings
seem
"no
what awaits in
busying themselves
s
to the New York
Reserve Bank
come
principles
relation to the
problems of
who were
Aggregate
reflect the
con¬
Consequently,
to
as
The author is
very confident.
certain
S
41,141.595 66,469,081 37.856.940
44,743/280 46,668.971 42,098.451
Cr. 278,988,318
of checks which
material for his
to-day.
exists for doubt
excuse
the future."
Friday,
May 13.
the
a
wars, and is not reversed
creditor at the Clear¬
Thursday,
May 12.
furnish
study of what he terms economic
evolution
during the nineteenth century and down
to the Great
War, he finds that the maxim, "His¬
tory repeats itself," is confirmed
through our past
follows:
Tuesday, \ Wednasd'y,
Background,
Economic Principles, the data
and the Social
in America
DAILY CREDIT BALANCES
OF NEW YORK
FEDERAL RESERVE
BANK
AT CLEARING
HOUSE.
Saturday,
us
clusions.
by the Fed¬
The
a
Reactions which
ts
Banks.
longer possible
no
Government
Clearing House institutions.
serve
to
SI.143,699 Gain
taken
was
Ga'n
Banks.
only to point out exist¬
from the
press of the E. P. Button Co. In
three
elaborate sections the author
treats the
the
Banks.
Banks' interior movement
aim is
book, bearing the title of this
article, writ¬
by Sidney A. Reeve, an author of
note, comes
ten
INSTITUTIONS.
Week ending May
2019
ten
at
cur¬
This policy, in effect
developed a method and
become
second
so
masterful
menace of
Reports for the
tistics with
1840
President Lincoln in his
the
freedom from control.
sus
to pay
onward, quickly
spirit which by 1864 had
a
that
inaugural felt
country of the
from
and
necessity of warning the
its
growing power, and its
From 1850 onward the
Cen¬
first time furnish
economic sta¬
something of completeness
and
accuracy
basis for the
study of economic devel¬
opment, which has produced the
accelerated move¬
to serve
ment
as
of
what
Tliis had
mercial
a
come
we
know
to he
as
modern
identified with
commercialism.
a
state of
com¬
unrest and
industrial disturbance
fast get¬
ting beyond control when the war
broke out.
The book is based
primarily
period covered by the
1910.
seven
It aims to show the
tending.
that
of
tions is
complete.
of
Democracy to
our
study of the
from 1850 to
direction in which for 70
years we have been
the evolution
upon a
censuses
The author
recognizes
purely political institu1
The extension of the
principles
cover Woman
Suffrage,
and their
THE
application to even the small
mination to which little may
States, marks a
be added.
cul¬
It may be
political government rests
upon economic institutions, and that what consti¬
tutes the real aim and object of the industrial sys¬
tem is the crux of the whole problem,
'this aim,
which is universal and cannot be changed, is to feed
the ultimate consumer.
The whole industrial sys¬
tem lies between
supplying the consumer
ends in
with what
stimulation of his
uting to that furnishes the test of value; and of
the consumer's conscious desire is the measure.
aim the benefit
growth
of the American factory system, as of American
technology, the growth of American commercialism
from the
energies to pro¬
duce that and what others need.
Apart from the
consumers' demand the production of the* toilers
becomes worthless.
The life support of the con¬
sumer is the business of the social system.
Contrib¬
he desires and the
Decentralized ownership leads to ruinous
competition.
Commercial competition
consolidation." Production is drawn apart
ership.
commercial
that
recognized
now
[Vol. 112.
CHRONICLE
of
an
general welfare to make its
Startling as has been the
individual.
Antagonism, dissociation,
has exceeded them both.
duplication,
or
multiplication of effort and general
inefficiency toward the consumers are,
of
There is
effort
no
other method of
organizing industrial
yet known, he concludes,
ciency with the factory system.
must be understood as
this
in the view
author, the result.
our
comparable in effi¬
In its true form it
embracing superintendence,
design, invention, interchange and transportation,
as well as labor at the bench
and machine, every
He
community with every op¬
function, indeed, of real assistance, to the life-sup¬
portunity to inform himself as to his needs and all
port of the Ultimate Consumer. The correlation of the
possible sources of supply, but, for better or worse,
his decision fixes value.
Human energy, wdiich is many separate factories of the land as producers
interchanging goods and services may, and in fact
the producer, becomes also the product.
does, constitute one distinct organization of eco¬
In successive chapters on Production, Credit, the
nomic energy.
For its proper service it needs to
Market System, Social Organization, the Weapons
secure the effective co-operation
of the selling of¬
of Commercial Combat, Charging All the Traffic
fices, which nowr are often a hindrance to its true
Will Bear, Competition, etc., the effort is made to
function because of the commercial competition be¬
discover and define underlying principles.
The de¬
tween their owners.
With this co-operation se¬
termining element in Production, for example, is
cured, the factory system in its broad and accurate
shown to be the demand.
The prime factor is Con¬
sense is found
to be the support of hundreds of
sumption. Lowering the price at the retail counter,
millions of consumers and the source of all our
or increasing the purchasing power of the public, is
visible material growth in worldly prosperity, and a
the sole condition of increasing the volume of pro¬
main means of advance in knowledge and even in
duction.
Other much-vaunted methods are futile
spiritual power, for through it books, schools, lec¬
beyond creating a transient impulse. A detailed his¬
tures and the like agencies aire brought within reach
tory is given of Credit in its various forms ; and it Is
of the people.
shown to be the one solvent for reducing the clash¬
We have not space
for following our author
ing elements of human existence into that fluidity,
through his extensive and informing chapters. The
energy and delicacy which combined are the attri¬
reader is not required to agree with all his conclu¬
butes of civilization.
We preach brotherly love of
sions. His aim is to secure open-eyed vision and full
our fellow-man, but it is barren unless it is coupled
knowledge of the facts. His appeal is to the good
with faith in his integrity and his ability to see that
supplied by the
must be
'
even
his selfish interests are
system which makes him
confront
scheme of
ment
as
a
richest when he is enrich¬
We are no patriots if every
ing his neighbors.
we
best conserved under a
strike
or a
time
piece of graft, or any other-
commercializing, we malign the Govern¬
the
cause
space
is given to the discussion
methods in the factory sys¬
general prosperity, and those
gle now is between the
tem
that
which
are
make for
selfish and eventually
destructive.
Own¬
enjoyment of in¬
consumption is as hostile to short¬
ership which aims at spreading the
creased ultimate
come
ress,
accurate knowledge.
"An enlight¬
will pverobstacles to further social prog¬
and faith in both God and man
the two great
the bitter pessimism
natural to ignorance and
oppression, and the bitter pride
inevitably born of
Our social faults are not so much
individuals as they are of mutual relation¬
special privilege.
of it and decry Democracy.
of the
change from the cottage to the factory system of
production. The latter, which is now accepted and
permanent, makes, possible getting rid of the cot¬
tage system, in which there was individual owner¬
ship of all the elements of production. The strug¬
Much
will that seeks
ened hope
faults of
ship."
'.A
That
we
must all
constant test of
individual
and
no
recognize
as
Christianity.
salvation.
the chief appeal and
It is the open field of
true religion
economic peace with¬
There is no
sound hope of social or
out it.
THE
BLINDNESS
To the recent
OF LABOR UNIONISM.
annual meeting of the U. S.
Steel
Corporation Judge Gary spoke with unwonted
the industrial
plainness concerning labor unionism, a subject on
anarchy which is offered as a substitute.
which he has surely had ample means of informa¬
The great question to-day is, What is the trend
tion.
To one or two journals he seemed too sweep¬
of ownership in industry as it now exists?
There
ing in condemnation, but he spoke of the present, and
is a constant and heavy movement of individuals in
did not deny that there has been both a necessity
both directions between the productive and the com¬
sighted individual avarice as it is to
justification for getting together by industrial
Upon this let us be just. There has been
which is universally recognized as
a time when employers did exploit labor, and since
cial, is, in its subsequent use in the puzzling tangle
human nature changes for the better but slowly, we
of our economic system, appearing to create an an¬
must admit that this exploiting might continue still,
tagonistic ownership, steadily raising prices in the
did the conditions permit, and had not employers
interest of the individual owner.
The trend may be
reached that enlightened selfishness which, as the
thus stated:
"Invention creates decentralized own¬
bative
Invention,
in itself benefi¬
departments of economic effort.
and
a
workers.
May 14
1921.]
THE
3021
CHBONICLE
"Chronicle" contends; is closely allied to Christian¬
vantage will
ity in conduct.
He adds that in this country not over
Along
(
the middle of the past century the
near
of labor is
to any one except the leaders."
accrue
or
great co-operative movement began in England with
war,
the
voluntarily join, but
is
discovery that (as
impossible to get
thing
our
to
open
us
one
humble artisan put it) "It
raised and the only
certain
two
our wages
Despite persistent denials, collective
support."
included in union membership; that
and
is to make them go the farthest in
bargaining is not opposed by
employer; the only
any
he
are
effects
of
unionism
as
the
output; to any reward or opportunity for
skillful, the energetic, and the ambitious worker;
is
of
War
for
labor
sion," said he in
recent
some
has
well-paid profes¬
He quoted from
compilation that 150,000 union
fight
the
and
and
practice.
Charles Reade,
most painstaking
a
closed
material, illustrated unionism at its worst in his
"Put Yourself in His
saulted
better
Place," where the hero is
as¬
by clubs and explosives because he sought
methods
and
larger output in making cut¬
lery.
ambition,
efficiency,
and
output,
re¬
sulting in larger earnings, besides mutual help and
uplift in many
but unionism
has
never
have been
ways,
has turned
been
satisfied
from the first;
open
away
from them all.
show
to
the
It
individual
secre¬
He declared that the
year.
shop has "overplayed its game," and that the
waged by the leaders "is not
now
one
of wages
working conditions, but for control of produc¬
Gov.
Allen's
figures
may
or may
not be exact—
that is of minor
importance; but his deductions
tainly
a
are.
Take
deluded union
neck
surance—is
that
pose
ers
doing
now
a
contracting
seemingly honest
concern
anybody, anywhere,
any
so
a
single in¬
for "strike" in¬
simple
as
to sup¬
member of the rank and file of work¬
whose behalf he
on
some
Sing Sing, collected $50,000 (as
stance) from
cer¬
single test of the exploiting of the
members, when that illiterate rough¬
Brindell,
work in
Increased
a
tion."
novelist, who gathered current facts and made them
his
become
recent address.
a
leveling downward instead of upward, and all in
equality-—this has been the union aim
Gov. Allen of Kan¬
a
taries draw 50 millions
of
in
equally outspoken. The "business of Secretary
hobbling him to the lazy and the dull, and making
the pace of the latter the rule for all;
therefore,
name
expressed
attempted would be the
sas
machinery; to efficiency and
are
firmly believes that "complete unionization of tin?
industry of this country
gain, but to control.
increased
do not
men
words, inefficiency and high costs; further, that
beginning of industrial decay."
and to invention and
15%
or
driven in; that the natural
thing opposed is the union aim, not merely to bar¬
Resistance to apprenticeship
10%
at its highest point during the
was,
dollar of the
ostensibly acting
was
saw
a
has
and
in
sought to drive him into it by outlawing him, while
not
yet known; but there is
not
ever
get any of it.
worker
it
has
the
advantages
to
shop,
as
Danbury Hatters'
ders,
membership,
but
consistently sought to compel the employer
into the closed
the
of
the
worker; accept
"closed,"
or you
Join us, and obey or¬
case.
shall have
or you
shown by the long fight Df
work anywhere, it says
no
our |
shall find
domination and become
the
employer, and it holds
the
primary and then the secondary boycott.
It will remain
of time that
war
as
was
then
all-important,
for unionists in the world's crisis
out
of
it
its
opportunity at
to take advantage of the
sprang
the
utmost
selfish
one
factor
"class"
and
advan¬
tage, started to close industrial plants, and, hav¬
ing done this in
boast of
one
one
of its
town, proceeded
the next.
Is this
forgotten?
It cannot be; it should not be.
sense, nor
"labor," in the union
no
is there any "capital,"
class, in that
or any
employing
This is the land of oppor¬
same sense.
tunity and of individual transitions
;
one
craft
employer, whether casual
and bled at every
can
or
labor is con¬
name
this is
a
finger to
craft; how
regular, is harassed
for the least possible
of
dard for the worker and of the
An
touch
turn, in the constant determina¬
service, and all in the
an
"American" stan¬
high cost of living—
quite well known by unpleasant experience.
investigation of railway work by the St. Louis
Chamber of Commerce
brought out this case, inter
alia, to which justice cannot be done by
any para¬
phrase:
"A machinist
(in the frank
agents) to "just hop along" to
The truth is that there is
stroke of work in the line of another
a
is
obey the rules of the union;
do
member of
go
to who did
as
no
saw no concern
except in wresting
doubt
no
tion to extort the utmost pay
indelibly to the shame of unionism
that it welcomed the late
last,
both the threat of
over
piratical tribute did
how
to
says
what shares the
How members must
the
workers, it
no
Precisely to what few
money?,
working
on a passenger car
worked
until 5 p.m., or one
hour beyond his assigned duty,
and had just stepped off the car wheh another em¬
ployee pulled the handle off the water valve. The fore¬
man was
present and called the mechanic back to fix
this valve.
He did
fully 100 yards
was
to loosen
tighten the
stantly transmuted into capital saved, and workers
was
into
it, and checked out at a clock
at 5 :06 p.m. All he had to do
away,
two screws,
put back the handle, and
about three minutes' work.
It
screws,
service."
capitalists and employers.
Italian
young
in
a
suburb
clothes
was
of
basket
Years ago, a husky
Boston,
and
from house to house.
carrying5 his stock in
lugging
this
not
light
cart; the next, to a horse and wagon;
being
owner
of
a
a
Mr.
a
load
Selling at close figures, and
always cheerful, his next step would be to
less ended with
Ex
peddling bananas and like fruits
hand¬
and he doubt¬
fixed store and one
with
uno
the trouble with
wages;
truth
all wage
a
type?
"In the
opinion of the large majority of both em¬
ployers and employees,"
no
was
says
Judge Gary, "there is
necessity for labor unions, and
no
profit
or
ad¬
state of eruption, and
The railway
wages
is
no
Stone of the
allege that
railways is anything but high
solution of the problem,"
Engineers' Brotherhood.
says
"The
is," declares he, "that if this Board wiped out
services
increases and the employees donated their
and
would still be
to
the
it is in inefficient and wasteful management.
"Cutting
vidual, owing nothing to organization; and was he
This
a
brotherhoods and the A. F. L. continue to
not
dwellings for rental.
five-hour call for this
increasing violence, if possible.
Chief
more
a
disce omnes!
Gompers continues in
the indi¬
or
allow him
necessary to
paid their
on
the
own
expenses,
some
roads
rocks; it is impossible for them
keep afloat under the present high financial mis-
management and their system of watered
existence
IIow the
somewhere by
awav
nothing
it,
on
the roads,
is
of
despairing holders who draw
be
can
present financial burden to
a
Mr. Stone did not explain ; but when one
the utmost.
"yarn" it sounds better to pile it on to
And the head of the conductors de¬
clares that
the Esch-Cummins Act
telling
a
be] "but
now
has not been a
nobody imagined it would
panacea; [surely not, and
of thorns which the railroads are
a crown
pressing to the brow of labor; if labor must suf¬
fer, the employees demand that the public be given
benefit."
the
Then
that "there is
question than
or
few
a
The question
bondholders
shall get
workingmen shall
whether millions of
have an American standard of
Thus
fundamental in this
reduction of wages.
a
whether
decide
dividends
more
involves the welfare of our country; it
before you
will
Stone to say
back Mr.
comes
something
It is all subli¬
but it does show that labor union¬
mated
nonsense,
ism is
desperately trying to make a stand on what
its leaders
is
perhaps realize is a lost cause.
and in its failure
is
The "cause"
inaccurate term.
an
a
No, that
false one,
only the deceiving and long-exploit¬
ing leaders can lose.
This is a cause whose "losing"
will be
a
to
winning and
a
the people
all
lasting deliverance, not only
outside of the trifling unionized
fraction, but also to that fraction. Unionism blindly
The lesson therefore is—and it is the
fights itself.
one
great lesson of the industrial situation we have
to-day—that the country, railways, and every other
interest, should stand firm.
Suffer temporary hard¬
ships bravely and in faith, and this unionist tyranny
will
Broken
presently be broken.
broken, arid
most
it will stay
once,
the workers who have obeyed it
even
implicitly will come to rejoice
over
their free¬
the matter of the
ble of
wave
of
agitation subsides and the bub¬
popularity breaks, this book will ride high.
Milton's
"life-blood
Nor is it
work
a
of
a
master
spirit" it is not.
might trust to the saving art
one
suggested by the Sage of Concord-—for if
year
novel
the opportunity may be gone.
is
valuable
Meredith
for
Nicholson
discussion
the
lias
written
criticism for the New York
"land of the
free and home of the brave" there is the
unchanging
its school-house, church,
blacksmith
village,
with
shop, post-office and general store, where "life" is
often drab and colorless.
But he finds in the Mid¬
thousand, or ten, quite a dif¬
dle West town of five
ferent
take
He finds that these towns
"atmosphere."
on
strains
character
individual
an
due
racial
to
Yet
No two are alike.
environment.
and
they exemplify that "great Middle Class" we hear
so
much about in
economic discussions,
our
and, al¬
lowing for essential differences, they do constitute
a
Of the uplifter in the book and her field
"type."
of
action,
failure
he
would have been a
"Carol
writes:
She deserved to fail in Gopher
anywhere.
hateful
place
a
impinges
various
than
a
after all, as so
She nowhere
I have known her by
sympathy.
in
names
me,
she found it to be.
as
upon my
larger and lovelier communities
Gopher Prairie, and wherever she exists she is
bore and
at times
heart warms,
Street she
hand.
an
Main
Tfhey didn't need her uplifting
far
were
My
unmitigated nuisance.
not to her, but to the people in
despised.
They
valuable members of so¬
more
ciety than she proved herself to be, for they worked
honestly at their jobs and had, I am confident, a
fair idea of their rights and duties, their
pretty
and immunities,
privileges
as
children of democ¬
/;/
racy."
Tlien he follows
with this
delightful paragraph:
more reassuring than the
is always wailing in the market¬
"Nothing in America is
fact that
When we've got something and don't like it,
someone to tell us how to get rid of it.
place.
we
someone
wait for
an
one
waits
As it is, the
it
awakens.
analysis and
"Evening Post," under
fickle, capricious, and pine for change.
In the
of time we score for civilization, but the
course
gains, broadly considered, are small and painfully
won.
/Happiest are they who keep sawing wood and
don't
ous
expect too much.
suspicion that in the book
any
are
mated
were
thought for
never
Small town dweller
or
a
American
life
that
moment to portray
the
Ex-President
Main Street continued. Frank
much
was
its
"Main
Street, Manhattan," where
the railroad tracks obtrude upon
along the Hudson.
way
character creations of
of Miss
the culture of the
Nicholson mentions the
Eggleston, Riley, "the Maine
Jewett, the Tennessee of Miss Johnston, the
Kentucky of James Lane
Allen,
the Virginia
Page, the Louisiana of Mr. Cable."
have
named
others
who
have
made
of
He might
localities
and
now
The
One hundred
not
a
desire for liberty and
equality of opportunity, but a demand for equality
of conditions.
all the
The betterment in the condition of
people has created in the minds of a consid¬
a desire for wider equality of com¬
number
erable
guished from political reform."
once
filled the
"Atlantic
pages
of the
Monthly"—and
severe
Joe
Lin¬
coln, who later has photographed Cape Cod folks.
it
years ago a repre¬
Now there has come
equality before the law.
into the minds of many
there
Craddock," who
as
from absolute monarchy with all
ernment
and exclusive
as
great goal then was personal liberty
fort and
to mention only "Charles Egbert
the
in
recently
anywhere in the world
and
many,
rainbow.
hope, ani¬
government was looked upon as a
of escaping
ills.
lecturing
local characters famous in and for themselves, for
are
same
"Representative government is not
sentative form of
that
a
all chase the
"Representative Government," had
century ago.
a
means
is
Taft,
on
respected
O'Malley has had the temerity recently to suggest
there
we
by the same spirit."
this to say :
forgotten stories that
of
always the zeal¬
diversities of gifts, but all, we
Mr. Nicholson recalls certain
particular types
that
too much to ask
There
"Town Hall,"
disclosed
are
few, who incur suspi¬
cion, awaken antagonism, and suffer defeat to pave
the way for those who will reap the harvest of their
sowing. There are a hundred million of us and it's
caption, "Let Main Street Alone," which suffi¬
ciently disposes of
There
laborers, the fit, though
there is to be found "The Great American Novel."
Mr.
not
are
we
"uplifter" himself in
purposes of the modern
an
and
uses
If
alarmed.
not
He admits that all over this
church.
are
"MAIN STREET."
Until the
the
is
Plunging into prohibition we at once become toler¬
ant of the bootlegger. There's 110 point of rest.
We
dom.
a
Nicholson
harsh, lie is something of
Prairie, which does not strike
living."
speaks Mr. Stone at his,best.
Mr.
stock/'
stock, which is put
watered
[Vol. 112.
CHRONICLE
THE
3033
living, which prompts the demand that gov¬
shall
bring about
an
economic
distin¬
as
And he proceeds,
properly, to arraign the social order as
'cause
and
not the
representative form of government in and of
itself.
/-:
- ■
"U/'-V
'-.v1-'
-NN/frv
-
/
May U
We
of
1921.]
THE
bring these thoughts together for the
inquiry
CHRONICLE
purpose
to the influence of character upon
as
ernment and
gov¬
reform
for
call
character
and
the American
ad¬
vance?
society; and to ask the question, how
much of "the turmoil" is to be attributed to the in¬
cessant
American
the
to
2023
SOME NOTES
CONCERNING OUR AMERICAN
CONSTITUTION.
by those who deplore the
existence of Main Street?
raign that portion of the population which is
con¬
takes
Whoever
It would be easy to ar¬
this immortal charter for
up
reading, especially if he is only
a
little familiar
a
with
it, cannot fail to notice at the outset its remark¬
former, living far from the mud sills, in the midst
able
brevity, for several of the later State constitu¬
of
tions exceed it in
stant in the work of
uplift, but the professional
learning and art, has his place.
So has the nettle
and the thorn.
But
for
of those for whom
the
unrest
by how much is he responsible
magic paradise, that cannot
slow
its
lie is
worst,
reeking shadows of factory towns, and the human
disgruntled, undeveloped,
assimilated workers, who
un-
listen to the fiery voices
cause
American
Great
the field is too
hold it.
Whether
them.
in
ther
an
archaic tariff
us.
He who decries
it.
local
type and locality make
society,
or
He who seeks
the instrument of his
to
use
govern¬
pet reform degrades
nothing but reform produces
equable,
permanent,
tickle the vanity of
Middle West town,
stable.
or
The
old
us.
It
on
the
to look down
some
but this does not look down
the countryside round about.
It
•/
"Americanization"
of
Nei¬
super-State will deliver
nor a
adage to let "well enough alone" is not for
talk
varied
as
capital in the interest of labor
He who works at
may
will
canvas
single rule of measurement for all.
intermeddler.
nothing
be¬
come
be
ever
economics, politics,
no
as
not
large—no single
as
there is
ment
does
"Living conditions" will
in the United States
an
Novel
mav
serve
V
and
"Melting Pot" without distinction
well to
into
admit
on
the
control, those
or
con¬
into the form of
various topics.
on
The feature
likely to be next noticed by the im¬
agined "reader" is the self-repression of its framers,
their
seriousness,
and their great caution in not
attempting to do
more
lines upon
a
which
"vision"
Their
to go
than lay out
few broad
a
nation might perhaps develop.
almost
was
impression of their
superhuman, but their
fallibility and their
own
The situation
New
was
one
England
before known to the
never
only four colonies, for
was
Maine and Vermont had not been set off.
feeble
outside
tions
Thirteen
colonies, along the Atlantic coast, just deliv¬
from the
ered
not
care
too far seems to have kept them in check.
world.
peace?
The
length, since they not only
modern fads but expand
some
statutes
agitators, how much does he contribute to order
and
is
When "Gopher
transplanted to the slums of cities and
material becomes the
of
a
tain
through the
far above the pale of reason as
as
community is below it.
Prairie" is
the
lie envisions
come save
Taking "Gopher Prairie" at
growth of years?
that drab
re¬
foreign yoke and still afraid of the
world,
show,
selves and
Washington's farewell
as
were
still
jealous of
so
admoni¬
in dissensions among them¬
so
one
another that they
were
brought into the Union only by the unanswerable
argument that if they did not get together Europe
would be
this
likely to devour them singly.
A proof of
jealousy survives in the "commerce"
couched
clause,
necessarily in the most general terms and
immediately intended, at least in part, to end the
interferences with
Water
lines.
only
dreamed
the
it had to
cross
highway
common
transportation
of
means
commerce as
and
State
the
known
then
were
or
of, and the last thing which could possibly
have occurred to the most
prophetic of the framers
the mischievous stretch to which this innocent
was
that like the salamander cannot be burned in the fire
provision
of
pushed.
fusion.
In
lamentation
world
a
that
ignorance,
over
wants
shouting
nor
neither
peace,
forms, will leave the workers free to think.
tells
"man
that the
us
in
the
street"
ceived all the material advantages.
ing but
Democracy
means
midst of
very
a
riot of reforms,
of artificial life.
class
true
all the people.
And
dependence
it is
as
a
our
"They
re¬
We asked noth¬
So the world
ideal and lost that."
an
One
regards
engagement in the world war a failure.
We
runs.
in the
are
veritable chaos
true
as
truth
that
government deprives it of its
on
representative character, and failing to
accom¬
town
mav
There
that
Street"
ordinate, yet
neighboring county seat
sky-scraper ideals to embitter the work
be done
though the Government fail
equalizer of all things.
at least, are kind to
Gopher Prairie.
shine, though there is
tremor it
is
"Committee"
one
of
no
of
the
curfew.
delight.
\
The
as
seasons,
And the stars
If May Day
causes
The self-constituted
Metropolis sounding the high
be
cursory
even a
departments,
distinctly separate
as
the waters of the
The
globe.
first sentence de¬
very
unequivocally
herein
granted" shall be vested in a Congress.
ticle
II
establishes
that
an
"all
legislative
powers
Ar¬
Executive Department and
strictly defines its duties and
powers.
co¬
the land and
as
clares
as
strictly limits its
Article III similarly sets up a department
covering "the judicial power of the United States,"
kind
of
duties, setting this department as a
umpire between the two others.
Some years ago,
7
the universal
a
its
in
more
Government into three great
new
be dull and drab, but it has few illusions.
are no
must
and
nothing stands out
might
commerce
glance at the constitution than its division of the
and defines its
plish the impossible loses in popular respect.
"Main
But
over re¬
"regulating"
for
career
before
had occurred to
troubled
over
any
thought of
a
political
him, Mr. Wilson was quite
what seemed to him a
growing ten¬
dency in Congress to interfere with the Executive
and
usurp
even
fail
a
to
the functions of that department; but
casual
see
reader
of
the
constitution
cannot
that, if we are to make any analysis of
the distribution of powers,
the lawmaking body is
For Congress
holds the key of the
tidings of sudden change from ignorance to culture,
the Government.
only rings
Treasury, and decides not only what shall come out
manent
an
alarum bell in the processional of
per¬
growth. Is it not fair to ask of these unions,
but what shall go
can
contribution of calm communities—where love keeps
an
trvst with
war
honor, and faith clasps hands with friend¬
ship, and thought searches for truth unselfishly—is
into the public
purse;
it alone
levy taxes, authorize expenditures, provide for
committees, bureaus, movements, ideals, what the
army or navy,
is over,
declare
war,
declare
peace
when
borrow money or coin it, establish tribu¬
nals inferior to the one
Supreme Court, and
gener-
[Vol. 112.
CHRONICLE
THE
2024
•»>
1
■
-
_
A
most singuldf^provision was the original one
On
for choosing President and Vice-President.
The
Executive must
notion of "sovereignty" and remoteness fromi popu¬
do what he is told to do, for his oath of office binds
lar impulses was indicated by giving to the legisla¬
him "to faithfully execute the office of President
ture decision of the "manher" of appointing (not
of the United States, and," to the best of his ability,
"preserve, protect, and defend the constitution of "electing") electors; but the founders, still doubt¬
the United States." Congress can tie his hands in ful concerning the democracy they were establish¬
ing,-failed to note the fallacy of assuming that if
many ways; it can impeach and remove him; he
the people were competent to appoint their agents
cannot make appointments without confirmation by
they must be competent themselves to do the seri¬
the Senate, nor can he make any treaty except "with
ally determine and initiate what shall be done.
the other
hand, to put it bluntly, the
Except by his
the advice and consent" of that body.
ought
to be large by reason of his being on the right side
of public questions and able to present that side
with ability as he sees it, his power over legislation
stops with the duty laid upon him to "recommend'
personal and official influence, which always
He
measures.
sion, and
agree
by
Mr. Wilson pushed
two-thirds vote.
a
he found upon
qu asi-effa cement
member to
becoming
a
Execu¬
his accession, and how
of Congress
cution of the war, we
(likened by one
"rubber stamp") went on,
all know, although few have
recognized either its extent or its dangerous signifi¬
That Mr. Wilson greatly enjoyed this domi¬
cance.
of his
kept asking for more and more
and
also know, for it is in the record; and it
not until he
persistently attempted to make a
treaty without the prescribed "advice and consent"
to
came
a
barrier which he could not pass.
The checks and balances of the document are an¬
of the
two eyes
elector, so grave
an
the duty laid upon that body.
was
few years brought the change which made
very
be
be chosen
as we
chosen in different ways,
no
they
were
to be
change in the
sides of that
or
a
popular vote without regard to State
We
have
now
some
Follette is the most
that
as
be made on both
the
founders
of whom Senator La
persons,
conspicuous example, asserting
"made
tically unamendable,"
the
can
question, and there does not now appear
likelihood of its being seriously taken up.
any
their
constitution
truth is
the
whereas
prac¬
that
provision for change was as wise and as flexible
human
A
foresight could possibly have made it.
few years brought a batch of a dozen amend¬
very
ments, of which all but two seem to cover topics not
quite sufficiently
original draft.
unambiguously treated in the
or
Then the great charter was let alone
Civil War
the
nearly forty
brought three changes; then,
years,
have
which it is not necessary to
for the
or
What
con¬
uncalled-for, more unwise,
more
was
and
by
lines; but good arguments
have in our bodies
legislative body,
It is now a question
sometimes mooted whether the President should not
after
and two hands. The members of these two
whose actual function might
performed by anybody.
until
branches hold for different terms;
stitution
A
holder of office un¬
no
States, could be
responsible
worthy of note. There are two branch¬
other feature
es
and
overpowering necessity of vigorous prose¬
power, we
Congress, and
der the United
then to
were
persons
bill by his veto, which can be over¬
this
that he
No member of
who
men
to fill the two highest offices.
adjournment; he can force a reconsid¬
which
was
of wise
choose the persons
"college" (as it is still called) a mere
tive
nance
agents, and provided for the selec¬
number
a
gathering of
vastly farther an increasing influence of the
under the
of
adjourn it if the two branches cannot
of any
ridden
tion
the electoral
can
upon
eration
into special ses¬
call Congress
can
work of those
ous
present
several
come
speak
on
more,
of
this occasion,
purpose.
protected the constitution during the forty
No hindrance in the method prescribed for
years?
apparently more unfortunate in results than the
making changes; the "difficulty" of meddling with
17th
it
lay only in the absorption of the people in a period
of
great growth in all material respects and in the
amendment/which set
of Senators.
The intention
Senate should be
and
conservative
House
originally
body, less impressible than the
that
artificially boosted along to content and happiness.
now
as
one
may
of many
compromises, and it had to be.
able
of
was
the
equality of
The most remark¬
consent,
can
Senate."
of power
no
branch
State, without its
be deprived of "its equal suffrage
It
is
likely that this distributing
without regard to population
was
expected
have, and it is possible that it has had,
fluence towards
was
intended
pected
more
to
offset
and
every
men
for
in¬
upper
branch
keep in check the
ex¬
hasty and impulsive tendencies in the
larger branch, whose members
people
some
producing conservatism in the Sen¬
ate, and it is entirely clear that the
old
upper
Congress granted to all the States, in the prob¬
in the
to
concessions and
in the
power
ably irrepealable contract that
own
world
two years.
come
Young
men
counsel, has long been
a
fresh from the
for action,/but
reasonable
max¬
im, and such may well have been in the minds of the
founders.
'
V-Ky-.
disturbed
potentiality and that
finally
and
We
gone.
in
men can
are a
upheaval.
be
part of a
Whether
our
political structure will endure the stresses of the
next
one
a
Our isolation is
apparently
it) the "sovereignty" of the sepa¬
was
govern¬
ment is
rate States.
The document
upheaval which imagines that
creative
well
(or political principle,
choose to consider
fadism, socialism, or of that popular rest¬
lessness and
representing
somewhat
and
lack of any
as
impulses,
popular
originally held, yet indefinable, and
sleeping fact
that the
was
especially deliberate, cautious
transient
by
recognizing
as
an
the "direct" election
up
quarter-century, of this there can be no doubt,
but if it should fail it will not be
original plan.
by
any
fault in the
We cannot account for the almost
superhuman wisdom of its founders, except as we
account
for
and
Moses
Washington and Lincoln,
believing that the Supreme Ruler raises up leaders
for each
great stage in the progress of mankind.
We need not worry
and should not despair, but
best honor the men of 1787
can
work and
we
by respecting their
This is not the time, and
letting it alone.
men's minds are not in proper
condition, for med¬
dling with the foundations; leave them alone until
things settle.
tinker
Against the deplorable disposition to
amendments
by
either sex,
The sole power
on
men's
dications
rage
every
thinking citizen, of
should now set a determined face.
minds.
may
of
Is
any
constitution is in its hold
ours
weakening?
Surface in¬
be discouraging, but "the shallows
while the deeps are dumb," and there are hope-
.
May 14
ful
1921.]
signs.
1919,
One
THE
CHEONIOLE
the meeting in September of
was
meeting remarkable for the size and the close
a
interest of the audience, gathered to
attempt found¬
ing "Constitution Day."
takable to
tion
like
Mr.
Root's
response was unmis¬
declaration
that
the
"limits
ours
The
of the
powers
constitu¬
a
tion of
liberty."
call for
Last year's election
to stricter
return
a
who
men
govern," this being "the vital thing for the
preserva¬
itself
was
a
constitutional govern¬
3025
either of them
indispensable. The only real duty in
premises to the employer is the giving of suffi¬
the
cient notice.
y
single worker joins others, all his
fellow-employees being the crux of the case usually,
to
quit work together at
when he enters into
to
so
the
full
know that his
pledged to that.
his
cle"
hardly be deemed boastful if the "Chroni¬
that its
assumes
reading constituency
least above the average
in thoughtfulness, serious¬
vision and personal character.
ness,
How many of
those readers know the constitution except
ual way;
how
honor it and
these
a cas¬
judge events and tendencies by it?—
possible to hazard
the
course
in
read it; how many
ever
interesting questions
are
Of
have
many
at
are
which it is im¬
upon
conjecture.
even a
critical
as a
treatise,
or
as
an
attempt to somewhat extend and deepen the jeal¬
a
analysis,
anything
or as
than
more
of the American people towards violating the
ousy
great charter, even on the plea of emergency, and
towards
So far
stricter
a
this
as
conformity of government to it.
result,
before
never
desirable, is
so
definite date and hour,
a
agreement with these others
of his act.
consequences
employer bears
tects the
He
must
fixed relation to all
a
employees and to the public.
ment, acting for the people of
Since the Govern¬
given territory,
a
employee and employer
in
the
pro¬
right
to
work, and to invest and operate in production the
rewards of
labor,
duty arises to the people to
a
tect them in their comfort and
civilized
pro¬
well-being, since
society cannot otherwise exist.
a
Quitting
work in combination with other
workers, every sin¬
gle worker, however free and helpful the exercise of
his
foregoing is not meant
an
quit his usual work, he must be presumed to
know
ment, and President Harding is himself distinctly
It will
T'-
But when this
personal intent—must be,
already said,
as
sumed to know the full
consequences
pre¬
of his act—that
at the moment he enters the combine to
quit work,
quit, he must know that he enters into a
and does
collective action ;
outside
of
it is
no
longer the
combination,
rights, but being
of
exercise,
mere
individual,
personal
become collective, exerts
now
direct power for evil upon
furthered, the object of these remarks will be at¬
public.
tained.
ing this, and he cannot
a
the employer and the
He cannot escape the presumption of know¬
the responsibility
escape
therefor.
THE
PECULIAR NATURE
OF THE SHIPPING
STRIKE.
If
throws
a man
stone
a
the intent to test his
injures
thrower has committed
to know the
over a
other
offense.
side,
He is
the
presumed
possible consequences of his act.
fell
fect
right to do, he must
tree
on
his
the road, or
across
the
on
an
man
a
house, merely with
strength, and the falling stone
passing
someone
own
land, which he has
If
a
a per¬
that it does not fall
see
immediately
it if it does,
remove
subject himself to arrest for obstructing the pub¬
or
lic
highway.
But if
a
The intent is not all of the problem.
man
rail from the track of
remove a
If now,
he
rail¬
a
turn to
work, he brings to bear
who has and
can
of
coercion, not in himself
accruing to the public,
the whole of
his
that his
by his
law and is responsible for his acts thereunder.
He
make such
cannot
He
continuing work,
plead
a
good intent and do
cannot, in the assertion of his
fail to fit and
measure
them
own
a
wrong.
rights, so-called,
by the greater rights
of all.
are
engineer
shipping strike there
very
or
clear.
are
principles
some
In the first place, no marine
stevedore is required under
of laws to continue
tion
to work in
his
our
system
chosen occupa¬
longer than satisfies his desire.
Barring the
obligations of his contract with his employer, he
quit at the1 end of his journey if he
can
as
one
employee.
In doing
so
so
desires—
he contravenes
no
rights of the great public, since primarily every man
works for
tion
himself first.
a
proper code
need not consider this
is
a
delicate ques¬
now.
at
of social ethics, but we
The individual worker
quit work (barring contracts) when it pleases
him to do so,
offered
not
There
concerning the individual's duty to keep
work under
may
or
and for the
reason
that he deems wages
paid insufficient—and the public good Is
seriously impaired, for the
erally
quits work.
right to
as we say,
service to the
that
public,
no
or
reason,
single
even
speaking
man, or
gen¬
his single
to his employer, are
of his
em¬
good well founded in the
since
the whole of labor.
on
and
"living wage" arbitrarily fixed
a
a
wage-scale the condition precedent to
resuming work, when the
or
sults of his collective-coercive act
ness
under
manner
He may not in justice claim
wish and will, gives him the right to
own
of his erstwhile
fare of the
In the
that
a
acts and the circumstances
the
must know
man
power
subverts the good naturally
The individual worker is therefore responsible for
The point to be observed in
a
a power
individual acting
as an
society subsists
that
is
cases
employee
as
protective character of popular government,
increases
accordingly.
so
his employer,
written,
or
alone, that destroys the individual
ployer to employ, and
which he
of these
upon
only treat with him
under individual contract oral
road, the criminal intent is plain, and the penalty
each
dictate terms, through the
presumes to
combine he has entered into, upon which he will re¬
public.
of his act.
re¬
destroys the busi¬
employer and destroys the wel¬
He must know the consequences
And since it is
the
province of certain
organizations called labor unions to teacli him the
power
and
consequences
of his collective
junctive act, he does know them.
intent to aid himself and his
Nor
can
or
con¬
his good
family by higher
earn¬
ings render him immune to the results of "the strike '
which
To
are
visited upon
change
a
little
employers and the public.
now our use
of terms, it is ap¬
parent that the power of the "union" to compel ac¬
quiescence in its demands varies by the impinge¬
ment which
the labor-service
public welfare.
performed affects the
Not only is the good of the private
personal intent not sufficient to offset the
wrong
of the
more or
great
less complete stoppage of pro¬
duction, but the requirement to know consequences,
which gives
power,
more
to the collective-coercive act its added
renders the quasi-criminal intent involved
certain and clear.
And
thereupon
portation "strike" has greater evil effect
any
trans¬
on
public
welfare, through the
than
case,
employed against a
one
of the
single production
circumstances
sheer
follows
that
the
shipping strike—breaking
a
foreign trade, congest¬
connection of domestic and
line
in the
ing goods in process of exchange upon a narrow
of
seashore, disrupting the orderly processes
life and work of a
time
great city which is at the same
quences across a
become
pushing back its conse¬
of human effort,
free flow
whole sea or a whole continent—
possessing unusual, aggravated,
"strike"
a
Those engaged are
and intensified characteristics.
We repeat, they cannot
Their quasi-
presumed to know this.
the consequences of their action.
escape
criminal intent to
injure the public cannot be es¬
the
protect the rights and interests of
The power of the Government acting for
caped.
whole
people to
whole
the
the
port of entry, and by placing a dam upon
a
correspondingly clear.
people becomes
short of the total of the gross
NET
AND
GROSS
RAILROAD
EARNINGS FOR
of the
dealing)
is quite trifling, being only a small fraction of 1%,
the fact that there ought to have been a gain of
$125,000,000 by reason of the advance in rates, had
the volume of traffic held up, furnishes striking testi¬
mony to the intensity of the business reverse which
the country is experiencing.
It is encouraging to find
that this decrease of $1,483,390 in gross earnings was
attended by a reduction in expenses in amount of
$20,1.39,706, leaving consequently a gain in net earn¬
ings in the sum of $18,656,316.
A somewhat similar
1920 and
though the ratio of loss (by reason
The
and net earnings of
railroads for the month of March, as
comparisons of the
United States
gross
revealed in the compilations
we
present to-day,
The results
encouraging to this extent that they show better
than in the corresponding month of last year,
disclose
net
which
particularly
no
while they are
features.
new
disappointing inasmuch
of the improvement
is not
up
tertained less than six months ago,
of what is
and falls far short
basis
profits and restore railroad credit.
A
glance at the returns as
cursory
the amount
required to put the properties
of reasonable
^hey
month to month suffices to
from
as
to the expectation en¬
on a
are
received
show how
com¬
pletely the prospect for the carriers has been changed
last autumn
since
through the advent of business
with the resulting great shrinkage in
depression,
falling off in the
It
supposed the advance in rates granted at
was
the end of last July and put
close of
August would insuri
addition to the
gross
month.
guesswork, but
at the rate of $125,000,000 a
or
year,
The supposition
was
an
of the roads in amount of $1,500,000,000
revenues
per
into effect towards the
did not rest
on mere
on
freight rates 40%, the lines in the Southern
Pacific
Western group
received
groups
25%, and
and
in
those
the
35%, besides which the carriers had
permission to advance
Pullman rates
rates
50%, and
passenger
excess
fares 20%,
baggage and milk
The calculations, however, presupposed
20%.
the maintenance of traffic at the full volume
enjoyed
by the roads at the time of the rate decision.
that respect,
In
unfortunately, expectations have been
disappointed.
sadly
The volume
of traffic
could
only be maintained if business activity and prosperity
kept
Instead,
up.
vened
and
the
business depression has inter¬
country's
industries
have
become
prostrate, with thp result of causing a shrinkage in
traffic to
any,
an
extent and to
a
degree which has few, if
the
parallels in trade annals.
:
-^-A -'-
large
as
Instead of this, how¬
before.
as
of at least $50,000,-
and the force of employees
it is known to everybody that enormous reduc¬
ever,
tions in the force of employees
being
has been made (there
much less traffic to handle) and it is this
so
reduction in forces and skimping and
all directions that has
the expenses to
economizing in
permitted the cutting down of
the extent noted.
Furthermore, the
roads, at least in the eastern half of the country, had
the
advantage
of
very
weather the
winter
mild
obstructions of any
kind, in contrast with quite severe weather and more
obstructions than the ordinary last year.
In this
present year, wholly free from
way
there must have been
in the expense accounts
roads and
systems most
a
quite considerable saving
in 1921 in the case of the
In the
directly affected.
show the comparative totals of gross
we
earnings,
expenses
(before taxes) and net earnings
for March of the two years:
Inc. (+) or Dec. (—).
1920.
19211
Month of March—
234,832
233,839
§456,978,940
§458,462,330
—977
—§1,483,390
0.42%
0.32%
398,439,982
418,579,688
—20,139,706
0.48%
§58,538,958
§39,882,642
+§18,656,316
46.78%
Miles of road.....
Gross earnings-
Operating expenses.
Net earnings....
are
which everything else depended the
The
recovery
an
improvement in the net the present year
increase in net also in March last year, our
and
compi¬
having shown $61,492,190 gain in gross
lation then
$13,669,908 gain in net.
On the other hand,
however, sight must not be lost of the fact
that in the
immediately preceding the net earnings for
March had been steadily dwindling for a long period
years
past until the amount
had got down to very small
In other words, in March 1919 there
in net of no less than $52,414,969 in face
proportions.
was
of
a
an
loss
increase of $10,676,415
and furthermore,
year
an
March 1919
in the gross earnings,
was
the third successive
in which the March expenses had risen to such
as to wipe out the gains in gross receipts—
extent
producing
hence
March 1918,
ings,
a
cumulative loss in net.
there was $55,232,827 increase
March
Thus in
with $50,484,357 addition to gross earn¬
in expenses,
reduction in net of $4,748,470, while in
1917 our compilations registered $27,249,215
a
$35,160,455 increase in
For these
three previous years combined, therefore, wdrile gross
in earnings rose $88,409,987, expenses moved up in
actually suffering a decrease; and owing to
absence of the expected gains in the gross revenue
upon
expenses
had traffic held up
leaving
The, consequence is that so far from the roads'
realizing the increase in gross revenues counted upon
they
of
Board, -which added $600,000,000 a year
augmentation in the
remained
computations
territory had been granted authority to raise their
Mountain
a consequence
pay-roll of the carriers, there would have been
to the
000
As
earnings.
award last July by the United States Rail¬
should
perhaps be given added significance because it follows
the fact that the roads in the Eastern
the result of careful and accurate
predicated
that made with reference to the
gross
following
traffic.
reference to the saving
comment is to be made with
in the expenses to
an
MARCH.
falls $1,483,390
for the same month in
magnitude of the total with which we are
road Labor
are
For the month
control, has also failed of realization.
the wage
this, also.
The worker and the union must know
Government
after the long lean period under
net,
under review the amount of the gross
plant.
It
[Vol. 112.
CHRONICLE
THE
3026
gain in gross attended by
expenses,
leaving $7,911,240 loss in net.
MAY 14
1921.]
THE
CHRONICLE
the
huge sum of $153,484,666, thus reducing net
(in face of the great growth in revenues) no less than
$65,074,679.
The gain now shown of $18,656,316
for March 1921 and the
gain of
March 1920
$13,669,908 in
after this loss of
come
whether increases
PRINCIPAL
net for
Pennsylvania RR (2)
Chicago R I & Pac (2)__
—
March 1921,
had
we
of
net
For 1911, 1910 and 1909
the Inter-State Commerce
Commerce
Commission
totals of its own, we
our
road
had
comparative
any
registered
as
portion of the rail¬
year—a
mileage of the country being always
sented in the totals in these earlier
years,
the refusal of
of the
some
before
years,
give the results just
tables each
own
were
(though
own
longer), but for preceding
are so no
RR....
Central—
Delaware
&
Hudson
Chicago & North Western
Lehigh Valley.
_
Missouri Pacific.-______
Chicago Great Western.
roads
GROSS
Central RR of New Jer.
_
Central New England—
Illinois Central.
New York Connecting..
Chicago & Alton
Kansas City Southern.
Long" Island
Bangor & Aroostook
EARNINGS
IN
unrepre¬
owing to
Internat & Great North.
...
N Y Ontario & Western.
Duluth
South
Shore
1,458,434
1,093,989
814,665
781,065
Atlantic
Union RR of Penn
—
Missouri Kan & Tex (2).
Chic St P Minn & Om__
Lehigh & Hudson River.
Aran Pass
Duluth & Iron Range._.
our
Paul.
599,174
578,566
500,461
430,238
423,133
Year
Net
March.
1906
1908
Bingham & Garfield.
Louisiana & Arkansas
Seaboard Air Line..
617,313
548,653
544,900
538,338
537,870
533,668
512,206
486,866
445,675
375,474
355,179
348,887
325,964
318,873
311,501
233,844
213,503
185,7S2
167,294
143,985
142,597
125,115
118,223
113,646
113,072
106,416
Vicksburg Shreve & Pac.
100,546
Baltimore & Ohio...
Louisville & Nashville.
Pittsburgh & Lake Erie.
_
..
..
1911
237,564 ,332
..
1913
..
1914
250,174 257 249 ,514,091
+ 660,166
238,157 881 253 ,352,099 —15,194,218
296,830 406 238 098,843 + 58,731,563
321,317 560 294 068,345 +27,249,215
..
1915
1916
1917
1918
1919
1920
1921
--
..
362,761 238 312 276,881 + 50,484,357
375,772 750 365 096,335 + 10,676,415
408,582. 467 347 090,277 + 61,492,190
456,978, 940 458 462,330 —1,483,390
..
..
--
..
Year
Preceding.
Dec.
35,312,906
40,904,113
+ 5,036,842
^
227,564 ,915 238 ,829,705 —11,264,790
224 ,608,654 + 12,955,678
249,230 ,551 238 ,634,712 +10,595,839
..
1912
Year
S
Inc.
(+)
S
or
(—).
$
40,349,748
40,967,927
39,328,528
+ 63,814
45,872,154 —6,543,631
55,309,871 + 14,303,842
69,613,713
78,322,811
69.658.705
78,357,486
68,190,493
69,209,357
69,038,987
64,893,146
67,993,951
68,452,432
97,771,590
88,807,466
St Louis-San Fran
(3)
Chicago & East Illinois.
Hocking Valley
Monongahela Connecting
Virginian
_
Toledo St Louis & West.
Wheeling & Lake Erie Ry
Chicago Burl & Quincy..
Pere Marquette
125,216
119,910
114,642
112,892
112,786
110,936
106,603
102,975
N Y Phila & Norfolk.
69,168,291
64,889,423
67,452,082
68,392,963
96.718.706
+ 8,664,106
+ 848,494
—4,275,145
+ 3,104,528
+ 1,000,350
+ 29,378,627
—7,911,240
—4,748,470
—52,414,969
+13,669,908
82,561,336
29,596,482
87,309,806
82,011,451
40,872,775
27,202,867
39,882,602 + 18,656,316
58,538,958
of the separate
case
PRINCIPAL CHANGES
have
diverse.
roads the comparisons
Certain
managed to reduce
roads and
systems
in such drastic
expenses
fashion that the gains in net far surpass the
gains
in the gross and there
instances also where actual
are
decreases in the gross have been converted into
in net in the
are
not
grow
few
a
same
On the other hand, thete
way.
New York Central......
Baltimore & Ohio.
—
_
__
Chicago Burl & Quincy..
Chicago R I & Pac (2)
Southern Pacific (8).___
__
Boston & Maine
Central RR of New Jer..
Great Northern
:
Representing 41 roads
in our
compilation..816,232,300
IN
NET
translated into losses in net
Wabash
RR
further
in
augmented
the
Pennsylvania
with
only
addition to the gross, has succeeded in
than
$6,962,032 to the
For
net.
$1,617,213
adding
all
no
less
of
the
lines
Pennsylvania Railroad system not. separately
ated
the
increase
is
$2,533,864
$7,466,818 in the net,.
proper.
trolled
gross
The
gross
reports $3,503,030
gross
Including the various auxiliary and
roads
the
attended by
Southern
Louisville
and
This is for the New York Central
result
a
is
a
loss
of
con¬
$2,457,032 in
gain of $2,368,547 in the net.
Examples of the other kind
some
the
The New York Central with
only $244,290 increase in
increase in the net.
in
oper¬
&
also
are
found in the
Western
some
case
of
Nashville has
a
both
and net, but while the former is only $538,338,
in
the
latter
is
$1,322,973.
Railway has lost $726,402 in
in the net.
In the
the separate roads
following
gross
we
Southern
and $1,070,637
show all changes for
for amounts in
/
The
excess
of $100,000
190,597
_
184,080
183,173
173,477
Vicksburg Shreve & Pac_
Cine New Orl & Tex Pac.
163,037
Lehigh Valley
162,293
144,465
Bessemer & Lalce.Erie...
Duluth Missabe & Nor..
Great Southern
Minn St Paul & S S M
.
_
Georgia South & Fla.._.
Louisiana & Arkansas—
138,767
137,116
136,741
130,141
128,900
124,557
116,472
115,186
113,922
Representing 45 roads
in our compilation..$11,413,
a This is
the result for the Pennsylvania RR. (including the former
Pennsylvania Company) and the Pittsburgh Cincinnati Chicago & St. Louis
the Pennsylvania RR. reporting $5,446,602 increase and the
P. C. C. & St. L. $1,515,430 increase.
b These figures merely cover the operations of the New York Central
itself.
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the result is a gain of $2,368,547.
When the roads
are
arranged in groups or geograph¬
divisions, according to their location, it is found
that in the gross four of the seven divisions record
losses, while three—namely, the New England
group, the Eastern and Middle and the Southwest¬
ern—have gains.
On the other hand, in the case of
the net there is improvement in all but two
instances,
the exceptions being the Southern
group and the
Pacific Coast group.
Our summary by groups is
ical
follows:
1
summary by GROUPS.
Section
or
Group-
——Gross
1921
$
Group 1 ( 9 roads), New England
20,871 330
Group 2 (35 roads), East & Middle.. 133,384 ,361
Group 3 (31 roads), Middle West... 45,276, 427
Groups 4 & 5 (34 roads), Southern...
Earnings-
1920.
■
...
that
_
Atlanta Birm & Atlantic.
March—
gross
—
_
combined,
systems.
decrease in
...
Representing 50 roads
in our compilation..$29,896,942
as
and
Western_
274,081
260,159
222,416
217,481
198,911
197,818
190,824
_
122,399
119,156
On the lines directly operated
Railroad
(3)
Del Lack & Western_
167,349 Virginian Ry.....
145,343 Alabama & Vicksburg—
130,430 Chicago St P Minn & Om
Internat Ry in Maine
Bangor & Aroostook
Penn¬
sylvania and the New York Central both belong in
the former category.
Erie
181,880 Alabama
Pacific
320,849
Toledo St Louis & West.
E1 Paso & Southwestern
180,376
Norfolk &
424,856
412,448
379,627
358,977
331,580
328,551
Pacific.
Denver & Rio Grande:
_
.
707,143
689,751
620,153
570,965
——
Delaware & Hudson
Duluth
South
Shore
&
Atlantic.
Atlantic & St Lawrence.
$1,322,973
1,070,637
Elgin Joliet & Eastern..
St Louis S W (2)
Hocking Valley..
Chicago & East Illinois._
Los Angeles & Salt Lake.
St Louis-San Fran (3)—
Chicago Junction.______
126,624
126,324
124,661
124,283
The
MARCH.
Yazoo & Miss Valley
_—
East St Louis Connecting
Denver & Salt Lake——
net.
IN
Atch Top & S Fe (3)
Phila & Reading
689,901
Missouri Kan & Tex (2).
688,602
Illinois Central
501,780
Missouri Pacific._______
574,294
Seaboard Air Line—.—
507,722
Pere Marquette
505,725
Maine Central. —456,630
Central New England..
409,378
Chicago & North West..
333,831
Colorado Southern (2)._
328,620
Chicago Great Western.
286,542
Internat & Great North.
273,119
Chesapeake & Ohio.
259,632
New York Connecting..
258,018
Kansas City Southern—
235,910
Pittsburgh & Lake Erie—
185,738
Central of Georgia—__
184,511
Wheeling & Lake Erie Ry
the
EARNINGS
Northern
778,157
730,293
—
losses in gross have
or
these
Decreases*
861,861
have been
gross
however,
$6,962,0.32 Louisville & Nashville
3,503,030 Southern Railway
2,568,735 Chicago Milw & St Paul.
2,055,822 Michigan Central.
1,195,314 Cleve Cine Chic & St L__
1,127,775 Grand Trunk Western..
922,535 Union Pacific (3).
872,610 Nash Chatt & St Louis..
Atlantic Coast Line
Texas &
in such fashion that gains in
been
gains'
where expenses have continued to
cases
.
Increases.
Pennsylvania RR (2)—-
_
somewhat
_
compilation..814,665,566
NYN1I & Hartford
Note.—Includes for March 96 roads in 1906; 94 in 1907; in 1908 the returns
were
on 152,058 miles of road; in
1909, 233,702; in 1910, 239,691; in 1911, 244,081;
in 1912, 238,218; in 1913, 240,510; in 1914,
245,200: in 1915, 246,848; in 1916,
247,363; in 1917, 248,185; in 1918, 230,336; in 1919, 226,086; in
1920, 206,319; in
1921, 234,832.
Neither the Mexican roads nor the coal mining operations of the
anthracite coal toads are included in any of these totals.
In the
_
given in the statements furnished by the companies themselves.
a This is the result for the
Pennsylvania RR. (incl. the former Pennsyl¬
vania Company) and the Pittsburgh Cincinnati
Chicago & St. Louis com¬
bined, the Pennsylvania RR. reporting $1,255,388 increase and the P. C. C.
& St. L. 8361,825 increase.
b These figures cover merely the
operations of the Now York Central
itself.
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the New
York Central System, the result is a loss of
$2,457,032.
—9,148,129
based
are
.
_
returns do not show the total for any
system, we have combined the sepa¬
rate roads so as to make the results conform as
nearly as possible to those
Earnings.
Given,
(—•).
S
..
1909
Dec.
129,838 ,708 116 ,861,229 + 12,977,479
141,o«0 ,502 128 ,600,109 + 12,980,393
141,193 ,819 162 ,725,500 —21,531,681
205,700 ,013 183 ,509,935 + 22,190,078
238,725 ,772 205 ,838,832 + 32,887,440
..
1907
1910
Inc. (+) or
650 337
Grand Trunk Western..
Philadelphia & Reading.
Where,
Gross Earnings.
Preceding.
774,082
726,402
699,072
Note.—All the figures in the above are on the basis of the
returns filed
with
the
Inter-State Commerce Commission.
Year.
Year
Decreases.
82,061,166
1,526,552
Yazoo & Miss Valley
Great Northern...
Representing 45 roads
in
...
Pacific..1,229,299
Chicago Milw & St
Southern Railway
&
Rutland
San Antonio
Central.
Union Pacific (3).
Northern
246,784
245,299
244,290
222,958
219,741
147,584
129,264
Florida East Coast.
then to give out
monthly figures for publication.
Given.
MARCH.
Michigan
_.
Boston & Maine
Chicago J unction
81,617,213
421,736 Norfolk & Western
380,509 Atchison Top & S Fe (3).
378,653 Denver & Rio Grande
316,520 St Louis S W (2)
278,561 Atlanta Birm & Atlantic.
266,566 Buffalo Roch & Pitts.
252,164 Chesapeake & Ohio
250,130 Elgin Joliet & Eastern
Npw York Central
our
IN
756,682
705,227
_
we use
figures, which then
comprehensive than
more
Maine
net for
after the increases referred to, is
even
totals back to 1906.
slightly
Wabash
appear
$82,011,451, in 1917 of $87,309,806 and in 1916 of
$96,718,706.
In the following we give the March
by
(8)
Atlantic Coast Line
Del Lack & Western
only $58,538,958, whereas in 1918
they
Pacific
Southern
N Y N II & Hartford
significance of this remark will perhaps
plainer when we say that the total of the
the
CHANGES
Increases.
$65,074,679 in the
The
decreases and in both
gross and
or
net:
three previous years.
still
3027
$
18,521,551
130,653,505
48,233,508
63,808, .568
66,(43,345
Groups 6 & 7 (29 roads), Northwest.. 91,708 450
Groups 8 & 9 (49 roads
Southwest.. 75,351, 431
Group 10 (12 roads), Pacific Coast... 26,578 373
93,414,706
74,426,265
27,169,450
,
Total (199 roads)--..--
......456,978,940 458,462,330
Inc. (+) or Dec.(—)
S
%
+ 2,349,779
12.69
+ 2,730,856
2.09
—2,957,081
—2,234,777
—1,706,256
+ 925,166—591,077
—1,483,390
6.13
3.38
1.82
1.24
2.17
00.32
—Net
1..
Group
2__
...
18,888
5,856,327
7,042,646
9,400,978
—2,358 ,332
9,909,411
+ 2,539 ,200
54,938 11,635,072
8,350.923
+ 3,284 ,149
39.33
55,252
16,686
5,773,686
6,467,359
—693 ,673
10.72
16,727
58,538,958 39,882,642
+18,656,316
46.78
234,832 233,839
Total....
,
smaller than
a year
as
ago.
whole,
a
At Chi¬
carloads against
receipts were only
against 10,388 and at Omaha only 9,963'
20,986, but at Kansas City the
25.62
9...,
run
the receipts comprised 21,528
cago
25.08
38,828
10...
Group
_-4-2,618,102 +12,342 ,344 471.42
11.94
+ 624 ,827
5,231,500
66,489 12,448,611
„.,
and 7
Groups 8 and
+ 2,917 ,801
39.013
18,897
5.
Groups 4 and
to have
seems
%
66,797
Group 3..
Groups 6
30,623 14,960,446
30,740
Dec. (—)
or
S
.$
822,170612,095,631
7,387
7,406
....
$
1920.
1921.
Group
Inc. ( + )
The1 Western live stock movement,
Earnings—
1920.
1921.
-Mileage——
March—
[Vol. 112.
CHRONICLE
THE
2028
9,033
cars
against 10,725.
As
the
cotton movement
the Southern
regards
1921 were 205,891
NOTE.—Group /. Includes all of the New England States.
bales against 180,889 bales in March 1920; 219,000
Group II. Includes all of New York and Pennsylvania except that portion west
Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and
northern portion of West Virginia.
bales in 1919 and 183,415 bales in 1918.
The re¬
III. includes all of Ohio and Indiana, all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
ceipts at the Southern out ports were 365,955 bales
Pittsburgh.
against 531,606 bales in March 1920, 354,717 balep
Groups IV. and V. combined include the Southern States south of the Ohio and
Mississippi River.
in 1919 and 402,932 bales in 1918, as will be seen by
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
shipments
for March
overland
of
the extreme
Group
east
the
of
and Illinois, all of South Dakota and North Dakota
Louis and Kansas City, also all of Montana, Wyoming
north of a line parallel to the State line
Minnesota, Wisconsin, Iowa
and Missouri north of St.
the
following:
together with Colorado
and Nebraska,
JANUARY
combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fo to El Paso.
Groups VIII. and IX.
119922
of Washington, Oregon, Idaho,
and Arizona, and the western part of New Mexico.
Group X. Includes all
concerns
the part
weeks
ending March 26 were 20,405,000 bushels the present
year as against 14,773,000 bushels in the same four
weeks of 1920, and the receipts of corn 32,622,000
bushels against 20,324,000 bushels.
In the case of
192
and
the receipts the present year
last year, but for the five cereals
combined the
aggregate foots up 70,935,000
against 54,570,000 bushels.
ern
grain movement in our
bushels
The details of the West¬
usual form are shown in
we now
273
704
8,939
88,767
65,520
Brunswick
2,560
14,200
3,220
121,569
3,221
Charleston
4,643
Wilmington
6,078
19,161
17,833
13,115
21,981
148
185
Mobile
Pen3acola,
Norfolk
Newport News, <Scc
{bush.)
Oats,
{bush.)
Rye.
Barley,
{bush.)
{bush.)
1,966,000 15,381,000
5,806,000
750,000
7,621,000
4,848,000
806,000
135,000
251,000
2,852,000
952,000
544,000
320,000
1,495,000
1,740,000
530,000
380,000
310.000
2.624,000
934,000
3,395,000
2,486,000
21,000
31,000
2,307,000
42,000
176,000
294,000
166,000
161,000
205,000
094,000
1920
344,000
......
2,805,000
49,000
.
—
_
1920
75,000
--...-
1920
90,000
183,000
209,000
85,000
1,894.000
732,000
105,000
35,000
248,000
411.000
2,607,000
1,478,000
34,000
78,000
962,boo
459,000
766,000
60,000
143,000
90,000
608,000
629,000
7,070,000
1,311.000
481,000
5,976,000
559,000
690,000
661,000
—...
.....
5,883,000
—..
.....
2,481,000
1,272,000
406,000
673,000
1921
.....
—
..
323,000
.....
.
mi......
......
Kansas
1921
1920
City—
4,616,000
As
1920
1,307,000
4,465,000
3,577,000
1,006,000 20,405.000 32,622,000 14,380,000
1,316,000 14,773,000 20,324,000 14,715,000
2,044,000
1,484,000
2,192.000
2.566.000
Jan. 1 to
4,103,000 48,085,000 14,872,000
5,196,000 24,800,000 20,069,000
2,395,000
......
2.911,000
w-
2,206.000
2,952,000
1,046,000
2,284,000
1,895,000
1,857,000
1,107,000]
Milwaukee—
1921
346,000
706.000
7,103,000
2.415,000
153,000
—...
1920
this week, have
the spokes¬
Manufacturers Association
have
bodies
bling of the sales tax.
expressed
them¬
has
lost thereby will
by the dou¬
Other amendments prevent
slaughter or dis¬
"anti-dumping" clause.
goods brought into Canada must
entering of imported goods at
prices, equivalent to an
all
bear the mark of the country
of origin.
The work¬
regulation was illus¬
transaction whereby a Toronto
ing out of the1 "anti-dumping"
yesterday by a
importer failed to clear goods
at
from Germany val¬
following the
10,000 marks until the day
The valuation for duty pur¬
1,255,000
4,317,000
5,065,000
9,330,000
4,168,000 10.315.000
7,414,000
9,669,000
these goods, which had been f200, became
depreciation minimum. On
price the duty at 35% would have been $79.
$1,290 under the 50%
March 26—
1921
1921.
Minister of Finance,
anticipated, the business profits tax
was
the old
Chicago—
1920
PROFITS
ANTIDUMPING
eliminated and the revenues
poses on
....
733
2,199,000
—...
....
Canadian
tariff announcement.
1,515,000
—1,151.000
.
1920
Total of Allmi
2,552
recouped to the Dominion Treasury
be
ued
Omaha and Indianapolis
1921
the
other business
trated
Minneapolis1920
87,516
511
selves.
446,000
.....
1,425,000
957,000
Duluth—
1920
of
Henceforth,
200,000
....
99,075
646;
Ottawa, Canada, May 11
126,000
64,000
......
....
40,051
30,264
general satisfaction in so far as
caused
the
Peoria—
1921
37,196
announced in the House of Commons
tress
Detroit—
1920
12,220
14,288
69,894
budget proposals of the
The
St. Louis—
Toledo
218,915
LEGISLATION.
1
been
Milwaukee—
......
71,652
378,889
37,785
5,679
30,164!
AND ADOPTS
TAX
244,000
1920
1921
173,330
469,486
69,652
9,566
308,785
52,700
168,000
30,000
955.000
......
683,112
16,396
9,997|
14,6151
769,000
1921
1920
1919.
459,217
200.173
BUSINESS
ABOLISHES
CANADA
196,000
*817,000
1.
1920.
2,105,624 1,342,921
365.955 531,696 354.717 1,835.586
Total
Chicago—
1921
,
Savannah
and
RECEIPTS.
Corn.
{bush.)
(bbls.)
end.Mar.26.
GRAIN
Wheal.
Flour.
Four weeks
603,674
118,495
356,291
22,308
10,590
11,725
present:
WESTERN
1921.
6,181
138
30,448
men
the table
j
87.322 147,584 100,903
Orleans.
rye
smaller than
were
New
1919.
1920.
.bales 160,274 174,095 112,484!
5,874
49,602 41,938
Texas City, &c._
receipts of wheat for the four
oats, barley
Since January
March.
grain traffic, while Southern roads suffered a decrease
in their cotton traffic.
At the Western primary
markets the
MARCH AND FROM
1920 AND 1919.
MARCH 31 1921,
TO
1921.
Galveston
played by the movements
1
Ports.
California, Nevada, Utah
of
the leading staples in affecting the traffic of the
roads, Western roads had the advantage of a larger
As
SOUTHERN PORTS IN
RECEIPTS OF COTTON AT
passing through Denver.
to-day the duty is $451.50, a
At the same rate
ference of
dif¬
$381.50.
779,000
Customs brokers are
agreed that the result of the
St. Louismi
+920
......
......
917.000)) 9,526,000
1,442,000
166,000
163,000
,
70,000
111,000
Toledo—
508,000
1920
556,000
736,000
1920
363,000
259.000
......
......
,
585,000
631,000
5,250,000
8,402,000
3,578,000
273,000
134,000
1921
4,582,000
737,000
2,137,000
575,000
1920
984,000
1,000
109,000
163,000
1920
......
616.000
241,000
936,000
-
152,000
175,000
New York funds.
Dututh—
1921
22,981,000
......
25,231.000
1920
Kansas
City—
1920
I.
4,188,000
13.146.0001
4,612,000
2,278,000
3,671,000
2,475,000
Not
2,453,000
4,112,000
1,373,000
2,246,000
iff
or
-
1920
......
substantial concessions to either the high tar¬
in Canada, but with the
20,375.000
5,578,000
1,410,000
4,520,000
2.467,000
exception of a few
&"4,527,000 12,035,000
3,951.000 13,007,0(1)0
4,274,000
as
unimportant food products, such
onions and cocoanuts,
do not disturb to any de¬
7,308.000
gree
'
1921
4,274,000 67,943,000 93,540,000 40,710,000v 7,393 000
1920
5,499,000 58,182,000 69,649.000
tariff regulations steer clear
the free trade groups
15,892,000
•
-
Omaha and Indianapolis—
Total of All—
only do the new
of any
Minneapolis—
exporters with the resultant ten¬
depreciate the Canadian dollar in
dency to further
617,000
2,042,000
Peoria—
1921
portion of the trade will go to
870,000
394,000
......
regulations will be to discourage German
the United States
Detroit—
1921
tariff
imports and that a
664,000
615,000
......
871,000
new
53,289,000*7,744,000
5 879 000
10*035
000
the major items of
which the bulk
steel, coal, rubber, etc., on
of tariff revenues is now collected.
MAY 14
1921.]
THE
(ffaxtxent
and
THOMAS W.
CHRONICLE
to the
Associated Press Wednesday night
(May 11).
Signor
on the eve of the general election
which will give Italy a new Chamber of
Deputies and lay
giscussions
Giolitti's statement, given
IN COMMENDATION OF PLAN
LAMONT
FOR
GERMAN
before the world
REPARATIONS.
of
Thomas W. Lamont, who
during the treaty negotiations
was financial adviser to the American
Government and mem¬
ber of the
The
always been intimate is quoted
in a special
copyrighted cablegram to'the New York "Times"
from Paris on
May 10 as having given the following state¬
Grasty, its correspondent
hanging
aloof
and
give
neither
counsel
nor
ago came
Secretary Hughes'
summary note to
(No) the consequences will be bad for the Allies;
For
the
Allies
it
will
depressed trade;
maintenance,
for
lopping off of vital
resources,
political recovery.
Therefore, I
ing
unsettlement,
Germany it will
the swiftly fading hope
hardly imagine
can
a
costly
far worse-^-the
mean
of economical and
Germany
sane
say¬
no.
Germany's Best Chance.
She has
pay.
thorough
to
ascertain
her
capacity,
Under the London plan, however, sure
ent allied
fact.
rather
or
means
her
made
informing
If it falls below the pres¬
estimates, the Allies will be the first, to their
sorrow, to learn the
Upon them will
gives
why Germany should
reason
something
Minister who
elastic
was
to
active in
say
is that the London plan
yes
work upon.
As M. Loucheur, the French
working out the details, said to me, "In fact it
is the very plan of maximum and minimum
payment based upon Germany's
changing canacity that some of your Americans worked out with me at the
Peace Conference two years
ago."
And M.
Theunis, the Belgian Finance
Minister, whom
I have long known
business, pointed out to
requirements
within
were
far
me
sound
a
and
conservative
yesterday at Brussels that the
lower
than
man
time
have had
beyond
illusions
no
or
Germany.
exaggerated ideas
well
were
on
Her
men
of affairs
From the start the Belgians
the Germans'
ability to
pay
certain point.
a
Germany's only possible
argument for
refusing the London plan would
wretched
Ruhr.
Such
hope of splitting the Allies apart on occupation of the
hope would be vain.
The Allies, though of
varying shades
a unit in the determination that
Germany shail realize, as
a
of opinion,, are
apparently she has not yet realized, that she lost the
utmost endeavor pay
war
and must to her
for it.
To bo sure, the present German
Government in any final stand it takes
Public opinion in
may have its political difficulties.
more
than
anywhere else.
one
mind to
Germany there
hostility
or
In America,
not
it has
among
now
and
as
even
a
single definite end.
are as many
in
more
France,
perfectly cohesive
sub¬
hopeless chaos
Murmur.
a
She is carrying a load
a moan
war, and is on her feet.
or
murmur.
Italy is
The path she has traveled to
no means an easy one.
to
the
and
a
has
care
more
been
tangible security to the State, while at the
taken
not
to
intorfere
with
the
same
functioning of trade
Proof of Italy's stern resolve may be found in cold
facts.
Before the war,
national income amounted to the
equivalent of $4,000,000,000, from
which the Government received in taxes
1500,000,000.
Owing to her
decreased producing power, which is duo to the
war, Italy's present national
income is calculated at
S3,000,000,000.
Out of this sum the
her
Government
exacts taxes
totaling $1,200,000,000—$700,000,000
Before the
war.
war
while at present the Government
demands 40%.
Italy's population of 40,000,000
were
highast
most taxed nation on the
on
per
every
a
per
man,
than before
more
but 12of the national income
That
that out of
means
and child would pay
woman
capita basis.
the
paid in taxes,
was
As far
I
as
am
able to
capital figure in the world, and Italy is the
globe.
We have taxed
trolley car fares, railroad fares, tickets to moving picture
and all kinds of amusemtnts.
The Government
threatres
collects
virtually
do
business, and professional
every transaction in business.
It collects
a
tax
for the right to
a tax
including newspapermen and writers,
men,
liable to this tax.
are
Then there are taxes on wine,
medicines, perfumes
large income obtained from tho monopolies in tobacco
Tho Government has searched
diligently for places where other
and sugar, besides tho
and salt.
taxes could be
levied, but has found
no
possible place.
as
with
us
and
a
thickly populated
often been, now to take
a
final stand
on
behalf of the country.
is the
Germany's acceptance in good faith of the London
plan will
tion for that distraught country and a
if the Germans proceed in
equal
There
will
production.
ensue
new era
good faith
schedule, they will begin for the first
Allies.
in
Germany itself
secure
Then
their best to. fulfill the
a
tranqUil
opinion
sore
beset with
restoration of economic quietude and
pro¬
the London plan.
be only one result from
Germany's acceptance of
It will in the long run mean a stimulus to
can
manufactures,
our
in both domestic and
farm products and sound and
increasing prosperity
foreign trade.
THE ITALIAN PREMIER
REGARDS
THE SITUATION
OF HIS COUNTRY GREATLY
IMPROVED.
Italy looks into the future with confidence, in spite of the
losses she suffered in the
war
and the burden her
people are
carrying at present, Giovanni Giolitte, the Premier, declared
that
find
we
can
an
a
be only
but
we
There
our
to
populous and richest State,
are not
sufficient
resources in
virile population as ours, which shows
Out of
cultivated;
a
healthy
almost 100,000 square miles of territory,
two-fifths of the territory lies on the hill¬
partially tilled, while tho remaining two-fifths is
mountain and rock.
outlet for
our
Given this situation, it is imperative
constantly increasing population.
Now American restrictions
on
immigration have dealt
a severe
us
blow,
find other quarters to which we can send our
emigrants.
Before the war, the
people leaving Italy for other countries numbered 600,000 each year, of whom!
500,000 returned home annually.
We plan that in
future we will send abroad
600,000 yearly, provided wo can find a field for
them.
Last year but 200,000
emigrated, largely due to the lack of ocean
must
transportation.
In the pre-war
days Italy had a trade balance against her of a little more
than
$200,000,000, but this was more than overcomo by the wealth brought
back into the country
by our emigrants, which amounted to $200,000,000,
and the money
brought into the country by foreigners touring Italy, who
spent
$120,000,000.
Thus there
was
a
wealth oy the operation of these
forces.
pre-war rate, and will serve to aid the
of her
material
They
are
increase in
the
national
gradually resuming their
country in the complete rehabilitation
finance.
EFFECT
OF
BRITISH
ACT
IN
COLLECTING
TAX
ON
GERMAN EXPORTS.
Consul-General Robert P.
that
the effect
"is to
apply
of the
Skinner
the
The
the
A.
H.
B.
in stating
(Recovery)
Act
say
in Great Britain," has
in advices to the Department of Com¬
Washington, under date of March 29:
Government
appointment
II.
London,
ad valorem import duty not exceeding 50%
an
following to
merce at
at
German Reparation
goods of German origin received
on
Board
of
of
Trade
announces,
the
following committee
Governor of the Bank
Trotter,
Deputy
Betterton, M.P. C.B.E.;
with
reference
to
of
work
to
its
England
the
Act*
provision®:
(Chairman);
F. R. Davenport, Managing Director of
(Ltd.), Rugby; Stanley Machin, President of the Lon¬
don Chamber of
Commerce; D. Withers, Manager, Foreign Branch, London
County, Westminster & Parr's Bank ; Capt. G. W. Duncan,
Secretary.
Application to the Board of Trade to make
any order under any of the
provisions of the Act should be addressed to the
Secretary, Board of Trade,
Great George Street,
Westminster, and both the letter and the envelope
Willans
should
& Robinson
be marked
"German
Reparation."
General Statement by Board
of Trade,
re¬
been finally swept away.
better markets for
sides, which
absolutely barren
In
For the Allies will
knowledge that, though still
Aor America there
but one-fifth may bo
It has almost 400 inhabitants
country.
many as your most
the country to sustain such
and vast
the added credit of the
newed life of international commerce
and intercourse.
come relief and with it the
to
mean salva¬
for the rest of Europe.
to do
time to deserve the favorable
Abroad she will
difficulties, the great barrier
as
Italy is over-populated.
increase every decade.
But whether the conflicting parties like
come for the German Government, weak and hesitant
thought "France must be made safe from aggression."
And it is that
determination that makes the
compulsion upon Germany to disarm so vital
part of the London ultimatum.
Germany pledged herself to disarm,
she has failed in her
pledge.
She must fulfill it and completely.
gress has
Italy is
the square mile—twice
even more
a
increase in
Country Over-Populated.
we
group,
French Anxious for Peace.
France has been pictured as animated
by the desire
for revenge with Germany
crippled and confined.
For that view there is no
justification.
There may be a certain
group in France believing that Ger¬
many's permanent weakness would be France's surest
strength, but that is
not the general view.
In France there is an intense
longing for peace and
for an end of expensive
occupations.
But above all else is the ideal of se¬
curity.
Far above material prosperity, far
beyond payment of reparations,
the
tho almost
By pure plodding and striving, she has
lift her head and look into the future with a
being borne without
are
Of course that is not true.
conflicting views
various groups.
tl%time has
so
a
even
In certain quarters
of
to| restore
Germany is crystalized
apt to think of the Germans
molded with
as
was
and commerce.
of
minimum
new
anything yet proposed and
special importance to the Belgian opinion.
in close touch with conditions in
the
as
Germany's capacity.
I attach
it
toYall
administered
of financial stability.
New York.
Another
In
been
Their problem
may
honest
no
can
for
determination.
are
almost
resources
no
incapacity.
provided for
are
Germany's capacity.
powers have
rest the responsibility of
determining the situation.
be obliged to report to their Governments that
Germany is an
orange squeezed dry.
I don't believe it, but they may.
At any rate,
Germany, unless she is mad. will welcome this means of careful and
They
be
but these
ascertain this is the
bitterly complained that the allied
attempt
the Allies week by week of
are
plunged.
$30 per year if the tax
But by saying yes the Germans have
everything to gain and nothing to
lose.
For months, ever since the
signing of the Treaty of Versailles. Ger¬
many has been saying she could not pay because she had not
where with to
The
Italy has been
breaking point in order that she might resume her
Practically every conceivable kind of tax
has been imposed upon the
people.
These have been levied so as to bring
taxed
position
Germany
for Germany they will be
continued
mean
full
was
say.
her latent resourcefulness.
gain this safe position has been by
tenor of this note.
disastrous.
in
recovering from the
Statesmen with whom I
have talked have been unstinted in their
admiration of the substance and
"Although thus one great cloud has been dispelled another still remains.
Will Germany accept or reject the ultimatum on
reparations prepared last
week at London?
The Germans' answer is fixed for
Thursday.
If it is
has
ability to restore herself from
was
Taxes Borne Without
Congress three weeks ago that" helpfulness
mean
entanglement" has ever since been clung to like a rainbow of
hope after the threatening storm.
fortnight
recuperation
in the World War.
Italy has endured burdens and has sustained toil.
does not
a
accounts
follows:
as
financial
point where she
a
of taxes,
fine declaration in his
message to
Then
she
sterner faith
the President's
declining to intervene in the reparation matters.
which
reached
at that point:
But
in
Press
gave
into
time that America would hold
encouragement.
quoted
test
stantial proof of her
the people of Europe.
One of
them has been dispelled
by the United States Government's announcement
that it intends to take part in allied councils
directed toward restoration of
peace.
The French, British, Belgians and Italians,
groping for the hidden
one
Associated
their financial equilibrium from the ruinous
depths of expenditures caused
by that struggle.
Italy faced that problem, stood that test and
over
paths of peace and tranquility, feared at
is
acid
Italy's expression of national will,
the
nations that took part
the allied Governments have
Two great clouds have been
optimism,
Premier
Reparation Commission, and whose relations with
ment to Charles H.
2029
this
connection
the
Board
of
Trade
makes
also
statement:
(a)
to
the
Under Section
1
of
the
Act
customs
the
following general
importers of German goods
are
to pay
a prescribed
proportion of the value of the
goods, not ex¬
The Board of Trade may reduce the
prescribed proportion as
respects articles of any class, make, or
description, or may exempt such
articles from all the provisions of the
Act.
(b) Section 2 excludes from the provisions of the Act
goods partially
manufactured or produced in
Germany which are not first consigned from
that country and in which
25% or more of their value is attributable
to
processes of manufacture undergone since
they last left Germany.
The
Board of Trade
may vary this percentage as
respects articles of any class,
make, or description.
ceeding 50%.
(c) Under Section 1 the Act shall not
apply to goods imported before
April 15, if it is proved to the satisfaction of the
customs that the
goods
are imported in
pursuance of a contract entered into
Board of Trade may, aa
respects articles of any make,
some later date for
substitute
April
15.
before March 8.
class,
or
The
description,'
entered
vances
in connection with
American
apply to
the importation of any goods, he tnay
suspend
him, may
the contract
annul, or
or
date
such
from
as
hardship
with the consent of the parties amend,
The
following
trade
with
official
proceedings for the enforcement of the contract or any term thereof, or
any rights arising under it, on such conditions
(if any) as the court may
think fit. The Board of Trade may extend the classes of contract to which
the changed status of our export
show
figures
Europe:
Increase!-f)
Nine Months,
fit, or stay any
the court may think
as
And Germany was the only one of the countries whose
goods.
imports from the United States increased in March 1921.
provisions
the High Court; and the court, if satisfied that by reason of the
of this Act the enforcement of the contract would result in serious
to
increased their absorption of
Germany and but one other country, Spain,
Section 4 provides that where any person is liable, under a contract
into before March 8, to accept bills of exchange or make ad¬
(d)
[Vol. 112.
CHRONICLE
THE
2030
or
Decrease
July 1920—
(—) Compared to SMos.'
1921.
Period ending Mar. 1920.
March
cept on the recommendation of the
View
\
Exporters has sent a let¬
Exchequer, and the Presi¬
Board of Trade, pointing out, in connection with the German
of the
from
notice
Importers and
that (a) a member of the association had
important firm of German manufacturers with¬
Act,
(Recovery)
Reparation
received
Trade Association.
Minister, the Chancellor of the
to the Prime
dent
above.
committee, whose names appear
Manchester
of
Association of
Manchester
The
ter
above provisions ex¬
Trade will make no order under the
Board of
The
an
"which meant that they would not sell any more
goods to this country" ; and (b) that the council, after careful examination
of the bill, had "formed the opinion that its rightful object of obtaining
payment from Germany was likely to be frustrated."
"At the present time," continued the letter, "many transactions are car¬
ried through on the basis of cash payment by irrevocable credit with a
quotations,
drawing all
bank in
it will only be on these conditions.
hand, if German manufacturers should later consent to supply
it
if they trade at all,
future,
On the other
those
goods—such
loss of the 50%.
themselves for the
to
312,188.000
+ 174,031,000
Italy
245,401,000
—53,953,000
213,486,000
—6,418,000
Belgium
163,044,000
—76,196,000
Spain
107,815,000
+29,581,000
Sweden
67,821,000
—33,045,000
Denmark
54,375,000
—57,396,000
Norway
50,934,000
—35,617,000
Greece
26,383,000
—11,733,000
Switzerland
24,209,000
—11.394.000
As indicated
Germany was America's third
above,
tomer in the nine months'
the desire to obtain what is justly due, the
these observations to His Majesty's Govern¬
heartily concurring in
Council feels bound to present
ment, and to
attain¬
the hope that other means will he found for
express
ing the desired end."
Details of the provisions of
the German Reparations Act
given in our issue of April 0, page 14G3.
were
of the preceding year Germany was in
a
In the
goods equal to almost 90% of the estimated value of her
States
will retain the
12, says that while the British Government
in
imports
not
stipulate
Ottawa
based
"Gazette," that it
and 25% nickel.
tender
for
precise percentage
of the Government,
distinguished
as
The
United
the
from
Hon
current
not exceeding
PRESIDENT HARDING ON CONCORD BETWEEN V. H.
W.
S. Fielding commended
a
provision
and the United IStates dwelling
alongside one another without fortifications for one hun¬
suggested that the new one-cent piece issued by the Govern¬
It was easy to confuse it
possible
Such concord might be
if they possessed
the
ward
the
Canada
United
the
and
other nations, the President said,
among
Grand Sire of the order, had expressed the hope that
pliver of Toronto,
might for all
States
continue
time
in the
the
of
United
heard such words from
States
Canada, declared that "after all it little
allegiance
our
to
North
the
on
The President further declared
and
south
its
fix
to
Canada
want
want
her
mental
to
American
who
American
an
hails
Republic, Chicago, and Treasurer of the Investment
Bankers'Association of America, will represent the Associa¬
tion at the First Annual
to
that
no
could
one
"that she
because
belong
we
to
justice and truth and fidelity,
tions
might be committed
"out
of
fraternity
comes
to the
together
without
As
as
the United
fortifications
further
democracy
in
fraternity unless
nations
one
another
States and Canada have
of
relations,"
if
and
us,
the
same
and
miles
for
of
he
"I
was
de¬
wish
na¬
adding that
possessed
under¬
they could dwell
more
than
a
century
border."
Ah
REGAINH
GERMAN
OFFERING
article entitled "United States
Regains German Mar¬
lished' by the New York Trust Company of New York, says:
detailed
foreign trade statistics of the United States
Department of Commerce, which are for
of March 1921,
of
the
United
disclose
States
a
period of nine months
to the end
striking alterations in the trade position
various European countries.
The change of
numerous
and
greatest significance is, of course, the great shrinkage in the value of
ports from this country to
Europe,
as
ex¬
compared to the figures for the
corresponding period of the previous year.
,
In general, the decline has been so marked that its importance is likely
to obscure one very material gain achieved in our foreign trade.
**
& Whereas
have
exports to almost all of the important European countries
receded in value from 30 to 50%, our exports to Germany have more
our
than doubled in value.
United
States
Out of twelve countries in Europe to which the
exported merchandise in the
distribution will be dis¬
OF
above nine months' period,
BONDS
URUGUAYAN
AMERICAN EXPRESS
The American Express
OF
1919
BY
COMPANY.
Co. is offering through its London
office, scfcne of the Uruguayan 5% gold bonds of 1919,
total authorized issue of which was £605,000.
coupon
the
The bonds, in
form of £20 each, are offered, subject to prior sale
or
change in price, at $58 per £20, less
in
its/offering,
S3.
The company,
says:
The income
There are (two chances for ap¬
and enjoy an active market.
yield is approximately 8.38% per annum.
preciation in value; one through the rise in price of the bond itself, and
another through the possibility of an increase in the rate of sterling exchange.
is payable quarterly,
Interest
January, April, July and
and principal and interest is payable in gold
New York, at the
MARKET.
ket," appearing in the current edition of "The Index/' pub¬
The most recent
and
stabilizing business throughout the world.
October,
H TATEH
production
They are traded in in London,
fraternal
that
UNITED
Eco¬
The conference should aid in restoring confidence
cussed.
funda¬
hope the President stated he most earnestly deduring his term of office lie might have the co-operation of all
Americans in demonstrating to the world that "we want
nothing that is
not justly and rightly our own."
sider
a
27th to July 2nd.
in the fields of finance, transportation and
communication,
I
kind."
fraternal
same
thousands
understand
seeking the
are
a
understanding,
along
can
the President said:
standing and sought to deal fraternally with
,
Meeting of the International Cham¬
ber of Commerce in London, June
and
continent."
representative
most
he said,
her trust,
us
INTERNA¬
mattered what flag we owe
objects in the onward march of human
Asserting
voted
give
REPRESENT
he desired "Canada always to look to the
the
on
gaze
to know,"
TO
Vice-President of the National JBank
Watkiri W. Kneath,
world."
"I
KNEATII
W.
nomic problems
President, in expressing the pleasure with which he said an Ameri¬
The
can
thein off
cents.
same
amicable relations.
from
He had heard that people
of the
understanding and singleness of purpose "to for¬
kind."
The address was delivered after Joseph
same
of human
cause
with ten cents in the pocket.
shade too far, he thought, in making
TIONAL CHAMBER OF COMMERCE IN LONDON.
in reporting Ins re¬
Press,
this occasion, said:
on
The coin would be of the
silvered over one-cent pieces and succeeded in passing
WATKIN
Fellows' meeting at Washington. D. C.,
The Associated
26.
April
on
marks
in an address which
nations might emulate,
which pther
he made at an Odd
ten
nickel
President Harding as one
referred to by
was
years
even
a
had been decided on.
would be better a little larger.
It
this coin.
had
from
persons
Canadian gold
the Minister for introducing
Drayton replied that it had not.
Mr. Fielding
as
dred
prohibiting
weight of 70 grains.
ment was too small.
OTHER NATJONH.
contained
also
The Government had carried economy a
example of Canada
$5.
issue.
He asked whether the design
coin.
Sir Henry
The
which was 75%
be legal
States coin,
A tender of money in the new coins would
payment of an amount
resolution
of
standard
AND CANADA AH EXAMPLE TO
-—
melting down, breaking up or using otherwise as currency
hence
easily he accommodated to new circumstances.
can
explained, according to the Mon¬
was
The "Gazette" also said:
be collected,
to
reported and a bill
Proposed to make the coin exactly the same size as the five-cent piece
issued in the United States.
The Canadian coin would, however, be 100%
copper
the
was
Sir Henry Drayton, who
it giving first reading.
nickel,
to the discretion
left
is
this Act
The resolution
April 15.
on
on
introduced the resolution,
coins
which
providing for the issuance of a five-cent nickel
was introduced in the House of Commons at
A resolution
coin in Canada
pointed out in London that the above mentioned Act
It is
COIN IN
CANADA.
25% payment prescribed in the ultimatum to Germany.
does
during the war
BILL PROVIDING FOR FIVE-CENT NICKEL
collection of the
virtually be suspended in favor of the
American
already, has apparently
United States,
In short, the
1913.
nearly recovered the hold on the German market relinquished
of 50% on German exports, the levy
Act empowering a levy
sixth
purchaser of American commodities.
nine months referred to she has already imported from the United
as
treal
dispatch to Renters Limited, under date of May
A Berlin
best European cus¬
period for which statistics have been completed.
In the corresponding period
place
in any event, the measure will fail in its object,
to the extent of over £50,000,000 will be jeopardized.
mutual trade
a
While
will
—168,998,000
Germany
the reparation;
pay
and
certain dyes—for which we are dependent on Germany,
that they will double the price in order to recoup
Thus the British buyer will be made
as
probable
appears
evident
and from the case referred to above it appears
Germany,
in
that
—5648,003,000
396.447,000
Netherlands
the section relates.
81,097,424,000
France
United Kingdom
in United States gold at $4.86 per £ in London
Trust Co.,
in
office of the United States Mortgage &
in
in Montevideo in Uruquavan gold a
$4.70 per £.
The bonds are exempt from all present and
future taxes and impositions in the Republic of Uruguay.
pounds
sterling;
The offering
also says:
gold by the operation of a sinking fund of 1% per
under par, or by drawings at par.
redeem all or any part
at par upon three months' notice.
These bonds are a direct obligation of the Republic of Uruguay and the
Government of Uruguay "binds itself to pay regularly the coupons and
Principal payable in
*mum from
April 1 1920: by purchase if
The Uruguayan
drawn bonds,
subjects cf
a
Government reserves the right to
whether in time of peace or war, and
They are also secured by
way,
first mortgage on the Uruguay East Coast Rail¬
Limited, and the Government guarantee
road shall be
whether the bearers be
friendly or hostile country."
formerly paid to this rail¬
and interest of these
applicable to the payment of sinking fund
May 14
bonds.
1921.]
THE
CHRONICLE
The money for this
guarantee is provided by funds secured through
the hypothecation of 45% of the
gross customs
receipts of the Republic.
In
2031
recalling that
recently
live by repudiation of its
that "no nation need
OWEN
JOHNSON
SAYS
PROBLEM
OF
DEVASTATED
FRANCE IS ONE OF CASH.
Johnson, United States Ambassador
to
Italy, in
made to the French "Government
regarding the work
plished
in
the
restoration
of
the
devastated
France, declares that France does
and does not wish it.
It is
able."
Mr.
Johnson's
invitation
an
visit
the
him
be accept¬
can
sections
Government to
Johnson immediately after the
made since the end of the
cablegrams to the daily
war
Regions, states that it is of great length and
the administration and expenditure of
agricultural,
much
of
industrial
northern
and
France.
In
be
were
able
covers
building
operations
the
over
report,
he
accomplish in
decade after the
a
Civil War.
Agriculture is completely
the impossible.
On the other
its feet and the peasant has accomplished
measure is on its way toward restora¬
Industry in large
tion of complete production within from two to five
years.
been accomplished by a population that, in
on
a
hand, there should
world, the Government, the
footing of
All this has
large measure, is camped out
To give this population permanent homes, to which
war.
by
mere
theorists who
never
Government should put
an
cease
to
same
be applied to the greatest
business in the
business principles
obtaining in the busi¬
world.
ness
RECENT
IMPROVEMENT IN ITALIAN
they have the right, is the problem of today.
It is not
They do not neeed German labor and do not wish it.
cash, pure and simple, and no other solution
can
problem of labor.
a
It is
a
GOVERNMENT
FINANCES.
Assistant
Trade
Commissioner O. O.
Osborne, at Rome,
following informtaion to the Department of Com¬
sends the
which
The Roman
examination
print from "Commerce Reports" of April
Senate
problem of
be acceptable.
France, regardless of the German contention, has, it seems to me, done
everything physically possible.
If Germany pays her obligations France
can compete her reconstruction in three
years.
This is not
we
weekly "Finanza Italiana" for March 5 makes
of the
Government
detailed
a
improvement in the financial situation of the Italian
which
to
Premier
Giolitti
alluded
when
he addressed the
Feb. 26, and announced that the deficit in the State
budgot had
on
been reduced from 14,000,000,000 to
4,000,000,000 lire.
detailed figures were presented by the
Last December
Ministry of the Treasury to Parlia¬
forecast of the financial results of the fiscal
year that will end
1921.
There was* predicted a total excess of
ment in
a
June 30
outgo
transactions
over
revenue
14,000,000,000 lire.
With the Act that
cereals,
on
framed to abolish the Government's loss
was
its
on
particularly wheat, finally passed by Parliament
on March 1, the
Treasury authorities believ
Feb. 2o and made effective
on
that in the concluding months of the present fiscal
year the "bread deficit''
will
on
business,
16:
32,000,000,000 francs
concluding
to
methods"; he added:
run
competitor of business where that business belongs
rightfully in the
hands of private enterprise.
merce,
thirty months France, despite every difficulty, physically worn out
by
the way and financially
depleted has succeeded in accomplishing more than
States
be
a
of more than
Southern
can
The Government should
In
own
sober financial
end to undue interference with
prog¬
says:
our
and
sane
The
Paris
to the present.
up
presentation of the report to M. Loucheur, Minister of Lib¬
for
sane
accomplished anything for themselves.
April 28, in announcing the
papers
could
aspire to eminence which is not
I don't believe that Governments
An exhaustive study of the evacuated
begun by Mr.
was
nation
no
prepared in response to
was
by the French
signing of the armistice, and his report describes the
erated
ever
liberated regions and report as to what had been
done to restore them.
ress
of
German labor
other solution
no
report
extended
need
territory
problem of cash, pure and sim¬
a
ple, Mi^ Johnson says, "and
not
accom¬
said
righteous acknowledgment of its obligations."
and sober America," said the
President, "still be¬
lieves in
report
a
had
committed to
"A
Owen Johnson, the author, and son of Robert
Underwood
he
debts, President Harding asserted
longer burden the
no
State finances.
No
detailed
figures have yet
been published showing how this particular deficit will be
wiped out, but the
Food Administration does not depend
entirely on readjustments of prices
effected by the recently enacted measure to cut down the
deficit.
Due to
the fall in the price of imported wheat in markets
abroad, the Italian price
fell from 2,900 lire per metric ton (2,204
pounds), the quotation of last May,
to between 2,000 and 2,100 lire
per metric ton in December.
The Italian
authorites feel optimistic with regard to a more favorable turn in
the ex¬
change value of the lira within
The
deficit
reported
short time.
a
in
the
budget
referred
was
in
to
these columns Jan. 1, page 18.
so much my personal
opinion as that of experienced engineers
with whom I talked and who explained to me
just what could be done.
JOINT
RUSSIAN SOVIET
A
COINAGE OF SILVER.
Press dispatches from Riga, May 2,
having completely reversed its position after having held out for a long time
for a complete abolition of
money.
This was due, it is said, to the desire
of the Government to satisfy the
peasants, whose ascendency in Russian
increasingly evident daily.
time distrustful of paper money, which was
armful of ruble notes
as a
was
The peasants
were
for
a
of joint,
(turned out so rapidly that
an
needed for the purchase of a
simple article such
proposed
coinage of silver.
date of
most useful measure.
banks, there should be
In
more
some
privileges,
much
new
on
It concludes with the statement that such
unavoidable
soon
billions of
as
use
a
financial relations
a
change would be
founded "on the sound basis
are
members
but under the
exports;
of
an
new
association have
plan
association
an
better
restoration of free trade to cooperative societies, the estab¬
system of taxation in kind and other recent concessions the
decision to restore the coinage of silver marks,
according to recent arrivals
from Moscow, Premier Lenin's final admission of
the impossibility of the
at this time.
foreign buyer.
and
one
or
few
a
by
use
one
association
of
a
bewildering
Aside from advertising value, this feature
con¬
repre¬
marks, and reports the adoption of
will
be
advertised through
a new
association trade¬
their agencies in. South America,
Mexico.
to
Europe,
Orleans, La., under the brand "Apecco" and by the Walnut Export Sales
American
Milk
Products
Corporation of New York, which has
branch in China and maintains agencies in
to be used on
Europe, has adopted
a new
a
label
shipments of evaporated milk.
The Consolidated Steel Corporation of New York advertises under the
"Consteco."
Meat is shipped by the American Provisions
U.
S.
Provision
Export Corporation
Export Company aivd the
(both of Chicago
Under the marks
"Apec," "Uspec" and "Vigo."
Trademarks
and
stenciled
designs
are
used
by
the
Cement
Export
Company, Inc. of New York;
the Grand Rapids Export Association of
the American Tanning Materials Company of
the U. S. Handle Export Company of Piqua, Ohio; and other
Rapids, Michigan;
New York;
SAYS
the
on
guarantee of quality, has proved to be
Company of Chicago, 111., under "Wesco."
Grand
HARDING
than
a
Lumber is shipped by the American Pitch Pine
Export Company of New
mark
original Communistic theories
business
convey
Asia, Africa and South America.
The
trades unions, instead of the Government the
right to fix the pay of work¬
PRESIDENT
on
The trade-mark "Apex" is found on some 200 varieties of
paper and board
goods."
men.
a
individual
cases,
marks
shipped by the American Paper Exports, Inc., of New York
a copy of wihch has been received here, says
decree issued by Nikolai Lenin the Russian Soviet
Premier, giving the
Following the
purpose
says:
marks, which
of individual
Cuba
ex¬
Finally the Moscow Izvestia,
lishment of
the
trade-mark may be adopted to cover all
goods shipped by the com¬
mark which
the peasants by preventing them from hoarding
silver money.
a new
by associations
for
The Commission, in announcing this under
most
own
trade-marks
Webb-Pomerene law
the
re¬
Commission, is the adoption
important step toward co-operation in export trade.
The U. S. Alkalki Export Association of New York has
abandoned the
In order to draw money into such
or even
profitbale than constantly issuing
psychological effect
as
FOR¬
sents an
Economic Life asserts that the establishment of the banks
would have
of exchange of
May 2,
or
fuse the
change tokens."
great
IN
development of foreign trade,
Trade
advertising American goods abroad, concentration
brands
wide
a
the payment of interest.
From the economic viewpoint there could be no
objection, because it is
clear the republic would gain more if it
paid interest, which would save
being
under
retained their
or
the
uniform brands and
Heretofore, in
brand
in
Federal
of export trade.
cooperative socie¬
money,
USED
number of individual marks which may
compete with each other and
"It is considered" says the newspaper, "that the
establishment of
network of savings banks, sepaarately or
jointly with the
a
TRADE MARKS
bine.
Moreover the Moscow newspaper Economic Life has been
permitted to
print a lengthy article advocating the restoration of the
savings banks in
Russia and even the payment of interest in connection with the
ties, would be
the
organized
long
pair of shoes.
new
feature
new
ported by
said:
Coinage of silver has been authorized by the Russian Soviet Government,
it is said in Moscow
newspapers received here, the Bolshevist Government
affairs is becoming
BRANDS AND
EIGN MARKETS BY U. S. EXPORT ASSOCIATION.
GOVERNMENT AUTHORIZES
AMERICA
MUST
PLAY
associations operating in export trade under the Webb-Pomerene law.
PART IN SHOWING WAY TO RIGHTEOUS
SETTLEMENT.
An
forward track
in
an
FOREIGN
appeal to bankers to assist in putting America "on the
once
more"
was
made
by President Harding
address before the District of Columbia Bankers' As¬
sociation at
remarks
Washington
said:
on
April 26.
The President in his
•
'
,
for the
coming
vention
tflt is
among
our
part
in the aftermath of
a
take
to
the sovereign nations of the world.
turn its face
I
our
want
rightful leadership
America to stop and
forward, not only for the achievements which
ourselves, but also that
to
war
we may
righteous settlement.
play
our part
we
may
bring
in showing the world the
way
PLAN
vention
ADOPTED
on
made
May 7.
as
tension
of
point said:
COUNCIL.
program
recommended by the General Con¬
the eighth
annual
a
Broad principles
declaration
included
financial institutions under the
change of
BY
adoption of the foreign trade
Foreign Trade Council closed
It is no
boasting if I remind you that America's place in the world je as
important at this time as when the civilization of the world was threatened,
year,
Committee,
National
Cleveland
.
TRADE
With the unanimous
convention
four-day
on
which the
immediate
the
of
session at
con¬
creation
Edge Law to facilitate
of
ex¬
long-term foreign credits and promote free ex¬
imports and exports.
The resolution on that
(
THE
2032
the immediate creation of
We urge
financial institutions under
the Edge
will facilitate extension of long term credits to pro¬
exchange of exports and imports.
We commend efforts to ac¬
free
with the necessity of purchasing debentures
such institutions against approved foreign securities for this
quaint our investing public
issued
by
with which to do the job.
permit
the exteasion of credits sufficient to accelerate recovery in certain lines.
This should gradually thaw frozen credits and end stagnation and provide
export and import cargoes for our now partially idle merchant marine.
The increased confidence prevailing in the American business world
denotes the disappearance of danger of financial panic.
As liquidations
progress and reconstruction in Europe proceeds, normal conditions will be
accumulation of banking reserves now
The reduction of loans and
It will continue to be
restored gradually.
the part of prudent commercial
and ill-advised expansion.
high in cost of production
refrain from hasty
and financial interests to
manufactured products remain too
A number of
essential that the
economies in cost
of production until a stable balance of values of all commodities and pro¬
ductive effort is established.
No readjustment, however, can be complete
without reduction of costs of railroad transportation, both fcr domestic
markets with foreign goods.
It is
living shall be followed by
compete in neutral
substantial reduction in cost of
and export
shii>ment.
of the Fourth
R. Fancher, Governor
E.
Federal Reserve
thanks to James A. Farrell,
Council and President of the United States
Bank, in proposing a vote of
Chairman of the
Corporation, declared that the organization largely
into existence through the "knowledge, foresight and
Steel
came
The
following
effort of Mr.
predicted that the de¬
convention will receive world-wide atten¬
Mr. Fancher
Farrell,"
liberations of the
Some years ago I went to a
After
courteous
a
asked
CORPORATION.
Organization Committee
Corporation that a resolution
endorsing the corporation was adopted by the Mississippi
Valley Association at New Orleans, May 3.
The association
is a powerful organization jbo develop the export trade of the
Mississippi Valley.
The resolution reads:
Foreign Trade Financing
trade and place
through long-term credits
properly safeguarded, we, heartily endorse the formation of the Foreign
Trade Financing Corporation and urge its support in subscription and every
To relievo the stagnation
trade
such
on
a
resulting from recession of export
permanently profitable basis,
other proper manner.
Bankers Association has also
Group 4 of the Alabama
passed
a
resolution heartily endorsing the
Foreign Trade
The unqualifiedly favorable action
of those and other bankers and business men of middle and
southern States was further manifested by President Kains
of the Federal International Banking Company of New Or¬
Financing Corporation.
convention of the Louisiana Bankers'
Association.
He expressed his regret that the Foreign
Trade Financing Corporation was not now in existence, refer¬
leans, at the recent
ring to the corporation as of immense use
in granting long-
term credits.
Foreign Trade
Financing Corporation by the Executive Council of the
American Bankers' Association is shown by the following
the Council unanimously
which
resolution
adopted at its
meeting at Pinehurst, N. C., last week:
.
The need is apparent for bringing into operation at the earliest possible
moment financial machinery adequate for the extension of long-term credits,
looking to the restoration and expansion of our foreign trade. As a solution
to this problem, the Foreign Trade Financing Corporation was inaugurated
and is in process of organization, with the endorsement and sponsorship
of
the
American
regarded other customers for similar
seriously overtraded. We lacked the
sufficient scale to meet the market.
If we transfer the thought from mechanics to finance, the above incident
not unfairly represents the present condition of American business as it
looks out upon the world.
It has not the financial tools with which to do
the work of the country as it needs to be done, both in location and volume
and in the way it needs to be done as regards the necessary elements of credit.
Association reaffirms its faith and support
tation, and urges in the strongest
in this agency for trade rehabili¬
and most unqualified manner the whole¬
banking and business interests of the country
hearted co-operation of the
that it may
speedily begin to function for the
benefit of America and the
world.
That business
withheld
amounting to
more
than $50,000,000 is being
and
merchants
American
from
manufacturers
trade financing
machinery was the statement made by William C. Redfield,
former Secretary of Commerce, before New Jersey bankers
through
to-day
insufficiency of
the
at their convention
It
here.
came as a
export and import trade conditions
establishment of the Foreign Trade
Mr.
startling revelation
which he said made the
Financing Corporation
importance at this time.
Redfield
ufacturers
spoke
Association
business that is
advanced
was
our
the midst of Air. Redfield's analysis of
to the convention in
of vital
on
as
Cleveland last
President of the American Man¬
as
and his estimate of
America's doorstep
the amount of
waiting to be adopted
amendment to the remark he made at
an
week
that
"orders aggregating $20,000,000
waiting to be placed in xVmerica, and which created a deep
mpression
I
on
the
press
ail
over
the country .
spoke of knowing personally of orders to the amount of $20,000,000
bo told the New Jersey bankers
to be
and explained that the orders were waiting
placed in America until we should have the requisite facilities to handle
them.
This
of business, so far as
We should, in short, have
goods.
Just
in
as
smaller way we were then
our
that
order
to
was a
very
modest statement.
It was an error by excessive
moderation.
Since my return
home I have learned of orders for that amount from a
single country of which I did ndt know when in
well within the facts to say
to a value in excess
Cleveland.
It would be
that one can place his hand upon good business
of fifty million dollars, which is now withheld from our
unable even to consider the large
is tendered to the United
which it is quite out of our power
suggested, so to-day business
was
States from many
lands and in many forms
financial equipment.
Yet conditions vary
incident I have given in the respect that we badly need these
consider taking for lack of
the
from
orders that are now
proposed to us.
machines—all of them more or
We have the men, the
less idle, all of them more or
Back of them lies a more serious'
materials and
less hungry to
problem than the economic
There are fathers and sons,brothers
unable to secure it.
namely the human problem.
and
willing and eager to work but
point Mr. Redfield referred to the fact that good
excess of $50,000,000 are held up by the
At this
lack of such facilities as the
We are
test
the
Foreign Trade Financing Cor¬
He continued:
poration will provide.
supposed to be a practical people, and here are conditions which
of that supposition.
If we treat it in the spirit of "Let
truth
George do it," the answer will be
both quick and unpleasant for the exporthesitation in undertaking that
under George V. have no
wise financiers
America has with justice rather prided herself on
of mind and present conditions afford another test as to how
which we may
her alertness
overlook.
Can we see through a millstone when it has a
little different shape or size from that
through which we have been accustomed to look, or is our vision so turned
inward, so parochially directed that we have lost the sight of opportunity
when it comes to us in a form which is novel only to us?
Let us assume as a sound premise that factories are meant to operate,
machines are meant to run, and that workmen, depending upon their toil,
seek means to labor.
Add to this the unquestioned fact, demonstrable on
widespread this alertness is.
the hole be of a
hole in it, even if
sides, that the world seeks
many
to
hungrily for the goods wo have the power
lor
produce but lacks the present means of paying promptly
them.
products in order that by their use it may earn the
it must have our
Nay,
means
Then add as a further fact that our great competitors,
experience in world business than we and understanding
their domestic life, have already equipped
themselves with tools for the doing of this particular job and have already
advanced well upon the road to accomplish it.
It is through the misfortune
of
paying for them.
having had larger
better its
intimate relation to
that they have been with¬
practical, far-seeing, clear¬
ourselves), waits and wonders
idle and mines are closed and the list of the unemployed grows.
of socialistic labor ideals
held from going farther,
why
mills
are
and ill-considered strikes
and meanwhile America,
America (for so we think
formation of
and stated in
some detail its proposed methods of operation and ended by
an earnest appeal for support of it on the part of the institu¬
sketched the history of the
Air. Redfield then
the
Foreign
tions
Trade Financing Corporation
represented before him. /
PLANS
OF
THE
The Committee of
FINANCE CORPORATION
WAR
HELP
The Executive Council of this
Association.
Bankers'
single order if the price
tools with which to do the trade on a
headed, courageous
emphatic endorsement given to the
The
Following the trade custom, I then
quantity that would be bought on a
the
business orders in
is made by the
Announcement
understood their production.
prepared for my estimate num¬
right, suggesting that it would
have put us our
FINANCING
TRADE
FOREIGN
OF
hidden away in the rocky hills
called spindles.
We had made
hardly be profitable to make less than
20,000 of a size on an order.
They said: "Figure in the first instance on a
quarter of a million each."
When I had recovered from the shock of a
suggestion that would have swamped our available plant, I suggested that
the more modest quantity which I had in mind would be sufficient as a
trial.
To have accepted any such order as that which was proposed would
were
husbands,
ENDORSEMENT
reception, samples were
bered respectively from one to ten.
one,
of the
large factory
parties and thought we
them for American
produce.
tion.
Redfield's
further extracts from Mr.
are
address:
of Northern Lancashire to sell them what we
purpose.
to
have not yet provided the tools
merchants and manufacturers because we
law, whose machinery
mote
[Vol. 112.
CHRONICLE
TO
COTTON EXPORTERS.
Southern Bankers and Cotton Exporters
Atlanta, held
International Banking Co.,
met on Alay 9 in New York with Eugene Aieyer Jr., Alanaging Director of the War Finance Corporation, and A. W.
AlcLean, Director of the Corporation.
The Committee
discussed at length the details of the plan for making effective
the offer of the War Finance Corporation to make advances
on cotton
under contract for export in future months.
It
was expected that very considerable advances to exporters
or
to banks that are financing exporters would be made
which
was
under the
appointed at
a
recent meeting in
auspices of the Federal
Corporation under this
corresponding relief to Southern cotton
spot markets and Southern banking institutions.
The Committee also discussed the question of sales on
credit to European countries in order that they may he able
to purchase additional amounts cf American products over
and above what they are now able to buy for cash.
On this
available
from
the War Finance
arrangement, with
meeting had the benefit of consultation with
bankers specializing in foreign trade.
co-operation were given by the New
York representatives present at the meeting.
No formal
plan of syndicate co-operation was adopted or considered
necessary, but it was agreed that this~co-operation will be
question the
important New York
Assurances of strong
forthcoming when concrete
export propositions are ready
meeting are
Those participating in the
indicated by the following list:
for
consideration.
May 14
tion.
Members of the Committee.
W. L. Clayton, of Anderson,
W.
S.
Thompson,
Richard
T.
Clayton & Co., Houston, Tex., Chairman.
McFadden
H.
Geo.
Philadelphia,
& Bro.,
Pa.
S.
dent
Weatherford, Crump & Co. and Presi
Butler Jr., Vice-President
New
it
insurance,
Dallas, Tex.
E.
committees.
Orleans
Cotton
New Orleans,
Exchange,
La.
President American Exchange National Bank,
Nathan Adams,
Dallas,
indicated,
was
Richard
T.
President Atlanta National Bank,
J.
Columbia,
war
in European lands,
Rudolph
leans,
International
Federal
Banking
Co.,
order
in
Others
Alexander Sprunt & Son, Inc.,
Wilmington,
N. C.
the
allow
participating in the meeting:
Lane. President Citizens' & Southern Bank, Savannah, Ga.
Charles R. Burnett, Vice-President First
National Bank, Richmond, Va.
use
session.
capital of the Corporation only becomes available when
exports leave a port in this country for some
foreign port, and if this capital
interior points in this country, it
would release millions of dollars in the cotton belt, and prove to be as great
aid to exports as
an
A. H. Titus, First
W. E. Woodman,
SURVEY OF
Acceptance Bank, New York.
A
E. B. MacKenzie, Park Union Foreign
Banking Corporation, New York.
& Co., New York.
C. H. Hand, Jr., representing Brown Bros.
sub-committee
bankers
the
of
and
cotton
exporters
consisting of W. L. Clayton, of Anderson, Clayton & Co.,
Houston, Texas; Governor Richard I. Manning, President,
Corporation, of Colum¬
American Products Export & Import
bia, S. C.; Mills B. Lane, President, Citizens & Southern
Little
Ark.;
Rock,
J.
and
Federal International Banking Co.,
tinued
Vice-President,
Caldwell,
T.
of New Orleans,
con¬
The conference was for the
the War Finance Corporation.
of working out the details of the plan under which the
purpose
War Finance
initial
in
These
transactions
the
stages
are
for exportation.
of purchase
with
concerned
being sent to
Meyer, Jr.,
Managing Director of the War Finance Corporation, stated
that the Corporation is now ready to consider plans in con¬
in
delivery
countries.
foreign
of the tljree
follow¬
the membership of the 130 affiliated
organizations of credit grantors.
The
following salient facts
sions arrived at
are
Spring revival in industry has failed to materialize,
few exceptions in lines which were
a
brought out in the conclu¬
by the Council:
The predicted
1.
with
the first to liquidate.
Unemployment is still on the increase, although somewhat arrested
2.
by the usual seasonal improvement.
Collections have continued difficult and liquidation of debts and bank
4.
loans is still
terms and
Some large concerns are asking for extended
slow progress.
a
offering notes for past due accounts.
There has been
5.
a
steady decline in bank clearing figures in harmony
with reduced business and
liquidated prices.
being made to operate on the smallest possible stocks.
6.
Efforts
are
7.
We
approaching the time of renewal of manufacture.
8.
Speculation at this time of undue pressuro for business is
are
Railroads are making progress
9.
serious
most
toward the ultimate solution of their
problems.
problem has yet to be solved.
10.
For future shipment within reasonable time
arrival in foreign countries where goods are
deferred payments after
definite contract for sale;
The housing shortage
11.
against either prompt or
There must be created adequate machinery for
The banking situation is sound.
12.
under
American enterprises on
14.
The liquidation process must
In part,
The
out of warehouses.
Corporation will consider each application on its mer¬
the whole are still sound.
13.
or
distributing points, to
exporters and bankers for marketing
continue.
the statement reads as follows:
signs of
a
sj)ring revival in industry and distribution, which were so
perceived but faintly, if at
first to be subjected to drastic
generally predicted during the wintor, are to be
all, except in a few lines which were the
its, in accordance with the War Finance Corporation Act, and
liquidation and are felt to have reached a fairly stable
the
tions, such
Corporation's regulations.
to the
Clayton, Chairman of the Committee of Cotton
L.
considerable
quantities of cotton for exportation in the summer and fall
months would probably feel inclined to buy in the South at
this time the spot cotton intended for fulfillment of such sales
and avail themselves of the facility now offered by the War
Finance Corporation for financing such purchases.
This
should be
a
stabilizing factor in the spot cotton situation in
the South, it is
stated, and should also furnish material relief
in districts where local
with the present
banking facilities
are
as
must always be reckoned
FOR
arrested demand and are now the first to
market in which business had come
LOSS.
meeting of financial interests and cotton exporters in
Atlanta
on
April 30, discussion
was
had of
a
plan suggested
by George H. McFadden of Philadelphia to seek Congres¬
authority
for
Government
against loss through revolution
or
insurance
renewed
of
war
exporters
In the southern States the conditions
action
was
taken, it
indicated that private insurance
was
companies would be asked to underwrite such insurance be¬
fore
appealing for Government insurance."
tion" is also
The
authority for the following:
danger of discrimination,
should
the
or
sidered in the McFadden plan.
the
action
of the
exporters.
Two committees were
It
was
Government
was one
issue insurance
of the phases con¬
issuing insurance for American
i
appointed, which will meet in Washington to con¬
sider the cotton situation and the export problems in
conference with mem¬
bers of the Federal Reserve Board and officers of the War Finance
no
a
than three
week and stocks awaiting orders against sus¬
There is talk of reducing the cotton acreage,
A greatly reduced use of fertilizers
definite understanding.
the money to buy their usual
requirements and small banks are unabie to advance
further than they al¬
ready have the farmer's purposes.
In
the woolen goods
fall samples shown,
line improvement is marked.
Price reductions in
had been severe and as a result goods were
quickly
Collections also have become about normal.
the boot and shoe line from 40 to 50% of the manufacturing capacity
bought.
In
is
now
than
being employed and by fall it is expected to increase
Hanging
50%.
over
this to better
the market still are large stocks of shoes of
be broilight back.
American manufacture now in Europe that will have to
Staple goods are being released by
manufacturers at great sacrifice while
in good
specialties, particularly in women's wearing apparel of all kinds, are
demand, far better than in what may be called "bread and butter" goods.
a
steady decline in bank clearing figures in harmony with reduced
business and
liquidated prices.
loans does not compare
A disturbing fact is that the decrease in
favorably with
a
decrease in deposits, indicating
a
Corpora-
more
liberal use of the bank facilities in the holding of goods from market
than
is
healthy, and that credit is being used to perform capital's part.
This is
feared that some countries might
in
but there is
for past due accounts.
There, cotton mills are running not moro
twenty-five hours
There is
Government
against loss in one country and not in another,
resent
The "Constitu¬
.
which prevail in the rest of the coun¬
however, is certain, because planters have not
in Europe.
According to the Atlanta "Constitution," "wiiile no definite
practically to a standstill
forward movement in cotton manufacture
strong
creditors for extended terms and are offering notes
days
EXPORTERS AGAINST
experience the pressure of
feel the dema-tirl that comes to a
much heralded in
February has again subsided, and in some cotton manufacturing centres
unemployment has become such as to make necessary, inroads upon savings
accounts which had, until recently, been steadily increasing.
Collections
have continued difficult and liquidation of debts and bank loans is still a
slow progress.
Even some of our largest concerns, whose rule has been to
take advantage of discounts, has been, and are still, approaching their
A
try are accentuated.
INSURING
exceptions are woolens, boots and shoes and
automobiles, which were among the first lines to
pended deliveries are large.
PLANS
though somewhat
seasonal improvement;
The lines which are marked
not adequate to
emergency.
With excep¬
basis.
with but not permitted to blind us
general trend, unemployment is still on the increase,
arrested by the usual
Exporters and Bankers, stated that, in his opinion, cotton
exporters who now have sales on their books for
the underwriting of
1
financing of commerce to foreign markets.
For prompt shipment to warehouses in foreign
be held there for account of American
unsafe and if
indulged in will result in delaying recovery,
ing bases:
For prompt shipment against deferred payments.
steadily in¬
Inroads have been made upon savings which had been
3.
creasing until recently.
Eugene
nection with the export of cotton on any
the 33,000 manufacturers, wholesalers and
bankers who comprise
financing i cotton
bought for prompt delivery against contracts for future sale
meeting of the Credit Defense Council of that
The conclusions reached by the council are
a
institution.
Corporation has agreed to make advances on
cotton
of business conditions was made
survey
May 4 by the National Association of Credit Men,
on
following
May 10 their conference with representatives of
on
country-wide
public
Ga.; Sidney Y. West, cotton exporter, of
Bank of Savannah,
BUSINESS CONDITIONS BY NATIONAL
ASSOCIATION OF CREDIT MEN.
representing the International Acceptance Bank, New
York.
sional
Government officials.
Federal Foreign Banking Co., New York.
George L. Leblanc, Equitable Trust Co., New York.
Paul M. Warburg, Internationa]
a
This is one of the
under the present arrangements.
Hospier, Foreign Finance Corporation, New York.
C.
W.
safe
of its capital for shipments of cotton from interior points,
plans which will be discussed in Washington with high
Credit Corporation, New York.
D. Raymond Noyes, Foreign
The
a
Jr., managing director of the War
could be used to facilitate shipments from
Henry C. Patton, Vice-President Planters' National Bank, Richmond, Va
and
required
political events
loss through
by Eugene Meyer,
At present, the
Sidney Y. West, cotton exporter. Little Rock, Ark.
A
mammoth concern,
a
It was evidently believed
Finance Corporation, that he would ask the officers of that corporation to
La.
Mills*B.
would not be necessary.
make insurance against
to
statement
The
President Hibernia Bank & Trust Co., New Or¬
Hecht,
S.
would not be great, and that
company
backed by great caoital.
featured the day's
At
appeal
proposition.
W. II. Sprunt, of
cope
an
that the resources of the United States Government would not be
C.
S.
Vice-President
Caldwell,
Export & Import
President American Products
Manning,
New Orleans, La.
3.
Should all private companies refuse
The members of the conference appeared to believe that the risk for an
insurance
I.
Corporation,
2.
and if they decline to undertake the work,
against revolution and
proving to be more of a check on exports than any other one obstacle.
Robert F. Maddox (could not attend),
I.
situation
cotton
It is claimed that the risk of loss through political disturbance is
work.
Atlanta, Ga.
H.
the
and the other will investigate the
against loss through political upheaval.
probably be made to Congress to authorize the Government to do the
will
Tex.
.
committee -will consider
foreign comnanies will be approached.
to issue insurance
President First National Bank, Birmingham, Ala.
Oscar Wells,
One
American insurance companies will be given the first chance to issue such
President Dallas Cotton Exchange,
cotton exporter and
yf. L. Clayton, a large-scale exporter, of Houston, Texas, is chairman
both
of
from the standpoint of home interests,
matter of insurance for exporters
Harriss, of Harriss, Irby & Vose, New York.
H. Cleaver,
A.
of
2033
CHRONICLE
THE
1921.]
particularly true in the agricultural districts of the middle West
where there are still
many
frozen credits held by jobbers, manufacturers
and bankers, and this, despite the fact that all but about 25%
crops
have been liquidated.
of last year's
The present low prices of cereals and the im-
provident cost of production has meant a heavy carry-over of indebtedness
again:-1 the harvest of 1921.
The Pacific Coast region is suffering because of speculation which has
been carried on in the canning
Here the high
and lumber industries.
freight
wide
market for its products which the Pacific Coast has long enjoyed.
In the
Wast the attempt has not yet been begun to liquidate labor, the effort thu3
tended to
rates have
zone
products, militating against
that nation
administration and related costs.
made to operate on the smallest
possible stocks, an effort- which will continue as long as the market shows a
downward tendency,
We are rapidly approaching the time of renewal of
manufacture because wholesale distribution is nearer normal than the rate
of manufacture, and retail distribution is nearer normal than wholesale
creation of a large
potential demand
Speculation at this time of undue pressure for
discouraged by every right thinking man.
of speculation will be to delay real recovery.
the manufacturer.
upon
business is unsafe and should be
The result
grains in
Sweden and
Pursuant
cargoes
COTTON
IN
Brainard Commission Co., for a
period of twelve months.
period of three months.
Armour Grain Co., for a
Lewis Proctor & Co., for a
period of three
of the Exchange
outstanding provisions the
complaint presented to the
not
be obtained from
Certain foreign grain buyers
firms involved, and
last year
ously to the State Department
required.
New York Produce Exchange,
in Washington and to
which it dropped when it was
The investigation
a
Out of
Vice President.
was
a
special
ceiving 356 votes out of the 357, one vote being blank.
The members of the Governing Committee elected were as
Robert Glendinning, Walter
follows:
L. Johnson, Charles T.
Levering, Casimer I. Stralem, Peter J. Maloney,
William B.
H. Remick, Joseph II. Seaman, E. H. H.
Simmons and Howard F.Whitney.
The first four men are
Potts, William
members of the committee.
new
elected to
William II. Heaton was
Trustee of the Gratuity Fund, to serve for
serve as
Mr. Cromwell became a member of the Exchange in 1896,
and
still
jointed the firm of Strong, Sturgis & Co., of which he is
a member.
He has been on the Board of Governors for
Mr. Cromwell has been prominent in charitable
He is President of the Fatherless
Children of France, Inc., an organization which has adopted
and maintains 320,000 French children.
In recognition of
his work in connection with this organization the French
seven
and
years.
boys' welfare work.
Government has decorated him with the
Mr. Cromwell
was a
elected
At
Simmons
H.
H.
E.
was
succeed Mr.
to
,
Port of New York.
According to the Exchange Manual,
Governor, to fill
a
of
Edgar Boody
the
was
a vacancy.
subsequent meeting of the Board of Governors,
a
resolution
was
The resolution
his services.
a
adopted commending William H. Remick for
follows:
was as
service
which
President of the New
as
the
engendered
oy
with
many
intricate problems
aosolutely unprecedented conditions of business throughout
entire world;
the
York Stock Exchange during a period in
Exchange has been confronted
and
Whereas, In meeting these conditions, whether in
critical money market, in watching over the
post-war liquidation
of securities,
or
heiping
to mitigate a
painful operations of
a
drastic
in safeguarding the inteiests of the
Exchange in all its relations with the public at large, he has exhibited tire¬
less energy,
cool judgment and Unselfish devotion
to
the heavy responsi¬
Exchange'.Committee on Grain.
yesterday (Thursday) it
was denied that the memoers were present and no official statements were
forthcoming.
A
George E. Marcy, President of the Armour Grain Co., arrived in New
York yesterday (Thuisday) to conduct an investigation of the charges
made before the New York Produce Exchange against the corporation of
which he is President.
"I have nothing to say about the case at this time,"
Therefore, be it resolved, That the Governing Committee hereby records
sense
one
of
gratitude, respect and affection for Mr. William H. Remick
who has
as
loyally and aDly led it through troublous times and sustained
that high standard of achievement which the Exchange has always
main¬
tained.
Resolved, That this preamble and resolution be spread upon the minutes
of the
meeting and
engrossed
an
copy
thereof presented to Mr. Remick.
said Mr. Marcy last
YORK PRODUCE EXCHANGE SUSPENDS MEM¬
BERS FROM
REPRESENTATION ON
The Armour Grain
Company,
one
night (Thursday).
THE FLOOR.
of the largest grain deal¬
BOARD
MAKES
ELIGIBLE
WHEN
RESERVE
FEDERAL
ACCEPTANCES
SIX
MONTHS
ON
BASED
TRADE.
FOREIGN
Regulations permitting Federal Reserve banks to
acceptances
which
grow
out
purchase
of transactions of
exportation of goods, with maturities up to
been issued by the Federal
Reserve Board.
It is believed that the present emergency
importation
or
six instead of three months, have
in
the
foreign trade situation would be
relieved by
a more
practice, Governor Harding said in explanation of
extension, although under ordinary circumstances the
liberal
banks would prefer to
confine their investments to paper of a
maturity not exceeding three months.
Two considerations,
the Governor said, led to the extension, the desire to widen
the
acceptance market by
banks and similar
banks
meeting the wants of savings
purchasers of bankers' acceptances, pre¬
viously deterred by lack of
authority of Federal Reserve
months, and to
purchase maturities up to six
to
ample facilities
more
for financing import
and
Governor
purchasing
acceptances of long maturities in order that the liquidity of
the aggregate investment in acceptances held by them should
trade. Vigilant care,
however, the
warned, should be exercised by Reserve banks in
export
not be
affected.
ing
The results of this widening of
the invest¬
Governor Hard¬
declared, would be followed closely with a viewT to such
ment powders
NEW
of the Produce
offices of all of the suspended members
provide
bilities laid upon him;
its
listed members
suspended yesterday: Harry B. Day of the
W.J. Brainard is a member
the
Whereas, Mr. William II. Remick has just completed his second term of
the following are the
Erie Company; William
J. Brainard of the Brainard Commission Company; Thomas C. O'Brien of
the Armour Grain Company, and Harry Crofton of Lewis, Proctor & Co.
The Armour Grain Co. was incorporated in August 1909 under, the laws
of New Jersey to take over and operate the grain department of Armour &
Co., and is mentioned in the manuals as an affiliated company.
The Brainard Commission Co. is one of the largest in New York and
who were
Legion of Honor.
Vice-President
elected
Cromwell.
special committee was preparing
investigation it was found that the four
bankers'
Exchange
the
deliberation, the Board
its complaint and carrying on
firms had made full restitution to
the foreign buyers, and speculation on the floor of the Produce Exchange
as to how this would temper the punishment meted out to the involved
members was rife.
The charges involve the integrity of the Produce Ex¬
change, which does the inspecting of all grain cargoes which pass through the
its
Sergeant during the Spanish-American
War.
it was finally drawn up by
Full Restitution Made.
At the
five years.
of last year and it was not until
Board of Managers received the
after three days of
Then,
committee.
While the
'
Warren B. Nash was re-elected Treasurer, re¬
scattering.
involved.
handed down the suspensions.
total vote case of 357.
350, four votes being blank and three
found
investigation and that res¬
spread over a large part
comparatively short time ago that the
complaint against the four defendants as
Monday, and the regular ticket put up
Mr. Cromwell received
carrying on an
titution had been made by the firms
held its annual election of
the President of the
The State Department
Walter B. Pollock.
that the Exchange officials were
by the
Nominating Committee was elected.
Seymour L. Crom¬
well was chosen President, succeeding William H. Remick,
who had held the office for two terms.
Mr. Cromwell
formerly
placed contracts with the various
made from the Erie Company
shipments of grain were all
City.
The contracts called for certain gradas of
wheat, German buyers stipulating No. 2. and the shipments were made.
When the vessels carrying the grain arrived at their destinations abroad, a
orotest was sent by the German buyers almost immediately and simultane¬
EXCHANGE ELECTION—RETIRING
PRESIDENT RE MICK COMMENDED.
on
it states, was
grain elevator in Jersey
NEW YORK STOCK
officers
officials, but the
Produce Exchange
following outline of the entire proceeding,
obtained from an authoritative source:
began its investigation of the matter,
The New York Stock Exchange
suspended as contained in
Board of Managers could
against the members who were
RESTRICTIONS AND DUTY ON
CZECHOSLOVAKIA.
is the only payment
months.
has as one of its
prohibition of any proceedings
inconsistent with just and equitable principles of trade.
According to the New York "Times," the actual charge
Section 36 of the by-laws
a
of one-half per cent
Board of Managers.
during the pleasure of the
The Erie Co.,
cablegram from Trade Commissioner W. A.
Geringer, Prague, under date of April 16 1921, the prohi¬
bition against the importation of cotton and cotton waste in
Czecho-slovakiahas been removed.
License applications, it
is announced, will be granted automatically.
These com¬
modities will be admitted free of duty.
A manipulation fee
According to
by-laws the following cor¬
the floor of the New York Pro¬
viz.:
Exchange,
duce
the
REMOVAL OF IMPORT
The official notice read:
England last year.
provisions of Section 36 of the
to
porations are prohibited representation on
general, everywhere efforts are being
distribution, which means the steady
the substitution of
shipped to buyers in Germany,
The charge against them was
change.
inferior
made to stabilize on lower
far having been
In
[Vol. 112.
THE CHRONICLE
2034
of the Federal Reserve banks,
modification of its rules by the
board
as
future developments
The following is the announcement regarding
made by the Federal Reserve Bank of New
might require.
ing and handling
the
Commission
York:
& Co.,
all prominent members of the New York Produce
Exchange,
on
concerns in the country;
the Brainard
Company, the Erie Company and Lewis Proctor
were, on
Thursday suspended from representation
,
the floor of the Exchange for periods ranging from three
months to
a year,
and in
one
instance for
an
indeterminate
period to be decided by the Board of Managers of the Ex¬
matter,
May 12 1921.
Under
bankers
a
new
regulation
acceptances
of the
Federal Reserve
issued in import
Board, six months'
and export transactions become
market purchase by Federal Reserve banks.
bills of the longer maturities up to six months, when
eligible for open
Therefore,
by the usages of overseas
Bank of New
required
trade, may now be offered to the Federal Reserve
bills heretofore have been.
York for purchase as the shorter
May li
1921.]
THE
The effect of the longer
"eligible" maturity is expected not only to provide
to the discount market a class of paper
for which there heretofore has been
made
ified
discount market at the service of overseas
open
departure,
the
bills
and exporters,
prove
a
of
measure
considerable
the maintenance and development of American foreign
Under the old ruling such
merce.
com¬
purchasas were limited to ninety-day
and, although this was liberally interpreted
in specific instances
tions
noted that the
was
contained
announcement
reference to the
no
re¬
acceptances, but this phase of the Federal Reserve banks'
on
his
In
Memorial
Day proclamation, issued on May 3,
Harding urged that fitting homage be paid on the
thirtieth day of May "to a noble dead who
sleep in homeland,
beneath the
sea
The latter have been
market purchases.
to aid in the
development of the discount market.
the rediscount of acceptances
"We
such
on
will be continued
scale
a
as
the old basis.
on
banking institutions interested in foreign trade.
one
be the
of
means
A
"It will unquestionably
opera¬
tions."
"The
change is a good one," said another banker of international repu¬
tation.
"The
ample fund*-:
hand and purchases of six months' bills will in
liquidity.
no
wise inter¬
The acceptance method of financing foreign trade
has
previously been limited because the facilities of the Reserve banks
not
available
bills running more than
to
were
ninety days except in specific in¬
renewal privileges.
and it would
prayer and devotion by men
nation Avhere principles
a
should form the lasting cornerstone; and
.
Whereas. These principles, purchased at the price of great sacrifice, have
by
worthy posterity; and
a
war has lately laid its costly demands upon our lands.
I, Warren G. Harding, President of the United States,
do hereby proclaim Monday, the 30th day of May, a day already
freighted
Now, therefore,
with sacred
and
I invite my
stimulated
memories,
day of public memorial.
a
fellow citizens fittingly to pay homage
dead who sleep in homeland, beneath the
sea
or
on
this day to a noble
foreign fields,
on
that
so
who survive might enjoy the blessings of peace and happiness and to
we
the end that
live
liberty and justice, without which
no
nation
exist, shall
can
forever.
the United States to be affixed.
bills with
The same result would have been accomplished thereby
perhaps have been in line with better banking precedent
Done in the District of Columbia this third day of May in the year of our
Lord
in
the
regulations
has
that
been
made.
Something like
1921, and of the independence of the United States the 145th.
But
.
WARREN
the Federal Reserve Board's attitude is what it is I welcome the amend¬
ment
can
In witness whereof I have hereunto set my hand and caused the Seal of
think that the wiser course would have been for the Federal Reserve
Board to set its approval on the practice cf drawing ninety-day
as
Nation
no
Whereas, The great
stances.
"I
who survive
PROCLAMATION.
who were moved under God to found
women
been fostered
position of the Federal Reserve banks is such that they have
on
fere with their
and
of right
preventing freezing of credit in foreign trade
we
The following is the proclamation:
Whereas, This nation has been conceived in
of the larger
relieve the banks of part of the burden which they have had to carry, and
will
that
so
and happiness and to the
peace
liberty and justice without which
exist, shall live forever."
materially
The assumption is that
heartily approve the change," said an official of
foreign fields
on
or
might enjoy the blessings of
operations has recently been relatively unimportant as compared to their
open
MEMORIAL DAY
President
end that
the ninety-day period.
over
as ran
It
HARDING'S
to
apply to renewals, the banks were largely called upon to carry such transac¬
discount rate
Qual-
PROCLAMATION.
market purchases of acceptances by the Federal Re¬
of bankers
assistance to
PRESIDENT
city, in referring to
banks to six months' paper created in import and export trade will. in
opinion
later allotment,
or on
by book-credit.
may pay
says:
Extension of open
serve
before May 16 1921
on or
commerce.
"The Journal of Commerce," of this
the
203$
depositaries
unsatisfied demand, but also to place more effectively the facilities of the
an
W
CHRONICLE
that
The
White
G.
HARDING.
House, May 3.
was
imperative in view of the longer terms that are now required in financing
In admitting six months bills I think the Board has
export trade.
far
new
and
ers
has
gone as
regulation represents a change which
foreign trade bank¬
many
exporters have been campaigning for for months. The amendment
been
opposed on the ground that the older rule constituted sounder
banking practice, but even by some of those admitting the truth of this the
contention
to
SENATE PASSES EMERGENCY
is desirable."
as
The
the
advanced
was
that
special consideration should
be given
now
extraordinary conditions prevailing in export trade.
The
ADMITTED
RESERVE
The
SYSTEM.
following institutions
Reserve System
TO
ment
were
*
dyes by
on
the House of
to
FEDERAL
States
Senate
vote of 63 to 28.
a
Representatives
but the Anti-Dumping
112,
been
admitted to the Federal
the
entirely rewritten by
form
same
the
as
the Senate. " No change
fixing the tariff
Walterboro, S. C.$100,000 $30,000
Farmers & Merchants Bank,
$707,579
District No. 8—
75,000
of
committees
March
7,500
302,575
1,000
113,612
District No. 9—
March 3
on
25,000
3,000
100,232
25,000
25,000
Houses.
two
87,530
12—
The
(see I
The
of
upon
certain agricultural products to
revenue;
Be it enacted by the Senate and House of
TITLE
That
com¬
Representatives of the United States
I.
Union Trust & Savings
Mountainair State
following articles, when imported from
Bank. Sioux City, Iowa.
Bank,
State Bank,
State Bank,
any
collectedl and paid
Henderson, Texas.
which
Bank.
State
Jacksonville,
are
prescribed by this section,
the
namely:
1.
Texas
Wheat, 35 cents per bushel.
2.
Guaranty
upon
foreign country into the United
or into
any of its possessions (except the Philippine Islands, the
Virgin Islands, and the islands of Guam and Tutuila), the rates of duty
Colorado, Texas.
The
the passage of this Act, for the
States
Mountainair, New Mexico
The First
Tariff.
and after the day following
on
period of six months, there shall be levied,
LIQUIDATIONS.
Farmers
to regulate
and for other purposes.
money;
Emergency
Amityville, Amityville, N. Y.
Kilgore State Bank, Kilgore, Neb.
First
The matter inserted
with foreign countries; to prevent dumping of foreign merchandise
WITHDRAWALS.
Bank
897 of
page
to conference
of America in Congress assembled,
Bank of Wasco, Wasco, Ore—
The
goes
following is the full
it passed the Senate.
as
425,013
District No.
now
the markets of the United States; to regulate the value of foreign
on
30,000
Bill
prese'nt emergencies, and to provide
merce
11—
Guaranty State Bank of Kiileen, Texas—
The
Imposing temporary duties
meet
100,000 100,000 2,374,431
The First State Bank of Murchison, Texas.:—
5).
by the Senate is enclosed in black faced brackets:
AN ACT
The Citizens State Bank of New Uim, Minn—
the
of
1,188,615
25,000
Henning, Tenn___,.
27,500
25,000
—
The Farmers State Bank of Fullerton, N. Dak.
District No.
issue
text of the Bill
Citizens Bank of Tunica, Tunica, Miss..
Bank of Henning,
the
products
Fordney Emergency Tariff Bill vetoed
by former President Wilson
Surplus. Resources.
Capital.
on
the bill is in substantially
Total
District No. 5—
vote of 269
a
and Valuation provisions
made in the section of the bill
was
The bill had passed
April 15 by
on
of the farm and indeed this part of
in the week ending May 6 1921:
TARIFF BILL.
Wednesday
on
(May 11)
passed the Emergency Tariff bill including the Knox amend¬
have
INSTITUTIONS
STATE
United
Wheat flour and semolina, 20% ad valorem.
3.
BOARD
The
the
EXERCISE
TO
Reserve
Inderal
Board
TRUST
has
POWERS.
granted
following institutions to exercise trust
The First National Bank of
Flaxseed, 30 cents per bushel of fifty-six pounds.
4.
Corn
5.
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
Beans, provided for in paragraph 197 of the Act entitled "An Act to
or
maize, 15 cents per bushel of fifty-six pounds.
reduce tariff duties
permission
to
6.
powers:
and
to
provide
for the Government,
revenue
and for
other purposes," approved Oct. 3 1913, 2 cents per pound.
Peanuts or ground beans, 3 cents per pound.
7... Potatoes, 25 cents per bushel of sixty pounds.
Bluefield, Bluefield, W. Va.
8.
Onions, 40 cents per bushel of fifty-seven pounds.
9.
Rice, cleaned,
2 cents per pound,
except rice cleaned for use in
the
manufacture of canned foods, on which the rate of duty shall be 1 cent per
OFFERING
NEW
OF
TREASURY
CERTIFICATES
OF
pound;
inner
INDEBTEDNESS.
uncleaned ricej or rice free of the outer hull and still naving the
cuticle on,
1 %
cents per pound;
rice flour, and rice meal, and rice
broken which will pass through a number twelve wire sieve of
Announcement of
a
new
nine
certificates of indebtedness for
eral Reserve Bank by
May 11.
It is
Feb.
per
as
subscription through the Fed¬
the Secretary of the Treasury came
Series A-1922,
annum,
thereabouts.
bears interest at the rate of
is dated May 16 1921, and matures
attached,
able in six months
Feb. 16 1922.
or
on
The certificates of this series will have two
16 1922.
interest coupons
Treasury
issue of Treasury
The issue will be for $200,000,000
known
5V2%
months'
on
They
one
for semi-annual interest pay¬
Nov. 16 1921, and the other
are
not acceptable in payment of taxes.
certificates of Series D-1921,
1921, will be accepted at
payable
par,
with
an
16
adjustment of accrued
now
offered, which shall be subscribed for and allotted.
than
par
the
amount
of
any
The
subscription and to allot less
certificates applied
for.
Payment at
and accrued interest for certificates allotted must be
a
kind pre¬
Secretary of the Treasury, one-fourth of 1 cent per pound;
paddy, or rice having the outer hull on, three-fourths of 1 cent per pound.
10.
Lemons, 2 cents per pound.
11.
Oils:
Peanut,
26 cents per gallon;
bean, 20 cents per gallon;
olive, 40 cents
cottonseed, cocoanut, and soya
per
gallon in bulk, 50 cents per
gallon in containers of less than five gallons.
12.
13.
Sheep:
)
Cattle, 30% ad valorem.
per
one year
old
or over,
$2 per head; less
head.
14.
Fresh
pound.
or
16.
veal,
mutton,
Meats of all kinds, prepared
for herein, 25%
15.
beef,
frozen
Cattle
Cotton
or
lamb,
thanjone year old, $1
and
pork,
2
cents
per
preserved, not specially provided
ad valorem.
and
sheep and
shall be admitted free of
maturing May
interest, in payment for any certificates of the Series A-1922
right is reserved to reject
scribed by the
having
a
other stock
imported for breeding purposes
duty.
staple of
one
and
three-eights inches
or
more
in
length, 7 cents per pound.
17.
Manufacturers of which cotton of the kind provided for in
paragraph
16 is the component material of chief value, 7 cents per pound in addition to
the rates of duty imposed thereon by existing law.
18.
Wool, commonly known
angora
goat,
carpet wools:
as clothing wool, including hair of the camel,
and alpaca, but not such wools as are commonly known as
Unwashed, 15 cents
scoured, 45 cents per pound.
per
pound;
washed, 30 cents per pound;
Unwashed wools shall be consideretdsuch
as
shall have been shorn from the animal
washed wools
without any cleaning;
animal's
back or on the skin; wools washed in any other manner than on the animal's
back or on the skin shall be considered as scoured wool.
On wool and hair
provided for in this paragraph, which is sorted or increased in value by the
rejection of any part of tne original fleece, the duty shall be twice the duty
shall be considered such as have been washed with water
to
which it would otherwise be subject,
only on the
but not more than
45 cents per
pound.
paragraph 18, when ad¬
Wool and hair of the kind provided for in
19.
of manufacture beyond the washed
scoured condition, and manufactures of which wool or hair of the kind
vanced in any manner or.by any process
or
material of chief value, 45
imposed thereon by existing
provided for in paragraph 18 is the component
cents per
pound in addition to the rates of duty
law.
20.
juice, melada,
tank bottoms, sirups of cane
Sugars,
melada, concrete and concentrated molasses, testing
above scvcnty-flye
degrees, one and sixteen
concentrated
not
by the polariscope
ono-hundredths of 1 cent per
test, four
degree in
proportion; molasses testing not above forty degrees, 24% ad volorem;
testing above forty degrees and not above fifty-six degrees, 3Yz cents per
account]the merchandise is imported, including
and all other costs, charges, and
expenses incident to placing the merchandise in condition, packed ready for
shipment to the United States, less the amount, if any, included in such price
attributable to any costs, charges, United States import duties, and ex¬
penses, incident to bringing the merchandise from the place of shipment in
the country of exportation to the place of delivery in the United States;
and plus the amount, if not included in such price, of any export tax imposed
by the country of exportation on the exportation of the merchandise to the
United States; and plus the amount of any import duties imposed by the
country of exportation which have been rebated, or which have not been
collected, by reason of the exportation of the merchandise to the United
States; and plus the amount of any taxes imposed in the country of exporta¬
tion upon the manufacturer, producer, or seller, in respect to the manufac¬
ture, production or sale of the merchandise, which have been rebated, or
which have not been collected, by reason of the exportation of the mer¬
gallon; sugar drainings
molasses or sugar, as the case
testing above fifty-six degrees, 7 cents per
gallon;
sweepings shall be subject to duty as
be, according to polariscopic test.
may
therefor, 6 cents per
21.
Butter, and substitutes
22.
Cheese, and substitutes therefor,
pound.
gallon; cream, 5 cents per gallon.
condensed or sterilized by heating or other pro¬
including weight of immediate coverings, 2 cents per pound; sugar
cesses,
25. Wrapper
pound.
tobacco, and filler tobacco
when mixed or
packed with
and all leaf tobacco the product of
two or more countries or dependencies when mixed or packed together, if
unstemmed, §2 35 per pound; if stemmed, $3 per pound; filler tobacco not
more
than
15% of wrapper tobacco,
section, if unstemmed, 35 cents per
specially provided for in this
if
pound;
stemmed, 50 cents per pound.
tobacco" as used in this section means that quality
which has the requisite color, texture, and burn, and is of
The term "wrapper
of leaf tobacco
sufficient size for cigar wrappers,
v
and the term "filler
tobacco" means all
other leaf tobacco.
26.
.
chandise to the United States.
28.
Apples, 30 cents per bushel.
Sec. 204.
preserved in brine or otherwise, 3 cents per
gallon;
olives, not in solutions,
3
pound.
The rates of duty
imposed by section I (except
under paragraphs
which a rate of duty is imposed by exist¬
law, shall bo in lieu of such rate of duty during the six months' period
17 anil 19) in the case of articles on
referred to in section 1.
Sec. 3.
After the expiration
1, the rates of duty upon the
%'V
of the six months' period referred to in section
articles therein
enumerated shall be those, if
imposed thereon by existing law.
Sec. 4. The duties imposed by this title shall be
any,
,
levied, collected, and
paid on the same basis, in the same manner, and subject to the same pro¬
visions of law, including penalties, as the duties imposed by such Act of
1913.
Sec. 5.
That this title shall bo
| TITLE
cited as the "Emergency
Tariff Act."
or
and coverings
'
designate. 3
1
or
E(a) That in the case of all imported merchandise, whether
free of duty, of a class or kind as to which the Secretary has made
201, and as to which the appraiser or
person acting as appraiser has made no report to the Collector before such
finding has been so made public, if the purchase price or the exporter's sales
price is less than the foreign market value (or, in the absence of such value
than the cost of production) there shall be levied, collectod, and paid, in
addition to the duties imposed thereon by law, a special dumping duty in
finding as provided in Section
amount equal to
any,
generally incurred by or for the account
satisfaction of the appraising officers, under
'regulations prescribed by the Secretary, that the amount of such difference
between the purchase price and the foreign market value is wholly or partly
due to the fact that the wholesale quantities, in which such or similar
merchandise is sold or freeiy offered for sale to all purchasers for exportation
to the United States in the ordinary course of trade, are greater
than the
wholesale quantities in which such or similar merchandise is sold or freely
offered for sale to all purchasers in the principal markets of the country
of exportation in the ordinary course of trade for home consumption (or, if
not so sold or offered for sale for home consumption, then for exportation to
countries other than the United States), then under regulations prescribed
value shall for the purposes Of this
section be decreased accordingly.
(c) If it is established to the satisfaction of the
appraising officers, under
regulations prescribed by the Secretary, that the
price and the foreign market value is
wholly or
partly due to the-fact that the wholesale quantities, in which such or similar
merchandise is sold or freely offered for'sale to all purchasers in the principal
markets of the United States in the ordinary course
of trade, are greatei
is sold
principal markets of the
country of exportation in the ordinary course of trade for home consumption
(or, if not so sold or offered for sale for home consumption, then for exporta¬
tion to countries other than the United States), then under regulations
than the wholesale
quantities in which such or similar mercnahdise
freely offered for sale to all purchasers in the
prescribed by the Secretary, the foreign market value shall
of this section
Purchase
Sec. 203.
for the purposes
bejiecreased accordingly. 3
EThat for the purposes of
Price.
this title, the purchase price of im-
portedTmerchandise shall be the price at which such merchandise has been
the time of exportation, by the
purchased or agreed to be purchased .prior to
United
and (4) the
imposed by the country of exportation on the
exportation of the merchandise to the United States; and plus the amount
of any import duties imposed by the country of exportation which have been
rebated,
or
which have not been collected, by reason
of the merchandise to the United States; and plus
of the exportation
the amount of any taxes
manufacturer, producer, or
of the merchandise,
collected, by reason
of the merchandise to the United States. J
imposed in the country of exportation upon the
seller in respect to the
manufacture, production or sale
of the exportation
or
which have not been
Value.
-
\
[That for the purposes of this title the foreign market value of
imported merchandise shall be the price, at the time of exportation of such
merchandise to the United States, at which such or similar merchandise is
Sec. 205.
in the principal markets of
usual wholesale quantities and In
sold or
offered for sale for home consumption,1 then for exportation to countries
other than the United States), including the cost of all containers and cover¬
ings and all other costs, charges, and expenses incident to placing the mer¬
chandise in condition packed ready for shipment to the United States,
except that in the case of merchandise purchased or agreed to be purchased
by the person by whom or for whose account the merchandise is imported,
prior to the time of exportation; the foreign market value shall be ascertained
as of the date of such purchase or agreement to purchase. 3
sold
freely offered for sale to all purchasers
or
the country from
which exported, in the
the ordinary course of trade for
home consumption (or, if not so
Cost of Production.
EThat for the purposes of this
imported merchandise shall be the sum
(1) The cost of materials of, and of
process
title the cost of production of
of—•
fabrication, manipulation, or other
employed in manufacturing or producing, identical or substantially
preceding the date of shipment of the par¬
identical merchandise, at a time
ticular merchandise under
ation in the usual course of
(2)
ordinarily permit the
merchandise under consider¬
consideration which would
manufacture or production
of the particular
business;
The usual general expenses (not less than 10% of
substantially identical merchandise;
such cost) in the
of identical or
case
and coverings, and all other costs, charges,
(3) The cost of all containers
and expenses
incident to placing the particular merchandise under consider¬
packed ready for shipment to the United States; and
ation in condition
(4) An addition for profit (not less than 8% of the sum of
paragraphs (1) and (2) equal to the profit which
the amounts
is ordinarily
added), in the case of merchandise of the same general character as the par¬
ticular merchandise under consideration, by manufacturers or producers
in the country
who are engaged in the same
producer of the particular merchandise
of manufacture or production
general trade as the manufacturer or
udder consideration. 3
Exporter.
EThat for the purposes of this title the exporter of imported
merchandise shall be the person by whom or for whose account the merchan¬
Sec. 207.
(1)
or
imported into the United States:
If such person is
producer;
(2)
ownership or control or
manufacturer, or
er,
(3)
or
the agent or principal of the exporter,
controls, directly or indirectly, through stock
otherwise, any interest in the business of the export¬
producer;
or
If the exporter, manufacturer, or producer owns or controls,
ownership or control or otherwise, any
indirectly, through stock
in any
manufacturer,
or
If such person owns or
business
directly
interest
conducted by such person; or
jointly or severally, directly or indirectly,
control or otherwise, own or control in the
aggregate 20% or more of the voting power or control in the business carried
on by the person by whom or for whose account the merchandise is imported
into the United States, and also 20% or more of such power or control in
the business of the exporter, manufacturer, or producer. 3
(4)
If any person or persons,
through stock ownership or
amount of such difference
between the exporter's sales
of the exporter in the
substantially identical merchandise,
States in selling identical or
dise is
such difference.
by the Secretary, the foreign market
the United
amount of any export tax
(b) If it is established to the
or
exporter, including the cost of all containers
and expenses incident to placing
packed ready for shipment to
found under
Special Dumping Duly.
Sec. 202.
a
exporter's sales price of
included in such price,; attributable to
any costs, charges, United States import duties and expenses, incident to
bringing the merchandise from the place of shipment in the country of
exportation to the place of delivery in the United States (2) the amount of
the commissions, if any, for the selling in the United States the particular
merchandise under consideration, (3) an amount equal to the expenses, if
public, to the extent he deems necessary,
description of the class or kind of
dutiable
Price.
and all other costs, charges
,
together with a
merchandise to which it applies in such
detail as may be necessary for the guidance of the appraising officers.
(b) The powers and duties conferred or imposed upon the Secretary by
this section may be exercised by him through such agency or agencies as
make such finding
an
agreed to
tion, by or for the account of the
Sec. 206.
of the Treasury (hereinafter
In this Act called the "Secretary"), after such investigation as he deems
necessary, finds that an industry in the United States is being or is likely to
be injured, or is prevented from being established, by reason of the importa¬
tion into the United States of a class or kind of foreign merchandise, and
that merchandise of such class or kind is being soid or is likely to oe sold
in the United States or elsewhere at less than its fair value, then ho shall
he may
Sales
of this title the
which such merchandise is sold
be sold in the United States, before or after the time of importa¬
II.—ANTI-DUMPING.
E(a) That whenever the Secretary
Sec. 201.
purpose
imported merchandise shall be the price at
Dumping Investigation.
public
EThat for the
Foreign Market
Olives, in solutions, 25 cents per
Sec. 2.
3%
Exporter's
;
1
cents per
ing
1
v
which have been rebated,
27. Cherries in a raw state,
pound;
for whose
States, less (1) the amount, if any,
23% ad valorem.
Milk, preserved or
of millc, 5 cents per
or
the cost of all containers and coverings
the merchandise in condition,
23. Milk, fresh, 2 cents per
24.
by whom
person
pound, and for every additional degree shown by the polariscopic
one-hundredths of 1 cent per pound additional, and fractions of a
and sugar
[Vol. 112.
THE CHRONICLE
2036
Oaths and Bonds on Entry.
Sec. 208.
EThat in the case
of all imported merchandise, whether dutia¬
the Secretary has made
provided in Section 201, and delivery of which has not
finding has been so made public,
unless the person by whom or for whose account such merchandise is im¬
ported makes oath before the collector, under regulations prescribed by the
Secretary, that he is not an exporter, or unless such person declares under
oath at the time of entry, under regulations prescribed by the Secretary, the
exporter's sales price of such merchandise, it shall be unlawful for the col¬
lector to deliver the merchandise until such person has made oath before the
collector, under regulations prescribed by the Secretary, that the merchan¬
dise has not been sold or agreed to be sold by such person, and has given
bond to the collector, under regulations prescribed by the Secretary, with
sureties approved by the collector, in an amount equal to the estimated value
of the merchandise, conditioned; (1) that he will report to the collector the
ble
or
free of duty, of a
class or kind as to which
public a finding as
been made by the
collector before such
May 14
THE
1921.]
30 days after such mer¬
exporter's sales price of the merchandise within
chandise has been sold
or
agreed to be sold in the United States, (2) that
he will pay on demand from the
duty, if
collector the amount of special dumping
imposed by this title upon such merdhancise, and (3) that
any,
he will furnish to the collector such information as may be
and
as
of such merchandise as the Secretary may by
regulation
Sec. 209.
a
[That in the
case
of all imported merchandise, whether dutiable
acting
appraiser has made no report to the collector before such finding
as
has been
which the Secretary has made public
provided in Section 201, and as to which the appraiser or person
as
made public, it shall be
so
the duty of each appraiser or person act¬
and means to ascertain, estimate,
and appraise (any invoice or affidavit thereto or statement of cost of produc¬
tion to the contrary notwithstanding) and report to the collector the foreign
ing as appraiser, by all reasonable ways
market value
or
the cost of
production, as the case may be, the purchase
deem
necessary
provided
as
in
provisions of Section 25 of such Act of Aug. 27 1894, for the
under the
quarter in which the merchandise was exported.
If no such value has been proclaimed, or if the value so proclaimed
5% or more from a value measured by the buying rate in the
(c)
varies by
New York market at noon on the day of exportation, conversion shall be
For the purposes of this
payable in the foreign currency so to be converted; and shall be determined
by the Federal Reserve Bank of New York and certified daily to the Secre¬
who shall make it public at such times and to such extent
tary,
Bank may in its discretion
(1) take into consideration the last ascertainable
and quotations, whether direct or through the exchange of
transactions
other currencies, and
(2) if there is no market buying rate for such cable
calculate such rate from actual transactions and quotations in
transfers,
demand
he
as
In ascertaining such buying rate such Federal Reserve
deems necessary.
bills of exchange.
time
or
(d)
which the Secretary
for the purposes of this title.]
Sections 2903 and 3565 of the Revised Statutes are repealed.
(e)
price, and the exporter's sales price, and any other facts
may
such conversion, except
subdivision such buying rate shall be the buying rate for cable transfers
of Appraisers.
free of duty, of a class or kind as to
finding
States,
(c), shall be made at the values proclaimed by the Secretary
made at a value measured by such buying rate.
prescribe. ]
Duties
or
United
of the
currency
subdivision
in his possession
be necessary for the ascertainment of such duty, and will keep
may
such records as to the sale
2037
CHRONICLE
Section 25 of such Act of Aug. 27 1894 as in force prior to the enact¬
ment of this Act, and Section 2903 of the Revised Statutes, shall remain in
force for the assessment and collection of duties on merchandise imported
Appeals and Protests.
Sec.
[That for the pin-poses of this title the determination of the
210.
appraiser
the cost of production, as
assessing special dump¬
ing duty, shall have the same force and effect and be subject to the same right
appeal and protest, under the same conditions and subject to the same
limitations, and the general appraisers, the Board of General Appraisers
and the Court of Customs
Appeals shall have the same jurisdiction, powers,
and protests as in the case of
and duties in connection with such appeals
appeals and protests relating to customs duties under existing law. ]
treated in all respects as regular customs
duties within the meaning of all
duties.]
to the drawback of customs
Short
Sec. 212.
title
[That this
may
ping or consigning merchandise exported to the United States fails, at the
request of the Secretary, or an appraiser, or person acting as appraiser, or a
collector, or
general appraiser, or the Board of General Appraisers, as the
a
be, to permit a duly accredited officer of the United States to in¬
case may
spect his books, papers, records, accounts, documents or correspondence,
pertaining to the market value or classification of such merchandise, then
prescribed by
while such failure continues tho Secretary, under regulations
[That the special dumpting duty imposed by this title shall be
laws relating
[That if any person manufacturing, producing, selling, ship¬
404.
Sec.
prohibit the importation into the United States of merchandise
him (1) shall
Drawbacks.
Sec. 211.
Inspection of Exporter's Books.
the case may be, the purchase price, and the ex¬
porter's sales price, and the action of the collector in
of
into the United States prior to the day of the enactment of this Act. ]
acting as appraiser as to the foreign market value or
or person
manufactured, produced, sold, shipped or consigned by such person, and
(2) may instruct the collectors to withhold delivery of merchandise manu¬
factured
produced, sold, shipped or consigned by such person.
,
failure continues for a
Title.
the collector shall
be cited as the "Anti-dumpting x\ct,
sold at public
1921."]
as
exported, to be
in the case of forfeited merchandise.]
Inspection of Importer's Books.
III.—ASSESSMENT
TITLE
Sec. 301.
[That
whenever
VALOREM DUTIES.
OF AD
Sec.
imported into the
duty or to a duty based
by the value thereof, duty shall in no case
merchandise
which is
United States is subject to an ad valorem rate of
regulated in
upon or
the merchandise, unless previously
cause
auction
If such
period of one year from the date of such instructions
any manner
be assessed on value less
merchandise.]
than the export value of such
States
405.
Sec. 302.
Value.
value
[That for the purposes of this title the export value of imported
exportation of such merchan¬
similar merchandise is sold or
or
or person
acting
as
appraiser,
or a
collector, or a gen¬
the Board of General Appraisers, as the case may be, to
duly accredited officer of tho United States to inspect
a
papers,
Export
appraiser,
an
appraiser,
permit
importing merchandise into the United
dealing in imported merchandise fails, at the request o ft he Secre¬
or
tary, or
eral
[That if any person
his books,
the
records, accounts, documents or correspondence, pertaining to
classificatioruof such merchandise, then while such failure
or
the Secretary, under
regulations
continues
prescribed by him (1) shall prohibit the
merchandise shall be the price, at the time of
importation of merchandise into the United States by or for the account
dise to the United
such person,
States, at which such or
freely offered for sale to all purchasers in the principal markets of the coun¬
try from which exported, in the usual wholesale quantities
ary course
all other costs, charges, and expenses
United States, less the amount, if any, included in
bringing
to
the
exported to the United
of merchandise
of exportation
country
The term
"person" includes individuals, partnerships,
associations; and
Tho term "United States" includes all Territories
and possessions subject
[ (a)
United States in existence at the
the
for
regulations necessary
[That the Secretary shall make rules and
Sec. 407.
enforcement
of this Act. ]
appraisement of imported
time of the enactment of this Act relative to the
merchandise (except sections 2874, 2976, and
the Canal Zone. ]
Rules and Regulations.
That wherever in Title I of this Act. or in the Tariff Act
of 1913, as amended, or in any law of the
Islands, the
jurisdiction of the United States, except tho Philippine
to the
References to "Value" in Existing Law.
Sec. 303.
title—
corporations and
[That when used in Title II. or Title III. or in tills
Virgin Islands, the islands of Guam and Tutuila and
States. ]
TITLE
3016 of the Revised Statutes,
and section 801 of the Revenue Act of 1916), reference is
of
previously exported, to be sold
in the case of forfeited merchandise. ]
Definitions.
the
United States, and
country of exportation to the place of delivery in the
the
as
Sec. 406.
plus, if not included in such price, the amount of any export tax imposed
by
public auction,
such price, attribu¬
place of shipment in
the
merchandise from
at
duties, and expenses, in¬
table to any costs, charges, United States import
cident
collector shall cause tho merchandise, unless
packed ready for shipment
incident to placing the merchandise in condition,
to the
and in the ordin¬
of trade, for exportation to the United States, including the cost
of all containers and coverings and
of
of
merchandise imported by or for the account of such person.
If such failure
continues for a period of one year from the date of such instructions the
and (2) shall instruct the collectors to withhold delivery
made to the value
and
by
principal markets) such
imported merchandise (irrespective of the particular phraseology used
Sec.
501.
[(a)
V.—DYES AND
CHEMICALS.
That on and after the day following tho
Act, for the period of six months, no
enactment of this
sodium nitrite, no dyes or dyestuffs,
derived directly
finished or
partly finished products, and mixtures and compounds of such coal-tar
products), and no synthetic organic drugs or synthetic organic chemicals,
shall be admitted to entry or delivered from customs custody in the United
States or in any of its possessions unless the Secretary determines that such
article or a satisfactory substitute therefor is not obtainable in the United
States or in any of its possessions in sufficient quantities and on reasonable
terms as to quality, price and delivery, and that such article in the quantity
to be admitted is required for consumption by an actual consumer in the
United States or in any of its possessions within six months after receipt of
irrespective of whether or not such phraseology is limited or qualified
including crudes and intermediates, no product or products
words referring to country or port of exportation or
or
after the day
reference shall, in respect to all merchandise imported on or
this Act takes effect, be construed to refer, except as provided in
subdivision
(&), to actual market value as defined by the law in existence at the time of
the enactment of this Act, or to export value as defined by
this Act, whichever is higher.
Section 302 of
'
-
If the rate of duty upon imported merchandise is in any manner
(b)
pendent
upon
shall be
an
1913,
do-
thereof, such value
Tariff Act of
in force prior to the enactment of this Act.]
as
of any component material
the value
amount determined
under
the provisions of the
for
[That when used in this title the term "Tariff Act of 1913"
the Act entitled "An Act to reduce tariff.duties and
the
(b)
provide revenue
approved Oct. 3
Government, and for other purposes,"
IV.—GENERAL
Statements in
Sec.
ments
401.
in
1913.]
of
an
PROVISIONS.
paper.
Sec. 402.
of
regulation prescribe, and a
of
[That the
an
owner, importer,
consignee, or agent,
making entry
to the statements
invoice, and in the entry, in addition
such statements, under oath if
required,
as
[(a)
for
other
"Sec.
purposes,"
25.
provide revenue for the Government, and
is amended to
read
as
follows:
That the value of foreign coin as
expressed in the money of
metal of such coin of
circulation of the
account of the United States shall be that of the pure
standard value; and the values of the standard coins in
various nations of the world shall be estimated
quarterly by the Director
of the Mint and be proclaimed by the Secretary of the
on
the first day of January, April, July and October in
(b)
Treasury quarterly
each year."
For the purpose of the assessment and collection of duties upon mer¬
chandise imported into the United States on or after the day
ment of this
of the enace-
Act, wherever it is necessary to convert foreign currency into
such
of this Act shall remain
importations under such
All unexpended funds and appropriations for
and maintenance of such
trol Act,
War Trade Board Section
shall become
in tesection. ]
and Chemical Con
appropriations available to bo expended by the Secretary
Sec. 502.
and authority conferred upon him by this
[That this title may bo cited as the "Dye
1921."]
Passed the House of
Attest:
INTO
That Section 25 of the Act of Aug. 27 1894, entitled
"An Act to reduce taxation, to
All individual licenses issued by
Representatives April 15 1921.
WM. TYLER PAGE, Clerk.
NEWSPAPER PUBLISHERS WARNED NOT TO ENTER
Conversion of Currency.
\
v
chemical import con¬
and
books, documents
the Secretary may by regulation
prescribe.]
403.
use
exercise of the power
required by the law in existence at the time of the enactment of this Act,
Sec.
the
funds and
Time of Entry.-
and
transferred to and be¬
Department and all books,
during the period of thier validity, and the
licenses shall be permitted.
specifying whether gold,
imported merchandise, shall set forth upon the invoice, or statement in
the form
Treasury
War Trade Board Section prior to the enactment
in effect
]
Statements at
employees of the
records of the Treasury Department.
invoice, in addition to the statements required
statement as to the currency in which made out,
or
and
trol of such War Trade Board Section shall become
by law in existence at the time of the enactment of this Act; shall contain
silver
cierks
documents, and other records relating to such dye and
Invoice.
such other statements as the Secretary may by
this Act the War Trade
shall cease to exist; all clerks
employees of such War Trade Board Section shall bo
[That all invoices of imported merchandise, and all state¬
the form
Upon the day following the enactment of
Board Section of the Department of State
come
TITLE
(including crudes, intermediates,
the merchandise.
Definitions.
Sec. 304.
means
indirectly from coal tar
NEWSPRINT CONTRACTS HASTILY.
Reciting that the production of newsprint paper has
largely increased during the past six months, and that the
consumption of newsprint in the same period had substan¬
tially decreased, the American Newspaper Publishers' Asso¬
ciation in
this
city
a
on
resolution adopted at its
annual convention in
April 28 declared that "the present contract
the
by previous
price of newsprint is, in the opinion of your committee,
price not determined by manufacturing costs, but
recommends to members "that
purchases
the spot market
on
It hence
Study of Methods of Americanization; and
Raymond D.
they be not stampeded into
Fosdick, formerly Commissioner of Accounts.
The Nationa
obtain."
which do not
competitive conditions
under contract by selling
or
The
predictions of higher prices, strikes, &c."
threats and
increased during the
past six months by the starting of fourteen new machines, increasing the
available tonnage to about 700 tons per day in the United States and
Whereas, Production of newsprint has been largely
and
Association
New
Employing Printers' Association in presenting
York
warranted
were
supply in the United States;
the present available
STRIKE
general
period has substan¬
committee, the
tially decreased, with the result that, in the opinion of your
Continent is largely in excess of the present
the opinion of your committee
In
tion in the year
newsprint consumption in
continue at a substantially lowrer level than the consump¬
the year 1921 will
1920; therefore be
it^
Resolved, That the present contract price of newspring
of your committee, the price not
strike
is, in the opinion
determined by manufacturing costs, but
obtain;
newsprint is freely of¬
the present spot paper market
fered in
reported at 3%c.
quantity at 4c,, with some quotations
Third,
is
It
strike
a
recommends to the
stampeded into purchases on
members of the A. N. P. A. that they be not
the spot
market
under contract by selling threats and predictions of
or
higher prices, strikes, &c.
Fourth—that your committee is
directing its best endeavors toward col¬
further urges
lecting all available information at its New York office, and it
upon every
the
of the data available
member that before making new committments, either on
spot or contract market, that he
shall freely make use
at the New York office and consult with your
further urges that, in
every member
benefit,
the New York office all quotations, with full
should report to
details which he may receive as to mail, tonnage, sizes, conditions,
Fifth—This committee does not concur that its function is to
to its
members, but it will upon request furnish all available data
and infor¬
is not ithin
Sixth—By reason of the organization of your committee it
for the
committee believes that co-operative buying movements
functions and powers to enter into co-operative buying
proper
members, but your
among various sectional groups of smaller consumers Is
advisable.
for continued
Seventh—Your committee further emphasizes the necessity
adherence to the present conservation
policies
as
being the most effective
method for restoring the normal price levels and preventing waste.
marine
of
WORKERS.
MARINE
OF
workers
American-
on
Shipping Board and by
against
formidable industrial disturbance.
a
reduction
a
in
of
living
has
unquestionably
and it would
wages,
strike,
The
declined.
greater or lesser degree, affects all
in
a
the principal ports on
Atlantic, the Gulf and the Pacific Coasts, and involves
marine engineers, firemen, oilers, coal-passers and
seamen,
other unlicensed
The sailing of coastwise and trans-
men.
vessels
Atlantic
in
several
been
lias
instances
delayed
by
inability of the operating companies to secure adequate help,
and in
some
scheduled sailings have
cases
had to be
even
postponed entirely for the time being.
The original
which
cut proposed amounted to about
wage
offered
was
by
30%,
Owners'
Steamship
American
the
Association, representing the private operators, who control
Admiral William S. Ben¬
about three-sevenths of the ships.
Chairman of the United States Shipping Board, modi¬
son,
which the action of members may be based.
mation upon
its
&c.
give advice
decreases
industries have been forced to accept wage cuts and the cost
Your committee
committee.
order that its services may be of the highest
wage
must prove futile, since workers in so many other
appear
the
with respect to available
view of the present situation,
that in
production, supply and consumption, your committee,
that
the
with
private companies, which went into effect May 1, still con¬
by previous competitive conditions which do not now
Second—that on
co-operation
owned vessels operated by the U. S.
tinues, and constitutes
and
consumption;
The
and
Whereas, The consumption of newsprint in the same
present supply on the American
in
worked
this time.
at
THE
«
Whereas, European newspring is largely adding to
Whereas,
Publishers'
evidence before the arbitrators to prove
following is the resolution:
Canada;
[Voi. 112.
CHRONICLE
THE
2038
fied the cut to 15%
and the private operators
modification.
Admiral
said
ators
Both
that
accepted liis
Benson and the private oper¬
they would consider
no
further abatement
while the
engineers and other workers insisted with finality
that they
would accept
The bonus
cut at all.
no
plan, which
put forward by Department of
was
Labor conciliators, did not appeal to the men as a guarantee
AMERICAN NEWSPAPER PUBLISHERS ASSOCIATION
DECLARES AGAIN ST REDUCTION TO FORTY-FOUR
HOURS.
is
following resolution adopted at its annual meeting in this,
April 27, registered its disapproval of the efforts of
on
the
unions
to
establish
being employed on
hours; and instructs its committees and officers to that effect
Resolved further,
indorses
the
forty-eight
At
the
of its
are
meeting
the
New
endeavoring to maintain the
adopted the following resolution:
The New York State Publishers' Association at
the
Waldorf-Astoria
unanimously passed
a
special meetihg held at
resolution pledging its moral,
a
Review of developments of
trial
and also
work
week of less
pledged to co-operate with them in resisting
than 48 hours,
OF
PRINTING
FIVE
NEW
YORK
The decision of the arbitrators in
between
the
New
York
unions whose contracts
was
TRADES
CITY,
the wage
Employing Printers and the five
provide for
readjustment
a
April 1
on
officially announced last week, the arbitration awards
being signed
Unions.
New
on
May 3 by the Employing Printers and the
The decision makes decreases (the first
York
retroactive
City
to
in
the Unions affected
as
New
Scale.
Printing Pressmen's Union No. ,51--$51 00
^_
Sheet Straighteners No.
119
$46 00
D>
$5 00 (9.8%)
No
vessels
of
teamen
and
sea
to
all
heard ship
1
this has
28 00
4 00
many
Press Feeders and Assistants No. 23
43 00
37 50
5 50 (12.8%)
Paper Handlers No.
38 00
33 00
5 00 (13%)
open to
the
readjust¬
unions
tion
based
on
the cost of
year,
such readjustment to be
living and the economic condition
of the
The employing printers applied for a wage reduc¬
25%.
The unions applied for increases in wages
industry.
tion
of
ranging from $7 to $10
sentatives
of
the
employing printers
acted
as
a
unions
week.
and
In addition to
two
two repre¬
representatives
of
the
the Arbitration Board, the following
final arbitrators: William F. Ogburn, Professor of
on
Economics of Barnard College; Allen T. Burns, Director of
power
to purchase
and in al¬
The
protection
of
American
security
indefinite
laws gives
the
It is because the Shipping Board wants to do full jus¬
States as well as to its personnel on
are
we
of
trying to establish its business on practical lines.
man will allow himself through ignorance of the
to the real issues involved in the present difficulty.
no
as
ocean
freight
has
declined
to
a
tremendous extent and
of many ships and the unemployment of
A general liquida¬
Competition has become extremely keen.
men.
is
an
better living conditions, more pay, more safety
for their dependents on land than the laws of
resulted in the tying up
taking place in all directions.
the resources at its command
protecting the interests of the merchant marine of the people of the
Shipping Board will continue to use all
United States.
on
a
April 1 and Oct. 1 of each
its original
citizens of the United
misled
movement
The
in
that
be
to
facts
the
anxious that
am
32 00
or
more
other nation.
Feeders
are
to
American yessels
any
The
by either the employing printers
operation.
hack
merchant marine that will
into all parts of the world in competition with
nations.
other
all
on
5 00
The wage scales of the above unions
in
started
American commerce
carry
5 50 (12.5%)
ment
already
has
You know that we are trying to build a
period.
35 00
1..
Full protection both now and after the controversy
all those who come to its
the ships
every
38 50
(12.5%)
with the position which
instance a reduction has been accepted.
business, either on land or sea, can run at a loss for
most
40 00
(12.5%)
the merchant
shipyards and repair yards have been asked to take lower wages,
5 50 (12%)
1—
personnel of
readjustments and many were voluntarily accepted.
Nor has the Shipping
Board singled out the seamen to accept lower wages.
The men in the
44 00
No.
the
Recognizing this, many of the other industries have adopted wage
goods.
Pressmen...
Job Pressmen and Feeders
if
This is the time for all loyal citizens to rally to the
keeping
tice
creases
Allowed.
40 00
45 50
in
dollar
The
at
Old
Paper Cutters No. 119
12%,
follows:
Scale.
N. Y.
about
The revised wage scales for
1921.
are
averaging
years)
many
April 1
granted in
that
will be given by the Shipping Board to
settled
assistance
negotiations
unfortunate
that the personnel on its ships agree
has taken.
support of their flag.
is
UNIONS IN
men
Shipping Board is enabled to keep its boats in opera¬
that the
fact
tion indicates
DECREASE
unbiased
all
in the labor liquidation of the
industry while benefited by the labor liquidation in other indus¬
the Board
WAGE
convince
should
fields.
The
such demands.
any
the regrettable marine labor controversy which
persists in refusing to do their part
marine
a
indeed
he
would
It
Board.
marine
whom demands have been
for
country
pursued by the United States Shipping Board is a sound one
financial and material support to those New York State publishers upon
made
seamen's
the
the
and a
fair one; that the existing economic conditions fully justify the readjust¬
ment of wage scales and working conditions on the basis announced by the
this
confronts
now
course
Publishers
York State
involved in
issues
the
strike, in which lie said:
.
week and pledges them its co-operation and support.
same
Association
who
members
system in¬
wage
Admiral Benson of the Shipping Board issued a
regarding
statement
That the American Newspaper Publishers' Association
efforts
hcui
efficiency
plans were the labor leaders did not 'explain.
On May 8
week's work below fotty-eight
a
few American lines was not success¬
Just what the definite distinctions between the two
stead.
Resolved, That the American Newspaper Publishers' Association declares
against reduction of the hours constituting
a
ful and that the men favored an
forty-four-hour week:
a
The union leader said that ex¬
compensation.
perience had shown the unions that the bonus system as it
The American Newspaper Publishers' Association, in the
city
of increased
As trustee of the money of
vital principle.
interests
ping
other
Board
merchant marine at heart
in
making the readjustments
American
No less
the people it cannot compromise
earnest appeal to all of you who have the
to come, with me and the Ship¬
I make an
our
of
effective in line with those of
industries.
than
three separate departments
ment have at different
of the Govern¬
times proffered to aid in the settle¬
ment of the controversy.
The Shipping Board and the De¬
partment of Labor have been most active, while Secretary
Hoover
of
the
Department
of
Commerce
bring about a termination of the dispute.
also
sought
to
On April 29, two
May 14
a
his stand had
why
stated
tiations and
The
avert
to
been uncompromis¬
the
fusal
of
basis
has
ored
May
the
1921.
is reluctantly
the situation
We
Most
it
conference reconvened
the
When
to
active the
Enclosed
tive
These
which called
President:
Mr.
..
be
will
or
and
report
a
shipowners
a
All
prayer.
in
organized
the
the
the
subsistence,
and
us
a
effect
the
do
to
abolition
utmost
immediately,
and
meeting until April 19.
impossible for
we
deemed
assistant
Able
the
personnel
met
them
of
all
pay
for
to
overtime
25%
work.
on
This
ended
Admiral
terested
to
the
As
Benson,
meet
Chairman
here
in
in
New
labor
wages
This took
until
York.
of the
Washington
Shipping Board, called
on
everybody in¬
There was
Wednesday the 27th.
163.50
A:
E
$330.00
140.00
85.00
provided
52.50
30.00
The old over-time wage
of the Shipping Board's
its stand on the wage
maintain
announced
determi¬
question, Admiral
May 12 that private interests oper¬
on
vessels to which the Shipping Board lias title
retain
15%
the
issued
Backing up this position, Admiral Ben¬
ships.
of
New York
would
taken where
lie
under the old
15%
cut
aggregating about
it appeared
that other com¬
their contracts with the marine engi¬
panies had renewed
the
the United Trans¬
It was made known that similar
55,000 deadweight tons.
action
from
six ships
order taking
formal
a
must
reduction into effect if they wish to
wage
Company
port
stewards
that all cooks and
hour.
an
further indication
a
Benson
ing
72.50
65.00
seaman
80.00
85.00
;
schedule also
ating
son
New.
$387.50
—
Class
engineer,
60 cents
was
on
meetings
asso¬
40.00
The
the merchant marine of America.
They refused.
We
April 25 and they refused to consider our proposals.
of
Class ,A_;.
be reduced .$10 a month in wages.
April last 1922.
There was no
Then they offered us conditions that were utterly
run
committee of this
Boy
We wrote them a letter offering to meet
possible to come to an understanding, to take
to
by the authorized
entirety
95.00
Ordinary
to accept.
We countered with certain propositions, which
absolute necessity for the upbuilding and preservation of
again
its
seaman
schedule of wages,
or
without enforc¬
Benson adopted
Admiral
which
as
the
Jijst how much shipping would he
lie learned.
It is said, however, that at
Shipping Board policy.
affected, could not
The
would be involved.
position taken
by the
Shipping Board, it was said,
is that
companies which refuse to enforce the wage cut are
likely
to
have
strike becomes
If
a
a
monopoly on coastwise shipping,
The
six
if the
general, by meeting the demands of the en¬
general strike were successful the other com¬
panies would be forced to tie
ships which
up
their vessels.
have been
taken from the United
Transport Company were obtained by that company on
part-payment plan.
with
the
us
of
with a strict understanding that they shall be put
Member companies are advised that no separate
Boatswain
agreements
amounting
schedules and working rules for the
Carpenter
American
reduction
wage
firemen, sailors and stewards, to be made opera¬
100.00
Third
place in the month of January.
them
in
engineer,
gineers.
offered
shipowners
William
Old.
night.
The
delegation which appeared in
agreements should be had with any labor union, as the matter-
handled
Chief
.
.
by
who
and effect.
least 50 ships
..:
accompanied
was
A. Thompson, Jr.,
Among the wage reductions were the following:
President Harding and sub¬
.
.
American
ciation.
and arrangements
Steamship Owners' Asso¬
ciation. the United States Shipping Board, the organized marine engineers,
sailors, firemen, marine cooks and stewards, these last three constituting
the International Seamen's Union of America, will cease with to-morrow
is
This
between
revised
new,
sent to you
force
discussions
following petition:
upon
It
April 30
on
by the
1921, by all member companies.
are
full
neers
the
the
are
May 1,
into
following day (i.e. April 30) Andrew Furuseth. presi¬
mitted
transmitted
signed by W.
chairman of the owners'
engineers, radio operators,
week.
people.
delegation
wage cut.
was
Benson in an effort to avoid the strike by a settlement.
S.
International Seamen's Union, headed a
to take whatever
Washington at the conferences called by Admiral
have forced
of the
America.
May 0 that such meet¬
on
Association.
Owners'
place the
dent
Association.
of
the subsequent de¬
steamship company
following letter,
reductions in cost of supplies and fuel.
I should
be remiss indeed in my duty as a responsible officer of the Government
if I permitted the maintenance of the wartime level of wage costs during
a
period when economic conditions, on the one hand, are saving money
for individuals while, on the other hand, the public treasury through the
same
conditions is being seriously depleted.
I have told the men, and
I now reaffirm it, that my record of forty-seven years in
the service of
the United States Navy
should be sufficient testimony that I stand for
fairness and honor and the full protection of the interests of the American
The
Beneficial
FURUSETH,
Seamen's Union
The Labor Secretary, after
15%
of wages
American
nation to
I
schedule
new
threatens such a serious blow to our new national
shipping enterprise.
I would point out that the Shipping Board has
made
urgent efforts in all directions to reduce expenses.
I have cut
overhead
within
the organization.
I have effected notable savings in
repairs.
Engineers
International
conferences, announced
every
was
reached a
which
action
WM. S. BROWN,
Marine
Labor Department
Davis of the
Steamship
emphatically that I have the keenest sympathy with the men and officers
of the merchant marine.
I must, however, record my regret at their mis¬
guided
you
the merchant marine.
of
direct part in
took no
working
the
adjust
(Signed)
seemed to him desirable.
The
reduced wage scale and a further confer¬
rules.
This final conciliatory effort failing
to
meet
with favor,
the conference was adjourned.
As
Chairman of the
United States Shipping Board I want to state
to
ence
maintenance
and
development
the
by the Shipping Board for a
organizations of the
marine
the
our
ings would be discontinued, in view of the firm stand taken
conditions
working
was
by submitting
respectfully submit the matter to you in the firm faith that
numerous
proposed by him.
The marine engineers
stated
that
they were unable to accept the proposal of the Shipping
Board, nor did the sailors, firemen, cooks and stewards or wireless oper¬
ators express a willingness to do so.
As a final effort to clear the situ¬
ation
and avoid
a
break Admiral Benson suggested the acceptance by
and
scale
Whereupon, it
you
We felt that we were doing our duty to you and to
respectfully,
retary
Steamship Association
Coast deferred to the
Chairman of the Shipping Board and accepted the wage
the
judgment of
did not burden
we
marine. |
for
course
Owners' Association, the Pacific American
the Shipowners' Association of the
Pacific
and
that
velopments connected with the dispute, but authorized Sec¬
stated that the American Steam¬
was
felt
The President
At the outset of
position of the Shipping
Board.
This involved a wage scale figured on the moderate reduction
of
15% and certain modifications of the working conditions.
After a
general discussion the Chairman adjourned the conference until April 29
to
permit opportunity for each group to discuss more fully the issues
raised
by the statement of the Shipping Board's position.
ship
offer, and again were refused.
our
we
President
called a conference of the
personally
Board
Shipping
the
of
Chairman
participants in the negotiations of the preceding
the conference the Chairman definitely stated the
that
the situation.
upon
It was then peremptorily refused by the ship¬
ANDREW
satisfactory assurance the sailors, firemen and
although urged to do so, refused to discuss the wage
conditions.
On April 25 these negotiations
deadlock and were terminated.
In the effort to avert a tie up of the American tonnage still
working
was
Where¬
Admiral Benson, stating that he would not bur¬
President
secure
stewards,
and
renewed
us
now
act
the
Having failed to
by
merchant
will
States.
and
We
the
aTid working conditions in line with the economic
This situation clearly foreshadowed a substantial
reduction of wages and virtual elimination of overtime and certain other
modifications making for economy of operation.
The negotiations were
conducted by the steamship interests with the participation of the Ship¬
ping Board as owner of four-sevenths of the American tonnage.
During
these
negotiations the engineers declined to consider any reduction of
the wage scale.
The sailors, firemen and cooks and stewards declined
to discuss wage scale or
working conditions until they received satisfac¬
tory assurance on certain points.
Three of th^se points
involved the enforcement of Seamen's Act. The
position of the Board is that any Act of Congress until definitely re¬
pealed or modified, so long as it stands upon the statute books, should be
enforced
by
the department charged with such enforcement.
Another
point involved the abolition of the Sea Service Bureau, which has been
doing most valuable service in the Americanization of the merchant ma¬
rine.
The
Shipping Board will not abolish the Sea Service Bureau.
An additional point involved a demand for union preference.
The Ship¬
ping Board as a Government institution must stand for that equality in its
relations to
the Government which
is granted to every citizen of the
cooks
opportunity to act
an
first refused by
with the matter.
judgment to yours.
readjustment of wages
was
sought.
scale
was
stated
situation
United
had
you
owners.
organizations make a voluntary re¬
working conditions. 1 hese efforts were futile.
Anticipating the expiration of the agreements on May 1, negotiations
with
the marine organizations were begun about April 12.
An orderly
adjustment of wages and
upon
This
stoppage at all the present condition should remain
den you
request that the marine
a
order to prevent any
This
them
had been held.
papers
merchant marine for the United States, and that
building up of a
the
in
until
should have
several other propositions made and refused.
were
to
preceding the present deadlock are as follows:
such intention
papers
preference among
made the offer to submit the entire question to you, declaring
willing to accept whatever you should deem most advantageous
ourselves
working agreements are effective with all marine Or¬
licensed deck officers, whose agreement expires Aug. 1
this year depresed condistions
of the marine industry
Early
fill, and that men with intention
time that
of
There
we
upon
ganizations execpt
prompted
length
refused.
1921
1
next
employment, basing the
of
chance
the
It.
Briefly stated, the events
concerned, the Admiral declared himself
was
in
would be qualified to
endeav¬
It is,
the people of the United
in the merchant marine. It
all the resources at its command
with
meet
to
confronts
Until
its obligations to
conscious of
protect their interests
to
compelled
which
The re¬
reasonable
prolonged negotiations.
The Shipping Board has
the men in the fairest and most conciliatory spirit.
deeply
however,
States
a
the law
favor of the carrying out of the law, and that he would do
what he could to have jthe law enforced.
We submitted as a proposition that in the matter of employment, the
American citizen
should
have the preference for any rating which he
and the steamship in¬
the need for readjustment on
recognize
to
men
in the actual income of the men em¬
other change in the other things, except that in so-far~*
no
the carrying out of
entirely
marine labor have come to naught.
break with
a
ended
meet
to
States Shipping Board
the United
of
efforts
terests
But
ployed.
as
The statement said:
ing.
proposed be from 40% to 60%
rules
outlined the progress of the nego¬
statement in which he
to us here, making it 15% of the
signed for on the articles, but the total cut would under the
actual wages
Admiral Benson issued
negotiations with the labor unions,
cut proposed
reduction in the
10%
a
effect, and after fruitless
days before the strike order took
2039
CHRONICLE
THE
1921.]
Shipping Board.
12 Admiral
the
The
Benson
said
In
that
a
statement made public May
his appeal for crews to man
ships had met with a gratifying response.
ment
the
title to the vessels still remains
The state¬
read:
My appeal to the seafarers of the United States to stand by
marine has met with a very gratifying response.
merchant
the American
Many
com-
2010
THE, CHRONICLE
munications
have
been
ships moving.
our
triotic
from
offering their services
men
its
to
aid
that
they will receive the fullest protection
positions both during and after the settlement of the controversy.
come
Reports
ships
of
are
course,
arrival
who
at
are
received
to-day show
American
these
ports,
position in this controversy
fair
spirit.
It is to
a
proposal to regulate the price of the article,"
them that I
opposed the bill.
UNION PRICE
FIXING—THE PHOTO ENGRAVERS'
you are
The American people believe in President
exemplifying in this State, of more business
in government and less
government in business.
go on
succeeding if
we are to have such a
American business cannot
plan as is contended for here by
labor."
Publishers have suffered for five years because of the practice of the
photo engravers, who have taken advantage of a technicality in the Donnelly
to
W Gov. Miller of New York has
signed the Meyer-M'rtjn
bill, amending the Donnelly anti-trust law.
The bill was
passed just before the adjournment' of the New York
State
It had been vigorously
Legislature last month.
posed by labor organizations, and
President of the American Federation of Labor
pers,
ceeded in
op¬
having it recommitted by the Senate;
suc¬
Senator Lowman to recommit the bill for amendment to the
Judiciary Committee
was
The bill
through
Gov.
revived
was
adopted by
Miller, and its adoption by the Assembly
a vote
E. J.
man
ment had
later the
This
of 78 to 58.
was
after
effected
was
just before midnight during the closing session
by
from
an emergency measure
on
April 17
motion of Assembly¬
a
Neary of Queens to recommit the bill for amend¬
been defeated by
vote of 83 to 57.
a
date rejected by a vote of
same
by
of 30 to 15.
a vote
to make it
a
At
the court decision interpreting
manufacture."
The enact¬
the act to place many products
outside its scope.
In par¬
ticular, it is stated, the bill was aimed at the price-fixing
whereby the Photo-Engravers' Union and their
the prices for their products.
the bill
was
On May 4
a
As to the
bill presented at the hearing,
said:
the Now York "Herald" of
May 5,
Every publisher in the State, including representatives of all the New York
newspapers, lined up in favor of the bill and asked the Governor to sign it.
The labor organizations of the State were
against it.
The Photo Engravers Union, whose
price fixing wjill De stopped by this
bill, appealed to the Governor to
appoint a commission to investigate the
trade.
Edward J. Volz, president of the union, said the trouble arises from
trade
a
disagreement
could be settled
by
between
publishers
a commission.
adopt the finding of
and
the
photo-engravers and
His union, the speaker said, pledged to
The
"The trouble with your
suggestion of my appointing a commission is that
a
great many similar suggestions have
of
having
a
iaw,
bepn made in other matters, that
the Governor
somebody, wholly extra-legal in that
own
or
somebody else should appoint
way, who would
nothing but his
oe
"My view is that if there is occasion for anything it should t.e
prescribed
country is that
one
of the difficulties under which
w:
suffering in this
are
have had too much personal
government, and if this is
we
a
for a law, then it
ought to De a law adopted by the Legislature."
Charles A. Brodek, speaking for the
photo engravers, said that unless the
trade is permitted to
adopt a selling basis which will preserve for it
case
of wages the trade will
revert to chaotic conditions which existed
security
prior to
Speaking of the photo engraving employers he said:
indulge in cutthroat competition we render ourselves liable to a
1916.
"If
,we
strike'on the part of the union."
"I
don't suppose you
say competitive selling is an alternative of
some
oe
with respect to this?"
com¬
The speaker said he did not.
different from
any
law?" the Governor asked.
with respect to
very
other with respect to the
"I don't
was
article
of
extend
why
a
drastic," J. T. Mahoney. counsel for the
call it drastic," the Governor
monopoly in the manufacture,
trade
and
you
or
make
commerce
the
rule
is
forbidden.
uniform?
interrupted.
production
Why is it
I don't
see
about it."
a
or
"The
sale of any
drastic tiling to
anything
very
posed if there
any
excepting when there is
anybody
^
announce it
I did not
as
cardinal principle it
a
AGAINST
I LAW
SANCTIONING
VOLUNTARY
UNION
PROTESTS.
Governor Cox of Massachusetts
permitting
suits
by
Organized labor has made
ing the contest clear
hearing
Governor Cox,
voluntary
associations.
stiff fighUagainst this bill, carry¬
a
the governor's office where
to
up
its
given
was
May'9 signed the bill
on
against
or
SUITS
ASSOCIATIONS—LABOR
representatives
after signing the bill,
onfSaturday
a
issued the following
bill
was
debated
at
length in the Legislature and passed by sub¬
stantial vote—in fact, there does not appear to have been
any division in
the Senate after the amendment protecting the
property
from attachment had been added.
of individuals
The bill applies to all voluntary associa¬
tions, whether of employers
or
found "holding companies" or
voluntary associations
employees,
controlling many large corporations.
of great
or
a
who
groups
have
convenient method of
Every such association ought to be
held responsible for its acts and it ought to be possible to bring suit against
such
an
Labor unions making a fair and legal fight need have
association.
fear of the result of this act.
no
claim
in
order
to
tie up.its
If
reduce
or
labor union
principle
that
on
in
the
as
a
equality with
an
collective unit,
sued
on a
goundless
then
they must
The
bill
recognizes the
the
law
the
of
eye
individual is responsible for his acts, and if
act
were
under Chapter 223 of the General Laws
discharge such attachment.
stands
organization
a
funds under attachment, I am confident our
courts would exercise their power
humblest
the
a
group
true
powerful
most
individual.
An
of individuals desire to
collective responsibility.
assume
Thirteen other States,, including such great industrial States as Connecticut,
has
suggested that the law in these States has caused
barrassment to any innocent party.
have won a great
any
injustice
or em¬
If any of our citizens feel that they
victory in the passage of the law,
or
if any feel that any
burden is placed upon them, I believe both groups will be disappointed.
new
The act relates merely to
procedure and in
changes any fundamental
no way
rights.
The text of the bill is
Section 1.
Section
1
of
as
follows:
Chapter
182
of
the
Laws
General
is
hereby
amended by striking out the first paragraph and inserting in place thereof
The following words,
as
used in Sections 2 to 11.
inclusive, shall have the following meanings:
the
Said Chapter 182 is hereby amended by adding at the end thereof
following new section:—Section
posed of five
may sue or
be sued in its
12.
Any voluntary association
com¬
and not subject to Sections 1 to 11, inclusive,
or more persons
common name,
but the separate real
or
personal
individual member of such association shall not be subject to
or
execution in any suit under
this section against such
asso¬
ciation.
Section 40 of Chapter 223 of the General Laws is hereby amended
by inserting after the word "in," at the beginning of the second line, the
words:—Section
against
a
1
of—so
voluntary
as
to read
association
as
follows:
described
in
Section
Section
1
40—In an action
of Chapter
"Isup¬
40 the following new section:
copyright
or
Section 4.
182,
uponfany
Said Chapter 223 is hereby amended by inserting after Section
Section 40A—In
an
action against a volun¬
tary association described in Section 12 of Chapter 182 service
I
astonished to hear
upon
patent.
reactionary doctrine
am
to oppose
monopoly."
say I advocated monopoly," Mahoney said.
(union) does," the Governor said.
from the suppression of
competition.
That is the
its president, secretary, treasurer, manager
Organized labor,
"The monopoly
^nonopoly
or
may
be made
other officer in charge
of its business in this Commonwealth.
the
people,
we are
told, will put the
measure
before
under the initiative and referendum, at
the
State election in 1922.
^kcTunion found could
it necessary
should be sold
so
to adopt a price at which its products
enjoy the conditions to which we are entitled "
we
Mr. Volz said in his
argument.
"Would you think that
a
THE ANSWER OF THE RAILROADS TO THE CHARGE
good thing to apply to all trades?"
thk
Governor
asked.
Where prices are based
on
the cost of production to eliminate
harmful
competition_it_might be good for business in general."
a
last.
statement:
against monopoly,
<j>nly way
v
monopoly and is detrimental to the
a
was that
That is what this
results
as¬
selling price
trustee thereof.
Mahoney said a moment later.
to prohibit monopoly?" the Governor broke
in.
were
convention
engaged in business in the Commonwealth, service may be made
The bill is reactionary,"
Reactionary
in
Association
and therefore
drastic
x
^
tends to create
MASSACHUSETTS
Sec. 3.
see
that
Publishers'
products;
or
best interests of all citizens.
attachment
.
union, said.
Jaw
Newspaper
Resolved, That the fixing of a minimum selling base of any article or
product used in the conduct of trade, commerce or manufacture is destruc¬
estate of any
"We do not ask
any different rule."
"The bill as
American
the
of
the effort of labor unions to fix the
concern
tive of competition,
Sec. 2.
"If it is unlawful to enter into a combination
other article why should there be
any different rule
proposed is
Newspaper
to the consumer of articles
the following:—Section 1.
petition ?" the Governor questioned.
"Why should this industry
convention
New York, New Jersey, Michigan and Ohio, have similar laws and no one
personal agent, to determine what ought to be done.
by law and that
American
Massachusetts
The Governor:
instead
annual
sembled views with
and
commission, Gov. Miller interrupted and said:
a
completely disrupts business in this country.'
the resolution said:
The
given by Gov. Miller.
arguments for and against the
as
F. J. Ridgway of the
<
the
The bill amends the Donnelly law
ment of the bill grew out of
on
asked the question
industry," said
Publishers' Association on April 28, a resolution on pricefixing, aimed at conditions in photo-engraving was adopted;
motion
or
hearing
"It
in
The Senate
30 to 14,
conduct of trade, Commerce
agreement
"Herald."
have
New York State Publishers' Association and others asked the Governor to
apply to "any article of product used in the
employers fixed
would
Herbert Gunnison of the Brooklyn "Daily Eagle," Ogden Reid of the New
intended to invalidate the bill, and then passed the measure
so as
this
you
York "Tribune," Collin
Armstrong of the Employing Printers' Association,
Victor Ridder of the "Staats-Zeitung," Frank Gannett,
president of the
vote of 28 to 18.
a
effect
point when
sign the bill.
motion by
a
what
The newspapers should
this tribute, he stated.
pay
New York
April 14 Samuel Gom-
on
longer
no
"You have put your finger on the
UNION.
(
they believe in combinations of labor and capital and suggest State
commissions to regulate prices.
act, Louis Wiley of the New York "Times" said.
NEW YORK LAW FORBIDDING LABOR
the Governor
contending for here is the establishment of soviet
principles in American business," Martin Saxe, counsel for the newspaper
publishers, said, opening the argument for those favoring the bill.
"They
Harding's idea, which
is especially gratifying.
especially appeal, inasmuch as all
negotiations with their leaders have been definitely terminated.
a
arrangement is that wages should be regulated by the price of the
Peter Brady for the Photo
Engravers
"What organized labor is
say
reasonable
unqualifiedly pin my faith in the common sense and good judgment of
personnel of the American merchant marine to meet the present issue
the
in
for permanent em¬
This endorsement of my moderate and
wages.
price of the commodity sold.
"That
article; this is
commented.
being rapidly replaced by those
are
men
to avail themselves of the opportunity
eager
to the
improvement and that our
considerable
a
siate Federation of Labor, opposing the bill, dis¬
fixing in the iron and tin industry, saying wages were adjusted
John O'Hanlon, for the
cussed wage
in their
continuing to sail steadily from all ports.
While some men are,
being prevailed upon by their leaders to leave ships on their
ployment at fair
I
to keep
Board feels that it can count upon pa¬
Americans to rally to its support.
Shipping Board further gives the most positive assurance to all those
The
who
received
The Shipping
[Vol. 112.
OF INEFFICIENCY
BY
LAUCK.
Representatives of the railroads, appearing before United
States Railroad Labor Board at
Chicago, made specific reply
May 14
1921.]
THE
CHRONICLE
May 6 to the charges of W. Jett Lauck concerning the
on
roads'
financial
performance and alleged inadequacies of
railway management.
entirely irrelevant to the wage issue and
were
to
behalf of the employees
on
becloud that
suggested
by
Secretary
of
Eastern roads
the
by John G. Walber,
Information of the
of
Bureau
the
fallacious,
were
A summary of the presentation
visionary.
behalf of
on
attempt
an
Eastern
Railways, follows:
With
1.
000,
of various mechanical appliances and in
use
general the
revamping of all facilities and equipment entering into railroad operation,
Mr.
Walber
"The
the
said:
suggested economies are not original or pioneer suggestions.
methods of
antiquated and inefficiently managed.
are
operation and maintenance.
"Notwithstanding the railroads have been using such devices, treated ties,
etc.,
of
which
upon
operating
much stress is laid, the operating results and the ratio
so
railroads
these total
amount
to
sonable
to
bear
the
($2,026,355,000,
economies would
that
in the
to
labor
affected
be
in
for labor
expenses
proportion that these items of operating expenses
same
total
as
operating
approximate 60% of the total operating expenses.
It is there¬
assume that 60%
of the savings claimed would have to
savings in labor, which would mean the reduction of
based
the
on
With
2.
without
Lauck's
3.
number
respect
668,000 employees
that various savings could be made
the roads pointed out that Mr.
Referring to
elsewhere
state
that
these
savings
same
will
be
ings"
amounting
to
the roads stated:
"Granting that expenditures for such devices
that it would
which
time
would
be
were
justified, it must be
wholly impracticable within
railroad that followed this suggested
practice could not survive the test of the Transportation Act
With
4.
economical
reference
to
as
to honest,
operation."
alleged
an
"This
railroads
on
and
a
through
year
and
5.
have
railroads
been
alive
this for
to
cost of
operation."
alleged
is
accounting,
shop-cost
on
the
roads
nothing in this statement which indicates that such
possible.
is
It
to
studies
merely
much
so
are
an
money."
prime
a
during Federal
ened
or
work
been
had
1%
that if
assertion
be
can
a
saving
t|aved it will
in
any
control,
the roalroads.
shop
of
system
proper
accounting,
met with
were
threat¬
actual strikes, because they used such methods after piece¬
abolished
Railroad Administration
With
and
were
then
discontinue
to
respect to other
instructed
such
the United
by
States
accounting methods."
accounting economies
alleged to justify a sav¬
ing of $50,000,000, Mr. Walber said:
"A
casual
consideration
how
onstrate
little
of
reliance
the
factors
be
can
entering into this cost will dem¬
thereon,
as
saving they point out the de-
one
and
in
addition
placed
merely call attention to the fact that
j
statistics
be
should
7.
and
in
another
exhibit
show
how
accounting and statistics
curtailed."
Referring to the roads' alleged failure to utilize modern labor-saving
devices for office work,
Mr. Walber said:
this
"In
instance, as in practically all the other allegations, they are
purely visionary and evidently prepared without any knowledge whatever of
is also
"It
the
that an alleged saving of $40,000,000 per year would
by the elimination of labor turn-overs.
This estimate is
noted
personal estimate of
assumed that turn-overs
is
tion
8.
an
can
an
"In
•
annual
damage claims
ignoring entirely the fact
ing.
It is
kind
the
tie
"It
per
commodities
renewals,
the period
carried
the
when
the $180,000,000
highest values ever known.
undertake
before
to install
require
this
alleged possible annual saving of $100,000,000
Walber stated
that
interest,
treating ties
a
in
part:
plant capable of treating 1,000,000 ties
approximately
installation
depreciation,
would
$500,000.
have
to
maintenance
of
Any
provide
the
railroad
the
plant
which
capital
and
and
cost
of
a period corresponding with the
life of the untreated
benefits would accrue.
Again it should be understood, in
it is only done to protect them against decay, and for this
over
any
treating ties
realized
from
the sale
of
securities
and from
properties and the service they are called upon to perform.
"Many of these carriers have, been charged with improper financial trans¬
actions, though long prior to the passage of the Transportation Act such
transactions have been in most cases carefully scrutinized and then
ap¬
proved by Public Service Commissions of the several States.
In addition
the
to
Public
Inter-State
and
Service
carriers
through which
1920
regulate
confers
of
many
the
upon
these
conditions.
railroad
capitalization has
bad
have
results
been
be determined
"Therefore,
railroad
on
in the past they have received public condemnation
borne
by the investors and not by the
the public using the railroads.
or
will hereafter
effect whatever
no
If any of the transactions to which reference is made have
proved unjustifiable
neither
as
gauged by stock
its
power
changed
events
wages or rates.
the
States
to
transactions,
improper financial transactions, as claimed by
repetition of such transactions would now be impossible
a
these
of
"At all
and
Commission
Commerce
the
of
Transportation Act of
if there had been
even
because
Commissions
operate' the
the respondents,
as no
property as
irrespective of
railroad
em¬
Wages have been determined and
any
railroad's capitalization.
valuation, rates,
nor wages have been
single railroad company, nor of all the
individual company is assured any return upon the value of
found by the Commission, the attempt to introduce these
bobd issue of
or
any
irrelevant matters growing out of transactions in the past
years, conduces
only to confusion and beclouds the whole issue respecting just and reason¬
able
wages."'
It was also pointed out that the right of the railroads to
apply
surplus
earnings
capitalize them is
to
betterments
and
subsequently
method of financing that has been uni¬
a
sponsible for the efficient
re¬
transportation system that the
Supreme Court of the United States, that there is
possi¬
no
ble danger in the future of over-capitalization in this method
financing, and that the valuation work undertaken by
Inter-State
Commerce
Commission
now
even
proves
conclusively that the value of the assets of the road far
exceeds
capitalization.
Continuing,
Seneff said:
Mr.
"The respondents criticized many of the railroads
their stock for par value instead of market value.
this
because they have sold
Again
insist that
we
specific argument really has no place in this hearing.
Suffice it to
however, that the principle of attempting to issue new stock in any
say,
amount
issue
the
at
the
on
existing market price
market
is
generally
an
the Governments of the world and
is
The effect of a neyv
unsound.
immediate depreciation
in price and
municipalities cannot escape this law of
supply and demand.
"What has been said
sale
of
tion
of
bonds.
all
Bonds
factors
respecting the sale of istock applies generally to the
sold
are
best
to
advantage
careful
after
considera¬
after
ascertaining what the public is willing to pay.
It is barely possible that the difference between par and what is realized
the
from
sale
but there
has
laws
as
they
derwriters
"A
now
is
by
represented
criticism of this
no
approval
of
paid underwriters,
commissions
means
courts
of
disposing of securities,
as
it
in fact, the
and commissions;
stand do not permit the payment of commissions to un¬
without
first
obtaining the approval of regulating bodies.
great deal is said in respondents' exhibits about interlocking direc¬
torates
the
of
railroads
transactions.
because
to
bonds
of
be
can
the -''Universal
met
the
and
Respondents
these
of
with which
corporations
attempting
are
interlocking directorates
to
create
some
great
they have
the
business
impression
wrong
that
is being done
public and to the railroads themselves, which claim cannot be
sup¬
ported.
"In fact it has not been shown that such transactions have resulted in any
injury to the public
tention
is
However that may be, the con¬
to the railroads.
or
completely answered by the fact that such transactions
governed by the provisions of the so-called Clayton Act,
ing Mr. Lauck, this is 'water
time
without
in
far
so
as
any
this
further
over
the dam,' and
discussion
as
may
so
are
now
that paraphras¬
be dismissed at this
wholly irrelevant and
hearing is concerned."
Referring to contracts made
only certain kinds of wood
are
pair of
ed out
public generally."
Mr.
would
the
been
have
surplus earnings have been honestly and efficiently applied to the better¬
ment of the
used,
experience of the railroads in this direction apparently
the
is estimated
assume
reason
as
which
immaterial
|'
on
certain railroads for
re¬
grown
The
connection with the
annum
would
ties
that during
losses is
knowledge that during the past three years Claims of
beyond any previous experience, particularly those
common
have
same
In
9.
for
Lauck estimated
Mr.
the value of the
of
individually and collectively, are making extraordinary ef¬
through bureaus and departments to reduce the losses under this head¬
due to thefts.
is
50%
railroads,
forts
this
incurred,
were
which
upon
saving of $90,000,000 could be effected, the roads replied:
arriving at this estimate,
losses
The
individual and, from the way it is used, it is
be eliminated.
The fallacy of such an assump¬
apparent."
Regarding loss and
that
our
follows:
as
"Funds
the actual conditions.
be accomplished
it is
within the purview of the elements set forth
reply to charges of financial mismanagement of the
part
we
sirability of introducing systems which require largely increased accounting
and
come
Transportation Act."
neff, General Solicitor of the Pennsylvania System, said in
re¬
The roads also pointed out that while time
essential
nevertheless,
strikes,
of the
and
case
railroads, the spokesman for the Eastern roads, E. H. Se-
the
amount
6.
In
of them
none
307
Section
are
fallacy of
justification
no
We have studied these exhibits
standpoint of their relevancy to the present
belief that
of
savings
:
"There
is
the
there is
Commission, the Inter-State Commerce Commission and the
The
steamships.
Referring to
plied
the Board giving serious consideration.
for
analyses have
indicate the utter
country enjoys, that it has stood the test of Public Service
are
reduce the
and
of the claims which, from the merit alone,
from
and
less public statements which
or
someone's estimate
on
constantly studying the situation adopting where found prac¬
ticable and economical, such mechanical devices and other means as will
years
more
consideration
proper
saving of $350,000,000 at all points in the United States
allegation is purely hypothetical and based
total possible
a
by the compilers from
versally approved in this country and has been largely
$50,000,000
saving of
freight handling at terminals, Mr. Walber said:
of
been made
accepted without
brief period of
any
would be immediately
justify the statement that they
available and the management of any
efficient and
honorable Board the extent to which consideration
your
railroads,
Lauck's statements headed "immediate sav¬
$272,500,000, covering economy devices for locomo¬
Mr.
of
one
tives,
manifest
attempted to analyze in great detail each of the elements
of saving presented, but we believe that the foregoing will demonstrate
to
expenditures,
capital expenditure of $558,000,000.
a
alleged economies, and in conclusion Mr.
"We have not
ployees
1920."
statement
the
capital
exhibits
own
in
service
in
to
additional
made with
An analysis was made of other
At the present time expenses
expenses.
man
ating experience."
these
reasonable to
fore
be
the
stated by Mr. Lauck)
one-third of the total operating expenses, it is rea¬
economies
than
more
assume
and material
for
extent as claimed, nor does the experience of
any
justify estimates of economies of the magnitude represented.
"Since
now
to gross earnings do not reflect economies capable of
expenses
being measured to
that
any increase in traffic units beyond a
hours is due entirely to the increased effi¬
This is absolutely at variance with all raidroad oper¬
presupposes
Walber stated:
From
We deny these
presumptions and point with pride to the records of performance, cost of
operation and service rendered the public, which are acknowledged as being
superior to any railroad service in the world.
The facts are that the rail¬
roads have been engaged for a great many years in investigating, studying
and applying the most efficient means and facilities for improving their
railroads
mile—Mr. Walber said:
one
statement
ciency of employees.
in
reading of these exhibits one might get the impression that the Ameri¬
can
"The
proportionate increase in
many
respect to alleged possible economies amounting to $2,026,355,-
through the
carried
passengers
alleged economies
that the
spokesman
employees'
the
theoretical and
made
but also
issue
respect to Mr. Lauck's exhibit intended to show efficiency of
units—i.e., tons hauled one mile and
railroad employees measured in traffic
The roads pointed out not only that
the voluminous exhibits offered
With
10.
2041
treated."
to
cars
that
and locomotives in outside shops, it was point¬
the
question of these contracts is
now
subject
investigation by the Inter-State Commerce Commission,
and that the railroads
State Commerce
contracts
outside
and
show
shops.
will, at the hearing before the Inter-
Commission,
A
the
prove
the necessity for such
comparative costs in railroad and
recent
statement
by
Mr.
Samuel
Rea,
President
of
record
showing the situation which necessitated the re¬
as
the
Pennsylvania
pair of equipment
System,
in outside shops.
was
read into the
[Vol. 112.
CHRONICLE
THE
2042
Unwarranted
HEARING—REPLY OF
DEMAND FOR A LIVING WAGE.
THE RAILWAY LABOR BOARD
CARRIERS TO
In
Railroad
closing presentation to the United States
In the
behalf of the rail¬
Walter, Secretary of the Bureau of Infor¬
Eastern Railways, and spokesman for the
Board, made at Chicago, May 7, on
roads, John
of
mation
G.
the
advanced as fundamental by
carriers, replied to the theory
and
termine
Board shall de¬
a
living wage before considering the
wage reductions.
Mr. Walter said in
apply
interests for
roads'
part:
and
ready
socialism
to
or
To accept the contention of
employees.
employees in this case is to accept either one of these and
true fundamentals underlying
the whole of our economic
structure.
.
the
At
to discard
and social
time
same
spite
respectfully call attention to the fact, that in
we
employees' plea for a so-called living wage as a first consideration
this case, nevertheless for the last ten years they themselves have argued
the
of
in
the cost of
do
living
Willing
railroads
The
Reasonable
Pay
to
just and reasonable
in other words, a fair day's pay for a fair day's work.
ignoring humanitarian considerations, but on the other hand
not
We
we
Act
Utopian ideals, however pleasing
men. or anyone else on pay-day.
are fully in
accord with the principle laid down in the Transportation
that efficient and satisfactory service cannot be expected for wages that
are
not
to
against
up
But
practical problem, and
a
reasonable.
just and
to
reasonable
and
just
pay
basic standard minimum wage of every individual
employee, regardless of work performed, regardless of age or sex, regardless
of locality, regardless of ability, initiative arid loyalty, regardless of the
cost to the public that must pay the transportation hill, and regardless
a
should
that
considerations
other
of
determination
the
into
enter
of
by
expressed
without
the representatives
that will
dition
diametrically
American
of which
presented
does
the
whether
determined
he
doctrine
this
of
before
the
theory
in
such
the
danger
condition
a
is
person
producer
a
willing
or
of
lead?
Is
collapse
be
to
able
unwilling,
or
non-producer,
a
or
of
ment
in
standard minimum
a
—means
of
one
two
our
that
created
\vj
in
the
a
cer¬
wage,
whether employed
or
unable?
class by (
a
classes of
of
the fact
to
enforce
the
then
that
to all railroad workers
pay
railroad
employees
is
they
their will
wage
the
on
minimum
same
is established for railroad workers.
to
enjoy emoluments simply and solely by
railroad employees and have the economic
are
the rest of the country.
on
are
unable to produce the equivalent
are
relieved
of
their
jobs.
of what
they
the
In
the
for which they
purpose
Therefore we can¬
submitted except to becloud
"water over the dam."
are
of the principal arguments
some
to
secure
were
unheard cf
previously
a
is restricted
which
and
ficial
dustries
methods,
which
with
basis
comparisons
Rates
of
these
that
by arti¬
only basic in¬
the
are
be made.
can
Other Industries.
in
Pay
each
from
industry,
outside
rates and wages were fixed
to say
and
with
comparison
of
whose
industries
to
unsound
submissions
The
not only cast aside
used by them in the past in their attempts
increases, but have also by their arguments attempted to set¬
wage
railroad
the
show
between
comparison
rates:
pay
:'iop crafts alone cover 1,235 plants and approximately 156,000 employees.
the
of.
representatives
by the railroads,
organizations have repeatedly stated that wages in outside industries
ire
us high or higher than
corresponding work on railroads, that wages in
outsid,v industries lun e not been reduced.
We are astounded at the effron¬
tery of the >3 statements,
-"•dnc'.ic
:ik
h id
■
With
rcgardlers of
in practically
wares
contention made by the rail¬
any
least
informed of
citizens that
our
all of the industries of the country have
taking place.
are
respect to the employees' claim
three
losses
as,
knowledge to the
common
in
s
present
their
at
years
they
during
sustained
have
that it would take
to
wages
the
the
recoup
the
war,
railroads
said:
It must be
made
be
apparent that any claim they may have for reclamation should
railroads
during the period of controversy, and that there
obligation
the
upon
railroad
ployees at this late
this
which had charge of the
against the United States Government,
is
rule
no
corporations to
is absolutely
reimburse their present
no
em¬
date.
statutory construction known to the jurisprudence of
of
permits,
which
country
under
theory
the
the
of
subservanc-e
the
of
public welfare, the reading into any law the theories and doctrines of po¬
litical economists however plausible they may be, when the law enacted
leaves
doubt about its
no
The
he
but
he would
as
in which
complains,
legal effect.
as
It
Finds
It.
representative is evidently construing the law,
employees'
it,
meaning and
Construes Law
Roard
like to have it read.
He has selected
not
the
he
as
wrong
the remedy, if remedy there be, the conditions about which
as
this board has
no
alternative hut to construe the law
as
it
finds it and in accordance with the purport of its plain and simple language.
pro¬
to
industrial
welfare,
be
to
find
any
which
he
place in
says
the
are
laws
of
so
important
this
country;
are
but it will have to he done through the enactment of laws
applied,
in their meaning
and unequivocal
plain
just as
are
fundamentals,
have to provide the legal machinery through which they
Congress will
to
idealistic
so-called
the
Applying the theory then to the farmer and to, other class¬
above investigations
Notwithstanding the
If
That must follow unless those who do
workers, the railroads went
improper
alleging
Walber stated:
presentations by the organizations they have
paid
equivalent of what they are paid, or some other part of the peo¬
ple, make up the deficit.
How long are workers in other industries
going
to permit such a one-sided state of affairs?
of
exhibits
of
mass
the real questions at issue.
forum
some
the
es
conceive the
not
power
We take it then that rail¬
other
he
the
is.uc, and from the language of one of the principal spokesmen for
finds
for
duce
at
reason
willing that those of their fellow workers who
shall
upon
mismanagement. Mr.
organizations these matters
This
are
or
itself
circumstances.
to
standard.
employees
reason
be
to
are
a privileged class, to the exclusion of other
industries; or second, that the wages of all em¬
other
minimum
a
worker
of
that
first,
industries should he based
Suppose that
road
those
when
time
a
placed
Surely nothing could be farther from the truth or from the question now
There
themselves,
workers in
ployees in all
basis of
wage as a
things:
enjoy
they
during the
itself
labor
hand,
during
essential,
Referring
them
Carry out the theory advanced by the railroad employees—the establish¬
class
other
afterwards
under
benefit
That is going to happen should
it?
Is
for all
wage
eminent
save
accorded
the treatment
perquisites which
and
privileges
entire period of the
production at its highest point
the market to be sold to the
highest bidder and follow industrial activity to those places where it could
command the highest price for its services.
This was entirely a proposi¬
tion of supply and demand, and labor itself did not fail to take the full
On the
and
some
agencies of the Government are going to decree
each citizen, that is to constitute a minimum
for
sum
unemployable,
put
a
roads, it is
of the fundamen¬
series of questions,
a
minimum
a
universally.
theory
States where
fixed
tain
so
and
'
economic structure
United
is
institutions
American
some
as
be applied
wage can
resort to state socialism to
apply
we
which
on
follow:
what
present
by the American people because it
principles
first
must
living
the
of
tolerated
to
that
have been founded and maintained.
progress
tals" which
To
be
net
opposed
railroads then
The
a
Unsound.
Wage
that the doctrine
opinion
our
with
those familiar
and
many
enjoyed by similar occupations in outside industries, wc
sufficient statement that labor is not treated as an inanimate
and the rates being paid by neighboring industries.
In certain inVances, ruch as on the Pennsylvania Railroad, their investigation as to the
a standard minimum wage as
employees should be paid to all
regard to other essential and determining factors, leads to a con¬
is
must
the
not
arc
absolutely
they
Minimuvt
of
is
Mr. Walber stated:
claim,
labor,
was
fair
compensation.
It
which
up
obligation
the
that
admit
cannot
we
involves paying
wages
commodity subject only to the law of sup¬
a
this
denied
railroad
thing.
will not satisfy railroad
contemplate,
Wre
as
war
to
performance,
are
We
present
our
Allegations of Mismanagement.
just and reasonable wages in return for
their employees
the American people a standard wage which
structure.
Wages.
desirous but anxious and willing to pay
only
not
are
or
respect to the charge made that the railroads con¬
financing and
so.
are
to impose on
ply and demand,
when it was expedient to
basis for wage adjustments
as a
established
or
economic
With
feel
willing to
and
sider labor
and
The railroads do not believe that the
intended to establish, a super-privileged
inevitably lead to State Socialism and the undermining of
social
people of this country are
do not believe that the
managers
leged class composed of railroad
the
must
The railroads believe that
railroad workers.
to
Act
class of citizens
accept as fundamental an untried theory of state
countenance the creation in this country of a super-privi¬
railroad
contemplate imposing
of introducing
does not
Act
that proposed by the spokesman for the employees for
as
worthy of his hire.
Transportation
to
The
the
laborer is
the
Transportation Act.
by
Transportation
determining compensation
for the employees, that the
the spokesman
the
the public charges for transportation for the purpose
such method
any
Labor
opinion
our
upon
as
is the Transportation
of 1920.
Act
to say:
on
FIX RAILWA Y EXECUTIVES PROTEST TO RAILROAD
Evils of
The
question:
involved
in
cation
is
an
one
,
a
have
we
propounded clearly
intricately
high-sounding phrase, "the standard minimum wage" ; that
evils would
result to the
prosperity of our country if any
made to apply the so-called principle without
having worked
was
most
and
comprehensive and detailed
the
particular group
these
to
answers
opportune time to
of
an
the method
manner
questions.
inaugurate
of
We cannot conceive
It*
appli¬
that
this
untried Socialistic experiment with
nation's workers.
our
The carriers then
called
attention to
a
recent
statement
of
Judge Wilfred Bolster of the Supreme Court of Massa¬
chusetts, who refused to act as arbitrator in a
dispute be¬
tween the publishers of a Boston
daily newspaper and the
Boston Typographical
had demanded
a
Union
on
the ground that the latter
specific minimum wage without
"A
living
bounds
be
wage as an
wages
of
whole created
demand
for
total
paid—and
ent
an
all
absolute thing by itself is
groups
community
the living
must
necessarily
production—the
wage
of
any
Judge
be
final
the
In
]>lea
ern
executives,
railway
charges
waste
of
by its contribution to the total fund
Continuing the railroads stated: v
OF
be
of
of
a
all
proportion
production.
the
& St. Paul;
before the
general
a
reply
The
the
to
executives,
of
the
Chicago
Gorman.
E.
Pacific, and M.
Western,
aimed
President of the
their
attack
in part:
the
matters
tended
sole
&
Bock
at
statements
unions.
issued
The letter
'
purpose
of these statements is to divert public attention from
actually pending before the board.
to discredit
Chicago,
Felton. President of the Chicago
by W. J. Lauck, the economist for the
said
Burlington
Prsident of the Chicago Milwaukee
W. H. Finley, President of the Chicago & North
J.
&
"The
of
7
letter, signed by six West¬
mismanagement.
and
Quincy; H. E. By ram,
must
The pres¬
a
making
President
Holden,
Hale
Bolster
within
which
May
on
Charles H. Markham, President of the Illinois Central RR.;
Island
of
of the railroads
Great Western,'presented
cago
Western;
The total
contained
out
must
ignores the element of contribution."
delusion.
a
fund
group
CHARGES
Railroad Labor Board, Ralph M. Shaw, counsel for the Chi¬
equally
in part:
living
AGAINST
MISMANAGEMENT.
Great
specific guarantee of minimum production.
said
BOARD
LABOR
indicate how
this
serious
most
attempt
out
is
that
"Standard Minimum Wage."
They
are
bald propaganda in¬
private management and promote the
Plumb plan.
We
respectfully protest against the board continuing to allow hearings before
it,
to be made a means
of spreading this propaganda.
MAY 14
"We
it
Inter-State
have
upon
laws
and freight rates
specifically
bases
the
of
the Commission itself.
railways pay excessive prices to these other
material from literally
buys
hundreds of
coal, iron and steel, lumber and equipment companies all
is
claimed
the
while
that
have
managements
handled
tion
employee
to
In
facts.
241,541 and in 1919 only 208,026.
was
insure
"When
000
of
Labor,
has completely
made
economies
claim
that
ter
Department of the American
to
$2,000,000,000
over
$1,000,000,000 to $2,000,000,000
the
and at
management,
reductions in the
a
a
there
should
lew
propa¬
to
the
clear
a
transportation
public.
understanding of
problem
has
and
the
of
be rendered at
can
largest
possible
More
amount
HUDSON BEFORE
BY
RR.
Rates.
but
provide
to
make
period
it
Important
adequate
facilities.
In
assent to
they
a
times
not alone to give
of
prosperity the
than the rate itself.
So that
more consequence
impossible for them
prosperity,
of
schedule of rates in time of depression
to provide adequate facilities against
be
would
to
recreant
duty
a
they
JE'TT
TV.
LAUCK.
Lauck.
for
economist
the
labor
the
attack
the
on
railroad
of
honesty
finances,
that
normal
fiave
railroads
they
the
in
sold1 for
were
annual
F.
Loree,
President,
meeting of the stockholders of that
1021,
10,
L.
Lauck
said
amounts
these
understated
has
the
except
received
amount
They
The
Lauck
Mr.
that
the
matter
and
then
public
of
fact,
wrongfully
is
the
added
Such
the
of
statements
where,
Loss
and
by
the cost
to
mind
and
But
to
Account,
is
the
the
required
as
Commerce
characteristic
in
correct
Mr.
of
the
As
Public Service
by
of
he
was
We
ited.
nor
Lauck
Wage Arbitration
Such
a
No
organization
research
bureau,
weird.
these
in
and
the
actual
revenue
investment
reasons
show
railroads will
also
show, I believe, that they
turned
are
as
now
whole railroad
future,
will
on
realize
the
and
a
railroad
result of the hearings before the Semite
a
far
a
the
to
better
understanding
the
on
of
part
the
situation.
a
Com¬
SAMUEL
and
He
Service
has
Samuel
"The
that
has, he insists,
used
your
where he
4
times would
should
before
the
outlined
to
appear
be
not
be
and
and
President
to
without
results
by
their
are
a
who
THE
financial
has
had
editor
advisory
of
asso¬
other corporations, on May
Harding
which lie calculates will
dent asked
if
he
plan
a
for financing the
ate
is
outgivings.
expected
plan in
invite
to
a
that he
so
The Sen¬
study of the railroad problem,
Barker before it
Mr.
his
explain
to
We have been furnished
detail.
more
per annum
submit it to Senator Cummins.
committee, now making
some¬
$255,000,000
save
After hearing the plan, the Presi¬
might have it in written form
could personally
complete
the
disturbed
of Philadelphia,
Barker,
American,"
their present costs.
on
thoroughly discred¬
was
lasting harm.
any
"consulting economist."
a
Shareholders
testified
FINANCING
railroads of the United States to at least $4,000,000,000 in
same
long continue to deceive the country,
company
II.
North
ciation with chief railroads and
of
type
calcula¬
the
FOR
not
was
9's, and maintains
as
PLAN
BARKER'S
II.
RAILROADS.
use.
spring when he
Board and
by his false statements do
times
last
of course, cannot
man,
be
will
there
public of the
ways
Mr.
know
to
came
The
confident that
are
Committee
figures.
Anthracite
reduced freight
upon
situation.
charged
Public
mathematical
a
them
uses
the
Commission,
Lauck.
results
since
one,
thereon.
return
a
to
property devoted to public
being disappointed
result
new.
to
really $1,031,275,
was
tion, he calmly turns the 6's upside down,
the
funds
new
approved by them and sold at prices
were
Inter-State
your
are
pay
submitted
The discount, which
Profit
Commission
used
were
mission, and, after examination,
approved by them.
against
be
required
four issues
all
raising of
sum
expendi¬
to charge that the difference is in fact water and
on
goes
the
for refunding maturing securities.
betterments, and
in¬
to
as
of extraordinary
year
explain to the Senate Committee the
railroads
the
of
eyes
managers
transactions for
four
cover
additions
an
will
control.
no
progressively improving
Mr. Loree then added:
for
a
rapidly, surmounting their difficulties and from
are
$30,116.
by
high
so
commodity.
a
from
The railroads will
expenses.
railroads had
Mr.
that
be
may
specifically that the greater
part of the increased expenses of 1920 are due to causes over which the
May
company on
correct
are
these
for
they
Expenses to Be Accounted For.
The railroad executives
the
at
earn
railroad
All
of $34,951,000; that these securities
$33,880,009.
of
appreciable
property.
unable to
were
American
Delaware & Hudson company had since 1011 issued securi¬
ties in the par amount
individual rate shall be
no
movement
just emerged
tures, expenditures so large that even with grea(tl.V
charged before the United States Railroad Labor Board in
his
the
with
The
unions,
that
expenses
managers
moment to adjust rates to changed economic conditions,
certainly to the end that
terfere
Jett
W.
rest assured that the railroad
may
straining every nerve so as to reduce their
are
and
cannot
-
public and the Congress
able at the earliest
LABOR BOARD
with
traffic.
course
the railroad managers
The
DEL. d
its
which will promote
a rate
of
escape.
PRESIDENT LOR EE DENIES ALLEGATIONS AGAINST
the
evinced
of
aware
Than
rates,
which
a
fully
are
adequacy of facilities is of
if
payroll, the inconsistencies and baselessness of their
has
facilities and complete protection to public interest
a disposition actively to co-operate
Facilities
becomes apparent."
ganda
service
responsibility of railroad management is of
The
no
economical
Commission
the feeling in many quarters
railroad rates are excessive, and the
unremitting' effort of
managements of this country is to provide service of such
movement
the
they
be
and
American
and efficiency that it
economy
could be saved by bet¬
year
time contend that
same
When
year.
basis of friendliness and co-operation which
wages for the largest possible number of
on a
Commerce
the
Federation
him by estimating that there could be
outdone
amounting
the
But
satisfactory
managements
railrcad
the
Mr. Lauck has estimated that the railway man¬
$1,000,000,000 a year, while B. M. Jewell,
Employees'
Railway
economic
reduced.
managers.
certain
that
large business their operating
year, of which $4,000,000,-
a
'wasting'
have been
the
of
still handling
were
running about $6,200,000,000 a
going to labor.
was
agements
head
railways
were
inexorable
public also is manifesting
Railroad
the
expenses
of
should be
no
efficient
an
of
adequate
The
In 1920 it had increased
operation
wages
in
railroad
221,921.
railroad
co-operation with the public and with the railroad managements,
work out the difficult problems of regulation in a manner which will
to
per
in
Inter-State
nature
desire
the
Of ton-miles of freight handled
the number
1916
and
The
This claim is in direct contradic¬
employee has increased.
per
to the
have
in work at
result
real
'productive' efficiency of the employees as measured by the amount of traf¬
fic
that
necessary
fight with their employees and the supreme aim
railroad management in America to-day is to establish its rela¬
every
men
con¬
different
inefficient,
regret that the
managers
it
tionship with its employees
will
the country.
over
been
railroad
makes
3043
railroad managers
rates
supplies and equipment are under the same financial control and
Every railway
"It
The
whole is excessive.
as a
passengers
Commission
CHRONICLE
charged that the railways and concerns from which they buy fuel,
in consequence, the
cerns.
effect
no
Commerce
valuation made by
a
"It is
materials,
that,
this would
were
the
upon
THE
deny that the capitalization of the railways
Even if
since
1921.]
outline of
an
it, as follows:
RAILROADS
WELCOME
HEARING
BEFORE
SENATE
Provide
five
COMMITTEE.
In
with
connection
Committee
the hearing begun
Inter-State
on
Commerce
before the Senate
in
Washington
011
Tuesday (May 10) T. DeWitt Cuyler, Chairman of the Asso¬
ciation
of
Railway
statement,
welcomed
saying
the
P.
Thorn,
witnesses he will
put
Baltimore & Ohio
the
Southern
undertaken
of the railroad
General
Counsel
for
the
following
Executives
Railway
by the Senate.
Association,
and
Julius Kruttschnitt,
Board of
by other witnesses
prepared to deal with all phases of the railroad situation.
Gist of
In
vade
general
a
the
The
is
It
not
crisis
a
of
of
service
peculiar to
this
indicate the spirit which will
the
incidence
world-wide
railroads
arising
of
through
passing
the United
from
Feeling,
as
acute
we
do, that
per¬
It
is
depression, jso
we
feel
that the
railroad
now
situation
has
likewise
definitely turned for the bet¬
'■>
The
last
Congress,
in
passing the
books the most constructive
statute
situation
which
has been enacted
Transportation Act,
into
law
dealing with
placed
in
the past
our
upon
the
transportation
In
in
and
railroads
provides effective machinery for remedying, in
national legislation, the difficulties in which
by
are
not
due to the
Transportation Act, and the Transportation
so
far
the
as
it
may
railroads
be done
now
find
themselves.
The
the
tion.
people
of
the
asking
for
railroads
do
not
amendments
approach
in
Congress
or
the
existing national legisla¬
They desire to make perfectly clear their present situation, arid the
they are taking and propose to take to work their way out of
measures
existing
difficulties.
any
cars
retired
be
to
the
serially
fifteen
in
the public Treasury, but to
on
The
purposes.
Government
be
car
bear
to
service payment obli¬
5%.
They would
security of
a
other
or
in
to
States
lines
year,
be
per¬
fixed
a
quire
for
a
credit
similarly
700,000
of
tions
above
into
It
urged
railroads
normal
ample,
it
was
ployed
to
the
presses
tation
the
protected,
which
so
freight
United
will
equipment
that the parts
re¬
and
necessary
reduced from what is
can
be
accomplished
calculated that the
now
to
neces¬
both
interest
and
savings
on
over
what
cost of
commissions,
it
now
financing,
would
exceed
more.
upon
lack
the
and that
President
public,
to
power
to
even
if it
Harding
that
under
existing
condi¬
be
carried
finance
was
in
freight
and
passenger
pointed out that while the railroad facilities at the moment
and
for
over
in any great way by any of
possible the cost would be beyond
earning" ability of the railroads to meet and an excessive bur¬
the
upon
one-
amortize
repairs in relatively few shops, it is figured that
is
annum
per
the old methods,
the
to
margin
railroad financing,
standardized
$155,000,000
consideration
Barker
the
a
in number ample for the traffic
pooling
be greatly
supplies would
the railroads.
By
cars.
to be closely
cars
in
raving of
Mr.
with
and
extended
cars
without
entirely
country,
and by making all
sary,
in good repair and
cars
capital investment within five years of probably $1,350,000,000
new
purchase
costs
Such rental would provide
service certificates, to retire
car
provide standardized freight
the
carried
of each car, railroads paying for
within their life,
them
in
obligations.
provide transportation services
daily rental.
the
such
contingencies.
causing the
be
on
are
cars
obligations, the Government
meet
to
would be distributed where needed
cars
maintain the
to
investment
Government
to
of
company
amount
the railroads and to
fixed charges
pay
each
and
With
their
the extent that the
To
and credit.
assets
trusteed
get maximum service out
to
on
capital
needs
den
managements
American
corporate
would
$100,000,000
Transportation Act has not broken down; the present difficulties of
the
capital
by
equipment trust
way
of
fund
taking
Act
form
by the railroads to investors, making
conjunction with
15 years.
Difficulties Not Due to Transportation Act.
The
in
at any time,
throughout the country the freight
a
measure
for
issued
so
sale
a
understandable
the world has definitely turned the corner of its
passed through its darkest hour, and has
ter.
its
on
under
certificates
crisis.
a
States:
perfectly
for
now
reserve
is
country
charge,
no
railroads
be
to
fifteenth
most of them having their origin in the world war.
causes,
gations
use
the Ilailroa/ls' Case.
the following will
sale by
purchase fund in large part immediately, fully and freely avail¬
the
available
a
testimony to be offered by the railroads:
transportation
situation
most
way,
the
to
extended
credit
and to make
now
the first
among
Chairman of the
They will be followed
Company.
during the next
them of
construction
new
2,500,000 freight cars to the United States on terms involving merely
make
able
necessary
fectly assured value and better than anything that any railroad can make
be under the general charge of
will
case
the
for
existing assets of the railroads through
of
Government
a
years
the stand will be Daniel Willard, President of the
on
RR., and
Pacific
authorized
Association of
the
inquiry
The presentation
Alfred
Executives,
$3,000,000,000
out
years
their
to
unless
no
further
maximum,
a
back
that
and
larger volume
measures
shall
than
last
when
October
business
it will'be confined
be
taken
promptly
that
they
comes
are
rates.
He
more
than
were
back
to
all
em¬
normal
by absence of transpor¬
to
expand
the
railroad
coal
service
estimates
he
Barker pointed out that the $255,000,000 which^
be saved through his plan would carry at 6% above $4,250,-
ability.
can
Mr.
investment in
additional capital
000,000, or the total prospective necessary
heard
have
SENATE
Inter-State Commerce
freight
emphasized the point that
not responsible for business depression.
Kruttschnitt
Mr.
Committee,
rates are
said
He
In his
railroad situation.
the
in
Senatorial investigation
statement read to the
the
in
carriers
the
for
witness
into
part:
arouse public sentiment
is that even since the rates have
commodities is far less than the
propaganda is being caried on to
Widespread
against existing freight rates.
The fact
been advanced the cost of transporting
freight rates.
of
commodities
Prices
and
In
last
the
in the first half of
France,"the United States
advanced
the
when
rapidly on its
May and was
in
began
States
September
in
downward
way
Nevertheless,
took effect.
rates
traffic did not drop for at least four months.
four months of 1920 the net ton miles of revenue
freight
increase of 7% over the preceding year.
It
was
a
general deflation and fall in prices from the heights to
which they had been driven by war conditions that has caused a stag¬
nation of business throughout the world.
That is is not caused by the cost of transportation,
is convincingly
143,349,078,000,
were
shown
stoppage of buying has caused an over-supply of
rates have been recently at the lowest point in
Notwithstanding these low rates ocean traffic shows as
Ocean
their
tonnage
history.
great stagnation as rail traffic
abroad are rusting in idleness.
the
That
shown
not move even if the freight charges on
because producers can find no market.
in business is not due to prohibitive freight rates is
decline
January
west of El Paso and
combined
50%, al¬
intra-State freight rates in those States has
operated by the Southern Pacific fell off 41%.
The
intra-State freight
tonnage in Arizona and Nevada declined
Ogden
though
the
in
increase
no
This decrease embraced grain, hay and
commodities.
Cotton.—Of a Texas cotton crop of over four million bales, 40% re¬
mains unmarketed.
The average amount of increase in the inland freight
rates to Galveston was 24% cents per 100 pounds.
On the otheij hand,
the ocean rate from Galveston to Liverpool has declined from $1 98 per
effective.
been authorized or made
livestock
well
as
100
of
in
pounds
cost
about
$1 28%
foreign
is
rate
about 54,000 bales remain unshipped, notwithstanding
now
obtainable through the Panama Canal as low as the
last
that
standing
100
ports
rail
and also notwith¬
advance,
August
as
only
increase*!
cents.
54%
in
rail
salmon
canned
less
during the
tion
October and November
1920,
45% less
and 77% less dried fruit were exported
months of the previous year although the reduc-
September,
Rice.—During
rice,
than
same
rates
substantially
the
than
increase
in
was
more
removal
all
of
the
increase
recent
the
of
rate
lemons
on
has a rate by sea
through the Panama Canal of less than half (42%) of the rail rate, yet
his
not
ber,
December,
rates)
than
The
trouble
Californian,
the
it knows how
discission
the
Lettuce.—On
Californian
head
tail
it
of
the
California
grower
markets
consumers
have to
to
and
tuce
there
is
quite
no
as
much
of
as
heads
pay
lettuce
the 1920
season
per
statement
average
rail
The
the
bear
grower
The
themselves
that
made
They
is
producer,
a
were
to interest
as
carrier traffic
3.
adequate tolls and
cost and maintenance
on
them and by imposing
on
the business of operating
public money to provide coast
transcontinental rail¬
competition with
in
transportation
ocean
by regulating the common
States Government out of
Keep the United
coast
at
adequate tolls.
steamships and stop the lavish expenditure of
to
regulations.
public expense carry
proper
built or improved
waterways
Tolls for
4.
its
on
call
ing
The
in
was
rates
sale
at
on
$4 82
From
personal
the cost per
experience
at
re¬
for California let¬
in the neighborhood
on
on
which
cantaloupes have been
find that the
a
crate.
States Department
average
sale price for
The present freight rates,
to Chicago.
This
cantaloupes sold in New York of $1 62%
have
$3 50
which
been
yields
grossly misrepresented and
a
little
over
30c
profit.
down in New York in 1920
retailed at about 25c.
of the propaganda nominally
sample
but actually in the interest of
other industries
all
have
We should bear in mind and circulate
business
"More
difficulties
in
government
the
with
railroads' is
normal amount of these
expenses
and
1916
operating
1920
which
scale
Increase upon increase
meantime.
over
1919
was
If the
retroactively
effective
became
The increase
$873,814,652.
last
May had been in force, he says, during the whole year
1920, the wage bill for that year would have been
mately $3,980,000,000.
This is
an
of
approxi¬
increase over 1917
(the
of private operation before the war) of $2,240,517,-
last year
The Government, having
858.
ab¬
out that the labor bill of
labor
in
an
(which was before the Adamson Law
labor cost has occurred in the
cost
and
expenses
is the cost of labor.
in
increased
widely the President's epigram,
business."
The
stood at $1,468,576,394.
took effect)
subject.
government in
less
excessive
Kruttschnitt also pointed
Mr.
the carriers in
are
strangled the railroads into something like
its hands and permitted a sudden increase
been gradual and started at least twelve years
removed
last
should
that
rates
to
having
Government,
at
clause.
We have been tell¬
that railroads were subject to the same
what ails the railroads.
for years
laws
strangled the railroads into
something like bankruptcy, at last removed its hands and
permitted
sudden increase in rates that should have been
a,
We should
gradual and started at least twelve years ago.
bear in mind and
circulate widely the President's epigram,
and less government in busi¬
ness."
his
Continuing
Senate Inter-State
railroad
testimony before the
Committee
Commerce
which
situation, Mr. Kruttschnitt,
is investigating the
said on Tuesday (May 10), in
explaining the stagnation in railroad building:
In 1920, $62,264,000 went as a return to those who paid for the proper¬
ties, while sixty times as much (or $3,742,000,000) went to those who
are
employed on the railroads.
This answers the question "why don't we
build
railroads?"
more
railroad construction began in 1905 and,
The fall in rate of
with
a
negli¬
has continued ever since, so that the new mileage
constructed in 1920 was less than the average in the five years from 1840
to 1845.
New construction in 1920 was only one-eighth of 1% of the
existing mileage, and at this rate it will require eight years to increase
1916,
check in
by 1%.
pointed out that for the railroads of the
Mr. Kruttschnitt
increased expenses in 1920 over 1919 were as
follows
:
Actual
expenses
for
Actual
expenses
for
1920
1919
1920
for
Increase
Detailed
as
$6,163,138,341
4,667,774,131
—
was
the
The
not
ties
Cross
Insurance
the middleman, which will
$1,495,364,210
.
fuel
—
—
—
28,113,000
20,160,000
_
—
—
....
damage
and
$884,148,739
196,429,760
7
——
printing.
and
.
material
Track
Water
General
10,764,000
8,318,000
—
lubricants
and
.—
29,741,000
supplies
Transportation
plained
Valuation
other
expenses
above
than
labor and
items ex¬
—
—
expense
—
taxes—
rents and uncollectible revenues..
administration.
Maintenance of way, materials and equipment not accounted
for above and deferred Federal maintenance..
Corporation
war
in taxes,
increases
Other
18,917,000
12,264,000
20,139,000
Depreciation
Cost
in the interest of
1919-
—.—
Locomotive
Loss
over
follows—Increased cost of
Labor
>
crate,
20c to 25c a head
we
bodies
economic
bankruptcy,
ago.
coast traffic by
strict long and short haul
a
here to tell you
us
regulatory
inflexible
and maintenance.
expenses
deprive transcontinental carriers of coast to
not
inflexibly enforcing
You
sufficient to pay interest
the Panama Canal should be
of
use
cost, operating
Do
ocean
$184% to New York and $149
freight
The
above
close
rates.
to the
grown
price of the cantaloupe laid
quite 11c.
lemon
fruit.
From the report of the United
profit to the operator
crate.
inland
Stationery
in New York
are.
operation is impossible.
of revenues and
without
moneys
whole country
ago.
freight charge.
plus refrigeration,
a
his
'lettuce
of
6.7c.
is
Agriculture, Bureau of Markets,
leaves
the
year
but it cannot be done by
so
of
Cantaloupe.—The facts about the freight rates
grossly misrepresented.
their owners had no voice.
property is the right to
any
Without this efficient
question
a
Make
2.
If Congress wants to help- the
investigation
54
sell
must
easily do
can
and
basis
taxed
freight
tonnage which has lowered ocean rates
Sicilian lemons are sold at
$1 25 a box in
highway is free and the Sicilian knows it.
interminable
has
Government
in
ocean
and
where
of
prosperity
the
for
affairs.
own
not
public
it
the increase
months one
(after
corresponding
the
the
glut of
limits
of
markets
February
in
that
is
create a
unheard
to
Eastern
shipped
,
California in the four months .Novem¬
from
and
January
were
real
heavily to
shipped
were
He
grower.
marketed.
not
are
lemons
lemon
California
the
help
lemons
More
is
gible
Lemons.—-A
would
requisite
its
reasonable return as much as one
of life and death to every industry in the land.
Poor service no matter
how long the rate is expensive and increases the cost of everything.
Some remedies easily applied and productive of great economies are:
1. Stop the
use
for common carrier purposes of highways built with
It
inland
rates.
ocean
first
that
Yokohama have been reduced $110 per
above stated while the rail rates to,
14 cents and to Galveston only 40
to
rates
Liverpool
to
were
the
before
season
ocean
and
pounds
intensified by the results of 26
Government
in
"More business in government
•
bales of cotton in the Imperial Valley of
99,000
of
crop
available
Pacific
Obviously, the freight rate is not re¬
attribute it to absence of demand, both
pounds.
100
per
total
California,
rate
1920 to 45 cents in March, so that the average
producing points to Liverpool has been reduced
shippers
domestic.
and
the
Of
from
Cotton
sponsible.
a
August
shipments
other
and
ores
as
Conditions.
for Existing
railroads has been
our
experiment
an
in
following examples:
this year the total tonnage of lines
by the
In
here and
entirely
abolished
were
and millions of tons of shipping
would
commodities
Many
them
The
conduct
an
fact that
by the
ships.
of
provident agreements in the making of which
5.
United
the
in
fall
with
trouble
two-tenths of one per cent
only
is
1921
of
part
in 1914.
was
ownership and operation.
The
word "ownership" is used advisedly, as the Federal Railroad Administra¬
tion treated the railroads as if they were absolutely owned by the Gov¬
ernment and turned them back to their owners helplessly bound in im¬
Kingdom.
United
the
The
The
months
maximum
their
reached
with great rapidity in
thereafter fell
and
early
average
roads.
in
advance
1920
commission
the
by
the
Commodity Charges.
value of commodities
to Average
^
merchant and the retailer. Consequently
people are misled and conclude that high rates have stopped the move¬
ment of a large amount of freight and that the railways would make more
money if they would reduce the rates and thereby revive the traffic.
There is the strongest reason to believe that the very great reduction
in traffic has been due almost entirely to general business conditions,
world-wide in their effect and that would have come if there had been no
taken
toll
in
Remedies
the
of
Board
the
Tuesday, May 10, before the
Committee of the Senate as the first
the pre¬
advanced rates, we
loss, or coal mine owners
being sold at a
to coal
as
of Freight Charges
greater than it
Southern Pacific, appeared on
moved in any month in
maximum
is the
although it was handled at the
percentage of freight charges to the
shipped
COMMITTEE.
of
Chairman
Kruttschnitt,
Julius
nothing
Relation
BEFORE TIIE
KRUTTSCHNITT
INTER-STATE COMMERCE
This
and,
years,
going out because of existing freight rates.
The
JULIUS
moved.
were
ceding two
during the next five years.
railroad development
[Vol. 112.
CHRONICLE
THE
of railroad
51,488,000
1,887,000
35,837,326
52,771,359
7,168,000
121,420,000
examination.
Coal.—The managers of the propaganda for a general reduction of freight
rates have lost
sight of the fact that in October 1920 1,195,221
carloads" of
Total
Actual
or
increase
net
in
increase
expenses
above explained......
in expenses
$1,499,566,184
$1,495,364,000
MAY 14
Mr.
CHRONICLE
THE
1921.]
Kruttschnitt
explained
that
increases
these
were
partly due to higher prices and partly to larger quantities
The
difficult to allocate to
following influences
items affected
expense
them profoundly:
wholesale
in
Increases
1.
at least
for railway materials of
levels
price
strike of
3.
Outlaw
4.
Restoration
5.
Re-establishment of
6.
Re-location of freight cars
Of empty car
1920.
April
adequate
execu¬
of furnishing the committee
situation, adding that it is "obvious that if this situation is
to be permanent a very grave
situation faces the people of
country."
192807
public.
by the
rails that involved
to owners'
that
follows
within
efforts
control
to
of
One
efficiency
of
management
for 1920 including
|
expenses
that
during
expenses
the
most
year
of
were
chief
The
labor
took
Law
bill
of
increase
by
operating
in
1916
(which
Federal
control,
In 1920 it was $3,698,216,351,
Another
terials
the last
operating
A
Mr.
by
was
chased at
the
Mr.
was
or
Sy
1920,
paid out
to
operation,
the Government.
was paid for other expenses
of the
passage
degree greater than they
a
as
well
The
of the Transpor¬
did before their
ever
to their shareholders.
as
joint and several efforts
outlined
were
public
can
as
can
help the
follows by Mr. Kruttschnitt:
help, among other ways:
By continuing the splendid co-operation that it has accorded the railroads
facilities
intensively.
By modifying laws that limit the length of freight trains and compel the
employment of unnecessary men.
By terminating Government-made agreements that put a premium on
inefficiency.
The
carriers can
help:
By increasing capacity of existing lines by reducing curves and grades.
By conserving fuel through educating enginemen and the use of improved
devices.
the following figures of increased
(when
a new
By replacing obsolete locomotives, shops and tools by modern onesmatters of supreme
importance on account of great increase in wages.
compared with the figures for 1918 and
Net
-
remembering that it costs just as much to haul a ton of useless wood and Iron
as
transportation rec¬
it does to haul
ton of
a
dry goods.
By reducing delays at terminals and in transit through the provision of ;
second tracks, passing sidings and terminals.
more
By extended
1919 under Federal control:
Year.
they realize since the
as
By eliminating every ounce of useless dead weight in locomotives and airs,
Kruttschnitt gave
as
do to keep themselves."
exerted,.are exerting, and
since their return to their owners, in using equipment and other
to control.
made)
propose to
public, the carriers and their employees
situation
for materials arid supplies, pur¬
cents was
railroads
Some of the directions in which the
cents out of every dollar of operating expenses
to 97%
340."
He then went on—
allegiance to the public
dollar
prices fixed by general market conditions and beyond the power
was
in the meanwhile had risen to
134 and 130, while prices have risen from 265 to
Explaining this in
in
were,
of every
railroad service for 1920
ord
220, rates at 99.
will continue to exert every effort to increase efficiency of
paid out at prices directly fixed by the Government.
railroads
prices had risen.to 126; rates stood at 100.
The railroad executives have
Kruttschnitt
1920."
fixed by
supplies at prices
remainder up
prices had advanced to 124, rates had fallen to 103»
which they rose to 134 in 1919, but prices
by the Government in the first two months in 1920.
1920
parity in 1900, prices and freight rates
"In 1918 the Director-General made increase in rates, in consequence of
dollar of operating expenses was paid for ma¬
total, therefore, of 82%
The
on a
44In 1910
tation Act to
expenses
and one-half cents out
incurred
Starting
parity in 1903.
a
"You may well ask what the
of private management prior to
year
statement
cents out of every
and
Three
on
schnitt replied.
labor, and the wages of labor are fixed by the Government.
Fifteen
known.
still
855,087,919
of operating expenses in
of
Mr. Kruttschnitt said in part:
year.
1907 began the rise in wholesale prices that has continued
ever
229,315,081
detail, Mr. Kruttschnitt said, "sixty-four cents out of every
dollar
yehr to
"They stand at 173 for freight rates and at 200 for prices," Mr. Krutt¬
874,331,209
—
general market conditions, covered 97% cents out of every
dollar
their
Senator Watson (Indiana) asked "what are the levels at the present time?"
prices fixed either by the Government
of
because
into
came
"By 1907 prices had risen to 118; rates had fallen to 104.
$270,905,748
important
the
Krutt¬
uninterruptedly until it culminated in the peak of May 1920, at the highest
follows:
"Expenses over which the railroads had no control,
this:
Julius
265, and ever since that time up to May 1920 rates have fluctuated between
$1,958,734,209.
was
from
level
before the Adamson
was
since 1916, excluding switching and terminal com¬
as
since 1917,
the increase
levels
expenses
aggregate increase since 1916 of—$2,229,839,057
an
And
years
before
11
situation, laid great emphasis upon the
relationship between wholesale price levels and freight rate
in explanation of
$2,229,839,957.
of
how the railroads
explaining
in
"In 1917 prices were at
the carriers
have thus been
panies,
in
increase
the
effect) stood at $1,468,576,394.
The increase
May
on
Committee,
"In 1915
for
reason
since 1916:
TO
present financial
were
Committee, in the testimony
the following
was
Commerce
Inter-State
Far back in
striking facts brought out before the
Kruttschnitt,
by Mr.
direct testimony
closing his
Pacific,
consumption of materials and supplies.
Inter-State Commerce
Senate
the
and
use
WHAT IS NEEDED
THE RAILWAYS.
schnitt, Chairman of the Board of Directors of the Southern
which
operating
control
In
increase
an
necessity almost wholly confined to obtaining better results from labor and
economical
REHABILITATE
Senate
apparent.
are
expenses
KRUTTSCHNITT ON
MR.
<
service demanded
passenger
limits
narrow
become effective to
transportation
of
purpose
public bureaus of information and traffic offices.
miles in 1920 of 228,082,000.
especially
might
It
of
Kruttschnitt added further:
Mr.
The
for
for the
Deferred maintenance of Federal railroad administration.
2.
or
situation, he said he asked the railroad
tives to appear
this
20%.
an
of the present
information which might enable it to assist in meeting the
He added:
due to increased service.
2045
use
of power devices for handling freight, and other labor-
saving devices.
Miles.
Ton
Rev.
Passenger Miles.
By promoting common use of tracks and terminals wherever practicable.
1918
440,001,713,665
42,676,579,199
The employees can help:
1919
-395,679,051,729
46,358,303,740
By increasing and ever increasing production in all departments of rail¬
449,292,355,000
46,724,880,000
1920
The
movement
in
1920
of
pared with 396,904,000,000 in 1919, is
traffic
road service.
By loyal, earnest effort to reduce operating expenses to pre-war costs or
449,292,000,000 ton miles of freight, as com¬
before equaled
increase of 13%, a volume of
an
better, in recognition of the generous increases in wages granted by public
of railroads.
statements of transportation results for five years past
conspicuously greater efficiency of management in 1920.
But items relating to work done per employee and wage expense per
traffic unit (controlled by national agreements, in the making of which
regulating bodies.
the railroads had
8% fall in traffic volume and 100% increase in value of commodities.
never
in the history
The statistical
show
no
voice)
are
Mr. Kruttschnitt cited
not so favorable.
workings of the National Agreements for the purpose of
forced upon the
were
railroads and also decreased the efficiency
made
is
characteristic
the
of
1919,
general situation
by the Director-General," the witness replied.
to their
and
under
the
agreements
$40,000,000
or
opening
into
the
the
record
revenues
investigation,
statistics
showing
have increased since
on
co-operative relations that
compared
year,
revenues
and for
operating
while
a
greater
that for the year which
so
the
was
with
ratio
of
$787,610,435
operating
69%, while in 1917 it
the year which
"The problem
before
ended
us,"
1913.
expenses
was
In
operating
to
1 last,
94%.
Senator Cummins,
riveted
on
last
we
were
revenues
for the year
which ended
on
limit, and the
expenses
are
If
have about reached our
to be successful."
we
all
thorough realization of the
a
owe
absolute fealty.
the
railroads
are
now
their rendering
trying
the gravest
cause
The roads have
as
apprehensions to
was
Their present predict-
every
thinking person.
proposed that the Labor Board permit
waste
and
given for
an
honest day's pay.
a
prompt return
an
honest day's
It is imperative to remove the
inefficiency fastened upon the railroads by rules and working
conditions made by men who were indifferent to the future of the
and in the
negotiation of which railroad
owners
had
no
voice.
which may make it
possible for the railroads to
receiving $3 78 for
of $4 33
per
1920 the carriers employed
eight-hour day, and
an
^
showed that in the
276,829 track laborers,
121,197 other laborers at the
eight-hour day, while individuals, contractors and
porations alongside their tracks and shops
work for $1 80
an essen¬
conditions
live.j
The latest Inter-State Commerce Commission report
three months of
properties
It is
tially preliminary step in any effort toward the realization of
last
help
that
the public has a right to
pre-Federal control, working conditions, under which
work
conditions
eliminate
to
such service
were
and $2 50 per ten-hour day.
employ unskilled labor
at
cor¬
employing men glad to
If the carriers were free to
prevailing rates they could
save
$550,000 to
$600,000 per day.
Is it any wonder labor representatives have pursued
dilatory tactics before the Labor Board?
Every day's delay granted
by the Board was worth over half a million dollars to them on unskilled
such
of the railroads of the country must
be reduced if the railroads
wre
as
March 1
wisely, economically and effectively expended.
can't increase the revenues,
dangerously weakened during govern¬
were
them during Federal control, when they were powerless to
themselves,
rate
"is to
try to ascertain whether the six billion dollars received
operating
the
70%, in 1918 73%,
March
on
said
in
$104,000,000
endeavoring to free themselves from the bonds of the labor agreements
militate against
to
over
render incalculable service
can
by establishing
obligation of public service, to which
read
March 1, 1921, the net operating income was only
$2,578,922,
latter
that
1913, there has been
increase in operating expenses,
ended
Cummins
and employees jointly
managers
§xpect, and in so doing are championing its cause.
.
Chairman
Payments for loss and
than they should have done after allowing for
corporations and to the public by cultivating friendly, harmonious
ment should
In
more
mental control, and above all,
In
characteristic all over the country?" asked Senator Poindexter
Washington, referring to the national agreements.
"That
in
of employees,
"Is that
observance of rules and regulations.
damage to freight increased from $55,000,000 in 1917 to
Finally,
number of illustrations as to the
a
showing wasteful expenditures that
of
By conserving fuel and saving life, limb and property through greater care
and stricter
Because
labor
alone.
In response to
Mr.
Kruttcshnitt
questions by members of the committee,
said
that
because
of
lower
water
rates
THE
2046
[Vol. 112.
CHRONICLE
through the Panama Canal the railroads are rapidly losing
their coast-to-coast shipments, but he added, in response to
'
position," Chairman
your
Cummins remarked, "it
the development of waterways
or highways but only to a government subsidy, so to speak, to competitors
using these facilities as common carriers, free of charge."
opposition to the Panama Canal or
is not
Total operating expeases
it."
"That's
"the government
Kruttschnitt,
Mr.
competing with the
in
operation and taxes went
it had increased in
1920 to 59.62 cents out of each dollar.
Salaries of general
officers, on the other hand, decreased from 1.15 cents to
0.78 cents out of each dollar.
The salaries of division officers
wages
dollar expended for
of every
for
of employees
(labor costs),
citizens."
criticising or disapproving the
motives of public policy that determined the construction of the Panama
canal, highways, inland waterways, and ships.
We recognize the first as a
measure of National defense;
the last as indispensable to winning the war,
whose cost, even if many times what it has been, would have been wisely
incurred.
The others are necessary for the development of our country.
do
"We
wish to
not
But what we do criticize
common
the
be understood as
and protest most earnestly is the unrestricted use for
these works, built with public money, to destroy
carrier purposes of
business of public
service corporations
built with private moneys
dedi¬
all do we protest against the entry by the
backed by the United States Treasury, into
competition with its own citizens."
public use; and most of
cated to
States Government,
United
destructive
Kruttschnitt called attention to
Mr.
the fact that public
constructed at great expense, were being used for
profit by private owners of dray motor trucks who have paid
no more for the use of the roads than do pleasure cars.
He
did not suggest that tolls should be charged for the use of
the roads by pleasure or ordinary traffic but that those who
made use of the public highways for hire and profit should
highways,
for that privilege.
Mr. Kruttschnitt has filed with
of each dollar
the Committee a state¬
United States Government progress¬
of the railroads during the past
His statement on this point said in part:
of the carriers in 1916,
Adamson Law
general
general baggage
agent, engineers, inspectors of transportation superintend¬
ents of dining cars, &c.
"Division officers" include superin¬
tendents and assistants, train masters, road masters, bridge
or
building foremen, master carpenters, steam heat and
lighting foremen, plant inspectors, &c.
The table covering
this salary and wage distribution of each dollar of money
so
1916 of
that the labor cost
This
further increased by the
was
in 1919 so that
Or
an
And
the labor cost for
increase over
however, was
1919 of
—
_
3,698,216,351
855,087,919
The increase made in 1920,
of that year.
including switching and terminal companies,
given are actual.
for 1920
__________
____________
they were....
i..
in 1920 over 1919
An increase
The
increased by the Railroad
that the labor cost for 1920 was..
greater in 1920
scale had been
noted that during the same
carriers increased
It will also be
costs
Government action by
The total for 1920
And
control, but must be passed on
their
873,814,652
Kruttschnitt
on
inquiry.
Behalf of the New
of the
a
guage
We are
the entire
increased costs could not end with Federal
to the owners with the return to them of
In compliance with the request
made by Senator
Kruttschnitt presented to the
committee a table showing in complete detail what sums had
been spent for railway operating expenses and taxes in each
year from 1917 to 1920, inclusive.
Senator Kellogg had re¬
quested especially that the exhibit show separately the sums
expended in payment of salaries of general officers, division
officers and for the wages of all other employees, and that
this also be shown in the form of percentage expended for
each item out of each dollar expended.
The tabulations
showed a progressive increase for each year in the items for
operating expenses, taxes, and for the total of the two.
The following table gives the figures for the lowest point
(1917) and the highest
point (1920).
Company.
"Financial History and
New York Central &
It contains some sixty
prevailed fifty-two years ago
should be seriously considered
by which to
confident that the members
,
"other relevant
circumstances."
This board, almost
No. 2, definitely stated its understanding of the
elements comprehended
within the expression, "other relevant circum¬
stances."
In that enumeration, also, there is not found the slightest
justification for the character of argument that has been advanced.
In his preliminary statement to the board on Thursday of last week, the
gentlemen who introduced the exhibits confessed the inapplicability of the
so-called financial and other general exhibits to the several criteria contained
in Section 307 of the Transportation law, which he was pleased to term the
technicalities of the case.
As a matter of fact, the exhibits were frankly
submitted as bearing on the alleged "fundamentals" which are urged as
controlling upon the issue and as more material to it than the mandate of
the law.
Upon an examination of this so-called "industrial code of action,"
it will be found to consist of vagaries and platitudes, but wholly lacking
any aid or guidance in the determination of just and reasonable wages.
Such extraneous matter as is contained in these books should not be per¬
mitted to divert attention from the concrete issue before the board.
In spite of the fact that the book dealing with the financial history of the
New York Central Railroad is not germane to the case, its text is such that
we ask the privilege of saying a few words concerning it.
Merely by way
of illustration, a few samples of the author's unsound conclusions may be
a
May 12 appeared before
Kellogg, of Minnesota, Mr,
York Central Railroad
filed in this case, entitled
Railroad."
and reasonable wages,
the statement
of counsel
made com¬
determine to-day's rates.
of the board appreciate the irrelevancy
of this exhibit and the others of like purport to the present issue.
With
circumspection and with care, the Congress of the United States has pre¬
scribed the several elements which should actuate this board in its deter¬
mination of just and reasonable wages.
A measuring rod has been supplied
in Section 307 of the Transportation Act, and one would look in vain in that
that provision of the law for expressed or implied warrant for the considera¬
tion of railroad plans of capitalization, whether of this day or of the remote
days of the past.
Nor is there refuge, even, in the language of the law which
authorizes the board to consider, in connection with the dermination of just
as
the Senate
Committee for further cross-examina¬
he had just completed in the railway
on
Inter-State Commerce
tion
on
road wages which
of the
properties.
Mr.
Central Railroad Company
Hudson River Railroad and New
odd pages and assumes to
analyze certain financial operations running back more than half a century.
It tends neither to prove nor disprove what constitutes just and reasonable
wages.
Page after page is given over to the consolidation of the New York
Central & Hudson River Railroad Company in the year 1869, just fifty-two
years ago.
Wages in this year 1921 cannot be fixed by reference to the cir¬
cumstances under which a railroad consolidation took place in the year
1869.
With equal or greater force, it might be urged that the scale of rail¬
1,468,576,394
Manifestly the burden of these
give
York Central
actually
that if the increased
increase would have
labor costs amounted to_
S. Railroad Labor
May 6, by Jacob Aronson
the charges filed with the Board
representing certain labor organizations,
his remarks in full below:
exhibit has been
Practices
-----
Government took charge
we
An
___$2,229,639,957
3,698,216,351
being
that before the
hearing before the U.
the New York
and
have been increased by
...
DISTRIBUTION OF
CONTROVERSY.
plete and effective answer to
took charge of the labor
Law, in 1916, the labor costs
CENTRAL STOCK
by W. Jett Lauck,
less than 54%.
by the Adamson
which
THE RAILWAY WAGE
wage
Statement
period the gross revenues
noted that since the Government
the
In
been about 128%.
It must oe
AND
Board at Chicago, on
carriers of Class 1 were
than in 1917 by more than 115%, and
in effect during the entire year 1920 the
57.16c.
61.15c.
taxes rose from
greatest increase was
1868
3,980,000.000
the la nor costs to the
total of operating expenses ans
turn
THE NEW YORK
and expenses, including
mately.
59.62c.
in labor cost, an increase in the
four years of $1,866,273,374.
The total for salaries of
general officers of the railroads of the United States in 1920
was $47,119,465, as against $3,605,755,516 for labor.
The
salaries of general officers represented two cents out of each
dollar expended in 1917 and 1.27 of a cent in 1920.
the
ing and terminal
This means that
0.78c.
0.75c.
55.27c.
compensation
The
considera¬
Commission include
labor costs, of switch¬
companies, and accordingly the figure
of increase in labor cost in 1920 over 1919 is—
If the increased scale had been in force during the whole year
of 1920, the wage bill for 1920 would have been approxi¬
the revenues
3,742,486,936
2,868,672,284
173,814,652
of
Inter-State Commerce
1.15c.
officers
Wages of all other employees..
operating statistics now under
figures in the
tion from the
—
1920.
0.74c.
Salaries of general officers
for
in force only a part
The labor costs,
For 1919
2,843,128,432
229,315,081
1,103,646,290
1,374,552,038
1917 of
1920, so
Labor Board in
Or an increase over
1917.
Salaries of division
1919 was further
This labor cost for
The figures
Railroad Administration
1919 was—
of.......—;____
And over 1916
$270,905,748
2,613,813,351
874,331,209
1918 of...
increase over
an
... — -
for that year was.
1917 of__.
Or an increase over
follows for 1917 and 1920:
as
•$£043,000,000 in 1917 to $6,047,000,01X1 in 1920, of
1,7:19,482,142
Administration in 1918,
increased by the Raiiroad
was
-
-
An increase over
This
auditor, treasurer, paymaster,
general attorney, traffic manager,
Compensation of employees:
Total
in effect, t|ie aggregate
of the carriers of Class 1
compensation of the employees
amounted to_w
or
expended is
,468,576,394
__v__.
the Adamson Law was
In 1917, when
general officers is that of
chairmen of the board,
counsel
w\jch was before the
took effect, stood at
in 1920.
the InterState
Commerce Commission and included
''executive
officers and other officers and their assistants having general
supervision over the affairs of the company or of the ojjerations of a department for either the entire road or a grand
division of a road," such as president, vice-presidents,
classification of
The
showing how the
The labor oill
expended in 1917 and 0.75 of a cent
Item—
ively increased labor costs
several years.
0.74 of a cent out
practically stationary, being
remained
pay
ment
$6,047,588,681
1917 55.27 cents
$3,043,245,219
and taxes
The exhibits also show that whereas
out
understand
I
"Ah
278,868,668
213,920,095
an
tage.'
$5,768,720,013
$2,829,525,124
Taxes
inquiry by Senator Wolcott of Delaware, that even if
rail rates were lower,, the ships would still have the advan¬
1920.
1917.
Item—
Operating expenses.
year ago,
in its Decision
cited.
For instance,
and
the
old
the
consolidation of the old New York
River Railroad is condemned as
Hudson
Central Railroad
containing great
,
May 14
THE
1921.]
amounts of watered stock.
The fact that one of the constituent
companies
cited as establishing the fact that
capitalization was inflated because it is carelessly assumed that the scrip
dividend was unsupported by assets.
In the year 1874 the Supreme Court
declared
an
80% scrip dividend in 1868 is
the
of the United States had before it
this very transaction and for the informa¬
tion of those interested I read from the opinion of
in the
of Bailey
case
that Court
against the New York Central
the 22d volume of Wallace's
as
it is recorded
any
such accumulating surplus
authorized to increase their
capital stock and were forbidden by law to make dividends for the benefit
of the stockholders beyond 10%.
Difficulties of the kind existing, the excess
of earnings beyond current expenses bad been expended in constructing
and equipping their railroad and in the purchase of real estate and other
properties with a view to the increase of their traffic.
"Accumulations of the kind had been appropriated in that way until the
same amounted in the aggregate to
a sum equal to 80% of the capital
stock of the company."
inflation
on
the
the Supreme
turbed
will
,
one
board, the exhibit's charge of
and the contemporaneous deliberate judgment of
gentlemen of the
therefore,
side,
Court of the United States on
to the choice between
as
the other and we are not dis¬
body
the two that any impartial person or
adopt.
The exhibit also deals with
the issues of funded debt
capitalized.
The contents of pages
54 to 64. both inclusive, are described as Appendix G.
For the most part,
the appendix consists of extracts from the long since discredited and rejected
arguments made before Public Service Commissions and courts in behalf of
Clarence H. Venner, that well known professional litigant, in his opposition
to and attempted obstruction of the consolidation of the Lake Shore and
New York Central Companies in the year 1914 and in opposition to the
issuance of 4% mortgage bonds in the place of the 3^% Lake Shore col¬
In one other respect
the exhibit is
does not state that the arguments contained
in Appendix G were urged before the Public Service Commissions of NewYork, Ohio, Michigan and Illinois and thrown out as absolutely untenable
He does not state that the argument against the exchange of the 4% bonds
for the 3H% collaterals was also advanced before the Supreme Court,
the Appellate Division, and the Court of Appeals of the State of New York
and again overruled.
The decisions of the Court, for the information of
those who may desire to pursue the subject, will be found in the case of
Clarence H. Yenner against the Railroad Company reported in
the 168th
volume Appellate Division Reports page 345 and in the 217th volume of
New York Law Reports page 119.
Against the charge contained in the
exhibit that the bond exchange constituted a waste by the Railroad Com¬
pany,
compiler of the exhibit
quote the language
we
of
the New York Court
of Appels on the
subject as follows:
the expense of operation,
cost of providing money
than offset such increase in the
"The savings consequent upon consolidation in
administration, accounting and taxes, and in the
for future
amount
capital requirements, will more
of interest
So far as Mr.
which
the
from
tribunal
payment."
consolidation of 1914 is concerned,
sufficient to say that every
Public Service Commissions to the Supreme Court
Venner's opposition to the
is revived in
the exhibit, it should be
advanced in succession
of the consolidation. In¬
Commissions of New York,
Ohio, Michigan and Illinois, the Special Term of the New York State Su¬
preme Court, the Appellate Division of the same court, the Court of Appeals
of New York and finally the United States Supreme Court.
For those who
have interest in the matter, these are the citations of the judicial decisions:
of the United
States before which the
arguments were
approved the economy, propriety and legality
cluded in these tribunals were the Public Service
Venner
page
617.
against the
the whole
diction of
person or
Division Reports,
249 United States Reports
exhibit on the one side and
field of all the administrative and judicial tribunals having juris¬
the subject on the other side, and again we say that we are not
as to the choice between the two sides, which any impartial
conclusions on the financial performance
predicated to a large extent upon the
does not constitute capital.
tributed surplus
income,
of railroads appear to
novel assumption that undis¬
The fact that this theory is a t
Federal and State Laws, as reflected in
profits and inheritance tax statutes, in statutes dealing with
variance with
the genesis of our
Just
faoric
of the
indicates its
country,
revolutionary
word in conclusion concerning the exhibit which deals with the
a
financial operations.
The employees of that
company
by and large, we are happy to say, have a commendable pride in main¬
institution of which they
taining the good name of the great
the financial
are
the very
Great numbers of them have shown their abiding faith in
soul and life.
integrity of their company by investing their savings in its
We are confident that they would indignantly resent any un¬
securities.
warranted attack
the reputation of their
upon
company,
and
we
make
tfJh exhibit had been laid before them before it
bold to assert that is
was
undeniable facts they would have repudiat¬
overwhelming fashion.
Certainly they would not have coun¬
filed, with a fair statement of the
it
ed
in
exhibit of the unsound and unproved
tenanced the inclusion in the
exhibit of the decisions of those tri¬
tribunals and the exclusion from the
Service Commissions, of trial and Appellate
consisting of Public
bunals
Supreme' Court
State Courts and the
argu¬
Venner before ths administrative and judicial
advanced by Mr.
ments
of the United States, all of which
considered and threw out these very arguments.
ACCEPTANCE BY UNITED STATES OF INVITATION
TO HAVE REPRESENTATIVES AT ALLIED
CONFERENCES.
Ambassador to France, Hugh Wallace,
The United States
Allied Council at Paris
sat with the
on
May 9 for the first
weeks following the announcement by the
time iii several
Department at Washington that the United States
accepted the invitation extended through
State
Government had
Minister again to have representatives in
the British Prime
discussing problems growing out of
the Allied conferences
the
and the Versailles Peace Treaty.
war
The reports
re¬
ferred to in these columns last Saturday, page 1937, to the
United States had decided upon conditional
effect that the
acceptance of the
Ambassador
will
it
be
going out of office of the Wilson Administration,
direction the practice of having unofficial
the
:o
All representation on the
called, was withdrawn prior
Washington.
at
Councils,
Allied
confirmed when Secretary
were
subject between our Government and the British
the
on
Allied offer,
Hughes made public the text of the notes exchanged
of State
whose
under
had been established,
observers at the post-war conferences
hollowing the signing of the Peace Treaty in 1919.
An¬
nouncement of the purpose of the United States Government
representatives to the Allied Supreme Council, the
send
to
Commission
follows:
Council of Ambassadors, and the Reparations
Hughes
made by Secretary
was
on
May 6
as
Department of Slate,
Washington, May 6 1921.
The
following
Britain,
as
British Ambassador to the Secretary of State on May 5
President of the Allied
sittings in London, I am
the
authorized with the unanimous concurrence of all
represented to express to the United States Government
Powers here
co-operation of
therefore, to inauire whether that Government
the United States; and I am,
is disposed to be
the international difficulties in which the
would be materially assisted by the
world is still involved
represented in the future, as it was at an earlier date, at
wherever they may meet, at the Ambassadors' Con¬
conferences,
and on the Reparations Commission.
cognizance of our proceedings
ference, which sits at Paris,
"Wo
are
united in feeling that American
and, where possible, American
tated
participation in them, will bo best facili¬
by this."
The following
reply of the Government of the
United States to the above
message was
communicated by the Secretary of State to the
bassador
May 6
on
British Am¬
1921:
"The Government of the
Ambassador the courteous
unanimous concurrence
in
1921
Conference, which is just completing its
feeling that the settlement of
Allied
the Government of the United
President of the Allied Conference now
delivered by the
"As
to
David Lloyd George, Prime Minister of Great
sitting in London, was
by the Right Hon.
States
our
addressed
message,
London. you are to
United States has received through the
British
communication in which you state that, with the
of the Powers
represented at the Allied Conference
Inquire whether this
Government is disposed to be
the past, at Allied conferences, at the
Ambassadors in Paris and on the Reparations Commis¬
represented in the future, as it was in
Conference
of
sion.
"The
United States, while maintaining the
Government of the
tradi¬
participation in matters of distinctly
interested in the proper encouragements and
in the just settlement of matters of worldwide importance which are under
discussion in these conferences, and desires helpfully to co-operate in the
tional
policy
of
from
abstention
European concerns, is deeply
deliberations upon
these questions.
appointed Ambassador to Great Britain, will be
England to take part as the representative of the
President of the United States in the deliberations of the Supreme Council.
The American Ambassador to France will be instructed to resume his plape
as unofficial observer on the conference of Ambassadors, and Mr.
Roland
"Mr.
George Harvey,
instructed
W.
on
his arrival in
Boyden wixl |be
instructed to sit again in an
unofficial capacity on the
Reparations Commission.
"The
pression
Government
of the
of the
United States notes with pleasure your ex¬
belief of the representatives of the Allied Governments
that American co-operation in the settlement of the
assembled in London
great
international
material
questions growing out of
assistance."
ACTION ON KNOX
the World War will be o
'
PEACE RESOLUTION HELD UP IN
THE
body will take.
The bald
be
Railroad Company, 177 Appellate
296: 226 New York Reports, page 583 and
Again we say that- the lists are made of the
disturbed
financial
and
character.
noteworthy.
laterals.
The
Court of the United States, as well as that universally applied in the com¬
mercial
and the increases of
since 1869.
The impression sought
to be conveyed is that these were inflated.
To establish the complete
refutation of that contention does not require that we go a single step be¬
yond the confines of the exhibit itself.
Page 9 of the volume consists of an elaborate tabulation of bond and cap¬
ital stock issues from 1870 to 1910.
Assuming that the figures shown are
accurate, it appears that during that period! of forty years, funded debt was
created (for cash received) to the extent of $168,785,510 and that in con¬
sideration thereof there was actually paid into the treasury of the company
cash in the sum of $168,907,374.
In other words, something in excess of
a dollar was actually in cash paid into the treasury of the company for each
dollar of obligation or indebtedness assumed by it.
This performance is
particularly praiseworthy in view of the fact that with few comparatively
unimportant exceptions the interest rate on the securities issued was 3 \A or
4%.
During the same period Of forty years, the tabulation shows the capital
stock has been increased for cash received in the aggregate
amount of
$133,485,200,
and that in consideration thereof there was actually paid
into the treasury of the company cash to the extent of $138,093,420.
Reduced to units, that means that for every $133 par value of stock issued
there was actually paid in cash into the treasury of the company the sum
of $138.
In what way the organizations in whose behalf the exhibits have
been filed, or in what way the public, or in what way the transportation
industry generally, is adversely affected by such performance, it is difficult
to understand, unless it be that a stockholder or bondholder is expected to
invest $200 for each $100 of securities issued to him and is expected to
accept a return of $1-00 for each $200 that he invests.
1
Again, from the exhibit itself, comes commendation for the extreme con¬
servatism which haS guided the financial operations of this company.
For
its extensive holdings of Lake Shore & Michigan Southern stock, the New
York Central & Hudson River Railroad Co. had issued approximately
$90,000,000 of its collateral bonds.
At the time of the consolidation in 1914
of those two properties, the tremendous excess value of these Lake Shore
stock holdings over and above the bonds issued in respect thereof was can¬
celed and not a single cent of it capitalized.
On pages 56 and 57 of his
book, the author is kind enough to say that at the time of the consolidation
in 1914, the Lake Shore stock was valued in the market at $509 a share, and
that on that basis the value behind the $90,000,000 of collateral bonds was
the sum of $226,446,000.
In other words, $136,000,000 of value was com¬
pletely canceled.
Furthermore, in consolidation the holdings by the Lake
Shore and the New York Central & Hudson River Railroad companies of
large blocks of stock in a half a dozen or more subsidiaries were wiped out
capital stock which have taken place
and not
and in the Transportation Act itself, that the
theory is opposed to that repeatedly adopted by the Interstate Commerce
New York Central's
had
satisfactory scheme being suggested to render
available to their stockholders, as they were not
have,
corporate organizations
Commission, to that adopted by the courts generally including the Supreme
Railroad Company in
Reports at page 632:
"For years the old company (the New York Central Railroad Co.)
earned moneys greatly in excess of their current exnenses without
You
2047
CHRONICLE
HOUSE.
Passage of the Knox joint resolution having for its purpose
the formal re-establishment of peace with Germany and with
Austria has been deferred as a
result partly of the acceptance
I
2048
CHRONICLE
THE
by the American Government of the invitation again to take
part in the Allied conferences.
The Knox resolution, as
noted in the
the Senate
House.
April 30.
The
page
1933,
adopted by
was
then sent to the
measure was
Delay of "possibly several months," was decided
by the Harding Administration
upon
to
"Chronicle," May 7,
on
May 7, according
on
Washington correspondent of the N. Y. "Tribune," who
a
stated that such action
far
beyond
was
the utmost
"wholly unexpected," and "goes
Viviani, former French Premier, when he
weeks
on
dent added,
here some
was
At that T&iie, the correspon¬
special mission."
a
by Rene
this direction urged
in
"Viviani's interest in the Knox resolution was
chiefly to postpone it until after iV^ay 1."
He continued as
cisions of the Allies with regard to
guarantees, disarmamentr
trial of war criminals, and financial conditions.
The
the
text of the German
British Prime
"Mr.
I
of
the date set for the invasion of the Ruhr coal fields by
French
reparations
Minister:
commanded
by
Reichstag and with
May 5 1921, in the
the
In
j
generally agreed that this would be done, not by any open spec¬
of the
resolution through the two Houses.
Since that time the date for invasion
of the Ruhr has been postponed, but it was evident from the attitude of
but by permitting normal delays to impede passage
tacular action,
to Mr. Lloyd George, the
reply
accordance
for considerably longer than the latest
Ruhr ultimatum.,
touch with the White House and State Department on
the last few days than at any time since
closer
this subject during
March 4.
German
reserve
United States to take
hasty action that might complicate to the utmost possible degree
any
relations of this country," declared a member who is
the
probably more nearly
responsible than any other for the majority party's actions in the lower
body of Congress.
sleep until
some
"For that
of the
time in June, and probably longer."
condition its
or
tees
obligations
White House as
intimated strongly that this attitude has been taken by the
the direct result of the President's acceptance of the invitation to participate
in
the reparations
in
without
carry out
should act too
the suggestion of
President Harding that the Knox resolution be deferred was based on a
quarters on Capital Hill it was thought that
wish to avoid any
of the
possible complications with regard to the maintenance
15,000 American troops in Germany after technical peace had been
obtained.
As pointed out in
majority opinion—certainly
The Tribune Friday morning, however, the
so
far as the Senate leaders are concerned—is
that the President could keep the troops there if he desired to do so even
the Knox resolution were passed, the agreement of
if
Germany for this to be
done having been given, just as America is still maintaining troops in
under
China
agreement with the Chinese government given right after the Boxer
an
Fourth, to
reserve
Treaty is held not to complicate the situation, because the treaty is in effect
(Signed)
In his address to the
in
accepting the Allied invitations to sit on
Council, the Council of Ambassadors, and unofficially
Commission, constituted in
negotiations
an
on
the Reparations
limit
I
victors
ask you
must
There is
no
As
rejoining these bodies which
the
League of Nations to death.
Council of Ambassadors
unofficially represented, is
has
Neither the Supreme Council
the
even
remotest connection
on
with
nor
the
which this country will be
of the Versailles Treaty but not the
a creature
With America participating officially in two of these
bodies and unofficially in one it is thought that all the powers which would
normally
In
for
Gradually,
say
a
that
means
and,
as
mean
a
than
acceptance
our
readiness to
and the shackling of
the
reasons
GERMANY
this falls
Unconditional acceptance
the formation of
meet the
so
voluntary
Refusal would,
activities,
economic body, already so
political exietence and
realm.
our
the ultimatum.
We know
The responsibility for
"Yes" without the resolution
obligations imposed
By acceptance
upon us.
any case,
we
taking the decision,
our
Upper Silesia.
eyes to
in the results of the
The Allied
create
an
a
attempt by the Poles to
an
mockery to all justice.
In
no
Polish dictator tread under foot the few rights which
Treaty gives
us.
The treaty, which cases
sacred
or
ought
i
accomplished fact which would be
Governments
sign
we
In that respect we hare firm confidence
plebiscite.
Governments will not tolerate
a
will
we
The fear often
whether
not, is not supported by any passage in the ultimatum.
There is no need for me to show why, in
to turn
It
utmost to*
believe
we
occupation of the Ruhr.
expressed that occupation will take place in
obscurity.
no
to do our
heavy burden
a
duties,
the
as
upon us,
British
entails for the Allied
Premier
himself
expressly
acknowledged recently.
Ladies and gentlemen, the
new
Government, after reflection, advises
yoit
The
Ministry received the votes of the Majority Socialists,.
Independent Socialists, and a few scattering
Clericals,
Democratic
votes.
The
Nationalists, German People'sCommunists and Bavarian People's Party, which
Party,
nominally
•
with
votes
the
Wirth
Clericals,
opposed
ac¬
ceptance.
NEW
GERMAN
the
of
terms
set
forth in the
demanding fulfillment of the
peace
treaty
Berlin
new
ministry in Germany of which
Reichstag
on
that date by
of the terms
a
days of the
Gustav
Bauer
(former
wildest
ministry
Wirth is-
as
"im¬
one
possible
chaos."'
are:
Chancellor)—Vice-Chancellor
and
Minister
of
the Treasury.
Herr Brauns (Centrist)—Minister of Economics.
was
Herr Schiffer
Robert
(Democrat)—Minister of Justice.
Schmidt
General
vote of 221 to 175 yielded
Dr.
The Allied demand in
(Socialist)—Minister of Labor.
Groener
(Social-Democrat)—Minister of Transportation.
was
1,000,000,000 gold marks, due
soldiers
accused
disarmament
of
on
Herr Gessler (Democrat)—Minister of Defense.
Herr Silberschmidt
Germany's
of
German Ambassador
With
regard to the above the Associated Press said:
Di. Eduard David, who was first selected as Minister of the Interior, waswithdrawn
1
during
naval,
the
the foreign
of
Germany's service, and ultimate payment of $33,750,000,000 in reparations.
The Reparation
obligation
replaced
by
Herr
Gradneur.
Theie
was
a
considerable
a
man
for
portfolio, which eventually Dr. Wirth assumed.
The Democratic Party was not officially represented in the new Caoinet
in
war;
and aerial
and
delay in completing the Caoinet owing to difficulty in finding
May 1; trial of German
crimes
(Majority Socialist and Labor Leader)—Minister of
Reconstruction.
to
payment by June 1 of the
the military,
(Centrist)—Food Comptroller.
George Gradneur (Majority Socialist Deputy for Saxony)—Minister of
the Interior.
delivered to Prime Minister
was
Sthamer,
brief,
leader,
coalition cabinet, composed of
Gret Britain at London, May 11.
and
two
The other menibers of the
Andres Hermes
a
Centrists, Majority Socialists and Democrats.
George by
after
Dr.
characterized by the
Herr Giesoerts (Centrist)—Minister of Posts and Telegraphs.
finally succeeded in forming
acceptance
was
correspondent of the Associated Press
provised
ministry to succeed that of Chan¬
new
a
MINISTRY.
obviously
REPARA¬
the final demands when Dr. Wirth, the Centrist
but in response to
the first instance,
a
request from the Clerical and
Social Democratic Parties permitted General Groener aDd Herr Gessler to
retain
the
portfolios they held in the Fehrenbach Caoinet.
It is under¬
stood, however, that Herr Gessler will act as Minister of Defense only tem¬
porarily,
his retention in
that office being due to his knowledge of the
Siiesian situation.
paid in installments of approximately $485,000,000
year,
in addition to 25% of the value of Germany's
exports.
Germany's reply to the Allied ultimatum, accepting the
down by the Allied Supreme Council in London
confined to
U.
S.
SENATE
a
repetition of the exact terms of the de¬
COMMITTEE
OPENS
HEARINGS
ON
TAXATION QUESTION.
,
terms laid
was
The
entire industrial life and the
our
our
Government accepts
the imminent threats of
remove
cellor Fehrenbach.
per
our
in
entire industrial
the gravest consequences.
would be useless to say
decided upon by the German Government on May 10 after
would be
bear
point concerning which there must be
one
THE
TERMS ON
reparations provisions of the Versailles
arms
rejection.
or
the Allies.
on
But there is
The
ACCEPTS ENTENTE
ultimatum of the Allied nations
complete
timer
that acceptance, by reason of the
place Germany will occupy in the economy
exist.
TIONS FOLLOWING FORMA TION OF A NEW CABINET.
officers
our
dismemberment of
effects might be even more terrible for
For these
and
of the
immediate decision.
an
other
Chancellor and Foreign Minister
Lloyd
the contents
on
termination
declare
us
we
surrendering the basis of
consequence,
hollow shell.
those holding this view, the league will become
useless that it will simply cease to
The
the
of
opinion by
your
to the league will gradually be usurped by them, leaving the
go
League of Nations organization merely
to
opinion
an
view
decided.
so
greatly weakened,
in
discussing post-war problems will in effect
are
league, while the Reparations Commission,
League of Nations.
th&
on
in all confidence to accept the ultimatum.
matter of fact, it is believed hero that the action of this country
a
formed
to express
possibility
have
Acceptance
Natiqns or
approach to it.
bleed the
have
you
significance of the ultimatum.
taken by
the Supreme
entry into the League of
no sense an
STHAMER.
Reichstag preceding the vote
Our task in this grave hour is to obtain the decision of the
Reichstag
with regard to the ultimatum of the Allied Governments.
In the protracted
the Peace
President
criminals
war
reparations question Dr. Wirth said:
Again to-day Administration spokesmen laid stress, in explaining the sit¬
the
delay the trial of
I ask the allied
powers to take note immediately of this declaration.
circumstances shall
uation to newspaper correspondents, on the point that the action
of military,
measures
by the prescribed date.
carry out without reserve or
between Germany and the Allies, and Germany is bound by it.
as
delay the
or
first paragraph of the note of the allied Governments of
May 5.
The fact that the United States has not ratified the Versailles
uprising.
by the Reparations Com¬
and to execute the other unfilled
portions of the Treaty referred to in the
of the world, will entail
speedily at this stage.
some
condition the guaran¬
reserve or
respect of those obligations prescribed
naval and aerial disarmament notified to the German
Government by the
adied powers in their note of Jan. 29
1921, those overdue to be completed
discussions—that it might be jeopardizing the interests
of both the United States and its former allies if this country
In
defined by the Reparations Com¬
as
mission.
however,
leaders of the House will make no direct statement, they
decision
Government to declare
labor the heavy financial burdens demanded
year by year.
Hasty Action Dangerous.
Whiie the party
German
new
Government is fully resolved, first, to carry out without
Second, to accept and
going to let the peace resolution
reason we are
received
the
missions.
detailed
"The situation abroad is entirely too critical for the
just
with
following:
The
pigeonholed
Republican leaders of the House are known to have been in
The
instructions
accordance
reference to the resolutions of the allied powers
name
House leaders in touch with the Administration to-night that the present
intention of the Administration is to keep the Kiiox resolution
with
in
simultaneously
was
follows:
was as
Government,
my
at once and the remainder
payments.
was
Prime
sent
same
as
Governments)
Third, to carry out without
was
troops unless the Germans in the meantime should have begun
It
am
of the
reply,
Minister, (the
sent to the other
follows:
That
[Vol.112.
Congress took
up
definitely the subject of taxation
9 when the Senate Committee
in person
on
on
May
Finance, Senator Penroso
presiding, held the first of
a
series of public hearing:
MAY 14
1921.]
THE
relating to internal
revision.
revenue
It is
CHRONICLE
foregone
a
Business
con¬
men
2049
generally,
individuals, are paying too little attention to
what is being done—or not
being done—to further sane taxation.
Taxation
will come up as soon as tariff
legislation is settled.
If you are in favor of a
revision which will lessen
costs, lower
clusion in the opinion of the
Washington correspondent of the
New York "Evening Post" that in the main
the proposals
submitted by the Secretary of the
Treasury will form the
ground work of the Congressional program on
as
write, telephone, telegraph,
or
prices, and aid in reviving business,
your Congressman audi
go,
personally, to
Senators and let them know
your attitude.
taxation, with
prospect of
shifting but no great lightening of the tax burden.
hearings on Monday were given over to the advocates
The
of
sales tax.
a
Galey Lord,
City.
He
mittee
a
The first speaker was Charles E.
textile
to
came
commission
merchants
in
Lord of
New
Washington to advocate before
1% turnover tax
ROGER
WILLIAM
dise, which he calculated would
net the
the
com¬
Government $1,500,-
will rest there and be truly an income tax, not
so high as to
inflation, shifting, and evasion, as at present, and aim to
obtain by that means $1,500,000,000.
The present tobacco
of his
each and
modities
business involving the sale of any
merchandise produced,
manufactured, or
or
chased by the vender for sale
of such business.
tax of
a
1% of the
The tax would be collectible
tax you
revenue
could
I
make
necessary to
referred to
up
is
Nash
"A
farmers, petty traders, street
gives of
opposition to
sales tax
a
seems
to be
com¬
ground
statement
interest
Sixty-five
which
business
the
to
up
Washington.
doubt.
The
men.
same
Roger
W.
Babson,
eom-
has
Secretary Mellon's
been
reason
emption removed.
pay more than
bined,
as
on
off business
letter to
gaining favor in
a
answers
for
two
is
revenue
Surtaxes are to
possible 73%
dominate
be reduced
that
so
the $2,000
even
fact
that
now.
national
allowance
basis for about
missed
the
The
recovers.
that
rest
over
latter
tax
is
influences.
But
in effect, a
is
ill-advised
rates,
legislation
into
business
on
Tax is
a
them.
They
is
all
dissipated in
are
that
the
busineas
a
Nor should the point
Government
extravagances,
now
really
waste,
and
so
far, this reduction has put the heaviest
misguided in not being informed that the Sales
economical and most effective
opponent,
Congress
claims
to
is
Streets
is
the
Nash makes
means
of collecting Government revenue"
convinced.
Senator
McCormick,
was
appointed
With
the
the
parent of
other
1
Congress has lost its heart, and is in danger of losing its head, to the
Their plea is vocal, every day, through two highly paid agents
The "present Congress
elected
promise to cut the
red tape of government regulation and illogical taxation which is
strangling
business.
Election over, the business man tendered a vote of confidence
was
on
a
the incoming administration and is waiting patiently.
tempted
to
violate
that
It
now appears
confidence—to play
politics—
"stuffed elephant" tax reform in place of the real and necessary
of
Corn
than
more
Exchange
sixty years-
going almost daily through that door¬
43
branch
banks, all bearing the
of
the
Loan
committee
Committee of
members
it
the
his
was
availability of the securities that
name
of
Exchange
as
were
Clearing House.
duty
to
pass
be
used
as
to
upon
pillars
to
support the tottering walls of finance.
Men who worked with him dur¬
ing that crisis spoke of him as unafraid, fearless in the face of
disaster,
showing a breadth of view and soundness of judgment that ever since has
held
him
in
the
Nash's work
made
him
member
of
1907
was
he
front
as
one
rank
Nash.
board
of
The
first
the public
Street, Brooklyn.
I
the
as
the
balance
Corn
wheel
Exchange
president of
the
school which I attended.
He
was
interested in the
the job.
I
Five years
of
was.
bank
positions in the bank.
glad to get
was
VV,
Committee of the
the
spoken of
several of them
bankers.
the Loan
of
Clearing House
controlling influences of that body.
He remains a
Clearing House to this day.
In the financial flurry of
the
"My beginning with
Mr.
able
of
member
a
of
the
situation.
just
happening,"
a
director
was
a
It
was
P.
S.
of
the
said
school
13, in DeGraw
boys in the school, and offered
was
the second
boy he picked out.
later I
was offered a position as
receiving teller at the Oriental Bank, and I left the Corn Exchange to
go
there.
But three years later I returned as
receiving teller, and I have
been here ever
since—fifty-seven continuous years and sixty-two years alto¬
"A
/
conservative, banker
is
a
who
man
remembers
existing obligations
he is tempted to make new investments.
A conservative man is one
being tempted to spend, remembers his debts.
Conservatism is not
standing still; it is a remembrance of obligations when a man is
tempted
who,
of
relief.
For
it plain that he does not
regard the Corn
member
a
four
value and
ticular
to put over a
been
world.
when
a
the leading
have twenty only, out of the fifty-nine Republican
majority party dilemma.
is
has
the
a
out of the
that Congress
timid-
Nash
come
to
corner of
the
it.
as
Exchange, to
Capitol.
at
epen
Exchange.
to enter into
farmers.
bailding at the
swung
the
to
Senators pledged against it.
Could the Sales Tax be brought to a vote it is
hardly to be doubted that sufficient Democratic support would be forth¬
coming to pass it, if for no other reason than to make capital for 1922,
at the
Nash
in
gether.
>
That the Sales Tax, to quote Chairman
Fordney, "is the sanest, the most
in
City,
dollars.
is
turnover tax
step to reduce overhead between producer and consumer, to the
majority
York
became president he had
already impressed the financial
"very careful, painstaking, conscientious banker, with an undeviating business ability and integrity" ; but it was not until the panic of
1893
that his real
ability was shown.
During that financial storm he
It is
costs
That the Western farmers should oppose anything that will reduce retail
benefit of both.
modest brick
a
New
In the
twenty-eight slow, laborious years in which
presidency of the bank, the deposits climbed to ten
To-day they total 180 millions, and the building at William and
When
are
expense attendant upon computation and collection.
losses
about
world
But the loss
consumption tax.
carried
33^% of retail value.
prices is understandable because,
Streets,
product, nor its progress as due to "his" sole merit.
From his
viewpoint, the bank and he are partners, working together,
growing to¬
a close and intimate
companionship that has nothing possessive
surtax com¬
This because the higher rates
Federal taxes
figure
similarly
gether in
individual will
no
23% of average retail prices, whereas
could reduce this to not
be
for
are
"his"
by readjustment in the lower schedules.
the present income
that
estimated
the door of
Beaver
rose
Corn
Mr.
ex¬
noy can delay and handicap America against her competitors.
There is no uncertainty as to the present major
influonce on the minds at
Washington.
The Farmers' Union and other interests have joined in
pronouncement against a "consumption tax."
They ignore the economic
the
as
progressive conservative."
a
both the doorway
million
the
is to be
year,
money
will
he asked.
the
boy
Beaver
Tax
with
Business and the investor alike have much at stake in the
present situa¬
tion.
Worldwide liquidation, enforcing the trend to lower
doubtless
I make it?'
,
capital may be taxed and
is to be made up
"looking
reproduced here:
Alexander
millions.
proposed legerdermain with
S400.000.000 this
uncollectible, merely driving capital into tax-exempt forms.
of
who goes ahead," says Mr.
Nash,
that he isn't likely to get run over.
and the man have grown during the process.
15-year-old boy entered the bank as runner, in 1855, it was
thirteen years
younger than he was—a two-year-old bank with deposits of
Chairman,
Congress and
40% this year and 33% in 1922, normal tax and
against
see
the Chairman of the Board of Directors of the
and
When
same amount is to be derived by
That is, corporations that do not make the
corporations.
on
interest return
man
a
way ;
repealed, according to promise, but the
flat tax
his repu¬
The description which Mr.
a
shall
are
and
the
take the shackles
The Excess Profits Tax. counted on for
a
the belief
on
men
fifteen-year-old schoolboy coming to his first job.
Recently, through that same doorway stepped, with a briskness bora
corporation taxes and surtaxes.
current
a
isn't
Bank, the largest State bank
Political expediency may doom the Sales
present,
is
years ago
William
William
by
tax revision that will
no
still
touch of
the trend of tax legislation, is being sent to
throughout the country and we reproduce it
at
corner
a
Some other extracts from the article which
_
Fordney leaves
"Nash has
When you do that you will be
can.
of
here:
losing
secure."
"Go ahead just as fast as
you can, while you hold back just as hard
•
The plan for a
are
over.
assurance,
men
things that
the
conservative is also worth quoting.
a
all sides to
on
'How short
you
ROGER W. BABSON ON THE SALES TAX.
business
I've
That is why
'Well, take off just as much as you can—anid leave on
just as much as
you can,' I replied.
That is the advice I would give to men anxious to>
forge ahead, and doubtful how far to go.
the tax.
upon
always timid.
am
Among bankers and business
conservative
stands
"
ing from labor organizations, fraternal orders, and agricultu¬
interests," Senator Penrose interjected at one point in
Mr. Lord's testimony.
Mr. Lord replied that he thought
the opposition arose mostly out of a lack of
understanding of
menting
forging
conserva¬
timid now.
am
things,
in
as a
"
ral
following
safe
essential
an
A man
conservative; he is a reactionary.
And he usually
A conservative always goes ahead.
"How far he goes and how fast he can
go are always matters for him to
decide as they come.
Once I was in Carlsbad and a barber wanted to cut
my hair.
peddlers, and,the like.
The
the
timidity.
gets run
amount, say $4,800 a year, in order to free from the burden
"The bulk of the
to
carefully
who
Mr. Lord would allow only one
exemption from this tax.
He would grant an exemption on all sales
up to a certain
of the tax the sales of small
as
He describes himself
tation for fearlessness is safe."
or
required."
revenue
One of the particular qualifica¬
counts
timid, for it is noted:
sales
the $4,000,000,000 generally
the present minimum of
as
stick
in his
the additional $1,500,000,000 of
secure
EXCHANGE
Others who know him do not share the belief that
Mr. Nash
pur¬
monthly
Nash
been timid all my life and I
com¬
gross
Mr.
tive person, "because," he says, "I
quarterly from the vender, who should be compelled under
penalty to keep a true record of his sales.
I believe that from
this
which
ahead is conservatism.
decide to retain,
every
achievements.
own
tions
together with inheritance taxes and customs duties, can be
adjusted to safely produce $1,000,000,000."
"My proposal is that in addition there should be levied
upon
CORN
of the
Board of Directors of the Corn
Exchange Bank of this city,
figures as the principal.
Mr. Nash gives evidence that this
maxim has figured to no small
degree in the attainment
force
you may
THE
Magazine," in which William A. Nash, Chairman
"I would present the middle of the road
proposal," said
Mr. Lord.
"So much tax should be levied
against income as
as
AND
"Go Ahead—-Without
Rashness," serves as the title of'an1
article that appeared in the April number of
the "American
000,000.
taxes and such other excise taxes
NASII
BABSON.
BANK.
all goods, wares, and merchan¬
on
A.
York
W.
"When
I
kind
County Bank,
and
not
I
knew
know
and
new
wanted
he
he
ceiving and
a
a
perhaps perfectly
Mr.
Walter
and
work
conservatism.
small
had
had
far
must
said
"If
about
fulfill.
to
I
more.
vice-presidency to
Then
I
and
wanted
Frew
and
not
and
offered
come
the present president of the Com
I found
me,
initiative
great
proper ventures.
Frew,
Mr.
institution
obligations to the directors
I
E.
with
to
very
far
double
I
had
that
than
I
the
bank
had
watched him,
energy;
but
salary he
He refused.
us.
more
possessed of that par¬
of the Queens
president
old.
tremendous
him
depositors of
him
him
was
which
in
the
I
was
He said
he
first
did
re¬
he had,
felt
he
place.
myself:
that
man
us.
If
he
feels
is
that
way
faithful
and
about those people, he will feel that wayloyal to his obligations in one place, he
will
be
another.'
in
And,
wouldn't leave the people of
Frew
Mr.
as
the
to get a man like Mr. Frew.
There are few
remember one of the most prominent men in the
banking world was asked once if he believed that young men should get
salaries as high as one hundred thousand dollars, even if they were worth
it.
He spread out his hands.
'Where are they?' he asked.
'Take me to
"I'd
good
buy
"The
of
bank
a
but
salary or the buying
are
small things compared with the getting of a really able
trouble with many young men to-day is that they are smart,
The
They seem content
able.
not
at any price;
needs them
business
banking
man.
I
get.
keep all of them.'
I'll
them !
bank any day
a
to
men
1
to be smart.
when I
made him that offer.
I haven't much faith in the executive who declares
he knew all a man could do when he first saw him work.
Some men
claim a lot of credit for picking a man out when he makes good, forgetting
the ones who fail.
I picked Mr. Frew because he would work with me
on an idea then new—branch banking.
I couldn't do it alone and I needed
"No
what
knew
one
enthusiastic support."
his
Nash
Mr.
York.
his
the Astor Place and the Hudson River, merged them
organization, and opened them as branches.
It was a revo¬
own
which the
years
the time, but Nash saw it as a
eonservathe
have proved it to be.
"I admit I thought
said Mr. Nash.
proved it as we went along,"
"We
Exchange
In 1899 the Corn
the idea.
in New
common
banks,
lutionary idea in banking at
one,
of branch bank::
father of the system
Nash himself originated
Mr.
bought two
with
the
is
hut we bought slowly.
W'e averaged not more
year.
The first test of the branch banking sys¬
tem came in the panic of 1907, and we weathered it.
To-day we have 43
branches with this building as the parent hank. ...
"In the banking business we hear a good deal about 'influence' as a
means
of getting along.
I do not undervalue good introductions; hut,
when
once
started, a man's own ability and attention to duty arc the
it
in
out
banks
a
I had no influence except
exhibit was made
not by myself hut by the people who worked with mo and saw what I was
and what I did.
When a young man in business becomes convinced that lie.
is being continually observed, all he has to do is to mind his business,
only things that will
the exhibit of what I
and what I had done ; and that
was,
will advertise
others
and
permanently establish him.
bought
make it worth while for him
stay.
"That
something
is
have to
who wants to be an executive will
man
a
things as well as to step into them."
would have stayed," Mr. Frew assured me when I reported this state¬
to him.
"I never would have left a man who gave me the opportunity
learn—to
"I
ment
step cut of
in the way he did.
The relation between us has been
that of father and son; it would be impossible to consider leaving."
Nash
Mr.
like
like
A
gave
sense
The
bank.
Exchange provides
Corn
this system paid less than 30% of the annual salary to a
The same frankness as to business dealings is extended
depositors and to the public.
A few years ago the bank adopted a form
statement of which Mr. Nash sayn he is prouder than of anything that
of
since has
been
has
a
done
surplu-;
adult
for
is
It
years.
many
the bank
statement of just what
a
have
depositors, and how it is prepared to pay that amount, and to
to
owes
Couched in the simplest terms and so arranged that any
over.
understand
can
has served
it
it,
as
model
a
for banks all
over
the
country.
"The
better
everybody understands a bank, the better its chances for
It is upon this principle that the Corn Exchange lias
great, not from a few big deposits, which can be easily withdrawn,
success," i ays Nash.
grown
but
as
from
well
over
of
as
cash their checks at the Forty-second Street
out. may
a
hundred
wealth,
ABOUT
thousand
give
it
depositors
whose
aggregate
faith,
of
TRUST
COMPANIES,
stocks
or
trust company
or
Exchange
ETC.
at auction this week.
-♦
A New York Stock
•
~
made at
were
It is
the
clients.
Branch will be ready for busi¬
special services to the Bank's women
expected that the Forty-second Street
about June 1.
ness
contemplated, other than those neces¬
Branch and the Broadway Branch are
sary to
personnel of the Bowery
the organization of
No immediate changes in
National City Bank's
Broadway and Bowery
bring there branches into conformity with the
general
plan
Branches
and
of organization
are now
service.
.
The
in active operation.
offices in New York City
anniversary of the Bank's
founding.
In that period of more than a century, the Bank's sole place of
business in New York City has been at its head office, which has always
been located in Wall Street—as a matter of fact, always in the Wall Street
The opening
will be
of the National City Bank's branch
approximately concurrent with the 109th
of William Street
block immediately east
.
Reserve Act. the Bank
However, with the passage of the Federal
immedi¬
branches, opening its first foreign
November, 1914.
With the International Banking
ately commenced establishing foreign
office in Buenos Aires in
of 82 foreign branches.
maintained but one
total resources
during the last half century alone have been equivalent to 14,800%.
In
the same j>eriod its capital has increased 3,900%, its surplus and undivided
Corporation, which it owns, the Bank now has a total
Regardless of the fact that the National City Bank has
New York office up to
the present time, the increase in its
profits 6.000%, and its
deposits) 14,100%.
During the 109 years of its
existence, the National City Bank has figured
This was in 1897, when it absorbed the old
in but one other consolidation.
Third National Bank.
which passes out of existence
proposed consolidation, has had a very interesting
with the
history, and has played a
affairs for nearly half a century.
As
organized in 1872, first opening its doors
prominent part in New Y'ork financial
Bank it was
the German Exchange
at
Bowery and Stanton Street.
Forty-two years ago it moved to the
At the time of the bank's organization,
occupied continuously.
the Bowery was in the heart of
on
bank¬
Bond Street, which it has since
ing building at the corner of Bowery and
its location
much of the city's business activity,
and
residential neighborhood.
One of
original shareholders is still living, and has held his stock without inter¬
immediately adjacent to a fashionable
the
ruption during the past 49 years.
The Commercial Exchange
a
short time ago.
Bank's charter as a National bank was
granted
Its present capital is $700,000.
Guaranty Trust Co. of this city has sold its interest
The
Exchange membership
reported
was
$95,000, against $91,000, the last preceding transaction.
Co. of this city to the Banca
in the Italian Discount & Trust
Italy
Italiana Discjonto Co. of Rome
which holds the con¬
The price received for the
stock by the Guaranty Trust Co. was $190 a share represent¬
ing a profit to the institution of $40 a share.
The relation¬
ship of the Guaranty Trust Co. to the Italian Discount &
Trust Co. is to remain exactly the same as heretofore except
for its stock ownership.
E. W. Stetson Vice-President of
the Guaranty Trust Co. is to continue as Chairman of the
Executive Committee of the Italian company.
G. P. Ken¬
trolling stock in the institution.
who left the Guaranty Trust Co. in 1918 to
However
presidency of the Italian Discount & Trust Co.
has
resigned and will return to the Guaranty Trust Co. in an
official capacity on May 15.
Emanuel Gerli who is a large
stockholder and a member of the Executive Committee of
Co.
the Italian Discount & Trust
'
.
posted for transfer this week, the consideration being stated
as
Department, built off from
At this office also, there will be a Women's
main banking floor, rendering
nedy!
stable foundation.
a
BAN iS,
No sales of bank
the Stock
that has been worked
Branch when they so
desire.
take the
ITEMS
the
interlock
work of the head office of
Y'ork City Branches will
Customers of the head office, under a plan
perfectly.
1,000 employees of the
its employees the same kind of
for
single employee.
to
Arrangements have been made whereby the
National City Bank and any of its New
loyal responsibility pervades the
of
attractiveness" it has ready for callers.
Four years ago the
installed a profit-sharing system, which it explained in detail.
In no
year
uptown clients.
.me
"organized
bank
375,000 names in this country
credit files, containing
The Commercial Exchange Bank,
a
stayed with his original bank—it was time to
to
Forty-second Street Branch, the
information on some
and abroad, will be available to the Bank's
Through the Credit Department at the
him.
bank to get Mr. Frew ; I resigned the presidency of the Corn
Exchange Bank to keep him.
In 1910, I became Chairman of the Board of
Directors.
I could see that within a year Mr. Frew would have offers
from other banks, and although he might have stayed—as he would have
"I
commerce.
National City Bank's extensive
head,
own
my
two to three
than
Credit and Travelers'
arising out of
collections, issue Travelers' Letters of
handle any of the other financial transactions
or
international
Frew would make
wonderful banker Mr.
a
make foreign
Checks,
Mr. Frew came with it.
I bought the bank, and
bank,
CHRONICLE
THE
2050
succeeds to the presidency
The Italian Discount & Trust Co. was
institution.
of the
It has
established in 1918.
a
capital of $1,000,000 and de¬
posits in excess of $10,000,000.
»—
Banque Beige pour L'Etranger
The
Notices to the shareholders of the National City Bank of
New York have been sent out submitting for
the
their approval
proposed absorption of the Commercial Exchange Nation¬
The statement issued by
al Bank.
For
a
number of years past, as
spread northward,
many
the bank
says:
of the National City Bank's customers have been
locating their offices a considerable distance away from Wall Street.
Those
felt that a higher degree of service could
be rendered if the Bank should operate
branch offices in New York City,
located at points more readily accessible to
thO|se of its clients who have
moved up-town.
Several months ago,
absorption
of
therefore, negotiations were begun looking toward
the Commercial
Exchange
Bank
which,
had established threo branches in New York City.
as
a
State
They are located as follows:
Forty-second Street Branch—42nd Street at Madison Avenue.
A.
Hohn
for
twelve years in charge of
office of the Commercial Exchange, now located at 321
Broadway, will be
bank has
The
offices in
The
London
town
Forty-second Street Branch will be located in the heart of the up¬
business section,
occupying
the
new
banking
room
now
being con¬
It will be equipped with all bank¬
ing facilities which are available to the Bank's clients at its head office, 55
Wall
Street.
functions, the
which will
China and Egypt as well as
branches in
Paris
Colon and Bucharest.
Belgian Bank is 100,000,000
is paid up.
Its reserves
present capital of the
francs, of which 75,000,000 francs
15,977,743
francs.
At
a
meeting of the board of the Asia Banking Corpora¬
tion, New York, on May 10, E. A. Potter, Jr.,
discontinued.
structed in the National City Building.
Aside from the regular commercial and
Department,
buy and sell bills, settle exchange, transfer funds by cable, open
dent of the
Guaranty Trust Co. of New York,
director of the Asia Banking
against credits opened in this country.
Vice-Presi¬
was
elected
a
Corporation, in place of J. H.
Auchincloss, resigned.
individual banking
Branch will have a highly organized Foreign
foreign credits and make payments
the bank's
■—-♦—-
compliance with the provisions of the National Bank Act, the head
The
its first agency
in Shanghai
Bowery Branch—Bowery at Bond Street.
In
open
when it will take offices in
China will have charge of the new
agency
it was announced yesterday.
It is! expected the
agency will perform valuable financial services in facilitating
the flow of trade between Belgium and the United States.
agency
total
Broadway Branch—Broadway at 26th Street.
of the largest
Munson Building on lower Wall Street.
new
W.
one
with which is affiliated the
plans to
in the United States on June 1
bank,
Effective with the con¬
solidation, these branches will become regularly established offices of the
National City Bank of New York.
Societe Generale de Belgique
the
New York City's business activities have
in charge of the Bank's affairs have
financial institutions in Belgium
♦
Seward Prosser, President of the Bankers Trust
been
elected
Chairman
of
the
Executive
Co., has
Committee
of
MAY 14
1921.]
THE
CHRONICLE
Group yill of the New York State Bankers' Association for
the ensuing year.
Other officers and members of the group
Secretary and Treasurer, Walter M. Bennett,
are:
President
the
of
Bank
of
America;
members:
Vice-
Percy
H.
It is
2051
reported in the Philadelphia daily papers of May 3
D'Orazio, paying teller of the American Bank
John
that
Trust Co. at Broad Street and Passayunk Avenue, that
Johnston, President of the Chemical National Bank; John
of the bank's funds and
McHugh, Vice-President
bail by
tional
Bank;
Reeve
National Bank;
Schley,
V".
D.
Mechanics & Metals Na¬
the
Vice-President of
the
Chase
Sherer, Vice-President of the Corn
Exchange Bank; and E. Stauffen, Jr., and J. Y. G. Walker,
Vice-Presidents,
respectively
and
Union Trust.
the Central
of
New
the
Trust Co.,
York
Robert M. Baldwin has been appointed Assistant
New
Baldwin
Mr.
York.
been held May 2
Secre¬
formerly
was
of
Assistant Na¬
an
subsequently released in $25,000
A hearing which was to have
in the office of the Magistrate has been post¬
poned until June 1.
D'Orazio, who is only 24 years of age,
had been in the employ of the bank since August 1918.
Thomas S. Boyle,
has
the President of the American Bank &
is reported
saying that D'Orazio, by turning
as
the securities he held and with assistance from his father,
over
tary and Assistant Treasurer of the Hudson Trust Co.
was
Magistrate Magner.
Trust Co.,
♦
city,
recently arrested for the alleged embezzelment of $81,200
was
already made restitution of about $60,000 and that the
balance will be made good in a short time that the bank not
lose
dollar.
a
tional Bank Examiner.
According to statements appearing in the Boston daily
The
York
New
approved
State
Banking
Department
May
on
5
increase in the capital of the Bank of Europe,
an
1429 First Avenue,
this week, the Beacon Trust Co. of Boston will take
Equitable Trust Co. of that city, a sufficient num¬
papers
the
over
ber of the stockholders of the last-named institution
this city, from $150,000 to $450,000.
having
■
•—.—»
On
of
May 4 application
accepted
_
made by the Mechanics Bank
was
Brooklyn to the New York State Banking Department
for
permission to
branch office at No. 804 Manhat¬
open a
:
On May 5
was
of
the cornerstbne of the
building which the
new
Pennsylvania and Liberty Avenues in that borough
laid by Charles J.
committee of the bank,
committee
Benisch, Chairman of the building
assisted by other members of the
board
the
and
directors.
of
The
build¬
new
ing, which is to be up to date in every particular, is expected
be ready for occupancy
to
Homestead Bank
by the first of next
organized in 1907.
was
$147,000 and deposits at the present time in
E. L. Rockefeller,
000,000.
The
year.
It has
surplus and undivided profits of
of $200,000 with
The merger,
it is said, will be carried through
meeting of the stockholders
necessary
approval to the plan.
a
the completion of the deal.
assure
can
as soon as
the
be held to give
In connection with the
pro¬
posed consolidation, Charles B. Jopp, President of the Bea¬
»
Homestead Bank of Brooklyn is erecting at the northwest
corner
share for their stock to
formal
Avenue, Brooklyn.
tan
offer made by the Beacon Trust Co. of $155
an
capital
a
more
than
of $4,-
excess
retired merchant of the East
a
Trust Co.,
con
is reported
saying
as
May 11 that
on
a ma¬
jority of the officers and directors and the entire working
force of the Equitable Trust Co. would be taken over.
It is
reported that Charles B. Strecker, the President of the Equi¬
table Trust Co. and its
health and nuty
Co. has
The Beacon Trust
capital of $600,000, with surplus and undivided
a
and deposits
of $1,700,000
profits
largest stockholder, is not in good
retire from business.
of $17,500,000.
The
Equitable Trust Co., which began business in November
1916, has
capital of $500,000 and surplus and undivided
a
Its deposits amount to about $2,000,
profits of $240,000.
000.
'
-
V'
■
(
Brooklyn, is its President.
New York section of
of the bank has increased to such
ness
The busi¬
♦
Edward
Vanderpoel
Mr. Vanderpoel
day (May 12).
in his fourteenth year.
in 1917 and
He
was
Thurs¬
on
the bank in 1904
came to
appointed Assistant Auditor
later assigried to special work on the Cash¬
was
♦—■—
L.
Phillips, heretofore Cashier of the Merchants
& Manufacturers National Bank of
the late
Joseph M. Riker.
was
election
Newark,
May 4
was on
At the
same
meeting George L.
appointed Cashier in lieu of Mr. Phillips.
was
also unanimous
career as a
messenger
thirty-one
years
ago
Mr
.
His
Phillips began his banking
.
with the old Merchants National Bank
and
the position of Cashier
rose
through successive stages to
in 1912.
Last
year
united
form
to
the
tered
the employ
institution Mr.
present
chosen Cashier of the
was
closed by State Bank Commissioner Joseph
May 11, announced that he would
agent for the institution within
closing of the bank, it is said,
stockholders and
enlarged bank.
Phillips
Mr. Frost
of the Merchants National Bank 17
a
a
few days.
committee representing the
an
effort to obtain
a
years
$1,500,000
to
$2,000,000.
The
that the
appointment of
agent will not interfere in any
an
with the possible re-opening of the bank.
way
trary, it may be of great
other
any
persons
who
hssistance
par
and became effective May 5.
value of $100
share,
or
at
a
per
share and
was
The
new
on
was
March 8,
stock
has
disposed of at $275
be interested in the
may
He
is
further
quoted
as
a
rests upon two
premium of $175.
Keith
was
elected
Failkill National Bank of
its
of
Board
Hoysradt
Alack
was
was
also elected
chosen
death of Colonel
a
Vice-President of
Poughkeepsie, N. Y„ at
Directors
of
First
a
Monday,
May 9.
the
meeting
Willet E.
a
Vice-President, while John E.
director to fill
a
vacancy
fundamental
management be
provided.
The agent will give nis entire time to the work.
reopening.
The appointment of an agent does not preclude
the period that tne bank has been closed this
the assets in every
on
It must
proper way.
be remembered
tnat
this department has the super¬
tne
bad
I nave
caused by the
Henry E. Lsey.
loans
seen
concerned.
cash or substantial securities in so far as
As
yet, however, they have not done so.
notning tangible thus far.
if they
any
are
mean
If they can meet these requirements
have the financial ability to do
time.
so,
tne bank
financial
were
increased after the bank
ment showed to be the
our
con¬
The amount his original state¬
a
study of the losses,
and Mr. Allen said that he has not
reduced these figures in any
in
closed, but that he
was
impairment, after
about $1,100,000,
ferred to the
Transcript" states,;;
requirements throughout the
ferences with the committee.
umns
be reopened
requirements asked before he closed the
has stood by these latter
was
can
f
Mr. Allen let it be known, the "Boston
the
the requirements
Tney have stated that they would meet
reopening.
requirements—w ilea
and
During
department has been realizing
I cannot give the necessary time to
600 banks and of 12,500,000,000.
over
which would result in
bank
D.
proper re¬
requirements: First, tnat all bad loans be made good: second, that proper
at
per
con¬
follows:
Tne reopening of t ic Tremont Trust Co.
that
James
On the
to the committee and to
opening of the bank."
the
capital
new
authorized by the stockholders of the institution
ast,
its capital
ap¬
saying that he wanted to make it emphatic that
as
The managers have been given an opportunity to meet
from
permission to
liquidating agent is to be
he had "assured the committee from the Tremont Trust Co.
the work.
increased
liquidating
Ever since the
depositors have been holding conferences
In announcing that
May 11
vision
Liberty Bank of Buffalo has
a
the
en¬
ago.
The
Wednesday
on
designate
pointed, Mr. Allen is quoted in the "Boston Transcript" of
when the Mer¬
chants National Bank and the Manufacturers National Bank
were
Feb. 17 last, Commissioner Allen
on
re-open.
unanimously elected President of the institution to succeed
Frost
was
C. Allen
with the Commissioner in
staff.
Arhtur
statement appearing recently in the Boston
a
regarding the affairs of the Tremont Trust Co. of that
city, which
Assistant Cashier
an
of the National Bank of Commerce in New York
ier's
papers
-t
appointed
was
According to
extent in recent
an
to make the new building an absolute necessity.
years as
♦——
subsequent statement.
We
re¬
closing of the Tremont Trust Co. in these col¬
issues of April 19 and
March 5.
The Board of Directors of the Tradesmen's National Bank
of
Philadelphia,
on
April 29, declared the regular quarterly
dividend of two and one-half dollars
an
extra
dividend of
one
dollar
($2.50)
($1.00)
per
per
share,
capital stock of the bank, payable May 2 1921.
share, and
on
the
The consent of the
asked
known
to
as
$100,000.
organize
the
a
Comptroller of the Currency has been
new
bank in Sandusky,
Buckeye National Bank
,
with
Ohio,
aI
to
be
capital of
THE
2053
Bank,
The Farmers & Merchants
tion
Mich.,
Jones,
at
owing to overDeposits are said
farmers.
I
$150,000.
to total
,
stockholders of the Northwestern
voted onJan.
on'
m
Trust & Savings
i
$1,000,000. The new
disposed of at $125 per share and
enlarged capital became effective April 18 1921.
tal of the
in the oil district controlled by the Biickley interests.* Sec¬
retary of the Treasury A. W. Mellon, recently appointed
Mr. Clausen a member of the group committee for Mexico,
♦
The annual report of the London & Brazilian Bank, their
Ltd.
shareholders at
11^ 1921 ^to^merease the eapi- | fjfteitdi annual ordinary general meeting on April 6, has just
been received.
The report, which covers the fiscal year
,,
_
Bank of Chicago
(head offiee London)) presented to the
institution from $750,000 to
stock (par
the
small private institu-
is reported closed,
extension of long-term loans to
The
a
$100) has been
ended Jan. 31 1921,
the Comptroller of the
the Kenwood Trust &
Savings Bank of Chicago (capital, $200,(XXI) into a national
institution under the title of the Kenwood National Bank.
Application has been received by
Currency for authority to convert
dispatch from Kansas City, Mo., dated May 12,
of the Guaranty Trust Co. of that
A press
that the directors
voted to recommend an increase in the capital
stock from $500,000 to $750,000.
The stockholders will
vote on the proposition on June 12 and if it is approved the
directors will declare a stock dividend of 20%.
place have
'
formerly President of the American
Wilmington, N. C., became ViceMerchants National Bank of Raleigh, N. C.,
Thomas E. Cooper,
Trust Co. of
Bank &
President of the
Mr. Cooper is prominent in North Carolina
financial circles; he was President of the State Bankers'
Association in 1914.
T. F. McGuire, Assistant Cashier of
on
'
May 1.
National, has been elected Cashier of the
succeeding J. H. Hightower, who resigned.
the Merchants
institution,
from Dallas, Tex., dated May 11,
Security National Bank of that city withstood
day, remaining open for three hours after the
dispatches
Press
report that the
a run on
that
shows
an
available balance of £811,647,
brought forward from
inclusive of £505,618
An interim dividend of
year.
states
[Vol. 112.
CHRONICLE
October 1920.
remaining of £541,647, the directors
recommend, should be
follows: £20,000 for the payment of a bonus
to the staff and £521,647 to the credit of profit and loss new
account.
Total resources of the bank as of Jan. 31 1921
appropriated
were
as
£37,979,717.
the institution is
The paid-in capital of
ijts reserve fund the same amount. The
'report further states that an arrangement which the London
& Brazilian Bank had with Messrs. William Deacon's Bank,
£1,500,000, and
mutually determined on the 31st
has now its own agency at
Charlotte Street, that city, under the management of
P.
Fleming.
Brigadier-General Hugh Henry, John
Ltd., in Manchester,
36
J.
was
1921, and the bank
of March
Williams Drummond,
C.M.G., has been
appointed
John Beaton, Esq.,
totaled roughly $1,700,000 and withdrawals
that amount. When the bank
opened its doors on the morning of the 11th a few depositors
were waiting.
By noon hundreds jammed the bank and
filled the streets about the building.
The dispatches further
state that what was regarded as probably the most impressive
assurance of confidence in the institution were the driving
about
$500,000 less than
through the crowds of a heavily guarded
truck with a huge
sack of currency,
Federal Reserve Bank
which immediately was
by E. H. R. Green,
the depositing of
$100,000 by Mr. Green.
Mr. Green is the son of the late
Mrs. Hetty Green.
Judge W. F. Ramsey, Chairman of the
Board of the Eleventh District Federal Reserve Bank, made
speech in which he said: "There are $30,000,000 in the
opened inside the bank, and later a speech
of New York, and Terrell, Tex., and
a
vaults of
the Federal Reserve
dollar of it is
Bank in Dallas and every
behind the Security
National Bank."
•'
(
' r '
♦
•.
dispatch from Sacramento under
date of May 13 announcement was made by Charles F.
Stern, Superintendent of Banks, that the Nippon Bank of
Sacramento, a Japanese owned bank which closed its doors
on March 17 (reference to which was made in these columns
in our March 19 issue) without permission from the State
Banking Department will reopen on May 16 under new
According to a press
management.
New
sufficient to offset
serves,
management will be more than
all estimated losses and shortage of re¬
capital under the new
according to Mr. Stern.
♦
Vice-President of the Scandi¬
navian-American Bank of Seattle, died suddenly of heart
disease at his home in that city on May 5th.
Mr. StockWilliam R.
Stockbridge,
a
111. In 1887 he moved toPuyallup, Wash, and had been a resident of that State ever
since.
He organized the Bank of Commerce of Everett,
Wash., and was its President for 20 years, resigning four
years ago to become a Vice-President of the ScandinavianAmerican Bank of Seattle.
Mr. Stockbridge was sixty-two
bridge
years
was
born in Mendota,
is Chairman of the
THE ENGLISH
Board of Directors,
GOLD AND SILVER
:
Vice-President of the Crocker
National Bank of San Francisco and later Vice-President1
of the Chemical National Bank of New York, who recently
returned to Mexico to assume the directorship and VicePresidency of the Mexico City Banking Corporation, S. A.,
has been elected a director of the Petroleum Banking & Trust
John
Clausen,
Co., S. A.,
Samuel Montagu &
April 8, 1921.
7%, at which
a
former
Tampico, Mex., one of the
GOLD.
England rate of discount was
The Bank of
best known banks
lowered to-day to 6H% from i
it had remained since April 15 1920.
England gold reserve against its note
The Bank of
issue is £126,535,615.
£126,531,345 last week.
v
A large amount of gold came on offer and was all taken for New York.
In our letter of 14th inst., $5,841,000 in gold was reported as arriving at
New York from Denmark.
We are informed that the consignment only
touched that country in transit, having probably been dispatched from
as
compared with
Sweden.
its issue of April 2 last: "During
has been put through. Owing to
shortage of supplies the price of ready gold at one stage advanced to Rs. 30-6,
and it commands a considerable premium over the forward quotation.
On balance, India exports a great deal more gold than it absorbs
silver.
The recent steadiness in sterling exchange has been mainly owing
to the heavy export of gold."
The Indian gold market seems to fluctuate
considerably, for we were informed by letter dated exactly a week later
that the gold market remained neglected by the dealers after the settle¬
ment, and the price moved within very narrow limits, and that the banks
did not operate during that week.
About 20,000 tolas arrived from upcountry every day.
The closing prices were Rs. 29-7 ready and Rs. 29-6The "Times of
the week an
India" thus comments in
important gold settlement
.
April settlement.
The Southern
fine ounces,
Rhodesian gold output for
March 1921 amounted to
compared with 40,816 fine ounces
as
31,995
for February 1921 and
for March 1920. V
45,779 fine ounces
SILVER.
The market has
been more than
usually inactive during the
week.
In¬
Indian Bazaars has almost disappeared.
China has been
mostly sitting on the fence, and Continental supplies again have been but
scanty.
Although statistics and trade do not indicate the prospect of high
prices, the quotation has kept steady; mainly because the position of affaire
quiry from the
is largely
artificial.
of the latest German offer, to hand over some
is ever embodied in the final terms accepted by the
Allied Powers, the question will arise whether or no the metal will be placed
in the market for realization,
• > . .
• 1 •
Taking the parity of 1 gold to 15 Yi silver as 100, the "Journal of the Royal
proposal forming part
If the
silver as
part reparation,
Statistical
Society" in its issue
for March last calculates as follows:
Index
Price per oz.
in pence.
Average:
1873
1893
1896
1909
1912
1913
1914
Price per oz.
\
Number. | Average:
in pence.
97.41
1915.
—
59%
__25 11-16
—35 %
58.61
1916.
..31 5-16
...
—30M
50.51
1917-
...
...23 11-16
38.91
...
—28 1-32
46.11
—
...27 9-16
45.31
1920.
...
—
...25 5-16
INDIAN
(In Lacs of
Rupees.)
bullion in India
Silver coin and
51.4
.40
67.2
1918.
-47H
78.0
1919.
.57
93.6.
101.2
■16
April 7. April 15. April 22.
16644
16668
166956586
6610
6633
bullion out of India.—
bullion India
38.9-
41.61
circulation.
Gold coin and
Index
Number.
CURRENCY RETURNS.
Silver coin and
♦
MARKETS.
the weekly circular of
Co. of London, written under date of
reprint the following from
We
Notes in
of age.
direc¬
and T. J. Finnie is Manager.
in order to accommodate depositors who
apprehensive as to the bank's solvency because of
unknown origin. Officials of the bank said deposits
during the day
a
Watson, formerly accountant at the Santos
Branch, has been made Manager of the Maranhao Branch.
tor, and A. D.
had become
of
the report
The directors now recom¬
mend a further payment of 14s. per share, being a dividend
at the rate of 14% per annum, and also a bonus of 8s. per
share, thus making a total distribution of 18% for the
year, subject to income tax, on the paid-up capital of the
bank.
These payments will absorb £270,000.
The balance
states, was paid in
usual closing time
rumors
the preceding
14s. per share,
2416
2416
2420
India
6807
6807
Securities (Indian Government)
6807
835835
Securities (British Government)—
835
The coinage during the week ending 22d inst. amounted to 9 lacs of rupees.
The stock in Shanghai on the 23d inst. consisted of about 45,500,000
ounces in sycee and 37,500,000 dollars, as compared with about 45,700,000
ounces in sycee, 38,000,000 dollars and 250 silver bars on the 16th inst.
Gold coin and
bullion out of
Mat 14
1921.]
CHRONICLE
THE
2053
The Shanghai exchange is quoted at 3s. 3d. the tael.
GENERAL FUND.
'
Bar Silver per Oz. Std.
v.:-i-v"
Quotations—
April 22.
Cash.
...
April 23.—
2 Mos.
—34%d.
__
Oz. Fine.
per
34%d.
104s.
\
■V 34%d.
___35d.
...»
Bar Gold
^
10d'
—
—
Assets—
Liabilities—
$
291,963,976 80 Treas. checks outstand'g
25,022,672 00 Depos. of Govt, officers:
Gold (see above)
Silver dollars (see above)
United States notes
Federal Reserve notes..
Fed. Res. bank notes...
April 25
34%d.
34%d.
104s.
3d.
April 26
___34%d.
34%d.
104s.
2d.
April 27
—34%d.
34%d.
104s.
2d.
104s.
3d.
Silver bullion
104s.
4d.
Unclassified (unsorted
April 28.
—34%d.
Average
__.34.708d.
34 %d.
>
34.291d.
Subsidiary silver coin.._
Minor coin
above those fixed
a
each %d*
are
week ago.
54,332,204 13
reported by cable, have been
as
London,
|
Silver,
Gold,
35%
__d. 35%
per oz
per
Thurs.
Wed.
Tues.
Fri.
35
34%
34%
34%
...
47
47%
47
47
87%
87%
87%
80
80
80%
80%
57.60
57.85
57.45
82.70
82.70
82.70
82.70
price of silver in New York
on
the
same
day has been:
(cts.):
__
Exchanges of currency
May 30 1908-
Depos. in Philip. Treas.:
77,960 00
coin, &c_.
7,718,460 76
392,202,659 09
432,133,281 75
Total
824,335,840
841
Total
824,335,840 84
Note.—The amount to the credit of disbursing officers and agencies to-day was
$844,818,560 50.
Book credits for which obligations of foreign Governments are
held by the United States amount to $35,736,629 05.
Under the Acts of July 14 1890 and Deo. 23 1913 deposits of lawful money for the
99%
...
8,600,061 19
7,897,274 27
circulat'g notes,Act
Net balance-
57.25
Foreign
12,048,607 65
10,258,196 55
80%
Holiday 82.70
Domestic..
officers...
87%
80
Holiday 57
per oz.
ernment
270,965,487 04
47
87%
French War Loan(inParis) ,fr.
The
10,692,458 45
To credit Treas. U. S.
French Rentes (in Paris)..fr.
Silver in N.
notes(5%fund,gold)
Redemption of F. R.
bank notes (5% fd.)
Redemption of nat.bk.
notes (5% fund)—_
Retirement
of
add'l
192s.lid.
88
cents..46%
per cents
692,805 56
49,094,000 39
To credit of oth. Govv
71,934,639 43
Deposits for:
Gov¬
officers...
To credit Treas. U. S.
May 10. May 11. May 12. May 13.
1,399,392 52
Postmasters, clerks of
courts,
disbursing
officers, &c
Deposits in nat. banks.:
follows the past week:
103s.4d. 103s.3d. I03s.2d. 102s.lld. 103a.
British, 5 per cents..
British, 4%
May 9.
May 7.
per fine ounce...
Coasols, 2%
Mon.
Sat.
Week ending May 13—
as
for
of lnsolv*
Redemption of F. R.
To credit Treas. U. S.
ernment
5,583,898 29
156,566 27
ent banks.
270,017,000 00
To credit of oth.
agent
rency,
5,753,131 27
55,578,194 35
daily closing quotations for securities, &e., at London,
reserve
creditors
&c.)
Depos.In Fed Res .banks
Deposits in special de¬
positaries acc't of sales
currency,
Depos. in foreign depos.:
ENGLISH FINANCIAL MARKETS—PER CABLE.,
The
5%
Other deposits.
Comptroller of Cur¬
2,157,211 63
of ctfs. of indebted'ss.
The silver quotations to-day for cash and forward delivery
15,825,478 57
Board of Trustees,Pos¬
tal Savs. System—
1,975,101 50
15,263,091 60
9,494,813 57
National bank notes
385,205 39
Post Office Dept..
7,282,671 75
4,367,839 00
99%
99%
99%
99%
62%
61%
61%
60%
60%
99%
retirement of outstanding national bank and Federal Reserve bank notes are paid
into the Treasury as miscellaneous receipts, and these obligations are made under
the Acts mentioned a part of the public debt.
The amount of such obligations to-day
60%
>
was
GOVERNMENT REVENUE AND
$33,216,956 50.
$1,117,235 in Federal Reserve notes, $1,975,101 In Federal Reserve bank notes,
In process of redemption
and are charges against the deposits for the respective 5% redemption funds.
EXPENDITURES.
and $14,829,878 in national bank notes are in the Treasury
Through the courtesy of the Secretary of the Treasury,
enabled to place before our readers to-day the details
we are
bf Government
receipts and disbursements for April 1921
DEBT STATEMENT OF UNITED STATES APR. 30 1921.
The, preliminary
and 1920 and for the ten months of the fiscal years 1920-21
Receipts—
April 1921.
Ordinary—
April 1920.
*10 Mos.'20-2l 10 Mos: 19-20.
$
Customs.
40,417,184
27,917,798
258,356,626
259,471,685
108,380,928
90,985,754
105,823,389
2,588,862,777
1,179,950,211
3,124.029,503
revenue.
55,218,033
520,029,968
1,168,767
75,439,461
204,627
613,510,599
Panama Candl tolls,&c.
10,529,197
4,178,566
296,170,666
317,258,320
4,651,209,410
5,131,227,406
Internal
revenue:
Income & profits tax.
Miscellaneous.
Miscellaneous
Total ordinary
-
107,873,045
Public Debt—
1,223,517,684
tory Notes
-
Certifs. of indebtedness
83,880
198,595,500 1,437,441,000
2,471,904
4,815,438
Postal Savings bonds..
a488
1,033,048,993
6,424,610,950 12,845,938,468
23,423,542
67,038,643
178,880
189,400
Deposits for retirement
July 14
1890 & Dec. 23 1913)
15,460,378 64
Total gross debt April 30 1921...
Note.—Total gross debt
$23,995,564,776 47
Governments
before deduction of the balance held by the Treasurer
other investments,
or
was
as
follows:
Bonds:
Consols of 1930
$599,724,050 00
;
Loan of 1925
118,489,900 00
48,954,180 00
25,947,400 00
Panama's of 1916-1918'
50,000 000 00
—
Bonds
28,894,500 00
11,718,240 00
...
14,794,986
23,589,572
208,340,444 1,443,687,963
6,471,802,456 13,961,010,490
504,511,110 1,760,946,283
11,123,011,866 19,092,237,896
$883,728,270 00
First Liberty Loan
Second Liberty Loan.
...$1,952,299,850 00
3,318,518,800 00
3,644,456,250 00
...
Third Liberty Loan
Grand total receipts.
$208,340,444 05
192,880,065 41
Increase for period.
Postal Savings Bonds
1,347,645
follows:
....$23,980,104,397 83
Public debt receipts April 1 to 30 1921..
Public debt disbursements April 1 to 30 1921..
Conversion
7,273,040
as
1921
Panama's of 1961.
V.
bank
notes (Acts of
Total......
daily Treasury statements, is
Panama's of 1918-1938——
of national bank notes
Res.
the
of
Total gross debt March 31
foreign
War savings securities.
Fed,
debt of the
free of current obligations, and without any deduction on account of obligations of
,
Liberty Bonds and Vic-
and
the public
of
statement
United Statos for April 30 1921, as made up on the basis
and 1919-20:
...
Fourth Liberty Loan—
6,359.100.900 00
...
15.274.375,800 00
Disbursements—
Total
Ordinary—.
(less bal. repaid, &c.)
on public debt paid
Panama Canal: Checks
369,110,432
121,898,529
372,152,717
116,776,278
772,223,496
4,339,018,002
781,699,591
784,341
15,032,640
9,451,628
*5,616,114
73,896,697
403,337,028
3,399,929,032
paid, &c.)-..
3,082,228
of foreign Govern'ts.
Farm
of
—
Federal
Loan
Tax
Plttman
505,329,450
4,277,863,186
Non-interest-bearing debt
5,533,506,249
Total
gross
00
00
00
00
2,819,788,450 00
713,879,170 94
War Savings Securities (net cash receipts
$23,761,024,245 94
5,569,260 26
Debt
131,321
494,091,189
Act
Total Interest-bearing debt
on which interest has ceased
16,650,000
—
Accrued Interest..I
Total ordinary......
$1,643,970,000
903,589,000
239,375,000
32,854,450
Special Issues
bonds:
Principal
4,069,252,555 00
Victory Liberty Loan
Treasury Certificates:
Loan
paid (less balances re¬
Purchase of obligations
Purchase
.$16,158,104,070 00
Notes:
Checks & warrants paid
Int.
bonds
228,971,270 27
,
$23,995,564,776 47
debt..
Public Debt—
Bonds, int.-bear'g notes
& certifs. retired—
187,183,970 1,195,445,345
14,481,375,410
6,750,866,185
Nat. bank notes & Fed.
Res.
Bank
notes
re-
v
tired (Acts of July 14
1890 & Dec. 23 1913
5,696,095
Total-.-.....
*
a
2,236,405
192,880,065 1,197,681,750
Grand total disbursed.
TREASURY CURRENCY HOLDINGS—The following
compilation
686,971,254 1,703,011,200
19.463,444
19,850,896
6,770,717,081 14,500,838,854
11,048,580,267
20,034,345,103
made
beginning of business
and
Receipts and disbursements for June reaching the Treasury in July are included.
Counter entry (deduct).
Holdings in
Sub-Treasuries.
Net United States notes.
The cash
taken
holdings of
are
^the Government
set out in the following.
as
the items stood
The figures
are
entirely from the daily statement of the United States
Treasury for April 30:
%■'
Gold coin—
Gold
Liabilities—
$
\
—
bullion
258,848,536 43 Gold ctfs. outstanding..
2,282,523,535 68 Gold settlement fund,
$
634,738,849 00
Federal Reserve Board 1,461,690,220 68
Gold
reserve
Gold in general fund
Total.
2,541,372,072 11
Total
152,979,025 63
291,963,976 80
2,541,372,072 11
Note.—Reserved against $346,681,016 of U. S. notes and $1,583,984 of Treasury
notes of 1890
outstanding.
Treasury notes
are
daily
Government state¬
on
the
the first of February, March, April
Feb. 1
1921.
Mar.
1
$
.
Net national bank notes..
Net Fed. Reserve notes._
Net Fed. Res. bank notes.
Net subsidiary silver
Minor coin, &c
427,621,611
64,459,736
3,938,348
22,467,063
10,223,811
5,027,334
7,836,848
16,007,327
1921. April 1 1921. May
$
1
1921.
$
433,524,684
67,485,591
3,235,019
18,122,587
5,240,817
5,088,625
8,175,739
12,817,337
425,716.950
81,876,456
3,875,677
16,868,625
7,591,552
5,855,737
8,443,724
11,529,382
444,943,002
79,354,876
7,282,672
15,263,092
4,367,839
1,975,102
9,494,814
7,910,343
Less gold reserve fund
...
LIABILITIES.
GOLD.
Assets—
the
also secured by sliver dollars in the
152,979,026
533,690,399
152,979,026
561,758,103
152,979,026
570,591,740
152,979,026
Cash balance in Sub-Treas
.
CURRENT ASSETS AND
from
May 1921:
Net gold coin and bullionNet silver coin and bullion
TREASURY CASH AND CURRENCY LIABILITIES.
April 30
up
ments, shows the currency holdings of the Treasury at
Total cash in Suh-Treas
557.582,078
404,603,052
400,711,373
408,779,077
417,612,714
Acct certs, of indebt...
155,592,000
139,615,000
376,512,000
270,017,000
Dep. in Fed. Land banks.
Dep. in Fed. Res. banks..
Dep. in national banks:
800,000
103,934,234
800,000
99,361,949
126,726,891
55,578,194
10,692,458
12,048,608
Dep. in spec, depositories:
To credit Treas. U. S—
To credit disb. officers.
Total
Cash in Philippine Islands
Deposits in Foreign Dcpts.
10,300,032
13,535,589
12,270,574
12,519,974
11,891,900
12,133,494
23,835,621
24,790,548
2,215,097
47,127,887
24,025.394
5,822,840
48,073,467
22,741,066
8,600,061
49,786,806
989,939,669
375,346,242
824,335,841
392,202,559
614,593,427
432,133,282
2,174,266
42,317,468
Treasury.
SILVER
Assets-
Net cash In banks, SubTreasuries
DOLLARS.
$
Liabilities—
$
-
198,510,117 00
Silver ctfs. outstanding.
Treas. notes of 1890 out.
733,256.641
388,145,555
714,621,854
413,599,339
Available cash balance.
345.111.086
301,022,515
171,903,461 00
Silver dollars in gen. fd.
Bliver dollars..
Deduct current liabilities.
25,023,672 00
1,583,984 00
*
Total...
198,510,117 00
Total
198,510.117 00
Includes May
1 $54,332,204 13 silver bullion and
Ac., not included in statement "Stock of Money."
$7,910,342 90 minor coins
[Vol. 112.
CHKONICLE
THE
2054
'
V"'
TRADE
TRAFFIC
AND
MOVEMENT.
CORPORATION.—
UNFILLED ORDERS OF STEEL
Tuesday May 10,
issued its regular monthly statement showing unfilled orders
on the books of the subsidiary corporations as of April 30
Corporation
The United States Steel
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Receipts at—
on
York...
New
206,000
147,000
520,000
286,000
17,000
37,000
Portland, Me.
36,000
359,000
Philadelphia..
.54,000
598,(XX)
277",000
Baltimore...
33,000
360,000
1,011,000
102,000
.
92,000
230,000
30,000
99,000
N'port News.
2,000
New Orleans *
116,000
1,300,666
90,000
1,500,000
471,000
85.000
795,666
61,000
14,000
1,671,000
1,441,000
10,111,000
7", (XX)
533,000
115.666
52,(XX)
"
"
This is a decline of
hand as of Mar. 31 1921.
1921, to the amount of 5,845,224 tons.
439,541 tons from the orders on
(f)n April 30 1920 the unfilled tonnage on hand aggregated
10,359,747 tons, while four years ago at this time (April 30
12,183,083 tons.
give comparisons with previous months.
1917) unfilled orders reached the war peak of
In the
following
we
Tom.
Tons
Ton*.
Galveston—
Montreal
....
Boston
Total
24,000
Week
31
28 1917—11,576,697 July
31
31 1917—11,474.054 June
30
1916—11,547,286 May
31
1913—
6,324,322
New
Aug.
9,836,852 Feb.*
30 1920..10.374.804 Jan.
31 1920-10,805.038 Dec.
30 1920-11,118,468 Nov.
30 1916—11,058,542 April
30 1913—
June
30 1920..10.978.817 Oct.
31
6,978,762
7,468.956
7.656.714
7,827 368
7,932,164
Portland,
July
1920..
30 1920..
9,021,481 April
Sept.
1917-11,383.287 Oct,;
31
31 1917
31 1920—
Oct.
10,407,049 Nov.
1917—10,844,164 Mar.
30
31
30
31
—
May
31 1920-10,940.466 Sept.
31 1916—10,015,260 Mar.
30 1916— 9,522,584 Feb.
April
30 1920-10,359,747 Aug.
31
Dec.
9,892,075
28 1920- 9,502.081
31 1920- 9,285.441
31 1919- 8,265,366
Nov.
30 1919-
Oct.
31 1919..
30 1920—
Mar.
Feb.
Jan.
1916—
31
July
1916-
June
30 1916—
May
April
31 1916—
30 1916—
7,128,330 Mar.
6.472.668 Feb.
29 1916—
31 1916—
9,660.357
9,593,592
9.640,458
9,937,798
9,829,551
9,331,001
31
1913-
28 1913-
Jan.
31
1913-
Dec.
31
1912-
Nov.
30 1912—
Oct.
31
1912—
7,852,883
7,594,381
Sept.
30 1912-
6,551,507
Aug.
31
1912-
6,163,376
31 1912-
29 1912-
5,957,073
5.807.349
5,750,986
5,664,885
5,304,841
5,454,201
1912-
5,379,721
8,568,966 July
7,922,767 June
30 1912-
Sept.
30 1919—
6.284,638 Jan.
31 1916-
Aug.
31 1919—
6,109,103 Dec.
31 1915—
July
31 1919-
5,578,661 Nov.
30 1915..
7,806.220 May
7.189,489 April
30 1912-
31
1915—
6,165,452 Mar.
31
1915—
5,317.618 Feb.
4,908,455 Jan.
31
1915—
4,928,540 Dec.
31
30 1919..
4,892.855 Oct.
May
31 1919—
30 1919—
Mar.
31 1919..
4,282,310 Sept.
4,800,685 Aug.
5,430,572 July
30 1915—
Apr.
Feb.
30 1915—
4.678,196 Nov.
31
1915—
Dec.
8,010,787 June
31 1919— 6,684,268 May
31 1918- 7,379,152 April
30
1915—
4,264,598 Oct.
4.162,244 Sept.
Nov.
30 1918..
31
1915—
June
31
31
28 1919—
Jan.
Oct.
31
Sept.
30
Aug.
8,124,663
1918.. 8,353,298
1918.. 8,297,905
1918.. 8,759,042
1918— 8,883,801
31
Feb.
28 1915—
Jan.
31
4,248,571 June
Dec.
31 1914-
Nov.
30 1914
8,918,866
Oct.
31
July
31
June
30 1918..
May
31
April
30 1918..
ar.
—
1914—
30 1914
8,337,623 Sept.
1918—
1915.
—
31
1918..
8,741,882 Aug.
9,058,404 July
31 1914-
Mar.
Feb.
28 1918..
9,288,453|June
30 1914—
9,477,853 May
9,381,718 April
8,897,106 Mar.
31 1914-
Jan.
31 1918..
Deb.
31 1917..
Nov.
30 1917..
Oct.
31 1917—
1914-
31
30 191431 1914—
28 1914—
9,009,675! Feb.
'Jan.
1911..
1911-
3,787,667 F"eb.
3,218,700
3,447,301
28 1911- 3,400,543
4,213,331 Jan.
2,627,000
219.000
6,668,000
31 1910-
3,998,160 Oct.
4.277,068 Sept.
31 1911-
3,110.919
2,674,7.50
2,760,413
31 1910— 2,871,949
30 1910-
30 1910..
31 1910-
4,653,825 Aug.
5,026,440 July
31 1910-
3,148,106
3,537,128
3,970,931
895,000
193,000
4.463.000 16,282,000
13.071.000
liiL'iuut;
nut
1
Wheat.
Corn.
Flour.
Oats.
Bushels.
Bushels.
Barrels.
Bushels.
Exports from—
York..._
470,666
187,000
730,000
859,000
3,000
15,000
2,278,000
177,000
115!000
_
New Orleans
...
Galveston
Total
523,666
272,000
2 000
News
Newport
95,666
4,000
53,000
3,647.000
7,979,122 2,326,934 406,897
43,079 510,769
598,133
week
Week 1920........
402,538 619,139 402,526
6,900
193.927
14.825
497,723 912,581
The destination of these exports for
July 1 1920 is
the week and since
below:
as
Corn.
Wheat.
Flour.
Exports for Week,
Since
May
July 1 to—
7
July 1
May 7
July
1921.
1920.
1921.
Barrels.
Bushels;
224,327
—
So. & Cent. Amer.
8,000
West Indies
3,440,385
5,884,094
1,004,255
5,000
791,427
Brit.No. Am.Cols.
Other countries..
Total
Total
1,231,878
.
406,897 12,352,039
....
1919-20
519,769 17,986,482
...
to
in
that year,
Bushels.
was as
7.979,122 298,754,414 2,326,934 35,923,769
3.723,902
43,079
598.133 137,259,420
_
April 1920. 4 Mos. '21.
4 Mos. *20.
Gross Torts. Gross Tons. Gross Tons.
2,056,336
5,062,788
8,938,445
211.755
2,150
568,952
13,017
1,663.832
10,979
2,778,924
53,211
1,213.958
2.638.305
6.737,599
11,770,580
All other—.
-
—
Corn.
1.
July
Bi)shels.
Bushels.
SUPERIOR
LAKE
of
IRON
Superior
Lake
amounted to 176,211 tons,
a
ORE
iron
SHIPMENTS.—The
ore
during April
1921
decrease of 54,643 tons from the
shipments for the corresponding month last year.
Australia
4,416,000
India..
10,052,000
230,000
296,000
Oth. countr s
supply of grain,
visible
The
we
\
Port—
1920
Superior
1921.
.tons.l 11,868
Duluth
27,431
Two Harbors
27,783
Escanaba. .tons.
Marquette
Ashland
9,149
—
United
—
373,000
„.
205,586
25,268
—
.176,211
Duluth
5,660
.....
*..
... —
—
—
--
...
"
—
—
—.
.
-
.
_
—
... — —
.. -
-
— -
.
afloat
Kansas
Corn.
Oats.
Barley.
Rye.
Milwaukee...
Toledo
—
— -
St.
5,000
16,000
Other Canadian
126, 000
271,000
200,000
310,000
170,000
547,000
394, 000
432,000
3,000
4,000
331, 000
179,000
4,000
90,000
213,,000
50,000
546,000
24,000
230, 000
21
351,000
4,839,000
3,677,000
3,002,000
713,000
Total May
Same
wk.
20
633,000
952,000
Total April
19
3,682,000
2,871,000
3,453,000
wk.
206,000:
377,000
2,758,000
Same
2,118,000
4,519,000
1,693,000
1,304,000
Total May
Indianapolis..
Total
383, 000
1920-21
1919-20
1918-19
68,000
3,000
17,000
284,000
7,000
"
1,666
183,000
158,000
334,000
476,000
1,132,000
590,000
863,000
34,000
542,000
213,000
374,000
......
8,(XX)
215,000
58,000
443,000
—2,318,000
91,000
1.275,000
14,377,000
1,138,000
368,000
374,000
58,000
7,000
179,000
16,790,000
16,827,000
4,694,000
8,000
5,831.000
130,000
14,000
Canadian.....
1921....28,244,000 19,474,000 46,935,000
30 1921.
.30,774,000 23,148,000 47.566,000
8 1920 —.52,575.000
4,543,000 11,172,000
10 1919. —.73,242,000
4,210,000 26,464,000
7
—
2,852,000
3,173,000
2,019,000
72,000
855,(XX)
1,722,000
58,000
12,423,000 19,100,000 30,145,000
15,821,000
374,000 16,790,000
American
Total May
Since Aug. 1—
463,000
212,000
Summary—
wk.
..
3,836,000
15,821,000
17,325,000
11,725,000
31,024,000
1921
Total May
8 1920
Total May 10 1919
89,000
84,000
336,000
Omaha
—
Total April 30
8,000
1,471,000
402,000
101,000
768,000
Arthur. 14,582,000
7 1921
Total May
85,000,
23,000
871,000
59, 000
27,000
Louis...
Peoria
107,660
118,000
Canadian—
Montreal
91,000
Kansas City..
"70,066
5,077,000
8,765,000
19,100,000 30.145,000
1,722,000 1,783,000
23,018.000 30,739,000
1,441,000 1,729.000
4,529,000 6,478,000 11,001,000 3,001,000
4,202.000 20,633,000 15,816,000 11,237,000
Note— Bonded grain not included above: Oats, 57,000 bushels New York; total,
57,000 bushels, against 17.000 In 1920: and barley, New York, 132,000 bushels;
Buffalo, 66,000; Duluth, 1,000; total, 199,000 bushels/against 15,000 in 1920.
Ft. William & Pt.
64,000
318,000
167,000
275,000
480,000
April 30 1921.... 13,449,000
8 1920
40,850,000
Total May 10 1919
42,218,000
15,000
118,000
177,000
Total May
124,000
000
36,000
3,000
22,000
Total
115,000
000
12,000
60,000
81,000
7 1921.... 12,423,000
Total May
158,000
I?:
433,000
9,957,000
68,000
.....
Lakes..-.— .—I—-
103,000
31,000
217,000
470,000
76,000
1,000
—
1,321,000
36,000
13,000
118,000
65,000
785,000
...
...
City
...
142, 000
57,000
—
2,089,000
.....
1,732, 000
—.
1,919,000
6,513,000
53,000
102,000
2,362,000
221,000
22,000
95,000
1,030,000
.*
Omaha
On
174,000
379.000
573,000
Buffalo
Toledo.-
._.■■
1,930,000
2,115,000
734,000
453,000
12,000
-.
Galveston
360,000
Detroit
*
108,000
1,527,000
342,000
—
2,000
5,000
St. Louis..
ml 7441 see I Liu cons
Wheat.
182,000
3,000
802,000
230,854
bbls.196lbs.bush. 60 lbs. bush. 56 lbs. bush. 32 lbs bushASlbs. bush.SQlbs.
.
bush.
190,000
173,000
Indianapolis-
Chicago
Barley,
bush.
117,000
bush.
295,000
Detroit
brought from page 2107.—The
statements below are prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Minneapolis..
Rye,
Oats,
665,000
bush.
535.000
New Orleans.
1920.
figures
Flour.
Corn,
105,000
1,102,000
Peoria
Receipts at-
comprising the stocks in
at lake and
576,000
Minneapolis
Breadstuffs
1,750,000
714,000
Duluth
a
3,673,000
3,121,000 144,223,000 122,750,000
Philadelphia
Milwaukee
©oramcrcta I
2,703,000
11,343,000
91,627,000 118,297,000
125,000
bush.
States—
Chicago
/
L
Total
37,580,000
GRAIN STOCKS.
Wheat,
'Newport News.—..I_
■April-
-April1921
874,000
1.
Bushels.
Baltimore....
April 1921 and 1920:
Port—
1,909,000
338,000
Since
July
at principal points of accumulation
seaboard ports May 7 1921 was as follows:
New York........
the shipments from the different ports
compare
Bushels.
1,911,000
18.917,000 519,720,000 550,816,000
Total
July
Bushels.
Bushels.
200,000
70,619.000 188,397,000
60,942,000 84,669,000
2,321,000
1.
May 7.
1.
North Amer. 11,884,000 377,677,000 275,839,000
Ituss. & Dan.
Boston
Below
for
July
1919-1920.
Since
Week
Since
Since
Week
granary
shipments
the week
1919 are
1920-1921.
1919-1920.
May 7.
Argentina—.
1,000.053
...
Bessemer....
Total
This contrasts
month last year.
By
follows:
April 1921.
Gross Tons.
1
,v
Open Hearth—
.
Bushels.
267,598 12,663,782
84,856,920
4,400,198 205,401,391 1,994,336 21,601,000
466,343
60,000
3,456,311
4,000
1,017,832
5,000
50,.500
29,769
145,043
4,989,292
3,574,924
Wheal.
1920-1921.
Exports.
amounted to 1,213,958 tons.
the output
processes
1920.
The world's shipment of wheat and corn for
ending May 7 1921 and since July 1 1920 and
a
in
same
July 1
1921.
Bushels.
Kingdom. 169,570
Since
May 7
1
1920.
Barrels.
United
Week
Since
Week
Week
and Since
Continent
6,900
17,139 290,527
17,(XX)
26,000
522,000
Philadelphia
Baltimore
Peas.
Barley.
Rye.
Bushels. Bushels. Bushels.
96,538
30,000
373,934 235,897
36,000
703,122
359,000
—
Me
Boston
week
several seaboard ports for the
The exports from the
production of steel in April 1921 by 30 companies which,
1920, made about 84.21% of the steel ingot production
during the
—
^
mnjugu
gram
the
with 2,638,305 tons
637,000
9,649,000
shown in the following:
APRIL.—According
IN
668,000
5,453,000
459,000
35,545,000
31 1911-
4,158,589 Dec.
4,032.857 Nov.
30 1911..
prepared by the American Iron & Steel Institute
statement
252,000
3,695,985
1911-
31 1914—4,613,680
PRODUCTION
STEEL
1912..
3,584,088
30 1911.. 3.361,087
31 1911- 3,113,154
31
3,836,643 May
3,324,592 April
3,461,097 Mar.
1912-
5,084,765
30 1911- 4,141,958
31 1911.. 3,694.327
30 1911.. 3,611,316
31
4.255.749 Aug.
4,345,371 July
M
31
27,602,000
through bills of lading.
30
31
28 1921..
5,108,000
65,734,000
7,138,000
20
uu
on
31 1917-11,886,591 Sept.
31 1921..
Dec.
31 1921..
Feb.
8,476,000
1920-_
30 1917-12,183,083 Aug.
Jan.
Nov.
Apr.
Mar.
31 1913..
9,833,477 Dec.
523,000
21
Since Jan. 1
4.282.108
1913.. 4.396,347
1917..11.711.644
1913.. 4,513.767
1913.. 5,003.786
1913- 5.223,468
1913- 5.399,356
1913— 6,807,317
30 1917..
5,845,224 Sept.
6,284.765 Aug.
6,933,867 July
7,573,164 June
8,148,122 May
30 1921.-
21
wk.
Since Jan. 1
"5,666
184,000
1,783.000
2,852,000
1,780,000 4,635,000
1,448,000 4,902,000
11,180,000 5,020,000
15,888,000 12,092,000
I
22,401,000 289,906,000 180,495,000 185,795,000 23,455,000 16,143,000
16,442,000 384,189,000 158,793,000 175,106,000 27,634,00030,171,000
13.411,000 384,869,000171,858,000241,162,000 73.280.00041,865.000
Total receipts of flour and grain at
the week ended May 7 1921
follow:
the seaboard ports for
NOTES—CHANGES IN TOTALS OF, AND IN
&c.—We give below tables which
all the monthly changes in national bank notes and in
BANK
DEPOSITED BONDS,
show
bonds and
legal tenders on deposit therefor:
MAY 14
1921.]
THE
Bonds' and Legal Tenders
Bonds.
Tenders.
Bonds.
Legal
Tenders.
s
s
$
S
-
May
Apr. 30 1921.
720.012.440
32,172,872
691,643,480
32,172,872
Mar. 31
1921.
719,049,440
29,870,477
702,948,007
Feb.
28 1921.
Jan.
29,870,477
30,065,284
30,061,044
27,376,452
27.410,317
716,977,190
714,973,190
30,065,284
30,081,044
697,728,580
31 1921.
Dec. 31 1920.
715,325,440
695,900,770
Nov. 30 1920.
714,888,640
27,376,452
27,410.317
27,817,444
27,015,647
27,403.924
699,461,435
Oct.
689,592,883
686,225,000
27,403,924
28.363,714
29,710,095
31,039,887
692,101,195
31.288.577
712,066,500
711,839,000
Aug. 31 1920.
711,000,900
31 1920.
709,436,400
707,963,400
28,353,714
698,592,128
698,099,990
29,710,095
689,327,635
1920.
706,307,750
31,039,887
Apr. 30 1920.
704.884.000
31,288.577
May 31
May
704,732,185
27,817,444
27,015,647
75 000
50 000
25,000
N. Y.
723.392.772
706,600,480
Sept. 30 1920.
June 30 1920.
723,816,352
732,818,484
727,793,864
719.753,927
723,277,222
734,010,797
732,549,629
726,477,082
725.996,052
726,463,704
719,037,730
177,264,887
30 1920.
July
May
Total.
ISSUED.
2—11968—The First National Bank of Palco, Kansas
Conversion of the Palco State Bank,
Palco, Kansas.
President, Chas. L. Miller; Cashier, Bertha E. Holmes.
3—11969—The First National Bank of Rouses Point, N. Y
President, Frank Whiteside; Cashier, Jno. H. Crook.
7—11970—The First National Bank of Quinlan, Texas
Conversion of the Quinlan State Bank.
President, C. O. Laney; Cashier, J. E. Laney.
7—11971—The Essex County National Bank of Willsboro,
May
1920-21.
Legal
2055
CHARTERS
Circulation Afloat
Under—
Deposit for—
on
CHRONICLE
25,000
President, Augustus G. Paine, Jr.
CORPORATE
«
.
,
EXISTENCE
.
EXTENDED.
Until Close of Business
Texas—May 3 1941
^
5825—The American National Bank of Beaumont,
5827—The First National Bank of Gallatin, Mo
J
May
May
May
May
May
May
May
May
May
5852—The First National Bank of Jackson, Minn
5823—The First National Bank of Berlin, Pa
5847—The First National Bank of Whitesboro,
Texas
5815—The First National Bank of Malta, 111
5816—The National Exchange Bank of Castleton, N. Y
5824—The First National Bank of Crandall, Texas
5850—The First National Bank of Mart, Texas
$175,014,400 Feder. I Reserve bank- notes outstanding April 30 (of which $173,770,400 secured by U. S. bonds and $1,244,000 by lawful money), against $188 330.600 in 1920.
...
3
3
5
5
1941
1941
1941
1941
6 1941
6 1941
7 1941
7 1941
8 1941
The .following shows the amount of each class of U. S.
bonds and certificates on deposit to secure Federal Reserve
5968—The First National Bank of Monongaheia City, Pa
bank notes and national bank notes
2530—The New Holland National Bank, New Holland, Pa._ .May 4 1941
CORPORATE
April 30:
on
EXISTENCE
VOLUNTARY
U. S. Bonds Held April 30 to SecureBonds
On
Depos't to On
Secure Fede'al
Deposit
on
April 30 1921.
Deposit
Total
National Bank
Held.
Notes.
Notes.
$
R
Idaho.
May
2%, U.S. Consols of 1930
4%, U. S. Loan of 1925.
11,468,400
572,688.7C0
584,157,100
74,193.000
76,786,000
383,500
285,300
.
2%, U. S. Panama of 1938—
—
47,819,480
25,311,260
48,202,980
25,596,560
239,375,000
720.012,440
974,117,640
—
-
2%, U. S. One-year Ctfs. of Indebt____
Totals
_
_
_
—
_
_
239,375,000
■
254,105,200
Canadian Bank Clearings.—The clearings for the week
ending Majr 5 at Canadian cities, in comparison with the
same week in 1920 show an increase in the
aggregate of
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits April 1 and
May 1 and their increase
or
7—8877—The First National Bank of Cabool, Mo..______ 50,000
Effective May 5 1921.
Liquidating Agent, L. M.
Edens, Cabool, Mo.
Succeeded by the Citizens Bank
of Cabool, Mo.
,■
;; $
2,593,000
...
_
2%, U. 8. Panama of 1936
LIQUIDATIONS.
Capital.
7—11471—The Teton National Bank of Driggs, Idaho
$35,000
Effective April 1 1921.
Liquidating Committee, Fred
J. Drake, D. C. Driggs and L. Hillman, Driggs, Idaho.
Assets taken over by the First National Bank of Driggs,
May
to
Secwe
Reserve Bank
RE-EXTENDED.
12.6%.
Week ending May 5.
decrease during the month of
Clearings at—
April:
Inc.
^National Bank Notes— Total Afloat—
Amount afloat April 1 1921
or
1921.
$732,818,484
9,062,132
a
__
Net amount retired during April
1920.
Dec.
1919.
S
$
%
$
Canada—
Montreal
1918.
$
136,511,737
150,024,365
—9.0
102,407,676
115,434,731
—11.2
133,725,196
79,569,070
Legal-Tender
Amount
on
1921
$723,816,352
_
Notes—
51,754,883
57,169,753
—9.5
44,999,086
92,370,152
68,827,857
40,381,055
Vancouver
15,236,427
12,402,453
10,115,852
11,533,914
7,094,263
18,211,016
17,453,440
—16.3
Ottawa
—33.9
Calgary
Amount of bank notes afloat May 1
7,136,088
—0.6
12,398,853
5,878,283
Victoria
2,530,242
2,789,800
—9.3
2,396,952
7,949,762
8,729,051
—30.3
5,938,683
6,956,399
6,148,945
1,986,485
4,654,322
—17.8
5,950,297
—3.6
5,697.643
—34.5
5,935,627
4,139,095
5,231,975
3»520,896
4,468,981
Toronto
-
______—
Winnipeg
deposit to redeem national bank notes April 11921
Net amount of bank notes issued in April
$29,870,477
.
_
2,302,395
.
Amounton deposit to redeem national bank notes May 1 1921
$32,172,872
_______
Quebec
following,
not
usually dealt in at the Stock Exchange were recently sold
York, Boston and Philadelphia t
By Messrs. Adrian H. Mul" er & Sons, New York:
at auction in New
Shares.
Stocks.
Price.
Shares.
126 Cumberland Corp., com..-$11 lot
9 Maujer Covert & Co., Inc. .$30 lot
1,200 Benmo Oil, $10 each.
345 Vernola Synd., Inc., $10
Mississippi Glass..
membership
share
Lake Club, Inc.
$53
Orchard
$10
_____
r$200
I
700 Solo Oil, $1 each.
$ per sh.
1
1
ea.
Stocks.
1
lot
1,000 Amo Oil & Gas, $1 each...-J
Bonds.
$10,000 Gaston,
more,
Williams
Wig-
Inc., 6% notes 1921
$560 lot
Shares.
Stocks.
% per sh.
-205-205 %
Cordage
7 Haverhill Electric
134%
,
Brockton
3 Merrimac Chemical, $50 each..
79
Shares.
Stocks.
J:$persh:
16 First Nat. Bank, Boston
5 Commonwealth
285
Trust
175
15 Tremont & Suffolk Mills.
...
165H
—
25 Mass. Cotton Mills
1 Bates
148
Manufacturing
10 Connecticut Mills, 1st pref--~
2 Blgelow-Hart. Carpet, pref...
26
93%
10 rights Hamilton Mfg
45%
I Ludlow Mfg. Assoc., ex-div... 138%
20 Eastern Mass, St. Ry., pref. B. 17
8 Mass. Consol, Rys., pref...$1% lot
117 Gardner Electric Light, com —-100%
100 Ely
Copperfleld Assoc.,
pref.. $1 lot
100 Manganese Associates, pre!
100 Manganese Associates, com
$1 lot
._$1 lot
.
John
Stocks.
5 Brockton Gas
$ per sh.
Light
60
Bonds.
Percent.
8100 Consumers Power 7s, 1930-.. 90
Slocks.
$ per sh.
Railway,
__.2%-3%
50 Clinch. Val. Coal & Iron, com.
1%
com
.
25 Clinch. Val. Coal & Iron, pref— 1%
15 Penn National Bank......
330
10 Market Street Nat. Bank
10 Franklin
222%
Trust
175
100 West End Trust.
1 Commercial
Trust
..275
3 People8 Trust, $50 each......
1 John
B.
Stetson,
20
Stocks.
$ per sh.
20 Haverhill Gas Light, $50 each. 50
8 Mass. Lighting Cos., pretw'.i 70
4 Hartford
Fire Insurance
535%
Internat., Ltd., Inc.,
pref., $50 each.
-a
48
3 Plymouth Cordage—.—
.205%
40 Maas. Lighting Cos., com
5
—
15 Hood Rubber, pref....
10
89
Kentucky Securities Co
1
25 Olympia Theatre, pref
25 Olympia Theatre, common....
Bonds.
Ry....150%
40%
30
$1,050 Eastern Mass. St. Ry. ref.
5s, 1948, series B
46 flat
Percent.
.
coll. tr.
5s, 1951--1,000 United Gas & Elec. coll. tr.
-
RR.
50
--
1st,
65%
1954
60
Lethbridge
745,401
—24.4
1,604,800
1,684,403
1,354,421
—20.2
762,984
910,931
744,413
923,037
—19.4
582,748
1,406,869
906,483
1,736,182
—19.0
1,037,183
526,577
982,865
1,126,029
—19.5
777,576
938,264
851,331
—18.3
583,907
489,92$
1,098,213
—12.7
03,949
475,6°3
466,451
—22.9
874,766
768,266
1,023,388
962,682
1,756,306
389,724
895,302
758,522
1,314,453
250,000
335,446,038
264,460,887
Brandon
Brantford
William
New Westminster
695,663
Medicine
427,515
847,685
Hat
—
_
—
<
Sherbrooke——
1,165,261
2,313,540
-49.6
Kitchener—_____
1,127,166
1,551,140
—27.3
3,440,795
397,912
3,386,178
+1.6
375,563,311
429,648,022
Prince Albert
Moncton
—26.7
542,762
1,145,027 Not included in total
v—
Canada,
—12.6
1
DIVIDENDS.
Dividends
are now grouped in two separate tables.
In the
bring together all the dividends announced the cur¬
rent week.
Then we follow with a second table, in which
we
show the dividends previously announced, but which
have not yet been paid.
first
we
The dividends announced this week
are:
Per
,
_
Payable.
$150
June 29
Holders of
$1.50
Aug. 18
Holders of rec
July
$1.25
May
19
Holders of rec
May
t
May 21
June
1
Holders of rec
Books
Closed
Days Inclusive.
(Steam).
Alabama Great Southern, ordinary
.Preferred
When
Cent.
Name of Company.
(
:
—
Catawissa, 1st and 2d preferred
Chestnut Hill RR. (quar.)_
Cripple Creek Central, pref. (quar.)
North Pennsylvania (quar.)
Phila. Germantown &
-
—
♦75c. June
1
Southern Pacific Co.
(quar.)
.
June
$1
May 25
May
12
21
rec
to
to
May 31
14
5a
3
14a
May 19
May
June
3
1
Holders of
rec
May
14
July
1
Holders of
rec
May 31a
2%
—
June
1%
Norristown (qu.)
July
1
Holders of
rec
June
*$1.50 June
$1.50
...
2,000 Phil. Roll Mach. 1st 5s.
1,000 Choate OH Corp. 7s, 1922,
Street
Citizens
Nov. 1920 coupon on
40
and
(quar
Electric
.4 ♦May
to
la
Traction
Railways.
(Pittsbmgh)
_
*$1.50 May
_
Northern Texas Elec. Co., com. (quar.
Rochester Gas & Elec. Corp. 5% pf.(qu.)
.
*2
16 ♦Holders of
♦Holders of
rec.
May
10
rce.
May
16
17
June
1
1%
June
1
Holders of rec. May
1%
June
1
Holders of rec. May
17
1
Seven per cent pref. Ser. B (quar.).—
APPLICATIONS
TO
ORGANIZE
Holders of
TO
ORGANIZE
APPROVED,
Capital.
$25,000
100,000
50,000
25,000
25,000
CONVERT
RECEIVED.
—
_
200.000
Bank of
Correspondent, Chas. E. Ford, 400 East
May
18
2 ♦Holders of
rec.
June
1
June
1
rec.
May 31
5
June
15
3
June
10
*2
May
14 ♦Holders of
....
Atlantic Refining, com. (quar.)..
Atlas Powder, com.
(quar.)..
——
Border City Mfg. (quar.)
♦Holders of
Holders of roc. May 21
June
1
to
June
9
rec.
May
4
2%
May
16
Holders of rec.
May
6a
—
*1%
June
15
Holders of rec. June
—.....
♦1%
June
15 ♦Holders of rec. June
Crescent Pipe Line (quar.)
75c.
June
15
Decker (Alfred) & Cohn, Inc., pf. (qu.).
*1%
June
1
June
1
Cabot Mfg.
(quar.)—
— .
Crane Co., com. (quar.)
Preferred
(quar.)
Co.
—
;_
—
—
—
—
—.....
—..
—
—
.
3
....,
_
Famous Players-Lasky Corp., com.(qu.)
Co.
Preferred,
Elec.
L.
&
(quar.)
P., com.
(qu.)
— —
...
♦$
2 July
May
rec.
June
May
18a
May
18a
rec
May
17
rec.
May 18a
1
Holders of
1
♦Holders of
27
Holders of
1
June
Ma*
May 25
TO
CONVERT
rec,
Holders of rec
Correspondent, W. J. Kidder, White
15
May 20
50c.
June
1
1%
June
1
Holders of
rec
May 24
June
1
Holders of
rec
May 23
43 %c.
June
1
Holders of
rec
McCrory Stores, com. (quar.)
*/l
June
Michigan Sugar, com.
*10c.
June
♦15c.
June
Manhattan Shirt, com.
25,000
12
$1.50
—
APPROVED.
1
May 20
Holders of rec.
June
*1%
1
15
Holders of
2
25c.
June
Holders of rec.
♦
May 27
Homestake Mining
Internat. Cctton Mills, com. (quar.)..,
Preferred
(quar.)..
__.__
to
♦Holders of rec.
2
Groat Atlantic & Pacific Tea. pref. (qu.)
Hartford Water, com. (quar.)......
.
1
May 25
—..
—
...
—......
Holders of
rce
.
4—The First National Bank of White Bear Lake, Minn
Conversion of the White Bear State Bank, White Bear
roc.
July
(quar.)
—
Conversion of the Kenwood Trust & Savings
Lake, Minn.
1
*1%
*1%
Light, com. (quar.)..
Mahoning Investment (quar.).
TO
4—The Kenwood National Bank of Chicago, 111
Bear Lake, Minn.
June
Amer. Sugar Refg., com. & pref. (quar.)
Grafton
...
Chicago, 111.
American Power
Essex
i
___
47th St., Chicago.
APPLICATIONS
Miscellaneous.
Amer. Teleg. & Cable
RECEIVED.
4—The First National Bank of Troutdale, Va_
Correspondent, W. B. Perkins, Troutdale, Va.
4—The First National Bank of Hamden, New York
Correspondent, M. D. McNaught, Hamden, N. Y.
APPLICATIONS
j
1,705,564
933,003
—
...
■
3,433,819
2,111,176
Union Pacific, common
-$85 lot
32 $80 lot
-.
—
■
2,616,114
—38.5
Pittsb. Bessemer & Lake Erie, pref
Washburn exten. 5s, 1939—
20,000 Wabash Pitts. Terml. Ry.
April 30—The First National Bank of Lankershim, Cal__
Correspondent, Jim Wilson, Lankershim, Cal.
May
3—The Buckeye National Bank of Sandusky. Ohio
Correspondent, Edward Smith, 428 McKelvet St.,
Sandusky, Ohio.
May
4—The First National Bank of Simpson, Pa
Correspondent, Joseph J. Bockinski, Simpson, Pa.
May
2,437,793
3,782,280
3,788,401
—
Banks.—The
APPLICATIONS
May
3,238,845
13.4
—20.4
1,289,534
Railroads
Bonds.
$1,000 Red Cloud SS. 7s, 1922
20
1,000 American Gas con v
7s, 1928 70
3,000 Lancaster Co. Ry, & Lt.
following information regarding
Comptroller of the
Currency, Treasury Department:
May
—16.0
4,646.729
4,935,122
2,656,592
Moose Jaw
5
national banks is from the office of the
May
4,204,734
4,022,364
—
Percent.
2d 4s,
96
FairmountPk.&Had.Pass.Ry.
National
47%
310
common
3 Phil. City Pass. Ry
6 13th & 15th Sts. Pass.
—
Shares.
6s, ser. A, 1945
10,000 Bangor & Aroos.
..150
—
Saskatoon
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
298 American
—
3,926,181
1,634,180
Total
5,216,159
3,532,206
London.
Windsor
Shares.
5 Liggetts
191
—
v-
3,730,611
_
Regina
By Messrs. R. L. Day & Co., Boston:
.
.
Peterborough.
135%
8 Edison Elec
5,738,595
______
Halifax
St.
7,172,851
_______
Edmonton
Fort
&
By Messrs. Wise, Hobbs & Arnold, Boston:
55 Plymouth
5,542,484
Hamilton
Auction Sales.—Among other securities, the
Preferred
(quar.)
(quar.)
(quar.)
National Cloak & Suit. pref. (quar.)..._
1%
June
May 24
Mar. 17a
15 ♦Holders of rec
June
1
Holders of
rec
May
13
Holders of
rec.
May 2
1
-
_
1
2056
Miscellaneous
Newmarket Mfg. (quar.)
New River Co., pref. (quar.)........
Nyanza Mills
...
(quar.)..
;
♦82
June
3
....
♦5
Todd Shipyards Corporation (quar.)...
♦82
—
...
_
:
........
.
United Retail Stores (all classes)......
■United States Gypsum,com. (quar.)...
Preferred (quar.)
...
ValvollneOil,
common
Woods Mfg., common (quar.)
Woolworth (F.W.) Co., pref. (quar.).
and
May 20
June
1
Holders of rec. June
Holders of rec. June
4
July
1
July
1
June
4
Holders of rec. May 27a
15
rec,
May 24a
rec,
May 24a
rec.
June
15
June 30 ♦Holders of rec.
June
15
IMC. June 15 Holders of
lMc. June 15 Holders of
July
1 .♦Holders of
*VA
♦81
♦1M
June
1 ♦Holders of
rec,
15 ♦Holders of
rec.
July
♦2
IK
June
1
Holders of rec
2
June
1
Holders of rec
*IK
July
1 ♦Holders of
May 10
May 25a
rec
May 21
10a
June
paid.
yet
announced this week.
1
Holders of rec. June 24a
1
Holders of rec. Apr.
30
15
Holders of rec. Apr.
30a
July
July
1
Holders of rec. June 30a
1
Holders of rec. June 21
(qu.)..
com.
When
Books Closed.
Payable.
Days Inclusive,
Delaware & Hudson Co.
May
6a
Holders of rec.
June
la
rec.
May 10a
—
1
Holders of rec.
May 10a
(quar.)..
Illinois Central (quar.)
—...
Norfolk <fc Western, com. (quar.)
Norfolk & Western, adj. pref. (quarJ.¬
June 20
Holders of rec.
May 28a
IK
June
1
Holders of rec
May
IK
June
18
Holders of rec
May 31 a
Pennsylvania (quar.)
....
Pittsburgh & West Virginia, pref. (quar.)
Reading Company, 1st pref. (quar.)...
1
May 19
Holders of rec.
Apr. 30a
50c.
May 31
Holders of
rec.
May
2a
May 31
Holders of
rec
May
6a
June 30
IK
June
1
l
Cleveland & Pittsburgh guar, (quar.)...
Speclal guaranteed (quar.)
Holders of rec.
Holders of
1
June
IA
2A
June
1A
6a
June
9
Holders of rec
May 24a
4
June
1
Holders of rec
May 14a
3
June
1
Holders of
rec
May
IK
IA
June
1
Holders of
rec,
May
14
Detroit United Ry. (payable In stock)..
Havana Elec. Ry., L. & P., com. & pref.
e2A
June
1
3
May 16
Montreal L,, H. & Pow. Gonad, (quar.).
IK
May
16
75c. June
1
and
Preferred
Central Arkansas R
.
& Lt., pref. (qu.).
Conn. Ry. & Ltg., com. & pref. (quar.).
Norfolk Ry. & Light......
accum.
to
1
Holders of rec. May
18a
May 14
Holders of rec. May
IK
May
16
Holders of rec. Apr.
4
30a
May 15
Holders of rec.'Apr.
Holders of rec
dividend)
2
May
16
Holders of rec. Apr.
2a
30a
Holders of rec. May
2a
3
May 16
June
1
IK
June
2A
June
IA
May 31
$16
$5.50
May 15
June
1
Holders of rec. May
June
1
June
1
Holders of rec. May
*2 A
June
1
50c. June
1
2
1
Sept.
1
Holdeis of rec.
IK
July
1
Holdeis of rec.
Preferred
IK
Oct.
1
2
June
1
Holders of rec. Apr.
2A
May 16
Holders of rec. Apr.
(quar.)..
Merrlmac Mfg., com. (quar.)__.._....
Merritt Oil Corp. (quar.)..
2
(quar.)..
(quar,)..
(quar.)
National Biscuit, common
(quar.)
2
June 15
Holders of rec. June
10a
American Art Works, com. & pref. (qu.)
American Bank Note, common (quar.)..
IA
81
July 15
May 16
Holders of rec. May
3
May 14
Holders of rec. Apr.
1
May 29
May
2A
May 16
Holders of rec. May
1
♦Holders of rec. May
.......
Amer. Sumatra Tobacco, preferred..
American Thread, preferred
American Tobacco, com. & com. B (qu.)
Amer. Water Wks. & Elec., pref. (quar.)
to
June 30
IK
Holders of
1A
May 14
Sept.
*12Ac July
IK
.
(quar.)
(quar.)
16
2a
May
3a
17
15a
2a
May 22a
30
of rec. Aug. 15a
to
May 31
Holders of rec. Apr.
8a
1
Holders of rec. May 14a
June
1
Holders of rec. May
Atlantic Petroleum..
2A
May 20
Bethlehem Steel, com. (quar.
IK
VA
July
1
Holders of rec. June
15a
July
1
Holders of rec. June
15a
2
July
1
Holders of rec. June
15a
IK
July
1
Holders of
4
May 14
Holders of rec. May
7a
IK
1A
May 15
Holders of rec. May
Cominon Class B (quar.)
Eight per cent
cum. conv.
pref. (qu.).
Seven per cent non-cum. pref. (quar.)
Bond & Mortgage Guarantee (quar.)...
Boston Mfg. Co., 1901, pref. (quar.)...
British Columbia Fish. & Pack. (quar.).
Brompton Pulp & Paper (quar.)
Brooklyn Edison Co. (quar.)
rec.
rec.
2
May 10a
June 15a
May 21
Holders of
Holders of
rec.
Apr. 30a
1
Holders of
rec.
May 20a
May 10a
June
rec.
May
May 16
Holders of
rec.
June
15
Holders of
rec. June
2A
May
16
Holders of rec. May
2
Holders of
May 14
May 20 ♦Holders of
dS2
Buckeye Pipe Line (quar.)...
Burns Bros., common (quar.)
(quar.)..
By-Products Coke Corp. (quar.)
California Packing (quar.)
*1A
Canada Cement, pref. (quar.)
Canadian Converters, Ltd., (quar.)
*1A
IK
IK
Casein Co. of America
*1
(quar.)
Cedar Rapids Mfg. & Power (quar.)
Cement Securities (quar.)
Cities Service, Bankers shares (monthly)
June
15
2a
May
4
May
31
Holders of rec. Dec.
10a
15
Holders of rec. May
20a
National Refining, com.
New Jersey Zinc (quar.)
IA
May 15
Holders of rec. May
Holders of rec. July
la
30
Holders of rec. May
10a
(quar.)..
2
(quar.)..
NUes-Bement-Pond, common (quar.)...
Holders of
May 16
Holders of rec. Apr.
rec.
rec.
Apr.
May
Holders of rec. Apr.
1
30 a
(quar.)
Colorado Fuel & Iron, common (quar.)..
Preferred (quar.)
♦Holders of
rec.
35 Ac June
1
Holders of
rec.
A
June
1
Holders of
rec.
May
15
June
1
Holders of
rec.
May
15
June
1
Holders of rec. May
15
K
May 16
Holders of rec. May
10a
Holders of
rec.
May 12a
rec.
May 12a
June
Holders of rec. May
16a
Holders of rec. Apr.
30a
»50c. June 36
Peerless Truck & Motor, oom. (quar.)..
♦Holders of rec. June
♦50c. Sept.
Common (quar.)
♦50c. Dec. 31
IK
June
1
Holders of rec. May
Consolidated Gas (N. Y.) (quar.)
Continental Paper & Bag Mills, com.(qu)
IK
1A
June 15
Holders of
rec.
May 11a
May 16
Holders of
rec.
May
IA
Holders of
May 16
1
Holders of
8Kc June
June 25 ♦Holders of
*IA
rec.
May
rec.
May 16a
rec.
June
Holders of rec. Apr.
Common (payable in common
Holders of rec. Apr.
1
Holders of rec. May
2a
30a
IK
June
1
Holders of rec. May
16
18a
June
1
Holders of rec. May
18a
2
May 31
Holders of rec. May 21a
IA
2A
May 31
May 16
Holders of rec. May 21a
Holders of rec. Apr.
June
15 ♦Holders of
e200
May
16
*4
June
15 ♦Holders of
♦51
IK
rec.
May
Holders of rec. Apr.
rec.
May
1
Holders of rec. May
May 15
May 15
Holders of rec. Apr.
June
11
14
15
16
16a
Holders of rec. Apr.
30a
30a
June
1
Holders of rec. May
10a
50c.
1A
Holders of rec. May
2
May 16
Holders of rec. May
IK
May
14
Holders of rec. Aprl
2a
30
*1K
fflA
(quar.).
(quar.)...
May 16
2
pref. (quar.;
June
1
♦Holders of rec. May
May 16
15
Holders of rec. May
United Paper Board,
1
June
Vacuum
Oil
1
14
2a
June 19
to
Holders of rec. Mar.
5a
1
May 24
Holders of rec. May
10a
June
2
Holders of rec. May
19a
IA
June
1
Holders of rec. May
16a
87 Ac June 15
15
Holders of rec. May 31a
Holders of rec. July
IA
July
IK
IK
pref. (quar.)
(quar.)
U. S. Steel Corp., com.
Preferred
June
2
(m
(m
United Drug, 2d pref. (quar.).
(quar.)...
June 29
June
Holders of rec. May
1
Holders of rec. May
May 16
1
1A
June
2 A
Wells, Fargo & Co
West India Sugar Fin. Corp., com.
la
May 3
-
Warwick Iron & Steel.
June 20
1
May
1
to
1
2a
17
May 16
Holders of rec. May
17
Holders of rec. May 20a
Holders of rec. May
16a
16a
5a
(quar.)
Eastern Potash Corp., pref. (quar.)...
IK
IK
May 15
Holders of
rec.
May
5a
May 24
Holders of
rec.
Apr. 30
IK
June
15
Holders of
rec.
June
Eastman Kodak, com. (quar.).
2A
July
1
Holders of
rec.
May 31a
books
June
1
Holders of
rec.
Aor.
e
May 31a
May 31a
*
From unofficial sources,
will not be
closed
for
Payable in stock.
count of accumulated
I Payable
Holders of rec. May
1
Holders of rec. May 16
June
1
Holders of rec. May
Holders of rec. May 16
1
2
May 15 ♦Holders of rec. May
June
1
May
3
to
May 18
*2 5c.
(quar.)..
(mthly.).
2
50c
this dividend.
16
June
June
t The New York Stock
quoted ex-dividend on this date
not
1
June
IK
(quar.)...
(F. W.) Co., com.
Wrigley (Wm.) Jr., Co., com.
June
1A
pref. (quar.)...
Will & Baumer Candle, com.
Woolworth
IK
2
(quar.)
June
IK
Preferred
White (J. G.) Co.,
May
rec.
15
June
2
(qu.).
United Cigar Stores, com.
rec.
rec.
Holders of rec. May
May
IK
Holders of
Holders of
May 16
15c. June
Holders of rec. Apr. 30a
Holders of rec. May
5a
Holders of
30
30a
IK
(quar.).......
Tobacco Products Corp.
May 15
1
4
Holders of rec. Apr.
2
(Calif.)
Suncook Mills, com. &
May 15
1
Holders of rec. May
Holders of rec. Apr.
16
IK
May 16
July
14
May
50e.
IK
IK
July
May
May 21
3
(qu.).
(quar.)
(quar.)
Motor Construction.....
Stewart Mfg., com.
2
1A
Holders of rec. May
2
(quar.)
In stock
Standard Oil of New York (quar.).
Stern Brothers, pref. (quar.)
Dominion Bridge (quar.)
Dow Chemical, com. (quar.)
1
11a
30a
10a
81
Standard Oil (Neb.),
1
30a
18a
Apr. 25
10a
2a
Preferred
15
Holders of rec. May 14 a
Holders of rec. May 31a
rec.
Holders of rec. May
Standard Milling, com.
June
5
May 14 ♦Holders of
Holders of rec. May
Corp., pref. (quar.)
Spalding (A. G.) & Bros., 1st pref.
Second preferred (quar.)...
9
11
Holders of rec.
1
/ 50c. June
May 31
IA
Southern Pipe Line (quar.)
June
Common (extra)
Holders of rec. May
2
Southern California Edison, com,
2
Preferred
Holders of rec. May
1
May 20
Holders of rec. Apr.
Quissett Mill, common (quar.).
IK
10
8
June
May 16
June
1
16a
9
14a
May
4a
June
50c.
stock).
Sharp Mfg. Co. (quar.)
Shaw (W. W.) Corporation (quar.)
Deere & Co., pref. (quar.)
Diamond Match (quar.)
Common (extra)
Holders of rec. May
2
Quaker Oats, pref. (quar.)
Standard Oil
Holders of rec. May
1
♦5
(quar.)
Pullman Company (quar.)
Pure Oil Co., com. (quar.).-
Standard
1
16
June
IK
...
1
1
5
May
IK
IA
(quar.)
(quar.)....
Smith (A. O.)
iers of rec. Sept.
♦Holders of rec. Dec.
2
Pittsburgh Steel, pref. (quar.)
pref. (quar.)
Pratt & Whitney Co.,
Preferred
30
2
Penmans, Limited, common (quar.)
Pressed Steel Car, com.
16
1
May 16
1 A
June
Holders of
f 50
stock)..
(qu.)
IK
1
(quar.)
"Holders of rec. May
3
16
Preferred
1
30c.
May
June
(quar.)
June
30a
IA
VA
Preferred
30
Holders of rec. June 15
15
May 20a
Columbia Gas & Electric (quar.)
Cosden & Co., pref. (quar.)..
Davis Mills
30
Holders of rec. July
1
♦2
(quar.)
common
Holders of rec. Apr.
Aug. 15
May 28
May 31
Connecticut Power, pref. (quar.)
Consolidated Cigar Corp., pref. (quar.).
rec.
Holders of rec. Apr. 30
May
United Cigar Stores, com.
fiK
Holders of
4a
May 16
July
Timken-Detroit Axle, pref.
May 20
May 15
1
la
Holders of rec. May
IK
stk.)
Otis Elevator, com. (pay'le in com.
Owens Bottle,
Holders of rec. June
May 20
IK
f 50
(quar.)
(quar.)
Preferred
June 20
2
May 31
'une
75c. May 25
2
May 25
1
IA
7
30a
rec.
A
Common (payable in common stock).
Preferred B (monthly)
Cllnchfield Coal Corp., com.
1
(quar.)
30
Cities Service Co.—
Common and preferred (monthly)
10
June
Superior Steel, 1st & 2d pref. (quar.;
Tacoma Gas <fc Fuel, pref. (quar.)..
♦Holders of
June 30
Aug.
$1
New York Shipbuilding
5
♦Holders of rec. June
16
1
rec.
May 16
May
9
rec.
May 16 ♦Holders of
K
*2
♦e 10
Stock dividend
14a
May 16
81
5
Brookslde Mills.
Butler Mill
Holders of
Holders of rec. Sept. 10a
Dec.
10a
.....
Holders of rec. Nov. 10a
June
Procter & Gamble, com.
June
(quar.).
Holders of rec. May 17a
Common (quar.)—
VA
IK
Associated Dry Goods, 1st pref.
Second preferred (quar.)
Holders of rec. June 30a
IK
Common (payable in common
Holders of rec. May 10a
Holders of rec. May
2a
1
May
30
30a
Holders of rec. Apr.
IK
30
Holders of rec. Apr.
Holders
1
1 ♦May 15
June
3
rec.
to
(qu.)
Pacific Gas & EL, 1st pf. & orig. pf.
Holders of rec. June
May 16
June
3A
IK
....
Nat. Enameling <fe Stamping, com.
May 29
IK
10c. May 31
Art Metal Construction, extra..
5
June
IK
Amer. Soda Fountain (quar.)
16
May 16
July 15
May 31
May
30
Holders of rec. Apr.
14
2
27
30a
2a
Holders of rec. Apr.
May
IK
Montreal Light, Heat & Power
Motor Wheel Corp., preferred
16
IA
Middle West Utilities, pref. (quar.)
Preferred (quar.)
American Acceptance Corp., common..
Preferred (quar.)...
(quar.)
Holders of rec. May
50c. May
Miami Copper (quar.)
Preferred
May 14
Holders of rec. Sept. 15a
National Lead, pref. (quar.)
Apr. 30
25a
1
Holders of rec.
June
2
Sept. 30
Apr.
81
May 31
May 16a
Aug. 15a
June 15a
to
Common (quar.)
Preferred
(quar.)
May Department Stores, com. (quar.).
May 20a
(quar.).
22a
17
May
IK
rec.
Preferred
16a
Holders of rec. Apr.
1
Preferred
rec.
Amer. Smelting & Refining, pref.
2
pref
June
Preferred
Holders of
June
Holders of rec. May
May 10
May 15
Holders of
*115
'Holders of rec. May 24
4
...
May 16a
1
Common (extra) (pay. in pref. stock).
American Radiator, common (quar.)...
2
2
17a
Holders of rec. May
2A
$1
11a
May 16
Am.La France Fire Eng..Inc.,com.(qu.).
30a
30a
Holders of rec. Apr.
$1.50
Holders of rec. June 10a
2
16
16 a
30a
Holders of rec. Apr.
June 30
June
American Brass (quar.)
Amer. Dlst. Telog. of N. J. (quar.).....
Holders of rec. Apr.
IK
May
rec.
Holders of rec. May
May
11a
rec
Holders of
Holders of rec.
1
June
Holders of rec. May
l
....
(quar.)
16a
Apr. 30a
Holders of rec. May
15
May 15
3
$6
24
Holders of rec. May 21a
IA
IK
(quar.)
Holders of rec. May
1
May 31
$1
Preferred Series B
Miscellaneous.
Allis-Chalmers Mfg., com.
Holders of rec. May 21
1
50c. June
Ontario Steel Products, common
Acme Tea, 1st pref.
Holders of rec. May 21
1
Common (quar.)
Preferred
(quar.)
rec
Holders of
Holders of
10a
2
$2
Preferred Series A
14a
3a
May 16
Holders of rec. May
Holders of rec. May
Holders of rec. Aug.
May 15a
May 16
1
May 31
May
May
rec,
1
June
Aug. 31
Nov. 30
Holders of rec
May 16
10
'Holders of rec. May
June
May 16
IK
1A
Holders of
2A
IA
30
Apr. 23
Holders of rec.
May 14
$2
♦25c.
Lehigh Coal & Navigation (quar.)......
Liggett & Myers Tob., com.&com.B(qu.)
Louisiana Oil Refining Corp., com.:
Massachusetts Gas Cos.,
9a
Holders of rec. May 20a
1
IA
May 19
to
Apr. 21
AIM
Tampa Electric Co. (quar.).
West Penn Tr. & Wat. P., pref. (quar.).
Preferred (acc't
May
Holders of rec.
Holders of rec. July
20
Common (quar.)
Electric Railways.
.......
July
1
(quar.)—.
_.wi———
Lancaster Mills, com. (quar.)
Lanston Monotype Machine (quar.)....
Preferred
Street
Baton Rouge Elec. Co., common
20a
May 31
Preferred
May 16a
50c.
9
2a
Holders of rec. May
2
Manchester Mills, common.......
2K
(quar.).
Canadian Pacific, common (quar,).....
Holders of rec. May
June
Martin-Parry Corp. (quar.)....—...
(Steam).
Atch. Topeka & Santa Fe, corn,
■Holders of rec. May
May 14
June
1
IK
Imperial Oil (monthly)
Indiana Pipe Line (quar.).
Massachusetts Cotton Mills
Railroads
May 14
I
1
Special
Per
July
IA
(quar.)..
Hart man Corporation (quar.)....
Hoosac Cotton Mills, pref. (quar.)... .
Illuminating <fc Power Secur., pref. (qu.)
com.
Manati Sugar, common (quar.)
Cera.
17a
Holders of rec. May 24a
IA
Ludlow Mfg. Associates (quar.)
Name of Company.
Holders of rec. May
1
May
Lee Rubber & Tire Corp. (quar.)
weeks
This list does not include dividends
1
June
2
Kaministlquia Power (quar.)
Kelly-Springfield Tire, 8% pref. (quar.).
Lake of the Woods Milling, com. (qu.)_.
June 21
la
June
June
♦2
Inland Steel (quar.)
Intc-rnat. Harvester, pref. (quar.)
Iron Products Corp., pref. (quar.).-—-
june 30 ♦Holders of rec, June 15
6
Holders of rec. June
June 14
July
1 ♦Holders of rec June 21
Holders of rec. May
IA
IK
Great Lakes Dredge & Dock
Hamilton Mfg. (quar.)
Preferred
(quar.)
Hart, Schaffner <fe Marx,
Holders of rec. May 16
1
May 15
2
Gold & Stock Telegraph (quar.)
»oodrlch (B. F.) Co., pref. (quar.).....
Harbison-Walker Refract.,
give the dividends announced in previous
we
not
15
June 20 ♦Holders of rec.
♦1K
(quar.)
Weber & Ileilbronner, pref. (quar.)....
June
June 20 ♦Holders of rec
♦81
Wamsutta Mills
rec.
la
Holders of rec. June
S3
Gillette Safety Razor (quar.)
Gilliland Oil, pref. (quar.)
May 31a
Holders of rec,
(quar.)
Firestone Tire & Rub. 7% pref. (quar.)
General Asphalt, preferred (quar.)
.
General Cigar, preferred (quar.)..
Debenture preferred (quar.)
May 31a
Holders of rec
1 ♦Holders of
2M
IK
2A
(quar.)--..
Wahle Co., com. (quar.).:
Preferred (quar.)
Below
IK
IK
IK
IK
United Cigar Stores, pref. (quar.)
United Profit Sharing
.—
j une
15
July
♦1K
Underwood Typewriter, com. (quar.)..
Preferred (quar.)..........
.
1A
IK
June 15
3
...
Standard Textile Prod., pf. A & B (qu.).
Standard Oil (Nebraska).
Extra
Federal Utilities, pref.
15 ♦Holders of rec. May 23
June 20
June 11
to
May 31 ♦Holders of rec, May 15
June 15 ♦Holders of rec. May 1.8
♦81
:
IA
June
June 20
25c.
(quar.)
Extra
IK
June
* 23.88c.
Standard Oil (Kansas)
Electric Investment Corp., pref. (quar,).
Elk Horn Coal Corp., pref. (quar.)
♦43 Kc June 15 ♦Holders of rec. May123
June 15 ♦Holders of rec. May 23
♦50c.
New preferred
-St. Joseph Lead (quar.
Sinclair Cons. Oil, pref. (quar.)
Standard Oil (Indiana) (quar
Holders of rec. May
IK
14
Holders of rec. May 10a
May 16
1 ♦Holders of rec. May 21
5a
Holders of rec. May
May 16
2a
11a
Holders of rec. May
May 21
10
Eisenlohr (Otto) <fe Bros., com. (quar.)..
Holders of rec. May
June
2
(quar.)
Philadelphia Electric, com. (quar.)...
May 15
Holders of rec. June 11
1
June
2A
Books Closed.
Days Inclusive.
2
July
*IA
When
Payable.
(Concluded)
Miscellaneous
2A
IK
Power, pre!. <quar.)
Preferred
Per
Name of Company.
Days Inclusive.
(Concluded)
National Sugar Refg. (quar.)...
Nebraska
When
Payable.
Cent.
Closed.
Books
Per
Cent.
Name of Company.
[Vol. 112.
CHRONICLE
THE
1
Holders of rec. May 25
Exchange has ruled that stock
and not until further notice, a Transfer
income tax. d Correction.
5 Less British
/Payable in common stock, o Payable In scrip, ft On ac¬
dividends. < Payable in Liberty or Victory Loan bonds.
in preferred stock.
May 14
1921.]
THE
CHRONICLE
Transactions at the New York Stock Exchange
daily,
weekly and yearly.—Brought forward from page 2061.
Week
ending
Stocks.
May 13 1921.
——
Railroad,
■
Par
Value.
Boston
Clearing House Banks.—We give below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
mary
State, Mun.
Ac.,
Shares.
dk
Bonds.
Foreign
BOSTON CLEARING HOUSE MEMBERS.
V. s.
Bonds.
2057
Bonds.
May 7
Saturday
397,900
973,320
$24,158,500
68,230,500
56,471,000
§2,059,000
3,546,000
3,912,000
61,344.000
4,698,000
60,374,000
65.574,200
3,085,000
3,197,500
4,723.404 §336,152,200
§20,497,500
Monday
Tuesday
Wednesday
Thursday
808,900
867,300
836,410
839,574
Friday
§891,000
1,598,000
2,020,000
1,533,000
1,128,000
1,589,500
.....
6,232,000
4,028,000
3,683,000
Week ending May 13.
4,797,500
§8,759,500 §25,568,500
Time deposits
1920.
1921.
13.
4,164,607
§336,152,200 $358,523,450
$667,631,300
98,392,600
$1,113,969,500
166,206,800
226,660,000
§44,577,500
8,759,500
5,101,000
20,497,500
11.488.000
$54,825,500
Total bonds......
§61,166,500
TRANSACTIONS
AT
THE
337,718,(500
§1,103,741,900i $1,500,830,300
BOSTON,
1921.
$
$
$
91,325,000
20,263,000
11,771,000
16,939,000
.....
PHILADELPHIA
AND
Inc.
Dec.
Dec.
Inc.
52,743,000 Inc.
42,281,000 Inc.
in bank and
excess
!•■;
107,579,557
§9,570,885,425
§1,400
$25,568,500
RR. and misc. bonds..
DAILY
Reserve
69,077,682
$5,050,789,821
par
bonds
&c., bonds
mun.,
.
Due from other banks
1920.
v
Bonds.
State,
_
Federal Reserve Bank....
4,723,404
Par value..
Government
_
Cash In bank and F. R. Bank
1921.
Stocks—No. shares
Bank shares,
......
States deposits....._
Exchanges for Clearing House
Jan. 1 to May
New York Slock
Exchange.
April 23
1921.
Circulation
2.595,000 Inc.
Loans, disc ts & Investments. 545,354,000 Dec.
Individual deposits, incl. U.S. 385,134,000 Inc.
United
Sales at
April 30
previous teeek.
$
3.9S0.000
Due to banks
Total..
Changes from
1921.
$2,848,000
995,000
16,000
2,579,000
2,573,000
1,168,000 546,522,000 550,665,000
5,610,000 379,524,000 383,590,000
2,864,000
88.461,000 91,065,000
238,000 20,501,000 20,849,000
2,506,000 14,277,000 16,003,000
4,459,000 12,480,000 14,217,000
4,860,000 47,883,000 54,448,000
659,000
41,622,000 42,059,000
Inc.
750,000
245,000
835,000
Statement of New York City Clearing
House Banks
detailed statement
City Clearing House
members for the week ending
May 7.
The figures for the
separate banks are the averages of the daily results.
In the
case of totals, actual
figures at end of the week are also given:
and Trust Companies.—The
following
shows the condition of the New York
BALTIMORE EXCHANGES.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
{Stated in thousands of dollars—that is, three ciphers [000] omitted.)
Boston.
Philadelphia.
Baltimore.
Week ending
May 13 1921
Saturday
Bond Sales.
10,374
Shares.
Bond Sales.
Shares.
5,607!
§41.000
875
§2,000
70,100
9,385j
35,200
1,641
41,000
13,141
50,300
6,529
24,800
2,419
8,500
69,450
4,292!
69,450
698
20,500
25,550
13,000
4,445!
26,500
794
11,000
1,437]
13,000
1,325
29,000
10,314
67,920!
_______
S293.100
31,695
§209,950
Net
HOUSE
7,752
§112,000
(.000 omitted.)
JNat 1,
Week
State, Feb. 28
Tr.Cos.,Feb.28
ending
May 7 1921.
panies.—Following is the report made to the Clearing House
by clearing noil-member institutions which are not included
in the "Clearing House Returns" in the next column:
Co.
Net
Capital. Profits.
Atlantic Nat 1..
Nat Butch A Dr
it 5 00
£221
Amor Exch Nat
5,000
25,000
7,695
32,665
Nat Bk of Com.
NON-MEMBERS
Dis¬
Reserve
Cash
counts,
Nat.bks.Feb.21 Invest¬
Statebks.Feb28 ments,
Week ending
May 7 1921.
Chat & Pnonlx.
Hanover Nat 1.
..
Tr. cos. Feb. 28
Nat'l
National Park..
East River Nat-
Bank
Second Nat'l
Loans,
with
Net
Net
Demand
Time
in
Legal
De¬
De¬
Circu¬
First National..
Deposi¬
posits.
posits.
lation.
Irving National
N Y County Nat
Ac.
tories.
Fed'l
Res.
Bank.
$
Battery Park Nat.
Average Average Average Average Average Average
$
$ '
%
S
$
$
$
1,500
1,561
11,499
213
1,513
9,107
790
10,782
270
12,129
500
980
4,705
34
413
2,192
Yorkvllle Bank...
1,358
200
731
16,440
478
1,458
8,817
8,457
State
43,426
995
5,069
32MB
191
Colonial Bank....
600
1,589
17,028
2,251
1,353
18,307
700
2,030
20,624
2,744
1,570
21,934
493
3,596
217
30
3,627
Trust Companies
Not Members of the
527
9,772
8,654
23,142
737
4,690
38,008
10,909
404
38,927
328
210
3,504
Total
200
Comparison prevlo
527
3,300
6,620
week
us
9,132
328
73,182
+ 96
210
425
118
651
4,732
77
291
1,426
11,066
33,522
3,380
4,206
2,431
4,787
45,693
163,479
2,583
6,06
98,088
104,043
48,495
152,564
27,223
15.3G9
114,270
1,937
1,411
5,062
1,470
82,312
250,392
23,779
10
51
128.679
10,217
2,090
5,320
1,107
49
22,061
115,397
34,635
753
175,360
10,653
1,331
22,842
284,688
181,976
12,726
4,067
6,849
a57,683
—170
+ 318
5,595
Gr'd aggr. Apr.
30
3,300
6,620
7.3,086
4,237
23
3,300
6,620
3.300
6,620
Gr'd aggr, Apr.
9
3,300
6,920
73,105
72,770
71,581
4,157
16
4,207
4,151
..—-
15,743
191
6,531
6,743
6,612
6,998
a57,667
a56,950
15,743
16,425
457
672
301
4,778
12,552
47,316
1,509
1,551
15,987
18,092
2,752
34,423
840
259,086
1,126
57,821
663
448,809
2,637
18,650
73,595
190
15.7G4
194
15,653
196
liabilities, §593,000
Totals, actual
Totals, actual
Totals, actual
15,834
488
1,588
11,605
3,251
17,632
*102,943
24,979
*157,942
co
Reserve
system
the
reserve
Trust
F M. System
Companies
33,225,0
4,500,0
13,080,0
33,988,0
679,0
87,052,0
108,901,0
Individual
deposits
Time deposits
469,837,0
12,293,0
14,0
284,0
20,403,0
235,0
Total deposits
591,301,0
20,922,0
Bank deposits
U. 8. deposits (not
...
Included)
Reserve with legal deposit's.
Reserve with F. R. Bank...
Cash In vault*
Total reserve and cash held.
Reserve required
Exoees rec. A cash In vault..
•
—
Cash In vaults not counted
-
-
2,895,0
49,793,0
11,462,0
61,255,0
47,335,0
13,920,0
April 23
1921.
Member soj
22,015,0
1,068
37
388
374
244
740
67
3,439
7,152
10,112
21,951
661
2,446
1,304
2,721
411
1,125
273
50
17,335
61
1,942
8,485
7 4,557,758
Not Me mbersof F. R. Bk.:
1.00C
1,933
1921.
18,331
37,725,0
37,725,0
106.897,0
105,972,0
697,662,0
$37,725,0
104,180,0
704,792,0
20,934,0
19,755,0
86,463,0
89,307,0
109,732,0
488,886,0
12,530,0
611,148,0
87,066,0
109,185,0
106,331,0
490,240,0
485,019,0
12,528,0
12,564,0
611,953,0
11,741,0
603,914,0
14,818,0
2,895,0
2,486,0
49,793,0
50,422,0
850,0
12,312,0
3,745,0
65,000,0
3,010,0
735,0
50,345,0
14,655,0
12,710,0
65,618,0
49,670,0
15,948,0
15,954,0
2,711,0
48,460,0
12,776,0
63,947,0
50,236,0
13,711,0
for Federal Reserve members.
1,648
50
839
5,671
683
331
2,718
75,932
3,536
2,099
18,882
5,519
30,947
44,24"
3,750
5,491
99,934
6,941
4,078
55,348
44,292
nditlon May
7
co nditlon Apr. 30
Totals, actual co nditlon Apr. 23
99,657
7,051
7,135
55,125
55,913
44,340
100,092
99,373
7,012
4,057
4,034
4,229
55,386
43,987
808
Totals, actual
Totals, actual
..
co
Trust Cos.
44,181
Not Me mbers of F. R. Bk.:
Title Guar & Tr
6,000
1,632
2,969
30,650
4,000
12,314
6,157
46,399
Lawyers Tl&Tr
24,628
913
1,565
15,940
507
10,000
18,472
71,027
2,545
4,534
46,590
1,315
4,482
Avge. May 7
Totals, actual
Totals, actual
Totals, actual
co
ndltlon May
Apr. 30
71,197
71,830
2,617
2,355
4,807
46,575
47,488
1,316
co ndltlon
Apr. 23
72,069
2,343
4,640
46,555
1,316
pre
283,850 489,601 4,748,932 89,918 495,923
vlous w eek
+ 12,494 -2,266 + 9,084
...
Gr d aggr., act Ifcond'n
Comparison
7
co ndltlon
May
pre vlous w eek
7 4,728,612
-30,753
..
Total.
694,121,0
22,694,0
2,722
250
Grd aggr., act 1 Cond'n
Gr d aggr., act 1 cond'n
Gr'd aggr., act'l cond n
Gr'd aggr., act'! cond'n
Apr. 304,759,365
Apr. 23:4,755,024
Apr. 16j4,823,654
Apr.
914,830,113
1,311
3,735,879 248,270 31,598
+ 42,859 + 1,154
+ 143
88,943 485,198
+ 567 +4,938
3,703,211248,078 31,653
88,376 480,160
88,804 489,019
3,7'7,394 248,788 31,56C
3,685,391244,718 31,309
3,727,949 241,754 31,738
3.713,310 239,55532,166
88,617 501,660
87,612 478.994
—14,183
—710
+ 93
Note.—U. S. deposits deducted from net demand
deposits In the general totals
above were as follows: Average for week
May 7, §91,487,000; actual totals May 7,
$76,227,000; April 30, $103,716,000; April 23, §111,268,000; April
16, §154,741,000;
April 9, §146,810,000.
Bills payable, rediscounts, acceptances and other
liabilities,
average for week May 7, $898,155,000; actual totals
May 7, $914,891,000; April 30,
$899,583,000; April 23, $928,064,000; April 16, $937,341,000: April 9, $945,616,000.
*
Includes deposits in foreign branches not
Included In total footing as follows*
National City Bank, $108,022,000; Bankers Trust
Co., §10,913,000; Guaranty Trust
Co., $112,682,000; Farmers' Loan & Trust Co.,
$18,144,000; Equitable Trust Co..
$25,040,000.
Balances carried In banks In foreign countries as reserve for such
deposits were: National City Bank, $42,492,000; Bankers Trust
Co.,
Guaranty Trust Co., $18,009,000;
ble Trust Co., $5,000,000.
as reserve
194
100
2,500
Comparison,
93,817,0
868
10,087
79,275 476,559 c3,601,511202,427 31,653
78,887 471,319 c3,613,993 203,291 31,560
79,449 480,150 c3,583,450 199,415 31,309
May
ndltlon Apr. 30 4,587,443
nditlon Apr. 23 4,583,582
Bowery
April 30
660,133,0
2,437
nditlon
co
Greenwich Bank
Week ending May 7 1921.
Loans, disc'ts A Investm'ts.
607
7,126
1.952
80,432 487,311 c3,633.941202,663 31,598
co
Gr daggr.avge
Exchangee for Clearing House
Due from bankB
12,026
44,270
*429,398
18,234
15,225
3,236
3,053
1,324
150,935
83
12,617
270,100 465,6384,577,971
_.
.
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
i.
Capital
Surplus and profits
*
913
16,077
100
14,952
399
599
12,000
4,392
589
384
430
693
202
346
28,805
111,465
24,361
235
326
159,004
21,328
1,589
350
18,941
27,308
37,767
2.000
1,312
11,832
72,206
36,125
116,329
21,513
23,279
13,101
3,693
858
13,113
42,795
9,758
Farm L & Tr Co
Avge. May 7
Two ciphers (00) omitted.
356
1,747
5,997
1,665
2,510
3,629
27,136
6,158
42,346
2,455
1,165
1,205
1,000
5,000
State Banks
Federal
722
538
19,502
5,053
37,727
1,619
7,610
1,814
£16,067
1.108
3,438
1,465
11,403
Equitable Tr Co
985
1,161
2,290
1,195
35,850
1,493
771
"976
191
15.730
a.56,753
a55,745
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending
May 7 with comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand
deposits and 3% on time deposits, all
to
be kept With the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve.
For trust companies
the
2,877
1,278
1,541
1,500
5,000
186,898
13,178
5,700
233,792
19,499
8,548
9,165
15,474
890
1,000
2,000
25,000
18,359
170,595
24,313
1,805
30,106
920
20,000
1,504
2,617
22,584
116
544
State Bank
of
751
13,821
14,771
7,034
21.0S5
3,564
16,780
5,067
496
1,500
N Y Trust Co- £10,000
Lincoln Tr Co..
2,000
Metropoi Tr Co
2,000
U. S. deposits deducted, §577,000.
Bili3 payable, rediscounts, acceptances and other
Excess reserve, §284,630 increase.
members
892
47,066
*489,076
95,704
13,510
1,979
12,298
2.951
+ 16
Gr'd aggr. Apr.
Gr'd aggr. Apr.
not
993
6,967
8,961
Avge. May 7
a
382
8,444
Coai A Iron—
'
17,716
4,832
117,199
331,789
1,639
8,989
25,544
97,219
142,567
Average Avge.
$
S
1,399
1,760
8,642
19,303
1,000
1,000
1.50C
1,000
1,500
?
125,624
120,764
186,047
54,789
488,351
828
National
Average
$
651
1,047
Columbia Tr Co
5,595
3,504
$
2,374
NaasauNat.Bkn
Grand aggregate..
Average Average
la¬
tion.
3,544
12,985
19,155
6,184
51,415
12,719
1,790
Columbia
9,132
tories.
500
Guaranty Tr Co
30
Fed 1 Reserve Bank.
200
Ac.
700
Peoples' Tr Co.
Mechanics Tr, Bay
posits.
400
Exch..
Fidel-Int Tr Co
Total
Deposits.
7,086
312,104
U S Mtg A TrCo
191
10,118
Not Members of the
Fed I Reserve Bank.
440
Deposi¬
772
Avenue..
Comm'l
Union Exch Nat
100
Vault.
21,158
Commonwealth
Banks.
Bank of Wash Hts.
4,281
1,000
Brooklyn Tr Co
4.063
1,726
8,399
20.609
10,000
12,500
Bankers Tr Co.
2,400
ments,
1,000
Seaboard Nat'l.
Total
Circu¬
15,000
Chase National
Fifth
Bank
De¬
Fifth
275
W. R. Grace & Co.
1,685
Time
Demand
Garfield Nat'l..
28
200
Mutual Bank
1,000
7,000
3,000
2,500
7,500
1,500
10.00C
1,000
1,000
Vault.
Continental
Members of
16,750
5,500
6.107
40,000 66,700
4,500 15,199
1,000
1,138
National City.
Chemical Nat 1.
Imp & Trad Nat
1
CLEARING
Net
Legal
§
7,221
17,135
5,000
10.00C
Metropolitan
Corn Exchange-
omitted.)
21
$
2,000
Pacific Bank.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING
HOUSE.
Natl
with
in
Average
$
Bk of N Y.NBA
Bank of Amor—
New York City Non-Member Banks and Trust Com¬
Feb.
Members of
Fed. Res. Bank
Manhattan
Reserve
Cash
Invest¬
Mech & Metals
(Stated in thousands of dollars—that is, three ciphers [000
Loans,
Capital. Profits. Discount,
MEMBERS.
§64,700
11,807
....
CLEARING
Bond Sales.
12,267
10,017
______
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Shares.
April 11921.
k As of
$554,000;
Famrers' Loan & Trust Co., §2,721,000; Equita¬
Deposits In foreign branches not Included.
May 6 1921.
c
£ As of
[Vol. 112.
OF RESERVE POSITION
8TATEMENT8
RESULTS
COMBINED
HOUSE BANKS
OF CLEARING
BANKS AND TRUST
NEW YORK.
OF
Loans and
Depositaries
Reserve
$
Vault.
Surplus
Reserve.
$
Mar.
5
5,567.907.300
Mar.
12
5,532,610,200
5.550.054.700
Mar.
Members
Federal
%
State
9,486,000 495,923,000 505,409,000 495,443,36
489.861,710
9,381,000 486.839,000 496,220.000
9,187,000 491,332,000 500,519,000 490,308.650
505,680,000 493,327.610
9.076,000 496,604,000
banks*...
Trust companies....
7....
Total May
Total April 30....
Total April 23-.--
TotaJ April 10....
8.818.780
1,056,360
9,965.640
6,358,290
Cash
Reserve banks....
banks*.......
7.051.000
Trust
companies....
2,617,000
Total May
7
Required
$
%
$
Total A p i! 23
16
564.554,600
116.455 700
570,658.600
7
5 362.431.000
4.340.064 .100
114,043 500
581,494,300
May
•
This item Includes gold, sliver,
Not members of Federal Reserve
a
This Is the reserve
turst companies,
and
Bank.
Board—C
Total gold
required on net demand deposits In the case of State banks
but In the case of members of the Federal Reserve banks
required on net time deposits, which was as follows
Apr. 16, $5,849,760.
Total
$6,098,730; Apr. 23, $5,982,450; Apr. 16,
Banks
and Trust Companies Not in
Clearing
Banking Department reports
785,453.313
649,167,000
364,870,902
323,900.560
586,577,000
10 000.000
All
14.856.850
31,620.000
374,870.902
265,364,197
338,757,410
275,783,166
618,197,000
275,783,166
216,884,000
Banks
R.
other—For members
NEW
COMPANIES IN GREATER
BANKS AND TRUST
YORK, NOT INCLUDED IN
CLEARING HOUSE STATEMENT.
bills
17,103.000
U. 9
43.139.954
657,680.531
1.005.400
1,005,181,000
55.276,000
59,276,000
notes
One-year Certificates(Plttman
All others
...
SO 13,499,COO
Loans and Investments
Gold
previous iceek.
—
Currency andbank notes
..
Deposits with Federal Reserve Bank ;f
Total deposits
New York
..
6,912,500
17,213,000
53,836,800
652,133,300
Inc. $3,748,000
Inc.
8,200
Dec.
154,400
Inc. 2,572,300
Inc. 6,815,300
panies in N. Y. City, exchanges and U.S. deposits
deposits
604,185,100
109,693,800
Inc.
6,909,700
Inc.
1,505,500
—Trust
-Stale Banks——
$50,516,600
14.22%
04.45%
24.329,000
06.85%.
20.97%
$74,845,600
21.07%
*27.445,700
16.52%
7,405,500
...$34,851,200
Cash in vaults
......
Deposits in banks and trustees..
Total....
Companies—
Includes deposits with the
k The
a
Federal Reserve Bank of New York, which for
combined on May 7 were $53,836,800.
the
Equitable Trust Co. is no longer included in these totals, it having become
being now Included in the statement of the
The change began with the return for Sept. 25.
member of the Clearing House and
Clearing House member banks.
Banks and Trust Companies in New
York City.—The
of the New York City Clearing House banks and
averages
companies combined with those for the State hanks
companies in Greater New York City outside of
Clearing House, are as follows:
trust
and trust
the
3,140,000
160,347,000
1.090.000
1,622.171,178 1.622.103,809
1,902,013,000
26.888,500
58,414,456
24,559,000
6,811,458
10,634,000
754,428,000
1,920,210
116,509,751
3.<103.493
!>8nk notes
....
resources
............
26,885,350
56/14,456
Franchise Tax.
13,932,000
Capital paid in.
Surplus
Rox-rved for Government
45,082,000
Deoodts:
Government.
Membe- Banks—Reserve Account
-----
-
--
-
-
Total deposits
circulation
clrcul'n—net liability
notes In actual
F. R.
F. R. bank notes In
All other liabilities.
Ratio
F.
of
R.
total
reserves
note liabilities
Ratio of total reser
ci culntlon
2,700,789
666,330,192
15.597.2*6
17.593.693
40.070,000
675,444,144
805.132,000
739,003,660
21,313,200
843,927,000
37,667,000
82,535,437
122,960,000
20.804.412
22.686.000
_
684,628,227
725,430.440
21,489,200
86,163,461
7.227.012
to depost
combined
and =========
53.8%
to F. R. Notes
acting ns'de 35%
55.5%
40.3%
74.3%
45.1'
es
after
71.6%
against deposit 'labilities........
Contingent
liability on bills purchased
for foreign correspondents...........
ft ale.—Tn
651.038.992
1,622,171,178 1,622,103,809 1,902,013,000
liabilities
Total
in
*
State banks and trust companies
3,284,000
4,917,641
1,678,710
112,636,458
3.455,754
4,917,641
.....
.....
Deferred availability Hems
RESERVE.
19,021,000
713,961,931 1,084,985.000
Liabilities—
All Other
Percentage of reserve, 21.0%.
...
5% redemp. fund agst. F. R.
Deposits, eliminating amounts due from reserve de¬
positaries, and from other banks and trust com¬
Reserve on
....
Uncollected Items
Total
May 7.
55,276,000
2.578.000
736,299,123
Act)..
—
Total earning assets..
Differences from
1,457,000
50,000
_..
certificates of Indebtedness—
U. 9
Department.
k
1.095,490
bonds....
Government
U. S. Victory
170.100,000
37,204.622
677,439.723"
hand.
on
All other resources
(Figures Furnished by State Banking
199,781,000
For other F. R. Banks
Bank premises..
SUMMARY OF STATE
542,278,000
106,889,000
106.974.187
8, Gov¬
$5,896,620.
weekly
figures showing the condition of State banks and trust com¬
panies in New York City not in the Clearing House, as follows:
State
27.000.000
H7K.479.126
265,364,197
For other F.
Total
State
210,206,000
305,072,000
39.000.000
759,111,957
Swored by U.
obligations—for members
Bills bought In open market
House.—-The
344,964,947
297,514.178
656,839,772
102,981.185
reserves
Bills discounted:
ernment
$
83.861,000
84,955,000
41.390,000
*....
~
....
May 14 1920.
64,768,341
297,073,978
36 090.090
Reserve Agent...
fund
Gold redemption
but In
May 7, $6,072,819; Apr. 30,
the corresponding
280.196.606
323,756,70*
held by bank
Gold with Federal
Legal tender notes, sliver. An
30, $6,049,980; Apr. 23, $5,969,790;
Federal Reserve
May 11 1921, in
May 4 1921.
$
S
foreign agencies
Gold with
3,455,360
required on net demand deposits In the case of State banks
the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows
companies,
trust
/
Bank of New York.
298.382.352
25,374.442
b This Is the reserve
and
Federal
national bank notes and
^ ;':v-
May 11 1921.
Resources—
Includes also amount of reserve
May 7. $6,079,800; Apr.
legal tenders,
Gold and gold certificates
Total gold reserves
*
582,034,600
4,290.676 ,900
4,290,295 ,400
114,014 .900
5,346,189,000
9.590.320
16.438.180
9.355.000 489.019.000 498.374.000 488,783,680
8,961,000 501.660.000 510.021.000 494.182,820
582.003.500
578.028,600
date last year:
3,588,010
9,668,000 485,098,000 404,766,000 491,177,990
9.490,000 480.160.000 489.650.000 493,105.360
...
572.716.000
115,964 .300
comparison with the previous week and
2,289,760
1,185.500
112,750
476,559,000 476,559,000 474,269.240
9,922,500
11,108,000
4,057,000
6,986,250
7,099,000
4,482.000
583,800,900
680,586,000
589,418,800
5.385,905,300
Gold settlement fund—F. R.
Total April 30
Total April
Reserve.
$
State
4.330.421 ,000
4.315.896 .900
—The following shows the condition of the
Bank of New York at the close of business
Surplus
Reserve
Total
112,487 400
113.236 ,200
112.091 ,100
112,919 ,500
4.2S7.160 .600
4.331,583 .100
Reserve notes.
Rf serve.
$
5.433.149.900
110.483 900
116,277 ,500
April 23
April 30
12.352.390
Depositaries
Vault
tn
5.452.354,600
Apr.
April 16
10,210.350
h
in
5,510.2.54,000
5.476/46,50(1
2
9..
Depositaries.
$
Condition of the Federal Reserve
Reserve
Federal
Members
26
Apr.
Figures.
Actual
Reserve
90,-500
19
Mar.
$
$
487,311,(00 487,311,000 478,492,220
9,962,640
11,019,000
4,078,000
6,941,666
6,988,500
7,079, 0
4,534,000
2,545,000
Reserve banks
4,346,190 .400
4,348,258 .100
4.346.242 .100
%
Reserve
Required.
Total
in
Reserve
■
in
in Vaults.
Reserve in
•Total Cash
Deposits.
a«
Reserve
Cash
V
Demand
Investments.
Week ended—
Averages.
■
IN
COMPANIES
GREATER
COMPANIES.
AND TRUST
conformity with the practice of
12.129,812
16,187,837
12,115,593
the Federal Reserve Board at Washing¬
computing ratios of reserves to liabilities was changed beginning with
the return for March 18.
Instead of computing reserves on the basis of net deposits—
that is. Including In the total of deposits "deferred availability Items" but deducting
"uncollected Items"—the new method Is to disregard both amounts and figure the
ton, method of
however,
calculated on
entirely on the gross amount of the deposits.
For last vear,
computations are on the old basis: that Is. reserve percentages are
percentages
the
and Federal Reseive notes in circulation.
A further change was made beginning with the return for April 8.
This change
consists in showing the ratio of reserves to Federal Reserve notes aftet setting aside
35% against the deposit liabilities.
Previously the practice waR to show the ratio
of reserves to deposits afrer setting aside 40% against the Reserve notes in circulation.
basis of net deposits
The Federal Reserve Banks.—Following is the weekly statement issued by the Federal Reserve Board on May 12. The
figures for the system as a whole are given in the following table, and in addition we present the results for seven preceding
weeks, together with those of corresponding weeks of last year.
The second table shows the resources and liabilities separate¬
ly for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks.
Tn commenting upon the return for the latest week the Federal Reserve Board says:
Continued gain of gold and further reduction of Federal Reserve note
$88,700,000, or 9 6%, by Treasury certificates, compared with $570,500,,000, $259,800,000 and $62,100,000 reported the week before.
circulation. accompanied by a moderate increase in deposit liabilities
Bills under rediscount with other Reserve banks totaling $14,900,000,
are indicated in the Federal Reserve Board's weeklv bank statement issued
as at close of business on May
11 1921.
The reserve ratio shows an in¬
compared with $21,700,000 the week before, are reported by the Richmond
and Dallas banks
The former bank Reports a decrease for the week in the
crease for the week from 55 3 to 55 9%.
amount of bills rediscounted with the New York oank from $14,900,000 to
As against an increase of $25,300,000 in the holdings of paper secured by
Government obligations, holdings of other discounted paper show a reduc¬
$10 000,000, while the Dallas bank shows a reduction in bills rediscounted
with the Boston and Cleveland banks from $6,900,000 to $4,900,000.
tion of $56,200,000 and holdings of acceptances purchased in open market
Government deposits are given $9,700,000 below the total reported on the
decline of $17,700,000.
Bills secured by Treasury certificates, which
are discounted at preferential rates by some of the Federal Reserve banks
previous Friday
Reserve deposits show an increase for the wee*c of abou
show an increase of $26,700,000. while bill; secured by other Government
$17,000,000, while other deposits, composed largely of cashiers' checks and
non-members' clearing accounts, declined oy $2,800,000, and total deposits
obligations, largely Liberty bonds and Victory notes, declined by $1 300 000
show an increase of $4,500,000
The "float" carried oy the Reserve banks,
Holdings of Pitman certificates on deposit with the Treasury to secure
as measured by the difference between the total of "uncollected items
on
outstanding Federal Reserve bank notes, declined by $1,500,000 while the
bank's net liabilities on these notes show a reduction for the week of about
the resource side and the total of "deferred availability items" on the lia¬
bility side, shows an increase of $7,200,000.
$4,000,000_
Other Treasury certificates, largely loan and tax certificates
Federal Raserve note circulation shows a further decline for the week of
acquired temporarily under repurchase agreements with non-member
banks, increased by $2,600,000, a larger increase being shown for the New
$23 700 000, the May 11 total of $2,804,900,000 being $600,000,000, or
York Federal Reserve bank.
In consequence of the above changes, total
17 6%
below the peak figure of Dec. 23 1920, and $278,300,000, or 9%,
a
earning
at
assets show a further decline of $47,500,000, and on Mav 11 stood
compared with $3,270,900,000 about
t^mddteof
$2 379,100,000,
below the total
reported on May 14 of last year.
with instructions by the Federal Reserve Board the Re¬
beginning with May 11 will set aside out of net earnings a
for Government franchise tax
The new item as shown in the
In accordance
oanks
May last year.
serve
Of the total holdings of $917,700,000 of paper secured by United States
Government obligations. $578,900,000, or 63.1%, were secured by Liberty
other U. S. boads; $250,100,000. or 27.3%, by Victory notes, and
reserve
present statement
is $32 528 000
,
and
Combined Resources
and
Liabilities
May 11 1921.
RESOURCES.
Gold
and
gold
certificates
.Gold settlement fund, F. R. Board...
Gold with foreign agencies
Total gold held bv banks
old
Gold
with Federal Reserve agents
redemption fund
'''owl
eoid
reeer^p
$
of
the
May 4 1921.
S
Federal Reserve Banks at the
Close of Business May
11 1921.
May 14 1920.
April 8 1921. April 1 1921. Mar. 25 1921.
Apr. 27 1921. Apr. 22 1921. Apr. 15 1921.
5
S
$
?
S
450,584,000
364,244.000
482.200,000
347,946,000
339,432,000
488,219.000
477,229,000
327,637.000
466.241.000
299,485.000
497.790.000
313.322.000
504.061,000
%
S
291,960.000
171,208,000
509.913.000
389,149,000
801.873.000
377,610,000
673,138,000
112,781,000
797,275.000
817,383.000
793.878.000
828,194,000
846,444,000
836,165,000
816,661,000
1,300,345,00') 1,245,507.000 1,115,902,000
1,374,138,000 1,326,087,000 1,317,860.000 1,321.816,000 1.346.558.000 1,306.949.000
150,101,000
163,385.000
148.819.000
139,678.000
146.443,000
170,827,000
161,221,000
163.544,000
159,594,000
2.264.010.000
2.363,553.000 2,343.358.000 2,317.569.000 2.298,071,000 2.286.879.000
•>
94"
439.000 2.210.765.000 1.939.141,000
May 14
1921.]
THE
May 11 1921. May
S
Lena! teader notes, silver.
Total
S
176,540,000
S
<g
1921. Apr.
8
S
1
1921. Mar. 25 1921.
May 14 1920.
$
S
187.194,000
$
198,198,000
194,733.000
217,824,000
214,792,000
211,212,000
139,252,000
2,537,773,000 2,519,898,000 2,504,763,000
2,492,804,000 2,485,077,000 2,481,834,000 2.461,231,000
2,421,977,000 2,078,393,000
917,697,000
892,366,000
920,537.000
929,186,000
942,665,000
936,021,000
950,688,000 1.010,373,000
1,117,660,000 1,173,879,000 1,143,202,000
1,508,104,000
1,171,191,000 1,175,368,000 1,218,731,000 1,263,907,000
1,276,275,000 1,043,186,000
76,637,000
94,302.000
103,609,000
119,582,000
104,452,000
103,607,000
122,491,000
123,056,000
reserves
Bills discounted.
Secured by
2059
1921. Apr. 27 1921. Apr. 22 1921.
Apr. 15 1921. Apr.
$
174,220,000
Ac
4
CHRONICLE
U. S. Govt, obligations..
All other...
Bills bought In open market......
413,292,000
Total
bills
on
hand.
2,111,994,000 2,160,547,000 2,167,348,000
2,218,308,000 2,224,136,000 2,258,359,000 2,337,086,000 2,409,704,000
2,964,582,000
25,685,000
25,689,000
25,690,000
25,914,000
25,691,000
25,547,000
25,720.000
25,847,000
26,796,000
23,000
19,000
19,000
19,000
19,000
19,000
19,000
19,000
69,000
0. 8. Government bonds
U. 8. Victory notes
U. 8. certificates of Indebtedness:
One-year certificates (Plttman Act)
All
237,875,000
other
Total earning assets
Bank premises
Uncollected items
other resources
Total resources......
_..
.
239,375.000
2,708,000
240,875,000
5,827,000
245.875,000
247,375,000
6,303,000
7,824,000
247,375.000
2,983,000
254,375,000
2,490,000
259,375,000
20,088,000
2,379,135,000 2,426,639,000 2,435,140,000 2,490,720.000 2,503,768,000
2,537,603,000 2,613,183,000 2,692,435,000
3,270,910,000
23,007,000
21,908,000
21,832,000
21,514,000
21,782,000
21,002,000
20,651,000
20,522,000
12,530,000
11,374,000
10,886,000
11,339,000
11,562,000
12,166,000
11,647,000
11,856,000
12,068,000
11,787.000
3,300,000
532,776*666
524,651*000
519,828*000 5*5*0,*9*5*0*,000 6*18,*10*71)66
544,255,666 *554,3*15,C00 593,640,000
806,332,000
11,886,000
12,430,000
11,578,000
12,310,000
11,892,000
11,454,000
*11,200,000
9,225,000
6,119,000
...
0% redemp. fund agst. F. R. bank oons
Gold abroad In custody or In transit
All
239,375,000
1,009,000
3,558,000
5,495,951,000 5,516,412,000 5,504,480,000
5,580,128,000 5,652,524,000 5,607,795,000 5,672,436,000 5.753.167,000
6,186,071,000
...
LIABILITIES.
Capital
paid
In
102,033,000
Surplus...
...
Deposits—Government
.....a
...
.
Member banks—reserve account
.
F. R. bunk notes In circulation—net llab
Deferred availability Items
Total liabilities.
of
F.
gold
note
of
R.
Ratio of
total
.
.....
pad
to
reserves
101,137,000
101,113,000
202,036.000
202,036,000
93,107,000
120,120,000
52.1%
reserves
after
to
F.
setting
R.
54.0%
50.9%
49.' %
49.4%
48.8%
47.9%
46.3%
38.0%
55.9%
deposit
55.3%
55.0%
54.1%
53.7%
53.5%
52.4%
60.8%
40.8%
67.7%
67.2%
65.8%
65.2%
64.7%
63 1%
60.7%
44.5%
and
notes In
aside
i
35 "4
08.8%
....
%
bill discounted.......
days V. 8. certlf. of Indebtedness
16-30
days bills bought In open market
days bills dlsoounted
10-30
S
$
S
$
S
?
%
$
48,746.000
54,067,000
58,175,000
50,389,000
57,335,000
35,245,000
42,852,000
47,033,000
109,631,000
1,230,466,000 1,226,865,000 1,229,368,000 1,243,261,000 1,231,807.000
1,246,667,000 1,287,221,000 1,362,700,000
1,507,422,000
4,098,000
1,020,000
4,000,000
6,860,000
14,758,000
6,425,000
6.959.000
6,424,000
17,943,000
14,652,000
19,359,000
21,429,000
22,921,000
24,860.000
28,108,000
32,125,000
25,264,000
86,836,000
219,057,000
210,847,000
201,058,000
211.712,000
208,163.000
217,566,000
224,009,000
234.427,000
271,990,000
2,108,000
3,568,000
2,165,000
1,772,000
2,052,000
4,600,000
4,000,000
4,621,000
2,540,000
9,982,000
15,873,000
18,060,000
24,743,000
28,626,000
31,135,000
34.510,000
36,510,000
169,617,000
328,410,000
357,156.000
364,964,000
412,075,000
410,801,000
402,366,000
393,659,000
369,200,000
414,728,000
9,925,000
18,940,000
7,040,000
7,097,000
10,625,000
4,563,000
5.108,000
6,655,000
9,637,000
3,257,000
5,003,000
5,945,000
6,398,000
8,761,000
9,119,000
13,004,000
14,249 ,C00
47,208,000
199,032,000
215,658,000
218,399,000
199,475,000
207,684,000
248,446,000
269,649,000
278,264,000
308,978,000
13,857,000
12,674,000
7,605,000
7,604,000
9,125,000
8,945,000
7,722,00(
7,255,000
28,831,000
58,383,000
55,719,000
49,950,000
47,733,000
46,099,000
39,707,000
40,057,000
42,057,000
48,172,000
211,444.000
204,182,000
221,273,000
223,256,000
217,139,000
229,245,000
226,569,000
232,010,000
220,512,000
1-15 days
days U. S. certlf. of Indebtedness
81-60 days bills bought in open market
days bills discounted.
81-60 days U. S. certlf. of indebtedness
81-60
81-90
*31*.117*666
liabilities combined
lJUtrttiution by M aluritiet—
1-15 days bills bought In open market-
days hills bought In open market
duyo hills discounted......
61-90
07,483,666
101,226,000
202,036.000
5,495,951,000 5.516,412,000 5,504,480,000 5,580,128,000 5,652,524,000
5,607,795,000 5,672.436,000 5,753,167,000 6,186,071,000
—
deposit
to
reserves
against, deposit liabilities
16-30
35,872,000
liabilities combined
total
note
circulation
1-15
23,509,000
101.274.000
1,733,413,090 1.728,941,000 1,725,899,000 1,749,351,000
1,754,943,000 1,745,316,000 1,789,233,000 1,840,887,000
2,011,987,000
2,804,933,000 2,828,586,000 2,830,118,000 2,856,700,000 2,868.527.000
2,893,964,000 2,908,1.53,000 2,930,729,000 3,083,234,000
149,891,000
153,859,000
156.249,000
163,187,000
159,590,000
167,152,000
169,722.000
175,490,000
176,805,000
441,981,000
441,039,000
430,700.000
507,724,000
454,238,000
4 51,270,000
445,108,000
454,279,000
634,813,000
29,133,000
60,084,000
58,243,000
54,833,000
56,982,000
52,993,000
50,885,000
48,633,000
66,005,000
All otber liabilities
Ratio
202,039,000
-f
Total
R.
101,231,000
202,036,000
48,053,000
*8*2,1*99*,000
114,685*,000
44,153,000
1,687,954,000 1,671,004,000 1,656,718,000
1,648,858,000 1,685,503,000 1,661,938,000 1,672,402,000 1,674,536,000
1,874,145,000
31.660,000
34,428,000
33,309,000
33,010,000
38.323,000
35,325,000
34,732,000
51,666,000
93,689,000
F. R. notes in actual circulation...
F.
202,036,000
13,799,000
All other
Ratio
101,235,000
202,030,000
32,528,000
..
......
-.
101,857,000
202.036,000
...
Reserved for Govt franchise tax'
61-90
days fj. S. certif. of indebtedness
Over 90 davs bills discounted
Over 90 days certlf. of Indebtedness...
Fed ft at Reserve Notes—
Outstanding
.........
3,147,304,000 3,158,636,000 3,177,004,000 3,1 '8,002,000 3,224,111,000 3,246,061,000
3,263,111,000 3,294,876,000 3,344,705,000
342,371,000
330,05t,000
346,886,000
341,302,000
355,584,000
352,097,000
354,958,000
364,147.000
261,471,000
...
Held by banks
In
actual
circulation.
2,804,933,000 2,828,586,000 2,830,118,000 2,856,700,000 2,868,527,000 2,893,904,000
2,908,153,000 2,930,729,000 3,083,234,000
Amount chargeable to Fed. Res. agent
to
bands of
3,931,591,000 3,965,186,000 3,990,273,000 4,004,644,000 4,026.934,000 4,060,545,000 4,084,382.000
4,097,318,000 3,764,999,000
Federal Reserve Agent.....
784,287,000
806,550,000
813,269,000
802,823,000
806,642,000
814,484,000
821,271,000
802.442,00C
420,294,000
Issued to Federal Reserve banks
3,147,304,000 3,158,636,000 3,177,004,000 3,198.002,000 3,224,111,000 3,246,061,000 3,263,111,000
3,294,876,000 3,344,705,000
How Secured—
By gold and gold certificates
By eligible paper
233,853,000
233,852,000
233,852,000
233,853,000
233.852,000
233,852,000
233,853,000
226,386,000
257,793,000
1,773,166,000 1,832,549,000 1,859.144,000 1,876,180,000 1,877,553,000 1,939,112,000
1,962,766,000 2,049,369,000 2,228,803,000
117,383,000
119,127,000
119,107,000
111,570.000
104,409,000
120,988,000
106,157,000
104,511,000
97,369,000
1,022,902,000
973,108,000
964,841,000
983,554,000 1,001,136,000
952,109,000
960,335,000
914,610,000
760,740,000
Gold redemption fund
With Federal Reserve Board
Total
3,147,304,000 3,158,636,000 3,177.004,000 3,198,002,000 3,224,111,000 3,246,061,000
3,203,111,000 3,294,876.000 3.344,705,000
2.059.259.000 2.109,070.000 2,106,702.000 2,165.485.000 2.174.005.000 2,216,539,000
2.278.462.000 2,359,723,000 2.896,865,000
•Revised figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS MAY 11 1921.
Two ciphers (00) omitted.
Federal Reserve Bank of—
Boston.
New York.
Phila.
RESOURCES.
$
$
S
Gold and gold certificates
Gold settlement fund—F. R. B
Cleveland. Richmond
$
Atlanta.
Chicago.
'
%
$
$'
St. Louis. Minneap. Kan.Cixy.
$
$
Dallas.
San Fran.
$
%
$
Total.
J
7,560,0
298,382.0
1,896,0
5,485,0
2,654,0
44,314,0
25.374,0
54,573,0
62,977,0
23,372,0
323,756,0 56,469,0 68,462,0
297,074,0 126,020,0 194,536,0
36,000,0
12,030,0
5,945,0
26,026,0
31,716,0
5,880,0
22,418,0 121,749,0
68,055,0 216,994,0
5,918,0
34,948.0
3,534,0
252,130,0
Legal tender notes, silver, &c...
16,029,0
656,830,0 194,519,0 268,943,0
102,282,0
4,869,0
3,907,0
75,229,0
96,391,0 373,691,0
96,133,0
11,392,0
844,0
3,651.0
32,486,0 196,300,0 2,633,553,0
174,220,0
6,169,0
2,513,0
759,112,0 198,426,0 273,812,0
78,939,0 101,659,0 387,277,0 107,525,0
44,481,0
80,915,0
38,655,0 198,813,0 2,537,773,0
374,871,0 102,154,0
265,364,0 34,227,0
62,917,0
40,905,0
31,091,0
13,510,0
24,955.0
12,280,0
91.267,0
68,763,0
40,104.0
56,719,0
57,915,0
9,910,0
1,661,0
54,070,0 116,470,0 1,117,660,0
25,0
7,738,0
76,637,0
Total gold held by banks
Gold with F. R. agents
51,874,0
168,540,0
Gold redemption fund
Total gold reserves.
a
Total reserves
Bills discounted:
268,159,0
Seoured
U. 8. Govt, obligations
other
All
b Bills
bought in
open market...
Total bills on hand
39,881,0
59,987,0
5,924,0
105,792,0
U. 8. Government bonds
U. 8. Victory notes
550,0
5,0
U.S. certificates of Indebtedness:
One-year ctfs. (Plttman Act).
All
other
Total earning assets
Bank
127.008,0
3,396,0
premises
Total resources...
:
Reserved for Govt, franchise tax.
Deposits: Government
Member bank—reserve
Total
acc t__
;..
depojsits
R. notes
in
47,800,0 117,775,0
57,194,0 215,580,0
1,191,0
2,977.0
677,440,0 145,792,0 164,094,0 111,329,0 106,185,0 336,332,0
1,005,0
833,0
1,434,0
1,233,0
621,0
4,490,0
10,0
3,0
55,276,0
2,578,0
28,280,0
22.799,0
399,0
26,0
12,260,0
1,0
7,928,0
3,429,0
26,516,0
18,544,0
38,817,0
66,083,0
21,662,0
34,836,0
3,431,0
3,611,0
43,637,0
77,264,0
570,0
25,0
71,765,0
1,153,0
70,229,0
116.0
82,895,0
8,867,0
15,564,0
36,112,0
9,642,0
1.0
97,0
16,0
736,299,0 175,905,0 187,762,0 124,823,0 122,374,0 377,031,0
527,0
1,951,0
4,918,0
1,901,0
730,0
3,537,0
86,002,0
•
8,566,0
49,558,0
3,975,0
4,400,0
132,0
10,0
636,0
599,0
1,239,0
601,0
658,0
1,871,0
523,0
410,0
45,269,0
48,459,0
64,975,0
32,684,0
15,274,0
588,0
812,0
40,593,0
418,0
22,030,0
3,403,0
612,0
2,154,0
596,0
161,0
2,445,0
'
917,697,0
25,685,0
10,880,0
237,875,0
73,0
10,320,0
1,300,0
161,221,0
1,408,0
3,558,0
4,0
78,957,0 102,093,0
377,610,0
450,584,0
66,375,0 173,766,0 2,111,994.0
8,480,0
13,068,0
17,485,0
44,721,0
11,357,0 62,206,0
828,194,0
11,487,0 125,528,0 1,374,138,0
1,0
1,929,0
116,510,0
1,022,0
7,893,0
Surplus
.
13,586,0
1,837,0
36,980,0
23,0
74,754.0 186,127,0 2,379,135,0
1,829,0
548,0
23,007,0
916,0
361,0
544,0
11,374,0
40,934,0
624,0
24,345,0
35,056,0
532,776.0
1,398,0
537,0
11,886,0
446,815,0 1,622,171,0 422,015,0 514,035,0 247,275,0 248,063,0 836,845,0 227,956,0 139,882,0 227,927,0
141,342,0 421,625,0 5,495,951,0
LIABILITIES.
Capital paid In
.
5,268,0
8,028,0
10,516,0
583,0
All other resources..
other.....
9,411,0
3,710,0
2,669,0
23,847,0
46,647,0
eral Reserve bank notes
Uncollected items
All
20,436,0
225,0
37,205,0
43,323,0
4,284,0
19,402,0
18,134,0 102,347,0
15,711,0
1,786,0
541,0
108,762,0
866,0
110,169,0
actual circulation. 257,752,0
R. bank notes In circulationnet liability..
Deferred availability items
All other liabilities
Total liabilities
13,846,0
38,107,0
1,551,0
26,886,0
56,414,0
13,932,0
2,701.0
8,593,0
11,023,0
5,403,0
17,010,0
20,305,0
2,009,0
887,0
10,561,0
1,159,0
618,0
1,555,0
1,307,0
666,299,0 102,208,0 137.020,0
15,598,0
1,053,0
856,0
53,573,0
4,071,0
8,343,0
14,231,0
4,447,0
3,531,0
4,481,0
4,202,0
7,272,0
102,033,0
28,980,0
8,346,0
6,033,0
14,194,0
202,036,0
6,180,0
612,0
1,597,0
32,528.0
159,0
715,0
920,0
6,980.0
1,055,0
1,062,0
9,159,0
2,070,0
45,682,0 241,518,0
63,872,0
41,187,0
71,741,0
750,0
556,0
448,0
684,598,0 103,879.0 139,431.0
55,370,0
46,179,0 245,225,0
65,542,0
725,430,0 234,291,0 277,093,0 133,129,0 159,026,0 465,267,0 109,146,0
42,805,0
64,315,0
86.784,0
21,489,0
86,194,0
7,228,0
14,160,0
20,449,0
40,414,0
41,746,0
3,101,0
1,659,0
490,0
7,695,0
32,659,0
1,299,0
338,0
10,934,0
16,518,0
1
922,0
2,992,0
1,241,0
1,129,0
73,358,0
1,557,0
1,533,0
13,799,0
43,932,0 112,160,0 1,687,954,0
402,0
7,271,0
31,660,0
45,891,0 120,966,0 1,733,413,0
54,127,0 238,073,0 2,804,933,0
22,561,0
50,058,0
7,091,0
6,627,0
11,454,0
5,464,0
8,124,0
149,894,0
31,222,0
23,633,0
1,992,0
28,174,0
441,981,0
1,550,0
13,425,0
1,244,0
39,831,0
4,343,0
2,625,0
29,133,0
1,619,0
446,815,0 1,622,171,0 422,015,0 514,035,0 247,275,0 248,063,0 836,845,0 227,956,0 139,882,0 227.927,0 141,342,0 421,625,0 5,495,951,0
THE
2060
LIABILITIES (Concluded)—
Cleveland. Richmond
Phila,
Boston.
Two ciphers (00) omiUed.
[Vol. 112.
CHRONICLE
Chicago.
Atlanta,
Dallas,
St. Louis, Minneap.
San Fran,
Memoranda.
Ratio of total
reserves to
deposit
and F. R. note liabilities
com¬
bined, per cent
Contingent liability as endorser
discounted
on
redlscounted
paper
with other F. R. banks
Bankers' acceptances sold to other
F.R. banks without endorsem't
Contingent liability
on
bills pur¬
chased for foreign correspond'ts
Includes bills discounted for
a
2,336,0
b
Includes
bankers'
10,000,0
3,475,0
other F. R. banks, viz.:
bought f
acceptances
rom
other
25,0
without their endorsement
STATEMENT
Federal Reserve
FEDERAL RESERVE
OF
AGENTS' ACCOUNTS AT CLOSE OF BUSINESS MAY
Agent at-
Rlchm'd Atlanta
Phila.
Boston
Chicago
11 1921
Minn
Dallas
{In Thousands of Dollars)
Resources—
Federal Reserve notes
hand
on
_
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes
Gold and gold certificates
Gold redemption fund—
outstanding:
-
,
—
Gold settlement fund—Federal Reserve Board
Eligible paper/Amount required—
-
[Excess amount held
Total
.
—
———
Liabilities—
Net
of Federal
amount
received
Reserve notes
from
Comptroller of the Currency
Collateral received from
/Gold
Federal
Reserve
Bank
(Eligible papers
Total
■
Federal Reserve notes outstanding-
-
Federal Reserve notes held by banks
Federal Reserve notes in actual circulation
—
Member Banks of the Federal Reserve
System.—Following is the weekly statement issued by the Federal Reserve
giving the principal items of the resources and liabilities of the Member Banks.
Definitions of the different
In the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
Board
•TATEMENT SHOWINO PRINCIPAL RESOURCE AND LIABILITY ITEMS
BANK AND BRANCH CITIES AND ALL OTHER REPORTING
Aggregate increases of $22 000 0000 in loans and discounts secured by
Government and corporate obligations
offset in part by a reduction of
$16 000 000 in other
largely commercial
loans and discounts
accompanied by liquidation of $31 000 000 of Government securities and an increase of $10 000 000 in borrowings from the Federal Reserve banks
are
the principal changes in the weekly statement of condition on May 4 of
821 member banks in leading cities.
Loans secured by Government obligations show an increase of the week
of $5 000 000
loans secured by corporate obligations—an increase of
$17 000 000
the latter increase reflecting
to some extent
the greater
activity of the New York Stock Exchange.
Corresponding increases of
$9 000 000 in loans secured by Government obligations and of $16 000 000
in corporate loans are reported oy the memoer banks in New York City.
Of the total reduction of $17 000 000 in other loans and discounts about
$9 000 000 is shown for the New York City banks.
Holdings of United
States nonds and Victory notes declined by $8 000 000 those of Treasury
certificates—by $23 000 000 while other investments including stocks and
bonds went up about $2 ObO 000.
For the New York City banks reduction of $8 000 000 in the holdings of Government securities and of $3 000,000 in other investments is shown.
„
1.
Data for all reporting member
Federal Reserve District,
OP REPORTING MEMBER BANKSIN FEDERAL
New
Yorkj Philadel
cash in vault are noted.
Cleveland. Rlchm'd,
Chicago,
Atlanta
May 4 1921.
Three ciphers (000) omitted.
St. Louis Minneap
Dallas
San Fran
Number of reporting banks
Loans and
discounts, Including bills re-
discounted with F. R. bank:
Loans
sec.
by U. S. Govt, obligations..
Loans secured by stocks and bonds...
All other loans and discoun s
Total loans and discounts
„
U. S. bonds
U. 3. Victory notes
U.S.
cer
lficates of indebtedness.
Other bonds, stocks and securities
Total loans, disc'ts & investments, Incl.
bills redlscounted with F. R. Bank...
472,639 2,320,492
29,168
179,412
10,096
55,888
Reserve balance with F. R. Bank
Cash in vault
~_~_.
Not demand deposits.____
Time deposits
Government
221,9691,270,111
145,553
655,463
2,017
20,591
....
deposits.—
....
Bills payable with Federal Reserve Bank:
Secured by U. S. Govt, obligations
All
23,214
other..
...—
Bills redlscounted wl h F.
Secured by U. S. Govt,
All other.
2.
obligations.__
of
reporting
member
banks
in
Federal
City of Chicago,
Three ciphers (000)
omitted,
Number of reporting banks
Loans and discounts, Incl. bills redls¬
counted with F. R. Bank:
....
Loans
sec.
by U. S. Govt, oblig'ns
Loans secured by stocks & bonds.
All other loans and discounts
Total loans and discounts
U. S. bonds
U. S. Victory notes
—I—III
U. S. certificates of indebtedness
Other bonds, stocks and securities..
Total loans & disc'ts, & invest'ts,
incl. bills redlsc'ted with F.R.Bk.
Reserve balance with F. R. Bank...
Cash in vault
Net demand deposits
Timo deposits
I."
Government deposits
Bills payable with F. R. Bank:
Sec'd by U. S. Govt, obligations..
All other
Bills redlscounted with F. R. Bank:
Sec'd by U. S. Govt, obligations..
AH other
Ratio of bills payable & rediscounts
with F. R. Bank to total loans
and investments, per cent.
a
60,787
130
R.'Bank:"
Data
Comparable figures not available,
Reserve
RESERVE
BANKS AS AT CLOSE OF BUSINESS MAY 4 1921.
Accommodation of reporting banks at the Federal Reserve banks shows
an increase for the week from $1,523,000,000 to $1,533,000,000. though
the ratio of this accommodation to total loans and investments of the
reporting banks continued unchanged at 9 8%.
For the New York City
members increases of accommodation at the local Resevre bank from
$508,000,000 to $514,000,000, and of the ratio of accommodation from
101 to 10.2%, are noted.
As against a reduction of $41,000,000 in Government deposits, the
reporting institutions show increases of $76,0001000 in other demand
deposits (net) and of $3,000,000 in time deposits.
In New York City,
Government deposits declined oy about $20,000,000.
Other demand deposits, largely oecause of the increase in the balances of out-of-town banks
with the New York City correspondents, show an increase of $72,000,000,
while time deposits declined by about $7,000,000.
1
Reserve balances at the Federal Reserve banks, in keeping with the
substantial increases in demand deposits, went up about $16,000,000, while
cash in vault fell off about $3,000,000.
For the New York City banks an
increase of $5,000,000 in reserve balances and a reduction of $2,000,000 in
banks in each Federal Reserve District at close of business
Boston.
items
Bank
and
All F. R. Bank. Cities
branch cities and all other reporting banks
F. R. Branch
Cities. All Other Rep ort.Bks
Total,
Mat 14
1921.]
THE
CHRONICLE
For transactions
^Bankers7 %xzz\\z.
Boston
Wall Street, Friday Nighty May 13 1921.
I
3061
Railroad and Miscellaneous Stocks.—By far the most
important event of the week, or of many weeks, had a pecu¬
liar effect in Wall Street.
In the stock market prices have
steadily declined since Germany accepted "unconditionally"
the Allies interpretation of the Treaty of Versaillies while
other securities, including bonds and foreign exchange have
as
steadily advanced.
The first movement is easily ex¬
plained.
For some time past, it has been confidently be¬
lieved that Germany was playing a bluff with the hope that
the Allies would make concessions.
It is now well known
that the recent advance in stocks in this market was based
on the fact that France stood firm and thus the effect of
Germany's acceptance of the terms was anticipated.
The other news of the week has been more or less con¬
flicting. That general business is improving is evidenced
by the diminishing number of idle freight cars and that the
financial situation has made a substantial gain for the better
exchanges,
New
on
York, Boston, Philadelphia, and
2057.
see page
State and Railroad Bonds—No sales of State
bonds
have been reported at the Board this week.
The market for railway and industrial bonds has been weak
in
sympathy with the other markets. The volume of busi¬
diminished day by day and of a list of 25 well known
ness
issues
than 2-3 have
declined and 3 are
unchanged.
Among the exceptional features, Penn. 7s, Northwest 6
Burlington and N. W. Bell tel. 7s have been more or less
conspicuous.
The local tractions have led the general
more
decline.
"
United States
the Board
Bonds.—Sales of Government bonds at
limited to $4,000, Panama 3s reg. at
77% and
are
the various Liberty Loan issues.
Daily Record of Liberty Loan Prices, May 7. May 9. May 10. Mayll. May 12. May 13.
t
is
seen in the Federal Reserve Bank's report.
The latter
shows that outstanding notes were reduced about $23,600,000
last week, making a total since December last of $600,000,-
First
Sales
Week ending May
13.
Range for Week.
Range since Jan. 1.
for
Week.
Lowest.
Highest.
Lowest.
Highest.
Amer Bank note
Preferred
50
300
50
....
Am Brake S & F_
100 48 % MaylO
300 mi May 9
200 92
May 9
100 70% Mayll
.no par
Preferred
-.100
American Radiator...25
American
Snuff..... 100
Amer Tel & Tel rights.
—
Atlantic
Refining—.100
Tack
no par
Auto Sales pref
Barnsdall class B
50
25
Batopllas
Mining-...20
Brooklyn Union Gas. 100
Brunswick Terminal. 100
Calumet & Arizona... 10
300
8 per share.
52%
May 9
48%
MaylO
48% May 9
92
May 9
70% Mayll
May 9 106
MaylO
400 105
2711,50
..
Assets Realization-.
10
Atlantic Petroleum—.25
Atlas
$ per share.
51 % MaylO
%e Mayl3
2% Mayll
14 Mayll
2%
3,900
18% Mayl3 20%
18 1075
Mayl2 1125
300 18
Mayll 19
300 11 J* May 9 12
500 25% Mayll 25%
400
% May 9
%
2,300 59 A MaylO 66%
500 74./ May 9
4%
700
51
Case JThresh M pf _—100
300
Central RR of N J... 100
Converted
bonds
4%
.
,
Converted
1932-47
Second
Converted
bonds
of
Second
.
50
400
May 13
52% Mayll
1
Jan
51
Jan
3%
Feb
41%
Jan
Preferred
...100
100
82
77
Mayll 82
May 7
May 9 202
May 9 190
68
49% May 7 59% May 7
7% Mayl2
8% Mayll ;/ 6
11
113* Mayl2 11% May 12
Jan
5%
85%
Mar 209
Jan
Apr
Apr
68
8%
Pref tr rets 1st paid.
Cluett, Peabody & ColOO
_.
Davison Chemical
6
May
6
May 9
6
May 9
45
May 7
46
May 13
49 %
Mayll
49%
Mayll
May
41
Apr
49% May
49% May
200
87%
Mayll
88
MaylO
87% May
95
29
MaylO
May 13
23
Mai-
96
May 9
May 13
31
100
200
70
May 7
75
Emerson-Branting'm 100
Fairbanks (The)
25!
200
9
May 7
100
39
May 9
39
May 9
200
300
48
May 7
49%
85
May 9
May 9
61
Mayl2
43%
May 7 x77
Mayl3; 49%
Gen Am Tank Car
Gilliland Oil pref
no
par\
100
Homestake Mining. .100;
Indian Refining—
10;
——
Internal Paper pref.. 100;
Kayser (Julius) & Co 100;
Kelsey Wheel, Inc...100:
Preferred
100i
2o!
Market Street Ry...l00
Preferred
1,300
200
MaylO
May 13
99
78
Mayl2
68
62
May 9
35
300
90
Mayll
75
149% MaylO
137
Mullins
May
75
May
Mar 690
Feb
Apr
Feb
53
Apr
91%
Mar
87.22
87.24
87.28
87.30
87.36
87.36
87,32
87.30
87.38
87.40
232
528
467
515
365
90.70
90.76
90.72
90.66
90.72
90.76
90.62
90.64
90.60
90.58
90.62
90.68
.Close
90.66
90.76
90.64
90.66
90.66
90.74
572
847
1,656
636
385
408
High
87.46
87.50
87.40
87.38
87.52
87.56
Low
87.36
87.36
87.32
87.28
87.34
87.48
.Close
87.44
87.44
87.38
'
94% May
19
Mar
MaylO
3
May
Mayll
16
May
May 9
8%
18%
May 9
38% May
7
May
14% Mar
15
MaylO
15
6
17
200
15
May 9
MaylO
1,600
Apr
5
MaylO
May 9
2%
200
1%
May 9
1%
May 9
100
600
May 7
Jan
%
5% May
500
MaylO
Mayl3
7%
par
514
21%
asstd—J
Nashv Chatt & St L.100
300 100
Southern...100; 2,300
May 7
5%
May 9
900
Otis Elevator..
100
Pacific Tel & Tel
100;
900 143%
900 47
21
Mayl2|
13% MaylO,
100
Mayll 100
1114
Ontario Silver Mg._.100!
MaylO
24
6
Mayl3 146
Mayll
May 9
Jan
Jan
LOW
Apr
4
Apr
Jan
May
25
Apr
7
21
Jan
15%
Apr
7%
Jan
3%
Jan
12
Jan
28%
Jan
May
13% May
6
May
Jan 148
May
Apr
12%
Jan
15%
Apr
50
37%
85% Mayll
300
115*
Phillips-Jones....no
100
50
MaylO
May 13
Pitts Steel pref
100
Rand Mines Ltd..no par
400
84
May 9
100
21% Mayl2
25%
Jan
Reis
par,
200
9
Mayll
9
May 9
8
Jan
10
Jan
Remington Co.1st pf.lOO1
Sears, Roebuck pref. 100:
100
74
May 7
74
May 7
74
May
80
Jan
May 13 100
7
614 May 7
May 12
96
Shattuck
150 100
101
1400
Standard Milling
100
Stern Bros pref.....l00!
10
Arizona
Temtor C & F P—
80
300 111
May 9
4%
May 9 105
May 9 111% May 9
15
2
Mayl2
Third Avenue Ry...l00
Tidewater Oil
..100
17
May 9
Receipts 50% paid...
Tol St L & W tr rets
Preferred tr rets
85
12
Jan
Apr
.50%
Apr
Mar
85%
May
Apr
Mar 102
Jan
Jan
7
May
Jan 111
Apr
Jan
111% May
Jan
25%
2%
Apr
1% Apr
Jan 20% Mar
13
Mayl3
450 173% Mayl3 174% Mayll 161
Jan 175
May
100 164
May
May 164
Mayl3 164
Mayl3 164
Jan
200 12
8
Apr 12%
May 9 12
Mayll
400
Mayl2
18
May 7
12
Mar
2% May 7
18
100
Union Tank Car
United
Mayl2
Mar
j
Class A........no pari
700
Texas Co rights
|50,629
United
80
19
100
Cigar Stores. 100
Drug
100
1st preferred-
Jan
100
Mar
19
16
Mayl2 19
Apr 20
Mayl2
102% May 9 102% May 9 102% May 107
Jan zloO
501140
May 7 140
May 7 148
1,000 95
Mayl3 96% Mayll
85% Mar 106
Feb
Jan
50
300
Feb
50
Jan
100
12
Mayl3
12
May
12
May
par
100
11
Mayl3
45% Mayl2
12
Mayl3
11
Mayl3
45
100
Jan
13
West'h'se E <fe M 1st pf50
400
57
Mayll
58
56
Vulcan
Detinnlng
Weber & Heilbroner
no
45
Mayll
May 7
8%
98.00
97.90
97.76
97.74
763
790
2.373
1.491
571
1,598
98.02
98.00
97.94
97.78
97.80
97.90
98.00
97.98
97.76
97.72
97.74
97.76
98.00
97.98
97.78
97.74
97.80
97.88
15
141
315
16
128
554
$1,000 units.
Note.—The
May
97.88
above
table includes only sales; of coupon
Transactions in registered bonds were:
74 1st 314b
87.40 to 89.04
26 2d
2 1st 4s
87.10
64 3d
4 1st
87.30 to 87.40
44 4th
5 2d
97.78
4%S.
4s
87.04 to 87.14
4%s._.
4%S
4%s
70 Victory
87.12 to 87.22
90.52 to 90.70
.87.16 to 87.52
4%s
.97.58 to 97.86
Foreign Exchange.—
for
low.
The range for foreign exchange for the week follows:
Sterling Actual—
High for the week.
Sixty Days.
/
__
3.95
Checks.
4.00
Cables.
.
4.00%
8.56
8.02
Germany Bankers' Marks—
High for the week..
1.84
1.85
1.44
Low for the week__
Amsterdam Bankers'Guilders—
1.45
36.15
35.45
36.20
35.50
Domestic
Exchange.—Chicago, par.
St. Louis, 15@25c. per 81,000
discount.
Boston, par.
San Francisco, par.
Montreal, 8119.375 per
81,000 premium.
Cincinnati, par.
May
18% May
45% May
8% May
14% Mayll
12
MaylO
Mayl2
Close
Low
,
1922-23
8.65
8.11
14% Mayll
21%
97.76
8.64
8.10
100
(Robt) & Co.no
97.74
High for the week
50%
79
97.70
Low for the week
Jan
May 13
97.70
Jan
Parish & Bingham .no par
Peoria & Eastern
100
par\
97.90
Feb
May
38%
9
97.98
High
■
3-97%
Mayll
48
895
97.90
3.97 %
95% May
May 100
9
May 9 115
1,040
97.84
35.74
Mayll
Mayll
1,344
97.80
Close
bonds.
1,138
97.96
35.03
May 9
87.52
796
98.00
High for the week
7
87.50
661
98.02
Low for the week
24
87.36
507
High
'
Feb
94%
7
87.50
87.28
May
9
2
87.30
May
Ma,
■
87.46
62
5% Mayll
1714 May 7
42 % May 7
87.40
10
87.34
90
24
87.40
87.36
Apr 150
94% Mayll
87.34
87.20
87*40
Mar
100
100
87".40
87.26
87.36
Mar
Mayl2
87.40
87.20
87.24
v'
Jan
Mayll
45% MaylO
87.30
79
May 12
714
15%
Jan 101
Mar
57 %
18%
61
Close
.......
87.24
1
87.30
87*20
Low for the week,
3.92
Paris Bankers'Francs (in cents per franc)—
9% May
Apr
41%
Apr
Mar
90
500;
no par
Body....no
Norfolk
96
Apr
458 145
1,000'
Chalm_.no par
Motor
.100
Ctfs dep stpd
1st preferred
8%
10%
Mayl3 101
7,600
Maxwell
% MaylO
/V;
38
May 12
Prior preferred.... 100
2d preferred
..100
Parry
10
85
7
77
100 101
500
Maxwell
57%
m May 7
400
900
100
Martin
May 12 680
31
Jan
May
98
66%
May 12
Mayl2 640
2,000
100;
Liggett & Myers B.. 100
Lima Locom pref.
Manhattan Shirt
10 680
98
96.00
87*24
87.30
48.75 fr.
Jan
100
2,000
II__
Close
Jan
Jan
Apr
100
100
no par
Detroit Edison
56
Feb
Mar
200
Detroit United Ry
100
Eastman Kodak.... 100
340
To-day's (Friday's) actual rates for sterling exchange were 3 94% @3 95
sixty days, 3 99%@4 00 for checks and 4 00% @4 00% for cables.
Commercial on
banks, sight 3 99@3 99%, sixty days 3 93%@3 93%,
ninety days 3 91 % @3 92 and documents for payment (sixty days) 3 93% @
3 94.
Cotton for payment, 3 99@3 99% and grain for payment 3 99 @
3 99%.
To-day's (Friday's) actual rates for Paris bankers' francs were 8.46@8.56
for long and 8.52@8.62 for short.
German bankers' marks are not yet
quoted for long and short bills.
Amsterdam bankers' guilders were 35.54
@35.74 for long and 35.90@36.10 for short.
Exchange at Paris on London, 46.70 fr.; week's range, 46.70 fr. high and
Feb
12
62%
160
$1,000 units.
notes of
Total sales In
Jan
May
Chicago & E Ills—
Crex Carpet
100
Cuban Am Sug pref—100
32
Low
(Victory 3% s)
66% May
53
304
High
4% % notes of 1922-23
(Victory 4%e)
May
% May
87.64
45
.
1
Liberty Loan
Apr
23%
87.64
87.80
Low
Mar
Jan
87.70
87.06
High
Total sales In $1,000 units.
May
Jan
3%
Jan
87.64
87.70
1
,
4% % bonds of 1933-38
(Fourth 4%s)
%
15
87.62
87.76
Total sales In $1,000 units.
75%
35
87.50
87.68
Low
4% % bonds of 1928
(Third 4% s)
Jan 106%
Apr
8*7.82
87.46
Close
Close
Jan
Mar
87.80
High
Liberty Loan
Apr
10
8*7*74
$1,000 units.
Total sales In $1,000 units.
Third
92%
Apr
AAAsr
87.70
96.00
4%% bonds of
1927-42 (Seoond 4%s)
Jan
Apr
87.60
I
87.80
Low
Converted
83%
66%
23%
87.50
87~.68
Total sales In $1,000 units.
3%%
20
Close
87.60
(First
Liberty Loan
4% bonds of 1927-42
(Second 4s)
Total sales In
Apr
87.72
»
96.00
4%s)
Total sales In
''
87.50
A;+
High
Second
Apr
Mar
170
87.50
•
4% %
1932-47
53
Mar 1125
130
.........
48% May
Apr
119
Total sales In $1,000 units..
$4
2
88.52
405
88.62
Low
.
Jan
May
88.52
87.72
556
High
,
Jan
%,
88.60
88.60
...........
4%% bonds of
(First 4%s)
■
Jan
95
88.82
88.50
88.56
Low
Total sales In $1,000 units..
42
17
Mavl2
MaylO 925
16
May 9
Mayl2
Mayll
Mayll
May 13
Feb
88.80
88.66
89.00
High
of
1932-47 (First 4s)
46%
43%
225 200
Certain-Teed 2d pf—100
Chicago & Alton
100
MaylO
May 9
$ per share. $ per share.
90.00
89.00
190
Victory Liberty Loan
Par. Shares
89.28
89.30
89.30
Total Bales in 51,000 units..
Fourth
STOCKS.
89.10
Low
Close
(First 3%s)
000.
Moreover, the gold supply is steadily increasing.
Reports of our international trade, however, show an enorm¬
ous shrinkage, of both exports and imports, and from the
steel industry, that lower prices has failed thus far to stimu¬
late a demand for finished products as was expected.
A large portion of the business this week in the stock
market has been of a professional character.
Every active
railway issue is lower the average decline being from 1 to 2
points.
Reading is exceptional in a drop of 3%, while No.
Pac. is down 2K, Great Northern 2M and U. P. IH.
The industrials have, of course, covered a wider range.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
High
Liberty Loan
3%% bonds of 1932-47—_•
62%
Jan
Mar
Outside Market.—Trading on the "curb" this week was
of small
proportions any activity being confined mainly to
mining list.
For the most part a heavy undertone
prevailed though
there was no pronounced weakness.
To-day's market however, was a^ decided improvement,
trading was more active and fractional price advances the
rule.
The oil group fared slightly better than the rest of
the
list.
Simms
Petroleum
was
conspicuous dropping
at first from 12% to 10 and recovering to-day to 11 with the
close at 10%.
Internat. Petroleum advanced a point to
17% and reacted finally to 17.
Maracaibo Oil declined from
31 to 28%, recovered to 29% and closed to-day at 29.
Carib. Syndicate was off from 8% to 7% and finished to-day
at 8.
Gilliland Oil com. broke from 17% -to 15 and sold
back to-day to 17%.
Salt Creek Producers sold down from
14% to 13% and at 13% finally.
In the industrial list
business was practically at a standstill though trading in
Reading "rights" assumed some proportions.
From 15%
they sold up to 18% and reacted finally to 17.
Cleveland
Automobile declined from 42 to 35%, with the final trans¬
action at 36.
Conley Tin Foil lost a point to 14% and was
traded in to-day at 15%.
Intercontinental Rubber eased
off from 11 to 10%, advanced to 12% and ends the week at
the
12.
ered
Southern Coal & Iron dropped from 5% to 4 and recov¬
Swift International lost a point to 26% and
to 5.
to-day sold up to 28%.
A complete record of "Curb" market transactions for the
week will be found on page 2071.
2063
Exchange—^tock
New York Stock
Record, Daily, Weekly and Yearly
OCCUPYING THREE
PAGES
of stocks usually Inactive, see preceding page.
For aalea during the week
SHARE
PER
HIGH AND LOW SALE PRICE—PER
STOCKS
NOT PER CENT.
SHARE,
NEW
Saturday
Monday
May
May
7.
Tuesday
Muy 10.
9.
$ per share I $ per share
82
827g
82%
84
81%
4034
51%
12%
7%
1147g
6334
1%
1%
8%
20
28%
44%
66%
83
82
82%
7634
37g
7634
37g
7634
*334
7634
*334
83
83
82%
827g
42%
82
82
40%
41%
387g
52
51
51%
50%
*1134
40%
41
52
51.2
12%
127g
8
127g
*7%
63%
1%
1%
1934
28%
4334
1%
1%
1
1%
1
9%
8*2
8%
*7
116%
1%
4,500
7634
1,000
3%
400
8134
2,000
38%
4034
61,200
50%
51
12
12<4
40%
51
I
13
63
62
1%
1%
8%
'
8%
8%
1934
20%
19%
28%
29%
45%
67%
27
28%
27%
28%
24,900
43%
66%
42%
43%'
42%
64%
43%
66
78%
104
64%
32
66%.
33%
33%
77%
32%
34
7534
77
78
76%
77
6634
67
66%
67%
66%
41%
66%
42
52
76%
32
76%
66%
46,700
32%
77
66
52
41
.
Do
39
37
1
1,800
Do
Do
103%
236
240
34
1%
103
10334
235
235
231
7«
7«
1%
43g
7«
1%
34
1%
1%
*3
5
*3
5
*6
8
*5
8
*7
231
7g
%
%
1%
1%
1%
%
1%
4%
*3
4
*3
8
*5
7
*5
21%
14
14%
1,800
*71%
301.1
70%
10,000
30%
30%
30%
30%
71%
30%
10
10
24
24
24
24
24
400
91%
4%
91%
41.1
90
90
90
90
1,800
Illinois
1,600
93
11%
93
4
4%
4%
13
13
*12%
13%
*12%
13
13
13
27%
50%
28
27%
27%
287g
27
27%
51
51%
287g
52
51%
51%
507g
51%
14
14
4%
*12%
*23
4%
4%
4%
4%
13
'12%
26%
27
26%
*51
517g
*51
5434
5534
5334
54%
102
102
102
101
22,700
56%
55
53%
13
13
13
300
24
*23
27
39%
1234
127g
72 %
1434
72%
13
73
40%
12%
1,300
102
~
13%
13
12%
13%
12%
"2% "27«
*4%
5%
2%
47g
4%
5
207g
22%
21%
227«
217g
23
41%
42
41%
43%
41%
41%
5%
57g
5%
43%
5%
5%
67%
717H
517g
5%
5
2%
2%
4%
21%
4%
22%
42%
5%
70%
5%
70
72
69%
71%
69%
717g
5234
54
53
54%
53%
52%
5234
54
53
54%
53%
69%
*63
73
*65
71
*68
75
*59
61
*55
61
*60
62
20%
19%
4%
4%
21%
20%
21%
39,400
41
5%
40%
5%
41
5%
13,700
70%
17,809
71%
*51
53
*48
*66
71
*65,
62
*50
197g
19
19%
1934
18%
19%
19%
19%
19%
18%
18%
98%
99%
98
100%
98%
98
96%
97%
76
73
36
35%
36
35%
20%
20%
20!g
22
75%
3.584
217g
75%
357g
77
36
73%
35%
75%
35%
99%
76%
97%
7534
21%
22%!
74%
35%
21%
54
54
54
54
*19
*37
19
20
23%
Marll
14-% May
Marll
85
2
4
Feb 24
16
Marll
*40
45
45%
24%
7634
76%
78%
75
77
427g
43
43%
44
44%
45%
46
46%
46
46
24%
23%
25%
3534
24%
25%
357g
397g
35
"29
22%
11%
78%
227g
56%
5G34
23%
24
11%
77%
*42
39
7%
7
7
12%
12%
12%
12
12
11
787g
23%
57
2534
77%
227g
787g
77%
77%
22%
22 7g
5678
57
24%
26
22%
56%
23%
I
46
120
40%
77%
7
30%
12
39
6%
45%
23%
34%
28%
377g
67g
247g
24
35%
29%
46
*43
*43
64%
65
I
64%
11
11%'
11%
24i4
24%
25%
8%
8%
46
11%
25
9
11%
120
*14
237g
16%
*16
11
11%
11
8%
21
23%
20
20%'
20
201,1
293.1
29
307g
29%
67%
68
69
67%
10%
67%
11
10%
11%
1834
1034
19%
37%
37%
18%
29,000
29
8,600
5,100
7
1,900
11
11
2,100
77%
76
22%
20%
56
51
53
24%
67g
231.1
22%
19
69%
17
9,800
1
9,100
19
19%
3,400
293g
8,600
*65
10%
68
10%
10
17%
37
1,400
•
*33
5,500
1734
4334
44
46
44
45
4514
18
*17%
18%
177g
*497g
50
*50
50%
37%
*497g
35
%
1%
37%
34%
35%
7«
457g
400
4234
*16%
42-%
1734'
50
49%
497g
*48
50
37%
37%
37
37
33
34
32%
33%
33
45%
89%
46%
45%
44%
447g
44%
447g
447g
90
90
90%
90
90
90
90
90
38%
37%
37%
37
37%
3634
467g
47%
7734
47%
7734
47%
77%, 78
46%
47%
36-%
77%
47%
47
47%
73
73
37%
39%
50%
3034
54%
49
31%
29%
837g
41
80
*73
°4
4
%
3/
H
%
34
h
1%
1%
1%
1%
1%
1%
43%
74
40%
41%'
38
80
,*..__
61%!
*
41
80
61%
62
56
52
317g
30% -31%
30%
84
84%
84%
84%
84%
126
127% 128
128%
126% 128
126% 127%
*109
112% *108
112% *108
112% *107
112%
21
21
20%
21
207g
21
54% 54%
51%
52
6%
*6%
6%
6%
*6%
6%
63g
6%
130
129
135
i
135
135
125%
■107
11%
117g
11%
117g
11%
11%
11%
52%
53%
517g
527g
51%
52
52%
57%
57
52%
50
10%
41%
42%
*10%
41%
300
*78
90%
*103% 104%
7
7%
10%
89%
64
80
j*
51%
30%'
837gi
50%
10%
51%
10%
48%
357g
37%
79
89%
35
84
90
103% 104%
67g
7%
10%
10%
,
'
80
91
13:
9!
12% MaylO
101
3
Jan
11
20% May
5%
Decj
8%
88%
Dec!
Feb
49*4
11?8
20%
118%
247g Jan
13
18
Feb;
33%
Jan
13
50
Feb;
66%
14
Dec
10
April
MaylO
55% Apr 7
122% May 9
63
Apr29
8734 MarlO
60
5
26
36%Jan
12% Mar
3
01% Mayj
7% Aug
14
MarUj
26
Mar
3
14
Aug;
9
May
9
7
May;
9% Jan
7
27% June
110
Feb
18
47
43
|
6%!
50
Do
Air
39,400
30%
13,100
84
84
I
32%
Oct
Oct
13
Oct
Oct
Oct
16%
3,400
16
May,
28
Oct
25
May,
48
Oct
46
9
8
Apr
no
100
100,
100
par\
50
10
100
100
10
34%
37
14%
52% Fen 17
32% Jan
6
40
1% Feb
184 Feb
9
9
%
Dec'
2% Mar
84
3
38% Mar 8
65%Jan
13
43%
Dec
Dec
62% Sept
8478
20%
07%
Dec;
92% Nov
Dec
537«
Jan
Dec!
92
Jan
0,
51
Dec'
Dec!
95
Dec
287% Mar 15
29% Jan
3
75
20,740
pref
Do
Lest than 100 shares.
§
Mar23i
65% Jan
72
49
May 12
65% May
25
Jan
3
32% Jan
29
77% Jan
3
88
Jan
20
72*4
100
Oil
Leather. 100
pref
FE
10
—100
100
pre!
100
Locomotive
100
pref—
American Safety Raxor—
vm
83
32*4
100
-
Cotton
American Linseed
7,900
Marl6
45% May 2
937g Jan 20
39% May 2!
100
Am La France
Do
Jan
15l
Foundry.100
Ship A Coram
Ex-dtv. and rights.
25
no par
•
Jan
3
1
100
Can
pref
American
88*4
20
Magneto..No par,
American Express
300
Dec,
11
Feb
Do
300
24
12
Jan
100
American Ice
100
Do
pref
100
Amer International Cor p. .100
8,200
72
51
American Hide A
1.400
46% Mar
Deci
90
8.700
12,800
42*4
Dec:
Jan
72% Feb 28
36%
120
110
Jan
Jan
6
Jan
96%
103*4
Jan
Apr
93
Jan
5|
75
Oct
2;
45%
Dec
128*4
21*4
Dec
Dec
61*4
101
Jan
Jan
Jan
129% May
111
Dec
147%
Apr
6
114
105*4 July
110%
54*4
Feb
Jan
86
Mar
Mayl2
April,
Jan
74?g Jan
Jan
Mar
3
19% Marll!
120
700
Dec;
14
40
22
'
39% Jan
25% Feb 24;
% Mayl 1
100
37,100
May
1934 Jan
3
Aprl9
May 6'
4,000
|
8%
79
100
pref
American Car A
Do
3
Apr 8
JaD
45
51
500
10%
100
26% Jan
pref
109
Amer Druggists Syndicate.
10
1,300
55
Mfg
pref
Apr 15
i
American
130% 130%
11%
1134
51%
5334
Oct
Dec
15
9
610
700
Nov
19% May 9
pref
Amer Bosch
Do
Sept
37% May
Agricultural Chem..100
Do
pref
100
American Beet Sugar
100
Do
Oct
40
78
14% Mar 12
800
|
63g
6%
35%
|
Rumely
Allls-Chalmers
1
49%
10%
.
Express
pref
American
16% 8ept
30
Mln'g. 10
Allied Chem A Dye
no par]
800
11
Mar
Oct
100.
Central
Reduction, Inc
Do
8%
Oct
Oct
Oct
Sept
Oct
Oct
Oct
Nov
Oct
Oct
100
pref
Advance
Do
507g
30
47%
*
9% Mar 12
Marll
15% May
Nov
Oct
129% Nov
69% Jan
27%
Adams
|
49
111%;
J Ei-rigbw.
Jan
7% May
May 13
15
Alaska Juneau Gold
6,650
39%
74%
80
*78
84
,*
75
89
88
89%
86% 87%
87% 89
104% 104% *103% 105
*103% 105
*103% 105
7
77g;
6%
7
6%
6%
6%
6%
10%
10%
10%
11%
10%
11
(
10%
10%
Bid and asked prices; no sales on this day
Marll
41
3374
Feb!
Wisconsin
1,100
—-
9%
40
30% May
Apr 16
23%
July,
Feb
Alaska Gold Mines
18,800
126%! 126% 126%
64
10%
41%
Feb
7
Marll
9'
54%
AJax Rubber Inc—
100
55
51
48%
15
35% MaylO
20%
1.600
53
64%
Jan
5784 Jan
25% May
23% Marl2
65
Apr 14
8
Apr 12
pref......
100
Wheeling A Lake Erie Ry.100
6,500
20%
10%
38%
33% Mar
15% Feb
65%
23%
Do
53
49%
61
34%
Amer
20%
10%
42%
103
327s Mar
Dec
Feb
1,900
51
52
64*4
Dec;
5,700
20%:
64
"51%
89% Jan 15:
55
Feb
7
Marll
12%
37
38%
57%
*10%
Marl5
17
500
6%
131% 131%
11%
1134!
51%
527g
54%
57%
Oct
84*4 Sept
5
11% May 9
21
May 6
3o?g May 9
70%Jan 10
11% May 9
47
51
117g
Oct
39%
21% MaylO
47
20%
134% 13434
57%
Marll
Do
Oct
Feb
Feb
Feb
37
12% Marl2
36%
39%
-
68
18
3,200
73%
38%
32
Dec
Dec
19%Jan
Do
300
77%
*72%
80
31%
84%
*
56
31%
10%
400
|
90
37%
41
Y)0
3,500
18%
46%
78
*1%
74
*127
45
38%
77%
*73
...
42%
17%
34%
Dec
112%
100|
Industrial & Miscellaneous
33%
h
1%
46%
%
90%
77%
47%
33%
43
50"
....
35
1%
38%
43
177g
51
44
14
50
20
Do
1,800
37
|
*1734
45
1051a Nov
957a Nov
Aug
Feb
16% Jan
pref A
100
pref B
100
Western Maryland( new)..100
Do 2d pref
100
Western Pacific
100
K)7g
10%
17%
*34
23
28%
69
97g
177g
Wabash
Jan
Feb
6078
19% Marll
100
-
16
84% June
6684 June
377s May
I2i
23'.} MaylO
57
Dec
Do
29
68%
5,000
81,4
pref-----
Oct
15%
Oct
37% Sept
27% Oct
70
21%
51
1001
Invest--.100,
Do
Oct
73%
41% May
884
5!
70
100
pref
65
Apr
June
31
41% Jan
19% Marll
Apr21
Transit..100,
1,700
16%
10-%
69%
11%
Do
United Railways
Feb
50
7
77% Feb 17
74%Jan 12
54% MaylO
§60
May 4
59?8 May 6
23%Jan 12
6% Feb
61
28
100
Union Pacific
1,000
2,100
~~8%
18%
15,200
Feb
23*4
55%
10,
40
——--.-100
pref
Twin City Rapid
,
119% 121
1
65%
64'g
24%
8%
Do
64%
Feb
Oct
Oct
6571 Oct
84% Nov
31%
Dec
Dec
3% Dec
JaD
37% Mar 12
100
Texas A Pacific
Feb
11%
33*8
23
65
L..100
46
*43
64%
1034
28%
Southern Railway
18
Dec
MaylO
43% May 9
May
8% Marll
4,800
10
11
2%
3*4
Jan
100
39,400
Oct
Dec
Nov
Feb
32
5%
21-%
Oct
96
76
19
35
.
90*4
Apr 14
23% Feb
Southern Pacific Co
21
Feb
Marll
JaD
KM)
pref
66%
Oct
Oct
Sept
Oct
Sept
Nov
Mar
Oct
Oct
Oct
Oct
Nov
Oct
Oct
Oct
Oct
Nov
Jan
Oct
70
35
24%
100
Do
40
112%
65*4
Dec
8%
20% May 6
100
Do
52%
Feb
80% June
31
584 Jan
Aug
63
lOKg Feb 19
88
Jan 28
pref
St Louis Southwestern
Jan
3
Marll
16
Seaboard Air Line
44,300
55,600
46
2d pref
77%
22%
11
Do
24*4
Feb
94
9
Aprl4
6878 Apr 14
32% April
15% Marll
50
Apr29
92%
Preferred A trust ctfs—100
30%
37
1484 Mai; 17
St Louis-San Fran tr ctfs.. 100
800
29%
177g
pref
23%
307g
11
Reading
Do
1st
46%
10%
35
pref v to
pref-------
457g
lY~
19%
Do
Pittsburgh A West Va
23%
34%
10%
39
*37
prior pref v t 0
Do
23%
38%
*65
100
467g
8%
20%
29
May 6
1,900
6%
10%
*15
Yl%!
2,900
37%
1034
23%
17
"11"
77,700
28%
64%
¥%
23%
11%
22%
23%
73%
45%
38
23
87g
24%
45
119% 120%
66
11%
25
8%
71%
46
29%
*43
121%
*64%
11%
75%
23%
46
56
Do
52
25
*43
122%
64%
65
647g
113-4
227g
8%
23%
23%
May 4
N Y Ontario A Western—100
400
10,500
29%
21
I
57
*56
29%
75%
29
39%
28%
*38
23%
120
119% 122%
120%
30%
860
NYNB4 Hartford
80
287g
387g
67g
29%
*38
29
44%
Mar 12
Pere Marquette v t 0
45
28%
*73%
717g
80
Marll
42
20,050
*40
30%
29%
*73%
66
21%
45
77
100
Louis—.100
First preferred..
100
Second preferred
100
Central
20%
*40
*73
33% Marll
4% Jan
5
60
Jan 10
50
100
100
100
100
100
50
50
50
31%
80
78
100
prei
N Y Chicago A St
200
Feb
81s
73% May 9
93
Jan 11
Missouri Kansas A Texas. 100
May 3
MarlO
Pennsylvania
44
31%
Mar 30
17%
27%
38% July
1ft %
30%
~29%
*73%
757g
427g
52
6%
Dec
58%Jan 25
35%
43
29%
Aug
8%
6
39*4 May
100
55
3'
13% May
40
May
25
5
11
100
*52
97%
50% Jan
103%Jan
Northern Pacific
55
76
75%
20%
17ia
35*4
Feb
10
Norfolk A Western
*52
Jan
Dec
13
1,800
55
7
66
pref
21*8
30%
22»4
91%
417»
18%
25
Missouri Pacl'lc trust ct 8.100
8
12*4
8078
Jan
9
16*8
1
28% May
Oct
260% Sept
9
Jan
9
57gJan 25
14% Jan
19,700
i 7,800
*52
Dec
Dec
2478
28
11,100
55
10%
Marll
18%
•
Deo
Feb
Dec
Mar2I
97%
>74%
18
May
19
96%
"727g
-
Oct
10
New Orl Tex A Mex v 10.. 100
27,900
19%
18%
*54
44
29%
*73
18%
108
9%
4!
11% MaylO
100
60
Dec
5%
29,
100
pre'
York
46
45% Jan 25
39% Mayl2
71
*56
14
4
100
100
New
Oct
Aug
3
32% Mar
Jan
10% Jan
18% Feb
trust ctfs
100
Nat Rys of Mex 2d pref...100
2,800
54
% Nov
16
4,600
71%
52%
70%
36%
83% June
105
Feb
71
Feb
Aprl4
Do
69
Feb
35
May
Aprl
Do
Dec
July;
60
% Nov
93
Oct
Oct
Sept
Oct
20
484 Jan 31!
4% Jan
3
7% Jan 17,
26
477g
1,800
71%
62
2% Jan 29
7
Jan
84*4
Feb
Dec
46
8
1037g May 11
May
Oct
91% Mar
Jan
41
Mar
31*8
46% Mar
240
Feb
64
65
Sept
120
54
3
Mar
Dec
21%
May 10
May 10
67% May 10,
48
Jan 20
21
5,600
5%
62
,
19
20%
*4%
71
*60
3,700
78
85% Mar 12
37g Jan
7
97
Do
401,1
2%
par
100
Valley
Nashville
Minn St P A S S Marie
203.'
2%
53%
53%
*68
18%
pref
Mlnneap A St L {new)
2%
4%
2%
34
12
100,'
50
*
"2% "2%
June
6584 June
Louisville A
"
2 7g
98
100'
100!
pref
6 ,300
73
24
79% Jan
Aprl-4
Apr! 4
28% Jan
3
7% Marl 2
-.100
100;
Lake Erie A Western
Lehigh
Jan
100
pre'..
Do
110
100
Central..
Kansas City Southern
Do
Deo
15% May 9
2234 May 9
157g Jan 12
Manhattan Ry guar
28,300
54%
53%
102
propertles.Afo
600
14
73%
1234
72%
54
102
102
Ore
pref
Do
60
11%
100
100
100
Mob A Nor tr ct B...100
Do
100
531.1
102
102
Gul
2,000
13
102%
Iron
300
13
27%
51%
24
14%
27
53%
101
4%
*12%
1,100
1st pref
2d pref
Do
Great Northern pref
1,200
9%
9%
Do
11;
66%
Interboro Cons Corp..No par
11
92"
10%
24
4
11% Marl 2
17
Marll
20%
3034
934
100
Erie
71
303g
91%
1% Mar24
484 Feb 23
21%
14%
3034
Aprl-*
...100
14%
72%
24
pref
Feb
Mar21
1
Dulutb 8 S A Atlantic.—.100
7,000
Mar30
202% Apr 8
% Mar30
...100
70
30%
10
50
100
20%
15%
73
92
35
Jan
90
72%
15
72%
Deo!
71
26
21%
1534
73%
Dec
36*4
9!
Jan
21%
22'%
15
21
12
42
22%
21%
12
39% May 6;
f3% Apr27|
14%
15
Jan
60
13%
22
24
32,300
31
46% Jan
8
24
1434
2134
44% Nov
15%
MarlO
MarlO
3
fc Western.
pref..
Do
17% Sept
14% Oct
33*8
Dec
Dec
100
Denver A Rio Grande
8
6%
3
14%
21%
*9%
100
5
*5
Delaware Lacl
Do
9
Jan
1334
*1434
*21%
1%
1%
9% May
20% May
60
15
15%
*90%
1%
16
Dec
49
14%
14%
72%
3034
1,200
1,050
2,200
7g
70*8 Nov
Feb
3%
27% Jan
15%
14%
72%
101%
230
%
*3
4%
734
14%
3034
1013.
226
101% 102%
1037g
102
236
101
9978 1(K)34
Feb
47
4
9i
100
Delaware A Hudson
Mar
13% Mar
Jan
3l'
6*4 Jan 29
100
2 pref
17
134
9%
*
11
100
l«t prer..
Aug
5% Sept
109*8 Dec
25
100
pref
Do
"
240
preferred
Colorado A Southern
100
3,200
100
100
Clev Cln Chic A St Louis..100
100
I
62%
377g
377g
Jan
0% Jan
Aprl4
99
Apr 8
22% Marll
68% Mar 12
5634 Marl 2
100
7 preferred
6%
Oct
Feb
65% May
60%
..100
Chic Rock Isl A Pac
2,000
500
62%
38
.100
pref..
Oct
Oct
64
Deo
40% June
147«Jan 25
10
12% Sept
104%
49*8
11
119% Jan
Dec
4%
27%
23
-.100
Chicago A North western.. 100
Do
72
*82
36
100
pre:
70
9
Jan
Highest
Apr28
7% Mar 9
15«4 Marl 4
%
pref
Do
3
14'
Apr20
54
I
share $ per share
Feb
90*8 Nov
82
Jan
May
per
55% Mar 14
% Apr28
Chicago Mllw a St Paul.-.100
2,100
41
37
43
39
*65%
108%
pref trust rects
Chicago Great Western
300
66
307g
31%
76%
31%
5,100
102% 103
101% 101-%
104
*101
„
100
100
Chic A East Illinois trust rects
20,000
67
10% Jan
67g Jan
Certificates of deposit..
6,000
19%
19
19%
6,1(M)
8%
46%
*102
377g
Brooklyn Rapid Transit.. 100
Do
Marl4
47
Chesapeake A Ohio...
30 <2
69
..100
2,600
1,500
207g
104
pref
12,600
44%
67
42
Do
77% Marl2
3
100
1%
29%
*101
38%
30% Marll
42% May
Baltimore A Ohio
Canadian Pacific
20
7634
38
84% May 5
79% Jan 24
7% Jan
4|
86% Jan
3
300
1
S
$ per share
2% Feb 26
77
Apr27
18,100
1%!
share4
75% Jan
67g
67g
per
Atlanta Blrm A Atlanta...100
Atlantic Coast Line RR
100
3,000
1,000
I
Atob Topeka A Santa Fe..100
Do
pref
100
114% 115%
617g
62%
73gi
114% 115%'
64
63%
66
7634
82
76%
37g
82
7
8%
115
32%
3134
*64
82
4
1%
8«4
65%
1%
1%
9%
207g
30%
46%
834
13
$ per share
|
Par
Lowest
Highest
Lowest
Railroads.
Shares
8134
82
*12'2
i
76'2
Range for Previous
Year 1920
100-stars lots
On basis of
May 13.
I
76%
*334
4
12%
8%
U434 117%
637g
65%
*7%
118
116
104
*100
42%
51
41%
51i2
13
7%
1157g
6414
1%
U2
87g
20i2
287S
4434
67i4
Friday
|
s per share
82
813.1
$ per share
82%
76
82
334
$ per share
76%
4
76l2
334
*76
PER SHARE
j
Range since Jan. 1.
STOCK
EXCHANGE
>
Thursday
May 12.
Wednesday
May 11.
YORK
4
5
Feb 25!
23%Jan 28
15%
Dec!
Apr26
59%
6%
Dec,
9;
95
Feb
Dec
Dec
67
8% Jan
135
May
11
Dec
15%
175
30%
Jan
Mar
Jan
Aprl 4
12% May 5
5
40% Feb
2
Jan
25
57
Jan
8
54% May 5
59'2May 2
65
Apr27
35
42
53
Feb
68
5
8% Feb 11
53% May 6
30%
Dec!
120%
AprlS
8*4
Dec
14%
Jan
Jan
34% May 13
62% Jan 31
63
Jan 29
42
Dec
95
Apr
80
Aug'
99%
74
Dec
109%
8
38% Jan
74% May 11
81% Feb
4
100 Jan 4
5% Apr 18
7
Marl!
Ex-dlv!deDd.
11%
91% May 5
107% Feb 26
10
Jan
7
14
Jan
20
37
Aug;
96% June
122
Jan
53% Mar
107
Jan
Jan
Apr
Mar
0%
Dec
177# June
7%
Dec1
30%
Jan
New York Stock
Record—Continued—Page
For tile* during the week of stocks
usually Inactive,
HIGH AND LOW
Saturday
May
7.
May
4134
7734
Tuesday
May 10.
9.
S per sahre
71%
*69%
Wednesday
70%
*6934
71%
41%
42%
4134
78
78%
79
91%
*70
42%
78
3034
31
30%
102
$ per share
Shares
433«
30%
42%
81
42%
80
31
12414 124%
7914
80%
87%
100
91
91%
7,600
42%
43%
*33
70
*63
68
*60
65
101
26,900
91%
fc¥i%
9034
88%
*60%
61%
61%
6234
60%
60%
60%
63%
Jan
102
100
94
Jan
3
No par
5
32%
89%
89%
5
89
5
104
4%
*4%
*94
89
87%
893s
*57
88%
59
60
61
5
15
14 '2
60%
1734
17%
61
6034
46%
48%
46%
17%
61%
47%
5%
5%
5%
*7
5%
734
38%
38%
*77
60%
46%
29%
81%
11%
12
25'2
32*2
32%
29%
59%
60
8%
8%
*86
95
*85
89
*86
89
5%
17%
17%
14%
5%
17%
15
14
14%
17%
17%
1734
17,
18%
60%
60
60%
59
59%
47%
46%
47%
7734
5%
46%
77%
40
88%
19%
77
2
77
14"
California Packing
California Petroleum
No par
51
100
25
77%
78
79
100
68% Jan
78%
2934
78
7834
29
200
2,600
Chlno
29
4,800
Coca
31%
5934
7%
32
31
32
J30%
59%
30%
60%
30%
60%
30%
1,600
5,400
Colorado Fuel A Iron.....100
7%
36%
7
35
7%
37
Columbia Gas A EIectrlo.100
Columbia GraphophoneNo par
*35%
Computing-Tab-Recording 100
34% Apr 25
Consolidated Cigar
No par
39
M".vl()
Do
pref
100
Consol Distributors. Inc.wo par
65
Aprl9
80
Feb 18
Apr 9
10
7%
68%
68%
*67%
7%
*87%
7%
88
•„?;7 -C
75
7
"i% "1%
77% j 83
9034
19%
89
50
1%
73%
1,600
100
1,100
90-%
14,300
19%
19%
4,100
49%
50
5,500
1%
7334
1%
1%
74%
73
3,900
11,500
103% 103% *103
105
35% 37%
35% 36%
76%
78%
76%
80%
86
19%
*61
62
28,800
95
*84
¥0%
60%
*67% 70
,77
88%
19'%
50
86
*84
1958
62%
24%
20%
26
24%
19
25
24
,
I
19%
21
203s
65%
67%
04%
65%
77
78%
90
89
"77%
78%
77
78
89
*85
24%
88
88
17%
17%
16%
89%
17%
17
17
17
1%
76%
1%
72%
17%
;%
1%
1%
"%h "T%
76%
7234
75%
7134
75%
113% 113%
•
*59
62
*59
62
*60
63
90
*83
90
*83
90
137
138
90
24
12
12%
42%
45%
58%
58%
59
22
22
21%
84%
85%
83
15%
14%
21%
84%
14%
6
6
36%
9%
473
96%
23%
36
23%
57
40
40
*73
74
15%
64
25%
1,600
83%
82%
84%
81%
14
14
14
1334
6
6
6
56%
36%
95%
37
96
"
3634
9%
46%
94%
57%
57
57
900
22
19%
19%
800
82%
1334
79
81%
13,300
13%
14
8,700
6%
1,300
36%
37%
9
9
47%
46%
9534
92
37%
9%
38%
64
*60
15%
56%
"
9,000
9%
"36%
500
37
46%
*8%
46%
47-%
9.53.!
90%
94
15%
56%
14%
15%
15%
55
15%
54%
2,900
54%
36%
36%
1,700
38
74
73%
73%
*72
74
73
73
*62
64
*61
64
*38
39%
64
64
64
16%
16%
16%
16%
16%
16%
16%
1634
64%
64%
62
64
62%
67%
*72%
72%
64%
*72%
72%
19%
20
173-
18%
183s
193s
72%
19%
-
67%
15%
62-%
72%
18%
16%
66%
72%
19%
16-
16%
65%
69
72%
18%
72%
19
'■»
93^
28%
*22
50*«
4%
10
4
9%
4%
"~4
10%
9%
4%
4
4%
9%
9
28%
28
*27
28%
24
*22
24
*21
24
45
59
45%
85%
22%
48
40%
87%
873^
87
87
85%
86
21%
16%
21%
15%
21%
21%
22%
533,
53
53
15%
52%
52%
48%
28%
48%
28%
48%
27%
16
49%
28
*148
153
*145
153
*101
103% *101
15%
18%
18
18%
Bid and asked prloee;
27%
15%
49%
50%
18
no
sales
18%
on
4%
13,900
9%
3,500
27%
500
24
46
"43%
4734
43%
85
85
85
85
800
21%
15%
22%
21%
22
15%
15%
53
4934
15%
49%
13,500
14,500
50
14,700
27
27%
27%
53%
*27
28
26%
149
149
148
102
*102
18
17
this day.
300
15,400
85%
4834
55%
17%
41,900
46%
55%
150%
104
17%'
72,000
1,100
150% 1.50%
*101
16%
| Leas than 100 shares.
104
17%
2,900
800
100,
28,300
J Ex-rlghts.
104
Jan
Dec
95
Jan
Apr27
66
Dec
91%
Apr
Mar23
5
Deo
16% Mar
40
21%
Dec
4484 May
78
Dec
134% Mar
10
Dec
48
Jan
36%
19%
Jan
Jan
20%Jan
17
12%
Dec
5% Jan
13
1%
Dec
Electric
General Motois Corp..No par
Do pief
100
Do
Deb stock (6%)... 100
Deb stock
(7%)---100
Goodrich Co (B F)
Do
pref
100
12% Marl5
z66% Jan 10
16% Jan 11
71% Apr 18
63
Marll
71% Mar 8
94«4
16% Dec
12% Dec
64% Nov
Mar
58%
Dec
85%
Jan
Jan
Dec
94
Apr
89'4
11
27
Dec
85%
Jan
85
Jan
7
70
Dec
IO284
25
Jan
26
15
Dec
55%
Dec
4984
Jan
Jan
Jan
Jan
Aug
Jan
July
Apr
Sept
Apr
Jan
20
Jan
16% Mar23
25% May 3
16%Jan
8
8%
Apr
Apr 15
8
15
Marl 7
Dec
38%
11% Dec
20%
48% May 6
60% Feb 15
25
Dec
61%
Dec
25%
14
11%
26%
54
44%Jan
Apr25
12%
Dec
84%
78%
46%
86
May 6
65%
Dec
l634May 2
9%
Dec
Jan
5% Mar 14
29% Marl2
7% Feb 28
42% Mar
100
81
..100
103
1
Mar30
7% Jan
8
6% Aug
37% May 2
13%Jan 11
28
67
40% Dec
Jan
7
100% Feb 16
9%
142%
Apr
115
Jan
Nov
61%
111%
Jan
Jan
28%
Dec
170
Apr
11
44
30
42
May 6
Jan
7
76
6
64%
3
17
46
3
88%
Apr
Apr
Dec
46% Marll
Jan
Apr
27
Nov
10%
72
Apr
61%
Nov
11
Marl 5
984
Dec
Dec
88
29
3
116%
23%
100
Jan
17%Jan
63%Jan
110
Jan
12% Jan
13% Jan
Iron Products Corp
No par
Island Oil A Transp v 10-. 10
Jewel Tea, Ino
100
42
69
11% Jan
..100
Jan
Jan
13
Jan
59% Marl2
100
Jan
172
24
57% Jan
68
Nov
84
Jan
Apr25
64%
Dec
71
Apr
May 2
11%
Dec
38% Dec
26>4 Jan
91>4 Mar
18
69
Mayl3
Aprl2
76
Jan
20
69%
Dec
16% Marll
26
Jan
20
19
Dec
47% July
31
40
Jan
11
27%
Dec
51%
4h Jan
70%
Jan
Apr
8
79%
Jan
Jan
8
4
Dec
Jan
6
11% Marl7
3
Dec
100
8% Jan
4
100
Do
pref
Jones Bros Tea, Inc
14% Jan
3
29% May 3
25%Jan 27
54% May 5
13
25%
Dec
152%
94
75
Dec
105
14%
5*4
Dec
33%
Apr
Deo
48%
Jan
Kelly-8prlngileld Tire
25
Temporary 8% pref
100
Copper
No par
Kennecott
3% Marl4
4
35% Marl2
Apr 12
84
16
Marll
Keystone Tire A Rubber.. 10
Lackawanna Steel
100
Laclede Gas (St Louis).-.100
47%
Jan
3
Lee Rubber A Tire
17%Jan
14
No par
Liggett A Myers Tobaooo 100
Do
pref
100
Incorporated..No par
Ex dlv. and rights,
Dec
82
100
*
78%
70%Jan
International Nickel (The) 25
International Paper
100
Do
stamped pref
100
Invincible Oil Corp
50
Loew's
Dec
75%
100
100
2d pref
79%
15
Internat Motor Truck-No par
Do
1st pref
100
Do
Deo
Dec
Dec
100
Hupp Motor Car Corp... 10
Indlaboma Refining.
5
Inspiration Cons Copper.. 20
Internat Agrlcul Corp
100
Inter Harvester (new)
Do
pref (new)
Int Mercantile Marine
Do
pref
43
71%
51
3
17
pref
32% Dec
Apr 4
9% Jan
6
34% Marl4
72
Hendee Manufacturing
Houston Oil of Texas
88
May 6
138% Marl8
..100
Gulf States Steel tr ctrs
100
Haskell A Barker Car ..No par
7838 May 5
117% May 5
62%Jan 20
Apr25
120% Jan 10
Granby Cons MSA P.... 100
Gray A Davis, Inc.
25
Greene Cananea Copper.. 100
Guantanamo Sugar
No par
Do
Jan
5
Jan
13% Jan
500
9,800
22%
15%
102
49
49%
26%
27*2
149% 150
104
18%
27%
"4"
8%
27%
*20
21%
16%
53%
"4%
9%
*26
51%
i
200
100
"
4%
6,200
Dec
Free port Texas Co
No par
Gaston W A W, Inc..No par
500
10,800
100
15
55%
53%
36%
38%
1,100
84
13
11
100
4,400
Jan
193g May
80%
13%
147
90
100
42%
'24* "
Jan
Dec
29% Jan 28
General
41
28
47
Jan
2,500
"24
9% May
13% Dec
Jan
3
"966
Jan
Apr
Jan
Apr
21%
11% Jan
Do
59«s
85%
23
3
24%
Dec
79
Jan
24%
100
Dec
25
Jan
85
Dec
16%
100
54
9,200
81%
54
Jan
Apr
Apr
No par
Corp
Rubber
80
38%
278%
21% Apr21
2584 May 6
69% May 2
96
May 7
82% Apr29
5% Mar
100
37%
43%
Dec
9
'
76% Jan
100
13% 130,400
Dec
70
90
5
100
"
24%
Jan
Apr
Apr
33% Feb 25
3!
26|
General Cigar, Inc
Debenture pref
*12%
*17
73
General Asphalt
Do
pref
200
13
20
pref
25% Marll
1,300
26
■
*72
32
Do
Fisher Body
Flak
No par
1% Mar 17
40% Jan
3
4234
20"
74
72%
18%
Jan
13
82%
13%
38%
32
48
42
20%
y
14%
"
Jan
*24
20%
553.
61
87
100
*103% 103%
38%
Do
pref
100
Famous Players Lasky No par
Do preferred (8%)
100
Federal Mining A SmeltinglOO
25%
43
15%
*73
Jan
14
44%
24%
*12%
57
.....
52
300
13%
15%
55%
.
15%
56%
50
300
43%
94
•
Dec n605
137
24%
107
Jan
137
24
Dec
17
60
*80
97
10% Jan
200
14
41
36%
9%
47%
96%
*9
*463,.
24
104% Jan 17
43% Apr29
107% Jan 11
10284
14%
105%
20%
60
3834
5
Dec
10
16%
1%
69%
373i
85
*23%
13%
25%
13%
39
Jan
3% Dec
61
10
100
3812
100
97% June
50
9
68%
24"
*80
.»•
-
12%
$
39%
76% Mar26
Dome Mines, Ltd...
Elk Horn Coal Corp.
13,400
12%
5
En dlcott-Johnson
16%
13%
7
15
14
500
1234
6
Jan
Feb
Jan
Jan
93% Mar
46% Apr
98
Apr
Cuban-American Sugar...
17,200
200
85
45%
*61
13%
68
23%
w
12%
45%
585s
*9
12%
Jan
5
1
65
Dec
17
77%
79
25
47-%
95%
13%
70%
Dec
Feb
7,400
"
62
Jan
20,900
90
Dec
29
68% Feb 28
12,000
16%
16%
2,050
1,200
1%
73
251,400
137
16
Jan
98
Apr 4
71%
66
26
90
137
9C% May 12
21% Jan
7
17% Mar 12
91
27%
*83i,i
Aug
Aug
89%
3
16
60
80
61% Dec
70
Dec
Apr 14,
90
59
60
136% 13734
69
25
15
60
Jan
Aprl9i
Apr22|
95
72%
109% 109%
56
18%
16%
69%
Dec
83%Jan
16%
17
34
57%
200
*88
95
16%
Jan
67
100
15%
*88
92%
No par
67%
*7%
Jan
Dec
Cuba Cane Sugar
Do
pref
1,900
20%
*85
100
65%
62%
3
20
*26
pref
Dec
42% May 9
69% Jan 11
49% May 13
90
May
9
62% Feb 10
5
50
8
Jan
"64%
271
Do
77% Jan
29
16,000
2034
89%
27%
Do
pref
100
Contint'l Candy Corp.No par
Corn Products Refining...100
6%
Jan
Cosden A Co
75%
"~734 "7%
'
Jan
Jan
Jan
Jan
12% Jan
Crucible Steel of Amerloa.100
Do
pref
100
100
79%
...100
Consolidated Gas (NY)... 100
Consolidated Textile. .No par
Continental Can, Inc.....100
200
62
23%
pref
75,900
85
19%
61
Do
67,800
1,400
£—
38%
Apr
Mar26
70
18%
-
Mar 18
1,300
61
~
44%
5,000
62
„
Dec
63
34
40
20%
23%
32% May 6
56% Marl 5
5% Marl8
41
61%
40%
40%
40
20%
39%
111%
21%
Dec
3934
83
70%
Jan
Jan
164% Mar
18
40
62
^
108%
61%
22
40
*39
22
79
Jan
Feb 24
19
7% Nov
Jan
19*4 June
26% Marll
No par
41
""1% "Y%
12%
208s
104*4
41%
391
74
73%
74%
7434
105
104% 104%) *103
33%
35%
34% 37%
1834
Jan
Dec
39%
1934
24%
75%
16%
3934
51
*85
Nov
JaB
12% Feb 10
39%
19%
81
60
Jan
46
27% May 11
31% Apr29
73y
50
69
11
24% Dec
59% Dec
Jan
85%
9
*35%
19%
50
-.i
70% Jan
30% Dec
80% Dec
129
19% Mar30
6
7%
54
19%
55
.i..
Apr30
60
89%
7%
88%
19%
•'«.
Mar
86
35%
♦67%
137% 138
12%
13%
9
12
32% Jan 20
3
5934
89
19
Apr 13
MarlO
Jan
Jan
7%
35%
40
26%
Dec
96
8
39
86
Dec
1014 Apr27
43% Jan 19
35
40%
84
4
6%
Apr 7
58% Mar 19
23
25
Cola
Nov
60
4134
*79
5'1 Feb 21
Chicago Pneumatlo Tool..100
Copper
63
May 13
7% Jan
8
4% Mar 12
64
Chile Copper
9% Dec
65% Dec
15% Nov
79
4
Cerro de Pasco Cop
No par
Chandler Motor Car..No par
Dec
3% Dec
49% May 14
Aprl3
Jan
5
3i%
68%
100
5,600
88
-
pref
12%
3934
'
Do
26%
18%
1734
24
10
12%
89
_
Zlno-Lead
Case (J I) Plow WkS-_.No par
Central Leather
100
26%
28%
27
i.i-
Callahan
12%
26%
*83
•
6,200
pref
29%
27
*23
Jan
2,800
31,900
12%
L'.'
41%
29%
28%
29
42%
*89
40-%
Dec
25%
8%
78
_
8
49%
2334
-
Jan
15% May 2
19% Aprl9
64% Feb 17
12%
66
■
26
10
27%
23
"V-'_
Dec
2934
65%
13%
11%
10
26%
2434
12%
8
19
29%
5934
1834
13734 138
Jan
Jan
4% Marll
4834
32,200
Jan
6
12%
26
30%
70
-vr
76
Jan
15
96»4
20
11%
25%
29%
62
•
91% Jan 21
114
Dec
Dec
3
21,400
67%
116%
8
Jan
14% Jan
5
91,500
1,800
17,900
24%
*115
81%Jan
Aug
Dec
Apr
9683 May
102% Jan
102% Feb
100
72%
65%
1%
100
2%
Jan
Apr
Apr
Jan
62%
67%
753.4
82
29%
67
17%
May 6
68
24%
17%
95
62
2434
*88
8
71%
2034
'■
Jan
1
7%
99%
4
63%
32%
534 Jan 27
90
88
62
12%
3
99% Jan
11% Mar
5%
48% Dec
May 6
93% Jan 11
107% Jan 16
3
41
Dec
Feb 21
89
10% Jan
5%
7%
38%
Dec
Dec
47
65
Aprl2
Apr21
78
92
62% May 6
100
12
81%
53%
11
102% Jan 25
Marl5
50% Jan 22
No par
69%
30
*85
Ji."
148%
102%
29
36
----
94% Jan
75%
19%
96
June
64
2534
19
24%
96
82
32
1%
1%
"1% "T%
74%
75%
73%
7434
*103% 105
*103% 105
3534
35
37%
36
18%
Dec
71%
88%
21%
60%
57%
6234
29%
*67%
86
May
77
31%
40
85
Jan
24
Butte A Superior Mining..
"80
84
75
Dec
Caddo Central Oil A Ref--100
9
176%
Dec
8
5,100
5%
Jan
Aug
21
6
2,300
39%
20%
Jan
Jan
17%
60
5%
Dec
70
61
14%
38%
6%
71% Dec
Butte Copper A Kino v t o.
Do
3
42
8% pref. 100
Butterlck
700
Jan
Jan
Jan
7
64%
54
*85%
2034
60%
24%
conv
Booth Fisheries
Burn^ Bros
3,800
125
3
Apr22
17%
59%
48%
78
78
200
5%
Deo
Jan
Jan
Apr
Jan
12
Mar 17
9%
100
Brooklyn Edison, Inc
400
*7
9
3934
5
Dec
84
Jan
Jan
73%
39%
19%
5%
*7
38%
5%
Dec
38
Jan
Jan
76
64%
7%
40%
70
8%
89%
*67%
8%
5%
8
3834
5%
cum
18
49% Dec
14
28% Dec
684 Deo
25% Dec
44% Jan
13% Jau
30%
25%
35
"37% 39"
*6%
37%
76%
900
pref
Do
1,200
Dec
9
82% Mar 12
98
Jan
June
30
Jan
May 3
Apr25
107% Mar23
97
'
*94
Jan
9784
210
29
Do
pref
100
Bethlehem Steel Corp
100
Do Class B common... 100
5%
104
*5
98
100% Mar
283
85% May
100% Dec
55% Dec
88% Deo
30% Mar 17
30%
80
65
76 %
64%
1134
25%
29%
*32%
5938
67%
25%
.29%
7
5%
*93
14%
5%
38%
77*2
77%
29%
30%
8038
*65
5%
7
38
78
*5
97
Dec
Apr
118% Jan
106% Mar
105
Apr
100
100
45,600
79
92% May
10418 Dec
Jan
100
pref
Baldwin Locomotive Wks.100
700
Deo
93%
142%
165%
105%
618s
21%
59%
66%
67%
74%
75%
Apr20
41,600
62
104"
5
7734
36%
Do
Do
5%
17%
14%
17%
"14%
_
At Gulf <fc W I SS Line
500
58
*95
90
5
5%
P
-
61
•
74,000
33
90%
58
a
104%
5%
97
*88
14%
17%
.
42%
65
Jan
Mar
59%
5
101
79% Dec
82% Dec
97% Dec
Jan
50
65
6
Jan
24
Nov
Mar
100%
43% May 11
35% May 6
26
45
"§8%
31
33
3
65% Jan
Fruit
Jan
May 6
Mar 12
100
Atlantic
Mar29
Mar LI
100
Associated OH
Feb 17
May 7
8
33% Jan
preferred
900
1
26
25
preferred
7,700
19
82% May 5
97% May 6
39% Jan 20
934 Jan
8
21
1st
100% 100%
97
Feb
29% Mar 18
2d
9034
104
pref
Feb 21
93
100
Austin, Nichols & Co.-No par
Do
pref
100
89%
4%
pref
57
Do
64
64%
164"
100
Do
33%
*93
125
65
33%
97
3
35
35
IO434
5%
5%
4
Jan
Anaconda Copper Mining. 50
Associated Dry Goods
100
-p..v.
*93
Jan
65
^
*104"
87
Maaa
7
Mar
110
3
*58
700
M-'r
Jan
88
112% Mar 12
Amer Writing Paper pref..100
Aruer Zluc Lead <fc Smelt...25
Do
20
107% Jan 27
*61
35
62%
4212
Do
11
91
70
40%
"ei"
500
64% Deo
100
Amer Woolen of
600
800
984
72
96
65
42%
6438
37,300
83
Dec
31% Jan
May 13
May 12
short
per
Deo
29%
20
Class B___ 100
(new)
Highest
61
Jan
10
95% Jan
I
S Per share %
83
Jan
55
80
Lowest
share
71% May 12
4434 May 2
Apr20
*63
40%
62
common
98
100
Per
91%
108%
127%
.94
Amer Telephone «k Teleg_.100
Amer Tobacco
100
Do
Jan
86%
100
5,800
41%
6%
42%
89%
100
pref
11
*60
@—
91%
pref
Do
pref
35%
85
Amer Sumatra Tobacco... 100
Do
35%
100
Jan
*32
38
63%
*97
Do
ctfa—
Sugar Refining. 100
600
78
S
SHARE
Year 1920
Highest
share
33%
4334
*61
76%
100
Pref tem
American
51,900
17,800
90%
121% 122
Refining. 100
pref
Am Steel Fdry tern ctfa.33 1-3
200
903S
per
34% Mar3l
68% Mar31
28% Apr 15
Do
88,300
85
f
Amer Smelting dc
1,200
61%
105% 105%
122% 123%
4234
103%
8%
90%
55
Par
63
600
4134
33%
35
70
4234
*34i2
101% 101%
*80
934
2934
3434
f
;
1,700
(Con.)
Am Smelt Seour pref ser A. 100
200
984
29
—
30%
77%
97%
34%
97%
42
7
30%
87%
122%
33%
934
*64
1,300
80
75%
97%
*60
20,300
7734
30%
121
34%
41%
34%
433g
121% 123%
90%
903s
90%
97%
34%
423g
x77%
105% 106
1273s
90*2
72
80%
80
107% 108%
126
*71%
90% 91%
101-2 101%
61% 63
71%
Lowest
Indus. & Mlscell.
42%
e
PER
Range for Previous
EXCHANGE
71%
39*2
89%
the
SHARE
Range since Jan. 1.
On basis of 100-sftar« lot
YORK STOCK
NEW
Week.
$ per share
71%
102
71*2
Friday
May 13.
71
*79
31
,
92%
*83
STOCKS
Sales
May 12.
May 11.
7734
31
Thursday
5 per share i S per share
42
3078
PER
SHARE, NOT PER CENT.
for
Monday
% ver share
*69
SALE PRICE—PER
2663
2
second preceding page.
see
a
8% Jan
40
3
Aprl2
138% Jan 22
97% Jan
15
3
Ian
3
Par value 1100.
•
Jan
25
22% May 11
7% Sept
Dec
7% July
45%
Jan
Jan
30
Jan
21%
17% May 2
58%Jan 11
45
Dec
91%
55% Mayl2
35
Aug
15%
Dec
67%
38%
293t
163%
Apr30
Apr23
105% Feb
8
21% Mar28
Old stock,
s
127% Nov
95
Dec
14%
Dec
Ex-Olvldend.
207
109%
36
Jan
Jan
Jan
Oct
Jan
Jan
Jan
Apr
Stock Record—Concluded—Page 3
New York
2064
third preceedlng page.
of stocks usually Inactive, see
during the week
For •ales
HIGH AND LOW SALE
May
7.
May
j $
$ per share
$ per share
113/
1134
III4
*36
3834* *36
39
*100
115 ,*102
115
150% 1 5078
1 4978 151
1023
*99
102-V *99
*30
115
*102
115
*151
155
155
155
155
*101
10234 *101
80
74
74
*70
75
70
70
88
*87
90
*88
90
89*2
89%
153% 15514
28%
*53%
233s
23%
23%
1434
29i2
14%
29%
1434;
13%
2934'
28%
56 j *53%
14%
13%
*53%
*31
33 2
*32
34
*76
79
*76
79%
94
*92
81
61.3'
*92
*78
80
106
*104
78%
*104
2
94
12%
12%'
77
77%
8%;
1
t*102
106
1284
77
31
54
54
*53
55%
*53
59%
*58%
*34%
60
36
*59%
12%
76%
59%
~10
"16"
15%
49%
17%
54
38%
72%
15%
49%
15%
5334
38%
71%
2034
15
*77
108
*100
34
34
11
10
26%
*9
10
143/
14%
14%
48'
48
493/
49%
48%
49%
17
17*2
16%
17%
338
2034
14
26%
13%
3%
2634
*4%
3%
26%
48
48
3%
"§7%
69%
163s
16%
16
16%
52
52%
53%
40%
70
63%
39%
383g
40%
39%
69%
70%,
63%;
70
71
1034
11%!
67%
61%
10%
49%
62%
63
63%
10%
473'
11%
49%
323/
29%
3234
28
283g
27<2
36%
78
10%
30-%
71%
333g
75%
31%
29
33%
7534
"i034 "l0%
10%
10%
10%
*62%
*86
87
*86
87
*15%
88%
16%
89%
16
16
"67"
67"
*62
87
....
88%
88%
88%
41%
35%
4034
34%
41
34%
2,100
Ye"
88
68
68
800
102% 103
2,700
1,700
100
100
105
100
30
62
27%
28%
27
28%
58%
60%
59
61
8,300
6,400
4,700
52,300
*90
92
90
90
90
90
600
19
19
18
18
18
18
60C
67
6834
64%
67
65
66%
35,300
12%
1434
14%
15
14%
14%
14
14%
35%
37%
3834
36
37%
35
36%
32
32%
65%
303/
31%
30%
63%
65
95
20%
6834
12%
3%
62
30%
63%
93%
27%
59%
*93%
20%
67%
683s
69%
3%
♦15%
3%
16
6
6
84
5%
82%
17%
6834
3%
3%
17%
*16%
5%
6
84
18%
48%
18%
48%
67%
17
*16
84%
17%
12%
3%
49
825S
17%
2734
28
27«4
283S
47%
27%
43
43%
43
43
42
*70
88
73
73
*70
147
147
*145
108
108
48
78%
78%
3034
31
30
31
43
43
39%
41%
86%
88%
83
86%
42
9
82%
1738
473/
27%
42
83%
18
48
28
42
81
83
17%
46%
27
41
2%
5%
18 I
4734'
*70
*70
82
;
3
3%
2,400
*17
17%
200
5%
8334
2,600
81
1734
47%
17%
47%
47%
27%
26%
27-%
41%
41
41
41%
29%
54%
*81%
11%
*41
"22%
9%
4138
3038
55
90
12
4334
108% 109%
37%
39%
38
39%
*803/
83%
80
83
36%
76%
38%
79%
37
7734
38%
8134 299,000
9341
*90
97
9
8
22%
"*8% "9"
7%
8%
9%
40%
41%
29%
54%
28%
10
40%
28%
53%
51%
*81%
U-%
5334
*41
43%
90
97
5834
"22%
90
31%
58
....
...J
7134
"55%
172*2
58%
7634 77%
10158 1015s
33%
85%
109
33%
85%
109%
"21%
70
23
7134
99%
*98
56
57% j
56%
74%
7634>
73%' 75
33%
8484
34
385S
35%
29
29%
8538
853s
85'2
55%
4858
4134
16
165s
28%
11%
38
29%
87
87
*86
48%
40%
7%
734
"43"
43
116
"§9%
58%
"48"
8438
109
54%
*10%
35%
28%
40%
16%
41%
10%
934
38
42%
42%
12
11%
"22% 2~4%
23
31
71%
24
25
30%
3038
109% 110
58%
60%
*30
60
17%
31%
109% HOj
59%
18%
61%
18%
114% 115
600
3,600
92,500
500
100
"~6% "6%
"*6"
21%
22%
*95
56
5634
72%
74
7334
753s
*101% 101% *10034 102
34
34%
33»2
34
101
"57"
57%
U S Industrial
U 6 Express
8334
85%
109%
5534
11
36%
29
8534
8 434
109% 109%
55%
57%
5534
56%
*10%
10%
11
11
34%
36%
34%
28%
29%
33%
28%
*85
""7% "
87
Alcohol
*85
28%
87%
58%
22",250
74%
51,400
United States Rubber
800
84% 109,500
82%
3,300
108% 10834
18,000
56%
55%
2,000
10%
10%
35% 27,600
34%
3,800
2834 29%
87
87
834
9%
500
100
"8% "
8%
""8% "¥%
62
66%
Do
1st
pref
U S Smelting
Ref & M
pref
—
United States Steel
65
64
64
90
90
89%
8 934
17,900
1,064
94
48%
40%
40%
48%
40%
15%
15%
15%
8%
48%
40%
16%
48
48%
3934
40%
48%
40%
13
15
14
41
41
41
41
41
114
114
*106
*106
106
52
53
51%
51%t
*76
*78
80
78
78
*63
65
*62%
65
*63
5134
48%
...
Corp..100
Copper
100
Utah Securities v t c
No par
Vanadium Corp
Virginia-Carolina
Do
100
100
50
100
10
pref
Chem—.100
100
100
Virginia Iron C A C
No par
V VIvaudou
Wells
Fargo
..100
Telegraph.100
Exp-ess
Western Union
Westlnghouse Air
40%
3,300
4,900
14%
14,900
Westinghouse
Brake—50
Elec & Mfg--50
50
White Motor
Corporation-No par
Steel
5
Willys-Overland (The)
25
White Oil
Wickwire Spencer
8%
35,300
38
39%
3,100
4034
41%
900
Wilson & Co, Inc, v
*114% 116%
600
100
Do
pref
100
Worthington PAMvt C..100
Do pref A
100
8%
*106
5134
50%
51
*50%
54"
2,200
I
*78
80
78
78
78
78
400
6334'
*63
64
63
63
*63
64
100
salts on this flax.
8-%
36%
8%
37%
*113% 116
42
114
Bid and asxea prices: do
8%
36%
8%
36%
9%
3634
114
Utah
100
-50
pref
900
100
36
Do
100
90
I Less than 100 shares.
Marl2
tiEx-rlghta
Do
pref
(new)—L
Woolworth (F
Do
Dec
9
Deo
108%
23%
Jan
72
Dec
98
Jan
61%
Feb
83
Dec
72% Sept
91% Jan
12
Deo
100
t c.No par
W)
pref B
• Ex-dlv. and rljhts.
Jan
3
19
100
Jan
Deo
11334
Apr|
Dec
104%
Feb
62
Dec
68
Jan
95%
Mar23
27%
72
24
Deo
124
Mar
120
Apr
40
Dec
29%
Dec
50%
73
11
Dec
106%
Jan
Apr
Nov
107
92% May
22%
Jan
24%
Dec
94
Jan
12
73%Jan 13
96% Mar 2
30
Dec
93% July
65%
Dec
124%
Jan
84
Dec
108%
Jan
25
16%
Dec
65%
Jan
69% May 5
49%
Dec
10
Dec
24%Jan
Jan
13
12
2%
23%Jan
11
123% May
17% Apr
25% June
83% Apr
Dec
9
5% Feb 16
23g A pr 27
11%Jan
3
Nov
10
May 11
15
39%Jan
11% MarlO
Dec
Dec
Dec
65% Mar28
98% Jan
2%
85%
14%
6%
3
Apr30
3
17
Jan
21%
Oct
2% Jan
Jan
90%
Jan 24
Jan
44% July
38% May 11
Marl7
243
Apr
23% Nov
12% Marll
20%Jan
38% Mar 2
49
19% Marll
38
Apr 14
2838 May 6
20
Dec
48%
11
43
Dec
82%
Jan
9
Marl6
73% Feb 28
75
Dec
94%
Apr
56
May
105% Jan
Jan
Jan
20
110
3
82
Feb
7
4
,37
Jan
27% Marll
46
43% Jan
Jan
83
24
24%
Apr 30
22%
93% Apr 29
97
May 4
103s Jan
7
13% Jan 11
3
5
37%
'76
Jan
36% Marll
7
Mar 12
48
Marl2
45
21
Marll
45
79
Oct
11%
Dec
Feb
6%
c57% Jan
53% July
22
46
Dec
Mar29
91
13
80
Dec
Apr
1
3
3
5% Marl 4
17% Apr21
64% Mar28
92% Jan
3
41% Marll
62% Jan
3
z9934 Apr 15
26
Apr
1
40% Apr 28
7734 Mar 14
107
Jan
3
45% Mar31
8% Feb 25
Marl7
May
Jan
Apr 25
66%
2
2
42% Jan
35% Jan
12
3
3
Mar 12
11
5% Jan
3
14% Apr
30
38
3
Marl2
Jan
108% Feb 24
106% Apr 12
43
Jan
3
71
61
Jan
Jan
7
8
Jan
Jan
Apr
19
Jan
53
27%Jan
Jan
Oct
96%
Jan
25%
Apr
78%
15
Apr
37%
53
Jan
55%
38
Jan
Jan
74% May 3
102
Mar 8
661
116%
90
103%
Jan
58% MaylO
35'
69%
Apr
143%
Jan
116%
Jan
76
Jan
7934 Apr 30
103% Jan
1
53
35%Jan 27
44% Jan
47% Mar
3
109
Jan
27
115%
Jan
19
12% Marl7
80%
86% May 6
112
Jan
59% Jan
41
Jan
25
47
112%
55% May 5
81
Feb 11
65% Mar 4
e Reduoed to
June
76
Mar
92%
119
55%
40
Oct
Jan
Jan
69% Mar
Oct
J
51
26
25%
7
32% Sept
j
32
Jan
j
93
Jan
3
19
7
117% Apr 11
111
Feb
2
Jan
21
Apr
Jan
Apr
120% Sept
76
9% Mayl 1
72
Jan 20
12
96%Jan 14
49% Mar 29
44
May 2
17% Jan
8
18%Jan 11
10% May 4
42
May 3
Apr
80%
11
Oct
97
11
102*4 Jan 18
Jan
Jan
14
42% Jan
94
91
Jan
224%
176
13
3
Aprl2
Jan
Jan
38
Jan
7
95
84
127
61% Mayl3
19
May 6
50
Mar24
3
5% Marll
49% Jan
4
84
95%
106
38%
13
11% Jan
253g May
Jan
A4% Apr 25
75
Jan 13
25
May 13
34
Jan
4.
207
Jan
7
39% Jan
83
13% Mar
Dec
40
97% Mar 15
« Ei-dlv.
Jan
20% Sept
60
Apr
10
Jan
Apr
14
21
57%Jan 20
6% Marl2
26
126%
41
13
10% Apr 26
36% Mar 4
68
Jan
3
48
118%
101%
Mar22
.
51% Mar
Apr
Dec
Dec
Dec
Dec
8%
36%Jan
38
Jan
<212% Mar
113% Mar
100% June
91% June
77
Dec
13
Mar 7
77
26% Apr
Jan
90%
9
May
167%Jan
27% Mar 4
100
ImprovementlOO
pref..
U S Realty &
87
90
48
83%
8334
108% 109%
Apr21
par
Products Corp.. 100
Do
1,000
59
8
7
90% MaylO
109
Mar 3
par
100
—-100
pref
U S Food
101
Jan
Mar28
51%Jan
17% Marl4
Stores._-No par
S Cast I Pipe & Fdy
100
100
73%
100
100
Fruit
18,300
100
par
United Retail
10,100
56
22%
70%
82%
69
£5734 Apr 22
89%Jan
6
14% Marll
56% Feb
7
100
pref
2134
69
67%
*97
09%
99%
6834
Boat
St.No
Union Bag & Paper Corp..
Union Oil
No
United Alloy Steel
No
Do
Dec
96
5
11
100
i.i..;
" 6%
21%
67
22%
pref
Transue & Williams
U
Jan
15
8
3634 May 6
23
Transcontinental Oil..No par
Unted
Oct
42%
104
7% Feb 24
40,800
45
Deo
Dec
16% May 6
Superior Oil
....-No par
100 Superior Steel Corp'n
100
3,100 Tenn Copp & C tr ctfs.No par
25
36,300' Texas Company (The)
35,100 Texas Pacific Coal & Oil—10
37,400 Tobacco Products Corp—100
900
Aug
30%
26%
78
7% Apr 15
100
Apr
27
11%Jan
No par
34",800
Apr
36%
88
8
Jan
135
Do
Apr
11134
110% Jan 21
25
Submarine
90
16%
834
10
40%
29%
57%
7l"
71
87
853/
"94"
48%
934
39%
28%
55%
*88%
8
116%
Dec
42% May 2
25% Marll
100
pref non voting
Do
Dec
Dec
6%
31%Jan
3
98
pref—100
Stewart Warn Sp Corp.No par
Stromberg-Carburet...No par
Studebaker Corp (The) —100
100
69%
64%
17
Jan
39% Apr 14
Marll
Steel & Tube of Am
1,600
1,700
9
8%
7%
41
56%
53%
80
53
41
10934110%
89%
*108
*106
43%
-
Do
Deo
Apr 18
preferred—....—100
Do
66%
16%
*114
11%
223g
90
11%
36%
"9% "lo"
12
5638
90
12 •
99%
I
108% 109%'
38%
895s
09%
101% 10134 *101% 102
54%
66
90
29%
5234
*82%
30%
2234
70%
22%
5538
11
655s
28%
54'%
90
49""
5434
10%
""734 "734
303g
17%
6%
,23%
9%
934
40%
IS
*98%
*534
♦40
22%
31%
"49"
23
11%
12%
109% 110%
55%
5734
1093/ 110
56
*81%
I
83.i
40
71
71
22%
32
18
57%
934
40'%
29
43%
31%
iii% i"iY%
934
40r%
12%
70%
22%
2,200
8,600
2934
93.
*42
300
Jan
41%
88% Jan
82
Jan
61%
Dec
64% May
73
Standard Oil of N J
2,100
2934
7%
12
~Y,706
151
150
108% 108%
*78
78%
78
78
52% Mayl3
35%Jan 11
31
Sloss-Sheffield Steel & Iron 100
Jan
Dec
35
82% Jan
Sinclair Cons OH Corp.No par
Jan
65
10*4
41% May
1
69
Apr
1
56% Marll
Company
41%
Dec
May
17
934 Apr
pref
Do
108% 10834
78
100
J...100
100
Punta Alegre Sugar
50
Pure Oil (The) *.
.25
Railway Steel Spring
100
Do
pref
100
Ray Consolidated Copper. .10
Remington Typewriter vtc 100
Replogle Steel
No par
Republic Iron & Steel
100
Do
pref
100
Republic Motor Truck.No par
Royal Dutch Co (N Y Bhares).
St Joseph Lead
10
San Cecilia Sugar v t c.No par
Savage Arms Corp
100
Saxon Motor Car Corp.No par,
Sears, Roebuck «fc Co..—100
Seneca Copper, j
No par
Shell Transp & Trading—£2
Do
88
29%,
8%!
*82%
*70
85
Pressed Steel Car
1,700
29%
834
53
17%
8,500
21,800
5,600
74,300
30
*90
*8%
40%
28%
5%
5%
15034 151
150
150
3
18
42
934
*
*17
29
8%
*8%
17%
30
30
95%
9 I
95%
125«
3%
5%j
28%'
42%
82
300
2%
17%
83%
148
149
108% 108%
78
78
15934
108% 108%
78%
*78
8,300
91
14%
95
9,900
41%
3434
41%
34%
*89
35
20%
98
Pond Creek Coal
88
1434
35%
20%
Pullman
Do
pref
Pittsburgh Coal of Pa
Do
pref
200
14%
35%
*91
Public Serv Corp of N
Corporation
28*4 Sept
Dec
*42%
2%
7
4
79% Feb 17
71% Jan 12
12% Marl5
81% Jan
5
88
Apr 15
54
Jan 15
23%
2,300
1434
3634
93
10
100
Phillips Petroleum
No par
Plerce-Arrow M Car ...No par
10%
Nov
12
54%Jan 11
19«4 Jan
8
Jan
31%
pref
Dec
23
7
Jan
4
Oct
5*4 Mar
30% Apr 29
16
Jan 11
68
Philadelphia Co (Pittsb)...50
6,300
14%
3534
64%
Apr
100
25
100
100
100
3,300
62%
*99
22%
8%
*14%
100
100
Dec
33%
200
90%
9
x58%
Penn-Seaboard St'l vtc No par
500
3434
Jan
8
2:6424
50
People's G L & C (Chic)..100
Do
Jan
12%Jan
1934
50
B
Class
Pierce Oil
Jan
61
54
20,200
2,300
48%
Dec
27%
Pan-Am Pet & Trans
86,800
Dec
41%Jan
7,000
9,000
72
Jan
77%
11% Marl 4
Oil
Pacific
52,100
32%
28%
33%
Jan
117%
Dec
19
Marl2
Marl5
Marl5
Marll
Jan
3
Apr 14
Mar 1
Jan
3
99,600
1034
5234
17%
Dec
46% Jan
100
Pacific Gas «fc Electric
Do
Nov
26
Pacific
Development
8
66
May
Mar29
6,300
800
4
Dec
39
12% May 2
43% Apr
7
1..25
Jan
110
100
61% Mar 2
8% Mar 8
par
Jan
5
15%
53%
40%
~62"
67%
Apr
7
54% Feb
31
Jan
1,100
10%
103%
4134
43
90%
103
66%
1023/
35
41%
*34
91
66
103
Jan
93%
61%
Owens Bottle
92
103
102%
Dec
3
72
88%
16
88%
8834
Nov
May 7
81
7
31%
6134
86%
16
86%
103% 103%
4434
35%
43%
35%
86%
86%
*14%
88
63%
9
Mar
95
May
3% Jan
72
61%
66
10234 103%
♦102% 102%
43
43%
72
62%
*15
92
66%
71%
62
"
64
6334
6334
10%
71
72%
72%
"l6% "l"0%
89%
16%
24% Apr
32%
27%
32%
72
10%
3034
7134
Nov
48
1
10%
28
45
Feb 14
65
Jan
35%
Otis
50%
27
32%
28%
32%
323s
Apr
55% May 12
Orpbeum Circuit, Inc
69%
6134
32%
13
34% Mayl3
Oklahoma Prod & Ret of Am.5
61
1034
Dec
9
1,900
67
51%
3234
Jan
2
Jan 28
44
3,500
39%
38%
102%
20% Feb
4,300
53%
38%
71
64
11%
76% Apr 30
5
Jan 10
Dec
13% May 11
Feb 19
14
48%
1534
52
Jan
59%
70-% Mayl3
No par
No
Jan
116
80
100
Steel
125
Dec
89
Apr
3%
26%
3%
1334
Dec
25%
100
Nunnally Co (The)
96
103% July
Jan
18
100% Jan
9
Mar31
100
5
Nova Scotia Steel & Coal.. 100
200
*9
Dec
Mar
35%Jan
108
1
-..100
100
preferred
North American Co
2,200
11
10
1
Do
25%
40
Jan
26
55% Jan
100
New York Air Brake
Mar
Jan
5
4
13
5
13
3
8
69%Jan
New York Dock...
40
12%
4
Jan
30
120
25% Jan
90% Apr
200
Dec
93
120% Apr 25
3
49% Jan
7,300
400
3
100
2,900
Jan
May
100
pref
Jan
5234
69%
100%
28% Dec
47% Dec
11
Mar 26
2
25
Jan
7134
56%Jan
§96
Dec
Aug
10
1
33% Jan
8
8
Jan
«fe Cable.No par
Nevada Consol Copper
14%
15% Apr 25
100
pref
National Lead
Do
"4",800
34%
*34%
47
27
3%
70%
32%
*55%
60%
"Y.ioo
1234
72%
34%
58%
61%
3
Nat Enara'g & Stamp'g...l00
104
12%
12%
74
3234
5534
6134
34%
12%
106
pref
Nat Conduit
"
Jan
102
Do
79
36
32%
*100
80
60
3%
94
100
National Cloak & Suit
2,000
59%
58
*92
Jan
26
Jan
107
Apr 26
Mar20
..100
pref
Do
""700
*77
*9
Do
79'2
94
*59%
47%
*89"
*75
1%
59
60
47%
66
79%
55%
48%
32%
30
38%
*16%
33%
72%
3134
5534
59%
34%
4834
32%
*86
*31
58%
75%
47%
6334
31%
*92
13%
10%
37%
100
1%
27
62%
29%
112
55%
75%
"11% Yl"%
47%
31%
Biscuit
*73
11
3%
27
Acme
National
100
31%
3%
27
15%
*10
3%
33s
27
National
100
105
20% Feb 24
Jan
4
50
800
113%
222
88
24
14% Feb
Mont Wd&CoIlls Corp .No par
117
*21
148
Jan
51%Apr
§96
100
*111
13
11
91
11% Mar 12
100
Power
pref
*113
21%
*100
12%
2,200
22%
22%
21%
21%
Do
'
Jan
64% Mar
151% Apr
137% Apr
167% Jan
Mar 11
88
631
Jan
6934
65
4
1353a Apr
25% Apr
Montana
Dec
110%
93% Apr 18
101%Apr
7
Marl8
Mid vale Steel & Ordnance. .50
9934
56
Jan
57% Feb
64% Apr28
65% Jan
4
1534 Jan
Middle States Oil Corp
2
89% Feb 14
Jan
Dec
Marl 1
_____5
10
Miami Copper
66
Jan
18334
24
59% Jan
95
115%
97
68
Jan
70
Dec
25
100
164% Feb 28
107
Feb
3
Jan
56
31
Marll
Jan
100
Feb
100
.100
pref
117
21%
*54
36
14%
*93
9934
----
1234:
76%
12%
76%
30%
5,200
33,100
9,400
*50
---
21%
79%
1%
50
94
79
*76
1%;
1%
61% '£59%
94
*92
80
79
i?4
62%
28%
34
79
*134
62%
28
*111
*31
34
*92
28%
*112
112
*75
63%
23%
*93
113
*111
*32
"63*2
23%
13%
*53%
Do
136
100
Petroleum
Mexican
100
23%
14
21%
21%
235.200J
145% 149%
88
2184"l
2134
113
112
112
1
112
*111
9834
22
22
115
*112
600
13%
98*4
*93
22%" 21%
,*113
11
22%
23%
118
56
*93
22% i
22
22
223/
2234
*22
*110
29
98%
*93
600
28%
....
23%!
291s
73
89%
"23%
23%
14%
2884
23%
14 «2
73
89
88
~23%
"23"
56
72
147% 151%
15334
150
1493s 152%
153%
"""206
*95
*95
....
149
May
"Y/joo
89%
71
*88
Jan
99
preferred
Lorlllard (P)
Do
pref
Mackay Companies
200
50
I
58
31
100
100
100
100
Do
pref
100
Manati Sugar
100
May Department Storea.-lOO
Do
pref....
100
2d
Do
Highest
$ per share % per share
9% Nov
28
Jan
share
12%Jan 10
per
42
Loose-Wiles Biscuit tr ctfs.100
100
70
*64
*56
*92*4
10234 *101
9% Mar21
No par
Loft Incorporated
2,100
37
115
155
102.'%
%
per share
$
Par
Indus. & Miscell. (Con.)
Lowest
Highest
Lowest
Shares
share
11%
*102
*65
88
11%
37
*35
65%
65-2
*100
$ per
11%
39
11
39
*102
115
15012 155
*99
1023
6512
65%
Week.
11%
11%
*35
39
*102
the
May 13.
8 per share
% per share
share
1 li2
per
11%
11%
Friday
May 12.
SHARE
Range for Previous
Year 1920
100-share lots
On basis of
NEW YORK STOCK
EXCHANGE
for
Thursday
Wednesday
May 11.
May 10.
9.
PER CENT.
PRICE—PER SHARE, NOT
Tuesday
Monday
Saturday
PER
SHARE
PER
Range since Jan. 1.
STOCKS
Sales
82%
Jan
i
145
Apr
D
116
Jan
355
s
95
Jan
73
c
93%
Jan
e
76
Jan
102
basis ol S26 dm. » Par 1100.
New York Stock Exchange—BOND Record, Friday, Weekly and
Yearly
2065
Jam. 1 1909 the Exchange method of quoting bonds toas changed and prices are now—-"and
interest"—except for income and defaulted bonds.
I?
14
BONDS
It. Y. STOCK EXCHANGE
Week ending May 13
U.
S.
Price
Range
Ask Low
BONDS
Since
N. Y. STOCK EXCHANGE
or
Jan. 1
No.
High
Low
J
D
88.52 Sale 188.50
89.30 1570
88.20 93.50
D
87.68 87.80 87.50
87.72
8
i 85.24 88.50
87,64 Sale
187.46
87.82
D
94.00 99.00 96.00
96.50
937! 85.40 88.60
1
95.00 100.50
87.40 Sale
87 20
87.40
MN
87,40 Sale
87.24
90.74 Sale
90.58
90.76 4504
MN
-
Conv 4 Ji % of 1927 1942
Third Liberty Loan—
of 1828
21
28 consol registered.,..
2s consol coupon
4s registered
4s coupon..
41930
98.02 1169 95.80 98.10
Feb'20
9934 100% 100
9934 100*8 100% June'20
104% 104*2 104
May'21
104% 1043g 1013s May'21
100*8 100*4
98*4 Mar* 19
F
F
102*2 1043s
1938 Q N
99
1961 QM
1961 QM
77%
7Vi2
79U
Apr'20
77*4
77*4
m
79%
77
..1992
84%
19
88*2
89
10
70
68
69
90
-
-
i
20-year
s
f 8s
1941 F
Bergen (Norway) s f 8s
Berne (City of) s f 8s
70% Sale j
99% Sale
do
33
351
578
87
700
9634 100%
93% 98%
963i Sale
95%
100*2
9734
99% Sale
A
99%
100%
Sale
97
1945 M N
1945 M N
97*2 Sale
84
Sale
Bordeaux (City of) 15-yr 68.1934 MN
Canada (Dominion of) g 63__1921 A O
do
do
1926
do
71%
70*2
99%
98
67
9778
99
138
82*2
84
37
97
99% Mar'21
91% Sale
Sale
88
...1931
9934 Sale
92
Sale
2-yr 5Hs gold notes Aug.1921
10-year 554 s
1929
D
D
81
Apr'21
80
9434
95*2
95
May'21
94
95
94
May'21
99%
O
83
Apr'21
99%
....
78
82
92
Sale
92
92*4
10
78% June'20
75
76
~31
~75~ *76 "
86
83*2 Sale
68%
3
85
833S
65
98% 101
98
87%
94
08
99%
40*8
9434
49
600
72
25
77
75%
82%
99
Sale
98
99
7534 Sale
74%
82
81
7534
82%
80
82
79
*
75%
70
71
32
63
98%
100%
71
9834
9934
10034
92
100*2
244
95% 100*2
95% 10034
95% 10034
Sale
Dominican Rep ConsAdmsf 5s'58
81
French Republlo 25-yr ext 8s. 1945
Gt Brit 4 Ireland (U K of)—
100
81*2
Sale
79
81*2
1929
A
90% Sale
554s
pl922
Italy (Kingdom of) Ser A 654s.'25
Japanese Govt—£ loan 4540-1925
A
97% Sale
A
1921 MN
F
conv
Second
series 454a
Sterling loan 4s
J
1931
J
f 8s
s
Extension
4s
Chic A Ind C Ry 1st 6s
stock
Corporate
stock... 1954 M N
1957 M N
89
52~i4
Sale
_.
1995 A
O
el989
58%
61
el989
75*2
13
a2014
74*8 74%
60*2 Sale
74%
60*2
63
37
74%
8434
Gen A ref Ser A 4J*0
Gen ref conv Ser B 5s
25
62
65
174
98%
382
98
170
107
88%
IO434
74
96% 105
94
98%
97%
81%
43
62
94
99
10434
88
General 4s
18
91
General 5s stamped
9034
921,
Sinking fund 6s
Registered
91
91
I
91
94
82
80*2
80*
1
80*2
84
83
84
84
2
Stamped 4s
82
84%
82%
82
81%
84%
83%
Debenture
81*2
90*4
90%
91*4
91
91
93*2
91
7734
73*
90%
73i2
93%
77
72
72
78%
62%
57
55*8
68%
98%
74
52
50
May'21
117
75%
76
77%
5
76%
5234
79%
67%
73
6834
76
A
25
84% Mar'21
8412
85
65%
65*4
65
69
Jan'21
68
68
85%
66%
65
68
"74% Sale'
74%
93%
99%
99
99%
1921
90
90*2
101
71%
71
64%
67%
Feb'21
1934
o
73
72
R I Ark A Louis 1st 44*8.. 1934
84
Bur! C R A
1928 IVI
S
8434
85*4
8434
Rocky Mtn Dlv 1st 4s
1965 J
J
67
C R I F A N W 1st gu 5S..1921
o
Ch Okla A G cons 5s
1952 MN
Trans Con Short L 1st 4s. 1958 J
J
74
1934|A O
1925IJ
O
J
Registered...
*1925 Q
*1948iA
O
Registered.
10-jt conv 45*8
*1948!Q
D
10-yr 6s
19291J
J
Pitts June 1st gold 6s.
1922 J
J
P June A M Dlv 1st g 35*8.1925 M N
P L E A W Va Sys ref
4s..l94ljM N
Southw Dlv 1st gold 35*s__ 1925 J
J
Cent Ohio 1st 0 g 45*s__.1930 M S
CI Lor A W con 1st g 5s.. 1933! A O
Ohio Rimer RR 1st g 5S...1936 J D
General gold 5s
1937 A O
Pitts Clev A Tol 1st g 68..1922 A O
Tol A Ctn dlv 1st ref 4s A..1959 J
J
Buffalo R A P gen g 5s......1937 M S
Consol 45*8
1957,MN
All A West 1st g 48 gu
1998 A O
Clear A Mah 1st gu g 5s...1943'J
Roch A Pitts 1st gold 6a.. 1921
J
jF A
1922 J
A 5s... 1962 A
D
o
O
67
~68%
64
64%
88
88
St Paul AKCSh L lst44*s.'41 F
Chic StPMAO cons 6s
1930 J
A
88
D
99% Sale
75
81
92
93%
91
91
91
75*2
78
r
78%
79
68%
73
1 1001 tv
t
102
94
1
91
I
"
C
51
82% Sale
82%
67% Sale
67*2
68
60*4
71
Sale
8934 Sale
68*2
70*4
89*2
112
~7634 III I
70
65
78%
78%
95
66
87i2
"e"8% "81*2
79*4
57
85
87%
76*4
85
84
Feb'21
95
98*2
9634 Mar'21
54%
55
93
Apr'21
54*8
5434
91%
78%
79%
70%
79*4 May'21
73% Jan'20
83U
85
84
84
9034
55i2
52
-
91
84%
85%
8534 r"_6
1st pref
99%
99%
1,
85%
1934
90
1940'A
...
78
65
-
71
68
75
75%
757,
98%
9S%
54
H(V
N0VI6
88
Nov'20
!
98*4 May'21
...
59
67
75% Mar'21 ...J
82% Sept,'19
'
...
*91 "
74%
{ 74
-
5
Apr'21'
;
Aug.
74
Nov'20
58
59
>
59
1990 Apr
22%
21*4'
22
Sl*2
1929 F
A
81
Sale
81
82
1935M N
75
Sale
75
76*2'
1921jJ
97%
Conn A Pas Rlvs 1st g 4S...1943 A
1st 50-year 5s R..1952 T
July. *Du«
..
—
I
1961! A O
1940, A
Cuba RR
ftDue
69
81
34j 86%
67*8
Peoria A East 1st cons 4s..
*!Tt price Friday:latest trtd and asked. «Due Jan. <Due April. /Due
May. #Doe June.
Apr'21
75
67*4
5s._.dl938iQ
Refund A Ext 44*3-FtW A Den C 1st g 6s
83
1928
72
75
'
84
75%
*1936
|
91%
Apr'211.
68%
,..*1936
1st g 5s
Cleve Short L 1st gu 44*8
Colorado A Sou 1st g 4s
mmmm
99*j May'21
85%
O Ind A W
Income 4s
Dec'20
~9o"% II"
66
C C C A I gen cons g 6a
Ind B A W 1st pref 4s
85
4
1940
cons
66
5
77
Oet'20
Va! Dlv 1st g 4s
Cln S A CI
93
79%
M
6834'
88
88*4
75*4! 74%
63% 66
62%
71%
Jan'20 ._—!
67*2
77
C I St L A C 1st g 48
72%
5
74%
101%
53
Mar'17;
84
83*4
68
101
34
61
77
71
79*4
Apr'20 !
99%
18
81
*6S%
84
64
May'21
Sale
1940
7334
9634
»-•«'
77
g 4a
Registered...
-
81
67
Sale
W W
88
88
m.
69
66*2
8712
74% Sale
«.
68
68
59*2
74*8
a*
65*4
tr g 4s
62*2
"86% "91%
Feb'21
mm
1990 M Ml
lati coll
Spr A Col Dlv 1st
Mar'26
88
J
*w
81
Jan'21
May'18
101
mm
«•>
73
68%
99% 102*8
81%
81%
Apr'21
91% Sale
St L Dlv
86% Mar'21
5934
6434
62%
Nov'16
95
*32"
82
100%
83
~6~4~~ ~68 "
101%
N
1931
.1993
69%
85*a
85%
64%
118
Cln VV A M Dlv 1st g 4s... 1991
93*2
81%
J
69*2
65
69
99%
81%
msmmm
Ref A Impt 6s Series A
1929
Cairo Dlv 1st gold 4s.....1939
72
85
86%
85
20-year deb 44*8
' "7 1%
91
65%
1937 J
4s g_1923 M
General 5s Series B
65
71
15
g.
Day A Mich 1st cons 44*8.1931 J
Clev Cin Ch A St L gen 4S..1993
Jan'l
76% Mar'2l
65% Sale
79
"160
84%
79%
70%
6534
J
Chic A West Ind gen g 6s__«1932 QM
Consol 50-year 4s
J
1952 J
Feb'2
76
7934
79*2
79*2 Mar'2l
67
99
Cln H A D 2d gold 44*8
C Find A
ft W 1st gu
1
1
*82%
J
34*8.-1930
_«1930 M S
Chic T H A So East 1st 5s..I960 J
O
79
*67"
S
1930 J
to
66
24
6634l
Jan'21
64*4
80%
1930 M
68 reduced
Superior Short L 1st 5s
129%
6834 Sale
D
Debenture 5s
78
102%
"79"
North Wisconsin 1st 6s
Cons
99% 103*2
68*2 Sale
Temporary
Keok A Des Moines 1st 5s. 1923 A
84*8
72*2
73*2
67%
Apr'21
73%
77*2
76%
80*2!
43
90
67.
67*4
Feb'19
82
87
31
6634
66*8
85%
97%
86
72
76
2
152
Sale
66*8 Sale
74
J
1933;
67
85
10
90*8
s
o
1934
83
15
100
1st 5s
7034
J
1st 50-year gold 4s
Refunding gold 4s
65
75*8
99%
70
79
99
78V
J
68
93%
74
J
67*2
74
93%
99
09%
1988
.1988
2
70
99~% "9934
Feb'21
86*4
3
100*4
Apr'21
Mar'21
87*2
83
7534
I
99%
87*8
70
1934! A
99
102%
70
Jan'21
J
83
01952.M N
99%
93%
104%
96% 102
101
Apr'21
86%
71*2
68%
99%
"99%
90
m
75*8
84
Sale
68
99%
77
69%
76
99%
*87% "91%
Oct'16
80
75*2
82
99%
98%
90% Nov'20
98»4
101%
S
69*2
100*4 Sale
97
—
89
100*2
99%
D
10-year secured 7s
1930, M N
Gen unified 4Mb.
„1964!J D
Ala Mid 1st gu gold 5s
1928|M N
Bruns A W 1st gu gold 4s..1938; J
J
Charles A Sav 1st gold 7s.. 1936! J
J
89
Sale
100
D
77%
Feb'20
Sale
"93% ~98 "
Registered
78
96
99
Feb'21
99
1929
Ml! Spar A N W 1st gu 48.1947 IVI
St L Peo A N W 1st gu 5s. 1948 J
89
Mar'19
10031
m
1924
99
73*8
100% 101% 102*2 Apr'21
68%
70
Mar'21
68*8
34*8.1941
84*4
73*2
87%
Feb'21!
Dec'20
99%
1933 M N
Chic R I A P—Ry gen 4s
17
75%
Apr'21!
May'21
Mar'211
98%
98
1933 M N
84*4
98%
89%
94*2
9034
1955 J
1
92
"81% "81%
99
74%
74%
92
1925
N
91
68%
85%
1960 J
6834 Sale
91
60*2
85*2 Mar'21
Milw A S L 1st gu 34*s...1941
Mil L S A West 1st g 6s...1921
*63*4 II..
97%
83
83
.1921
Man G B A N W 1st
102
66*4
Sept'19
Jan'21
Frem Elk A Mo V 1st 6s.. 1933
101
....
1
98
Apr'21
Feb'21
g
1930 J D
15-yeai secured 6 4*8 g
1936 M S
Des Plalnes Val 1st gu 44*s..'47
95
91
65%
72%
84%
10-year secured 7s
93
98
89*2
65%
L.1879-1929
5s
Registered
89
101
63
90
81%
.1987 M N
1879-1929 A O
Sinking fund deb 5s
Registered
101
118
743/
1879-1929
80
91
69
99
,..1879-1929
80*2
1
68*2
9834 101
85% 86%
1987 M N
Sinking fund 5s
Registered
~
73%
61%
79
1987 M N
88
61
65
78
1987 M N
pi987 Q F
Registered
88*2
7984
1934
1886-1926
93*8
59*2
72S4
57*2
Mar'21
1934
43*8
Wis A Minn Dlv g 58....-1921
Chic A N'west Ex 4s...l886-'28
86%
90%
1924
Milw A Nor 1st ext 4**s
Cons extended
78
71%
...
67
95%
6s
7634
66*4
6734
Fargo A Sou
102
88
Apr'21
693S May'21
92% Feb'16
74*8 Sale
61*4 Sale
98% 100
a2014
assurn g
70
7634
6734 Sale
67% Sale
88*8
7
86
70
84%
6134
152
62
71%
C M A Puget Sd 1st gu 4S..1949
184
98%
63
98
91*4
75
71%
Gen'l gold 34*0 Ser B
General 43*0 Series C
90*4
---
70
68
85*4
...
81%
May'19
—
84%
84%
81*2
78*2
87*4
98
81
50
56
"54 "
94%
__
Mar'20
68
78%
Conv 4s issue of 1910
East Okla Dlv 1st g 4s
Cal-Ariz 1st A ref 45*8 "A" 1962 M S
8 Fe Pree A Ph 1st g 5s... 1942'M S
At! Coast L 1st gold 4s
*1952; M S
49%
Feb'21]
68
Conv gold 4s
*1995 Nov
82
Apr'21
81
75*8
98
6834 Sale
5234
9434
75%
61
77*s Sale
70
90*4
84
85%
53*4
50
114
85
O
*1995 Nov
A__1995!J
51
95%
86
el989
91
5134
78
5
Mar'17,
94
Ashland Dlv 1st g 6s
Mich Dlv 1st gold 6s
J
10
78
79
Ext A Imp s f gold 5s
,
88*4]
68*8'
May'21
289
Registered
Bros ctfs
Ann Arbor 1st g 4a
...*1990 Q
Atch Top A S Fo—Gen g 4s
1995 A
88*4
68%
89
81
Railroad.
6s—
7234
87
1926
..
90*2
90*4
50
1921
100
1960|J
95*8
82
913.4
Chic A L Sup Dlv g 6s
J
Consol 1st g
Sale
May'21!
97%
105
97%
85*2
104%
J
—
Canada Son cons gu
88
34
93
86
Chic A Mo Rlv Dlv 5s
101%
35%
28
Mar'211
94
84
98
Highway Improv't 454s
1963'M S
Highway Improv't 454s_.1965 M S
-Virginia funded debt 2-3s__.1991 J
J
.>
90
69%
Ind A Louisv 1st gu 4s
1956
Chic Ind A Sou 50-yr 4s
1956
Chic L S A East 1st 4)*s~ -1969
Ch M A St P pen g 4s ser A_el989
90
1961 J
28
6
93
89
91
88*4
3
87%
1934
81*2
"*76% *82"
706
9934
25-year debenture 4s
92
Registered
Adjustment gold 4s
Stamped
28% May'21
29%
28%
378
97%
83%
1925
9054 Sale
47
68
1932
84%
16
46
•■■•MM
452
Permanent 4s
84%
84%
84*4
89
487
Convertible 4>*b
1961 IVI
Refund A gen 5s Series
31
32
1936 J
Chicago Great West 1st 4s
1959 M S
Chic Ind A Louisv—Ref 6s__1947 J
Refunding gold 5s
1947
General gold 33*0
Corporate
Bait A Ohio prior 354s.
27%
68%
53
10434 Sale
4% Corporate stock
1958 M N
4% Corporate stock
1957 M N
4% Corporate stock reg... 1956 MN
New 454s
1957 M N
LAN coll gold 4s...
3av F A W 1st gold 6s
1st gold 5fl
88%
"76% Sale'
88%
Stamped
Guar Tr Co ctfs of dep
84
8 534 Sale
454s Corporate stock July 1967
454s Corporate stock
1965 J D
454s Corporate stock
1963 M 8
4% Corporate stock
1959 IVI N
5a deferred Brown
71%
28*2 Sale
1937 MN
U 8 Mtg ATrCo ctfs of dep
39
98*2 Sale
Y City—454s Corp stock.I960 IVI S
454s Corporate stock
1964 M 8
454 s Corporate stock
1866 A O
Canal Improvement 4s
Canal Improvement 4s
J
O
General consol 1st 5s
City Securities.
i
S
Chic A E 111 ref A imp 4s g..l955
J
U S Mtg ATrCo cts of dep...
1st consol gold 6s
.1930 A
Registered
454%
354%
78
40
61
Sale
Tokyo City 5s loan of 1912
Burlch (City of) s f 8s
98*2 Sale
1945 A O
t These are prices on the basis of $5 to £
ft Y State—4s
Oct'19
76%
29
97*2 Sale
...
and
88%
90%
..1958 M
975
36
1013s Sale
1940
Paris (City of) 5-year 6s
1921
San Paulo (State) ext s f 8a. 1936
Sweden 20-year 6a
.1939
Switzerland (Govt of) s f 8s 1940
State
88%
1927 M N
1927 M N
Registered
207
82%
82%
48*8
Sale
89%
13
53
Sale
87%
1
80%
39
Sale
76%
82%
72*2
80%
84*2
53
79%
72*2
80% Sale
68
!V
84
70*4
70%
84
t
£ 5s of 1899
Gold debt 4s of 1904
1954
39%
1949
45%
35%
Nor Pac
67
39
Mexico—Exter loan
74%
34
35
84
Sale
73*8
43%
15
35*8 Sale
84*2 Sale
84
"69" "69"
1949
See
73
16
44
t 8'*8 Sale
% 6734 Sale
A t
.1925
'86*2
73
~70 " *74~"
Sale
86%
84%
84%
Lyons (City of) 15-yr 6s— .1934 M N
Marseilles (City of) 15-yr 6s. 1934 M N
Norway external
81%
101%
44
Jan'21
June* 19
97%
86
554s.
conv
96
65
99%
90%
98%
86
10-year
3-year
70%
85
67
86*2
9134
99%
85%
554s..1937
683
73
69
Refunding 4s Series C....1946
9934 Sale
8534 Sale
bond
17
100%
81
99%
A
notes
1
S
1949
.1950
General 4s
7034
99% Sale
99% Sale
5-year 554%
20-year gold
99
70*2
1945
8b
80
bonds.
Nebraska
79
1946
s
g 5s. .1941 M
Railway 1st lien 3>*a
Chic Burl A Quin—
Illinois Dlv 3>*S
71
993;
81
Series B
Apr'21
Springs V 1st
31
9934
f 8s
1945
f 554"--1944
Denmark external
Apr'21
74%
Greenbrier Ry 1st gu g 4s. 1940 M N
Warm
Chic A Alton RR ref g 3s
Illinois Dlv 4s
Cuba—External debt 6s of 1904.
A.1949
69
80
Nov'20
Joint
55
-
72
93
49
ser
68
9034
9934
4634
External loan 4548
1949
Danish Con Municipal 8s "A" 1946
64*2
67%
74%
83%
Sale
Exter dt of 5s 1914
J
85%
49
s
72% May'21
62
107
s
72*4
56
92%
(City)
Copenhagen 25 yr
84%
72
92%
99
Chrlstlanla
74
J
89*2
99
Chinese (Hukuang Ry) 5s of 1911
92%
99
J
"73"% "78 "
67
Jan'21
J
93*4
65
Apr'211
1940
88
91%
99
(Republilc) ext sf 8s
9734
239
I
67
84*s
91
"73% "77"%
112
77%
78
79
Mar'17
76*4
97%
100
78
81
84
100
99
82
~7~6~*4 Sale"
83
,
94
100
Apr'21
80
1946
1945
R A A Dlv 1st con g 4s...1989
2d consol gold 4s
..1989 J
95% 100*2
89
83
67%
76%
61%
91%
Sale
1941
Chile
72
67
69
97% June'17
-
Potts Creek Br 1st 4s
Foreign Government.
Argentine Internal 6s of 1999— IVI S
Belgium 25-yr ext s f 7>4 9 g_1945 J D
5-year 6% notes
Jan 1925
91
85%
Craig Valley 1st g 5s
...
95's
67%
Apr'21
May'18
88%
82%
85
81
81
High
99% 102%
7234 76
79*4
S
A
Coal River Ry 1st gu 4s
'W *
4
J
1939 IVI N
20-year convertible 4}*a__1930
30-year conv secured 5s...1946
Big Sandy 1st 4s
1944
July'18
~
1929 J
Registered
90
83
Low
83
..1939 M N
...1992 M S
General gold 4>*s
"~~7
90
80%
..7)1987 Q J
Am Dock A Imp gu 5s
1921 J
J
N Y A Long Br gen g 4s___1941 M S
104%
104
119
90
Sale
83
Registered
Registered
9934 100*4
"80 "
LOO
100
High
No.
101
72
83
Cent RR A B of Ga coll g 58.1937 M N
Cent, of N J gen gold 5s
1987 J
J
Chesa A O fund A impt 5s
1st consol gold 5s
Since
Jan. 1
101%
73*2 May'21
101*4 Sale
89
Mao A Nor Dlv 1st g 5S..1946
Mid Ga A Atl Dlv 5s
1947
Rang
or
Last Sals
Ask Low
71
98.00 7586 95.56 98.10
97.72
F
1925
Pan Canal 10-30-yr 2s reg
Panama Canal 3b g
Registered
97 70
97.88 Sale
J
*1930
Pan Canal 10-30-yr 2s
97-88 Sale
J
41930
1925
u,„.
87.56 5874 85.34 88.60
87.52 Sale
D
A
D
D
Central of Ga 1st gold 5s...pl945 F A
Consol gold 5s...
..1945 MN
10-yr temp secur 6s June. .1929
Chatt Dlv pur money g 4s. 1951
Mobile Dlv 1st g 5s—..1946
88.0091.14
87 28
O
D
_.
Canadian North deb s f 7s__1940 J
Car Clinch A Ohio 1st 30-yr 5s.38 J
85.34 88.80
Fourth Liberty Loan—
4Ji% of 1933 1938
Victory Liberty Loan—
454% Notes of 1922 1923
354% Notes of 1922 1923
Bid
87.50 2614 85.30 88.40
M S
4% Of 1927 1942
4M%
D
Week's
Range
May 13
High
J
4% of 1932 1947
Conv 4\i% of 1932 1947
J
2d oonv 4tf% of 1932 1947—- J
8eoond Liberty Loan—
i
$i
Conv
Pries
pridav
Week ending May 13
First Liberty Loan—
3H% of 1932 1947
II
Range
Last Sale
Bid
Government.
Week's
pridav
Mag 13
eDue
O
8H4
99*2
59
I
21
21%
Mar'2li,
98
93
«Q
70*2
26
84%
79«4
84
72
76*2
19
93
98
211
59%
'2V
1
18%
83
72
O
J
Oct.
70
Rale
pDue
Nov. «Du«
Dm. tOptioo
73
sale
3066
Record—Continued—Page 2
New York BOND
Price
Week's
Range
BONDS
BONDS
W. Y. STOCK EXCHANGE
Friday
Ranye or
Last Sale
Since
N. Y. STOCK EXCHANGE
May 13
13
Week ending May
D
N Y Lack A W 5s
1923 F
Term A Improve 4s
Warren 1st ref gu g
6712
0734
95i2
97
95%
93%
93% Sale
1923 M N
2000.F A
334b
102%
95%
93%
95
91
Leh Val RR
-1922'j
4348
1st A ret 4s
9034
J
1935 A
30-year conv 6s
10-year secured 7s
!
Alb A Susq conv 33*8
1930
1940
Benss A Saratoga 1st 7s
1921
Den 4 R Gr—1st cons g 4s__1936
82
O
J
D
a O
79%
102
!
71% May'21
j
70
D
70
70%
70% May'21
A
45%
40
40
44
45%
43-%
1939
1940
D
72%
7434
J
8
61%
46
44
Apr'21
Apr'l!
1940 J
J
10
29%
Rio Gr West 1st gold 4s.._1939 J
J
65
053s
65%
66%
Mtge. A coll trust 4s A__1949 A
O
53
54
52
53
Det A Mack—1st lien g 4s—1995 J
D
57
Rio Or June 1st gu 5s
Rio Gr Sou 1st gold 4s
Guaranteed
j
1995 J D
Det Riv Tun Ter Tun 4348..1901 M N
J
Dul Mlssabe A Nor gen 6a—1941 J
82
Dul A Iron Range 1st 5s
Registered
Dul Sou Shore A Atl g 5s
A
O
A
O
J
J
Ml N
Erie 1st oonsol gold 7s ext ..1930 M S
1947
N Y A Erie 1st ext g 4s
Mf N
76%
...
96%
99
A
O
M
8
Erie 1st cons g 4s prior
J
J
1990
J
Penn coll trust gold 4s. .1951
A
Registered...
"7" "74"%
73
39
39
42% Sale
1982
Ohio A Erie 1st gold 5s
o
M N
1955
f 0s
1957
0s....1935
77
J
78%
Erie A Jersey 1st s f 0s
J
Geneesee River 1st s
J
O
...
Dook A Impt 1st ext 6s
N Y A Green L gu g 5s
General gold 6s
1st
Terminal
6S..1943
gold
N
70%
A
42
46
F
A
1*1
N
O
"97"% "99%
...1942
88%_.__
Evans A T H 1st cons 6s
1st general gold 5a
52
55
25
7034
89%
88
69%
69%
77% Sale
75
65
66
64%
77%
75
A
1936
90% Sale
1961
1961
78%
7834
1933
1st consol g 0s
1933
Registered
1933
Reduced to gold 434s
1933
Registered
1933
Mont ext 1st gold 4a
1937
Registered
1937
Pacific ext guar 4s £
1940
E Minn Nor Dlv 1st g 4s__1948
Minn Union 1st g 0s
1922
Mont C 1st gu g 0s
1937
Registered
1937
1st guar gold 5s
...1937
Will A S F 1st gold 58...1938
Green Bay A W Deb ctfs "A"
100
87
100% 10134
"90% mi
6934
Feb
7
J
J
72% Sale
O
*67" mi
67%
7534
J
J
1951
Collateral trust gold 4s
Registered
1st refunding 4s
Purchased lines 334s
L N O A Texas gold 4s
1952
1952
71%
1934
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s..1951
7234
73%
J
J
D
58
62%
1951
A
8t Louis Dlv A Term g 3s_ .1951
Gold 33*8
1951
Bprlngf Dlv 1st g 334s
Western Lines 1st g 4s
1951
1951 F
1951 F
1923 J
D
70
89%
90
58%
J
64
71%
73
A
40% Sale
39%
pl990 F
69%
90%
89
88%
89
65
87
89%
90
74
75
75%
Sale
56%
78
56% Sale
A
76
7138
79%
80%
7934
69
76
72
50%
70
65
77
73
Apr'21
72
5
58%
"l2
87
88%
Jan'21
51
55
52
Apr'21
52
j
Apr'21
78
39
70
70
75%
7684
76% May'21
asked this week,
70
s Due Jan.
42%
Sale
60
"87"
49%
60%
....
54
40
37
40
27
33
40
37
43
1942 A O
5s... 1942 Ml n
46
Dec'20
20%
43
43
10
Apr'21
Dec'20
69
69
63
51%
1
57
42
68
57
Apr'2l
....
55
30
52
57
A
42
42
30
36
30%
54%
....
....
mmmm
55
69
~30~~
32
2
75%
80
33
86%
92%
82
87
5134
56%
59%
62%
Oct'20
D
32
32
50
37
odlo 1 « M*•
1st gu g 5S..1942 M S
53
1
A
79
79
"
1
1
79
A
90%
91%
90%
91
84%
86%
85% May'21
1945 M N
1938 Ml S
.1948 M N
8 0
54% Sale
"66" "7"3%
~77h
J
87
O
1929; A O
1929 J
1933 J
J
1920 1*1 n
June'19
76%
86
67
7034
Sale
7038
80%
90
87
S
D
J
S
9934
99%
88%
95
90
77%
7<%
J
1#G3 A O
93
94%
J
25
1931 J
D
58—1928^
4J*B.1957jJ
1977 A O
4 Ks—1920 J
1951
J
58%
74
71
77
Mar'21
77
98
'31
....
1
—
54
56%
77
94%
98
99%
"32%
21
27
25
27
30
30
27
33
6634
7034
67%
30
Apr'21
Mar'21
92%
99%
93%
Apr'21
....
..
.
.
....
63
6
Apr'21
6134
90
99%
O
61% Sale
59
62
"77
57
64%
M N
89% Sale
89%
90
145
87%
92%
M S
100% Sale
100
101%
144
98
Sale
68
68%
12
76
76%
4
67%
Mar'21
28
A
F
A
68
A
O
76%
J
J
67% Sale
66%
J
J
67%
76%
67%
7634
67
IVI N
"72" "74"
74
7734
IVI N
J
J
....
11
7634
66% June'20
76%
74
1998
61%
62%
62
1998
59
60
60
61%
62%
02
May'21
59
62
47%
49
103%
72%
74
82
66%
69%
67
67%
74%
80%
Feb'20
81%
66%
"~~2 ~72% "76"%
Feb'21
Apr'21
3J*s_.1998
Registered
1998
Battle Cr A Stur 1st gu 38.1989
Beech Creek 1st gu g 4s—1936
Registered
1936
1936
7634
May'21
59%
64%
1
59
60
mmmm
59
68
60
62
81%
81%
6'7%
8;%
80%
71%
67
86
85
82
82
.....
00
62%
2d guar gold 5s
"74 "73"" "77"
92%
--1
10
D
1981
5s__1942
Ka A A G R 1st gu g 5S..1935
Lake Shore gold 33*a
1997
74
90%
75%
73%
68
27
Beech Cr Ext 1st g 3>*s_61951
76%
30
85
10
27
62%
Mich Cent coll gold
88%
62
77
25
67%
Lake Shore coll g 3J*s
73
" "77%
90
57
23
68%
—1997
-.1997
1934
1934
1942
90
30
1
27
Sale
30
21%,
1998
2013
*64% "71%
58%
75%
93%
93%
99% Mar'21
62% Sale
1930
~66% "73%
l^*_
"""2 "94"" iod"
75%
6734
"A"
C3 1^
OOl
Dec'20
S3
79%
90%
1
Mar'21 ——1
58%
20
J
1
83%
»
Sept'20
99%
79%
1
1
6734
99%
A
2
14
1
70%
Oct'17
6034
"72"% "7534
"3 "75"% "78%
87%
July'14
mil
76%
79%
80%
70%
J
1927 F
lien
Sale"
5
Apr'21
79%
7934
A
7534
102
76%
A
1
Oct"18
68
60
D
....
56
54
58
1938 F
30-year deb 4s
73
78
81
79
70%
74
Cart A Ad 1st gu g 4s
83
Gouv A Oawe 1st gu g
72
May'10
73
June'20
78%
6
9534 Nov'16
104
68%
79
57
25
42
....
23
4a... 1990 F
O
90%
"~55 -50" "61%
40
63
2001 A
mmmm
88«4
37%
20
Debenture gold 4s
"84"" "84"%
Sept'19
69
38%
Sale
Registered
"38
.....
Apr'21
50
1930 J
16
Registered
75
-
4
41
30
59
Registered
91%
79%
67%
-
_
40%
38
2004 M S
Consol 4s Series A
75
88%
77
87
60%
35
1953
N O Tex A Mexico 1st 6s..—1925
Non-cum income 5s A
1935
N Y Cent RR conv deb 6s... 1935
Aug'19
84
83
85
6
_
DecT6
Sale
43
1st consol 4s
Oct'OO
713s Sale
47
76
44
84%
91
26
deposit
Mortgage 33*s
Mar'21
Apr'21
56%
40
New York Cent A Hud River—
Apr'21
Int A Great Nor 1st g ext 7S..1922 M N
James Frank A Clear lBt 4s.. 1959 J D
17
41
NO A N'Elst ref A lmpt 4J*sA '52
Nov'17
72
68
1944 M N
Ref A lmpt 4^s
Apr'21
71
2
99
60%
Nat of Mex prior lien
Mar'19
J
60% Sale
10-year coll tr 7s
Apr'21
77% May'21
73
Apr'21
SO poles Friday; latest bid and
D
48
40
Dec'20
95
Guaranteed general 4s
Nov'10
70%
V
70%
91
40
5
41
90
J
Jasper Branch 1st g 6s
117% May'10
70
76
May'21
45
17
70
85
90
Nashv Chatt A St List
Dec'20
92
"7534 "78"
J
79%
90%
St L A Cairo guar g 4s
80% Nov'16
70%
A
1900 J
Lake Erie A West 1st g 6b
1937 J
2d gold 5s
1941 J
North Ohio 1st guar g 5S..1945 A
Leh Val N Y 1st gu g 434a...1940 J
J
Registered
1940 J
PUIRU
CU
Lehigh Val \JL «•/ WUO ( maai*«fVW,lva N
(Pa) cons g 4a...2003 M
General oons 4His
2003 M Ni
7834
90%
80%
New Orleans Term 1st 4s
69
8734
4a
78%
1927; IVI
A1927|J
1938,Q
Montgomery Dlv 1st g 5S.1947 M
June'10
71%
Ref A ImPt 5s
7734
88%
J
J
Rlv A G Dlv 1st g 4s
68
70%
Kansas City Term 1st
40%
1941 M H
Unified A ref gold 4s
73%
58%
73%
58% Mar'21
A
41
S
Gen con stamp gu g 5s..1931
"92"%
58%
65% July'18
82%
83
gold 3b..1950
1950
Apr 1950
88%
64%
83%
Registered
40%
1951 m
Cent Br U P 1st g 4s
72%
68
65%
....
Kansas City Sou 1st
65
3d 7s extended at 4%
69%
A
J
70
Missouri Pac 40 year 4s
"77%
56%
1951
1951
69
D
Nat Rys of Mex pr
"ll
Jan'21
82%
1950
69
Apr'21
63%
Ind 111 A Iowa 1st g 4s
73%
65%
043s
1951
Registered
47
St Louis Dlv 58
73%
58%
...
Joint 1st ref 5s Series A.1963
Memph Dlv 1st g 4s
42%
47
refunding 5s Ser C..1920 F A
General
4s
1975 IVI S
74
65%
8t Louis Sou 1st gu g 4s...1931
41%
47
39%
1st A refunding 5s Ser B.al923 F
Dec'20
68
102
88%
41% Sale
46
"67% 72%
22
1st A
50"~ "60%
D
69%
42%
General gold 4s
60% May'21
1951
41%
J
Verdi V I A W 1st g 5s
I
mmmm
1
69%
42%
Mob A Ohio new gold 6s
*~6
....
69%
41%
1st A refunding 5s Ser A..1965 F
7l" " "71"
"l9
95
95%
Missouri Pacific (reorg Co)—
83%
69%
July'20
Mar'20
69
F
Registered
2
Nov'10
99
1949 m S
Sher Sh A So 1st gu g 5s...1942 J
84
81%
J
Chlo St L A N O gold 68—1951 J
Gold 3348
76
Mar'10
75
1934 m N
gold 5s
6534
Texas A Okla 1st gu g 5s__1943 M S
Dec'20
70%
"77"
D
d
3
67%
3834
S
St L Ir M A 8 gen con g 5s.l93l;j
60%
S
f g 5s.. 1925 j
.1927 j
M K A Okla 1st guar
76
J
Carb A 8haw 1st gold 4s... 1932 M
s
2d extended gold 5s
Feb'2l
69%
Sale
"9158 IIII
1930 m n
1977 M S
Mo K A E 1st gu g 5s
July'09
69
72%
J
82%
68
1st ext gold 6s
67%
J
66
Kan City A Pac 1st g
Nov'15
"74% "74%
90
673s
Pac R of Mo 1st ext g 4s... 1938 J
Jan'21
9538 Sept'19
75%
74%
66% 68
69% Sale
06
Dall A Waco 1st gu g 5a... 1940 M N
69%
69
Apr'21
Sept'17
70%
A
S
5% secured notes "ext".__1910
8
68%
Jan'21
71
1945 m
St Louis Dlv 1st ref 4s
"92"
Oct'18
84
94%
82%
Trust Co certfs of deposit...
Nov'20
~70% Safe"
M
Omaha Dlv 1st gold 3s
Registered
72%
9934
91
Trust Co certfs of
70
5%
99
4
....
Gen sinking fund 4J*s
90
65
^"§1
90
85
....
1st A refunding 4s.._
9634
82%
90" "94"%
Feb'21
7034
A
Registered
6834
80
Loulsv Dlv A Term g 3348.1953
Middle Dlv reg 6s
1921
Bellev A Car 1st 0s
7%
82
993s
TruBt Co ctfs of deposit
69%
1955 M N
J
1952 J
1953 MN
15-year secured 634s
70
Feb'21
90
Jan'21
1st ext gold 5s
99%
90
<*•'
....
....
Jan'21
2d gold 4s
90% 103
Jan'21
mm m
82%
99%
Mississippi Central 1st 5s
1949 J
Mo Kan A Tex—1st gold 4s. .1990 J
80
99
56
mm
94%
M K A T of T
101
136% May'06
94%
Jan'21
Apr'21
M S S M A A 1st g 4s lnt gu'20 J
'75" "79T2
99%
Jan'21
82
64%
mm.
84
1st Chic Term s f 4s
Mar'20
84
60
1953 M N
Registered
83
1
....
83
M St P AS 8 M con g 4s lnt gu'38 j
1st cons 6s
1938
" "82%
80
92
70% IIII
A
Mar'21
82
83
J
J
81
69.
83%
A
Apr'21
8134
90
8134
7134
80%
89%
Refunding gold 4a
73% June'18
J
1951
1951
09
J
1951 A
1951 IVI
Registered
1st gold 3s sterling
87%
120% May'16
734
60
1951 J
Extended 1st gold 334s
15
88%
90
89
Houston Belt A Term 1st 58.1937
1951
88
99-%
Iowa Central 1st gold 5S..1938 J
81% "84" "
9912 102%
79% May'21
99
Mar'21
75%
Hocking Va^ 1st cons g 43*8..1999,J
Registered
1999'J
Col A H V 1st ext g 4s
1948 A
Col A Tol 1st ext 4s
1955 F
gold 3348
Registered
82
mi "so"
Feb
1st
7834
80
ctfs "B"
__
95
81
Gulf A S 11st ref A t g 5s. .61952 J
Registered.
96%
23
8334 May'21
101% 102% Apr'21
99
Sept'20
~88 ~ ~89%
.
Illinois Central 1st gold 4s
141
A
....
1
A
5s
Ref A ext 50-yr 5b Ser A.__ 1902 q
Des M A Ft D 1st gu 4s
1935 J
102%
100
81
85
....
66
72
87%
7034
..
..
100
O
1st consol
June'10
96
St Paul M A Man 4s
Debenture
79%
02%
78
96%
79%
96%
A
101%
100%
"86% "95 "
j
1st A refunding gold 4s
63%
63
6134
Mar'21
63
100% Sale
A
100
....
Feb'05
73%
—
.
81
95
65
69%
1930 f
1903 a
Minn St Louis 1st 7s
66
Grand Trunk of Can deb 7S..1940
Apr'21
May'21
81
100%
52
50-yr 5s
cons gu g
cons gu
Midland Term—1st
77%
66
j
.
May'21
66
Stamped guaranteed
71
69%
69%
66%
Mex Internal 1st cons g 4s._.1977 M
8834
69%
64
j
AI952 Q
1937 F
Manila RR—Sou lines 4s
_96%
Apr'21
62% May'21
63%
1933
Apr'21
Apr'21
87
99%
13
La A Jef Bdge Co gu g 4s
"52" "54"
Apr'21
....
....
72%
71%
86%
85%
Gen
81%
Apr'21
100
75%
SAN Ala
*57" "of
50
Feb'21
95% Nov'19
81
N AC Bdge gen gu 43*s...1945 j
Pensac A Atl 1st gu g 6s... 1921 f
"70" ~78%
81%
Dec'20
71%
70%
N Fla A S 1st gu g 5s
81
99
Jan'21
72% Sale
87%
99% 100
85%
Registered
"77" "88"
40
53
90
May'2l
100%
53
52
L A N South M joint 4a...1952 j
40%
41
45%
81%
37%
101% Sale
Kentucky Central gold 4s. 1987 j
j
Lex A East 1st 50-yr 5s gu.1905 a O
LANAMAMlstg 43*8.1945 M S
73%
35%
22
Hender Bdge 1st s f g 6s.._1931 m S
45
90
87
8
S
Atl Knoxv A Cln Dlv 4s...1955 m N
Atl Knox A Nor 1st g 5s...1940 j
b
56
88
69
Registered
90
96%
1930
Florida E Coast 1st 434s
1959
Fort St U D Co 1st g 43$s
1941
Ft Worth A Rio Gr 1st g 4s__1928
ser
A
Jan'17
Mt Vernon lBt gold 6s—1923
1st A ref 434 s Series
1946 f
St Louis Dlv 1st gold 6s... 1921 m
2d gold 3s
1980 rvi
"91%
23%
Bull Co Branch 1st g 5s
Great Nor Gen 7s
Feb'20
Paducah A Mem Dlv 4s
92% 100% 100
72
74
71%
Feb'2i
71
Galv Hous A Hend 1st 5s
98% 101%
j
36
May'21
1942
1920
1921
89%
2
40
50
52
1940 A
87
3
98%
Nov'19
Wllk A East 1st gu g 5s
100
27
89%
72%
27
57
72
Mid of N J 1st ext 5s
Ev A Ind 1st cons gu g 0e
"1
Apr'21
81%
84%
78
92
104%
103%
Jan'18
..
80
78
Apr'21
98%
39%
"iol
Apr'21
....
90
....
89%
98
50
53%
70%
82
Feb'21
101%
80
40
....
78
7634
69
"90" "91"
"ii
82
80%
Sale
7934
83
75%
63%
99
Jan'18
57
58
J
F
*93% IIII
81
83
mmmm
Apr'21
99% Nov'20
90
Mar'21
66
90
Apr'21
78%
....
1940 j
j
1931 m N
.1930 rvi n
Apr'21
Apr'21
75%
85
69
66%
Nov'20
83
98%
Mar'21
85
78%
J
5S...1937
1937
1940
N Y Susq A W 1st ref
2d gold 43*8
J
1943 J
1946 (VI
S
Jan'll
87
89%
81
....
95
83%
76%
j
99
80
68%
65%
"84% IIII
68
1931 m N
103
79
90%
6934
68
1930 j
1930 j
"51"
78%
78%
63%
65
N O A M 1st gold 6s
2d gold 6s
106%
79%
J
A
Long Dock oonsol g
Coal A RR 1st cur gu 0s—1922 1*1 N
47
76% May'21
Jan'17
77%
75
J
Cleve A Mahon Vail g 5S..1938 J
57%
3
L Cln A Lex gold 4J*s
89%
99%
90
44
O
3
6534
83"
96%
41
40
O
1963
do Series B
Gen conv 4s Series D
1953
1953
60-year conv 4s Ser A
60%
65% ,c
Collateral trust gold 5s
lO year secured 7s..
91
40%
39% Sale
39% Sale
Mar'21
60
91
88%
44%
June'16
73%
73
68
60% Sale
*83"
Oct'20
4234
4234 Sale
J
Ml "<55" "66"%
72
3
S
91%
•
1
65
65
66%
....
•
"87%
56
58%
J
1927 m
Registered
Aug'19
52%
s
O
a
Louisville A Nashv gen 6s...1930 j
d
Gold 5s
1937 ivi n
Unified gold 4s
1940 j
j
"74*% 77%
Apr'21
98%
53% Sale
J
1990
Louisiana A Ark 1st g 5s
9l34 Nov'15
D
1990
66%
54
47%
91
90
1949 ivi
.1949 m
A R B 1st gold 5s
1927 m
Nor Sh B lBt con g gu 5s.ol932 o
Jan'20
91
89
80
1990
10
Apr'21
02%
91
.
"02""
89
80
90
71%
S
Registered
1st oonsol gen lien g 4s.
19,
Feb '21
89
Oct'06
76
91
Feb'21
64%
50.1935
73
85%
1
Feb'2l
91%
99%
NY
May'21
83
Sale
73
98%
67%
71%
91
83%
71%
....
83%
70%
83%
....
85% Mar'21
d
91%
con g
99%
93%
91%
Jan'21
71%
83%
s
Registered
N Y B A M B 1st
105% Mar'08
89
M
J
48
75
40
73
77%
Dec'20
91
:::: "S3"
1923
4th ext gold 5e
1920
6th ext gold 4s
1928
N Y L E A W 1st 7s ext ..1930
3rd ext gold 43*s
22
9134
95%
28
Oct'13
83%
D
Guar refunding gold 4a
Nov'20
77%
93%
88%
Gold 4a
v
Debenture gold 5s
20-year p m deb 5s
Dee'16
63
49%
74%
93%
1937
1937
1937
Elgin Joliet A East 1st g 5s. .1941
7434
67%
42%
9134
May'21
87%
89%
88
.....1949 m S
1934 j d
1937 m n
Unified gold 4s
92
82%
68%
1922 m
1932:j
High
Low
"77" IIII
70%
j
1938 j
4s
No.
High
105
S
A1931!q
Gold
72
71
46«4
66%
'HI
96% Sale
92%
j
Ferry gold 4 3* a
Dec'20
1930 j
Coneol gold 4 34s
gold 4s
General gold 4a
73%
100%
66
63
150
69%
69%
68%
Improvement gold 6s
1928
1st A refunding 5s
1955
Trust Co certlfs of deposit...
693s
"39
65%
65
j
Jan. 1
113
j
5s..A193llo
Long laid 1st cons gold
1st consol
j
.1933 j
1945 M
Leh A N Y 1st guar g 4s
84
104%
100%
i
100% Mar'21
~05~ Sale"
81
80%
100%
OK'
1st lnt reduced to 4s
96%
77
8
2
83
101%
101% 103
7U2 73
96%
May'21
79<%
82
Sale
n/l N
j
97
973s
7914 Sale
1943 M N
*
10-yr coll 6a..»1928
Sinct
to
9134 Mar'21
Mar'12
96
96%
91%
O
Leh Val Coal Co 1st gu g 6S..1933 j
Registered...
1933 j
Delaware A Hudsonlet lien equip g
O
Rangs
0.
a
Range or
Last Sale
Ask Low
Bid
Leh V Term Ry 1st gu g 5s... 1941 a
Registered
1941 a
70%
67%
Apr'2l
93%
Feb'08
13
High
Low
67% May*21
A
Morris A Essex 1st gu 33*82000 J
No.
High
Ask Low
Bid
Del Lack A Western—
Week ending May
Jan. 1
3*
Week's
Price
Frldav
May 13
Registered
Debenture gold 4s
"68% "70 "
76
84
d Due Feb.
25-year gold 4s
Registered
s Due June,
i Due July,
1997
1928
1931
1931
a Due
81%
68
65%
M S
M N
1*1 N
Sept.
Sale
67%
83% Sale
82% Sale
*82
Due Oet.
68
68%
67
12
Mar'21
60%
8434
"44
82
8234
31
82
May'21
82%
s Option sale.
New York BOND Record—Continued—Page 3
Price
BONDS
Week's
N. Y. STOCK EXCHANGE
Friday
Range
Week ending May 13 J
May 13
N Y Cent A H R RR (Con)—
Bid
Moll & Mai 1st gu g 4a
7134
1991 M S
J
Malum C'l RR let 5s
1934 J
85%
Ask Loud
"67" " IIII
J
82
J
1952| M
N
67
20-year debenture 4s
A
O
75%
78%
N J June RR guar 1st 4s...1936 F A
M N
N Y & Harlem g 3X8
2000 M N
70%
75
19511 M S
1929
NY4 Northern let g 5s..1923 A
O
N y & Pu 1st
O
D
O
98% Sale
con
1932 J
1st ext 5S...A1922 A
68
94
94i
Jj
J
5012
J
St Lawr A Adir 1st g 5s—1996 J
J
2d gold 6s
1996 A O
Utlca A Blk Rlv gu g 4s..-1922 J
J
Pftts A L Erie 2d g 5s
al928 A O
PlttsMcKA Y 1st gu 6S..1932 J
J
2d guaranteed 6s
.1934 J
J
West Shore 1st 4s guar
2361 J J
Registered
2361 J
J
50%
4X8-—-1941 J
con g
Og ALChamlstgu4Bg-1948 J
Rut-Canada 1st gu g 4a.1949 J
A..1953 F
Pitts Sh A L E 1st g 5s
69%
69
"98"%
St Louis A San Fran (reorg
"55% "55%
50
76
76
Prior lien Ser C 6s
Apr'21
Jan'21
90
84%
93" "93"
90
84%
90
130% Jan'09
95% June'20
71
7184
68
74%
66%
68%
6884 May'21
99% Feb* 19
66
73
67% June'20
81
81%
7934
85
Nov'17
71%
71%
71%
75% May'21
80%
71%
7534
A
77%
82
*70% "74"%
75%
78'4
NYNH4 Hartford—
Non-conv deben 4s
1947|M S
41%
37
Non-conv deben 3Xs
Non-conv deben 3Xb
1947,Wl S
1954;A O
1955; J
J
37
35
36%....
37
37
41%
40%
42
Non-oonv deben 4s
1950IVI N
41
Sale
40
42
Conv debenture 3Xs
Conv debenture 6s
1956iJ
J
37
38
38
39
1948] J
J
62t2 Sale
Cons Ry non-conv 4s.....1930.F
Non-conv deben 4s.....1955 J
A
50
60
49
J
Harlem R-Pt Ches 1st 4S..1954 M N
66
BAN Y Air Line 1st 4S...1955.F
A
61
Cent New Eng 1st gu 4s._.1961 'J
J
45
5S..1937.MN
1954 M N
70
Housatonic Ry cons g
Naugatuck RR 1st 4s
N Y W*ches A B 1st Ser
7
25
New England oons 6s
Providence Term 1st 4s
1956 M
70
32
60%
1955 J
D
54
59
59
Norfolk Sou 1st A ref A 5s—1961 F
A
44
Sale
44
78
73
Nort A West
73%
100%
1941 1VI N
1931 M N
gen gold 6s
Improvement A ext g 6s
New River 1st gold 6s
1934
1932
103
N A W Ry 1st cons g 4s__.1996
74
72
86
9234
90%
90
1929
10134 Sale
M S
Pocab C A C Joint 4s...1941 J
76%
D
O C A T 1st guar gold 5s.. 1922 J
10134
75
Bclo V A N E 1st gu g 4S..1989 M N
Northern Pacific prior lien rail¬
way A land grant g 4s..... 1997
Registered
"55%
Sale
St Paul-Dulutb Dlv g 4s.. 1996
Gt Nor joint C B A Q 4s—1921
99.80 Bale
Registered
96% Sale
1936
1923
>
50
Feb'21
96%
96%
75
.
88
99
102
75%
1968
Oregon-Wash 1st A ref 4s
1961 J
Pacific Coast Co lBt g 5s
1946 J
Paducah A Ills 1st s f 4XS—-1955 J
J
63%
77
96
90
100
105%
80
"75" "77"
47
197
99.74
112
393
70% Sale
70%
72%
76%
94%
94%
gold 4s
194
M N
80
Consol gold 4s
Consol 4X0
194
(VI N
79
I960 F
A
General 4X0
General 5s
1965 J
D
1968 J
D
83-%
Sale
70
81
248:
3
79»2
86% Sale
86%
77
97
Sale
76%
77
85%
86%
100%
...1930 A
O
85% Sale
10134 Sale
F
A
953.j Sale
9534
80
80
96%
Apr'21
4a g.I936
78%
83
Psnnsylv Co gu 1st g 4X0---1921
Registered
1921
99%
D R RR A
B'ge 1st
gu
1936
1942
99%
Guar 3X0 coll trust reg A. 1937
Guar 3X0 coll trust Ser B.1941 F
Guar 3X0 trust ctfs C
1942 J
Guar 3X0 trust ctfs D
1944 J
99-%
67
A
D
68%
68%
102
993s
99%
99%
99%
69% Mar'20
6934
80
Apr'21
88%
Feb'21
Int reduced to 3Xs—-1942 A O
1948 MN
Series C 3Xs
Series D 3Xs
1950 F
90
86%
104
69
96%
90%
A
68%
67
Jan'21
75
71%
71%
Gr R A I ex 1st gu g 4XS..1941 J
J
Ohio Connect lBt gu 4s
1943 M S
78%
67.
5s.. 1927 M N
87%
Pitts Y A Ash 1st
cons
TolWVAOgu 4X0 A
Series B 4X0
Series C 4s
1931 J
1933 J
J
81%
J
80%
1942 M S
P C C A St L gu 4X0 A...1940 A
Series B guar...
..1942 A
O
O
74%
40
36
43
172
45
55
597|
65%
A
34% Sale
....
50% Sale
52
65%
03%
May'20
94% Mar'21
89% Apr'21
76%
85
82%
78%
76%
85%
....
8738
*78%
1949 F
85
May'21
Dec*20
1957 MN
4X0—1963 F A
79%
81
79%
84%
73% Sale
A
"78" "80%
82
1970 J
D
C 8t L A P 1st cons g
58—1932 A
O
4s—1943 MN
78%
85%
07%
73
Nov'25
J
J
69%
Oct'20
78%
"75"% "79%
79
89% May'21
88
73
71%
74
78
90
Feb'21
90
90
Feb'21
83%
84
87%
87%
993s
92
87%
86
87%
99%
~M~ IIII
88%
Mar'21
87%
87%
99%
Feb'21
94
Mar'19
Jan'21
1941 J
J
85
84
1921 J
J
98
1938 A O
9IS4
9538 Sept'20
90% Feb'21
Ore A Cal 1st guar g 5s
J
1927 J
So Pac of Cal—Gu g 5s
1937 MN
So Pac Coast 1st gu 4s g.._1937 J
J
89%
91%
90%
78
86
83%
J
76%
J
76
Sale
1950 A
O
71
72
1994 J
J
1994 J
6s
90
*84 " "84"
*88% "90%
91
88
91%
96
.1955 J
J
1943 J
73%
88%
90
86
No of Cal guar g 5s
80 Pac RR 1st ref 4s
75
"75% "78%
78
A A N W 1st gu g 5s.
Tex A N O con gold 5s
10C%
87% 8ept'16
83%
——
1937
68%
90
87%
1933 MN
Apr'20
80% Aug'20
85
July'19
76%
72%
90!
75
78%
72
7
69
76
83%
84%
68
82
90
84%
Oct'20
"57% Sale"
57%
58%
"94!
57
83% Sale
75%
59%
57%
83
May'21
80
86
71
71
Mar'21
67
71%
9634
81%
Ala Gt Sou 1st
81
83
85
82%
85
79%
81%
78
Apr'21
Dec'20
88
96%
95% 99.94
95% 99.74
96%
97
99%
99%
cons
1990 J
106%
74%
70
J
1951
A 5S..1943
Atl A Charl A L 1st A 4X0-1944
1st 30-year 5s Ser B
1944
Sale
1948
64
1948
Atl A Danv 1st g 4s
2d 4s
88
42»4
63%
Atl A Yad 1st g guar 4S...1949
E T Va A Ga Div g 5s
1930
Cons 1st gold 5s
...1956 MN
1938 M
S
9
36
55
95%
Rich A Dan deb 6s stmpd.1927
Rich & Meek 1st g 5s
1948 MN
81
10
84
Virginia Mid Ser D 4-5S...1921 IVI
78%
85%
7534
85%
92%
82%
92
105%
100%
138
373
8334
100
94%
80
81%
98%
99
"99"%
99%
1945
1926 IVI
s
Series
1926 M
S
5s
cons
50-year 5s
96%
91
88
56
60
58
6
"89% III
6934
80%
88%
"80%
88%
67
68
"
63
85
80
J
85
70
62%
86%
81%
89
81%
60%
85%
66
Feb'21
65
Feb'21
85%
*85" r85~
85
Jan'21
88
80
May'21
May'21
Juiy'20
May'21
Mar'21
50
60
66
Apr'21
106% Nov'04
66
68
70
8134
72
83%
08%
88
72
77" "8"l%
"90"%
75
Feb'21
75
75
65%
Jan'21
65%
65%
Kan A M 1st gu g 4s
2d 20-year 5s
1990
1927
67%
71
Apr'21
69
71
80%
80s4
45%
53
803g
60-year gold
co
10-year
36
Feb'19
81%
Oct'20
49
25
48
18%
1917
1952
1947
conv
15
Nov'20
Apr'21
perm
63
70
70
D
75%
76%
76%
O
52
52
80% Sale
80%
83
J
J
..02008 M S
secured 6s. .1928
J
~83%
Sale
75% 75%
98% Sale
99%
41
78
783g
99%
29
99 %
98%
89
79%
94%
80
82%
82%
80
85%
95% May'21
80
Mar'21
A
4s Ser A
1955
Consols 48 Series B
1957 MN
J
Vers Crus A P 1st gu 4Xs—1934 J
1962 M V
89
72%
IIII
72%
22%
28
82
18|
Apr'21
—!
13
80
94
Mar'21
77
7934
81% 84 «4
73% 80%
97% 101%
70% 78%
97% 99%
87% 92
77% 81%
Feb'18
89
24
82
Jan'21
Mar'21
94
72%
7212
76% Mar'21
72%
Sale
37
15%
"70"
*79% "84%
78
"33
76
89
J
cons g
Virginian 1st 5s series A
84%
99
72%
75
60
Apr'21
78
79%
8934
Vandalla
Sale
76%
79%
A
87%
4s
69%
83%
75%
98%
D
J
con g
Ore Short Line 1st g 6s
15
Sept'20
81
J
1927
>.
Apr'21
15% Mar'21
D
1947
4s
84%
80% May'21
80%
ctfs of deposit
1st A refunding 4s
84%
47%
15%
1950
4s
84%
75
....
J
95%
90"
May'21
81%
86%
D
80
*90"
75
7034
86
34
1929
80
98%
Jan'21
83
1st consol g 5s.-..
95%
60
84%
Guar refund 4s
" "87"
88
58
Dec'20
81
33
Utah A Nor gold 5s
1920
1st extended 4s..__..1933
Apr'20
88
98%
Jan'21
65%
Ore RR A Nav
82~" "82~"
9814
Aug'19
Apr'21
Apr'21
77
Registered
85%
851.1
99
96%
1935
20-year
84%
65
96%
96%
General gold 5s
Trust
82
50
50
.---
83%
02000 Mar
90%
89%
89%
87
"8131
85%
1953
Coll trust 4s g Ser A
80
50
Jan'21
85% Mar'21
70
Oct'20
Tol PAW 1st gold 4s..
1917
Tol St L A W pr Hen g 3X0-1925
67
88%
84%
87%
89
90
88%
84
70
" "67%
80% May'20
52%
89%
60%
St L M Bridge Ter gu g 50-1930
Texas A Pac 1st gold 5s
2000
1931 J
90%
50
1955
f g 4s
64
67
9838 May'21
80
1958
1924
!
Feb'21
98%
£7
J
Term Assn of St L 1st g 4X0-1939
1st cons gold 5s
1894-1944
s
88%
63
1936 M N
W O A W 1st cy gu 4s
Spokane Internat 1st g 5s
Gen refund
88
2003 J
General 5s
Va A So'w'n 1st gu 5s
1st
90%
85
S
Series E 5s
F
90% Sale
88% Sale
76%
76%
4s
66
81% Mar'ie
67% Feb'21
50
70
gold
66
56%
*87% "92%
88
94
67%
Mortgage
8734
9734
1946
Ga Pac Ry 1st g 6s
1922
Knoxv A Ohio 1st g 6s
1925
Mob A Blr prior lien g 5S..1945
5
60
67
81
Feb'21
81%
67%
...
75%
95%
Phlla Bait A W 1st g
35%
Jan'21
90%
81%
81%
80
82%
80
82% Mar'21
90
Gila V G A N 1st gu g 58—1924 IVI N
Hous E A W T 1st g 5s
1933 M N
77%
75%
75%
....
76%
92
87%
82%
79%
82
89%
75
67% May'21
88% Mar'21
GHASAM4P 1st 58...1931 M N
2d exten 5s guar.
J
1931 J
May'21,
June'20;
76%
82
89%
70
69
1946
1922
1946
82
Sale
90
1934; J D
Dec'20
81
"94"% ~96%
76%
70%
4s_._1949jF A
Registered
82
Apr'21
9%
78%
92
68*2 Sale
01929 .M 8
conv 4s
1st refunding g 4s
Union Pacific 1st g 4s..
85
69%
57
I
41949 J
41949; J
Registered
cons g
58%
52%
30%
64
95
9034
"58" "63%
97
88% Sept'17
85
Sale
41
86
Mar'10
Oct'20
82%
Series A
41
42%
49%
53
65% Mar'21
Sept'20
1942 M N
1945 MN
Series E 3Xs guar gold.. 1949 F A
Series F guar 4s gold
1953 J D
General 5s
71
86%
Series C guar
Series I cons guar
3534
80
Series D 4s guar
Series G 4s guar
341.1
Tor Ham A Buff lBt g 4s...*1946
Ulster A Del 1st cons g 5s
1928
71
6934
69%
Feb'12
85
65
62
65%
Dec'12
79% May'19
82
Apr'21
8
60%
2
93
....
"1
'
58%
Apr'20
J
J
Erie A Pitts gu g 3Xs B...1940 J
Series C
1940 J
43
•
81
Dec'16
68%
6934
Jan'13
55
Mob A Ohio coll tr g 4s._.1938 M S
Feb'20
80%
"~72
65
8234
69
64%
54%
Tol A Ohio Cent 1st gu 6s...1935
Western Div 1st g 5s
1935
74
80%
86%
64%
6834
98%
60
693s
Mar'21
67%
78
61%
W Min W A N W 1st gu 5S-1930
70%
"i'2
67-%
56
96
63
63%
La Dlv B L 1st g 5s
1942 M N
Cln Leb A Nor gu 4s g
67
93%
54
83%
72%
40-year guar 4s ctfs Ser E..1952
Mar'21
63
70
CI A Mar 1st gu g 4Xs
1935 (VI N
J
CI A P gen gu 4Xs Ser A..1942 J
Series B
1942 A O
16
Sale
79%
Apr'21
Apr'21
Apr'21
8034
78
"77" "77~
2
93%
67%
54
67
80%
66%
61%
70
71
Jan'21
93%
64
2nd gold income 5s
78%
87
Oct'20
68
68
D
98
8934
54
61
68
O
95%
90
67%
63
Dec'20
A
838
63
Mar'21
M N
51%
54
95% May'21
89% Mar'21
76
J
67
Guar 15-25-year gold 4s...1931
195[
B
68
7338
67%
Mem Dlv 1st g 4Xs-5s
St Louis div 1st g 4sJ
Feb'20
10-year secured 7s
15-year secured 6X0
Alleg Val gen guar g 4s
G638
63%
71%
84%
6134
44%
O
76%
93%
Apr'21
79
11
5634
54%
54%
105
94%
Pennsylvania RR lBt g 4s...1923 M N
70
Sale
78%
E Tenn reorg Hen g 5s
Ga Midland 1st 3s
Jan'21
73
85
88
53%
Oct'19
70
74
87
58
61%
60%
Dec'16
70
62%
Develop A gen 4s Ser A...1956 A O
99%
Mar'21
J
~64~
62%
225
61%
73%
79
98%
99%
D
"7 8% "87 ~
79
Apr'21
74%
Feb'19
37%
"7534 ~83~
77%
Dec'20
88
*130
99.94
105
91
Dec'17
A
J
1948
..01945
Ga Car A No 1st gu g 5s...1929
Seaboard A Roan 1st 5s...1920
Southern—1st
70
42
73
""62
96%
99% Mar'21
76%
85
104%
69
Consol gold 58
San Fran Terml 1st 4s
[99.66
97
J
Gen gold 4s int guar
1921 A O
Waco A N W div 1st g 6s. .1930 MN
75%
Apr'21
99%
93%
D
101*
10158
74% 80
85%
64%
35%
8134
May'21
77
54% 59
64% Sale
J
1st guar 5s red..
H A T C 1st g 5s lnt gu
90
163
May'21
89
Wash Cent 1st gold 4s
1948 Q M
J
Nor Pac Term Co 1st g 68—1933 J
Consol
55%
54%
99% Sale
certificates.. 1923
St Paul A Dulutb 1st 5S...1931
1st consol gold 4s
73
9284
99.56
A1921
BtPANPgen gold 6s
76%
Dec'20
75
98% Sale
76% 79
86%
Registered
64%
75
77
75
53
2047
2047
N P-Gt Nor Joint 6Xs
40
79%
40
67
94%
66% Sale
78%
6634 67
J
1945 M S
Registered
Sale
a2047
Ref A impt 6s ser B__
Ref A imp 4Xs ser A
"*49% "59**
Dec"20
Louisiana West 1st 6s
98%
Jan'20
75
May'21
....
75
1997
a2047
Registered
4s..
6s Series A
Gold 4s (Cent Pac coll)
"74"" "78%
103%
77
77%
J
General Hen gold 3s
39
Apr'21
10-25-year conv 4XS...1938 M S
95% w4V87%
88%
6734
77%
93%
j
101% 104%
Apr'21
77
Sale
52
J
Atl A Birm 30-yr 1st g 4s.cl933 M S
Caro Cent 1st con g 4s
1949 J J
Fla Cent A Pen 1st ext 6s..1923
73
77
1932
conv 6s
39
75% May'21
75% Apr'21
1932
10-25-year conv 4s
10-20-year conv 4s
10-year
....
7434 Sale
M N
72%
Oct'20
74%
Dlv'l 1st lien A gen g 4s. 1944
O
58
;
Apr'21
1996
Registered
A
.1959 A O
Nov'16
....
O
1st A
"58 " "05"
Apr'21
122
100
A
A
Mort guar gold 3X0---41929 J
D
Through St L 1st gu 4s..1954 A O
Mar'2l
10034 101% 101
76
76% Sale
F
M N
Refunding
Cent Pac 1st ref gu g
45%
Norfolk A Sou 1st gold 5s
O
45
*30" _30"
59
59io Sale
A
49%
Sept'17
74% Dec'19
59%
59%
59% Nov'20
General 4s
J
35
"3434 "43"
Hiei
J
Southern Paciflo Co—
31
40
May'21
883g Feb'18
68%
S
J
J
Ga A Ala Ry 1st con 5s.
30
W A Con East 1st
J
J
01949 f
"46% "53"
Low
I960 A O
20-year conv 5s.
66
30
J
4Xs
1943 J
N Y O A W ref let g 4s
01992 M S
Registered $5,000 only..-01992 M 8
..A1960 Oct
Adjustment 5s
20-year
60
1945
64
66% Sale
50
~70 ~ IIII
1945
4s
77
73% Sale
87
Sale
3834
39%
1939
Providence Secur deb 4s__.1957 M N
78%
J
Gold 4s stamped
69
90
*78% ~8(j~
J
45
64
40
97%
7534
1st land grant ext g 5s..1930
67
37%
91
1928 J
46
oons
HighI No.
Jan'93'
9184
Oct'20
80% Sept'20
S0%
82
6534
67%
83%
7534 Sale
J
37
34
90
J
40%
106% May'15
87
July'14
83
Aug'13
57%
14Xs'46| J
Boston Terminal 1st 4s
Consol
46%
J
37
64% Nov'20
46%
47%
60%
37% Sale
1942 A O
N Y Prov A Boston 4s
67
J
35
64%
67
O
80% Sale
6534 Sale
39%
1950IJ
1931
1990
Southw Div 1st g 5s
1947
K C Ft S A M cons g 6s...1928
K C Ft S A M Ry ref g 4s..l930
KC.4MR4B 1st gu 5S..1929
St L S W 1st g 4s bond ctfs...1989
2d g 4s Income bond ctfs.pl989
Consol gold 4s
1932
1st terminal A unifying 5s. 1952
Gray's Pt Ter 1st gu g 5s__1947
S A A A Pass 1st gu g 4s
.1948
Seaboard Air Line g 4s
1950
Oct'19
1956 J
Non-conv deben 4s
61
J
61% Sale
St Louis A San Fran gen 6s. .1931 J
July'18
....
Apr'21
Apr'21
J
J
A1955 A O
Income Series A 6s
Oct'17
J
Non-oonv deben 4s.
80%
J
General gold 5s
St L A S F RR cons g 4s
71%
O
80%
Since
84
...I960 J
Prior lien Ser A 4s..
Cum adjust Ser A 0b
71
O
102
J
Ranos
Jan. 1
Co)—
Prior lien Ser B 5s
93
J
or
Last Sale
Ask Low
S
1951 A O
1951 J
J
St Jos A Grand Isl 1st g 4s...1947 J
Nov'16
98%
92%
1943 J
1997 J
..1997 J
Jersey Central coll g 4s
Atlantic City guar 4s g
50
76
98
f 4s. 1937 J
1940 A
Reading Co gen gold 4s
Registered
~ "7234
97%
s
1st consol gold 5a
Feb'21
95%
1931 M N
Debenture 4s
N Y Connect 1st gu 4Xs
79%
70%
70
70%
Feb'21
103
87
.
1937 A
1937 A
75
55%
5e...1920-22 M N
Equip trust 4Xs. .1920-1925 J J
Registered
Philippine Ry 1st 30-yr
May'15
70%
7014
1956!J
71
50
60
NYC Lineseq tr
N Y Chic A St L 1st g 48
1st Series B 4s
98%
98%
71% Nov'20
65
Rutland 1st
Pere Marquette 1st Ser A 5s. 1950 J
62
70
113
Bid
■3*9
Week's
Range
13
-
Nov'20
70
7112
Price
Friday
May
Peoria A Pekin Un 1st 6s g...l921 Q F
2d gold 4X0
61921 MN
Apr'21
78% May'21
70% Apr'21
69% Mar'21
98%
48-1993 A
Sunbury <fc Lewis 1st g 4s. .1930 J
N J RR & Can gen 4s
1944 ivi
U
66% Mar'20
-
II
13
May
Pennsylvania Co (Concl .)Sodus Bay A Sou 1st g 5s..1924'J
" "90"
Nov'19
60%
,68%
93%
E WAO
90
74% Sept'20
J L & S 1st gold 3X8
1st gold 3X0-—
cons gu g
High
Deo'20
Mar'21j
98% Nov'18;
1940 J
Pine Creek reg guar 6s
No. Low
Week ending
93% May'20
.1940 J
Registered
N. Y. STOCK EXCHANGE
Jan. 1
90
1931 Q M
Registered
4a
BONDS
Since
or
High
69
74
1931 M S
Michigan Central 5a
11
Range
Last Sale
2067
70%
72%
23
20
83
24
81
84
*
»
no
price Friday;latest hid and uked.
«
Due Jan.
» Due Feb.
0 Due June
h Due July.
k Due Aug.
• Due Oct.
9 Due Not.
t Due Dec.
•
Option eale.
3068
New York BOND
ii
bonds
Week ending May
May
13
Bid
Wabaah let gold 6a
Range or
Last Sale
13
NO.
1939 F
Debenture serlee B 6a
1939 ■I
A
....
Sale
88
74
73
•
*52"% *60 "
Det A Cb Ext 1st g 6a__...1941 j
817s
86
84
90
80
Om Dlv let g 3M8
1941
A
1941 m
51%
59%
O
Tol A Ch Dlv g 4a
S
A
68%
A
1962 a O
1937 J
J
1943 a O
pi 943 Nov
West N Y A Pa lat g 5a
gold 4a
Income 5a
61
61
*51% *61 "
56%
70%
79
1945
West Maryland lat g 4a
Gen
f
1945 f
Wash Terml lat gu 3Ms
1st 40 yr guar 4a
54%
63
1
66%
79%
68%
79%
Sale
86
52
62
hi
80%
1946 m
Wheeling A L E lBt g 5a
1926
84%
Wheel Dlv lat gold 5s
1928
82%
89
1930
80%
83
9034
Refunding 4Ma series A...1966
RR'lst consol 4s
1949
49%
55%
54
473a
55%
55%
0712
1949
Sup A Dul dlv A term lat 4a*36 M N
Street
82
•
3 yr 7% secured notes...*1921 j
Certificates of deposit
Sale
26
28
25
43%
j
67%
3912
Bk
j
City lat cons 5a.. 1916 1941 J
8 con gu g 68...1941 m N
J
Bklyn Q Co A 8 lat 5a
1941 jj
Bklyn Un El lat g 4 6a....1950 f A
Stamped guar 4 6a
1956 f A
Klnga County e let g 48..1949 f A
Stamped guar 4s
1949 F A
J
Naasau Elec guar gold 4a.. 1951 J
Bk Q Co A
Chicago Rye lat 6a
f
j
....
j
64
39%
44
Apr'2!
64
54%
3
60
Sale
61
58
6878 Sale
08%
J
15
57
A O
A O
M 8
55
56
63*4
6334'
Metropolitan Street Ry—
43
4434
Col A 9th Av lat gu g
40%
10%
Lex Av A P F lat gu g
25%
29%
92%
5a..l993|M S
5a..l993,M S
Met W S El (Chlo) 1st g 4b..1938;f
Mllw Elec Ry A Lt cona g 5s. 1926 f
Refunding A exten 4Ms.—1931 J
54
78%
74
Montreal Tram lat A ref 5s..1941 J
N Y Munlclp Ry lat a f 5a
Certificates of deposit
20%
2L
20% Sale
.
30 year adj lnc 5a
al942 A
Certificates of deposit
4
3%
52
4Ms. 1962 M n
A ref 5a
1930|M n
4
56
53
09
73
A
J
73%
J
82.
74%
99%
4734
5b
g
Trl City Ry A Lt let a f
5S..1923 A
Undergr of London 4M8....1933IJ
Income 6a
1948!
9034
30% Sale
7934 80
J
O
92%
68
67
Electric
Bklyn Edison lnc
Light
|
36
5s A..1949 J
1930 J
.1930 j
gen
General 6a aeries B
General 7s series C-..
Columbia G A E lat 5s
]
Detroit Edlaon let coll tr 6a..l933 j
*1940 M
coll 6a.. 1949 J
EqGLNY 1st
ivi
5a...1932
cons g
Klnga Co El L A P
1937 A
Purchase money 6a
Convertible deb 6s.
Ed El III Bkn lat
a
5a..1922
5a
g
Milwaukee Gaa L
O
Pacific G A E Co—Ca
cona e
Refunding gold 5s
86%
81%
N
1st conv
93
68
Packard Motur Car 10-yr
Standard Milling lat 5a
1949 M S
6a.. 1943 A O
Syracuse Lighting lat g 5a. ..1951
Syracuse Light A Power 5b__1954
Trenton G A El lat g 5a
1949
Union Elec Lt A P lat g 5a..1932
Refunding A extension 5a..1033
s
J
D
J
J
77%
85
73%
70%
....
Union Oil Co of Cal lat
U 8 Realty A I conv deb g 5a.
36%
67%
94% Sale
83%
80
72
64%
777$
...
S
rw
N
j
84
79
Utlca Elec L A P lat g 5a
Utlca Gaa A Eleo ref 5a
1950 j
1957 J
J
j
77
Westchester Ltd gold
1950 J
D
77
96
1
79
90
90
*6
70
70
1
88
70
86% Sale
100% Sale
69%
Sale
101
70
7478
82% Sale
44
85
79
99% 101%
91
99% 102
71
82%
Nov'18
84%'
1
106%!
10
103
108%
5
78
85%
90
90%
85
88%
90
88
Feb'21
89%
98
88
87
91%
91
si)0% Sale
88
17
87
93%
100
217
68%
'
...I1
64%
86%
08%
86%
i
76%
73%
80%
79
79
***3
73
"84 " "83%
63%
73
72%
Apr'21
74%
1
81
*88* *9*5*"
81
83%
1
79%
101%
111
1
7S%
78%
92
1
Sale
91%
92
46
91
"76 " "81 "
90%
93
93%
64'
96%
98%
44
92% 100
99% Sale
99%
100%
504
94% 100
93
83
87
1
"77 * "77"
s Due May.
*
93%
95
77
10
93
86%
24
78%
75
J
d
M
85
3
93% July'19
81% Apr'21
101
96%
Elk Horn Coal conv 6a
1925
85
98
1940
1952
I 2d 5a
1926
Lackawanna Steel lat g 5a—1923
1st cona 5a series A
1950
76"* "8*2""
62%
72
79%
81
79%
92
92
92
d
95
A
O
94
M
S
"76" "82"%
79%
91%
J
74%
94%
75
*93"%
75
84
83%
78% Sale
J
78
86
92%
37
76
92
17
94
73%
95%
78
Aug'20
*77 "73" "79"
791
Pleasant Val Coal 1st a f
5s__1928
J
80
79
f 5a. 1957
J
79%
82
78
A
84%
89
84%
1
Apr'21
Apr'21
79
Repub I A S 10-30-yr 5s a f..l940
J
St L Rock Mt A P 5s atmpd .1955
S Steel Corp—I coup
5a—1951
dl963
dl963
5s/reg
—1953
Va Iron Coal A Coke lat g 6a. 1949
Telegraph & Telephone
Am Telep A Tel coll tr 4a__ —1929
Convertible 4a
1930
Victor Fuel 1st a f 5a
1933
30-year temp coll tr 5a....1940
7-year convertible 6a
1925
Bell Teleph of Pa a f 7a A
1945
20-year conv 4Mb
Cumb T A T lat A gen
lat 58—1935
1st 5a
1924
A gen a f 4 Ms. 1939
30-year deben a f 0a..Feb 1949
Northweat'n Bell T lat 7a A.1941
N Y Telep 1st
71
78
75
83%
89
9578 Sale
MN
J
J
M
S
81%
M
8
J
D
A
94
85%
Jan'21
52
52
Apr'21
81
84%
73%
80
Sale
78
Sale
72
173
"<9%
72
86% Sale
83
Sale
86%
82%
98%
102%
103
91
96%
Apr'21
98% Sale
Sale
F
75
86%
92%
52
72
M
71
307
96%
78
J
1
03
72
7
80
90
77%
83%
88%
83%
101%
629]
103%
83
110
94% 102
10034 106%
86%
60
..
80
8234
J
*86% *89*%
86%
61%
Mar'21
86%
Feb'21
64%
80
Apr'21
78%
86%
64%
81
98
J
Apr'16
8678
86%
2
85
88%
M n
80
Sale
80
81
41
75
81%
F
92
Sale
91
92%
49
87'4
92%
99*8 Sale
99
99%
213
84
83%
84
F
A
1950jM N
85
817g Sale
83 34 86
80
1941 .M N
4Ma g—1934'J
Due June, ft Due July. I Due
83
80
84%
94%
"1113 *75 ~
Mut Un Tel gu ext
Northwest Tel gu
95%
79
*84% *86~78
88% Mar'21
MN
1937
South Bell Tel A T 1st b f 5a .1941
West Union coll tr cur 5a
1938
4mb
5a
79
Nov'20
J
58—1943
4a—2397 Q
j
5s_ —1937
Keystone Telephone
71
75
Feb'19
M N
Lehigh C A Nav a f 4Ma A..1954
M
MIdvale Steel A O conv a f 5a 1938
Tenn Coal I A RR gen
82%
Dec'14
76
77%
1st 5s
^
81*34 "81%
Apr'21
70% May'21
75
Apr'21
\
95%
86%
78%
9
85%
Sale
78
72%
f 10-60-year
90
90%
92%
May'21
78
Steel
95% 101%
89% 94%
953s
90
00%
83% Sale
1st gu 6a... 1922
Fund A real est g
....
7
87%
9478 100
79%
75%
93% Sale
96% Sale
J
Pacific Tel A Tel 1st 5a
34
103
92
J
Micb State Teleph
*68*% *6*8*1*2
86%
16
M n
al926
Commercial Cable lat, g
56
86%
79%
22
90
Cent Dlst Tel lat 30-year
....
95%
86%'
71
U
8278
78
88%
98%
86%
Pocah Con Colliers lat a
79
100%
85
93
86% Nov'20
86%
Jan'2l|
89%
Jeff A Clear C A
*81** *84**2
98
1
106
86% Nov»20
94%
94%
86% Nov'20
76
Indiana
85
5
89%
1943
1934
Cona Coal of Md 1st A ref 58.1950
81%
83%
108
77%
Apr'21
92
01
86%
* *7*5%
80
102
1936
1932
5a
f 5a
5a
90
i
71
2
3
88
93%
Col Indus 1st A coll 5a gu
75
81%
55
76
82%
106%]
89
94% Sale
83
.84%
90
79
101%
107% 106%
84% 89%
84%
106% 107% 106%
84%
847$ 86
85%
70%
100%
89% Sale
Colo F A 1 Co gen a f 5a
100
66%
86%
99%
105
98% Sale
77
90
10078
96
71%
69%
79
90
May'21
1942
lat A ref 5s guar A
Cahaba C M Co
"75"
2
70
92
10238
100
90
J
1926 j
91
*73* *76%
12
811
aa*ed. • Due Jan. t Due April.
70
86
& Steel
90%
08%
Apr'l
77
114
102
88%
82%
1
216
82
90%
82%
93
V
68%
77
93
76%
89%
89%
79
O
81%
May'21
95
88
*21
69
92
Debenture
70
89*2
85%
101
92%
87
Apr'21
80
101% Sale
O
102%
..1
76%
94%
79
89%
84%
89% 98
84% Sale
5a„1923,J
Iron
93%
70
_
0s__1926!F
Coal.
91
73% Dec'18
89*2 Mar'21
*89% IIII
78
86
07*"
1
90
100
Weatlngh E A M 7a.
1
Mar'21
8978
86% Sale
98
987b
1931
Wlckwlre Spen Steel let 7a..1935
89
Sale
72
70
*88% *9*0*%
J
1922 J
MN
78%
117
117
92%
72
Sale
83%
89%
82
A
Jan'21
Dec'20
Illinois Steel deb 4mb
1
.....
98%
78%
73
Sale
77%
75
72%
70
92%
J
1932 M N
87% 10078
75
11
76
78
el924 A
7
87%
98%
75
100
J
90%
88
8
76%
69%
Sale
101
80%
76
J
12-year a f 7Ma
100
78% Sale
10078
10078
75
A
West Electric lat 5a Dec
98%
M
92%
A
88
887s
81
92%
1930:F
1947]
aeries A
87%
79
73
24
10-year 7Ma
U 8 Smelt Ref A M conv
1st A ref 5a
97
*6*6
no
Apr'21
'*96
96
29, 100
56:
86
8478
J
D
89%
83
Va-Caro Chem 1st 15 yr
..1
Apr'21
70%
m
1944 f
U 8 Rubber 5-year sec 7a
1924 J
1922 J
101
82%
74
90
94%
103%
94%
94% 99%
119
88
J
5s.._1931|J
77%
3
84
89
*69" III
f 6e___1930 J
eat bid and
Stamped
Buff A Susq Iron a
22
J
1930,J
1930'J
Union Bag A Paper let 5a
"87% *89%
8614
73
76%
83.19311A O
1930 M N
j ■» J
367s
36
105
73
6a..l938|W N
36
j
*84% *91%
Utah Power A Lt 1st 5a
6s
Y Air Brake
50%
80
368
100%
72
80%
70%
6878
86%
75
87
1930 J
1942 M N
Nat Starch 20-year deb 5a
a
Philadelphia Co conv g 5a... 1922 M N
d
Stand Gaa A El conv a f 6a... 1926 j
•No Price Friday;!
74%
68
Sale
1951
1st 5s
*9*8%
76
78
...1944
..
Beth Steel lat ext a f 5a
2
92
86%
...1947 M
a
98%
68% Sale
J
Ch G L A Coke lBt gu g 5a. 1937 j
J
Con G Co of Ch 1 st gu g 5a. 1936 J
Ind Nat Gas A OH 30 yr 5s. 1936 M N
Mu Fuel Gaa lat gu g 5b__1947 M n
United Fuel Gas lat
90
81
86% Sale
7a.
National Tube
Q A E—
Pat A Paeaalc G A El 5a
LorlHard Co (P)
5a...
81%
Apr'21
Sept'19
$1
5a...1930
1951 F
20 yr p m A Imp a f
Feb'18
81% Sale
Corp unifying A ref 5a
1937 M N
j
Pacific G A E gen A ref 5a... 1942 J
Pac Pow A Lt lBt A ref 20 yr
5a International Series
1930 f a
Peop Gaa & C lat
88%
75
J
...1944 A
Liggett A Myers Tobac 7
81
!
80%
101%
D
1935,-1 J
1932. M N
71
2
95%
92%
57%
91%
Feb'21
100
92%
1947|J
337s
96
— .
88
1949
con g
9!
la
80
1948
5s...1995
cons g
NYAQ El LAP let
1948 J
_
Paper 5a
60
156
88%
763s
"74 " "75"
International
26%
101%
Apr'20
Apr'20
87^4
81%
981,1 Sale
87% 101
57S
26
83%
79%
91
Sale
85
lat 4a.... 1927 M N
Newark Con GaB g 6a
NY GEL APg5s
Purchase money g 4s
Ed Elec 111 1st
"73% "74"
90
J
95%
88%
88
67%
17
103
94%
9219
91%
100%
74-%
72
f8s'19411M N
Int Agrlc Corp lat 20-yr 5a.
76
93%
117
A
O
A
Corn Prod Refg a f g 5a
N
1st 25-year a f 5a
1934 M N
Cuba Cane Sugar conv 7a
1930 J
J
Cuban Am Sugar 1st coll 8s 1931 M S
Distill Sec Cor conv lat g 5s. 1927 A O
E I du Pont Powder 4mb
1938 J D
General Baking 1st 25-yr 6s__1930 J D
Gen Electric deb g 3Ma
1942 F A
Debenture 5a.
1952] M S
20-year deb 6s_
Feb 1940: F A
29
June'19
94
Oj
8
Lao Gaa L of St L Ref A ext 6a '34 A
92"
91%
793.J Sale
871.1 Sale
89% Sale
88%
o
O
4a. 1939 J
79
Si
1925 M
g
10078
99%
75%
66%
94%
102
IIII *74*"
F
A
E
1931 M
Ingersoll-Rand lat 5s
*
Apr'21
65%
90
1939]
Goo 1 year TireA Rub 1st a
70
88
17
70% Mar'21
78
76% Sale
Cent Foundry 1st a f 6a
1931
Cent Leather 20-year g 5a... 1925
Consol Tobacco g 48
1951
36
85
5
88%
80
79%
65% 66
9378 Sale
102% Sale
1940 IVI N
Am Writ Paper 8 f 7-08
Baldw Loco Works lat 6a
83%
87
101% Sale
1931 IVI N
6%
53%
7878
95% Sale
Steel A Tube gen a f 7s ser C. 1951
85%
83%
91%
88% Sale
82% Sale
..1924
Am Cot Oil debenture 5s
68
*192
Apr'21!
86%
100% Sale
Am 8m A R 1st 30-yr 5a aer A 1947
Am Tobacco 40-year g 6a
1944
Gold 4a
1951
Conv deb 6a
.82
1997 A
con
77%
84%
76%
08
A
1928
47
96%!
77
Havana Elec consol g 5a
1952 f a
Hudson Co Gaa 1st g 5a..... 1949 Ml N j
Kan City (Mo) Gaa let g
96
89
Am Agrlc Chem lot c 5a
Conv deben
5a
25
6
84
I
50
23, "65*"
79%
71%
62
Manufacturing and Industrial
88%
36
82
67%
Sale
A
1928
conv a f 6s
5s-
110
70
S
73%
7478
46%
""""j
36%
80
/>1940 M S
let A ref 6a aeries B
F
Tide Water Oil 6Ma
1931
Union Tank Car equip 7s.__ 1930 F
Wilson A Co lat 25-yr a f 6s..1941
75
65%
79
*87 "
25%
*40% *48*"
65
83% Sale
J
19
"56"" *7*5""
33
J]
f|
lat A ref 5a aer A
33%
78
J
Consol Gaa 5 yr conv 7a
1925 q
Cona Gaa ELAP of Bait 6 yr5a '21 M n
J
Detroit City Gaa gold 5a
1923 j
Duqueane Lt lat A
3534
6512
J|
1927 J
Stamped..
1927
Columbua Gaa 1st gold 5s...1932
Standard Oil of Cal 7s
al931 F A
Tennessee Cop 1st conv 6s__1925 M N
3
Apr'21
80
88% 89%
96% Sale
J
Bklyn Un Gaa 1st cona g 5a..1945 m N
Cincln Gaa A Elec let A ref 5a 1956 A O
Pub Serv Corp of N J gen 5a__1959 a o
Sinclair Con Oil conv 7%s_.-1925 MN
3%
Mar'21
69%
Sale
79%
J
44
15%
21%
May'21
70
1.7
*16
76
88
al932
Nat Enam A Stampg jat 5s._ 1929,-
69%
35%
64%
j
37
17
6ept'20
31%
(N Y) Inter ctfa
63%
95
Mar'21
50
III!
Union Tr (N Y) ctfa dep
1934 J
79%
96%
35
Va Ry Pow lat A ref 6a
03%
57]
31%
79%
Apr'2 i
92
O
f 4a
a
30%
47
1927 A
United RRs San Fr
82
21%
60
"i«j
48
91
51
09
3978
Dec'20
65
United Rys Inv 6a Pitta las.. 1926M N
63%
53
24
1
O
J
O
J
United Rye St L lat g 4s
1934 J
St Louis Transit gu 58—1924 A
66%
50
74
4738
1960, A
1937IJ
1
67%
Feb'17
05%
4678
a
247„
73%
Oct'20
73%
J
Adj Income 5a
Third Ave Ry 1st
53
"92" *93 *
Mi ,y'21
53
68
..I960 J
Portland Gen Elec lat 5a.. 1935 J
541.1
19%
2
5
3
St Paul City Cab cona g 5a.. 1937 J
Third Ave lat ref 4a
65
May'21 —" J *17% *25*
"2I 10
22
22
20
Sale
4
O
N Y State Rye let cona
Portld Ry Lt A P lat ref 58-1942 f
65" "
July'19
21
85
85%
75% May'21
67%
68
75
67
84
98%
89
58%
58
Feb'21
57
85% Sale
78
80
13
7478
50
_;
A.I960, J
4a...1942 J
N Y RyB let P. E A ref
7478
213
76
54%
Apr'21
Feb'21
65
4MB..1935 J
New Orl Ry A Lt gen
Portland Ry lat
"76 *
79
99%
79% Sale
79% 82%
Dec'19
92
82%
98%
Sale
Nor Statea Power 25-yr 5a A.1941 A O
Ontario Power N F lat 5a_..1943 FA
Ontario Transmission 5a
1945 M N
48%
!
25%
86
82
82
98% Sale
8 i
47
15
"III
20
Feb 21
*
76
83
■
Apr'21
25%
Bway A 7th Av 1st c g 6s..1943 J
80%
91
it
1
82
80%
90
•
12i
4'
j
79
May'21
82
214
557s'
06
11
May'21
23%
50
56%
55%
Sale
92
141
89
58
"~13
55% Sale
5534 56%
6334 05
J
86
....
102% 10638
92
58
82
56% Sale
15
5a..l968
Manhat Ry (N Y) cona g 4s_.1990
Stamped tax exempt.
1990
Manila Elec Ry A Lt a f 5a.. 1953
78*% *8*2*78
9
35
88
18
353]
Certificates of deposit..
370
....
80
102%
102% 103% 102%
94%
95%
9478 Sale
76
73%
74% Sale
79%
77
80
79%
80% May'21
95
87
Apr'20
86
V 713s
89%
53
168'
38%
Interboro Rap Tran 1st
1939
1951
!
111
v
*v*85%
92%
*59 " *69%
56
173s
1434
74%!
Mar'18
80
Sale
23
91
*5*7% "57"%
39% Sale
85% 97
17% Sale
..
74%
108%
81
70
67% 7178
6778
75%
104% 111
86%
N
1957
1932 f
Ma..1956 A
Adjust Income 5a
N Y A Jersey lat 5s
Interboro Metrop coll 4
O
Montana Power lat 5s A
Ref A gen 6a.
53
60
6a.. 1941 A
Niagara Falls Power lat 6s_.1932
63
i"ii'
*58% *62 "
**22
Nlag Lock A O Pow 1st 5a...1954 M N
*58"
%
53
247g
653a
7*8
71%
37
3
65
64%
54%
82%
Apr'21
50
24
64%
70%
50
90
64
5a
Morris A Co 1st a f 4Ma
N Y Dock 50 yr lat g 4a
De c'2l
65
1928, M N
1940 M N
a f
Feb'18
58
J
167
19%
83
73
9834 100
52%
39
L!!i
.
a f
100
13%
75
182
82%
Sale
80
1928 M N
f 8a
55
70%
83%
82*2
70%
71
1941 J
f 6a
Apr'21
79% "42
90
66%
1936 M N
j
1943 J
a
10-year
J
IVI
43%
1957 f
Hud A Manhat 5a aer A
atifJ
Great Falls Pow lat
33
13%
78%
52%
99%
Sale
100
1931
..
con 6s A
Mex Pet
32
15
Sale
79
52% Sale
56% 63%
14
19%
40%
f"~6
433
41
54% 54u
54% 59>2
17l2
65% Sale
J
j
Feb'2
647$ Sale
J
1927
1951
Stamped guar 4Ms
1951
Det United 1st cone g 4MB--1932
Ft Smith Lt A Tr lat g 6b...1936
30
43%
25
A
Conn Ry A L lat A ref g 4mb
50
4534
Sale
Granby ConaMSAP
Stamped
Inter Mercan Marine
66%
.....
1
8
High
Low
5
15
Chile Copper 10 yr conv 7a_.1923.M N
Co 1 tr A conv 6e aer A
1932 A O
70
25
Apr'2
59%'
14
109% Sale
59
71%
73
25
9;
68
28
5878
15
Ce-ro de Pasco Cop 8a
1931
Chic C A Conn Rya a f 5a
1927
Chlo Un Sta'n 1st gu 4Ms A. 1963
lat Ser C 6Ms (ctfa)
1903
66
55%
61
14
74% Sale
a
No.
High
60
1960
66%
7|
68
44
Certificates of deposit atmpd..
Gas
"47% _56~ "
Railway
Brooklyn Rapid Tran g 5s_.-1945|A
lat refund conv gold 4a
2002 j
Equit Tr
#
Ask Low
S
1926 M
tax ex
guar
Since
Jan. 1
8
1920
Braden Cop M ooll tr a f 6e._1931
Bush Terminal let 4a
..1952
Consol 5a
1955
Building 5s
Range
or
1948 M
Armour A Co lat real eat 4mb 1939 J
Atlantic Fruit conv deb 7a A. 1934
Computing Tab Rec
Mar'21
591a
68
82
82
p—j
71
Winston Salem 8 B lat 4a... 1960
62%
*80% "88 "
;
84
8
Wla Cent 50 yr lat gen 4a
89%
60%
::i*
36
80% Sale
Western Pac lat aer A 6a
Exten A Impt gold 6a
56%
85%
86
65
"20
54
84
60%
56%
68%
79%
55%
Range
Last Sal*
13
1925] M
Atlantic Refg deb 6Ma
Booth Fisheries deb a f 6a
80
Week's
Price
Friday
May
Bid
Miscellaneous
Adama Ex coll tr g 4a
Alaska Gold M deb 6a A
Conv deb 6a series B
"oo"" "02" *
Li—
>!
887i
55%
High
84%
|L—
62
Dea Molnea Dlv lat g 4s...1939 J
2 «1
73
?
90
97%
let lien equip a Id g 5a
.,1921 M
let lien 60 yr g term 4s....1954 J
£.3!
N. Y, STOCK EXCHANGE
Week ending
May 13
Low
19 i
86
73
BONDS
Since
Jan. 1
Ash Low
1939 M N
2d gold 5a,
Hi
Range
ii
Week's
Prict
Friday
n. Y. STOCK EXCHANGE
Record—Concluded—Page 4
Aug. 0 Due Oct. 9
Sale
!
6
11
81%
84% May'21
80
80%
96% 100
80
85
"II
81
83
83
86%
77%
71%
101% Sept'17
64
Nov'16
Due Not. « Due Deo. $ Option tale
BONDS
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICE—PER SHARE, NOT PER CENT.
Tuesday
!
Wednesday
May 10.
Monday
May 9.
May 11.
Thursday
May 12.
Sales
123
123*2
655g
65*2
66
66i2
*84
21*2
22*2
*83
21*4
121
"
28
124% 124%
122*2
66%
21
22%
29
*29
120
*121
66
83%
21%
21
Boston A Albany
725
Boston Elevated—
3
1,471
22%
*29
31
*29
31
10
124
*121
124
105
100
100
Boston A Maine
Do
119
100
pref
Do
78
Jan
100
-
«
Last Sale .25
Feb'21
Last Sale 3%
Last Sale 130
-
Jan'21
Last Sale .75
-
Mar'21
Apr 16
617, Jan 11
7
18
Apr 13
—.100
26
Feb
100
pref
120
Boston A Providence
■
*
Highest.
Lowest.
Railroads
312
_
Range for Previous
Year
Lowest.
*121
124
Range Unci Jan. l.
Week.
122% 123%
65
65*2
65
66
23 *2
29
120
*121
123% 124
83%
65
*83%
....
227,
23*2
28
*28
121
122
122*2 123*2
6534
2069
page
EXCHANGE
Shares
*82
next
BOSTON STOCK
the
Friday
May 13.
STOCKS
for
Saturday
lav 7-
S««
Boston Suburban EIeo_.no par
129% Feb 25
66%May 10
85
119
May
74*2 Dec
13*, Deo
25%Feb
8
2
30
4
25
May 4
.25 Jan 29
133
Jan 21
124
Jan
—-W''
*3*2
*130
~
w.
"*3*2
69
39
68
39
40*2
18%
19
*65
I834
70
*
«65
66
"65"
69"
20*8
20
*64%
2078
*70
19*2
42*2
*42*4
.90
*30
*51*2
53
10
39
*37%
18%
39
698
19%
*37%
183g
19%
662
70
*65
*65
70
19
*65
*
66
65%
*18
19%
*70
»*
19
70
Last Sale 66
*64%
*64%
1
Apr'21
"20
*64%
65
*18
*18
19%
19%
Last Sale 74
Apr'21
65
42
42
42%
42%
42
53
53
53
53
53
^
53
42%
52%
52%
*.30
.90
*.30
334
3%
*13%
no par
Do
100
pref
Maine Central
100
NYNHA Hartford
.76
Jan 29
3U Jan 19
130
Jan
10c
Dec
28
76o
Dec
3
Nov
.99Jan
Feb 16
Feb 26
3%
Feb 26
130
65
Apr 29
3614 Mar 19
73
43% Feb 3
23% Jan 12
Feb
130
4
Jan
65*s Dec
32
Deo
100
15
Northern New Hampshire. 100
Norwich A Worcester pref. 100
60
Apr 11
75
Feb 23
76
Deo
66
Apr 26
76
Jan 27
77
July
100
58
Mar 31
75
Jan 19
Deo
Old
Colony....
Mar 17
01514 Deo
•
350
24
-.100
15
Apr 23
21
Jan 12
60
15
Vermont A Massachusetts. 100
60
L-'m i
42%
42*2
53
70
20
19
"43"
*67
65*4
*64%
*70
70
40
39
pref
Boat A Wore Eleo pref.no par
Ohio Juno Ry A U S Y
100
Apr'21
*67
66
65*4
20%
m.m
—
70
*
*70
42*2
•
—
39%
20*2
*65
65
—
70
39
40
*3*2
«.
•
-
*69
66
i
65
20
"*3*2
*130
*130
_'
_
*68
Do
Deo
.25 Jan 29
'
'
Feb
60
Mar 22
74
Aplr 26
76
Feb
9
70
June
West End Street......
40
Jan
3
43% Mar
36
Deo
Jan
8
53
May
3
5
48
July
Apr 13
Jan 21
3
Jan
5
Rutland
pref
50
.60
49
---10
.30
Amer Pneumatic Service...25
2
pref
Do
Jan
Miscellaneous
*.30
3*4
334
*14
108*4
89
108
90
80
14
80
*.05
*13*4
■ym
*19
«
81
*13*2
18*2
20
*1
90
81
*1*
212
14
*80
80
*1
13%
18%
2%
*1
2*2
100
"3% "3%
1,015
13%
14
105% 10578
3%
14
150
9,419
*75
139
90
80
*75
80
Last Sale .16
Feb'21
.25
*18
19
.50
105% 106
90
13*4
19
3%
*13
90
*.05
.25
*13*2
18*2
2*2
3%
14
80
81
*.05
.25
.50
89
90
89*2
.90
105% 106%
106*4 108*4
108*4
*.05
«.w
3%
1334
14
90
.15
,
334
334
15
108
.90
7
*13%
*13%
*18
93
18
19
18
Last Sale 3
50
Apr'21
Am Oil Engineering
Do
Feb
80
70
Apr
Nov
70
Nov
no par
74
Jan
3
90
Do
pref
no par
Anglo-Am Comml Corp.no par
73
Feb 24
10
Atlas Tack Corporation no par
Beacon Chocolate
10
Amoskeag Mfg
Art Metal Construe Ino
Feb
Mar 30
109
Amer Telep A Tel eg
Deo
5
3
3
50
.100
—
1
414 Apr 30
15i2May 2
8% Jan
9618 Jan
pref
80
May
May
7
5
6
.16 Feb
9
12
Jan 21
131, Mar
10
Nov
15
Mar 29
20
14
Deo
3
Feb 18
.07
Jan
81
lc
8
Apr 29
Deo
Jan
8
37«
6ig Jan
3
5
Dec
10
60c
Nov
49c
Dec
4
Dec
'
■'i' Y-*"
....
w
-
-
Last Sale 4%
Mar'21
*.40
*.40
.50
.50
—
*.40
.60
.50
"".50
"*.40
.60
"*.40
.60
.28
.28
*.25
.45
*.25
.35
.45
.45
*12*4
13*4
*127g
*4
434
17*2
2334
*4
17
23*2
13
*4
23*2
23*2
*75
85
*75
157
156
23*2
12
*19*4
*6*4
29*2
24i4
20*2
7*4
29*2
24*4
85
*75
157
159
*17
*6%
7
*6
*29*2
23*2
30
29
23%
23%
30
24
24*2
24
*
38
38
*38
*82
83
83""
63g
*17i2
*82*2
6*4
6*4
6*4
*17*2
20*2
4*4
*17*2
20*2
37
6*4
21
63s
4
9*g
12*4
3934
12*2
8934
*89*2
79
•
4*4
9*2
127g
80
*38
63
9
121
77g
8*4
89
78
64
*63
8%
734
8
27%
160
160
*21 -2
8
7*2
'
■m
"imim
-
'
7%
7%
99*4 100
*13
14
12
13
23*4
18*4
20%
13*2
13*2
20
20
*18*4
20
27
27
*24
27
*20
30
*16
18
18*4
203g
18*2
20%
*.50
*2l2
234
9*2
10*8
*10
*.03
52*2
52%
.40
*.25
21
23%
18%
23%
20%
23%
18%
20%
23%
18%
20%
35%
23%
18%
20%
13
13
13
13
13
12%
12
2%
9
*10
14%
35
35*2
*8%
35
*03
254
35%
.75
*.50
.75
*.50
.75
61
7834
79
79
79
21
21
22
3%
1*2
3*4
*1*8
2
*134
*1*2
*2*2
*2%
2
134
2*2
3
1534
1534
*
.50
178
234
4*4
1534
.50
62%
79
21%
1%
2%
4%
2%
53%
16
*
53
16
*4
*2
52%
15%
*1%
2%
4%
*2
.50
*55
60
90
90
90
90
91
91
*90
92
*90
92
4%
107g
4%
1034
107b
.50
*.25
.50
1%
*1*2
Eg
21
21
*21
11
4%
11
4%
11
*.25
.50
*.25
.50
*1*2
.r
1%
*1%
22
*20%
21
21
1%
21%
32
31
31
32
*31
32
32
42
42
41
42*2
*41
42
42
42%
*38
39
*38
38*2
38
38
38
39
*.90
*1*4
*.05
*334
*134
134
*.55
234
*4*4
,
1%
1.55
*31
1
-
-
-
*90
*1*4
-
m
—
w'
m.
*1*4
1
•
—
*.90
—
*.05
4*2
.10
*.05
*334
.10
2
*.90
1
4*4
178
*334
2
17b
1%
1%
1
*90
41%
38*2
*.91
*
92
95
23
33
*32
34
41%
38%
1 .!
*38
41%
42
39%
1
1
Last Sale Jh
*.05
1 0
4*4
*3%
E4U
2
*1%
2
*1%
1%
138
Last Sale 4
20
Davis-Daly
Copper
East Butte Copper Mln
.10
10
Bid and asked prices.
12%
*11*2
121,
.50
*.30
.50
Ex-dividend and rights.
Assessment paid
May
11
Apr
19
Apr
Apr
6
18
15
Mar 30
5
.25 Mar
4
16
5
2ig Mar 20
678 Jan 3.
8
.03
210
Apr
Jan
8|
6i
Apr
5|
Mar
12«4 Mar 17!
Feb
61
5
Jan
10
'
25
19
21
Mar
May
17
Jan
17
Feb
,«
25gMay 3*
5% Mar 28
7% Jan 3
Nov
Nov
32*, Deo
227, Sept
12*4 Feb
Jan
21
Nov
97*, Nov
50
Dec
—
39% Jan
122
Deo
13
177g Deo
9%May
105U Jan
15
Dec
14*,
s
Dec
14
18
Dec
22i2Apr 28
191, Dec
291, Apr 18
27
Dec
11
25
Dec
18% Jan 11
15
Deo
30
.40 Mar 29
43*2 Apr
85
17
10
Jan
75 Mar
40o: Aug
8
Jan 19
56
.50 Apr
40*4
20c
7
.04 Feb
6*2 Mar
2c
"
200
Jan
10%
Oct
Dec
10*4 Nov
6*2 Dec
25
3
Dec
3*2 Dec
47g Dec
4% Jan 18
7% Jan
Dec
Aug
6*4 Deo
Apr
259
Deo
2
28
lOUMay 13
10
Dec
15
23*2 Feb 11
384 Jan 7
~
7*4 Dec
Jan
62%May 13
39
Feb
May 10
3%sMay 10
3%May 5
1-U Apr 12
3% Feb 16
2U Feb 11
1% Feb 25
3% Jan 8
5U Jan 8
3%May 5
55 May
5
16% Apr 25
75
Nov
15
Dec
^
-
5
260
25
195
90
10
25
25
.6
25
Mayflower-Old Colony
Michigan
Mohawk
648
554
10
.50 Apr
.95 Jan
40
25
Feb 4
57
80
Jan
4i2May
-
2*8
l*g
U2
Dec
Dec
Dec
1*4 Dec
90c
Deo
1*4 Dec
3*4 Deo
1*4 Dec
40*, Deo
12*4 Nov
35c
7
Dec
Mar
21
4
95
May 10
Mar 7
79
Feb
3
8% Jan 20
12*2 Feb 21
.50 Jan 7
7
Dec
8
Deo
Mar 23
Osceola
„
Quincy
8
.25 Mar
8
13g Feb
9
6
1
Deo
15% Jan
3
23
May 13
15
Dec
26
25
Mar 30
32
35% Jan
3
43
28
Jan
3
40
.75
Jan
3
May 3
May 3
Apr 26
Jan 28
1
Jan 22
St Mary's Mineral Land—26
Shannon
10
Lake
25
5
25
25
Winona .................25
Wolverine
25
ft Ex-rights,
12% Mar 31
79
15
Old Dominion Co
Wyandotte
1% Jan 22
Apr 9
-
25
Mining
...
U4 Jan 25
.55
Apr
.75
Aug
26
25
Lake
Superior..
365
5
6
South Utah M A S_._
2,627
1,500
4
3
3
100
South
Jan
2*2 Jan
43*2 Jan
100
O jib way
2
...25
New River Company.
Do
pref
North
3
2% Mar 14
Eg Apr 1
1
5
Mines..
let, Jan
3% Apr
..25
Butte
Mar 18
25
New Cornelia Copper
New Idrla Quicksilver
North
-
.25
Mason Valley Mine
Mass Consol
Nlplsslng
-
6
Copper
Lake Copper Co
La Salle Copper
Victoria
.50
12
17% Jan
Feb
3
1,085
12%
Jan
Mar
6
*.55
.65
.60
Last Sale j .50 May'21
*.30
14
Jan
2,325
.50
87
24
Jan
1%
*.30
8
Dec
75
4
I *11% 12%
Last Sale .48
Jan 21'
9
48
2%
12
Mar
16714
1
25
1%
.50
82% May
23*4 Dec
146*4 Deo
1
Do
pref
Isle Royale Copper
Kerr Lake
4
12
9
7
Apr29
Feb 18
May
101, Jan
SOU
Dec
2%
.60
105
Nov
1%
.51
Dec
7% Dec
4% Nov
9% Jan 13
41, Feb 2
25o
3
4%
.50
Nov
15
.25
1%
*.45
June
118
25
*2%
3%
.55
57
26
Indiana Mining.
Island Creek Coal...
1%
.60
9
Jan
Aug
418
.55
May
35% Apr 25
1
2%
*.45
64
122
1212 Apr 14
Jan 29
Jan 3
1
3;
6
2
7
13
1
Apr
891, Deo
68*4 Feb
8
Jan
2% Jan
1%
*11*2
*.30
9*2
85
80
Apr 11
Dec
10% Nov
U2 Mar 16
4
.60
11
14% Apr 9
92*2 Feb 23
25
2%
.55
Jan
Deo
Dec
4
2
1%
.55
13
6*g
24
•
18
50c
4*2
*.45
Jan
3% Jan
2%
*11*2
Jan
478Mar
3i2 Jan
25
2%
*4%
1*4
.60
13
32
Apr
1% Apr 2
134 Mar 30
......
Consolidated
234
4*4
.55
Dec
25
Franklin-.
Hancock
2*2
4*8
1*4
12*2
80
Mar
16ig Jan 17
10
Jan 28
234
*.45
Deo
28
0
86
36%May
.60
♦11*2
40
3
*.58
1%
7
4U, Feb
4
.60
4l2
1%
.55
Deo
16
Jan
*.53
V
32*4
25*2 Apr 18
Jan
.55
1%'
Deo
17
35*2 Jan —
3
7
.55
2
Deo
3
Apr 26
19
Apr 25
34% Apr 11
Aug
May
8
Jan
8
27
.55
*17,
.51
Daly-West...
62
140
8
23% Apr 12
Jan
17
Deo
15*,
Jan
25
.54
134
*134
Apr 16
Jan 25
..25
Centennial
Copper Range Co
.65
,
2
1%
—5
Superior A Boston Copper..10
Trinity Copper Corpn
5
Tuolumne Copper......... 5
Utah-Apex Mining..
5
Utah Consolidated........ 1
Utah Metal A Tunnel
-1
2
17g
*1%
25
Mines
10
Butte-Balaklava Copper._.l0
585
Apr 21
May'21
.10
Commercial
878
Mar'21
Last Sale .05
*1%
_
5
22
22
*30
225
348
2,830
4%
4%
10%
22
70
60
4%
10%
107g
105S
Last Sale .50
Apr'21
*1%
17b
17b
1%
4%
'
*
;
25
325
53
*55
Consolidated
Keweenaw
45
2%
53
15%
15%
Last Sale .50
Apr'21
60
107g
240
2
*1%
*2%
*55 "
,
1%
2%
4%
*1%
1%
2%
4%
234
3%
57
434
265
2%
*2%
3%
"57"
4%
1034
34
445
*3%
37g
Apr'21
*2%
3%
*17g
2%
3%
57
5
79
22
Last Sale 1%
*56"
4*2
830
*78
338
Arizona
-
Helvetia
50
*21%
1%
2%
52%
15%
52%
*
21
3%
4%
3
*234
52%
15*4
53
60%
*78%
*1%
*1%
2%
2
#4
60%
600
Apr'21
62
62%
3%
*1%
*2%
1*2
2%
2%
1%
*234
53
3% 3 9Xe
2*2
4*4
*4
60%
57
*1*2
-
Last Sale .75
*53"
*.25
-
1,007
Last Sale 2
3%
3
'-
470
2
*1*8
16
■VV-
6%
*1%
3%
Aecadlan
1
9%
2%
2%
*2%
3%
May'21
2%
*2%
25
.....25
Carson HUI Gold.
3%
7
25
.....
Allouez..
1,100
6%
9%
9%
2%
3%
60%
60
25
95
2
9%
2%
21
pref
Bingham
*2%
3-2
6%
9%
6%
21*2
1st
Calumet A Hecla
802
*134
*3
3
61*4
78*2
10
..100
140
357s
35%
36
May 10
May
1678 Jan
1212 Apr
Do
3
9
59% Jan 6
118
Apr 13
15
Mar 8
7% Apr 12
2% Apr 22
951, Jan 3
8% Feb 17
25
Mar 28
78
Waldorf System Ino
118
Mar'21
.04
*253% 256
14%
14%
14%
14%
Last Sale 9%
May'21
9
60
255
6U4
54i2
.50
10%
10
Last Sale
253
14%
20*2
1%
234
4*4
15-2
9%
10
.05
78
53
*8%
385
89
Jan
22% Apr
Algomah Mining
2%
9%
10%
2%
*8%
2%
*.50
79
—5
Corp..25
Alimeek
85
23
11
pre!
.26
Venutra Consol Oil Fields...5
153
*22
22
*2%
36%
3
Maoh
Do
225
2
.75
61%
8
*.60
.50
3
*.50
2IS4
*3% 37g
*1*8
1*2
*2*8
3*4
2
*1*2
92
8
29 May 12
20*2 Jan 29
37
Apr 27
80 May 3
6
May 11
20%May 5
312 Mar 9
9
May 5
98
Walworth Manufacturing..20
Warren Bros
...50
25
May 13
53
Waltham Watch
Apr'21
2*8
9*8
2*8
*3
234
634
Shoe
Jan
584 Mar
.25
.75
*21
2%
9%
10%
14*4
*8%
9
5
Union Twist Drill.
United
17
100
—
51
51
52
Last Sale .30
Apr'21
.40
36
1434
Magneto-
135
52
54
255
10
Do
2d pref..
...60
Wickwire Spencer Steel
5
Mining
Adventure Consolidated-..25
.50
.70
22
3,255
4,031
*20
....
Last Sale 16
9*4
*134
•
*20
17
3
2
*234
20
295
25
25
2*8
*134
*4
26
684
9*4
2%
*2%
*234
6%
*1*2
*2i2
*25
20
798
20
*18%
3534
3*2
634
9*4
*3
35%
3*2
634
9*4
2%
3*4
26
*10
.05
255
1434
9
*8*2
35
3*2
6%
9*2
2*2
3*4
61
254
147g
1484
9
*7734
21%
*.03
.05
*18%
2%
*8%
9*4
10*8
*10
10*8
*.03
20
100
no par
620
12%
20
*21
2%
2%
*834
2%
Root A V Dervoort CI A
Swift A Co
35%
*.25
.40
22
Plant (Thos G) pref
Reece Button Hole
30
Torrlngton
21
*52
52*2
21
22
83
Sim ins
May
146
Mills
6
36
*.50
.70
.70
Pacific
560
20
*16
17*4
New England Telephone. .100
1,004
35%
!
—.10
Orpheum Circuit Ino.—.-.. 1
7
7
18%
10
Leather
23
1278
21
20
20-%
100
Linotype--.100
10
pref
99% 100
20
*16
Do
Mergenthaler
Ohio Body A Blower...no par
Mar'21
7%
24
27
190
162%
20
12%
*18%
18%
*24
251*2 254
14*4
*8*2
*2
13
18*4
.75
22
.05
*6%
9*8
*12
Y7I4
*.25
255
*234
1
McElwaln (W H) lBt pref. 100
Massachusetts Gas'Cos—100
40
13
1
2034
13*2
13*2
13*2
52*2
.50
22*o
253
18*4
20%
l
13*2
*50
54
*.25
*21*2
*9
1834
21
23*2
18%
*20
*16
.95
*52*2
23*2
10
Theatres
National Oil—
104% 104i2
Apr'21
36
36
100
National
35%
23*4
18*4
20%
20
35*2
23%
.no par
3,690
*18%
*18*2
36
Products
pref
Mexican Investment Ino
55
20
23*2
17
51
100
pref.
2,335
Apr'21
12%
*20%
13
21
339
«
*53
*53
"35%
13
Do
50
8
2678!
162% *160
*20%
7%
-
-
Intornat Cotton Mills
29
7%
1
»
Internat Cement Corp.no par
Do
61
55
55
36
Loew's
100
*53
20
Llbby, McNeill A Libby.._10
99
53
23
1,616
1,153
*53
100
53
"3534
Island OH A Trans Corp... 10
55
99
55
*
•
13
20%
Internat
64
'
-
Last Sale 80
■'
13
7*2
99*2 100
-
-
>8
Last Sale 9
2678
162% *160
20%
350
9%
127b
27
1047b 105
10%
'27%
13*
99*2 100
*53
105
*160
'<<
6
Last Sale 2%
21
13*4 "13"
22*2 *20*2
1
7*4
7'2
I3"
231
*7
160
.
■V.'
'
13k
*12%
*21*2
160
-
2
*9
10
*63
7%
*26%
83
9
8
104
10*2
27
25
50
12%
'-SH*.
i
105
*9
27
Greenfield Tap A Die..
178
572
7%
2«2
*1%
50
24
6
27
104
no par
*82%
121
26
10*2
27%
Gardner Motor
Gorton-Pew Fisheries
37
64
121
26
105
17
89
120
104
164
50
80%
26
10*2 v::*9irI
75
3
505
89
64
104
Jan 17
6%
79
120
15*, Deo
8% Apr 12
18
79%
27
7
70
no par
89
79
79%
64
104
162*2
*
89
"79"
Deo
23%May
152
Elder Corporation
41
1278
121
24%
3
*160
*
9%
3*8
21
100
pref
Edison Electric Ilium
*
12%
Nov
8
100
Do
142
4%
938
*63
*2
27*2
9%
12%
12
Jan
-
4i2 Feb u
Jan 10
Last Sale 20% May 21
4
23
16
475
24
83
6%
*120
3
*9
*6
6%
4
3
Eastern SS Lines Inc...—25
11%
*6
37
64
28%
*2
*27
*82%
20%
4%
9%
12%
*4
79
77,
'
6
*17%
93g
12%
89%
9*4
12*2
83
*82*2
4*4
*----
18
121
26
29*2
4
79
63*4
121
28*4
83" "
83
93g
12%
8934
78
63
121
4*8
■«."
4
SiaMay
15
29%
24
*29%
30
24
1278 Jan
5
11
11%
Jan
1% Jan 10
131, Jan 10
603
6%
*6%
9
Eastern Manufacturing
17
18
7*2
18*2
11%
.25 Mar
.95
'
10
East Boston Land
159
18*2
19
*29*2
20
4% Mar 18
.25 Mar 12
185
16%
23
11%
11
6*2
Century Steel of Amer Inc.. 10
Connor (John T)
10
*12%
13
May'21
13
11%
1712
11
6*2
Boston Mex Pet Trustees no par
250
.50
Last Sale 75
Apr'21
160
160
160
85
157*4
'
11*4
11*4
19
10
500
Last Sale 4*2
16%
22%
22%
*75
157
*11*2
*12%
4%
16%
16*2
22*2
.157
85
155
13
*4
4*2
17*81
1634
17*2
13
13
*12%
434
17*2
.50
Blgheart Prod A Refg
...
.....
x Ex-dlvldend.
25
23
.04 Mar
3
4
Mar 18
1*4 Jan 12
lSgMay 12
.40
2
Jan
3
Mar 28
3
Jan
3
.95
Jan
4
.40May
4
.35
6
10
Jan
Apr
.48 Jan 13
17, Jan
2
_
Oct
20*, Dec
34*9
2*4 Dec
1
Jan 12
.
.48
Dec
1 %As
Aug
2*, Dec
420 Nov
1
Dec
25o
Sept
Feb 21
8
Jan 13
15c
Dec
Oct
2U Feb 17 |
.80 Mar
14
Deo
33o
6 !
Jan
5
Dec
,
.75 Jan 17
3
Mar
3c
4i2 Feb 11
2U Feb 17
2% Jan 31
Deo
10c
Jan 18
8
Feb 15
Dec
50c
.12 Jan
4
Dec
25*4
4
1920.
Highest
CHRONICLE
THE
2070
[Vol. 112.
Baltimore Stock
Outside Stock Exchanges
Boston Bond Record.—Transactions in
Baltimore
Exchange.—Record of transactions at
Exchange, May 7 to May 13, both in¬
Stock
clusive, compiled from official sales lists:
bonds at Boston
Sales
Friday
13, both inclusive:
Stock Exchange May 7 to May
Last
Sales
Friday
StocksRange since Jan.
Last
Week's Range
for
Sale.
of Prices.
Par.
Week's Range
Sale.
VJ rrlCeo.
Price.
1.
Week.
Low.
High.
Ramge since Jan. 1.
for
XVppJT
Shares.
Low
High.
.
Low.
High.
Shares.
88.34 89.04 $14,150
IJ S Lib Loan 3%s. 1932-47
87.64 Jan
88.52 Jan
88.72 Jan
85.44 Mar
2(1 Lib Loan 4s__ 1927-42
87.04 87.04
50
1st Lib Ln 4 %s.
87.34 87.80
1,950
85.62
Jan
87.04 87.48
3,700
85.54
Jan
90.34 90.82
1932-47
2d Lib Loan 4%s 1927-42
3d Lib Loan 4 %s... 1928
4th Lib L n 4%s.1933-38
Victory 4%s_._ .1922-23
88.10
Jan
91.26
Jan
31,900
85.34
Jan
88.54
Jan
12,400
95.78
Jan
98.14. May
78 %
2,000
75%
Jan
Feb
Feb
78%
08'A
82 %
Collateral trust 5s.. 1946
08%
82%
82%
55
Convertible 6s._.__1925
Atl G & W I 8S L 5s.. 1959
55
71 %
..1995
Halt & Ohio 5s
41,400
87.14 87.60
97.54 98.14
4s1929
Am Tel & Tel coll
3,000
6,000
117,500
05%
81%
79%
100%
82%
62
Mar
52
71% May
May
71% May
90
Jan
74
Apr
82
Mar
80
Apr
75%
Mass Gas
80
80
77%
78%
22,000
74%
Jan
78%
84 %
84%
1,000
79%
Jan
85%
3,000
Seneca Copper
78%
1932
101
May
Feb
Jan
99
99
94
Jan
1944
85
85
1,000
80%
Jan
87%
Apr
1932
81%
82
9.000
.78%
Jan
83
Apr
88.....1925
Swift & Co let 5s
Western Tel & Tel 5s.
_
52
50
Apr
60
Apr
80
80
10
80
May
80
May
.
75
75
5
Celestine OH
.....
.60
.60
380
.55
Feb
.95
(Conn).
.
Cent Teresa Sug pref.
Commercial
_
1
.60
__.
Sales
Range since Jan. 1.
Last
for
of Prices.
Week.
Low.
Price.
Par.
Stocks—
Week's Range
Sale.
_
...
Case
Jan
15%
12%
299
12%
Apr
140
88%
Mar
17
605
11%
Mar
55
55
85
(*)
420
8
580
35
25
14
35
Chic City & Conn Ry—
i
;
6%
%
Commonwealth-Edison 100
109
10
_..
6%
200
10%
Apr
48%
Jan
%
108%
6%
12%
%
109
7%
100
5
3,999
%
8
Jan
Mar
Apr
12%
%
Apr
102
5%
Apr
1
Mar
10
25
230
Mar
Feb
%
110
7%
Jan
Apr
Jan
245
47
Apr
63
Jan
19
50
19
May
23
Jan
100
82
82
160
82
May
91
Feb
M atch...... 100
104
104
105
Mar
pref
Deere & Co
Diamond
Godschaux
^
^
w
com_(*)
Sugar
Great Lakes DAD
Par
"31%
Houston Oil pf tr ctfs._100
80%
Davison
Chemical
.no
9%
9
6
5%
,
40%
7
Preferred
..
100
Preferred
12
12%
235
18
Jan
55%
79
52%
Jan
62%
Feb
65%
55%
65%
10
64%
Jan
67
84
85%
109
77%
V
Mt
Woodberry
Mills
t r...............100
v
Preferred
Northern
v t r__
100
Central...... 50
Pensyl Wat & Power
100
9%
6
11%
Jan
16% May
17,485
490
...
100
24%
6%
Jan
7%
24%
Apr
Jan
Jan
9%
Apr
30%
52% May
Feb
27
Feb
19%
8
8,535
27
385
52%
450
81
225
68
Jan
81
82
82%
80
81
Apr
83%
115
103
Apr
149
Jan
100
83
Feb
91
Jan
18%
21%
845
18
Jan
Mar
87
Feb
Feb
66
Jan
81%
84%
1,174
39%
43%
2,575
38
12
12
31%
8,430
99% 100%
805
Swift Internatl
27
26
38%
38%
43
51
Carb..l()
Union Carbide A
14%
28%
15%
51
»:L
L'mi
-
____(*)
Battery
Co
-
*
-
-
^
-
,
Apr
Mar
87
29
»
Apr
110
66
„
+
May
87
99%
25
Mar
109
29%
United Iron Wks v t C...50
Apr
9%
80%
41%
.....15
Jan
Apr
350
14
Standard Gas A Electric. 50
(*)
7%
42
8%
Swift A Company.....100
.....
Feb
40%
Stew War Speed com.. 100
Thompson J R com
May
Jan
83
Shaw W W common. _.(*)
Temtor Prod C A F "A
5
750
*
^
44%
50
27%
Mar
Jan
13%
Jan
26
Apr
Apr
36%
105%
Jan
98%
31%
Jan
26
Jan
9%
22
Apr
Jan
4,510
375
11%
Mar
7,725
27%
Jan
44% May
49%
Jan
62
53%
17,200
13
14%
760
9
Mar
26
26
25
26
May
43%
45%
985
Jan
37%
15%
28
50%
Jan
Mar
May
Feb
Ward, Montgomery, A Co
20
21%
21%
23
Western Knitting Mills (*)
11%
11%
12%
1,510
3,100
Wrigley, Jr, com.5
74%
74
77%
2,680
Yellow Mfg Co
.10
-
-
-
..
101
105
66
16
Feb
24%
May
8%
69%
Jan
32%
Jan
Mar
74
Mar
78%
Mar
78%
Mar
60
Jan
67%
.
-
_
.1.1939
Chicago City Ry 5s... 1927
Chicago Telephone 58.1923
78%
M
66%
66%
M
94%
84%
«.
78%
66%
Commonw Edison 5s.. 1943
84%
94%
84%
~
*
2,000
12,000
12,000
6,000
90%
Jan
Swift A Co 1st
s
4
•
f g 5s.. 44
t*
«.
85%
Jan
88
Jan
72%
72%
9,000
70
85
85%
8,500
80%
Mar
Jan
76
Jan
87%
Apr
"No par value.
Sales
Friday
Par.
Price.
Preferred.
Week's Range
for
of Prices.
Low.
High.
Range since Jan. 1.
Shares.
Low.
High.
Preferred
Mar
115
Jan
74,
May
85
Jan
7
Mar
10
Apr
Jan
1
Jan
Jan
3% May
50
74
105
14%
14%
17%
1
1
3%
3%
3%
65
%
2%
5
5%
460
4%
Jan
8
Feb
4%
5
Carnegie Lead & Zinc
55
62
74
5
160
3
Jan
5
Feb
Carbo-Hydrogen Co com.5
5
Consolidated Ice com...50
Guffey-Gillespie Oil(no par)
13%
86
Harb-Wall? Ref com... 100
43,641
200
7,500
6
10
10%
86
Lone Star Gas._
25
"24%
24
24%
545
22%
Mfrs Light & Heat
50
49%
49
49
2%
49%
2%
250
5
145
2%
8%
420
6
Mar land
Refining
Nat Fireproofing com...50
Ohio Fuel Oil
.1
2%
8
17
17
25
47%
47%
47%
675
Oklahoma Natural Gas. .25
24%
24
24%
1,165
—
Ohio Fuel Supply
3
Pittsb Brewing com./. ..50
Pittsb Plate Glass
com.
Union Natural Gas
100
62%
2c
2c
_94~"
115
116%
117
116%
100
West'house Air Brake.. .50
3
62%
Pittsburgh Coal com...100
Pittsb-Jerome Copper
1
70
May
Jan
Apr
12%
12
Jan
14%
Mar
27%
27%
100
26%
Jan
30
Mar
9%
81
81
77%
Jan
81
Feb
1927
65
65
2,000
60
Jan
65
May
95%
96%
6,000
94
Jan
97
Mar
87% May
Cons Gas E L & P 4%s
35
7%% notes..
1945
7% notes_k-1922
6% notes...
$2,000
87%
87%
1,000
86
Apr
75
75
75%
4.000
73
Jan
76%
Jan
97%
97%
98
7,000
97% May
98%
Apr
95%
95%
1,000
93%
92%
Jan
97%
Jan
Consolidated Gas 5s.. 1939
95%
78%
Jan
96
Apr
78%
3,000
72
Jan
80
May
79%
Consol Coal ref 5s....1950
79%
77%
Jan
79%
96%
J^n
97%
94%
May
97%
Jan
Jan
92%
Apr
May
6,000
95%
96%
96%
12,000
12,000
Cosden & Co convsf....
94%
95
13,000
Elkhorn Coal Corp 68.1925
91%
91%
Refunding
4%s
T934
Convertible 6s.__-.1923
79%
96%
4.000
89
100
1,000
100
41%
35%
41%
35%
1,000
40
Apr
41%
1949
1,000
32
Mar
35%
62%
62%
5,000
61%
Jan
44
44
Jan
Jan
65%
Hous
Oil div ctfs 1923-25
n
Seaboard Air Line ref 4s
A (1 j ustment 5s..
_
.
.
Income 4s.^
100
59
1949
44
100
16,000
43
1.000
100
100
May
100
Car trust 8s
1928
Car trust 8s
...1929
99%
99%
1,000
Wash B fc A 5s....... 1941
71%
71%
11,000
Mar
(Apr
May
May
Jan
Jan
47%
Apr
100
May
69
100%
Mar
Mar
99%
71%
May
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchange, May 7 to May 13, both
inclusive, compiled from official sales lists:
at
Par.
Stocks-
Alliance
Price.
Sales
Low.
American
56
17
28
36
27%
24%
24%
45
17
17%
57%
50
Elec Storage Battery...100
111%
70
14%
46%
24
45
2%
25
58%
1,000
110% 116%
1,609
25
32
44
Jan
Jan
Jan
25%
Mar
May
60
87
Jan
93
34%
Apr
37
Jan
92
Jan
119
Apr
27%
Jan
29%
331
10
205
7
Apr
10
30
57
27
Apr
Apr
30
29%
Jan
May
Jan
Apr
10
Jan
50
50
50
Lake Superior Corp
67
68
175
63
Mar
71
F'eb
54
56
2,413
48
Apr
56%
70%
7' %
.100
50
50
43
43
9%
100
Navigation.
Lehigh
121
1,755
May
Jan
19
30
Keystone Telephone.... 50
Preferred
50
Lehigh
35%
Apr
29%
9%
10
Insurance Co of N A
93
35%
100
60
93
no par
preferred
Cambria Iron
High.
Low.
17%
100
American Stores
Valley...
North
Shares.
100
Gas
American Rys pref
1st
Range since Jan. 1.
High.
17%
27%
10
Insurance
Pennsylvania
Penn Cent L & P pref.
8%
9%
3,624
7%
Jan
7
70
Mar
79%
Jan
55
40
Jan
43%
Apr
Mar
71 %
72
15
64%
Jan
74%
35%
36%
2,806
32%
Apr
42
Jan
31%
31%
32%
82
31%
Jan
34
Jan
22%
22
22%
Apr
22%
27
1,661
1,509
21
26%
Pennsyl Salt Mfg...
Pennsy lvania
Phila Co (Pitts)—
25%
Apr
28%
26
26%
4,129
26
51
51%
58
51
17%
18%
2,880
56
57
242
51
Mar
57
75
78
130
66
Mar
88
.....
Pref
(cumulative 6%).51
Philadelphia Elec of Pa.25
Preferred
Receipts full paid—...
Phila Insul Wire
no par
Phila Rapid
Transit
50
Philadelphia Traction...50
Reading
.50
17%
15%
May
Jan
Jan
Feb
Feb
26% May
52 %
Jan
19% May
May
Jan
Jan
Tono-Belmont Devel ....1
1 5-16
1%
1,800
1%
Apr 1 11-16
1
1%
1%
475
1%
Jan
29%
Jan
32
Mar
Jan
38
May
Tonopah Mining
Union
1%
Mar
31%
31%
32
262
50
37%
36%
49%
38
2,874
49%
34
49%
Jan
50
Jan
50
70
70
70
10
70
Apr
80
Feb
50
Traction...
United Gas Impt
Preferred
W estmoreland Coal
30
Bonds—
U S 2d Lib L'n
|4 % si927-42
87.30
87.30
$3,250
84.40
Jan
88.30
Jan
3d Lib Loan
4%s..-1928
90.60
90.68
24,800
88.20
Jan
91.04
Feb
4%s. 1933-38
.1922-23
5s. .2007
87.36
87.60
85.60
Jan
88.58
97.74
98.00
19,200
24,000
3,000
94.50
Jan
98.04 May
68%
Jan
74
Apr
Jan
Apr
Feb
4th Lib L'n
Victory 4%s
Bell Telep
73
1945
63
'45
56
Elec & Peoples tr ctfs 4s
63
63
55%
56
1,000
93
Mar
93%
5,500
101
Jan
103%
2,000
60
Jan
63%
7,000
1,000
53
Jan
102
56%
Jan
Apr
May
102
May
41%
41%
2,000
39%
Apr
48
Jan
76%
92%
95%
76%
76%
May
81
Jan
92%
4,000
4,000
92%
Mar
95
Feb
22,000
5,000
94%
Apr
99%
96%
99%
58
58
82%
14,000
76%
84%
82%
84%
85
27,000
66
66
66
2,000
77%
78
12,000
98%
98%
1,000
97%
69
69
1,000
66%
102
8s
1930
Corp 5s 1924
Gen Asphalt conv
74
93%
93%
103% 103%
Ist5s.l940
of Pa 7s
Consol Trac N J 1st 5s 1932
..
2c
190
113%
117
10
116%
92%
94
110
91
Mar
29%
Feb
May
92
102
1921
Peoples Pass tr ctfs 4s. 1943
Philadelphia Co—
Cons & coll tr 5s stpd '51
Phila Elec 1st 5s
1966
1st s f 4s
1966
Reading gen 4s.
1997
Spanish Am Iron 6s.
1927
United Rys Invest 5s. 1926
26
53
98%
Jan
58
May
Feb
82%
May
82
Jan
85%
May
56
Feb
66%
Mar
77
Apr
84%
Feb
Mar
99
Jan
Mar
70
Jan
57
Mar
Jan
Apr
_
2,000
Feb
99% May
100%
Jan
Mar
76%
2003
Lehigh Val Coal 1st 5s 1933
Pennsylvania RR 6%s '36
Gen consol 4%s
.
14
May
100
675
9%
Lehigh Valley—
Week.
61%
J.00
Arkansas Natural Gas.. 10
70
14
1943
P W & B ctfs 4s
Amer Wind Glass MachlOO
50
70
9%
Bonds—
Lake Superior
Stocks-
Mar
V
Bait Brick 1st 5s
Baldwin Locom
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange May 7 to May 13, both inclusive
compiled from official sales lists:
Last
3
Jan
14
Amer Gas & Elec
Sale.
Mar
Chicago Ry 1st 5s
94% May
78%
Peoples G L A Coke—
Refunding gold 5s.. 1927
Apr
3
.50
.
Apr
77% May
113% May
Bonds—
Armour A Co 4 % s.
Jan
88
30
3
70
9%
...
When issued
Mar
.50
Wash B & Annap
__
3
3
Jan
132
19
"18%
...^.10
Motor
Sears Roebuck com
9%
13
705
-
/'■
12
"
Pittsburgh Oil pref..
10
Shaffer Oil & Ref pref. .100
United Ry & Elec..
50
for
475
50%
7%
16%
Week.
27
' '
Feb
of Prices.
26
^
»
May
19
Week's Range
34%
23%
110
-
Jan
44
150
77% May
82%
100
Quaker Oats Co.
83
Jan
17%
Last
Mar
81
100
-
Feb
May
44
17%
Sale.
69%
18
Pig Wig Stores Inc A__(*)
Pub Serv of Nor 111 com 100
79
44
80%
44
.25
_
Friday
35
'
......
15
50
80
Manufacturers Finance 100
34% May
94% May
27
7%
52%
23
Jan
Monon Vail Trac pref.
Jan
14%
10
May
Jan
13%
National Leather
31%
2,416
31%
Mar
13%
Orpheum Circuit Iijc__,_l
Peoples Gas Lt& Coke 100
Pick (Albert) & Co
(*)
Mar
24%
61
-.10
Libby, McNeill & Libby 10
7
Apr
20
77
40%
Jan
4%
96
77
Light.........10
Mid West Util pref.... 100
Mitchell Motor Co
(*)
88%
Jan
100
i..-'
Lindsay
92
Jan
3%
534
90
—
Mar
83%
780
595
1 (K)
Hupp Motor......-
83
579
34%
100
....
438
87
4
4
93%
31%
90
Hart man Corp
85%
84%
Coal.... 100
Apr
52
^
Feb
United Ry & E 43.__.1949
Mar
24
Apr
19
Decker(Alf)& Cohn Inc (*)
Wahl
Feb
71
50
Cudahy Packing com. .100
Vesta
Feb
May
5%
35
190
6%
6
12%
Chic Rys Part Ctf Ser 1
Part Ctf Ser 4
%
%
"
(*)
Preferred
Reo
Jan
9
«.
'
(*)
com
Motors,.
15
7
35
7%
(*)
..100
May
55
42
23
83
Jan
94
•
Feb
86%
Jan
88%
20%
83
Mar
94%
12%
common......(*)
Continental
73%
Jan
88%
16%
55
preferred..;
Part sh
Jan
84
12%
i_
(J I)
2(1
67
800
88%
Beaver Board. A-Av.
Briscoe
125
89%
100
Leather.
Preferred
70
89
"80%
155
Consol Gas E L & Pow. 100
High.
Low.
100
15
Armour & Co pref
Preferred
Shares.
70
American Radiator.... 100
Armour
High.
Apr
Consolidation
Cosden & Co pref.
Jan
43%
23
25
A...
_.
Jan
7
Jan
22%
Preferred B.
Jan
5%
39
60
43%
City & Suburban 1st 5sl922
Friday
50
6
6
10
Credit.....25
Preferred....
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange May 7 to May 13, both inclusive,
compiled from official sales lists:
100
.
43%
22%
Jan
75
52
100
8,000
3,000
75 %
Miss River Power 5s. .1951
Apr
Jan
5,000
Chic June & U8Y 5s. 1940
4%s._--___1931
Apr
Apr
5,000
71%
100
100
Carson Hill Gold 7s... 1923
N E Telephone 5s
Jan
92.90
Apr
88.04
50%
Atlan Coast
Price.
Bonds-
Alabama Co 2nd pref„_100
Arundel Corp pref
100
High.
Low.
Mar
Jan
Apr
Jan
Mar
Mar
Feb
Jan
3%
9
Jan
New York "Curb"
Jan
he transactions in the
Mar
19
Jan
50
Mar
30%
4
62%
4p
Jan
to
Jan
Jan
116% May
Jan
119
Mar
Apr
97%
Jan
Mar
May 21, both inclusive.
It
covers
the week ending Friday
afternoon.
It should be
Mar
Mar
Market.—Below we give a record of
outside security market from May 7
to
transactions
understood that no such reliability attaches
on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
48%
48%
20
42%
Jan
49%
50
56
56
18
55
Apr
61
Feb
West Penn Tr&WP pf 100
67
67
10
57%
Jan
70
Mar
permitted to deal only in securities regularly listed—that
is, securities where the companies responsible for them have
49
49
$11,000
41
Feb
49
May
complied with certain stringent requirements before
West'house Elec Mfg...50
Preferred
....
Bonds—
Indep Brewing 6s
1955
are
being
MAY 14
1921.]
THE
CHRONICLE
admitted to dealings.
Every precaution, too, is taken to
Insure that quotations coming over the
"tape," or reported
in the official list at the end of the day, are authentic.
On the
"Curb," on the other hand, there are no restrictions
whatever.
Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it
of the transactions.
business to furnish
a
The
daily records
possibility that fictitious
transac¬
tions may creep in, or even that dealings in spurious securi¬
ties may be included, should, hence, always be
kept in mind,
2071
Friday
Last
Other
Oil
Stocks
(Concluded)
Sale.
Par.
Petrol.r...
Noco
Preferred,
give it for what it
be worth.
may
700
1,200
2K
4%
Feb
5%
4%
%
5%
800
4K
Mar
4%
1,400
4
%
1,200
7
7%
700
X
6X
Red Rock Oil A Gas.r
Consolidated.r.
13%
Settled Prod.r
2
SImms Petroleum r(no par)
10%
Week's Range
Sale.
Stocks—
Par.
Price.
High.
Shares
Low.
Acme
Packing _r
3
10
1%
3%
2%
Aetna Explos Bache ctfs...
10
Ajax Gripper.r
10
Aluminum Mfrs, com.r. (t)
16,800
3,800
2%
1,800
;
10
Mar
23
May
2% May
18
19%
75
78
160
72
May
83
Mar
Amalgam Leather, com. (t)
13%
12
15
14,100
7
Apr
15
May
1%
Feb
Refrigerator, r..
m
1%
300
Audubon
Chemical.r..-.l
1%
800
41
1%
41%
13
13%
10,000
200
Automatic Fuel S.r
(t)
Brit-Am Tob ord bear.r.£l
Ordinary r
13
13
com.r...100
100
Chic & East 111
Preferred
1.!
com w
"22k
102%
13%
Cities Serv Bankers' sh r(t)
Colonial
Auto
Co
10
2%
105
101K 103%
13%
13%
29%
6%
30
6%
235
235
Jan
1
Mar
Feb
%
Jan
2K
K
Mar
3,200
Jan
1
1
Colombian Emerald Synd.r
Feb
2,300
100
51c
48c
64c
1
1 9-16
IK
19-16
Eureka Holly.r
Gold Zone
Jan
22
Y:5:Y May
Apr
Feb
1%
1%
1,900
9%
1,100
9
1,100
7%
21
%
4,500
%
4,400
IK
2%
Saguenay P A P.r
3,500
3%
Preferred. r__
4%
Southern Coal A Iron
Preferred,
50
r
Stanwood Rubb_r.(no par)
Stutz Mot Car.r..(no par)
Sweets Co of Amer.r
10
Swift
Internationa!_r...l5
Exp.r...(t)
Todd Shipyards Corp.r(t)
Union Carbide A Carb r (t)
First
11%
300
34%
%
4,900
27
41,300
15Kc Apr
200
4,200
Kc Jan
30
Feb
10c
18 c
82,000
7o
May
34o
Feb
15c
17c
6,500
11c
May
260
Apr
10c
7,700
9-16
%
19
(no par)
18%
100
1
18
20K
425
15%
18%
1,200
Standard
Subsidiaries
Galena-Signal Oil
com r
19%
22
10,600
100
43
43
44
100
Feb
13o
Mar
31o
May
Apr
Magma Copper
20K
21K
17
Mar
25 K
Marsh
Apr
llo
30
Feb
Mar
Apr
2%
Jan
3%
May
AX May
1
5
Mining, r
Motherlode.
National
Nevada
....
Tin
1
8c
........1
5%c
Corp.r._50c
Apr
NIpissing Mines
1
Feb
Ophir Sliver Mines
1
Prince Consol
2
Mar
IX
Apr
Red Hills Florence.r
Rex Consolidated Min
1
.....1
Sliver King Divide.r
1
Silver Mines of America.r.
Jan
72
Feb
60
Jan
Silver Pick Cons'd.r
Jan
South Amer Gold A PI
IK
Apr
35
Jan
Success
Jan
Jan
Talapoosa
1
178
IK
:
Ohio Oil.r
25
300
306
100
507
515
Standard Oil (Calif) new
Standard Oil (Ind).r
25
Standard Oil of N Y.r.100
81
82%
450
75
76%
7,300
Prairie Oil A Gas.r
Vacuum
Oil.r
76%
Mining
Silver.r
1
1
May
Feb
Mar
22
May
Apr
51
Jan
50
270
Feb
320
495
Feb
515
May
75%
66 K
Atlantic Lobos Oil
Boone
com
r(t)
Oil.r
Oil.r.. 1
.r.
Creole Syndicate,
Apr
325
Jan
117,000
May
Mar
18K
Mar
50
May
25 %
17%
21
100
18
21 If
23
800
21K
5,700
Jan
9,000
2K
Jan
27,900
11-10
Jan
IX
Mar
14,300
5
Mar
10K
Jan
8%
1%
100
4
1
IK May
%
%
19,500
K
Jan
8%
9%
7K
Feb
5
1 1-16
IK
K
Feb
Engineers Petrol Co.r.-.l
3%
1-16
4,700
4,635
1-16
May
Emerlch Oil.r
Fay Petroleum _r
Glenrock
"1%
1%
1-16
%
(t)
oil.r.
1%
8,000
2,500
Mar
2
17%
10
1%
13%
6,000
1,800
11
38c
1
;
Oil com.r
1,300
12%
(no par)
Gates Oil.r
Gilliland
1
1
6
Fensland Oil
Apr
1%
7%
2%
Federal Oil
Jan
Apr
Mar
29-32 31-32
2%
r
20c
70
7K
14K
1%
Petrol.r
42c
3,000
38c
15
17%
1,000
15
IK
Feb
Feb
Mar
May
Apr
1%
1,400
IX
9
3,400
4
Mar
2,400
9K
Mar
1,100
1
7
Mar
4%
Apr
IX
Jan
Apr
10
5
May
1 11-16 Apr
1
2X
15
44c
24
2K
Mar
Jan
Jan
May
Jan
10
"'VA
1K
7%
Guffey-Glllesple Oil.r..(t)
13%
13%
1K
1%
14%
1%
27,500
3-16
Apr
16%
17%
8,300
13 K
Mar
17K
Jan
1%
20,100
%
Apr
1 3-J6
Apr
Grenada Oil Corp cl
A
r
Henderson Farm Oil.r
Hudson Oil.r
...1
Inter Petrol.r
(no par)
17
Keystone Ranger Dev.r.l
1 1-16
Livingston Oil Corp.r... 1
r_
(no par)
""2"
Manhattan Oil
-
.
Maracalbo Oil Explor
(t)
Marland Oil of Del.r..i(t)
Merrltt Oil Corp.r
10
r
Mexican Eagle Oil.r
Mexican Panuco Oil
Mexico Oil Corp
Midwest Refining,
37c
29
19
3%
10
Noble Oil A Gas
1%
2%
9,200
450
8,300
23K
2,200
25c
Mar
2
Apr
10K
Jan
17K
Mar
30
IK
9-16
45c
4
32 %
31
11%
700
11
Jan
13 K
29
400
21
Feb
29
3%
500
3
Feb
1%
33,900
3%
1%
149
l.r
1
44c
31
Feb
151
11%
38c
11%
37c
43c
IK
Jan
9% May
11%
10
w
2
28%
Apr
28%
5
r.50--
Mountain Production
1
2c
87
91
2c
3c
lc
2c
1%
7-16
K
5-16 1 7-16
1%
3-16
1 5-16
1
1%
1-16
1 9-16
1
United Eastern Mining..]
U S Continental new
1 9-16
Victory Divide.r..
10c
5
Wilbert Mining
Yukon Gold Co
1
2%
IK
IK
2 9-16 2%
9-16
2Kc
1
24
Mar
35,700
18,700
12,400
18,400
20,900
16,500
3,550
4,495
13,720
4,735
3,090
27
May
lc
30
3c
23
5
2
Jan
Apr
H
Feb
AX
Feb
14o
K
56
Apr
Jan
Apr
3Ko Feb
Feb
91
Apr
llo
Jan
Feb
Apr
6X
3-16
Jan
20
Jan
4c
Mar
Kc Apr
X
Jan
IX
Jan
1-16
Mar
1-10 May
1%
2%
7-16
23,000
2o
14,325
16,700
Jan
Jan
8%
3o
4c
25
May
May
3K
K
K
15
6c
16,500
40
2Kc
4c
12,900
2o
IK
6,100
Apr
Jan
%
May
Jan
2Kc Jan
9-16
Feb
IK
Jan
1 7-16 Apr
IK
Jan
1 11-16 Mar
3
Mar
Apr
Apr
11-16
Mar
1 3-16 May
40
Mar
Feb
4c
1Y
4%c
1
25
158
Mar
11,375
3,000
1 3-16
Jan
Feb
May
5Ko Jan
Jan
K
9-16
%
3%c
1 1-16
Bonds
Jan
Jan
Apr
60
lOo
Apr
Mar
Jan
4KoMay
IK May
—
97%
"0"
Basin
l%c
%
40 K
5
Elk
lc
%
to
800
3c
39
290
Denny Oil.r
30
2,200
67,000
1,600
Amer Agric Chem 7Kal941
Amer Tel A Tel 6s.r_.1922
20
Central Amer Petrol.r
27
4K May
K
Jan
24,900
3-16
Allied Pack conv debBs
303
8
3
3-16
May
Apr
1%
31-32
91
77
385
5
Boston-Wyoming
C&rlb Syndicate
l%c
Feb
Mar
21
~2iK
28
82% May
320
10c
5-16 5-16
2
10Kc 12c
3-16
Apr
175
7c
5-16
U%o
420
5,600
May
Apr
Feb
Apr
50
360
7C
2
8,300
Tonopah Extension...
302
15
4K
IK
6c
1
6 s. r
6%
93%
87%
100%
40 K May
60
Jan
75,000
96 K
Apr
98
Mar
97%
98,000
94X
Jan
98K
96%
61,000
130,000
92 K
Jan
97
Jan
93 K
91
Jan
94 K
87 K
39,000
83
Jan
89 K
Mar
101X
Jan
Jan
Jan
93%
87%
100% 100 K
96 K
96%
90,000
99 K
62,000
95X
Jan
98%
Jan
96
29,000
93%
Mar
98
Feb
80
83
66,000
65
Mar
99%
Feb
Apr
98
98
95%
95K
47,000
94 K
Jan
90 K
95%
Brazilian Lt A Tr 6s.r
92
31,000
87%
Jan
92
May
Mar
102
Jan
Canadian Nat Rys 7s. 1933
Chic A East Ills 5s.r._ 1951
loo"
60%
60 K
Cons Gas of N Y 8s.
100%
100M
.1921
Consol Textile deb 7s. 1923
100
100K
3,000
43,000
60 K 326,000
95%
100
59% May
100
8% notes.r.Feb 15 1923
8% notes.r.Feb 16 1924
100
8% notes.r.Feb 15 1926
100K
99 K
100 K
May
Mar
100K
31,000
99 K
Mar
99K
100K
Jan
Feb
22,000
Mar
100K May
Mar
100 % May
100 % May
IDIamondMatch 7Ks.r-'35
Empire Gas A Fuel 6s r '24
100K
40,000
100
100K
36,000
98 K
Feb
96
Deere A Co 8s.r
96K
9,000
95%
May
102 K
103
1926
93%
93 K
83%
93 K
Galena-Signal Oil 7s. r 1930
93%
93
93%
83K
98 K
Jan
103
81%
Apr
85
Jan
14,000
92
Jan
96
Mar
44,000
92% May
97
1,000
46,000
83
94 K
93%
94 K
50.000
Gulf Oil Corp 7s. r
1933
Heinz (H J) Co 7s_r__1930
Humble Oil A Ref 7s r. 1923
97
96 K
97K 165,000
98%
98 K
34,000
Jan
Feb
May
Jan
Apr
2
Feb
135
Mar
151
May
8
Feb
4c
Apr
Apr
Jan
97%
96 K
1921
76%
76%
Kelly-Sprlngf Tire 8s. 1931
Kennecott Copper 7s r 1930
Laclede Gas Light 7s_r
Libby, McNeil ALlbby7s'31
99%
.r
Marland Oil 8s.r
1931
Morris A Co 7Ks-r...l930
Nat Cloak A Suit 8S..1930
77%
505,000
31,000
100
99%
Mar
93
Apr
97 X
94
Mar
98 %
Feb
Jan
98 K
May
94K
95%
Mar
78
Apr
Apr
100
May
93 K
94
26,000
87 X
Jan
90 K
3,000
84%
Jan
95%
58,000
95% May
96 K
97%
38,000
96 K
96
96K
May
94 %
94
97K
98
11,000
96
97
55,000
91
Feb
97
95%
10,000
94
Jan
61
27,000
47
Apr
96 %
70
1922
60
Jan
Jan
Jan
95K May
97 X May
99%
Jan
95%
N Y N H A Hartf 4s
Jan
Jan
95%
98
97K
Apr
May
May
67
20,000
90%
1922
Jan
102 X
93
94
97%
May
Jan
90K
National Leather 8s.r
r
97 %
Mar
99%
5,000
93
102
98 K
23,000
102
Interboro R T
Mar
Jan
92
92 K
Feb
70
Jan
98X
93%
Mar
96%
75,000
98
Goodrich (B F) Co7s r.1925
Grand Trunk Ry 6Kb. 1936
May
98
38,000
100 K
General Asphalt 8s.r.l930
Jan
Feb
100 K
97
Copper Exp Assn 8s.r.l922
r
Jan
95%
Barnsdall Corp 8s.r.. 1931
Beaver Board Cos 8s.rl933
6s
255,000
96 K
97%
96%
Feb
800
57,000
96%
*29
Beth Steel 7% notes.r 1923
Beth Steel equip 7s r.. 1935
47
96%
6% notes Series A-.1929
Anglo-Amer Oil 7Ks.rl929
ArmourACo 7% notes r '30
r
40%
Feb
800
12 %
13-16
r
1924
Anaconda Cop Min 7s
Allied Oil.r.
4%
2
6%
Jan
Stocks
Arkansas Nat Gas com..10
Atlantic Gulf Oil.r
115
5%
Jan
351
.....100
Other Oil
20
85
1
Silver-Lead
7-16 Mar
13,300
3c
3
20
78,000
5%
Tonopah Belmont Dev__.l
Tonopah Divide.r
1
K May
1%
25
127
5c
Apr
25%
%
5o
4%o Apr
20
10
22
May
6,600
1
r
Sutherland Divide
K Feb.
32,800
1
9
Mar
■"4 K
2%
Mar
11c
125
100
10
6c
700
5%c 5%c
IX
25
Ophir.r.
New Jersey Zinc.r
13
Apr
3-16 May
43
Mar
66,000
21%
15K
240
28c
Y
20
Feb
16c
Mining.r
Western Utah Copper.r.-l
White Caps Mining
10c
£1
4o
24c
Oil
Anglo-Amer Oil.r
7Ko Jan
Feb
3% May
MacNamara
West End Consol'd
Former
12o
Jan
Jan
5%
2%
Mar
Jan
Mar
80
Jan
13 K
18c
lc
200
9
110,000
17
16c
2K
Apr
Tonopah Minlng.r
Rights
I Amer Telep A Teleg.r..
Reading Co.r_.
17c
1,000
15,700
32,200
Feb
Apr
2%
Feb
40
2c
Feb
80
Apr
15
20,700
3%
2c
Feb
%
19o
3o
Apr
Mar
6Ke 7Kc
3%
2c
4K
Mar
29,200
7
K
Mar
20,500
Jan
19
Jan
K
7o
14c
Standard
6,100
%
%
100
19
3K
500
15,700
11c
Jan
10,000
9-16
100
9,240
10c
3Kc 4Kc
Mar
24%
5-16
4%
20c
8c
Feb
4c
6
3-10
4
20c
Feb
12c
Silver Hills.r
24%
1-16
46
1
May
10,700
"4
10c
Star.r
28%
8%
~"I§c"
Apr
MacNamara Crescent.r.-l
Apr
......
preferred.r
24,700
3c
25c
Knox Divide.r
23
7%
Jan
35c
7c
1,500
100
1%
2
Lone
36
64
Mar
Jan
103
51
IK
3,700
Jan
Jan
Apr
Mar
950
Mar
20c
1
May
1,300
Jan
2
2c
5
81
4,600
4
Jan
39o
18c
Kerr Lake
28%
1%
9-16
33c
Kewanus.r
26%
53
2K May
Feb
Apr
Feb
Feb
28%
72
%
Mar
Mar
St Croix Silver
1%
IK May
IK
Feb
Apr
2
65o
3c
1
May
51%
Jan
llo
Jumbo Extension
3K
71
3,100
10K
Mar
Jan
9c
Jan
1
Apr
26c
Feb
Apr
1
2
51%
2
15-16
Jan
8K Mar
5c
1
10,600
6
9o
74c
lc
__10c
Blossom.r.
3%
6
Jan
18,000
Feb
20
%
62o
34c
Butler.r
3%
5-16
10
85
Y2y May
Jan
20,400
10c
Divide.r
3%
U S Distributing com.r.60
U 8 Ship Corp.r
U S 8teamflhio
com.r
200
%
United Profit 8harlng__25c
Un Retail Stores Candyr(t)
Willys Corp
5,500
35%
35%
81
Tobacco Prod
Warren Bros.r
5%
11%
11%
Apr
10
2% May
4% May
4
May
100
4
Stqnd Gas & El com.r..50
IK
100
4%
1
3Ko Jan
3
May
8c
Mar
Apr
.
550
13
Jan
1
2
Jan
2c
9%
IX May
12c
lc
14%
Apr
19
Iron
Jim
Jan
7c
1
Hecla Mining...
Apr
Jan
7-16
2c
10
Feb
100
Hecla
17c
Jan
.1 18 %c
Divide.r
Harmlll Divide.r
Jan
54
May
Apr
2
Jan
1K
Feb
2%
15-16
5
Mar
600
Mar
Apr
8,000
167,501
Jan
9o
3-16
23,700
2
Jan
8c
Great Bend.r
13
X
10
Goldfieid Florence _r
Jan
2c
6K0 Jan
10c
Devel.r
Feb
9%
10
Goldfield
8
Jan
Amer.r..(t)
Goldfieid Consol'd.r
36
Mar
Jan
Radio Corp of
Preferred _r
May
Y May
Jan
19%
IK
5,100
56,150
2K
%
5-16
2
Jan
7%
1%
37c
1
Jan
8%
4
1 7-16
32c
EI Salvador Silver Mine._l
4%
Jan
%
3
19,000
18,400
Emma
Apr
14
74c
Jan
Apr
6%
Perfection T A R.r
71c
5-16
Jan
30
IK
Silver
Jan
2c
2,600
Apr
Mar
25
l'A
34c
15c
20,100
50
1%
500
29
7c
6%
"74c
1,200
117,200
31K
Eureka Croesus
100
29
1
Esperanza...
27%
200
Y:, 230
3%
IK
5c
4
Apr
1%
45c
2
5
11,400
3
Silver, r
Dolores
9%
3
31c
7c
1
Feb
12%
8%
No Amer Pulp & Paper, (t)
Peerless Trk & Mot.r_._50
"~39c
%
2
235
23,200
8%
1
20
10%
9
23,800
4Kc
%
1
32
"in
12c
Divide Extension
1%
10
10c
Cracker Jack, r
30%
9%
r
11c
Cresson Con Gold M A M.l
Goodyear Tire A R pref 100
Imper Tob of G B & I.r.£l
Lake Torpedo B't com r 10
Libby, McNeil & Libby rlO
75o
Jan
Garland St'mshlp.r (no par)
National Leather,
Jan
Mar
15%
8
37c
Mar
Conley Tin Foil. r
12
116,000
7%
71
pref._r.. 10
65c
14%
31
Cultl
61c
32%
Feb
Internat
62c
Apr
May
Apr
Intercontinental Rubb.100
Boston <fc Montana Dev. .5
Apr
16
1%
Feb
Mar
44
14
7c
5
239
14
Jan
Apr
12 %
437
&Soncomr(t)
7-10
2o
29
71
5
60
Mar
18,800
3,300
300
31
4
Jan
11,000
4c
2,800
61
4
3c
5-16
Cortez
1
Jan
Feb
%
May
Mar
2o
26c
2Kc
103 K
255
5-16
3c
Apr
6
Jan
5-16
35
11%
H
IK May
7-32 May
1
May
27
Empire Food Products.r(t)
2c
25,000
5
101
600
Apr
Big Ledge Copper Co
450
150
Jan
K
Booth _r
22%
2,700
Jan
Feb
1,100
25,500
20,200
Carson River Corp.r
Cash Boy Consol.r—
35 K May
20%
3c
lc
%
Candalarla Silver, r
26 %
20%
2c
Jan
70
20%
3c
Feb
3%
5-32 May
7-lGc Apr
10c
13K
Feb
K May
8,000
10c
Extension.r
Consol Virginia Silver.r..6
7
Apr
2
Jan
11,400
54,000
Belcher
Mar
800
15%
K
Feb
5
Feb
K
Belcher- Divide. r
May
29
X
1%
Atlas Gold.r
105
6%
1
.
7-32
Kc
Apr
27 K
1,000
May
Jan
1 Y
lc
100
Davies (Wm)Co.r. (no par)
Durant Motors r.. (no par)
5-16
3
5-32
1%
1
11%
1,300
im
Mines.r
45
Continental Motors_r.._10
1,300
K
500
7-16
Caledonia Mining
1
Calbmet A Jerome Cop.r.l
32
(t)
Atlanta
Jan
3,700
X
10,700
1%
5-16
1
Jan
2^200
2%
1
3%
9K
Stocks—
14
42
2%
Jan
1% May
Com'wealth Finance Corp—
Preferred, r
100
Farrell (Wm)
X
3%
1%
J
68
29%
2K
5%
5-16
Woodburn Oil Corp.r
Mar
H
1%
Apr
IX
Mar
35%
%
5%
'■« Mar
11-10
11K
1%
90
6,700
40
28%
28 K
(t)
TIre.r
Jan
IX
% May
1,400
2%
104
Chic Nipple Mfg cl A.r.10
Cities Service com.r
100
Cleveland
22%
2%
1
w
13
22%
£1
Carbon Steel, com.r...100
Car Ltg A Power.r
25
Celluloid Co,
Pref.r
700
12K May
Jan
7,100
59,900
Amer Tin & Tungsten _r__l
19%
American
Jan
84K
2%
Feb
Apr
Apr
16
Jan
6H
250
13-16
America Mines.r
77 k
300
3
%
Apr
100
Preferred.
Jan
14K May
Jan
35,800
2%
5K
May
8%
1%
Jan
Feb
2%
2
Mar
2
400
10
2%
%
9%
2
1%
14 K
13-16
1
Mining
1%
Apr
Apr
Feb
"5%
Alaska-Brit Col Metals—1
Coal.r-......-w---l
Jan
Apr
Jan
High.
Industrial & Miscell.
Acme
89
2K
6K
5%
1
Royalty.r
"Y" Oil A Gas.r
Week.
of Prices.
Low.
Range since Jan. 1.
1,700
11%
86%
5%
4K May
12
Apr
3,000
9
10
Wilcox Oil & Gas.r.... j.
for'
14%
'i'i 9
4% May
10
Oil.r
United
7K May
Apr
100
10
Oil.r
4%
Bait Creek Producers new-
Skelly
High.
May
2%
10%
Producers A Reflners.r.10
Ryan
Low.
7
4%
Victoria Oil.r
Last
2,100
Ramge since Jan. 1.
2%
United Tex Petrol.r
Sales
Friday
Week ending May 13—
7%
for
10%
Texon Oil A Land.r
one
7
4%
trustworthiness of this record of "Curb" transactions, and
we
Shares.
(t)
Sinclair Con Oil pf.r_.100
out
Week.
High.
10
Omar Oil A Gas
Panhandle Prod & Ref..
Pennock
Week's Range
of Prices.
Low.
7
r
f>articularly as questionmining shares. vouch for the absolute
t is
of the regards for any
to In the circumstances,
v
Price.
Sales
May
Jan
Jan
Sales
Friday
Last
of Prices.
99H
SI,000
95
78-r...——...—1924
7k.r.—.
1925
Ohio Power 7s_r
1951
94%
95
95
91%
92
16
99A
16%
99%
98
98%
97 A
98
97
98
1930
Russian Govt 6Ab, ctfs.r.
Sears, Roebuck A Co 7sr'21
7% ser notes.r.Oct 15'22
7% ser notes.r.Oct 15'23
Seneca Copper 8s.
"92""
8olvay & Cle 8s.r
1927
South Ry 0% notes_r_1922
Southw Bell Telep 7s. .1925
Stand Oil of N Y deb 6 3^s '23
100 A
96
96%
10014
100
100%
7% ser gold deb 7s r 1925
101A
101A
101H 101%
101A 101%
101A
"99%
"97%
_
96
95%
deb.r-.1920
7% ser gold
99% 100%
Jan
Mar
95%
93
Jan
96%
94%
Feb
95%
91%
Jan
95%
Feb
Jan
12%
6,000
2,000
3,000
29,000
13,000
20,000
7,000
15,000
75.000
242,000
60,000
22,000
19,000
8,000
26,000
Pan-Am Pet A Tr 7s..
Jan
Mar
Mar
19
Apr
92%
13,000
95
94 A
Jan
93
97%
94%
94%
Mar
95
99% May
93% May
98,
May
Jan
Mar
Mar
100
Jan
99
Mar
102%
95%
Mar
96%
Jan
Jan
100%
Jan
Feb
100% May
102%
Jan
100
Jan
102
Jan
100%
Jan
102%
102%
Jan
Jan
16,000
100%
100%
Jan
Jan
103
Jan
Jan
103%
Mar
Ohio Oil Co
Feb
104%
Mar
Perm Mex Fuel Co
95%
Apr
Prairie Oil & Gas
Jan
Prairie Pipe Line
96%
92
Jan
100
May
7% ser gold deb.r..1927
7% ser gold deb_r.. 1928
102
101A 101%
101H 102%
7% ser gold deb.r-.1929
102/4
102 A 102%
7% Ber gold deb.r.. 1930
7% Ber gold deb.r—1931
Sun Co 7s-r—
...1931
Swift A Co 7s.r
1925
Os.r
1921
102%
102A 103
102% 104%
33,000
100%
47,000
101%
95%
46,000
54,000
10,000
95
May
95
Jan
95%
Jan
99% May
'86 A
48,000
79%
Jan
86%
Switzerland Govt 6^8.1929
98%
Jan
99%
1923
1930
7b.r 1925
98 A
157,000
Jan
Feb
Mar
100%
Apr
97%
Jan
100%
Jan
97%
May
102 A
95A
96A
Vacuum Oil 7s.r
Western Elec conv
96 A
96%
99A
Texas Co 7% equ'nts r
95
99%
86
100A
100M
7,000
97%
97 A
15% 800,000
35,000
16% 300.000
15% 25,000
15%
15%
2%
Hamburg 4s.r-......——
2% 500,000
—....
.........
fia.r
*Odd
,
t No
lots,
r
Unlisted,
Jan
16
15% May
2% Mar
Jan
............100
Swan A Finch
..100
Union Tank Car Co.
100
Preferred
100
Vacuum Oil
100
Washington Oil
10
Preferred
2% May
Merritt OH Corp
NOTICES'
CURRENT.
xl
Mexican Eagle Oil
—Farr & Co. have become members
Midwest Refining
of the New York
Stock Exchange
in
H. Goer and Irving
Farr. Francis
B. Kingsford.
combinations possible in
the selection of listed securities, and yet taking into account the possibilities
of price appreciation, have been compiled in a circular just issued by Chand¬
ler Bros. & Co., 34 Pine Street, members of the New York Stock Exchange.
pointing out the numerous
—-Investment lists
—rF.^L. Peisach of Kennedy &
SS. Mauretania on an
for a freight
will be known as the Iven-
Co. will leave on the
through Europe and to
extensive trip
make final arrangements
New York, which
line to run from Hamburg to
Company under
•
Preferred
York Stock Exchange, have
branch in the Canadian Pacific Building, with Howard
Preferred
Bliss & Co., members New
-"-Gilchrist,
Firestone Tire A
'
'
Bid
Banks—N Y
America*....
180
186
Exch—
236
242
Amer
New York
Irving Nat of
N
Manhattan *.
165
175
Mech A Met.
198
305
Bowery*
Broadway Cen
425
450
Mutual*
Bankers Trust
304
Central Union
335
342
Columbia
295
300
500
215
'
150
160
Nat American
145
160
Commercial..
135
Nat
City....
330
333
Empire......
300
310
'„
Equitable Tr.
275
160
Farm L & Tr.
350
105
145
155
Nat Cuba-
80
Bryant Park*
145
155
New Neth*—
140
Butch & Drov
140
160
New York Co
130
140
Fidelity
Cent Mercan.
195
205
New
York...
430
440
Fulton
260
270
Chase
330
340
Pacific*.....
300
Guaranty Tr.
288
294
Chat A Phen.
255
265
Park
Chelsea Exch*
100
110
Public
Chemical
490
500
Republic*
Trust
155
Coal & Iron—
225
240
Seaboard
230
250
Mercantile Tr
290
310
Second
460
485
Metropolitan-
265
280
Bor
*.
350
Colonial*
Ex*.
.
State*
210
Tradesmen's *
220
j
---
165
176
225
United States*
160
175
Continental..
125
135
Wash H'ts*—
350
Corn Exch*—
298
303
Yorkville*
90
105
East River.
—
170
120"
165
Y
Ins
-y
& Trust...
560
320
330
Title Gu & Tr
305
400
410
865
875
Brooklyn
....
Brooklyn
Coney Island*
140
165
First
205
215
Brooklyn
Tr.
445
895
Green point...
160
ISO
Kings County
660
900
Fifth Avenue*
875
Fifth
150
First
875
Garfield
220
230
Homestead*..
80
100
Gotham
192
198
Mechanics'
87
95
240
260
Montauk*
785
795
Nassau
220
North Side*..
195
Greenwich*
_
_
Hanover
Harrlman
350
360
Imp A Trad..
490
510
Industrial*
170
180
*
—
-
85
Manufacturer
95
90
97
90
95
and prices)
80
87
90
Mississippi RIv Pow, com
80
Preferred-———-100
First Mtge 5s, 1951—JAJ
S f g deb 7s 1935.. MAN
Northern Ohio Elec. (no par)
Preferred
100
North'n States Pow, com.100
Preferred
100
North Texas Elec Co.com100
Preferred —————100
Pacific Gas A El, 1st pref .100
Puget Sound Pow A Lt—100
Preferred
100
Republic Ry A Light
100
Preferred
100
South Calif Edison, com. 100
Preferred
.100
Standard Gas & El (Del)..50
Preferred....
50
Tennessee Ry, L & P.cornlOO
Preferredi... .....—100
United Lt & Rys, com—100
65
70
68
71
110
125
150
95
■V:
205~~
-
160
::
'
.
''
'*
200
100
(*) are State banks,
t Sale at auction or at Stock
t New stock,
x Ex-dividend,
y Ex-rights.
*24
26
*67
69
18
100
Preferred
100
Godchaux Sug Inc..(no par)
Preferred—
-100
Great Western Sug, com. 100
Preferred i
—100
Holly Sug Corp, com (no par)
Preferred
100
Juncos Central Sugar
100
National Sugar Refining. 100
Santa Cecilia Sug Corp, pflOO
Savannah Sugar, com (no par)
Preferred
—100
West India Sug Fin, com. 100
Preferred
,—100
Industrial & Miscellaneous
American Brass
100
American Hardware
100
Exchange
Typefounders, com. 100
—100
Co. new..no par
50
Borden Company, com.. 100
Preferred
100
Celluloid Company
100
Childs Co com
100
/.—100
Preferred
du Pont (E
I) de Nemours
100
100
100
100
stock
Tobacco Co
Debenture
Havana
Preferred
Bid
Alllan R'lty—
65
75
Lawyers Mtge
Mtge
Surety-
64
68
205
212
City Investing
50
65
Preferred
75
83
.
.
share.
1922.. JAD
com—100
Salt
100
Nat
N
Y
I
118
123
(Realty
.
Royal Baking
Assoc
75
82
183
187
A
115
120
90
97
150
160
Singer
70
80
Singer
IWest A Bronx
1
Title A M G
150
160
.
..100
Pow, com. 100
100
Preferred
(Brooklyn).
iU S Casualty
!
pref.100
Phelps Dodge Corp
■U S Titl Guar
Bond-
Mortgage..
Ask
AAO
Coal Sales.50
Lehigh Valley
Bid
As*
Surety—
Title
gold 5s, 1951
International Silver,
1st
,
Bid
Ask
Bond A M G_
Amer
International
City Realty and Surety Companies.
prices dollars per
80
79
.—-—100
150
75
100
23
125
June 1
Intercont' Rubb,
All
5%
*4
common...100
1st g 5s,
New York
36
40
A R, com. 100
Sugar Stocks
82
98
101
98
101
75
100
107
19
1st
79
235
21
67
100
118
15
30
*18
22
50
57
175
225
82
85
169
174
136
140
40
43
80
83
*
Manufacturing—100
Mfg, Ltd
£1
Per
share.
/Flat price,
n
6 Basis,
Nominal,
9
79
12
33
§4
7%
45
81
13%
65
78%
91%
11
49"
83
80
72
79
77
23
21
76
74
5%
4%
18
90
99
*11%
*35%
20
92
102
12%
36%
1%
%
5%
7
24%
26
60
62
28
29
71
.69%
Cent
90%
96%
89%
96%
97%
100
.
97%
100%
99% 100%
99% 100%
87% 87%
MAN
93%! 93%
B_._-.JAJ
7Hs'25 AAO, 100%|100%
96%' 96%
Arm'rACo7sJulyi5'30JAJ15
99%i 99%
Deb 6s J'ne 15 '21 .JAD15
97
I 98%
Deb 6s J'ne 15 '22 .JAD15
7s
1928 Series
Anglo-Amer Oil
15 *23 .J&D15
15 '24 .J&D15
Beth 8t 7s July 15 '22.JAJ15
96
98%
95
97%
99
99%
7% notes July 15'23 JAJ15
Canadian Pac 6s 1924.MAS2
98
98%
95%
95%
Federal Sug Ref 6s 1924MAN
Goodrich(B F)Co 7s'25.AAO
Hocking Valley 6s 1924.MAS
Interboro R T 7s 1921. .MAS
94%
95%
93%
91
92%
76%
77%
1921-JAJ
1923—-MAN15
1929 FAA
Lehigh Pow Sec 6s 1927.FAA
LlggettAMyer8Tob6a'21 JAD
Penn Co 4Ab 1921—JAD15
Pub Ser Corp N J 7s '22-MAS
Reyn (R J) Tob 6s '22.FAA
Sloss Sheff S A 16s '29-FAA
Southern Ry 6s 1922—MAS
Swift A Co 6s 1921—FAA15
7% notes Oct 15*25 AAOIS
Texas Co 7s 1923
MAS
U 8 Rubber 7^8 1930-FAA
Utah Sec Corp 6s '22.MAS15
West Elec conv 7s 1925. AAO
99%
99%
Deb 6s J'ne
Deb 6s J'ne
31
•52
58
92%
94
86
88
104
108
96
98
96
98
K C Term
130
135
73
75
1
2
4
6
/45
55
11
54%
/68%
70%
*91
94
*70
73
150
160
82
88
78
80
*94
96
*2%
67
69
7% notes 1923.—MAN
AnacondaCop Mln 6s'29_ JAJ
*28
10%
29
20
46
80
77
...
7% notes 1922
55%
240
90
*8
Corpj—100
100
Short Term Securities—Pe
Am Cot Oil 6s 1924..MAS2
Amer Tel A Tel 6s 1924.FAA
6% notes 1922
AAO
Am Tob 7% notes 1921MAN
71
75
114
5%
78
—100
preferred
10
22
55
Western Power
Preferred
73
27
238
66%
7%
75
10
30
82
6
40
78
12%
64
-—
205
58
11
..
36
*32
100
84
51
—
22
Swinehart Tire
& Co, com—
Banks marked with
this week,
"
290
-
People's
Ridgewood
17%
33
Preferred
270
...100
....
•70
Bliss (E W)
455
..100
——100
Com'w'th Pow, Ry A Lt.100
Preferred
100
Elec Bond A Share, pref.100
Federal Light A Traction. 100
Preferred
100
Great West Pow 5s 1946.JAJ
Preferred
11%
_
Co, com...100,
Colorado Power, com
92
84
10
AAO!
1934.
Preferred
162
Preferred
200
People's.....
5s.
31
Amer
155
84
...—
312
& Tr
States
United
82
168
100
100
39%
50
1st
85
. -
*100%
preferred.. ———100,
Participating pref
100
95
-
580
N Y Trust-
I
LOO
...
125
105
...
Life
U S Mtg
425
425
Cosmop'tan*.
Chester
N
w
Union Exch—
210
"
Mutual (West
220
200
23d Ward*.—
Common-
wealtb*
110
Lincoln
165
— -
____
150
Law Tit & Tr
934
95
Federal Sugar Ref, com..
'
219
>
Hudson
265
155
Commerce
~
368
250
217
Columbia*
Comm'l
362
—
200
95
11
Fajardo Sugar —,
285
360
■
Inter
168
30
Preferred
Bronx Nat...
Bronx
16
80
Cupey Sugar
145
125
13%
92
Sugar..i.y..50
Cent Aguirre Sugar com..20
Central Sugar Corp.(no par)
Preferred...... i—- - -100
~ m'
6.60
102%
Amer Lt A Trac, com
Cities Service
Caracas
American
310
194
Battery Park.
Atlantic
n::\:
185
180
Y—
Ask
Bid
Trust Co.'s
6.35
7.37
Preferred
13i.i
-
Rubber
Portage Rubber, com
0.75
6.65
50! *38%
82
100,
82
Preferred
100.
56
Amer Power A Lt. com.. 100.
71
Preferred
..100
5
Amer Public Utll, com...100,
15
Preferred
100
4%
Amer Wat Wks A El
100
108
100
R, com .100
100
-100
Mohawk
7.50
.
•34% 36
102
100
25
100
Preferred
Ask;
Virginian Ry 6s——.——
Public Utilities
Amer Gas A Elec, com— 50
85
220
200
Preferred
share.
Bid
Banks
Ask
0.75
Equipment 5a
Toledo A Ohio Central 4s—
Union Pacific 7s.
190
Goodyear Tire A
Banks and Trust Companies.
per
6.75
4%s
Carolina Pow A Lt, com. 100
Preferred
prices dollars
6.35
7.50
Equipment 7s
Southern Railway
75
Miller Rubber
All
6.50
7.50
—
Co 4%s
83
100
Preferred
i
7.00
6.75
Southern Pacific
7% preferred....
.100
Gen'I Tire A Rub, com... 100
-
New York City
7.00
7.00
Seaboard Air Line 5s
75
Rub, com 10
6% preferred
Pjll—ThTEquItable Trust Co""of New'York %s^)fferingJby~ad vertisem ent~bn
another page an attractive list of investment bonds yielding from 5.97 to
8.53%.
25
Stocks (Cleve
Rubber
opened an uptown
W. Birnbaum as Manager.
7.00
7.75
A Sou 59—
San FranclBCo 5fl.
•73
100
-100
(J S) Co....
Young
7.00
7.75
St Louis A
91
80
scrip
Weyman-Bruton Co, com 100
Preferred
100
:
6.50
8.00
1134
88
Tobacco Prod Corp
Bank Building, St. Louis,
and 1121 Boatmen's
bonds with offices at 1120
Mo,
6.40
8.00
65
Reynolds (R J) Tobacco.
B oommon stock
.>*4
and Bruce Seddon announce that they have organlzedja
the name of Daly-Seddon Company to deal in investment
—L. L. Daly
145
Scrip.
Line.
nedy & Co.'s Steamship
8.50
7.00
155
100
190
Amer Machine & Fdry.,100
106
American Tobacco scrip..
•12%
British-Amer Tobac ord—£1
•12%
Brlt-Amer Tobac, bearer..£1
•14
Conley Foil (new)...no par
162
Helme (Geo W) Co, com. 100
92
Preferred
100
•9
Imperial Tob of G B A Ire90
Johnson Tin Foil & Met. 100
90
MacAndrews A Forbes.. 100
78
Preferred
100
75
Porto Rican-Amer Tob..100
and are specialists
Farr, Jr., F. Shelton
The members are John
Sugar Stocks.
8.50
7.00
98
Preferred
6.35
7.00
Equipment 4%s
•96
American Cigar common. 100
membership. The
through the election Thursday of Irving B. Kingsford to
firm does a brokerage business in raw and refined sugars
6.00
6.75
7.00
32
Stocks—
Tobacco
8.40
7.00
Pacific 7s
7s
Pennsylvania RR 4%s...—
Equipment 4b
Pittsburgh A Lake Erie 6 AB.
10
28%
5 ♦26%
152
60 ♦150
..
7.00
7.00
Pacific Fruit Express
303
•28
11%
6.40
7.75
—
Reading Co 4%s
St Louis Iron Mt
298
•
6.40
7.20
4%a_..
A Western 4%s—.
Northern
98
25
Magnolia Petroleum..—100
6.75
7.20
N Y Ontario A West
45
Imperial Oil
7.00
7.50
Ab. 5b
4%s, 5s
7s
8.85
7.00
8.00
New York Cent
105
95
7.25
8.00
Mobile A Ohio 4
Norfolk
6.75
7.25
5s
fla.
Missouri Pacific 5s
Stocks
Other Oil
k Correction.
flat.
35
103
6.8tt 6.25
Equipment 6%s A 7s
109
106
6.50
6.40
—-
Missouri Kansas A Texas
Equipment
6.75
7.00
Mlchlgan Central 5s, 6s
Minn St P A S S M 4%sA
Standard Oil (Ohio)
~
When Issued,
w
17%
i Listed as a prospect.
I Listed on the Stock
additional transactions will be found. 0 New stock,
y Ex rights,
z Ex stock dividend.
zEx dividend.
*
t Dollars per 1,000 lire,
13%
value,
par
Exchange this week, where
'
16%
15%
17%
6.35
7.50
7.00
Equipment 6%s
195
6.50
6.80
Louisville A Nashville 5s
..
Jan
Jan
16%
29
525
100
415
Solar Refining
100
95
Southern Pipe Line Co..100 z93
225
South Penn Oil
.—.100 220
68
Southwest Pa Pipe Lines.100
65
80%
Standard Oil (California). 25,*zS0
Standard Oil (Indiana)
25 *76% 76%
620
Standard Oil (Kansas)_..100, 605
410
Standard Oil (Kentucky).100, 400
165
Standard Oil (Nebraska) .1001 155
152
Standard Oil of New Jer. 25 *151
108%
Preferred
100 103
352347
Standard Oil of New Y'k.100
395
100 385
97% May
Jan
J an
Mar
12%
14%
16%
4s.r
Vienna
25
25
100
—
6.50
7.00
Equipment 4%s—
Equipment 7s A 6%s
Kanawha A Michigan 4%a—
92
300
Marks.
(Dollars per 1,000 Marks)
Munich 4s.r
Northern Pipe Line Co. .100
7.00
5s
Illinois Central
150
Co...100
New York Transit
&
Government
Municipal Bonds
Berlin
100
100% 100% 155,000
74,000
99% 100%
Winchester 7s.r..
German
99
98%
98
•f.*
Equipments—Per Ct. Basis.
7.50' 6.75
Baltimore A Ohio 4%s
Anglo American Oil new. £1! *19% 20
7.00 6.40
Atlantic Refining
1001075 jllOO Buff Roch A Pittsburgh 4%s
7-00, 6.40
Equipment 4e
Preferred
100! 107% 109%
6.90 6.37
390
Equipment 6s
Borne Scrymser Co.
100
7.25 6.50
Canadian Pacific 4%s A 08—
83
Buckeye Pipe Line Co.— 50
8.00 7.00
Caro Cllnchfleld A Ohio 5s—
195
Chesebrough Mlg new... 100
7.50 6.75
Central of Georgia 4%b
100
Preferred new
..100
6.80 6.40
118
Chesapeake A Ohio 6%s—
Continental Oil
100:
7.25 6.50
28
Equipment 5s.—
Crescent Pipe Line Co... 501
8.75 7.50
140
Chicago A Alton 4%s, 5s__
Cumberland Pipe Line... 100
8.75 7.50
Chicago A Eastern 111 5%S—
93
Eureka Pipe Line Co
100
7.60 6.75
44
Chic Ind A Louisv 4%s
Galena Signal Oil com...100
7.12 6.50
Chic St Louis A N O 5s
97
Preferred old
—.100
7.00 6.50
97
Chicago A N W 4%s.—...
Preferred new
lOOi
7.75 7.00
183
Chicago R I A Pac 4%s, 53—
Illinois Pipe Line
100
8.00 7.00
82
Colorado A Southern 5s
Indiana Pipe Line Co
50
8.00 7.25
17% Erie 4%s, 5s & 6s
International Petrol.(no par)
7.50 6.75
28
Hocking Valley 4%s, 5s
National Transit Co—.12.5Q
RR.
Bid. 1 Ask.
Standard Oil StocksPar
99%
Jan
98% May
Jan
96
Jan
95
95
23,000
2,000
5,000
marked
Interest" except where
All bond prices are "and
High.
97%
95
98 A
—
7s.r
98 A
94 A
.1922
—1923
7s.r.
99 A
97 A
Ohio Cities Gas 7s_r_.1921
Quotations for Sundry Securities.
Jan. 1.
Low.
High.
Low.
Price.
(Concluded)-
Bonds
Range since
for
Week.
Week's Range
Sale.
[VOL.112.
CHRONICLE
THE
2072
234
Ry 4Ab
6s Nov 15
Laclede Gas 7s Jan
accrued dividend.
Ex-rights.
d Purchaser also pays
zEx-dividend,
y
e
92%
96%
96%
90%
91
69
69%
99%
99% 100
99%
92%
98%
93%
83
86
95%
99%
96%
96%
96%
99%
99
99
99%
100% 101%
89
89%
99% 100%
New stock.
ttflistraent mxfl
%uUlliQmt&
2073
RAILROAD GROSS EARNINGS
The
following table shows the gross earnings of various STEAM roads from which
regular weekly or monthly returns
can be obtained.
The
fir^t two columns of figures give the gross earnings for the latest week or month, and the last two
columns the
earnings for the period from Jan. 1 to and
including the latest week or month.
The returns of the electric railways
are
brought together separately on a subsequent page.
F
Latest Gross
ROADS.
Week or
M«nlh.
Alabama & Vicksb. March
Earnings.
Current
Jan. 1 to Latest Date.
Previous
Year.
Year,
277,602
Current
Year.
303,848
859,400
848,208
Ann Arbor
4th wk Apr
115,731
94,470
1,476,542 1,445,056
Atch Topeka & S Fe
March
15185264 16075181 44,405.003
53,043,815
Gulf Colo & S Fe_ March
2,372,028 2,101,389 7,000,925 6,623,579
Panhandle S Fe_
March
758,881
651,809 2,077,045
1,956,148
Atlanta Birm & Atl_ March
132,359
________
_
507,833
807,543 1,471,737
225,349
257,603
641,409
782,320
301,353
273,802
705,202
759,286
7,112,880 6,298,215 19,886,973 19,677,160
Baltimore & Ohio.. March
16217 398 16762298 48,238,909 48,711,998
B & O Chic Term
March
218,967
238,526
608,711
646.864
Bangor & Aroostook March
746,148
499,364 2,163,383
1,452,706
Bellefonte Central. _; February
7,630
7,269
15,075
14,420
Belt Ry of
Chicago. March
431,037
399,692 1,261,204
1,190,244
Bessemer & L Erie.
March
654,532
638,824 2,514,615
1,911,308
Bingham & Garfield March
23,559
137,205
67,646
440,300
Boston & Maine
March
6,394,817 6,149,518 18,293,837 17,470,402
Bklyn E D Term
March
148,530
124,785
338,031
295,073
Buff Roch & Pittsb. 1st wk
May
265,606
424,125
5,261,196 6,776,776
Buffalo & Susq
March
183,624
246,212
621.8S6
677,749
Canadian Nat Rys_ 4th wk
Apr 2,424,499 2,478,641 34,594,785 29,482,425
Canadian Pacific
1st wkMay 2,925,000 3,520,000 57,854,000
61,922,000
Can Pac Lines in Me March
372,245
343,515
1,066,566
915,353
Caro Clinch & Ohio. March
580,418
523,567
1,753,274
1,633,140
Central of Georgia. 'March
2,018,293 2,058,079
5,593,504
6,450,048
Central RR of N J__ March
4.259.019 3,878,510 12,271,401 10,716,765
Cent New
England_j March
822,024
443,371
2,196,242 1,284,527
Central Vermont
'March
549,606
531,000 1,473,884
1,446,445
Charleston & W Car March
333,502
256,284
841,553
842,527
Ches & Ohio Lines. Marcn
6,367,344 6,716,231 18,764,532 19,373,122
Chicago & Alton
March
2,463,831 2,197,265 7,248,358 6,787,146
Chic Burl & Quincy March
13753278 13895875,39,879,751 43,682,838
Chicago & East 111. March
2,119,264 2,430,765 6,792,880 7,420,902
Chicago Great West March
2,060,525 1,638,789 5.909,466 5,818,119
Chic Ind & Louisv__
February
1,090,648 1,028,605 2,320,443 2,341,422
Chicago Junction. March
439,511
291,927
1,235,716
929.298
Chic Milw & St Paul March
11995681 12769763 33,735,582 38,898,509
Chic & North West March
12353734 11853273 34,800,027 36,127,270
Chic Peoria & St L_ March
173,955
218,131
508,019
628,214
Chic RI & Pac
March
11261760 9,874,475 31,097,327 31,957,236
Chic R I & Gulf.. March
607,812
536,663
1,749,878 1,733,649
Chic St P M & Om. March
2,422,633 2,309,847 6,887,470
7,731,637
Chic Terre H & S E
March
378,802
475,948 1,211,735 1,345,112
Cine Ind & Western March
286,565
382,799
829,127
1,078,801
Colo & Southern
4th wk Apr
621,047
633,927 8,615,313 9,105,910
Ft W & Den City March
937,730
977.535 2,743,235 3,021,382
Trin & Brazos Val March
195,597
174,174
616,468
487,996
Wichita Valley.
March
170,169
161,477
449,981
492,937
Cuba Railroad
January
1,606,385 1,158,100 1,606,385 1,158,100
Camaguey&Nuev January
180,909
148,402
180,909
148.402
Delaware & Hudson March
3,632,907 3,054,340 11,309,525 8,243,854
Del Lack & Western March
7,127,083 6,370,401 20,230,944 17,835,534
Deny & Rio Grande March
2,371,221 2,858,087
7,765,706 9,212,643
Denver & Salt Lake March
197,835
153,366
567,445
662,441
Detroit & Mackinac March
169,682
172.536
410,909
425,637
Detroit Tol & Iront. March
439,051
408.537
877,649 1,148,106
Det & Tol Shore L_ March
215,707
179,758
602,273
482,870
Dul & Iron
March
Range.
247,810
144,835
707,078
415,420
Dul Missabe & Nor. March
222,471
213,842
647,651
528,019
Dul Sou Shore & Atl 4th wk
Apr
174,221
147,589 1,580,781
1,422,470
Duluth Winn & Pac March
288,171
200,184
937,319
584,968
East St Louis Conn. March
178.461
115,966
435,236
383,985
Eastern S S Lines.
March
200,298
149,119
525,313
489,570
Elgin Joliet & East. March
1,653,277 1,979.241 6,412,597 5,558,213
El Paso & Sou West March
1,044,549 1,119,017 3,148,359 3,744,206
Erie Railroad
March
8,409,173 8,537,615 24,894,187 23,738,744
Chicago & Erie.. March
1,013,291
904,204 2,685,250 2,671,548
N J & N Y RR
March
118.462
105,483
340,382
307,736
Florida East Coast. March
1,641,077 1,418,119 4,831,289 4,095,804
Fonda Johns & Glov March
123,070
107,584
337,618
312,858
Ft Smith & Western March
155,826
146,298
482,069
454,658
Georgia Railroad
March
490,878
564,189 1,339,049 1,568,486
Georgia & Florida. March
145,543
123,081
341,963
332,604
Grand Trunk 8yst__ 1st wk
May 1,788,310 1,548,988
Atl & St Lawrence March
265,875
228,957
979,008
801,303
Ch Det CGT Jet March
185,115
130,605
571,819
476,679
Det G H & Milw. March
320,574
316,914
957,528
997,105
Grand Trk West- March
871,569 1,488,882 3,137,670 3,893,827
Great North System March
7,069,733 7,720,070 19,213,455 25,214,823
Green Bay & West
March
131,770
106,139
365,801
315,253
Gulf Mobile & Nor. March
344,308
303,064
1,071,434
Atlanta & West Pt_ March
Atlantic City
iMarch
Atlantic Coast Line. March
_
_
_
_
_
_
_
_
_
Gulf &
Ship IslandHocking Valley
March
March
niinois Central
March
Internat & Grt Nor. March
Kan City Mex & Or March
K C Mex&O of Tex
Kansas City South.
Terark & Ft Sm__
Kansas City Term.
March
March
March
March
Kan Okla & Gulf
March
Lake Sup & Ishpem March
Lake Terminal Ry.
March
Lehigh & Hud River March
_
_
Lehigh & New Eng. March
Lehigh Valley
March
Los Ang & Salt Lake March
886,414
253.186
232,242
710,213
695,619
883,237 1,117,081
2,536,058 3,312,719
11378762 11062 242 35,044,192 34,411,934
1,499,445 1,279,704 4,657,355 4,324,800
164,271
119,583
418,991
401,102
188,060
134,715
491,700
455,985
1.604.020 1.351,856 5,010,421
4,389,235
206,273
147,555
595,222
456,135
136,899
125,901
401,559
370,617
184,377
193,908
691,883
570,786
6,997
7,379
24,678
21,317
127,247
101,382
403,996
288,613
282,512
171,576
795,927
507,675
361,401
370,647
987,845
966,784
6,069,295 5,639,056 17,623,245 15,629,871
1,770,408 1,681,984 4,960.645
265,276
378,348
869,111
333,882
974.993
329,225
10027704 10566042 28,690,065
258.180
266,116
737,047
1,958,086 1,358,912 5,658,138
411.569
365,068
1,184,940
Apr
11,763
156,212
22,937
Minneap & St Louis 1st wkMay
294,132
281,466 5,541,467
Minn St P & S S M. March
3,322,569 3,247,248 9,590,872
Mississippi Central. March
87,648
91,070
261,771
Missouri Kan & Tex March
2,748,847 2,960,426 8,161,324
Mo K & T Ry of Tex March
2,431,520 2,107,049 6,992,282
Louisiana & Arkan. March
Louisiana Ry & Nav March
Louisville & Nashv. March
Louisv Hend & St L March
Maine Central
March
Midland Valley.... March
Mineral Range.
4th wk
....
4,696,608
1,072,207
980,143
30,947,273
764,184
3,987,639
1,124,428
226,689
5,405,418
10,220.704
225,841
9.430,652
6,927,010
AGGREGATE OF GROSS
♦
Weekly Summaries.
4th week
1st
2d
3d
4th
1st
2d
Feb
week Mar
week
week
Mar
Mar
week Mar
week
Apr
week Apr
3d
week Apr
4th week April
l6t
week
*
(19 roads)..
(18 roads)..
(19 roads)..
(17 roads)..
(14 roads)..
Previous
Year.
(10 roads)..
G6 roads)..
12.471.907
13.112.592
10.360,370
9.146,3581
10,981,830
(16 roads)..
(11 roads)..
longer include Mexican roads
Increase
ROADS.
15,097,698
12,722,219
13,038,572
13,172,091
20.427,446
13,568,318
13,394,544
10.204.564
in any
5.00
4.19
1.78
11.13
6.63
6.95
4.89
5 .66
10.37
1 to Latest Dale.
Current
Previous
Year.
Year.
.
Pittsb & West Va_. March
Port Reading
March
Quincy Om & KC__ March
Rich Fred & Potom. March
Rutland
...March
152,085
191,218
119,313
989,051
474,057
256,629
6,986.004
Ft W & Rio Gran. March
131,195
St L-SF of Texas. March
115,423
St Louis Southwest. March
1,397,533
St L S W of Texas March
625,103
Total system
IstwkMay
426,870
St Louis Transfer._ March
80,771
San Ant & Aran Pass March
454,163
San Ant Uvalde & G March
81,369
Seaboard Air Line.. March
4,005,534
St Jos & Grand Isl'd March
St Louis San Fran.. March
Southern Pacific... March
Southern Pacific Co March
Atlantic S S Lines March
153,859
495,618
476,887
205,150
655,514
567,311
104,523
331,997
322,367
916,892 2,700,866
2,968,557
359,414 1,400,429
1,156,601
260,262
759,977
810,229
7,262,472 20,696,166 21,472,622
153,234
402.112
493,829
135,799
438,188
410,144
1.774,919 4,214,069 4,906,818
693,392 1,884,302 2,145,681
491,940 8,360,469 9,627,919
143,474
303,032
406,090
347,560 1,354,577
1,083,588
93,815
256,436
318,649
4,111,950 12,200,797 13,166,754
15297 698 44,259,054 44,449,062
15926324
23000 590 21185 468 64,729,875 63,081,340
1,022,084
602,435 2,715,533
1.949,597
315,943
347,472
952,848
1,023,411
2,375,059 1,951,316 7,044,220 5,875,482
1,081,404
818,733 3,106,842 2,791,550
214,885
256,985
678,695
714,793
Louisiana West'n. March
386,290
429,297 1.122.660 1,295,954
Morg La & Texas March
810,218
866,405 2,303,103
2,520,595
Texas & New Orl. March
752.254
800,462 2,238,596 2,367.373
Southern Railway.. 1st
wkMay 3,108,966 3,615,772 58,411,698 64,379,198
Ala Great South. March
790,760
823,405 2,474,788 2,606,649
Cin N O & Tex P. March
1,503,207 1.470,822 4,453,914 4,748,479
Georgia Sou & Fla March
375,536
395,446
1,174,388
1,444,304
New Orl & Nor E_ March
607,849
552,888 1,742,855 1,936,906
Northern Ala
March
72,159
119,973
255.190
385,641
Spokane Internat.. March
103,184
112,088
304,852
368,518
Spok Portl & Seattle March
585,455
633,021
1.661.193 2,004,379
Staten Island R T.. March
205,858
567,944
191,788
485,994
Tenn Ala & Georgia 4th wk
Apr
4,154
40,271
4,358
53,584
Tennessee Central.. March
229,227
211,606
597,081
703,236
TermRRAssnofStL March
381,449
411,665 1,124,370
1,154,954
St L Mer Bdge T_ March
292,986
368,490
884,397
1,034,905
Texas & Pacific
4th wk Apr
791,033
944,136 12,330,983 12,983,947
Toledo St L & West March
723,593
890,887 2,177,468 2,531,161
Ulster & Delaware. March
115,417
86,073
268,522
241,989
Union Pacific
March
8,540,353 9,060,044 23,982,044 29,608,382
Total system..._ March
13773683 15536370 38,359,125 19,325,043
Oregon Short Line March
2,864,613 3,428,884 7,947,998 11,094,430
Ore-Wash RR & N March
2,368,716 2,811,306 6,429,083
8,386,095
Union RR (Penn)_. March
789,243
669,333 2,692,542 1,852,298
tTtah
....March
110,542
152,369
323,023
497,257
Vicks Shreve & Pac. March
331,656
432,202 1,035,522
1,169,239
Virginian Railroad. March
1,177,607 1,363,389 4,001,139
3,553,691
Wabash RR.
March
5,189,751 4,484,524 14.337,572 13,642,363
Western Maryland. 4th wk
Apr
424,305
391,441 6,102,895 4,750,285
Western Pacific
March
940,111
954,782 2.706.194
3,340,495
Western Ry of Ala.
March
206,916
234,463
595,402
718,809
Wheel & Lake Erie. March
990,964 1,134,949 2,864,238 3,304,101
Wichita Falls & NW March
205,227
231,051
615,022
693,382
Yazoo & Miss Valley March
1,724,122 2,423,194 5,336,316
7,449,308
Arizona
Eastern. March
Galv Harris & S A March
Hous & Tex Cent. March
Hous E &; W Tex. March
_
*
%
14.86
Year.
I Jan.
Previous
Year.
__
EARNINGS—Weekly
-2,244,229
+635,787
+546,155
—234,577
-2.274.440
—899,314
—930.468
—640,685
—621,460
-1,058,206
Current
56,733
167,395
291,750
478,536
8,958,854 8,535,721 26,867,837 28,473,880
Mobile & Ohio
1st wkMay
337,474
322,273 6,647,166 6,118,522
Columbus & Gr__ March
146,406
156,566
462,265
531,339
Monongahela.
March
261,517
264,867
1,027,703
876,400
MonongahelaConn. March
49,632
263,135
194,015
730,125
Montour
March
102,059
99,750
319,891
202,433
Nashv Chatt & St L March
1,808,241 1,723,691 5,191,692 5,787,038
Nevada-Calif-Ore
4th wk Apr
3,846
4,395
94,370
77,411
Nevada Northern.. March
52,698
149,842
154,327
473,240
Newburgh & Sou Sh March
104,020
151,828
381,376
399,855
New Orl Great Nor. March
224,999
224,877
645,802
619,940
N O Texas & Mex__ March
229,212
193,111
780,342
549,850
BeaumSL&W.. March
160,623
178,495
680,969
479,948
St L Browns & M March
577,907
639,833
1,636,054 1,678,641
New York Central.
March
26677 621 26433 331 77,210,965
80,384.157
Ind Harbor Belt. March
759,818
779,265 2,225,663 2,121,851
Lake Erie & West March
741,050
802,712 2,172,073
2,508,649
Michigan Central. March
5,650,431 7,711,597 16,494,476 20,904,589
Clev C C & St L__ March
6,949,309 6,868,826 19,673,704 20,989,839
Cincinnati North. March
288.541
289,640
780,401
764,064
Pitts & Lake Erie March
1,983,983 2,521,854 7,149,808 8,559,471
Tol & Ohio
Cent-!March
768,860
858,537 2,412,627
2,630,946
Kanawha & Mich March
339,741
349,625
993,234
1,072,352
N Y Chic & St Louis March
2,277.048 2,306,536 6,487,748 6.578,116
N Y Connecting
March
278,561
862,673
N Y N H & Hartf.. March
9,831,936 9,050,872 26,645,787 26,279",909
N Y Ont & Western March
1,053,172
923,908 2,982,040 2,432,720
N Y Susq & Western March
330,006
362,564
1,041,999
1,002,006
Norfolk Southern__ March
744,700
755,142
1,912,896
1,961,213
Norfolk & Western. March
6,149,710 6,683,378 19,246,047 il9.756,291
Northern Pacific
March
7,018,557 8,247,856 19,248,807 25,821,402
Northwestern Pac._ March
582,813
496,151
1,536,737
1,538,491
Oahu Ry & Land Co December
146,954
95,515 2.107.650 '1.586,214
Pacific Coast
March
391,056
565,936
1,193,613
1,649,832
Penna RR and.Co.. March
42370129 41114741 124594916 115867675
Bait Ches & Allan March
127,049
116,731
320,354
257,706
Cine Leb & North March
88,970
79,464
272,663
270,851
Grand Rap & Ind March
695,316
747,768 2.031.659 2,284,579
Long Island...March
1,995,948 1,745,818 5.491.651
4,721,077
Mary'd Del & Va. March
91,895
87,228
234,156
191,156
N Y Phila & Norf March
523,233
641,456
1,596,640 1,816,254
Tol Peor & West. March
140,757
187,039
442,514
530,161
W Jersey & Seash March
915,883
885,341
2,493,322 2,323,748
Pitts C C & St L_ March
9,374,342 9,012,517 25,217,673 27,003,123
Peoria & Pekin Un_ March
165,250
141,582
471,868
455,477
Pere Marquette
March
3,046,006 3,171,121
7,626,400 8,870,702
Perkiomen
March
75,589
87,249
351.189
291,302
Phila & Reading... March
6,655,923 7,204,576 21,122,999 20,557,025
Pittsb & Shawmut.. March
127,880
147,449
406.111
393,867
Pitts Shaw & North March
97,856
123,569
298,908
369,928
and
Monthly.
or
Decrease.
of our totals.
Week or
Month.
Mo & North Arkan. March
Missouri Pacific
March
Current
Monthly Summaries.
Mileage.
12,853,469
13,358,006
13,584,727
12.937,514
18,153,006
12,669,004
12,464,076
May (11 roads)..
We no
Current
Year.
Latest Gross Earnings.
Previous
Year.
June
Curr.Yr.
,.213,525
July
.220,459
August
.199.957
September. .226,955
...
....
October
...
November.
December..
January
February
...
..
March.
....
.231.439
-235,213
-229,422
-232,492
-235,653
.234,832
Prev.Yr.
Previous
Year.
Year.
Decrease.
S
8
S
208,598 430,931,483 369,225.761
467'351,544 401,370.485
441,423,158 367,865,628
594,192,321 480,408,546
633,852,568 503.281,630
233,839 592,277,620 438,038,048
228,134 539.197,615 443.124.176
231,513 469,784,542 503,011,129
234,510 405,001,273 424,172,348
233,839 456,978,940 458,462,330
218,918
199,418
224,922
229.935
Increase
or
%
+61.705.722 16.99
+65,925,059 10.48
+73,557,530 19.98
+ 113783775 23.68
+130570938
+ 154239572
+96,073,439
—33,226,587
—19,171,075
—1,483,390
25.94
35.21
21.68
6.60
4.52
00.32
Latest Gross Earnings.
table which
up separately the earnings for the first week
of May.
The table covers 11 roads and shows 10.37%
decrease in the aggregate over the same week last year.
by Weeks.—In the
Latest Gross Earnings
follows
First
Week
265,606
2,925,000
3,520,000
1,788,310
1,548.988
239,322
294,132
281,466
12,666
426,870
3,108,966
337,474
491,940
Buffalo Rochester & Pittsburgh.
_____
158,519
595,000
Atlantic...
|
Central
Iowa
Southern
Railway
...
Mobile & Ohio
Total
..
65,070
506,806
Cumb Co P & Lt Co. March
Dayton Pow & Lt Co. March
Detroit Edison Co
15",201
322.273
9,146,358 10,204,564
roads
11
Cities Service Co
March
Citizens Traction Co. February
Cleve Painesv & East March
Com'w'th P, Ry & Lt March
Connecticut Pow Co. March
Consum Pow (Mich). March
3,615,772
267,189 1,325,395
1,058,206
Net decrease (10.37%)...
March
Duluth-Sup Trac Co. March
DuquesneLtCosubsid
light & power cos.. March
EJSt L & Suburban Co March
East Sh G & E Subsid February
Eastern Tex Elec Co. March
Monthly to Latest Dates.—In our "Rail¬
Earnings" Section or Supplement, which accompanies
to-day's issue of the "Chronicle," we give the March figures
of earnings of all steam railroads which make it a practice to
issue monthly returns or are required to do so by the Inter-State
Commerce Commission.
The reader is referred to that SuppleNet Earnings
Ed El Ilium of Brock. March
for full details regarding the March results for all the
separate companies.
In the following we give all statements that have come
in the present week.
We also add the returns of the indus¬
trial companies received this week.
Gross from
Net after
Taxes.
Net from
Railway.
5
/
Railway.
•Central of
Mar '21
2,018,293
S
174,408
Georgia
'20
2,058,079
—10,103
Jan 1 to Mar 31 '21
5,593,504
6,450,048
858,905
,
:
'20
89,931
—89,195
—11,296
*595,986
333,502
256,284
841,553
—24,160
—23,850
—127,535
—21,805
'20
842,527
—209,506
—57,894
—45,972
2,774
—184,089
42,873
—19,063
124,188
—118,888
241,777
51,545
—83,219
—120,941
—222,594
13,070
Mar '21
173,955
—88,938
'20
Jan 1 to Mar 31 '21
218,131
508,019
5,541
—190,359
St Louis
—26,106
—40,795
—136,621
—65,865
—99,652
—1,559
—215,396
—48,754
—14,073
—12,226
—97,393
Chicago Peoria &
89,407
—134,897
10,120
36,189
—107,400
—166,404
—271,123
246,170
Mar '21
West Carolina
'20
Jan 1 to Mar 31 '21
Charleston &
'20
628,214
—29,439
Mar '21
& S East
'20
Jan 1 to Mar 31 '21
378,802
475,948
1,211,735
—23,472
'20
1,345.112
Duluth South Shore Mar'21
*20
Jan 1 to Mar 31 '21
445,556
320,340
1,216,629
22,274
—122,525
100,374
104,640
—62,709
—17,845
'20
1,078,779
—161,031
Chic Terre Haute
& Atlantic
■
Grand Trunk System—
Chic Det & Can
Mar'21
Grd Trunk Jet
'20
Net after
Equip.Rents.
505,506
—99,991
843
64,918
10,726
203,283
92,285
47,472
—7,435
140,592
—169,200
—18,136
—51,132
—61,337
—179,493
—64,312
—99,188
—211,235
—308,603
—135,555
435,410
—445,500
489.100
—267,869
183,140
'20
871,569
1,488,882
3,137,670
3,893,827
—188,781
384,290
—300,976
354,760
Mar '21
*20
6,997
7,379
—48,221
—45,118
Jan 1 to Mar 31 '21
24,678
'20
21,317
—150,123
—131.092
Mar '21
'20
49,632
263,135
def420
66,135
Jan 1 to Mar 31'21
'20
194,015
730,125
Mar'21
127,049
185,115
130,605
571,819
476,679
69,554
15,342
217,112
'20
Jan 1 to Mar 31 *21
320,574
316,914
957,528
—14,347
—48,013
—51,344
*20
997,105
Jan 1 to Mar 31 '21
'20
Det Grd Haven
Mar '21
& Milw
Grd Trunk West
Mar'21
'20
Jan 1 to Mar 31 '21
Lake Superior &
Isheming
Monongahela
Connecting
108,579
45.618
—824,528
—291,712
—55,790
—54,430
—60,557
—59,377
—164,578
—166,462
151,489
—153,120-
—42,658
201,863
def2,079
63,119
—48,467
193,243
def5,699
65,338
—64,852
198,772
—11,649
—8,476
—62,780
—91,886
—15,449
—12,176
—74,188
—102,986
—16,708
—7,121
—76,792
—94,686
—8,978
—29,208
—42,675
—129,271
Pennsylvania System—
Bait Chos & Atl
'20
116,731
'20
320,354
257,706
Maryl'dDel& Va Mar'21
92,895
—6,030
'20
87,228
—21,958
Jan 1 to Mar 31'21
234,156
—34,847
'20
191,156
—111,921
—8,130
—23,958
—41,150
—117,921
2,368,716
2,811,306
6,429,083
8,386,095
271,357
531,805
-156,943
*1 ,835,498
89,900
378,855
—700,859
*1,350,571
—2,976
393,878
—945,763
*1,187,512
—3,220
—121,327
28,454 —198,835
101,908
—94,914
—16,475
—159,596
—261,840
—182,412
Jan 1 to Mar 31 '21
1
Union Pacific System—
Ore-Wash & Nav Mar '21
'20
Jan 1 to Mar 31 '21
'20
Wheel & Lake Erie
Mar '21
'20
Jan 1 to Mar 31 '21
'20
*
.
-
72,243
990,964
1,134,949
2,864,238
3,304,101
-
-54,381
Corrected figures.
—Deficit,
ELECTRIC
RAILWAY AND
Latest Gross
PUBLIC
Earnings.
UTILITY
Jan.
1
COS.
to Latest Date.
Name of Road
or
Current
Company.
Month.
Previous
Current
Previous
Year.
Year.
Year.
Year.
%
Adirondack P&L Corp March
Alabama Power Co__ March
382.806
362.333
1 186.598
378,822
189,804
326,829
153,536
982,276
771,304
1,105,673
811,179
619,237
Arkansas Lt & Power December
93,280
64,369
,201,923
809.700
Asheville Power & Lt
67,889
58,892
101,538
81,897
7,956
93,133
35,899
67,889
101,538
33,048
357,313
140,796
187,620
Appalachian Pow Co- March
January
Atlantic City Elec Co January
Atlantic Shore Ry Co February
Bangor Ry & Electric March
March
Baton Rouge
Beaver Valley Tr Co. March
Bingham ton L, H & P March
Blackstone V G & El_ March
/Brazilian Trac, L & P March
.
Bklyn Rap Tran Syst
aBrooklyn City RR
aBklyn Heights RR
Coney Isld & Bklyn
Coney Isld & Grave
Nassau
South
Electric
Brooklyn
February
February
February
February
February
February
February
Bklyn Qu Co & Sub February.
New York Consol.
_
Cape Breton El Co, Ltd March
16,062
116,271
46,061
62,482
71,436
278,511
59,458!
49,424;
258,358
13102000 9900,000
798,125
5,648
ington & Rockland. March
El Paso Electric Co.. March
EquitableCoal&Coke February
Erie Lt Co & subsid.. February
711,161'
4,570
172,260
157,233
4,039
4,033
341,333 430,052
71,185
72,226
1632,641 1621,032
58,892
81,897
24,793
277.172
114.173
164,640
221,214
155,122
860,145
800,607
37 ,918,000 28,936,000
1,707,730
11,721
368,714
8,610
731,417
1,552,196
13,232
343,568
8,296
946,059
140.808
143,438
3,392,590
3,225,785
119.693
121,289
258,043
273,145
51,034
44,752
159,522
138,948
to Latest Date.
Previous
Year.
Year.
$
127,004
38,353
103,061
106,077
1440,751 2193.523
71,726
85.541
55.263
60.240
86.781
98.670
1337,929 1340,403
130,877
145,477
2613,315 2545,437
145,182
41,021
145,182
127,040
334,515
4,520.472
179.914
173.819
290.713
127,004
119,709
321,546
6,211,068
152,079
160,862
255,990
4,330,642
436,850
8,090,712
372,383
3,689,943
806,144
1,104,054
6,230,689
459,058
4,091.220
1407,611 1271,177
367,330
329,427
37,137
41,496
125.420
143,129
119,296
101,500
4,429,750
1,053,675
3,826,419
1,038,678
85,662
435,766
314,216
81,903
373,393
27,543
152,709
63,368
103.913
65.366
384,952
82,989
572,759
246,903
215,842
82,143
459,144
114,626
1163,049 1167,008
226,296
267,777
318,052
366,321
2055,387 1866,245
116,051
160,610
26,364
195,879
107,093
102,321
Fall River Gas Works March
76.278
Federal Light & Trac. March
Ft Worth P & Lt Co. March
399 996
Galv-Hous Elec Co.. March
General Gas & El Co. March
Georgia Lt Pow & Rys March
e Great West Pow Sys
Harrisburg Ry Co
Havana El Ry, L & P
Haverhill Gas & Light
March
February
February
March
205,160
316,463
935,746
147,305
614,916
128,754
1034,871
36,344
Honolulu R T & Land March
78.963
Houghton Co El LtCo March
Houghton Co Trac... March
46,479
Hudson & Manhattan March
Hunting'n Dev&G Co March
March
March
Idaho Power Co
Illinois Traction
d
Indiana Gen'l Service January
Interboro Rap Tran—
Total System
March
Keokuk County El Co March
Keystone Telep Co.. April
Key West Electric Co March
Lake Shore Elec Ry._ February
Long Island Elec Co.
Lowell Elec Lt Corp.
Manhat Bdge 3c Line
Manh & Queens (Rec)
Metropol'n Edison Co
Miss River Power Co.
Munic Serv Co & sub
February
March
February
February
March
March
February
Nashville Ry & Lt Co March
Nebraska Power Co.. March
27,989
898,920
87,974
169,808
397,133
7,620,424
361,911
3,488,094
700,851
953.412
5,543,163
485,891
345.295
New York Dock Co.. March
522,109
Island.. February
February
b NY Railways
February
b Eighth Avenue._ February
b Ninth Avenue
February
No Oaro Pub Serv Co February
NorthwOhioRy&PCo March
Northern Tex Elec Co March
NorthwOhioRy&PCo February
35.972
8.734
679.937
N
Y & Long
N Y & Queens County
February
January
Pacific Power & Lt Co March
Paducah Electric Co. March
Penn Cent Lt&P&Sub February
Electric Co
Ohio Power Co
Ocean
Pennsyiv Util System March
Co
Philadelphia
March
Phila & Western
Phila Rap Transit Co March
Portl Gas & Coke Co. March
Railways. March
ow
Co March
Puget Sd Powdc Lt
Co March
Portl Ry, L
&
1,291.925
680.423
940,421
2,887,669
1,695,861
1,858.178
278.608
2,123,947
118,107
224.923
154,961
83.784
2.589,725
296,811
504,789
5,604,153
185,189
ReadingTrans&LtSys March
Republic Ry & Lt Co. March
Richmond Lt & RR__ February
Rockford Electric Co. January
Rutland Lt & Power. March
Sandusky Gas & Elec March
Sayre Electric Co
March
Scranton Electric Co. January
Second Avenue
February
17th St Incl Plane Co March
Sierra Pacific Electric March
Southern Cal Edison. March
South Can Power Co. February
Tampa Electric Co..
Tennessee Power Co.
Tenn Ry, Lt & Power
Texas Power & Light.
Third Avenue System.
Twin City Rap Tran.
United Gas & El Corp
Utah Power & Light.
Utah Securities Corp.
Vermont Hydro-Elec.
March
Virginia Ry & Power.
Wheeling Electric Co.
Winnipeg Electric Ry
Yadkin River Pow Co
Youngstown & Ohio.
March
March
March
March
March
March
March
March
March
March
January
March
January
March
142,333
217.594
206,435
1.182,973
481.589
800,236
2.608.303
1,452,934
1,410,202
270,128
1,747,557
112,701
196,004
137,961
86.433
2,178.183
401,841
454,319
5,066,564
168,868
81,856
38.241
89.017
36,836
329,873
228,355
814.237
712,564
227,587
414,824
36,203
198.421
472,222
22,605
54,583
317,785
16,986
4,818
74,033
29,248
336,949
764,677
697,927
898,062
104,548
612,999
836,261
113,396
683,084
I,585,949
76,396
176,091
'
29,268
7,841
II,454,351
r177.104
V
83,255
186,465
102,642
959,945
65,806
33.018
9,720
641,507
542.441
641,507
215.771
187,709
696,461
43,088
195,384
201.242
39,299
173,374
170,398
408,101
20,632
134,235
653,814
and
Subsid Nat Gas Cos March
Philadelphia Oil Co.. March
Porto Rico
229,010
4933,632 4876,561 14,219,738 13,789,626
84,028
88,967
26,599
28,418
573,468
578,226
144,255 143,699
61,943
71,006
22,983
20,442
463.768
404.915
190,137 232,535
37.359
42.971
14.910
20,366
314,110
299.236
98.367
96,072
38,719
43,730
18,427
20.542
34.349
14.546
46,495
21,753
664,427
681,426
210,677 213,068
608,245
682,306
241,808 206,897
395,227
448,625
193,137
215.303
905,197
964,193
318,429 314,250
NewpN&HRyG&E March
England Power. February
New Jersey Pow & Lt March
158.510
273,607
853,202
142,412
456,553
123,229
864,439
33,801
66,305
41,783
28,752
767,480
136,895
142,781
153,002
1836,858 1710,734
185,189 168.868
253.443
270.241
403,193
36,295
217,575
Nevada-Calif El Corp March
New
.
1
Current
Elec Lt & Pow of Ab- *
way
ment
Year.
Previous
Year.
S
Carolina Power & Lt. January
Cent Miss Val El Co. March
Columbus Elec Co___ March
.!
St. Louis Southwestern
Month.
Columbia Gas & Elec March
__
Minneapolis & St. Louis
Current
Company.
Colorado Power Co.. March
f
Detroit Grand Haven & Mil.
Canada
or
Chattanooga Ry & Lt March
%
3
$
424.125
$
Canadian Pacific.
Grand Trunk of Canada
Grand Trunk Western
Decrease.
Increase.
1920.
1921.
of May.
Jan.
Name of Road
sura
we
[Vol. 112.
CHEONICLE
THE
2074
1,356,732
60,947
145,042
1,178,103
109,022
44,956
160,302
86,493
938,273
57.245
17,804
542,441
594,364
122,133
360,376
532,705
1083,640 1573,734 4,003,290
390,414
68,985 170,252
184,583
65.781 I 57,036
3757,508 3179,961 10,583,230
947.178
200.332
327,960
340,885
110.944
117,977
4,822,988
503,077
2,220,155
2,569,748
862,425
902,859
251.444
664,996
59,185
747,154
844,117
241,907
685,252
2,571,474
2,709,556
723,845
42,777
106,247
37,757
56,218
12,148
614,074
316,951
"121/42
123,839
44,312
66,201
17,359
358,509
159,600
8,921,677
59.695
3,335
63,669
1126,487
62,745
149,103
208,314
548,895
399.950
1137,214
1219,831
1051.922
528,704
694.276
42,640
851,734
115.197
504,624
85,257
46,035
325,730
13,109
3,224
67,129
866,470
55,493
125,161
.
193,406
527.565
338,252
932,707
1075,374
1014,234
581.566
731,254
40,789
783,325
92,262
456.914
77,592
49,037
703,626
85,533
106,247
123,839
119,301
136,990
177.413
205,071
38,643
54,230
325.730
358,509
79,994
130,263
8,829
9,029
199,349
200,937
15,539,157 10,906,894
116,019
128.592
382,984
446,888
580,543
624,783
1,675,041
1.339,833
3,172,357
3,570,312
3,320,184
1,774,529
2,248.044
1,557,878
1,046,906
2.501.304
3,117,224
3.149,320
1,696,775
2,126,198
135,687
140.843
2,578,200
2.330,708
92,262
1,400,625
77,592
133,882
115,197
1,487,578
85,257
136,968
a The Brooklyn City RR. is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore,
Brooklyn City RR. nas been operated by its owners.
Avenue and Ninth Avenue RR. companies were formerly
York Railways Co., but these leases were terminated on
since Oct. 18 1919, the
6 The
Eighth
leased to the New
July 11 1919. respectively, since which dates these roads have been operated
separately, c Incl. Milwaukee Lt., Ht. & Trac. Co. d Incl. all sources.
/Earnings given in milreis. g Subsidiary cos. only, h Includes Tennessee
Railway, Light & Power Co., the Nashville Railway & Light Co., the
Tennessee Power Co. and the Chattanooga Railway & Light Co.
i Includes
both subway and elevated lines,
j Of Abington & Rockland (Mass.).
it Given
in
pesetas.
I
Electric Railway and
Other Public Utility Net Earn¬
of ELECTRIC
and net earnings with
and surplus reported this week:
ings.—The following table gives the returns
railway and other public utility gross
charges
MAY 14
1921.]
THE
-Gross EarningsCurrent
Previous
Year.
Year,
Companies.
IPorto Rico Railway____Mar
Jan 1 to Mar 31
117,977
Gross
Net
'20
Keystone Telep Co
mos
143,699
578,226
573,468
ending Apr 30
'21
'20
Nevada-California Mar '21
Electric Corporation
'20
12 mos ending Mar 31 '21
'20
North Amer Light
& Power
12
mos
Balance.
Charges.
Surplus.
$
57,008
10,998
Transportation
11,858
General & miscellaneous
1,465,040
"Winnipeg Elec Ry
76,046
56,605
930,245
773,041
783,571
602,449
537,975
504,328
245,596
242,910
95,223
110,501
1,396,760
1,283,649
39,447
39,544
473,936
476,759
55,776
70,957
922,824
806,890
114,675
103,480
58,593
65,754
182,715
56,082
37,726
181,199
158,359
264.376
'21
3,397,844
3,106,019
Mar '21
Co
'20
ending Mar 31
'21
'20
New
504,624
456,914
1,487,578
1,400,625
York
363,914
353,554
Street
-Gross
195,195
Net
Brooklyn Rapid Transit Sys—
aBrooklyn City Ry
Feb
to Feb
28
Previous
Year.
Year.
to
Feb
Previous
Year.
798,125
1,707,730
711,161
1,552,196
44,666
94,245
—62,425
5,648
11,721
4,570
816
13,232
2,039
4,638
10,574
—10,536
—5,344
—7,200
11,140
258,043
121,289
273,145
Coney Isl& Bklri (Rec)..Feb
172,260
157,233
368.714
343,568
11,637
22,495
Jan
1
to
Total expenses
P. C. of exp. to earns.__
earnings
Taxes accrued, &c
Feb
28
Other i
119,693
Coney Isl & Gravesend._Feb
4,033
13,548
4,039
8,296
—2,347
—4,833
—3,005
8,610
341,333
731,417
430,052
946,059
16,230
—24,250
39,853
—52,872
N Y Consolidated (Rec).Feb 1,632,641
Jan 1 to Feb 28—
3,392,590
1,621,032
3,225,785
179,775
386,696
293,999
535,863
72,226
140,808
71,185
143,438
22,478
39,137
10,273
21,063
679,937
1,454,351
317,785
1,178,103
—69,848
—113,261
—139,038
-211,200
81,856
177,104
16,986
109,022
—32,080
—41,980
—80,714
—94,452
ftNinth Avenue RR____Feb
38,241
Jan 1 to Feb 28. —83,255
4,818
44,956
—16,212
—26,190
520,595
1,078,981
223,696
506,165
177,846
394,008
2,799,403
1,043,011
5,610,113
2,286,420
1,523,596
3,202,653
1,669,521
3,302,949
231,794
497,500
20,542
43,730
18,427
—511
—644
38,719
347
—724
Second Avenue Ry (Rec) .Feb
Jan 1 to Feb 28
59,695
130,263
13,109
79,994
•—19,402
—35,461
—61,825
—74,677
N Y & Queens County..Feb
Jan 1 to Feb 28
80,734
176,091
54,583
145,042
—37,223
—79,618
—25,925
—55,512
Long Island Electric....Feb
20,366
42,971
14,910
37,359
—6,179
—15,431
—3,918
—7,280
35,972
22,605
—7,353
—22,273
—17,329
—27,135
—649
—20,765
—24,222
28
Nassau Elec Co (Rec)
Jan
1
to
Feb
Feb
28-
—
•South
Brooklyn^ Feb
Jan
-6N Y
—
1
to
Feb
28.
Railways (Rec)...Feb
Jan
1
to
Feb
28
hEighth Avenue RR
Jan
1
to
Feb
Feb
28
—
Hudson & Manhattan
Jan 1 to Feb 28
Feb
594,439
1,259,221
Interboro Rap Transit System—
Subway Division
Feb 2,821,513
Jan
1 to Feb 28
6,083,452
Elevated
Jan
Manhat
Division
1
to
Feb
28
Bdge 3c Line
Jan 1
Jan
Feb
to
1
to
Feb
Feb
28—.
Feb
28
NY&Long IslandJan
Ocean
1
to
Feb
Feb
28
76,396
60,947
Feb
9,720
20,632
7,841
17,804
(Rec).Feb
21,753
—2,065
46,495
14,546
34,349
59,185
121,142
42,777
85,533
—13,638
—27,556
Electric...
Jan
1
to
—
Feb
Manhat & Queens
Jan 1 to Feb
28
28
Richmond Lt & RR(Rec) Feb
—2,890
—506
—4,973
568,457
—5,155
—7,697
—15,591
since Oct. 18 1919 the Brooklyn City RR. haa been
operated by its owners.
b The Eighth Ave. and Ninth Ave. Railroad Cos. were
formerly leased to
the New York Railways Co., but these leased were terminated on July 11
1919 and Sept. 26 1919, respectively, since which date these roads have been
—Deficit,
FINANCIAL REPORTS.
Financial Reports.—An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on
the last Saturday of each month.
This index will not
include reports in the issue of the "Chronicle" in which it is
published.
The latest index will be found in the issue of
April 30.
The next will appear in that of May 28.
The
New York
{34th
Annual
Chicago & St
Louis
Report—Year ended
Railroad Co.
Dec.
31
Int.
statement of
the amounts due to and from the
GENERAL STATISTICS FOR CALENDAR YEARS.
1
1920.
1919.
1918.
1917.
^
carried
Pass, carried
one
368',548
560,844
8,153,812
479,173
9,734,020
629,729
$17,520,774 $13,281,309
(77.32)
(78 58)
$5,135,607
$3,619,897
647,687
608,138
$4,487,920
379,124
$3,011,758
196,854
355.875
$4,101,065
$4,713,755
$4,684,774
$3,367,634
$5,682
mile...
Rate per pass, per mile.
Earn, per pass, train m_
_
Revenue
freight (tons)
Rev. fgt. (tons) 1 m.(000)
Rate per ton per mile
472,418
46,699,426
2.82 cts.
$1.83
11,784,011
2,933,782
0-880 cts.
618,459
73,610,473
685,522
68,973,961
782,616
78,078.054
2.68 cts.
2.35 cts.
$2.42
10,068,193
2,550,674
0.820 cts.
11,737,992
2,963,730
10.621,662
2,615,524
0.679 cts.
0.563 cts.
$2.16
_
_
$5,650
418,517
305,708
1.580,797
34,568
(a)
249,895
549,990
$5,150
636,639
244,876
$5,400
788,236
256,033
1,378,300
42,918
99.675
1,324.566
_
69,340
351.209
1,640,640
_
unfunded debt..
8,612
Sink. fd. 1st M. bonds._
98,600
on
1st pref. divs.
(5%)
—
249,895
549,990
699,480
-
Total deductions
43,718
99,041
249,895
549,900
249,895
549,990
$3,673,448
$427,617
$3,145,126
$3,207,444
$3,316,880
$1,568,630
$1,477,330
$50,754
sinking fund in 1919 is not stated, but
$241,000 bonds were retired in that year, in part out of $99,675
placed in
sinking fund reserve in 1918.
Balance,
sur.____.
Amount transferred to
GENERAL
1st M.
BALANCE
1920.
A
Assets-—
Road
SHEET DECEMBER
1919/
H)
g '
& equip
Stock in treasury..
12,700
Cash
,374,845
Inventories
,486,371
Agts. & con. bal._
354,018
547,322
Special deposits...
,590,799
Traffic, &c., bals._.
Drafts & deposits
Other
1,594,760
2,333
979,192
,100,000
5,607
_
assets
Miscel. accounts..
927,806
8 ,170,668
143,805
dt
454,155
494,352
Oth unad debits..
6 ,893,648
13,220,394
Advances,
Discount
&c
on
_
fd.
107
2nd
99,590,444 87,699,569
—V. Ill,
1919.
$
$
5,000,000
1st pref. stock
5,000,000
pref. stock... 11,000,000
11,000,000
Common stock.__ 14,000,000
14,000,000
Funded debt.
38,356,000 37,715,000
Accounts & wages
2,029,870
57,988
Int., div., &c., un¬
paid.....
762,151
176,504
Int., divs., &c. ac_
341,234
595,805
_
Loans & bills pay.
Traf. bal. pay.
Other liabilities...
60,000
•
972,111
308,756
Deferred liabilities 10,951,995
Miscel. accounts./
129,279
8,713,073
Approp.
surplus.. 6,711,005
Unadjusted
accts.
1,984,428
5,032,530
309,621
Deprec.
2,090,489
Profit
Total
31.
1920.
Liabilities—
72 ,046,144 69,121,009
Leased line Impts.
642,923
576,084
Investments—
,505,000
1,505,000
Miscel. phys. prop
865,963
675,008
(equip.).. 2,675,928
loss
4,307,690
and
.
Total
99,590,444
464
3,008,096
87,699,569
p.2521.
(C)7th
1.91
Annual Report—Year ended
Pres. E. E. Loomis,
Phila., Apr. 2,
Dec.
31
1920.)
wrote in substance:
Rates, &c.—Under the Transportation Act of 1920 the I.-S. C. Commis¬
sion is directed to provide rates which will insure the railroads of the
country
a fair return with a limit for the two
years beginning Mar. 1 1920 of
514%
optional 1% for improvements, &c.
Accordingly the Commission
a general increase in rates, which has amounted to
about 38%
on freight rates and 22% on
passenger fares in the eastern section.
We feel that the Transportation Act has not had a fair trial
up to this time,
Iprincipally because of the decline in volume of traffic, which, toward the
close of the year, accompanied the
general business depression.
Before any
legislative changes are considered, it is to be hoped that the present law will
be given further opportunity to demonstrate its value.
Operating Deficit.—-The deficit in operating income is due largely to the
increases in wages and other expenses during the
period of Government con¬
trol, and that while the I.-S. C. Commission granted a substantial increase
plus
an
authorized
in
rates
applying to the last four months of 1920. the advance in
wages
made
by the Labor Board was retroactive and applied during eight months.
This last wage advance alone increased the payrolls of
your company 20.3%
and its operating expenses
11.2%.
The average
21.6%
adding
a
further substantial
amount
to
price of fuel increased
operating expenses.
Other Result of Federal Control.—Two other effects of Federal control also
important factors in creating the deficit in operating income.
The first!
was the
continuance of the National Agreements, under order of U. S. RR.
Labor Board, under which roads are saddled not only with enormous unnec¬
essary expense, but also with serious handicaps to efficient
operation.
were
The second
was
the return in bad condition of
an unusually large number
The increased cost of maintenance of equipment for
compared with 1919, was $1,584,996.
Claims.—Total freight claims paid amounted to $2,354,547, an increase
of $812,611 over 1919; $1,349,903 was for loss and
damage growing out of
the Black Tom explosion in 1916
(V. 110, p. 1089, 1849, .1279). I
Without
these extraordinary expenditures our
freight claim costs would have been
$1,004,644 or 1.64% of freight revenue.
Taxes.—Taxes amounting to $2,563,590 accrued during 1920,
$2,317,425
being charged to your company, and $246,166 to the U. S. RR. Adminis.
Other Income.—-The increase in "other income" during 1920 is due to
of
Lehigh Valley
cars.
the last four months of the year,
amounts received from the U.S. Government as a result of Federal control
and the Guaranty period,
profit on sales of property and larger dividends
from the Coal Companies.
[These last include dividends of $12,720,089
received
on $9,465,000 stock of Lehigh
Valley Coal Co. against $802,470 in
1919; also $2,663,789 on $2,910,150 stock of Coxe Bros. & Co., Inc.,
against $263,080 in 1919.
See news item on a subsequent page.—Ed.]
Settlement with
U. S.—Final settlement has not been made for
use
of the
property during Federal control, but it is regarded as certain that when the
accoxinting is complete, the Government will owe your Company a sub¬
sum.
Financial.—The following obligations matured, and were canceled:
Collateral Trust 4% Bonds
$1,000,000
Equipment Trust Certific. Series M, O and R
1,100,000
$6,000,000 Easton & Amboy RR. Co. 5% bonds which matured on May 1
were extended to
May 1 1922 [V. 110, p. 1290, 1450, 2075].
Under the General Consolidated Mortgage there were issued
during the
year $8,000,000 5% Bonds which have been certified by the Trustee and
added to the securities held in the
treasury.
Dec. 31 1920 your company held in its
Treasury the following $15,908,000
securities of its own issue, which are not included in the
unpledged securities,
amounting
cts.
$1.39
to
$20,722,203:
Consolidated M. 4lA% bonds_$3,000
Collateral Trust 4% bonds. 1,055,000
Gen'l Consol. M.
bonds.$12,450,000
Equip. Tr. Ser. M O & Il.$2,400,000
Total ___________....$15,908,000
No
Equipment Trust Certificates of your company are held by the public.
Your company has since 1903 made
expenditures for additions and better¬
United States Railroad Administration.
Passengers
$1,379,715
2,707,764
4,172 820
—--
formerly a part of the Vanderbilt System,
passed in July 1916 under the control of Cleveland interests
who bought the holdings of the New York Central
RR.|
O. P. Van Sweringen becoming Chairman of the Board.
The report for the fiscal year
ending Dec. 31, signed by
President J. J. Bernet, will be found on subsequent pages of
this issue, together with the summary of
operations for the
years 1920 and 1921, the general balance sheet of Dec. 31
a
$2,615,657
t,453,271
260,484
$3,721,941
of equipment
stantial
1920.)
This company,
1920 and
1917
Lehigh Valley Railroad.
Jan 1 to Feb 28
—26,181
Note.—All the above net earnings are after deducting taxes.
a The Brooklyn City RR. is no longer part of the
Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
.approval of the Court, declined to continue payment of the rental; therefore,
operated separately ♦
_
_
Rentals leased lines
Hire
350,722
Feb
_
Joint facilities, &c., rents
Interest on funded debt.
1,258,291
2,413,367
to
$2,848,047
4,427,399
316,447
10,045,596
760,122
$23,287,188 $18,397,611
(81.26%)
(78.36)
$5,368,576
$5,081,152
1,646,635
627,881
Gross corp. income.__
Deduct—
—24,652
—26,413
1
ncome
—4,843
—8,095
28
Bkln Qu Co & Sub (Rec) .Feb
Jan 1 to Feb 28
Jan
expenses
Net
a
aBklyn Hgts RR (Ree)_Feb
1
$3,476,262
5,488,427
576,277
12,777,455
968,767
expenses
2nd pref. divs (5%)
Common divs. (5%)
Earnings
Current
Year.
Roads.
Jan
Expenses—
Traffic
1918.
revenue__$28,655,764 $23,478,763 $22,656,381
$10,901 206
Maint. of way.& struc__
Maint. of equipment—
98,121
Railways.
Earnings-
Current
1
1919.
62,616
64,735
58,213
736,483
691,999
114,818
1,666,728
Total oper.
Operating income
'20
Jan
ACCOUNT.
________
35,692
154,167
142,438
2,958,358
2,070,492
ending Mar 31
mos
Incidental
3,554
Mar '21
'20
3
1920.
38,317
'20
'
INCOME
$26,404,167 $20,911,208
$20,123,797 $14 731 021
1,314,636
1,847,178
1 831,291
1 408 248
&c______
646.778
489,639
480,147
490 363
290,183
230,738
221,146
271,575
Mail, express,
20
ending Mar 31 '21
mos
FEDERAL
Mar '21
Texas Electric Ry
12
Earnings—
Freight
Passenger
48,152
73,813
252,934
254,747
57,436
140,781
3,141.267
2,769,320
CORPORATE 1 &
Disregarding "Standard Return" During Government
Operations.
168,163
166,604
41,871
46,690
166,025
205,054
270,241
227,587
45,570
122,215
Fixed
131,249
421,097
421,351
144,255
'20
4
Apr '20
after
$ • •
105,160
399,996
384,952
1,291,925
1.182,973
COMBINED
Previous
Year.
49,005
143,507
Taxes.
Earnings.
..
3075
From Jan. 11918, to Feb. 29 1920,
operated by U. S. RR. Administration.
110,944
316,951
340,885
1
Federal Light &
Mar '21
Traction Co
'20
3 mos ending Mar 31 '21
Current
Year.
i
CHRONICLE
AJp/ 7*7/7 TDlUfl C
—
ments to its properties and for other
capital purposes to the extent of approcimately $21,000,000. against which no securities have been issued.
Additions, <fee.—There was expended during the year for additions and
betterments to road and equipment, including subsidiary properties owned
by your company, a total of $4,505,525, against which there were credits
representing the sales or retirement of property of $2,094,833, leaving a net
expenditure of $2,410,692 [chiefly $1,920,281 for wharves and docks.]
Water Rail Terminal
at
on
N.
Y. Bag.—Construction of Claremont Terminal
Jersey City, is progressing favorably.
A pier 3,596 feet long, offering
space for five large ocean-going steamers, is now building.
On the
berthing
r
THE
2076
handling 2,500 tons an hour
be utilized as an
open dock with cranes equipped to handle the largest shipments from vessel
to cars or vice versa.
Between the open dock and the ore unloaders a twostory warehouse, 800 ft. in length and 100 ft. wide, will be erected.
To
reach this pier a channel 35 ft. deep is being dredged, involving the removal
of approximately 3,500,000 cubic yards of material.
A new freight pier station for New York City located on the East River at
the foot of East 47th and East 48th Streets, Manhattan, is under construc¬
tion, on property purchased by your company.
outer-end
unloading machinery capable of
ore
from vessel to cars will be installed,
while the shore-end will
New 90-lb. rail,
in
Requirements.—Probably the greatest problem confronting the
facilities to handle the business of the
fair to assume, will increase in the next ten years in the
same proportion as in
the past decade.
Your Company at this time is
giving special attention to enlarging and improving its terminal facilities
at Buffalo and in New York Harbor and to keeping its rolling
stock and
equipment in first-class condition.
Anti-Trust Decision.—On Dec. 6 1920, the U. S. Supreme Court declared
that the Railroad Company must divest itself of the ownership of The Lehigh
Valley Coal Co. and Coxe Brothers & Co., Incorp.
This decision grew out
of a suit instituted nearly seven years ago by the United States Government,
.which alleged such ownership to be in violation of the Sherman Anti-Trust
Act.
(V. 1U» p» 2292; 2520; V. 112, p. 849).
f
enlargement of both facilities, $99,884.
At Soldier Summit, Utah, the new terminal
112, p. 372, 849).
Stockholders.—On Dec. 31 there were
18,565 stockholders (average hold¬
1,623, or 10% over 1919; and 1,188 employees
792).
Liquidation.—Following our withdrawal as a freight carrier on
sale of its two remaining steamers, the balance of
the equipment of the Lehigh Valley Transportation Co. was transferred to
Lfhigh Valley RR, Co, of N.J. and the Transportation Co. dissolved.
New Industries.—The Industrial Department located 62 new industries
on the line In 1920, 43 with direct sidetrack connections.
,,
,
Agitators Still at Work.—Your Company suffered considerable loss in
re venues on account of the "outlaw" strikes of certain classes of employees
during the early part of the year.
.
.
,
,
At that time, as well as now, agitators were active, particularly among
of
of
comparative income account and corporate
in last week's "Chronicle."
news item on a subsequent page of this issue,
as to
income received from coal companies.—Ed.]
The combined
income account were given
[Compare also
special dividend
YEARS.
GENERAL STATISTICS FOR CALENDAR
1919.
1918.
30,934,972
37,250,739
Tons revenue freight
32,103,897
Tons freight, 1 mile
6558302627 5968348276 7136881128
Freight revenue
$61,418,965 $51,607,543 $53,273,923
$1.66826
$1.43014
Average revenue per ton
$1.91313
Average revenue per ton
.893 cts.
.77 cts.
per mile
.971 cts.
6,796,350
7,629,888
Passengers carried
6,598,589
262,693,218 270,388,327
Passengers carried 1 mile278,186,230
$6,827,897
$6,234,935
Passenger revenue- — _ _ $7,865,780
$1.00464
$0.81717
Aver, revenue per pass..
$1.19204
2.599 cts.
2.306 cts.
Aver. rev.
1920.
_
mi. 2.828 cts.
mi.
(def.)$3,643
1917.
35,296,643
6662851306
$43,107,782
$1.22130
.67 cts.
7,136,491
243,924,392
$4,894,990
$0.68591
2.007 cts.
per pass.per
Net oper. roven ue per
of road
1920.
572
Passenger cars.
407
423
•
'
$
Assets*"*** •.•'■•-v-
Road &
equiprn't b 97,955,015 97,341,164
leased
railway prop'ty.
Impts.
on
TRAFFIC
Misc. phys.
prop-
1,639,650
1,996,988
1,573,185
2,240,967
-53,078,488 54,588,488
..23,207,926 23,887,926
529,564
Notes
529,563
Advances... .15,021,576 10,348,508
404,566
Other investments 11,041,182
Stocks
-
_
Agts. & conductors
Inventories
......
108,907
254,963
9,976
451,233
divs.
1,061,411
declared..
Fund, debt mat'd,
1,061,429
16,578
Unmatured
89,887
6,998,480
2,084,949
Traffic, &c., bals. 1,681,436
Misc. acc'tsrecelv. 7,362,962
556
70,112
Acc'tS & Wages... 9,8.32,743
Misc. acc'ts pay'le
523,129
Int. mat'd, unp'd.
429,808
Divs. mat'd, unp'd
16,613
7,374,798
30,694
10,826,055
Cash
2,000,000
Loans & bills pay.
1,697,005
Special deposits...
2,593
1,630,062
Average miles operated.
Passengers carried
do
do
one mile
,
unpaid
1,000
........
Unmat'd int. accr. \
836,731
851,923
rents,
359,557
accrued
355,102
8,983
23.843 Oth. cur. liabilities 1,119,010
128,118
24,757,433
6,567 Def'd liabilities...28,716,075
5,457
631,678
Tax liability..... 1,192,533
Oth. curr. assets
734,663
Accr'd deprec'n. ..17,582,670 15,941,732
Deferred assets...25,508,814 25,712,052
714,872
455,488 Unadjust. credits. 3,508,005
Unadjust. debits.. 1,057,428
Profit and loss....36,326,576 25,965,934
Int.&dlvs.rec. ,ac.
Rents receivable
..257,305,974 229966,391
Total
........257,305,974 ;29966.391
$37,114,000 funded debt held in treasury.
b Represents only road property of Lehigh Valley RR. proper (Eastern
to Wilkes-Barre).
The total road and equipment investment of the system
including transportation subsidiaries owned by your co. is $220,707,744)—
—V. 112, p. 1969.
a
After deducting
2,551
1913a
2,555
1914a—-2,583
23,280,403
24,452.965
23,593,641
1915a—.2,571
21,823,236
24,800,084
25,464.486
28,423,138
31,352,214
33,016,257
16,984,518
6,295,885
9,126
17,047,172
7,405,793
9,571
16.460,569
7,133,072
9,133
14,289,671
7,533,565
8,487
14,739,410 10,150,674
9,676
14,876,355 10,588,131
9,883
8,694,709 11,017
19,728,429
6,058,739 12,008
25,293,475
7,263,024 12,732
25,753,233
40.590.345
32.552.647
1912a.
—
1916a—.2,572
1916b... .2,574
1917b—2,580
1918b
1919b.
1920b
2,611
2,593
2.593
—
'CORPORA TE
CO.\/BINET>
FOR
Denver
& Rio Grande
Railroad.
Dec. 31 1920.)
J. P. Howland, New York, April 1 1921, submits
Secretary
stockholders the following data collected
to the
co-operation of
R.
Alexander
through the
officers and representatives of the receiver,
Baldwin,
and
officers
of
the U. S. RR.
Operation Including January and February 1920. Federcal Control.—
operating revenues of $40,590,345 reflect $15,655 per operated
The total
mile of road.
increased $5,861,100, or 24.32%, there haviDg been an
commodities handled.
Bituminous coal
1,638,717 tons, or 33.7%.
haul per ton of revenue freight was 172.12 miles, an increase
Freight revenues
increase
of 179,955 tons in total
an
The average
increase of
of 17.97 miles.
increased $559,045, or 8.08%. The number of pas¬
carried increased 4.88%.
Passenger traffic statistics show increases
in all items except "average revenue per passenger mile," which decreased
5.10%, due to division on mileage travel basis of interline traffic during Fed¬
eral control, against pre-war revenue basis in current year.
Operating expenses increased $6,799,415, or 26.4%; of this amount sub¬
stantially $3,600,000 represents increases in wages and .$950,000 in the cost
of materials and supplies.
Expenditures for maintenance of way and structures were $2,411 per
operated mile, or $538 more than last year.
Maintenance of equipment
Passenger revenues
sengers
expenses
increased $1,419,200, or 17.9%, the largest increase
being in re-
ined represent 38.42% of total operating revenue.
6airs to locomotives. which amounted to $846,663. The two accounts com-
Exclusive of depreciation, the average expenditure per locomotive equalled
$6,887; per passenger train car, $1,252; per freight train car, $202.
Transportation expenses increased $3,368,689, or 29.8%, the principal
items being $424,000 for cost of fuel and $1,656,000 for wages.
Expenses
chargeable to this account consumed 36.13% of the operating revenues,
against 34.21% last year.
Bonds.—The funded debt in the hands of the public was
$447,500 First & Refunding Mtge. 5% Gold bonds
and deposited with the trustee.
chase of
Roaa
and
this account -aggregated
$913,879; equipment, $187,699; general expendi¬
Equipment.—Expenditures under
$1,104,463, viz.; Road,
tures, $2,884.
|
reduced by pur¬
for sinking fund
15,655 12.555
Federal
Year 1920.
Mail revenues—
_
Express * revenues
Miscellaneous revenues-
Incidental
revenues
Joint facility revenues __
6,637,219
420,288
729,826
433,750
897,509
32,906
Total oper. revenues. $33,890,471
$5,586,608
Maint. of way & struc.,
7,856,178
Maint. of equipment...
417,843
Traffic
12,189.169
Transportation
.
operations
Misceil.
General
Transp. for investment.
709,578
892,994
Cr.20,206
expenses_$27,632,161
$6,258,310
Total oper.
accruals—.
Uncollectible revenues__
Tax
$1,294,383
i 2,162
3,100
29 1920.]
.
Total
Year 1919.
Year 1920.
$24,738,975
2,761
2,930
3,946
4,114
3,370
2,321
2,801
ACCOUNTS
Total
oper__(RR.10 mo? .)(RR.2 m-x 0
Freight revenues.
Passenger revenues
2,468
2,899
YEARS.
Jan. X 1918 to Feb
Year 1920.
Average mileage
6,658
6,672
6,372
5,557
5,730
5,779
7,647
9,687
9,931
AN^PEDERAL^INCOME
CALENDAR
2,592
$5,221,588 $29,960,561
844,299
7,481,518
316,779
143,847
737,067
873,673
500,865
993,748
42,913
67,115
96,238
10,007
2,593
$24,099,452
6,922,474
226,011
682,798
328,793
730,875
25,854
$6,699,875 $40,590,345 $33,016,257
$666,013
1,486,569
63,732
2,474,997
77,303
~
141,211
10,661
$6,252,620
$4,856,556
9,342,746
481,576
14,664,166
7,923,546
241,398
11,295,477
560,735
928.666
Cr. 53,145
786,880
1,034,204
Cr. 9,545
$4,920,487 $32,552,648
$25,753,232
$7,263,024
$1,779,388
$354,280
$8,037,698
$1,648,663
16.880
19,042
$1,380,793
5,616
Total
$1,296,545
$371,160
$1,667,705
$1,386,408
Total oper. income
$4,961,765
$1,408,228
$6,369,993
$5,876,616
$473,038
127,014
307,872
395,096
100,254
$15,857
26,603
56,178
$488,895
153,619
364.050
Non-operating income—
cars—credit bal.
Rent from equipment—
Joint facility rent
income
Dividend income.
Inc. from securs.
Paid
or
_
& acc'ts
—
—
34,020
due from U. S.—
Compen. to
Feb.29'20
6
Guaranty
mos.
1,386,563
105,624
60.345
$5,223,431
..$10,185,195
Total non-oper. inc..
134,274
129,377
141,777
98,339
154,781
xl ,386,563
x8,319,378
395,096
z2,373,248
z2,373,248
Aug. 31 (est.)..
Miscellaneous
Gross income
-
to
Administration:
contributed
8,037.698
Corporation
Hire of
(35th Annual Report—Year ended
1,374,917
268;445;576 235,476,729 183.902,066 204,250,771
2.79cts.
2.94 cts.
2-68 cts.
2-32cts.
11.952,253
11,772,298 13.931,509 13.697,239
do
do
one mile....2057220,522 1814705,744 2113550,114 2082531.562
Rate per ton per mile
1.456 cts.
1.328 cts.
1.166 cts.
1.049 cts.
OPERATING REVENUES. EXPENSES AND NET REVENUE BY YEARS
{ALTERNATE YEARS PRIOR TO 1912.).
Avge. ——
—Total- •
—Per Mile Operated—
Mites Operating
Operating Net Oper.
Oper. Oper. NetOp,
Year—
Oper. Revenues,
Expenses.
Revenue.
Rev.
Exp.
Rev.
1898a
2,232 $11,705,214 S7.0S6.776 $4,618,438 $5,244 $3,175 $2,069
1900a
2,294
14,756,683
9,201,848 5,554,835 6,433 4,011 2,422
2,857
1902a
2,347
17,036,828 10,331,542
6,705,286 7,259 4,402
1904a—.2,398
16,446,435 10,058,444
6,387,991
6,858 4,194 2,664
1906a
2,477
19,686,115 12,104,172
7,581,943 7,948 4,887 3,061
2,986
5.172
1908a
2,499
20,386,431 12,925,305
7,461,126 8,158
3,054
1910a
2,541
23,563,437 15,801,954
7,761,483 9,273 6,219
Net revenue from oper__
Total
1917.
2,580
1,628,979
2,611
2,593
1,554,268
Rate per pass, per mile. _
Revenue freight tons...
.
Unmatured
31.
DEC.
1918.
1919.
1920.
Preferred stock...
Traffic, &c., bals.
Inv. In affll. cos,—
Bonds..
106,300
106,300
a95,122,000 96,336,000
CHANGED—COM
SOMEWHAT INACCURATE .
Coal, &c.
Ore.
Forest. Mfrs., &c.
8,156,087
812,799
329.234
1,566,455
6,263.927
2,960,922
309,839
1,099,098
6,009,978
4,986,816
327,056
1,524,992
5,546,562
4,018,575
331,041 2,814,921
4,787,140
4,357,373
265,156 2,546,173
STATISTICS FOR YEARS ENDING
Common stock. ..60,501,700 60,501,700
Funded debt....
CLASSIFICATIONS
1919.
17,071 17,230
1,104
1,077
Agricul. Animals.
1920—
851,495
236,219
1919
.842,740
295,772
1918...... .796,022
286,645
1917..
750,053
236,087
1916
616,075 248,327
Tons—
[Road oper. by U. S. RR. Admin, from
$
Liabilities—
572 Freight cars—16,782
1,179
425 Other cars
CARRIED
PARI SONS
1920.
1918.
1919.
567
COMMODITIES
1918,
1918.
DECEMBER 31 1920- 1919 AND
EQUIPMENT AS OF
Locomotives
1919.
1920.
1919.
1920.
$7,992
$5,718
$.3,798
^
there
about
Lake Line
and unrest, apparently with the view
again bringing about some measure
_
.
concrete
abut¬
cost
and equipment.
of
the Great Lakes, and the
spreading discontent
disorganizing railroad service and
Government control.
,
.
mentioned m 1918 and 1919
be considered completed.
During the current vear
were
constructed 50 additional employees' cottages (making 70 in all), and an
annex to the hotel.
The aggregate expenditure to date is $1,433,731.
Replacement of pile trestle bridges and wooden culverts with
culverts; renewal of light steel trusses with heavy steel trusses; new
ments and replacement of timber spans with steel, were effected at a
aggregating $108,637 to expenses and $40,402 to road
Federal
Valuation.—Physical valuation conducted under direction
Federal Government, along with engineering and accounting work per¬
formed by employees of the Federal RR. Administration, is now
82% complete.
may now
Preparation-—'Conforming to this decision, on Jan. 10 1921? the
Directors and officers of the Railroad Company and the two coal mining
companies were changed, eliminating interlocking directors and officers.
Each Company now has separate officers and Boards of Directors.
The
management is at present earnestly engaged in formulating a plan for the
segregation of these valuable properties and in doing so is keeping constantly
in mind the necessity of protecting the interests of the stockholders.
(V.
railroad men,
house at Grand Junction,
station and ice
total expenditure
the replacement
equipment, for
Plan in
partial payment plan (V. Ill, p.
placed
and 160.000 rail
comprising eight
Colo., mentioned last year, was completed in 1920, the
being $187,047.
The charges to expenses, which represent
of the old structures, aggregate. $87,163, and to road and
country, which, it is
purchased 5,229 shares under
and replacing lighter rail, was
Approximately 412,000 tie plates
Spurs, sidings and yard tracks,
constructed or extended.
track miles, were
Reconstruction of the freight
railroads will be to provide adequate
had
requiring 9,873 tons
70 miles of track.
anchors were installed.
Future
ing 65 shares), an increase of
[VOL. 112.
CHRONICLE
165,969
$5,461,714
8,764
850,043
39,031
989.074
1,386,563
1,103,033
4,871,529
Deductions—
cars—debit bal..
equipment.___
30,266
Joint facility rents.;
139,032
Rent for leased roads incl
Federal compensat'n. Cr.283,530
Interest on funded debt4,871,529
Int. on Adj. Mtge......
700,000
Int. on unfunded debt-2,627,887
Hire of
Rent for
Miscellaneous
—
Total deductions
Net
income.
fund
renewal fund
To sinking
To
Total
appropriations.
x
700,000
5,838
y184,380
-
surplus..— $1,641,414 def$604,697
Deduct (to get proper comparison.—Ed. —
Govt, guaranty for 6 mos. in 1920 est. at..
x
the
deficit disregarding Govt,
Note.—The standard return (or
road during Federal operation)
$9,854
29,024
172,571
I
x8,717,644
4,894.397
700,000
2,640,086
636,389
$264,919
i 9,300
$264,919
9,300
Balance,
Balance
2,633,725
184,380
.$17,800,906
df$2,487,447
$196,930
6,200
$274,219
$203,130
$8,269,563 $2,251,209 $10,520,771
$1,915,632 def$604,697 $1,310,936
$274,219
593 J 93
$9,436,844
$1,646,512 $11,831,707 $15,313,460
$238,283
guaranty...
x$l,036,717 df$2,690,577
2,373.248
$1,336,531
——
$2,690,577
Federal compensation for the usejof
assured the company $1,386,563 for
months in 1920 contrasting with $8,319,377 (6 times as much!
the entire year 1919.
These amounts, it will be observed, are included
the first two
for
both
on
with the
the
one
non-operating income and with the income charges, being
a receipt for the road and a disbursement|duririgiFederal
hand
May 14
l*y
operation
effect
the
U.
RR.
S.
Administration.
Pere Marquette Railway Co.
They therefore have no
the final total of either year.
on
On the other hand the estimated sum
of 52,373,248 received
or
claimed
{Report for Fiscal Year ending Dec. 31 1920.)
Pres. Frank H. Alfred, Detroit, April 1, wrote in subslance:
as
the company as Government guaranty for the six months
ending Aug. 31 1920, appears only in the company's statement, causing a
surplus in the combined (Federal and corporate) statement for 1920 of
51,036,717 after deducting sinking fund and all other charges.
receivable by
proper comparison, therefore, of the annual results irrespective
of Government aid it is necessary to deduct the half year guaranty in 1920
To reach
a
we have done above, leaving a deficit for that year of $1,336,531 con¬
trasting with the deficit of $2,690,577 in 1919.—Ed.
y Includes net of $105,600 for period prior to Jan. 1 1918, accounted for
by TJ. S. RR. Administration.
z Estimated amount due under provisions of Section 209 of the Trans¬
portation Act, 1920 by way of guaranty for the half year ended Aug. 31 1920.
as
The balance
another week.—-V. 112, p. 1865, 1518.
shept will be given
Dec. 31 1920.)
The text of the report as signed by President B. P. Bush
together with the comparative balance sheet as of Dec. 31
1920 and corporate income account was published in the issue
of May 7, under "Reports and Documents."
(Fourth Annual Report—Year ended
STATISTICS FOR
CALENDAR YEARS.
1917.
1918.
1919.
1920.
freight (tons).. 33,960,017
27,199,222 30,878,666 30,820,433
Tons carried one mile. .8045322,133 6427444,754 7548925.232 7779769,655
Revenue
_
52.44712
$2,056
51.86580
1.036 cts.
0.841 cts.
0.739 cts.
15,185,970 14,503,352
14,325,481
763.591.498 765,248,121 646,781,240
$1.4281
$1.3624
$1,347
$1.0410
2.94 cts.
2.71 cts.
2.55 cts.
2.31 cts.
Freight revenue per ton.
$2.54826
Fgt. rev. per ton per mile
1.076 cts.
Passengers carried..:
15,368,759
Passengers carr. 1 mile..747,693,589
Revenue per passenger..
Rev. per pass, per mile..
From Jan. 1 1918 to March 1 1920
operated by U. S. RR. Administration.
Operating Revenues—
Freight..:.
Passenger...
7!.
Express
Miscellaneous..
.....
Incidental.
Joint facility..
Total
7,204
7,299
1917.
1918.
1919.
1920.
Avge. mileage operated.
INCOME ACCOUNT.
FEDERAL
CORPORATE AND
COMBINED
7,325
7,221
$86,538,825 $66,559,805 $63,486,625 $57,504,651
14,912,673
21,948,499
20,689,218 19,535,391
1,605,883
3,965,922
1,382,555
1,587,908
1,972,156
2,822,557
2,269,018
2,148,760
1,309,498
1,698,814
1,326,419
1,458,667
991,548
1.649,034
1,262,243
1,343,846
23,906
97,776
87,823
51,200
oper.revenues.S118 721,428 $93,577,081 $89,612,397 $78,320,313
Operating Expenses—
Maint. of way & struc__$24 ,748,467 $18,940,384 $14,632,086 $10,945,534
12,448,601
18,577,824
20,781,384
Maint. of equipment
29 ,765,655
1,691,349
1,071,352
1,015,199
Traffic
1 ,865,359
26,326,277
36,522,014
39,689,848
Transportation—rail line 53 ,176,076
275,442
370,832
473,830
653,449
Miscellaneous operations
1,708,652
2,136,230
2,536,626
General
3 ,244,029
Cr.79,647
Transp. for investment. Cr .133,096
Cr.78,600
Cr.147,817
Totaloper.expenses.$113,319,940 $83,357,624 $73,231,738 $53,248,038
$5,401,488 $10,219,457 $16,380,659 $25,072,275
Railway tax accruals...
6,059,242
3,935,523
3,249,649
4,220,700
Uncollectible revenues..
47,617
30,918
17,984
22,612
Net revenue
def$705,371
Operating income
Non-Operating Income—
Rent for equipment
$460,292
.Tointfacility rent income
413,096
Inc. lease of road.y
1,889,271
Inc. from funded securs.
432,808
Inc. from unfunded sees.
655,662
Miscell. rent income
141,995
Misc. non-oper. physical
$6,253,017 $13,113,026 $20,828,963
zl 5,699,849
77,330
Dividend income
Total non-oper.
Gross income
$19 896,809
191,438
inc
$372,785
453,109
90,210
171,008
i
122,010
1,165,293
93,040
109,849
2,472,593
80,853
104,135
55,261
154,776
125,864
131,885
73,098
$1,470,914
616,878,709 $18,059,803
623,131,725 $31,172,829 $22,299,877
Deduct—
of
Hire
freight
cars—
$2 664,672
343,015
1 ,717,841
2 004,840
debit balance.
Rent for equipment
Joint facility rents
Rent leased roads, y
Miscellaneous rents
48,343
Miscell. tax accruals
Int.
on
funded debt.
Int.
on
unfunded debt..
Miscellaneous
..
z_
19,515
10 541,851
240,460
15 ,807,696
1,448,438
14,206,814
182,762
19,976
10,041,226
$616,015
219,107
1,357,067
14.206,814
129,047
22,664
10,080,326
420,248
1,432,402
2,553,918
$1,113,356
248,289
50.403
$119,063
200,930
1.342,031
19,267
11,055,028
344,960
51,469
$29,113,509 $29,284,845 $13,334,774
def$14,196.799df$5,981,784
$1,887,984
$8,965,104
Note the standard compensation Is here included for the
affected by the same and
without Goqernment aid.
company's actual income account was given last week (p. 1986) showing
a surplus for 1920 of $3,033,075 against $4,240,839 in 1919.—ED.
z Includes items of revenue, operating expenses and taxes applicable to
the period prior to Jan. 1 1918, collected or paid by the U. S. RR. Admin.
Statement for the year 1920 also includes estimated guaranty under the
Transportation Act of 1920, covering operations during the period March 1
to Aug. 31
1920, estimated as of Dec. 31 1920, at $15,638,829 of which
$9,483,000 had been advanced to Dec. 31.—V. 112, p. 1969, 1978.
eral disbursement, so that the final result is not
is shown as if the Company had been operating
The
Southern Railway
Company.
{Income Statement for Year ended Dec. 31 1920.)
Corporate.
Federal
1919.
1920.
Calendar Years—
Operating revenues—10 mos., March-December.$126,339,2388110,153,679
Operating expenses—10 mos., March-December. 107,965,810
96,063,032
from oper.—10 mos., March-December $18,373,428
$3,853,448
rev.
$14,090,646
$3,400,113
39,789
^60,518
1,407,352
726,887
8512,320
535,922
March-December.$12,345,952
$9,581,773
Taxes
Uncollectible revenues
Hire cf
equipment
...
.......
Joint facility rents
Operating income—10
mos.,
Corp. Income.
•
Standard return—2
mos.
1920, 12
mos.
$3,108,982 $18,653,893
2,850,538
2,230,127
1919
Non-operating income.____
Total gross income...
Interest, rentals and miscellaneous charges
...
$18,305,473 $20,884,020
16,589,324
15,742,453
Balance of income over charges
$1,716,149
$5,141,567
of 2lA% on Pref. stock paid Dec, 31 1920,
charged agst, income for 1920 (div. of 2A % paid
*>£ - up.
June 30 1920 reserved from income of year 1919) $1,500,000'v $3,000,000
Additions and betterments charged to income
88,094^
4,308
Miscellaneous appropriations of income
14,341
Div.
Balance carried to credit of profit and loss
-V.
112, p. 1868.
lcrease
upon
the fair value of its property.
The increased rates were not made
26 1920.
The Michigan intra-State passenger rates
date.
The U. S. Labor Board [on July 20 1920]
effective until Aug.
not increased on that
granted substantial increases in wages, effective May 1 1920.
Additional
wages paid to Pere Marquette employees under this award amounted to
$1,340,972 for the four months ended Aug. 31 1920.
If the anticipated increased transportation rates had become effective on
May 1 1920, it is estimated for the 4 months ended Aug. 31 1920 that a
total increase in freight and passenger revenues for that period would have
been $3,444,394 and the excess of additional revenues over the additional
wages paid would have been $2,103,422.
The Pere Marquette was also compelled, during the guaranty period, to
suffer a further substantial loss in consequence of Federal direction as to the
employment of its equipment, and as to diversion of traffic.
Maintenance charges for six months ended Aug. 31 1920 amounted to
$7,665,170.
If we had accepted the six months' guaranty, it is estimated
that the I.-S. C. Commission would have restricted the same to approxi¬
mately $6,700,000.
The railway switchmen's strike, effective April 7, caused the.road a
substantial loss.
investment in physical property during the 10 months
as shown by the books, was $116,856,527.
The net
the same period (exclusive of certain nonoperating income items applicable to the period prior to March 1 1920)
was $2,409,619, which is equivalent to an annual return of only 2.47%
on the average amount of property investment.
Under-Maintenance by U. S. RR. Administration, &c.—The table [given
below]
does not
include our claims for under-maintenance, value of
property retired, depreciation and miscellaneous items.
Moreover, we
have not accepted as correct the credit of $353,291 reported by the U. S.
RR. Administration on account of 635 cars and 6 locomotives retired during
the period of Federal control, as we contend that the Federal Administration
is required to make good any shortage of equipment not replaced by them.
There were also retired and written out of service during the ten months
ended Dec. 31 1920 553 cars and 15 locomotives of a total ledger value of
$341,938, the retirement of which was largely caused by under-maintenance
Our
average
ended Dec. 31
1920,
railway operating income during
during
Federal control.
The Federal books show a debit to
"operating expenses" and a credit to
$1,437,742, covering depreciation on
equipment, but this amount has not as yet been credited to the company.
The amount has been charged on the books to the U. S.|RR. Administration
subject to subsequent adjustment as to values and rates.
We have sub¬
mitted a claim for this sum and also for an additional amount of deprecia¬
"reserve for accrued depreciation" of
tion, based on the difference existing as between
period covering the cost of labor
eral control
the test period and the Fed¬
and material, but have re¬
ceived no assurance that these claims will be allowed.
Claims for under-maintenance of way and structures
and for excess use
during the period of Federal control have likewise been
prepared and were presented to the U. S. RR. Admin, on Sept. 22 1920.
839 locomotives received heavy shop repairs during the 26 months period
of roadway property
frior to Federal control as against 639 locomotives during the 26 months of
'ederal control, although the average mileage per locomotive in service
period was only 26,873 against 33,035 miles for the period
Similarly, the number of freight cars receiving general
repairs for the 26 months prior to Federal control was 7,598, and those re¬
built 6,265, as against 2,006 freight cars receiving general repairs and 2,678
rebuilt during the Federal control period.
Standard Return.—On Oct. 9 1920 the I.-S. C. Commission filed a cor¬
rected certificate of the company's standard return, fixing it at $3,725,717,
which we accepted.
Taxes.—The tax accruals for 1920 amounted to $1,073,822, an increase
over 1919 of $311,539, or 40.87%.
The Michigan ad valorem taxes in¬
creased approximately $200,000, due to increase in rate and valuation, also
in part to adjustments covering previous years.
Dividends.—During 1920 quarterly dividends of 1M% were regularly
paid on the Prior Pref. stock out of surplus and amounted to $560,000.
No dividends were paid on Pref. or Common stock.
The dividends on 5%
Pref. stock have accumulated from Jan. 1 1919.
for the former
Profit and Loss.—There was a credit from income of $1,393,973 and a
charge of $560,000 for dividends paid on Prior Pref. stock, making with
other items a net increase of $839,505 in profit and loss surplus.
Add'ns & Betterm'ts Charged by U. S. RR. Aapi. Aggregating $7,354,866 Gross.
$113,714
$2,137,260
1919.
$2,064,023
104,160
16,912
54,742
Additions and betterments..$4,430,511
Def. items, paid to Apr. 1'17
325,997
Work done
We
prior to Jan. 1'18
advanced
1920.
Total.
$332,176 $6,826,710
22,940
453,097
3,404
75,059
the purpose of partially financing these
The net charge on account of additions and
$4,495,329 for
additions and betterments.
eral control, i. e., Jan. 1 1918 to Mar. 31 1920.
It should be noted that
item as well as the estimated Federal guaranty of $15,638,829 for the
Net
Sated that the I.-S. C.rates so as to enable the road to earn at least 5M %
Commission would, shortly after March 1 1920,
transportation
1918.
202 ,024
period of Fed¬
this
half
year ended Aug. 31 1920 (included under "Z") appears both under nonoperating income as a company receipt and with income charges as a Fed¬
y
.
"
Total deductions.....$33,388,237
Net income.
ending Aug. 31 1920.
of Federal control.
$329,174
409,193
14,206,814
178,531
113,129
140,948
$275,937
448,601
14,206,814
305',796
126,505
property
Miscellaneous income
Declined.—The board on March 10 1920 decided
the guaranty under the Transportation Act for the six months
At that time it was estimated that the surplus earn¬
ings for said six months would approximate $1,375,000, while the Standard
Return (or guaranty) would be $672,000.
The corporate income account
statement for the six months reflected a deficit of $46,286.
The Pere Marquette had demonstrated its ability, if unhindered, to earn
a sum largely in excess of the Standard Return allowed and it was anticiSix Months' Guaranty
not to accept
were
Missouri Pacific Railroad.
Mail
2077
CHRONICLE
THE
1921.]
betterments, after allowing for property other than equipment
has been accepted and placed on our books to the credit of the U.
Administration subject to further revision.
Funded
retired,
S. RR.
Debt.—During 1920 Equipment notes for $9,127,500 were issued
for 40 locomotives and 3,000 freight cars allocated to the
in part payment
equipment
the rail¬
company by the U. S. RR. Administration, as evidenced by
trust agreement dated Jan. 15 1920, between the Director-General,
These notes amount to $608,500
each, are dated Jan. 15 1920, and mature severally Jan. 15 yearly 1921 to
1935.
It is estimated that the final cost will amount to about $10,119,000,
way,
and Guaranty Trust Co.,
as
trustee.
and if so additional notes will be issued to this amount.
During the year also $3,231,000 1st M. 5% Series "A" bonds were au¬
railway company to cover
80% of expenditures made for additions and betterments from July 1 1918
to Dec. 31 1919.
These bonds are now held subject to our order, but the
consent of the I.-S. C. Commission is necessary in order to sell or other¬
wise dispose of them.
U. S. Obligations.—The company owns $500,000 U. S. 4th Liberty Loan
bonds and $500,000 Victory Liberty Loan notes, which are deposited with
the reorganization managers of the predecessor company as security for
loans obtained from them during previous years.
New Equipment.—The directors on Dec. 31 1919 voted to arrange with
the Director-General for the purchase of the following equipment, including
the 1,000 freight cars theretofore allocated to the company, viz.: 30 light
Mikado locomotives: 10 switch engines: 2,000 40-ton double-sheathed box
cars, with automobile doors; 1,000 55-ton steel hopper cars.
This equip¬
ment
is covered by Equipment Trust Agreement No. 63 between the
Director-General, the railway company and Guaranty Trust Co. of N. Y.
as trustee.
It is estimated thatUhe total cost thereof will approximate
thenticated by the trustee and delivered to the
$10,119,000.
Renewals, &c.—During the two months ended
Feb. 29 1920 there were
609 cross-ties used: during the 10 months ended Dec. 31 1920 we laid 862,343
viz.: 549,294 in main track and 244,639 in side-track renewals
cross-ties,
68,410 in new work.
During the two months two sets of switch ties
used; during the 10 months to Dec. 31 630 sets.
During the 10 months
21,875 rail anchors and 87,000 tie plates were applied, and 65 miles of track
were ballasted with gravel and 19 miles with cinders.
During the 10 months
and
were
14,646 tons of new 90-lb.
able for relaying.
open-hearth rail was laid, releasing old
rail avail¬
June 16 1920 we pur¬
West RR. for $60,000
cash, increasing main line mileage 7.70 miles and side tracks 7.60 miles.
(6) New Buffalo, Mich.
For the terminals at New Buffalo we completed
during the year tracks aggregating 18.62 miles, a brick engine house of 16
stalls, 100 ft. long, machine shop, concrete coaling station, two 2-unit
Robertson cinder conveyors, and a 100,000-gallon steel water tank.
Up
to Dec. 31 1920 $627,145 had been expended at this point, and to complete
this work a further $75,000 will be required,
(c) Saginaw, Mich. Late in
1920, when the work was temporarily suspended, the new engine house of
30 stalls at Saginaw, Mich., was 75% completed, the turntable 50%,
machine shop 60%, power house 40%, coaling station 80%, cinder pit 50%,
grading 90%, track changes 70% and new track 40% completed.
EstiNew Terminal Facilities.—(a) Manistee, Mich. On
chased the Manistee terminal of the Michigan East &
[Vol. 112.
mated cost of terminal facilities at this
point is $895,700; expended up to
Dec. 31 1920 $562,315,
leaving approximately $333,385 yet to be expended,
i
(d) Plymouth, Mich.
The new engine terminal at Plymouth, consisting of
engine house of 15 stalls, machine shop, turntable, cinder
pits and water
tank was 80% completed.
Total estimated
cost,
$367,000; $253,000 ex¬
pended during 1920 and $114,000 yet to be
expended.
Maintenance.—The charges to maintenance of way and structures during
year 1920 increased $1,814,232, or
51.9% over 1919, the leading increases
being as follows: Roadway labor (incl. accruals), $852,738; ties laid in re¬
newals, $594,873; maintaining joint facilities, $117,387;
removing snow, ice
and sand, $139,268.
There was an increase of $211,670 in
roadway labor on account of "re¬
serve" created in 1918 for rail
relaying program, which credit was cleared
1919 on instructions of the U. 8. RR. Administration.
There was an
increase of approximately $328,169 due to increase in rates of
in
resulting
pay
from punitive overtime after the
eighth hour granted this class of labor by
the U. 8. RR. Administration, effective Dec. 16
1919, and increase in wages,
effective May 1 1920.
There was a further increase of approximately
$214,000 due to increased force employed in 1920.
There was an increase in the cost of ties due to increase in
price and num¬
ber of ties laid, amounting to
$560,273; also an increase of $135,061 for
maintaining joint facilities, chiefly due to rehabilitation of line between
St. Thomas, Ont., and Buffalo, N. Y.
There was a decrease of $188,463
in cost of rail and other track
material, due principally to sale of scrap rail
at prices in excess of stock prices, &c.
Maintenance of equipment charges increased $2,643,726, or 37.1%, as
follows: Maintaining equipment, $1,844,274;
depreciation accrued on afore¬
said equipment allocated to co. by U. 8. RR.
Administration, $493,578;
supervision, $71,800; maintaining shop machinery, $22,728; insurance,
$117,145; miscellaneous, net, $94,201.
This increase in repairs ($1,844,274) is due to increase in force and
increase in rates of pay authorized by the U. 8. RR. Administration May 1
1919 and the Labor Board Decision No. 2, effective May 1 1920, amounting
to approximately $1,862,364, and increase in cost and
quantity of material
usea of approximately $283,872.
These increases are offset by a decrease
on account of a
larger amount collected from other lines for repairs to their
freight cars, $260,367, and decrease in repairs on floating equipt. of $41,595.
Joint facilities.—The amounts paid other railroads for
operating joint
yards and terminals increased $92,251, while amounts collected from others
on same account decreased
$121,080, due principally to discontinuance of
joint operation of various facilities, making a net increase of $213,331.
Transportation Cost.—Transportation expenses per revenue train mile
increased from $1 94 to $2 53, or 30.4%.
The chief factor in this increase
is the allowance of time and one-half for overtime, effective Dec.
and to increases in rates of pay, effective May 1 1920.
The
1 1919,
railway switch¬
men's strike from April 7 1920 until the latter
part of July also contributed
materially to the increased cost of operation.
Coal.—The increase in freight rates on coal used contributed to the in¬
crease in price amounting to $1 08 per ton.
resulting in an increased cost of
$889,817.
Although the revenue locomotive miles increased only ,571,079,
the fuel consumed increased 133,033 tons at an
average price of $5 per ton,
$665,165.
The increase is
mainly attributable to the poor quality of
fuel, which tended to decrease the miles run by locomotives per ton of coal
from 13.83 miles in 1919 to 12 5 miles in 1920. or a decrease of
9
or
General.—General
expenses
increased
$376,496,
Norfolk
or
62%.
due princi¬
37 6%,
pally to increased rates of pay, and on account of maintaining separate ac¬
counts for the U. 8. RR. Administration and the
corporation subsequent
&
Southern
Railroad.
{Report for Fiscal Year ending Dec. 31 1920.)
The
report will be cited further in
President J. H. Young
says in brief:
The amount found
for the half-year
a
subsequent issue.
necessary to
make good the Government guaranty
Aug. 31 1920 was $1,311,701.
Advances on
this guaranty period were made between
aggregating $700,000, and final payment of the
balance, namely, $611,701, was made on Jan. 29
1921, being the first final
settlement made by the
Government with any road for the amount due
from guaranty period
operations.
Traffic to and from competitive
points, which represented years of con¬
ductive work, were in a large measure arbitrarily diverted by the U. 8.
RR. Administration
to other lines.
While freight rates were increased
25% and passenger rates from 2^c. to 3c.
per mile, effective June 25 1918„
the additional revenues
resulting from these increases fell far short of meet¬
ing these increased
operating expenses.
A comparison of the
years of 1917 and 1919 shows that operating revenues
increased $1,573,319,
or
3135%, while operating expenses increased
$2,754,273, or 80%.
The action of the U. S. Labor
Board, July 25 1920, granting further in¬
creases to all
employees, retroactive to May 1 1920, required the payment
to employees of
approximately $240,000 in back wages and increased thepayroll of the company at a rate closely approximating $1,000,000
per ann.
Important arrangements were made with the Southern
Railway Co.,
effectie Aug. 1 1920, for the establishment of
through rates and
divisions
via Charlotte, which
placed your line in a position to handle through traffic
between points in the North and Northeast and
nearly all the territory
south, southeast and southwest of
Charlotte, as well as some points in the-
ending
account
of
operations during
July 20 and Nov. 6 1920,
Central West.
CORPORATE
INCOME
ACCOUNT
FOR
YEARS
ENDING
DEC.
31.
[Road operated by U. S. RR. Admin, from Jan. 1 1918 to Feb. 29 1920
]
RR. oper. revs, for 10 mos
Operating
1920.
1919.
Mar. 1 to Dec. 31 1920 $6,610,402
6,959,365
,
expenses.
Net railway
operating income
_;
Railway tax accruals and small uncollectible
See above.
$61,177
__def$348,963
_
220,116
def$61,177
30,212
def$569,079
_
def$91,388
items
Railway operating income
Non-Operating Income—
Joint facility rents....
Rents from lease of road
(chiefly Fed. compensation
$1,280,000 p. a.—in 1920 for only 2 mouths)
Federal guaranty for 6 mos. ended
Aug. 31 1920-.
Misc. non-oper. physical
property and rents items
Dividend income.
Income from securities and
accounts..._________
Income, sinking fund and other reserve funds....
$13,270
......
_
Miscellaneous
211,145
1,300,515
1,366.751
18,678
60,800
49,510
18,339
12,000
18,116
261,235
19,894
5,953
42,551
income
to termination of Federal control.
Freight Traffic—The freight revenue for the year 1920, as compared with
1919, increased $3,250,362; the number of tons of revenue freight carried
71,777; the number of tons of revenue freight carried one mile
decreased 74,835,610, and the average distance each ton of
freight was
increased
carried decreased 5 91 miles.
On Aug. 26 1920 the I.-8. C. Commission granted to roads in
an increase of
approximately 40% in freight rates.
On
territory
account, however,
our
of smaller percentages of increase being granted to railroads
in other terri¬
tories and on account of the divisions
covering freight
charges
inter-
on
territorial traffic it is estimated that our freight revenues
covering traffic
handled for the four months ended Dec. 31 1920
compared with 1919 in¬
creased only $3,441,527, or 34 21%, due to increased
freight rates, while
on account of decreased traffic the net increase
in freight revenues amounted
to only $1,974,693. The tons carried one mile of revenue
freight aggregated
888,673,010,
mile
decrease of 53,887,154, but the average revenue per ton
per
13.54 mills, an increase of 2.87 mills.
was
a
Passenger Traffic.—The passenger revenue for the year 1920 increased
$811,043 over 1919; mail revenues increased $705,546, of which $4,58,524
represented back mail pay; the express revenues increased $32,257, all other
passenger train revenue increased $30,459; the number of passengers carried
increased 183,416; nulmber passengers carried 1 mile increased
19,382,348
On Aug. 26 1920 the I -S. C. Commission
granted an increase in railroad
passenger rates to 3 6 cents per
to
mile, but the Pere Marquette
continue'to charge three cents per mile in
Michigan.
was
obliged
Results of Passenger Traffic Operations for 4 Mos. ended Dec.
31 in 1920 & 1919
1920.
Total
passenger
Average
revenue per
1919.
$2,292,663
73,818,831
pass, per mile-.
3.106 cts.
$2,157,575
$135,088
75,368,278 decl,549,447
2.863 cts
.243 cts.
Estimated increase in passenger revenue for the 4 months due to
increased
rates, $183,515; decrease due to fluctuation in traffic, $48,426; net
increase,
$135,088.
It is further estimated that the
passenger revenues for the
months would have shown
4
additional increase of $273,526 had the rate
covering Michigan intra-State traffic been increased to 3.6 cents on
Aug. 26
1920 instead of on March 9 1921.
as
an
Express.—The express revenues for the 4 months ended Dec. 31
1920,
compared with 1919, decreased $254,913, or 53.07%, because of the
pro¬
visions of the new standard contract with the American
Railway Express
Go. which the carriers were obliged to
execute, effective Sept. 1 1920.
The
carriers will participate in the expenses of the
express company and only
the net express revenue will be
apportioned among them.
Under the old
contracts the carriers received a proportion of the
gross earnings.
[Signed
by Frank H. Alfred, President;
N. Brown, Chairman ]
STATUS
OF
ACCOUNTS
by order of board of directors, Edward
WITH
U.
S.
RR.
ADMIN.
DEC.
31
1920.
(1) Amounts Due to the Company—
Standard
return
Cash bal. furnished by reorg. managers for
capital expenditures
Cash on hand and in transit Dec. 31 1917
Agents' balances Dec, 31 1917 and subsequent adjustments.
Working funds Dec. 31 1917 and subsequent adjustments
Non-operating income items, collected by the U. S. RR. Admin.
Interest rental due company on additions and
betterments (sub¬
ject to subsequent adjustment)
Claim of company for depreciation on
equipment charged to
operating expenses on Federal books
Other items...___T
"
...
Total debits
$8,072,388
495,329
Other items.
Total
The
215]698
522 361
13,649
$6,006,841
6,901,769
453B97
5,057 344
607 686
280 9.58
[847
$19,431,542
Administration, according to
given last week,
be given later.
The combined corporate
p.
20,494
28,620
33,515
on
____
Miscellaneous
Net income-.-.-
def$53,561
[Road operated by U. S. RR. Admin, from Jan. 11918 to Feb. 29 1920
]
Steam Lines—
1920.
Freight carried (tons)...
2,496,444
do
one mile
.239,228,000
A v. rate per ton per mile
2.08c.
Passenger^ carried
1,787,932
Pass, carried one mile... 58,991.114
A v. rate per pass. perm.
2 987c.
1919
1918.
1917.
2,200,695
197,260.000
2,624,496
266,144.240
2 07c.
Data not
1 355c.
1,809.730
57,012,650
reported.
1,625,641
47,771.930
2.837c.
2301c.
All Lines (incl. Electric)—
$5,216,819
2,024,370
355,461
219,823
,Total
oper.
revenue._
Maint. of way & struc..
of equipment...
Maint.
Traffic
Transportation
Miscellaneous
$6,591,227
1,3.53,541
1,228,255
101,004
3,259,052
,376,950
Allother transportation.
$4,318,945
1,872,066
231,0201
$7,816,473
1,593.252
1,687,142
195,992
4,200,728
Mail and express
255,694
$3,877,124
1,521,377
$3,709,597
1,281,178
355,142/
169,197/
189,610
119,529
\
$5,753,644
1,067,871
1,313,195
81J278
2,569,551
241,666
$5,299,914
636.726
773,842
97,496
1,934,531
237,773
Total oper. expenses.. $8,054,063
Net rev. from ry. oper._def$237,590
$6,197,546
$5,273,561
$3,680,368
Cr.$393,681 Cr.$480,083Cr$l,619,546
252,287
212,916
194,134
196,079
Tax accruals, &c
Total oper. income...def$489,877
Equipment rents
def72,123
Joint facility rents
def8,725
$180,766
defl9,177
def4,932
defl4,138
Net oper. income
def$570,725
of oper
exp. and
taxes to oper . revenues
106 26
$156,657
$289,942
$285,949
$1,423,469
def94,946
def6,622
18.131
$1,321,901
Ratio
—V.
97 .24
73 .12
112, p., 1866-
Canadian
Northern
Annual Report for
(6th
Fiscal
Railway System.
Year
The report of
another week.
ended
Dec.
31
1920.)
President D. B. Hanna will be cited further
Calendar Years—
ac¬
and Federal income state¬
1969.
The balance sheet will
and Federal statement as published on p. 1969
taking into account the fixed annual compensa¬
tion of $3,748,196 per annum to which the company was entitled
during the
period of Government operation, i. e., from Jan. 1 1918 to Feb. 29 1920.—
Ed.—V. 112, p. 1969.
1920
1919.
Avge. miles of road oper.
9,788
9,636
Passenger
..$12,694,847 $10,775,708
Freight49,049,946
39,175,552
Mail
1 2,193,066
1,588,902
Express
/
Miscellaneous
2,757,539
2,022,015
Sub. miscell earnings
1,845,994
1,791,753
Total oper.
1918.
9,452
$7,824,444
36,735,869
1917.
9,433
$7,055,428
32,012,791
/245.187
249,983
,964,618
1,539,893
1,752,701
856,403
1,295,417
revenue..$68,541,393 $55,353,930 $49,062,713 $41,470J)22
Operating Expenses—
Maint. of way
&struc..$82,953,978 $60,034,024 $44,062,950 $34,026,652
facil.,&c_
1,311,289
1,020,554
1,599,325
Not stated
Tax., rent:; jt
exp.,
Neteannngs:.
incl.tax.$84,265,268 $61,054,578 $45,662,275 $34,026,652
def. 15,723,874def$5700,648
$3,400,437
$7,443,369
Deductions—
Fixedches. Can. No.
affiliated
do
Int.
on
loans:
Ry•
cos
Gov't
Other
Profit
on
exchange
9*455,084
4,890,259
10.326,261
797,376
Cr1,149,024
S8,012,969
4,895,113
6,939,373
122,254
S6,875,466
(Not re4,301,208
ported
3,926,2801See V. 107,
2,795,294/ p. 2183.)
—
shows the results without
$312,986
OPERATING STATISTICS AND REVENUES
FOR CALENDAR YEARS.
Tot. op
$440,333
general operating statistics, the corporate income
were
unfunded debt....
funded debt.......
on
Discount
76,866
896,982
67,755
39,388229,134
INCOME ACCOUNT.
1 437 742
count and the combined corporate
ment
Interest
__
146,738
894,435
2,214 578
123
credits
Balance in favor of U. S. RR.
accounts shown above
$44,937
Rent for leased roads ($126,648 in
1920), &c
Interest on funded debt.
586
adjustment)
including improvements on leased railway property.
Deferred items prior to April 1 1917, paid
Liabilities Dec. 31 1917, paid
Espense prior to Jan. 1 1918
Revenue prior to Jan. 1 1918..
Deductions from Income—
Hire of equipment, net
12 561
4,000!000
..-$18,99L209
Credits—
Cash advanced to Pere Marquette Ry. Co. for
int., divs., &c__
Additions and betterments (subject to
subsequent
$1,714,499
$1,623,111
1,171 316
'835
__
Cash advanced during 1918 by the co. for add'ns and
betterm'ts
Assets Dec. 31 1917, collected
$1,684,258
$1,115,178
Gross income.
Freight revenue
Passenger revenue
Increase.
excluding
revenues,
miscellaneous passenger collectionsNo. of passengers carried 1 mile
Total.....
Balance, deficit, transferred to
1
prof. & loss$40,043,830 $25,670,358 $14,497,810
—V. 112. p. 1616.
•
MAY 14
1921.]
THE CHRONICLE
Alabama Great Southern Railroad Co.
Libby, McNeill & Libby, Chicago.
Year ended Dec. 31 1920.)
(Income Statement for
1920.
(Financial Statement for 10 Months ended March 5 1921.)
1919.
Corporate.
Operating revenues—10 mos., March-December...$9,805,561
Operating expenses—10 mos., March-December— 7,661,510
Federal.
$8,980.983
7,131,748
oper.—10 mos., March-December.$2,144,051
$283,053
$1,849,235
$235,892
Net
rev.
from
Taxes
--
_________
650
1,387
287,303
90,134
47,590
309,405
Operating income—10 mos., March-December—$2,057,518
$1,350,140
Uncollectible
revenues.
_____
Hire of equipment
Joint
—
facility rents
.
Standard return—2
mos.
Non-operating income
— —
Total gross income.
erest, rentals and miscellaneous
Balance of income
over
Dividends of 7 % on
Corp. Income.
$283,863
$1,703,180
236.193 ;
180,973
1920, 12 mos. 1919,
charges
___
$2,577,574
918,406
637,972
$1,246,180
$236,624
548,100
$236,624
548,100
1,093
Balance carried to credit of profit and loss
—V.
$1,884,152
_____.$1,659,168
charges
Preferred stock
Dividends of 7% on Ordinary stock
Additions and betterments charged to income.____
$873,350
$461,456
Ill, p. 1660.
New
Orleans
&
Pacific Ry.
Texas
Year ended Dec. 31 1920.)
(Income Statement for
1920.
rev.
from
oper.—10 mos., March-December $3,645,389
def.728,427
31,757
$226,171
$574,310
5,471
def.381,167
37,873
$3,822,225
def..$10,315
$519,487
Taxes
346
revenues.
Hire of equipment
Joint facility rents
Operating income—10 mos., March-December.
Corp. Income
Standard return—2
1920, 12 mos. 1919
$590,173
134.359
mos.
$3,541,040
110,043
$4,546,757
1.818,122
$3,651,082
1,649,616
$2,728,635
$511,370
950,000
1
$2,001,466
$511,370
600,000
$1,267,265
$890,096
Non-operating income
Total gross
income.....
Interest, rentals and miscellaneous charges
Balance of income
Dividends
on
over
charges
Preferred and Common stock.
Additions and betterments charged to income
Balance carried to credit of profit and loss.....
—V.
112,
p.
161.
Market Street
Railway, San Francisco.
°
*
(Financial Statement to N. Y. Stock Exch. Dated Apr. 20 '21.)
Extended extracts from the official statements made to the
New York Stock Exchange under date of April 20 in connec¬
tion with the listing of the company's stock, bonds and notes
will be found
icle."
Results.—Like many other industrial concerns, due to the pressure of
changing conditions we are not able to make as favorable report as last
year and the year before.
However, the fact that the company has in a diversified line of products
and is one of the very few concerns producing a complete line of canned
foods puts it in a favorable position both as to production and sales during
the entire year and enables it to go to the dealer with a full line of canned
meats, fruits, milk, vegetables, pickles, condiments, &c.
Killing frosts in the fruit producing sections have materially reduced the
and.
Prices of
Erobable output and have stimulated the demand materialgoods we haveand
product and labor show
for the liquidation, on
raw
on
the
new
a
scale we expect to go forward with satisfactory results.
Capital Stock.—At the date of our last previous report [May 11920] capital
stood at $12,800,000 (par $10
increased to $27,0O0,OO0 as follows:
stock
on
of this issue of the "Chron¬
contains, in addition to a description
subsequent
This statement
pages
the property and its new securities, the income account
for the late calendar year of the United Railroads of San
of
likewise the tentative balance sheet
as
Market
the operating
Street
Railway Co.,
now
of Jan. 1
1921 of the
company.
__
Bcmds—This Report
Takes Place of One
The Midwest Refining Co.
The annual report is cited in full on a subsequent page,
including remarks of President H. M. Blackmer and the
31
1920.
The company is incorporated under the laws of Maine and its capita
authorized is
$50,000,000; issued and outstanding, $31,204,050!
stock
shares par value $50 each.
and Laramie, Wyoming.
Its refineries are located in Casper, Greybull,
Transfer Agent, New York Trust Co., N. Y.
Registrar of stock,
Equitable Trust Co. of New York, N. Y.
General offices, First National Bank Building, Denver. Colorado.
COMPARATIVE BALANCE SHEET, DEC
1920.
Assets—
1919.
12,758,936
25,401,826
15,026,072
Construction
14,821,048
Investments
7,769,522 13,197,788
Cash
5,264,542
8,107,220
Accts.
receivable. 10,667,085
7,935,015
Notes receivable.. 1,466,881
337,251
Refin .products, &c 7,453,821
4,491,575
Deferred charges.
Supplies
Crude oil..'
31
355,629
2,957,118
882,690
4,616,649
S
$
Capital stock..._.31,204,050 31,163,050
Accounts payable- 6,862,748
5,966,061
Other liabilities-.. 1,574,264
421,534
Reserved for taxes 3,898,038
4,518,888
Surplus
.33,957,476 30,594,480
BALANCE SHEET MARCH 5 1921 AND MAY 1
.
Misc. securities...
1,558,422
_
5,332
1920.
(After giving effect to the sale of $10,000,000 7% First Mortgage Sinking
Fund Gold Bonds.)
Tentative
Actual
Tentative
Mar. 5 '21. May 1 '20.
.$24,654,570 $17,538,032
Investments
1,992,856
1,426,899
Cash
2,358,023
2,056,118
Accounts recelv.
9,472,752
8,414,845
Inventories
36,577,067
38,329,611
Deferred charges
997,632
Assets—
Plant.
.
.
_
_
do
_
pension fd
sundry, &c...
Surplus
660,711
3,065,302
...
Total
Aclua
Liabilities—
Mar. 5 '21 May 1 '20.
Capital stock.. .$27,000,000 $12,800,000
Bonds (pres. iss) 10,000,000
Accounts pay..
6,939,468
4,568,789
Notes payable.. 23,298,375
36,938,300
Federal taxes.
1,242,328
Res. deprecla...
5,089,043
$76,052,900 $67,765,5051
1,462,276
10,753,811
Total....$76,052,900 $67,765,505
The public accountants say: "The inventories have been valued at market
for merchandise and at cost for materials dnd supplies."—Compare V. 112.
p.
1982.
Writing Paper Co.,
Holyoke,
Mass.
1920.)
George A. Galliver, Holyoke,
in substance:
says
Account —Net profits from' operations after charges for bond
interest, Federal taxes, depreciation and all other deductions were $1,687,673, which amount has been carried to surplus
Income
Business
Conditions—During approximately the first
nine months
general business conditions were exceptionally favorable and your company
obtained an unparalleled sale of its products.
Our fine paper was produced
and sold in tonnages and at prices far exceeding the best previous records.
Late in the summer, however, there was a noticeable falling off in the
demand for the highest grade papers.
About the middle of November new
orders disappeared practically overnight and were replaced by cancellations
and requests to defer shipments.
Nothing like the conditions prevailing
during these months, either in the severity of the slump or the suddenness
with' which it developed, has been experienced before in the paper industry.
Your company met these altered conditions by prompt curtailment of pur¬
chases and in
operating expenses.
Inventories.—Actual inventories
process, raw
or market.
were taken of all paper, finished and in
materials and supplies, and prices used were the lower of cost
Outlook—The general situation in the paper industrv is
not yet clear,
predictions for the immediate future cannot safely be made.
Two
factors, however, underlie the situation.
The productive
capacity of the paper industry has not increased, during the past five years*
in proportion to that of other industries.
Moreover, production has been
seriously curtailed for some months. It would seem, therefore, that, with
improvement in general business, the demand for fine papers will be directly
reflected in
an
increased production.
Pending this development the
management is exercising conservatism.
and
fundamental
INCOME
ACCOUNT FOR
YEARS.
CALENDAR
.
1917
1918
1919
1920
__x$32,951,727 $16,936,648 $21,327,777 $15,019,564
Oper expenses & taxes..127,839,332/ 13,503,059
17,117,682
12,454,238
Deprec'n, maint., &c
J
\
1,160,890
1,017,577
713,633
Selling & gen. adm. exp_
2,461,078
846,019
571,168
553,215
Gross sales..
291,586
4,794,581
1919
1920.
Liabilities—
.$
Property, leases &
Year ending
usually been submitted at the end of April.
Pres.
(7th Annual Report—For Fiscal Year ended Dec. 31 1920.)
of Dec.
Usually Issued for
1.—It seemed advisable to provide additional capital of a semi¬
permanent nature.
An issue of $10,000,000 10-year 7% bonds has been sold
and the proceeds of this issue given effect to in the accompanying balance
sheet.
This puts the company in a very satisfactory financial position.
In order to do this financing it was necessary to close the books March 5
1921 and this statement will take the place of the statement which has
May
(21s£ Annual Report—Year ending Dec. 31
George S. Smith, together with
a comparative statement of earnings for three years, will be
found under "Reports and Documents" on a subsequent
page.-—V. 110, p. 1182.
as
was
$506,007
129,270
70,000,000
The profit for the year ended May 1 1920 was $4,257,669 before provid¬
ing for Federal taxes for 1919 estimated at $1,550,000.—Ed.]
American
(Report for Fiscal Year ending Dec. 31 1920.)
balance sheet
this
profits for the 10 months ended March 5 1921 were
Additions to surplus from reserves of previous years
Sales for the same period were in excess of
England Company Power System.
The remarks of President
contracts.
1920
Net
1866.
New
In June
Earnings.—-During the ten months' period under review the company
paid dividends as follows: July 1 1920 [5% on old stock [$640,000; Jan. 1
1921 [5% on enlarged stock], $1,283,786.
The earnings up to Jan. 1 1921, had been satisfactory and sufficient to
warrant the payment of these dividends.
About that time, however, the
company experienced the effect of the buyers' inclination to hold back for
lower prices, which has been manifested during the last six months in nearly
all lines.
This condition continued during January and February,
1921,
but since March 1 a considerable improvement has been noticeable.
profit and loss after giving effect to the reorganization and
p.
share).
subscriptions payable July 10, V. 110, p. 2295]6,400,000
profit-sharing plan (V. 110, p. 2391)
1,400,000
Employees have already subscribed for 81,753 shares, or abuot 58% of the
stock appropriated for this purpose.
At present we have over 23,000 share¬
Francisco and also the tentative statement of income and
V;112
a
By payment of a stock dividend of [50% Aug. 14 to stockholders
of record June 5 V. 110, p. 2295]
-..$6,400,000
The sale for cash [offered at par to holders of record June 5
holders.
1919.
Corporate.
Federal.
Operating revenues—10 mos., March-December..$17,580,902 $13,507,667
Operating expenses—10 mos., March-December._ 13,935,513
13,281,496
Net
The offering of $10,000,000 1st (closed) Mtge. 10-year
7% bonds due May 1 1931 was described last week, p. 1982.
President W. F. Burrows in special report issued to share¬
holders May 6 says in brief:
The issuance of stock on a
Cincinnati
Uncollectible
2079
Total each side.77,496,575
72,664,012
[As to rumored plan for exchange of stock see Standard Oil Co. of Indiana
1984. 369.]—V 112, p 1983.
$2,651,317
y407,581
Gross profits
Interest, &c
$1,426,681
y363,511
$2,621,350
271,220
1,298,477
194,452
$3,058,898
z$650,570
$2,892,570
$564,359
671,443
189,188
225.000
1,492,929
$566,530
559,992
45,060
171,060
in V. 112, p.
taxes.
450,865
269,791
$1,790,192
$675,047
422,833
240,103
17,114
Total deductions
$1,371,226
$1,355,097
$1,639,940
$1,342,641
$1,687,672
$435,095
$1,252,629
$150,287
Tc
'otal net income.
Allied Chemical & Dye
Interest
Corporation.
(First Annual Report—For Fiscal Year ended Dec. 31 1920.)
The report of Chairman William H. Nichols.,
the income account and balance sheet, will be
advertising columns of this issue.
The officers and directors, &c., are
Directors.—Roscoe
Brunner,
Eversley
together with
found in the
bonds
on
sales
Miscellaneous deductions
Reserve for
Balance, surplus
as
Childs,
follows:
Wm.
Hamlin
Childs,
H. H. S. Handy, Rowland Hazard, Emmanuel Janssen, Wm. J. Matfceson,
H. Nichols, W. H. Nichols Jr., E. L. Pierce, Armand Solvay, Or¬
See
x
deducting $389,599 for returns and
allowances, $153,658 for freight and cartage, $845,029 discounts,
y In¬
cludes in 1920 interest and discount earned, $218,953, and scrap sales, &c.,
income, $188,628.
z Bond interest, net, to public.
x
Wm.
lando F.
on
Discount
Gross sales in 1920 are shown after
Weber.
SURPLUS ACCOUNT FOR
YEAR
1920.
Officers.—Chairman of board, Wm. H. Nichols; President, Orlando F.
Weber; Vice-Presidents, H. H. S. Handy, E. L. Pierce, Wm. Hamlin Childs
and W. H. Nichols Jr.; Sec .-Treas., Clinton S. Lutknis; Asst. Sec. & Asst.
Treas., Thomas E. Casey; Comptroller. Frank Nay
General Counsel.—Steele & Otis, 61 Broadway, New York, N. Y.
Transfer Agent.—Guaranty Trust Co. of N. Y., 140 B'way, New York.
Registrar.—Bankers Trust Co.. 16 Wall St., New York.
Compare consolidation plan, &c.,*V. Ill, p. 1379.—V, 112, p. 1401.
Balance, per books, Jan
year 1920, $1,687,673;
bonds retired, $440
Add—Surplus
cost
of
difference between par and
Deduct—Net reduction in value of mill property from
depletion, &c., $165,539; sundry
Balance for books Jan. 1 1921
...$6,620,616
1
1 1920
^
1,688,113
appraisal,
adjustments, $60,935
226,474
$8,062,254
2080
CHRONICLE
THE
NET PROPERTY ACCOUNT APPRAISAL MARCH 31 1917, PLUS
SEQUENT ADDITIONS AND DEDUCTIONS TO DEC. 31
.
>
equipment
Central
Additions.
$382,846
41.274
60,806
189,075
73.595
145,859
114,992
438,858
440,350
power
central
511,122
Mill sites, tenements ,&c
'
99
$21,725,048
Total
555,243
$497,815
$6,979,750 $15,243,113
SHEET DECEMBER 31.
BALANCE
1920.
1919.
1920.
S
%
8
Liabilities—
Other assets, &c_.
5,569,692
35,692
Investments, &c_.
Sinking fund
Deferred charges..
Accounts payable.
9,500,000
9,295,000
275,843
Notes pay'le (bank
122,965
100,943
120,465
11,949
117,346
:
12,500,000
15,320,268 Preferred stock....12 ,500.000
9 ,500,000
18,010,150 18,010,150 Common stock
Cash
2,844,809
1,254,214 5% bonda__.—.b9 ,293,000
624,239
Accounts receiv'le. 2,384,170
2,765,358 Trade acceptances
a 15,243,113
Supp.& materials. 6,873,391
840,000
840,000
2 ,245,250
290,054
1,802,703
22,114
1 ,786,913
544,628
2,186,913
111,886
6,620,616
loans).,.
Res. for
76,735
Pres. L. T.
war taxes.
Bond purcb. acct.
Acer, wages & tax.
Haggin, N. Y., April 12, wrote in substance:
In compliance with the income tax
regulations, a re-valuation has been
mines, plant and equipment.
This re-valuation, together with
additional expenditures made during the year, brought the fixed asset of
mines, properties and plant at Dec. 31 1920 to $45,021,674.
The values of
copper, silver and gold in the inventory are taken at the market price at
our
Dec. 31 1920.
1
[As to sale of $8,000,000 10-year Convertible Sinking Fund 8%
Ill, p. 2427, 1620-}
Gold
bonds dated Jan. 1 1921, see V.
PRODUCTION—COMBINED
1919,
$
Assets—
Property account
Good-will, &o
(and Railway Company).
(Reports for Fiscal Year ending Dec. 31 1920.)
made of
208,607
station,
repair shop,&c
Depr. Sound Value
Reserve.
Dec. 31 '20.
$6,658,092 $14,174,830
Cerro de Pasco Copper
Corp.
Acer.
Net 1920
Total
•
Dec. 31 '19.
Total 26 mills
$20,450,076
General office building &
SUB¬
1920.
[Vol. 112.
ACCT. CAL.
LOSS
PROFIT
YEARS.
{Including Cerro de Pasco Corp. and Operations of Sub. Mining Cos.)
Production of Smelter—
1920.
1919.
1918.
1917.
Copper, pounds
___P52,334.308
57,028,288
70,516,400 71,243,548
Silver, ounces
p5,959,085
5,325,321
5,051,900
5,556,735
Gold, ounces
p22,092
28,361
28,211
30,069
Profit & Loss Account—
$
$
$
$
Sale of copper, silver, &c. 11,463,572
14,884,050
22,867,807
24,974,082
Divs. and int. received.
2,319,891
1,247,982
673,149
1,091,764
Miscellaneous receipts..
35,175
46,612
78,865
188,715
Increase in inventory...
1,524,576
x2,005,360 def.124,970
780,435
_
Total
Total
Total
45,706,337 43,155,074
___
45,706,337 43,155,074
15,343,214
18,184,004
23,494,851
27,034,996
Smelt., reftn.& gen. exp.
Surplus..8 ,082,254
8,417,195
8,934.267
9,659,536
7,832,006
Customores
2,043,288
621,577
2,781,664
791,058
2,640,242
919,036
3,832,587
1,344,388
5,558,424
600,000
2,000,000
5,342,394
1,207,822
4,791,050
600,000
1,648,125
58,000
534,730
____
Deduct—
U, S. and foreign taxes..
Reproduction value of real estate, buildings, machinery, water powers,
&c;. as appraised March 31 1917, with subsequent additions and deductions
to Dec. 31 1920, $22,222,862, less 86,979,750 allowance for depreciation,
b After deducting in 1920 $2,546,000 in treasury and $161,000 bonds in
sinking fund.
The company was contingently liable on Dec. 31 1920 as endorser on
trade acceptances and notes receivable discounted at banks, $469,564.
—V. 112, p. 1980.
a
(19th Annual Report—For Fiscal Year ended Dec. 31 1920.)
Q. Palmer, April 281921, writes in substance;
Change in Accounting.—Combined in the report this year are the assets
and liabilities of the Sugar Products Co. and its various subsidiaries, which
were excluded in prior consolidated statements, and the surplus shown has
been adjusted accordingly.
corporation, like many other manufacturing and com¬
suffered considerably from the depression in business
Results.—This
Divs. paid (per share).($4)3,592,917
Balance, deficit
mercial companies,
during the fall of 1920.
Owing to this, the market values of our inventories
at Dec. 31 depreciated in value over $1,500,000.
These inventories are
now carried at cost or market, whichever is the lower.
Outlook.<—Since Jan. 1 1921 the company has been making steady progress
reorganization of its departments and in preparing for the en¬
larged demands for its products, and in two of its principal branches, the
alcohol and yeast departments, has already shown signs of marked improve¬
ment.
We entertain prospects for better business in our molasses, syrup,
honey, vinegar, preserved fruit and cattle feed departments.
Centralization.—The organization of the various branches has been cen¬
installation of a General Comptroller, a general
tralized in New York by the
department and a general purchasing department head.
All the tank
and subsidiaries have now been transferred
and the numerous ships of the company have been put
nder one corporation and control
Economies have thus been effected.
cars
of the various companies
to one tank car line,
(4)3,592,909 (5)4,393,352(5M)4009471
7,299,009
3,951,436 surl ,069,397
11,447,916
13,378,519
1,309,278
7,290,830
5,981,552
...j
Bond redemption
Adjustment-
7,496.480
205,650
1,690,843
10,273,496
7.290,830
11,447,916
From advance statement partly estimated.
See V. Ill, p. 2427Note.—Inventory Dec. 31 1920, $9,042,612, less adjusted inventory
of Dec. 31 1919, $7,518,036; increase, $1,524,576.
The Cerro de Pasco Ry. Co. reports gross earnings, $1,118,619, against
$998,587 in 1919 and $1,069,056 in 1918; balance, surplus, after dividends
($213,750 in 1920 against $285,000 both in 1918 and 1919). $47,511, against
deficit of $116,147 in 1919 and surplus of $39,857 in 1918.
The railway
balance sheet Dec. 31 1920 shows total assets of $4,254,279, offset by .$2,850,000 capital stock (all owned by the Cerro de Pasco Copper Corp.);
current accounts,
$21,599; U. S. taxes, $33,379; parent co. advances,
$202,058, and surplus, $1,147,244.
p
x
CERRO DE PASCO COPPER CORP. BALANCE SHEET DEC. 31.
Assets—
,
1919.
1920.
Mines and
properties—smelter plant & machinery
$45,021,674 $27,935,412
4,001,415
Investments—Cerro de Pasco Ry. Co. capital stock
4,062,015
2,683,362
Stocks of sundry companies.
j
3,805,118
3,154,351
Materials and supplies on hand.
4,811,982
at Cerro de Pasco and Morococha
1,543,459
Accounts receivable
United Kingdom of G. B. &
U.S. Liberty Loan bonds—3
Ireland 5H % notes._
M % and 4 M %
ACCOUNT
SUB.
(INCL.
COS.)
FOR FISCAL
—Calendar Years
1920.
Other
June 30 Yr.
1919.
1918.
1917.
$2,898,280
$3,354,947
10,514,810
$5,497,377
287,949
Net earnings x
Interest on bonds
Dividends
YEARS.
303,043
458,222
706,944
(2)616,117
(4H%)1,385,436 (8)2,462,594 (8)2,462.787
y
401,955
interest
Previous surplus
Loss on sec. sold
____
Written off....
Special res. no longer req.
Depreciation
3,733"6§6
$7,593,801
10,423,094
$4,174,315
8,889,928
7,928",503
2,641", 149
Cr. 141,530
...
450,000
$7,086,203 $10,229,923 $10,423,094
Represents net income from all sources.
Three dividends of 1M% each were paid out of the earnings of 1920.
The last quarterly dividend due Jan. 1921 was omitted.
x
y
BALANCE
1,100,473
1,280,050
Total
SHEET DEC. 31
:
'
(Incl.
the
Various
'K'''*.'1:
'.;!/■
1919.
$
$
Assets—
Property account.38 ,628,541 31,192,169
502,755
750,000
Equity N.Y.Bldg.
1 ,160,855
Investments (cost)
Accts.&blllsrocelv. 2 ,997,732
4,363,367
3,334,316
Outstanding
898,230 shs.
898,229 shs.
Capital sun), (stockholders' equity in owned prop.) 33,695,486
Reserve—Depreciation of plant and machinery—
3,118,709
do
U. S. income and excess profits taxes.__
619,309
Cerro de Pasco Railway Co
...—
Due bankers on letters of credit and current acc'fc..
6,099,684
Drafts drawn in Peru on New York office
584,113
Accounts
payable
Wages accrued and unclaimed..
Property surplus (reserve for depletion of mines)
Surplus, per statement
terials
and
Liberty bonds
&c.
518",559
-53,312,487c48,534,687
Total
b30,774,181 30,774,180
459,387
470,218
a5,546,227
5,811,855
Accounts payable- 1,989,710
1,007,401
Res.
5,050,696
2,011,030
1,983,056
97,298
for conting..
......
108,789
Miscellaneous....
1,603,084
Surplus...
5,383,050
.
624,189
2,685,985
7,086",203
.53,312,487c48,534,687
California Packing Corporation.
Year ending Feb. 28 1921.)
Bentley, together with the income state¬
ending Feb. 28 1921 will be found in last week's "Chron¬
The remarks of President R.I.
ment for the year
icle," page 1981.
CONSOLIDATED BALANCE SHEET FEBRUARY 28.
1921.
1920.
S
S
Assets—
buildings,
machinery, &c.yl2,923,268
Investments
8,843,509
Merchandise..... 8,769,608
Material & supplies 3,376,764
Adv. to growers..
865,914
.Notes& acc'tsrec. 6,529,773
U.S. Lib. Loan bds
2,138,767
Deferred charges..
851,463
Cash
Total
y
10,408,558
9,504,598
7,797,120
2,846,835
774,943
3,804,937
1,822,000
2,901,836
1,061,869
44,299,068 40,922,700
After deducting
1921.
Liabilities—
S
7% pref.stock....
Land,
1920.
S
None
z8,206,200
trary valua'n) ,z20,569,485
11,684,255
(338,917)
3,793,882
599,373
Com.
stock
z
(arbi¬
No. shs., no
parz(471,708)
5,900,000
Accounts payable. 2,060,113
Dividends
707,712
Notes payable....
Reserve for Federal
taxes &
Surplus.
Total
conting.
1,000,000
4,000,000
14,061,757 12,638,990
.44,299,068 40.922.700
$3,249,476 reserve for depreciation,
z
The $8,206,-
200 7% Pref. stock outstanding Feb. 29 1920 was during the year 1920-21
converted into 123,093 shares of Common stock.—V. 112, p. 1981.
Sugar Company.
Pres. H. Rieman
1921.)
Duval, N. Y., April 28, wrote in subst.:
Review.—In April 1920 the trade and the housewife, fearful of
famine, undertook to anticipate their requirements for a considerable
period.
Raws advanced by the middle of May 9cts. per lb., or to 23.57
cts. duty paid, and cane refined about 6 to 10 cts., selling at from 20H to
26 Yi cts. per lb.; the lower quotations being mostly nominal or for comparartively small quantities.
From the lowest priced market in
the world, we became the highest.
The world was searched for supplies and sent the same in considerable
volume from Africa, Java, Japan, China, India, Egypt, &c.
Meanwhile
there were distributive delays here caused by strikes, embargoes, congestion
and the Lever Act, which sought to restrict profits.
sugar
74,656
a Includes Distillers Securities Corp.
5% bonds, $5,546,227, after de¬
ducting $10,158,000 purchased acquired from conversion, and canceled,
and $295,772 issued but not used for purposes of conversion.
b Represents capital stock of U. S. Food Products Corp., $32,500,000
authorized; $32,478,900 issued, less $170,619 issued but not used for pur¬
poses of conversion and $1,534,100 canceled.
c Totals differ from those in the company's report.
The current trade
accounts, accrued bond interest and accruing war taxes, &c., are shown
above under liabilities; in the report they are deducted from current assets
and omitted under liabilities.—V. 112, p. 1875.
(Report for Fiscal
American Beet
(Report for Fiscal Year ended March 31
Market
815,708
.......
2,429.379
190,769
13,156,302
10,273,494
1620.
cos.
Dividend payable.
Acer, war tax., <fcc.
Total
1,742,750
204,836
18,011,654
1,590,843
371,293
29,619
1,310,890
973,281
.$70,667,385 $54,080,542
-V. 112,p.
Bonded debt
Accrued bond int.
ma¬
sup¬
plies at cost
5 458,906
845,431
Cash............
Prepayments,
Capital stock
Constituent
_ _
18.545,515
1,800,000
5
Liabilities—
Notes payable
632,352
Bank loan.6,000,000
1 ,539,663
Miscellaneous.... 1 ,412,801
Adv. & storage, &c
Merchandise,
1919.
£
<•
$5,000,000
1,000,000 shs.
101,771 shs.
Subsidiaries).
1920.
F
1919.
1,000,000 shs.
101,770 shs.
Authorized
:
$5,000,000
1920.
Total
1920.
7,738,665
2,036,704
—$70,667,385 $54,080,542
...
Liabilities—
Capital stock (without nominal or par value)
Unissued
$589,310
10,229,923
Profit & loss surplus...$5.383,050
CONSOL.
9,042,612
hand
Deferred items..
...
$822,940
7,069,313
152,117
1,907,086
Balance, surplus
Copper, silver and gold on hand
on
5,080,633
i,45b"66o
Cash at bankers and
INCOME
14,447,916
3,000,000
.deb.5,708.166 cr.4,291,944
Balance, p. &1. Dec. 31
both in the
sales
2,806,828
600,000
2,974,485
10,273,494
Add balance Jan. 1___
Total
U. S. Focd Products Corporation.
Pres. George
Depletion of mines
Deprec'n of plants, &c._
Reserve for U. S. taxes. (1920)70,000
Bondinterest
changed, owing to various causes, notably increas¬
restricted bank credits, and prices tumbled precipitately,
Abruptlv the situation
ing supplies and
decling continuously until the middle of December, when, after a drop of
nearly 19 cts., raws reached 4.63 cts., duty paid, and refined 7.75 cts. per
lb
less 2%, a decline tragic in its commercial consequences.
December prices; it is believed, were well below cost of production.
A
moderate buying movement then developed, raws improving in price.
Refined
due to the wide differential over raws, had not declined propor¬
tionately, and continued downward until 6.85 less 2% per lb. for cane and
6.75 less 2% for beet was reached on Feb. 2 1921.
The creation, 01? Feb. 11, of the Cuban Sugar Commission restored confi¬
dence raw advancing to 6.27 cts. per lb., duty paid, and refined cane to
8 cts.'per lb., less 2%, and beet to 7.90 cts. per lb., less 2%.
World's
Sugar Production.—The world's entire sugar production for
1920-1921 is estimated at 17,000,000 long tons, or 1,850,000 tons in excess
of the preceding year, and about 1,500,000 tons less than the record year of
1913-1914
Of this production, beet sugar furnished 4,640,000 long tons
compared'with 9,000,000 tons, the European record year of 1912-1913.
The 1920-1921 domestic beet sugar production of 969,018 long tons, or
21 708 022 bags is the record for this country, and sufficient for nearly 25%
of our entire domestic sugar requirements, a quantity over 300,000 tons in
excess of the production of the preceding year, and nearly 200,000 tons in
excess of the previous record year of 1915-1916.
Of the past
season's domestic beet sugar
production, 3,2*7,000 bags, or
only about 15% of the entire production, were marketed by Jan. 1, making
proportionate movement to that date of this crop on record.
During this period your company sold its carry-over and about 19% of
the smallest
its 1920-1921 production; since increased
be carried into the next fiscal year.
to 64%, leaving 524,000 bags to
whole, has disposed of about
leaving approximately 10.000,000 bags for
normal, except to some
doubt, will be absorbed
in the usual way by about Oct. 1.
Income Account.—Receipts from sugar decreased $2,025,687, and ex¬
The domestic beet industry
53%
to March 31, as a
of its entire production,
further sale, and as the movement is now nearly
classes of manufacturing trade, this carry-over, no
penses
decreased $398,181.
MAY 14
Receipts
1921.]
THE
CHRONICLE
bag of sugar increased 24 cts.; expenses per bag of sugar
increased $1 41; net earnings per bag of sugar decreased
$1 17 [i. e., from
$1 54 to 37 cts.]
We brought over from 1919-1920 162,749 bags and
produced 1,461,799
bags, a total of 1,624,548 bags.
There were sold during the year 1,100,548
bags, feaving a carry-over to next year of 524,000 bags.
The average cost of sugar sold, including freight and other
selling expenses,
was 810 12 per bag of 100 lbs., as compared with
88 71 per bag last year.
The net earnings amounted to 37 cts. per bag, and
including profit from
pulp sold, interest and discount received, less farm and other losses, amount¬
ed to 12 cts. per bag of 100 lbs., compared with 81 83 last
year.
Sale of pulp shows a profit of 8112,379, comoared with
$251,502 in 19191920.
Net farm and live stock operations of owned and leased lands shows
a loss in
operation of $553,475, as compared with a loss in the preceding year
of $114,181.
per
Earnings are credited with the proceeds of live stock only when it is
sold, and, based upon conservative market prices, the value of the carry¬
over at the end of the year is $500,746.
Financial.—On
March
31
1921
the
reserve
for
working capital was
$691,923; a total of $4,976,-
$4,284,386 and the profit and loss surplus was
309.
Of this sum there is permanently invested in current and other
operat¬
ing assets, varying more or less during each campaign, $2,245,712; leaving
net liquid assets, $2,730,597.
Crop of 1921-1922—Comparative Beet Acreage Contracted for and Planted by
Company.—To date 56,783 acres have been contracted, compared with
60,336
in 1920-1921, making a falling off of 3,553 acres, and there
planted 45,065 acres, against 40,671 acres last year.
In
account of the reduction in the price offered to farmers for
beets for the next campaign, the contracting has been slow.
To date
21,041 acres have been contracted, of wheh 15,600 acres have been planted.
In Nebraska 6,688 acres have been contracted.
In Southern California [where 29,054 acres have been contracted for and
26,573 planted, against 29,588 and 28,253, respectively, last year] the
deficiency in the usual winter rains has been continuous for three years,the
precipitation to date being only about 50% of normal, and while the beet
crop in general is in good condition, the absence of sufficient surface moisture
necessary to produce an average yield is apparent.
Partly offsetting this
condition, however, there is only 26% of the contracted acreage planted on
lands overcropped to beets in the previous years, and for that reason it is
not expected that there will be any serious falling off in the
tonnage to be
harvested.
There are 29,054 acres contracted, and 26,573 acres have been
planted, on the majority of which good stands have been secured.
The world's search for sugar resulted in a complete transformation of the
supply and demand condition, and from an average gross selling price of
$17 31 per bag of sugar received for that brought over from the previous
year, the average gross selling price for the new 1920-1921 production to
March 31 1921, dropped to $9 31 per bag.
Common Dividend Omitted in April 1921.—The directors on April 4 1921
deemed it unwise to declare a dividend on the Common stock [for reasons
stated in V. 112, p. 1520].
Properties.—(a) Factories (built 1890 to 1907) and daily capacity for
consumption of beets: Oxnard, Cal., 3,000 tons; Chino, Cal., 1,100 tons;
Rocky Ford, Colo., 1,600 tons; Lamar, Colo., 400 tons; Las Animas, Colo.,
800 tons; Grand Island, Neb., 400 tons.
(6) Lands Owned: Oxnard, Cal.,
1,731 acres; Chino, Cal., 4,441 acres; Rocky Ford, Cal., 6,443 acres; Las
Animas, Colo., 238 acres; Lamar, Colo., 14,484 acres; Grand Island, Neb.,
58 acres,
(c) Principal Irrigating Canals: Lamar, Colo., capacity, 22,860
acres; Rocky Ford, Colo., capacity,
10,000 acres; Catlin Canal, Colo.,
capacity, 19,000 acres.
In these the company owns sufficient water to
irrigate its lands in Colorado.
have
acres
been
Colorado,
on
OPERATIONS FOR
YEARS
ENDING MARCH 31.
1920-21.
Average cost
bag
Unsold March 31 (bags).
per
INCOME
1919-20.
1,461,799
1,100.548
$10.12
524,000
Production (bags)
Sales (bags)
1,077,74 6
1,325,036
ACCOUNT
FOR
162,749
410,039
ENDING
1919-20.
$11,54:9,715 $13,575,403
$9,346,996
617,344
514,519
369,881
334,346
MARCH
1918-19.
31.
Total expenses
$7,471,383 $12,584,367
x685,198
57,117,276
877,775
394,102
327,957
1,399,965
$6,731,007
$740,376
),117,076
earnings.
i,467,291
Other Income—
Potash
receipts
Pulp receipts (net)
Farm & live stock opera¬
tions (net)
Miscellaneous income.
_
_
19,328
251,502
222,557
47,710
102,086
200,732
314,324
166,161
def.553,475
10,845
defll4,181
5,140
97,356
12,478
157,080
30,332
$133,508
$300,000
$2,425,810
$300,000
1,200,000
573,945
$1,200,739
$300,000
1,200,000
$3,135,188
$300,000
Gross income
Preferred dividends
Common dividends
(6%)
(8%)
Depreciation & additions
Balance,sur.ordef
x
Not
233,170
BALANCE
1921.
Factories,
S
lands,
equipment,
&c.20,000,000 20,000,000
of other cos
289,474
TLB.'Govt
1 988,319
Unsold sugar (cost)
Acc'ts A bills rec.
,231,498
,401,834
Comm'l live stock.
500,746
288,520
1,196,527
3,988,319
1,271,431
373,194
684,283
Material & supp..
,859,714
2,313,819
623,797
619,685
pooh
O
-
,339,221
Adv. account next
campaign.
.34,234,604 30,735,778
112, p. 1520.
1920.
15,000,000
5,000,000
5,000,000
Accounts payable.
Bills payable
301,549
395,437
1,395,000
taxes....
6,805,000
81,087
Acer. Govt, taxes.
Dividends declared
75,000
Res've for deprec'n
1,527,273
Accrued
7,773
72,634
517,289
1,275,000
1,137,630
Approp. for add'ns
and
improv'ts..
Surplus
Total
460,613
4,284,386
691,923
Outlook.—The officers and directors believe that under
normal conditions
packing house operations the company will prosper.
Dining the past
two years the whole packing industry has been
generally unprofitable. The
actual turn in industry has not yet arrived.
Hogs are to-dav selling upon
a considerably lower basis than a few months
ago, but provisions h ive fallen
to a lower value proportionately; the
industry is not yet on a stable earning
basis.
However, this situation cannot last and when the turn reaches us
we feel confident we can take
advantage of it.
Our products have an ex¬
cellent reputation here and abroad.
Our brands and our product are well
known in trade circles, where they meet with a
ready market.
The net earnings, after deduction for interest,
depreciation, &c., but be¬
fore deduction for excess profits and other taxes of the various
of
companies
acquired by the Allied Packers, Inc., either through physical
ownership or
by purchase of stock as reported, aggregated for the year ended April 30
as follows:
1917, $2,006,112; 1918, $2,044,697; 1919, $3,005,918.
There
is no reason why upon the return of normal conditions and with
the savings
through unified management which have been effected and which have been
planned, our net earnings should not equal or exceed the aggregate of the
net earnings of its constituent companies as so
reported.
The company has contracted to sell its Boston
plant as, in the judgment
of the board,11 is advantageous to
dispose of the same.
Notwithstanding
such sale our future net earnings
upon a return of normal business will not,
in the judgment of the board, be
appreciably less than, if indeed they do
not exceed, the aforesaid aggregate net
earnings reported of its constituent
companies.
(See new item below.—Ed.)
Condensed Extracts from Letter of Readjust.
Comm., N. Y., Apr. 30.
The committee has consented to serve at the
request of the holders of a
large amount of the debentures and stock, and its members are not
pecuni¬
arily interested in the company except that James C. Fenha ron represents
debentures, Edwin C. Lewis represents Preferred stock and Herbert I.
Foster is the owner of Common stock;
All of the security holders as well as the officers
have conferred, are of the
directors, with whom
opinion that a liquidation at the present time
inadvisable and that the failure to make money since organization was
and is due to abnormal conditions, and that as conditions
turn toward
is
normal the company can be operated at a
profit.
It appears that it will be necessary for some time to come that the
com¬
pany should be able to obtain bank loans in a considerable amount to
carry
on its business, and that such would be
particularly the case when the vol¬
ume of the business increases
through the return of business conditions
to
normal.
It is obvious that only by placing the
company in a position to
banking credits can the requisite loans be safely relied upon.
command such
The committee is of the opinion that it is not advisable that there
should
be authorized, but unissued, any susbtantial amount of shares of
stock, and
accordingly it is proposed that the authorized but unissued Preferred stock
be
reduced
from
$18,929,000 par value to $179,000 par value, and the
authorized but unissued Common stock be reduced from
249,000 shares to
99,500 shares, of which 80,000 shares are to be reserved to meet the con¬
version rights of the proposed bonds.
As
a
of
Statement by Public
Balance Sheet
Accountants April
of Feb. 26 1921.
26
1921
as
to
result of the reports
received from the several companies, we have
prepared a tentative condensed consolidated balance sheet, which is,
however, without detailed verification by us except as to the head office.
Between Nov 1 1919 and Feb 26 1921 the
company liquidated a substantial
part of its floating debt, and the current liabilities were reduced approxi¬
mately $3,600,000, and the merchandise inventories about $4,106,000,
while the total current assets decreased about
$7,000,000.
During this
period the net loss of the compan1' including interest on debenture bonds
was
about $2,700,000 and since the commencement of its
operation to
Feb. 26 1921 such net loss has
aggregated substantially $4,000,000.
1921,
Since the close of the last fiscal year on Oct. 30 1920 the current
assets
have been reduced about
$2,800,000, of which about $1,250,000 represents
a decrease in the
merchandise inventory and about $770,000 represents a
decrease in the notes and accounts receivable.
During these four months
the current liabilities were reduced
approximately $2,200,000, representing
almost entirely a reduction in notes
payable to banks.
The net quick assets at Nov. 1 1919 amounted to
approximately $12,300,000, at Oct. 30 1920 about $9,700,000, and on Feb. 26 1921 a little over
$9,000,000, indicating that the amount of net quick assets is steadily ap¬
proaching the minimum required by the debenture bond indenture.
Since Nov. 1 1919 the additions to
permanent assets have amounted to
about $1,100,000 before
deducting depreciation.
While we have not made a detailed audit of the accounts as of Feb.
26
1921, it is our opinion from previous experience with the company that the
can be considered as approximately correct.
TENTATIVE CONDENSED
596,407
4,284,386
1,061,995
34,234,604 30,735,778
Feb. 26
CONSOL. BAL. SHEET, INCL. SUB. COS
Allied Packers, Incorporated,
Chicago.
(Official Statement of April 27—Ann. Report for Yr. 1919-20.)
Referring to the plan outlined last week (p. 1980), under
which deposits must be made on or before June 1
[not June 7],
President J. A. Hawkinson April 27 wrote in substance:
Historical.—Organized in Delaware in June 1919, the company acquired
its properties and working capital by the issue of
$16,000,000 of debentures
(of which $75,000 are now owned by Canadian Packing Co.,
Ltd.), $6,071,000 Preferred stock and 201,000 shares of Common stock without nominal or
par value.
The interest on the debentures outstanding has been regularly
paid.
No dividends have been paid and the accumulated Preferred divi¬
dends will aggregate to July 1 1921 about $805,500.
The capital (including
controlled companies) taken at book value at about the time of
organization
was
§32,OOO,O0O, made up of property and plants at a value of about
$11,600,000, good-will, brands, trade-marks and deferred charges about
$6,900,000, and quick assets and working capital about $13,500,000.
The property and plants acquired and now owned consist of
plants at
Detroit, Wheeling, Buffalo, Boston, Richmond, Va., and Macon, Ga.
It
also owns all of the outstanding stock of Chas. Wolff
Packing Co., which
owns a plant in Topeka, Kan., and all of the
outstanding capital stock of
the Canadian Packing Co., Ltd., which owns
plants at Toronto, Montreal,
Hull, Peterboro and Brantford, Canada.
Almost immediately following organization, industries
generally through¬
out the country, and the packing industries in
particular, entered into a
period of liquidation and deflation, with the result that since its organization
the company has lost through its operations about
$4,000,000, and as a
result its capital has been actually impaired to a
corresponding extent.
'21.
Oct. 30 '20.
3,168,290
3,436,672
7,137,094
1,409,336
3,501,315
4,509,873
8,444,105
1,476,061
21,873
Assets—
$
Cash
Notes & accts. rec.
Inventories
Marketable secur.
Customs dep, Ac.
36,528
$
Feb. 26
*21.
Oct. 30 *20.
5,434,037
7,740,882
1,134,723
1,051,789
Liabilities—
Bank
loans
$
$
(part
secured)
Accts. payable and
accrued accts
Can. inc. tax (est.)
43,000
43,000
6,611,760
8,835,672
/
Claim—Brit. Min¬
istry of Food for
Total
commandeered
merchandise
Unexp. ins.
Prepaid
prem.
interest..
Total current,
425,756
67,137
21,157
501,507
90,258
20,349
curr.
liab.
5% Coll. notes (see
contra)
2,000,000
15,556
6% Deb. bonds..bl5,925,000
Accrued Interest..
Res. for acc'ts, Ac.
Ac.,
assets
and
we
$
Preferred stock...
Res. for work. cap.
Total
-V.
1921.
Liabilities—
$
Common stock...15,000,000
exceeded its liabilities by substantially $13,500,000.
As of Fein 26 1921
that excess amounts to but about
$9,000,000, and a further shrinkage in
excess of about $1,000,000 will constitute a default
under the covenant above
mentioned.
figures presented herewith
SHEET MARCH 31.
1920.
$
Cap. stock & secur.
Sees, of
1,200,000
def$399,662 sur$351,865 def$299,261 sr$l,635,188
CONDENSED
continue
approximately $610,000.
including farm and live stock taxes.
Assets—
$5,000,000 will mature on or before June 30Snoxt, and to
provide for the
for the interest due July 1 on the outstanding
debentures, and to
the business, new bank loans will have to be
negotiated
Any
likelihood of a default whereby the principal of the
debentures may be
declared due would militate against our getting the
necessary banking credits
The debenture trust deed requires that quick
assets, less current liabili¬
ties, must be maintained at 50% of the amount of the debentures
outstand¬
ing, and quick assets must have the ratio to current liabilities of at
least
\y> to 1.
When the company commenced its operations its
quick assets
same,
Between Oct. 30 1920, the close of the last fiscal
year, and Feb.26
such net loss was
def3,680
112,379
153,481
Interest & disc't received
year having been obtained
of substantially $15,000,000.
The present bank loans of the
and of the controlled companies to the amount of
substantially
an amount
company
Digest
$4,770,325
545,918
731,901
372,551
x.310,313
_
in
1917-18.
$11,135,757 $11,533,939
$413,958
$2,041,464
Sell.exp.(fgt.,disc.,&c.)
Net
1,686,544
1,629,298
$6.21
842.869
$7.98
YEARS
Expenses—
I
Factory cost of sugar sold $8,268,654
1,047.989
Administration, int., &c.
1,208,949
Depreciation
401,315
Factory & corp. taxes
x208,848
1917-18.
918,562
$8.71
1920-21.
Gross sugar sales
1918-19.
2081
The company has always been dependent upon
bank loans for carrying
on its business, its current credit
during the past
Minor, stockhold'rs
15,701,971 18,565,341
Other assets
158,608
159,057
Property & plant. 11,537,028
Coll. for 5% notes.
1,883,742
Pref. stock (7%)--
8,612
57,377
2,000,000
33,152
16,000,000
9,574
66,221
6,071,000
6,071,000
Common (nopar).a5,338,973
5,946,672
11,539,133
Good-will, Ac
Bond disc.,
Total
a
Ac...
4,696,627
2,050,302
1,901,003
4,696,627
2,101,130
-.36,028,278 38,962,291
...
Represents 201,050 shares of
Oct.
30.
See
plan
$75,000 in treasury.
1920.
no
b After
36,028,278 38,962,291
Total
value as against 201,000 shares
deducting $9,000,000 unissued and
par
In his report for fiscal
year ended Oct.
Jan. 25 wrote in substance:
30 1920,
President Hawkinson
Difficulties.—The past year was probably the most difficult one in the
history of the packing Industry.
The decline in foreign exchange and the
economic
stringency in Great Britain and the Continental countries re¬
a great decrease in
exports of meats and lard from the United
The exports of meats for the 11 months
ending Nov. 30 1920 were
826,751,096 lbs., a decrease of 1,054,036,240 lbs., or over 56%, compared
with the 11 months of
1919.
sulted in
States.
Naturally a great surplus had to be disposed of in this country at com
stantly falling values, the decline in values of the product being relatively
faster
than
In
live
stock.
Range of Values, Indicating the Almost Continually Decreasing
Jan.
Hogs sold in Chicago.
D. S. Ribs sold in
Chicago.
Lard sold in Chicago
Mess pork sold in Chicago
1920.
Oct.
1920.
$16.30 cwt.
$11.50 cwt.
20.00 cwt.
24.45 cwt.
14.00 cwt.
18.50 cwt.
42.00 bbl.
22.50 bbl.
Prices.
Decrease.
29%
30%
24%
47%
.
such as hams, bacon and
and lard.
Similar or even
greater reductions in values of all beef and hog by-products were experi¬
in values of other principal cuts,
Reduction
shoulders, was even more drastic than on ribs
enced during the year.
'
'
■
.
trying througnout
out of the market during
the tanners for hides hav¬
Leather.—The leather situation has been particularly
the year, resulting in the tanners virtually being
the greater part of that time.
The demand from
limited, the larger packers and many smaller packers were
compelled to tan a considerable portion of their hides, resulting in a great
accumulation of hides and a drastic reduction in values.
The market on
steer hides In January was $38 85 per cwt.; in October $26 50 per cwt.
Calf skin sold in January at 79c. per lb., and at 20c. per lb. in October.
Cottonseed Oil.—The packers are very large consumers of cottonseed oil,
ing been so
and this
product was similarly affected by the
decrease in export demand.
sold at 20c. per lb.; in Oct.
lb.—a decline in value of 62 H%.
Crude cottonseed oil in Jan. 1920
per
INCOME ACCOUNT FOR YEAR
1920 at 73^c.
ENDING OCT. 30 1920.
total._$5,720,436
profit on sales, $5,281,333; other income, $439,103;
Selling and general expenses..d,2J»,2m
Gross
Profit from operations
Interest on bonds and other
Loss after deducting
$422,214
.....$1,709,196
interest.
interest..............-i,-^----w—>-—$l»286,982
($668,182); bond discount and organ($120,820) ......—. -——
—- - - #——
Sundry losses and claims
ization expenses
789,002
$2,075,984
Loss for year—
-V. 112, p. 1980.
GENERAL INVESTMENT
[VOL. 112.
CHRONICLE
THE
2082
paper favoring an
the expense of the
investigation of the B. & M. under the direction and at
corporation.
The directors of the Boston & Maine RR.
you that this movement is entriely without
feel that they should warn
authonty^from them and does not have their approval."—V. 112, p.
Canadian Pacific
debentures were denied.
The Guaranty Co. issued the following
"Guaranty Co. of N. Y. and the Canadian Pacific Ry. jointly
6 lA%
statement;
financing."
Canadian Pacific financing,
appearing in New
York and Montreal papers were based upon nothing but rumors and were
guesswork, pure and simple.
He stated that the matter had not even been
considered by the directors and if and when any finaficing was decided upon,
it would, at proper time, be announced by the company itself.
He stated
that the company had no fiscal agents in New York and that, therefore,
deny the reports regarding Canadian Pacific
With reference to tne rumors as to prospective
President
Beatty
on
suggestions coming from banking sources there were unauthorized.
[Lord Shaughnessy's proposal that the C. P. R. operate the Canadian
"Railway Age,
May 6.]
any
National Rys. is treated fully in the
Dominion Express Company
public
a
Central Railroad of N. J.—Bond Extension.—
I.-S. C. Commission for authority to
Mtge. bonds of the American Dock &
Improvement Co., which mature July 1 1921. and are to be extended to
NEWS.
or shortly thereafter.
Crisis Must Not Continue.—Official letter,
Average Freight Rales Still Less Than in
"Railway Age
May 6, p. 1090.
Senator Capper Demands Freight Rale
1887.—(Bureau of Ry. Economics.)
Cut.—"Times" May 8, p. 14.
C.
Rates.—(a) North Dakota RR. on May 9 received order from I.-S.
Commission to increase their passenger train rates on intra-State traffic
as
order ofAugust 1920.
(d) N. Y. N. H. & H. RR. on May 12 reduced
on sand and gravel 25 cts. a ton.
(c) California interests appeal for
rates on fruit and vegetables,
.(d) Mexican Ry, authorized to in¬
per
rates
lower
crease
its
rates.
.
to RR. Situation.—(a) Testimony of Julius
Southern Pacific Co.
Grossly excessive labor
cost due to Federal operation.
Business depression not due to high RR.
rates.
Traffic via Panama Canal has increased 72% this year.
See
"Current Events" above and "Times" May 11, p. 19; May 12, p. 7; May 13,
Congressional Hearing as
Kruttschnitt, Chairman of
p.
1865.
p.
Central RR. of South Carolina.—Refunding.—
The stockholders will vote May 26 on authorizing an issue of $300,000
bonds to refund an issue of $300,000 1st Mtge. 6% bonds due July 1 next.
The int. rate of the new issue is yet to be determined.
The road (about 40
miles) is leased to the Atlantic Coast Line Ry.—V. 82, p. 927.
Chicago Burlington & Quincy RR.—Obituary.—
Vice-Pres. Elmer A. Homer died in Chicago, May
4.—V. 112, p. 1976.
Chicago & Eastern Illinois RR.—Listing.— •
The New York Stock Exchange has
admitted to the list Equitable Trust
Preferred and Common stocks,
Co. of New York certificates of deposit for
first assessment paid
and full assessment paid.—Y. 112, p.
1976, 1865.
Chicago & Northwestern Ry.—Equipment Trusts —
The company has sold to White, Weld & Co., two series of Equipment
Trust 6Yi% certificates to be issued under the railroad's Equipment Trust
Agreement of 1920.
To
are
provide the cash equity the first three installments of each of such series
the first installment of these certificates will be
to be cancelled so that
payable in the year 1925.
Series J will mature annually Mar. 1 1925 to
1936, inclusive.
Series K will mature annually April 1 1925 to 1936,
inclusive.
The total of the certificates thus sold is $5,436,000.
They are
to be secured by locomotives and cars having an approximate total cost of
E6,820,000.the is understood that a p. 1739.offering will be made by the
ankers in
It
future.—V. 112, public
near
Chilean Railways.—Passenger
Cars.-—
141 Broadway, New York, will
bids on July 6 at Santiago, Chile, for 80 passenger cars of 1.676 meter
gauge, and for 2 sleeping coaches, 2 dining cars, 2 first-class coaches, 2 thirdelass coaches and 2 mail cars, all of 1 meter gauge.—V. 112, p. 372.
The Chilean State Rys., with offices at
19.
'(b) Reply of L. F. Loree, President Delaware & Hudson Co. to W. Jett
Lauck.
Idom.
(c) Other witnesses, see daily papers, Apr. 18 to May 14.
(d) Stock dividend of 1868.
"Times" editorial, May 9.
(e) Living wage
plea criticized.
Idem May 8, p. 14.
Hearings of Labor Board on Rules ended May 11.
"Times" May 12, p. 9.
Loss to U. S. From Federal Control.—Director-General James C. Davis
estimates the loss at about $1,200,000,000, against $900,476,000, the esti¬
mate of his predecessor.
"Times" May 10, p. 19.
Rules Governing Railway Purchases Under Sec. 10 Clayton Act.—"Railway
Review" May 7, P. 700 to 702.
Governors' Committee Reports on
New England Roads.
open
Delaware
The reply
12 RR.
Board, will be found under "Current
Denver
The
"Wall St. J."
May 9.
Idle Cars.—Total, 482,352 on Apr. 30 (decrease for week 715), including
coal cars, 229,443 (decrease 6,000), and box cars, 173,037 (no material
change).
Loadings.—Total for week ended Apr. 30, 721,997, the maximum
date, and the fourth consecutive weekly increase, but 79,000
1920 and 30,000 below 1919.
Coal cars loaded, 145,010; in¬
crease for week 6.400, but 23,700 under 1920.
Merchandise, &c., 451,714
cars; increase, 5,000.
Compromise in Cuban RR. Strike.—"Wall St. J." May 12, p. 11.
Los Angeles Terminal Improvement May Cost $32,000,000.
Steam lines
and electric interurban roads at Los Angeles have been ordered by Calif.
RR. Commission to file plans within 6 mos. for new union depot, &c., at
Los Angeles.
"El. Ry. Jour." May 7, p. 868.
:.v-v
;*C-'
Valuation.—(a) RR. valuation, status to date, four tentative but possi¬
bly final valuations.
(Samuel W. Moore, Gen. Counsel K. C. So. Ry.)
"Eng. News-Record" May 12, p. 818 to 821.
(d) Public utility valuation
"Electric
(Robert A. Brown, attorney for St. Jo. Ry., Lt. & Ht. Co.)
World" May 7, p. 1058, 1060.
•El. Ry. Jour."
Palmer Condemnation Case
(Connecticut Company) .Car
for year to
less than in
May 7, p. 851 to 855.
Arrested
Development of Public
Utilities.—(E. N. Hurley.)
Idem,
p.
1037 to 1039.
Matters Covered in "Chronicle" of May
May 13, p. 1932.
Alabama
7.—(a) Conference on freight rates
(b) New members of I.-S. C. Commission, p. 1932,1826.
Great Southern RR.—Advance Statement for
1920-Semi-Annual Dividends
The income statement for 1920
A semi-annual
on
Both Issues Reduced to 3 %.—
is given under "Financial Reports" above.
dividend of 3% has been declared on the Common stock,
payable June 29 to holders of record May 31.
A semi-annual dividend of
3% was also declared on the Preferred stock, payable Aug. 18 to holders of
14.
During 1920, semi-annual dividends of 3K% each were
paid on both the Common and Preferred stocks.
A semi-annual dividend
of 3H % was also paid on the Common in Feb. last.—V. Ill, p. 1660.
record July
Atlanta Birmingham
& Atlantic Ry.—Service Resumed.
service on the road, which
crippled since the strike of unionized employees on March 5, was
announced April 19, and the company, through Receiver B. L. Bugg,
announced that it was now prepared to handle both carload and less than
carload freight with reasonable dispatch.—V. 112, p. 1739.
Restoration of regular freight and passenger
has been
Bangor & Aroostook RR.—Equipment Notes, &c.—
The I.-S. C. Commission has authorized the company (1) to issue $210,058
conditional sale purchase notes, in conditional purchase of equipment under
the terms of a contract entered into pursuant to National Railway Service
Corp/s Equipment Trust,
First Series, Conditional Sale Basis;
(2) to
guarantyaccountof $53,100 from theand S, to the National Railway Service
U. (3) to pledge $100,000 Consol. Ref.
orp. on a loan of said equipment;
Mtge. 4% bonds of 1951
with the Secretary of the Treasury as security in
part for loan.—V. 112, p.
Boston Elevated
1860.
Ry.—Plans 5-cent Fares,—
cepted by the men means an annual
$1,000,000.
See Y. 112, p. 1976.
Boston & Maine
reduction in expenditures of about
RR.—Directors Warn Stockholders.—
directors after a meeting held May 9 issued the
"Certian persons styling themselves the 'Boston &
RR. Stockholders' Protective Association' are asking you to sign a
President Hustis and the
by W. Jett Lauck,
Events" on a preceding page.—V. 112,
&
Boulder
Western RR.—Position.—
peculiar position of this road, which had its tracks torn up
and its
property sold in accordance with an order of the Colorado P. U. Commis¬
sion, and subsequently ordered to restore the property by the Colorado
Supreme Court and resume operations, is outlined in the "Railway Age"
May 6.
See also V. 112, p. 1399.
Denver & Rio Grande RR.—Appeal for Funds, &c.
protective committee, Benjamin B. Odell, Chairman,
notice to the stockholders state that the confirmation of the sale by the
lower court defers, but does not defeat, the vindication of the stockholders'
rights and appeals to them for additional funds to carry on the fight.
He states that the Committee, now represents over 2,000 stockholders and
requests immediate contributions from the stockholders at the rate,of 50c.
per share with all new stock deposited.
Stockholders who have con¬
tributed 20c. per share are asked to pay the balance, 30c. per share.
Con¬
tributions of cash and all additional stock for deposit should be sent to
Lawyers Title & Trust Co., 160 Broadway, Now York, the Depositary.
Arthur M. Wickwire, 149 Broadway, New York, counsel for the stock¬
holders' protective committee, has sent to Hon. Albert B. Cummins,
Chairman Interstate Commerce Committee investigation the railroads, a
statement dated May 12 alleging that the foreclosure of the Western Pacific
and the subsequent judgment of $38,000,000 obtained against the D. &
R. G. on account of its guaranty of the old Western Pacific 1st Mtge. bonds
were "enormous
wrongs" deliberately entered upon for the purpose of
defrauding the D. & R. G. stockholders.
"The Committee" Mr. Wickwire
says, "is also contemplating suits against the directors to recover damages
for their colossal breach of trust."
opee annual report on a preceding page.—V. 112, p. 1865.
The stockholders'
in
a
Detroit United Ry.—May Extend Bonds—Wages, &c.—$855,000 1st Mtge. 4H % bonds of the Detroit & Northwestern Ry.,
May 1 1921 were taken up from the present holders at the
office of Central Union Trust Co., N. Y. City.
"It is likely that the bonds
The
which matured
will be extended."
The company has
petitioned the Michigan P. U. Commission for permis¬
capital stock to be used in paying the 2)^% stock
of the usual cash dividend.
The company has also petitioned for permission to extend the (a) $1,400,000 Detroit & Flint Ry. 5s, maturing Aug. 1 next; lb) $1,100,000 Detroit
Rochester Romeo & Lake Orion Ry. 5s, which matured June 1 1920 [taken
up at maturity by Central Union Trust Co., N. Y.t and held as collateral
to loans of the company], and (c) $855,000 Detroit & Northwestern 4^s,
which matured May 1 1921 [see above].
The company says that the bonds maturing Aug. 1 also will be paid at
maturity.
The proposed extension is for the purpose of holding liens and
would be to not later than Jan. 1 1932.
The company plans to pay 7%
interest on extended bonds.
Representatives of the street railway men's union and officials of the
D. U. R. have signed an agreement based on the revised wage scale adopted
by the men by referendum vote.
The scale written into the agreement,
which runs to May 1 1922. calls for wages at the rate of 55, 58 and 60 cents
per hour [old rate was 70, 73 and 75], based on the length of service.
In the
agreement is a new feature which will bar the company from attempting to
effect any change in the wage scale before that time.
Heretofore the De¬
troit carmen's agreements could be opened "by mutual consent," under
which provision the company attempted to bring about a 20% wage reduc¬
tion in January.—V. 112, p. 1977.
sion to issue $275,000
dividend on June 1, in place
counsel for the Public Trustees, told the House
H. W. Barnum, general
Ways and Means Committee that the company intends to establish 5-cent
fare districts wherever possible.
The present fare is 10 cents.
Chairman Jackson of the Trustees stated that the wage reduction ac¬
following statement:
Statement.—
hearing before the U. S. RR. Labor
p.1977.
"Times" May 8,
Economies.—R. H. Aishton, Pres. Am. Ry. Assn.
& Hudson Co.—Official
of President L. F. Loree to the charges made
counsel for the labor unions at the recent
Sec. 2, p. 1.
Maine
Stock Increase.—
Committee of the Canadian House of Commons has
bill providing for an increase from $2,000,000 to $5,000,000 in
the stock of the Dominion Express Co.
The new stock will be taken up by
the Canadian Pacific Ry., to which the express company is in debt.
The
express company lost $1,537,000 on last year's operation, it is stated.
—V. 112, p. 1976.
The House Railway
approved
July 1 1936.—V. 112,
Commission Recognizes Thai RR.
"Times" May 13, p. 23.
10 said that all statements
May
The company has applied to the
its guaranty of $4,987,000 1st
INCLUDING ELECTRIC
the matter becomes
&c.
renew
ROADS.
General Railroad and Electric Railway News.—The
following table summarizes recent railroad and electric rail¬
way news of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
RAILROADS,
Ry.—Denies New. Financing Rumors,
Reports that the company had closed arrangements with the Guaranty
Co. of N. Y. and Union Trust Co., Pittsburgh, to sell $50,000,000 15-Year
Duluth
(Minn.) Street Ry.—Franchise Surrendered.—
The company
Clerk a request for an indeterminate
under the jurisdiction of the State Commission as to
has filed with the City
permit, thereby coming
has also
committee of
rates, under the provisions of the new trolley law.
The company
decided to reject the service-at-cost franchise prepared by a
Duluth
engineers.—V. 112, p. 257.
Durango Ry. & Realty
The railway property,
Co.—Dismantlement.—
about 2)^ miles, is being
dismantled.—V.lll,p,692.
May 14
1921.]
Durham
(N.
THE
CHRONICLE
C.) Public Service Co.—Bonds Offered.—
McCown & Co., Philadelphia, are offering at 98 to yield 8.25% $500,000
Gen. Mtge. Series A 8% Sink. Fund Gold Bonds.
Dated April 1 1921.
Due April 1 1936.
Denom. $100, $500 and $1,000 (c*).
Callable at 102
and int. on 60 days' notice.
Incorp. in 1901 in N. Caro.
Supplies entire light and power in Durham.
Owns and operates all the street railway lines, does an electric light and
power and artificial ice business.
Property consists of 4,400 h. p. steam
generating electric plant, 144 miles of distribution lines, 12 miles railway
track and an ice plant of 100 tons capacity.
Bonds are secured by a general mortgage on the property subject only to
5400,000 1st Mtge. 5% Gold Bonds, due 1941.
Net earnings for year ending Dec. 31 1920, available for int. on all bonds
were equal to 2% times int. charges.
Eastern Massachusetts Street
Payment of Interest
on
Ry.—Expected to Resume
Bonds after Expiration of Moratorium,
June 30.—The Boston "News Bureau" says:
"The advance in prices of the various
securities reflects improving earnings.
Eastern Massachusetts Street Ry.
It is expected that the company
will, after June 30, be able to pay the interest on all its bonds as it comes due.
"Under a provision of the indentures the trustees had the right to defer
for a time the interest on some of the road's bonds, and about $1,000,000
of
interest
has
been
so
deferred.
"No coupons coming due after June 30, however, can be postponed, but
through savings in operating costs from use of one-man cars the road is
now earning its interest and payments will, in all probability, be made.
The refunding bonds, which sold as low as 20, have recovered to 45."
The question of wages of the employees has been submitted to arbitration.
Directors Elected April 11 (as
.
Distinguished from Trustees).
While the Trustees
in the interests of the
appointed by the Governor operate the property
public, the Directors represent security holders on
capitalization, abandonment of track and other property
questions of
problems.
This Board was elected April 11 1921 and it is as follows:
(a) Roger W.
Babson, Wellesley Hills, Mass., Chairman; (6) "Walter L. Haehnlen, Care
(c) E. Elmer Foye, 35 Congress St., Bos¬
ton; (d) W. Eugene McGregor, care Harris, Forbes & Co., Boston; (c) J.
Howard Leman, care Merrill, Oldham & Co., 35 Congress St., Boston;
(J) Bernard W. Trafford, First Nat'l Bank, Boston; (fir) E. Sohier Welch,
Boston.—V. 112, p. 1977.
of Charles Fearon & Co., Phila.;
Fonda Johnstown & Glov.
RR.—Refuse Wage Cut.—
The employees on all branches of the company having declined to accept
compromise wage cut of 15% for all classes of labor, the company put into
effect the original plan of a 20% cut, retroactive to May 1.
The matter
probably will go to arbitration.—V. 112, p. 1399.
a
2083
This distribution to the railroad company in advance of
segregation
the coal companies is similar to the recent action of the
of
Lehigh & Wilkes-
Barre Coal Co., which declared a 150% cash dividend, the bulk of which
went to the Central RR. of New Jersey, as owner of a
majority of the stock
of that coal company.
In both instances the coal companies had accumu¬
lated large surpluses, a portion of which could be distributed in cash
19280
form,
segregation meant a sale of the properties it was logical that a subof the cash assets and investments should be distributed to the
present owners of the companies before disposal of the physical property
and other assets under a sale to be provided by the
forthcoming segre¬
gation plan.
Cash assets of the Lehigh Coal Co. available for the
purpose included
about $7,500,000 securities embracing Liberty bonds and U.S. certificates
of indebtedness and some $3,500,000 cash.1
These, together with the year's
earnings, furnished the means for the distribution.
At the end of 1919 the
accumulated surplus was $10,600,632 and earnings last year are believed
to have exceeded $2,300,000.
and
as
stantial part
Lehigh Valley Coal Co. Annual Net Income—Divs. Paid—Accumulated Surp.
Net Income.
1919 (not 1920)
1918
$3,223,370
1917—
—
1.658,141
2,427,827
-
-
——————
—
Dividend.
Accum. Sur.
$802,474 $10,600,631
2,029,640
8,095,230
2,397,777
6,238,690
Lehigh Valley RR.—Dividends Received—Coal Properties, &c.
Coxe Bros.
-
-
1919—-
-
,
—
1917
-
—V.
112,
L. V. Coal Co.
All Divs.
$2,663,789 $12,720,089 $15,532,351
263,080
802,474
1,188,678
292,970
2,029,650
2,546,778
714,025
2,397,777
3,344,546
1969.
p.
Michigan Central RR.—New Directors.—
Vice-President E. D. Bronner and Henry M. Campbell of Detroit have
elected directors.
Samuel Mather has resigned from the board.—
V. 112, p. 744, 162.
been
Milford & Uxbritige
Street Ry.—Lease.—-
Dedham St. Ry. to the Milford company has
approved by the stockholders and the Mass. Department of Public
Utilities.
("Electric Railway Journal.")—V. Ill, p. 2521.
A lease of the Medway &
been
Milwaukee Electric Ry. & Light Co—Bonds Offered —
Dillon, Read & Co., Harris, Forbes & Co. and Spencer Trask
& Co. are offering at 95 and int., to yield over 8%, by adver¬
tisement on another page, $5,000,000 20-Year 7A% Ref. &
1st Mtge. gold bonds, Series A.
1921.
Due June 1 1941.
Int. payable J. & D. in New
Denom. $1,000 and $500 c*.
Red. all or part by lot after 60 days'
follows: To and incl. June 1 1922 at 101
thereafter to and incl.
June 1 1923 at 102]4\ thereafter to and incl. June 1 1924 at 103H", thereafter
Dated-Tune 1
York.
Fredericksburg & Northern Ry.—Promissory Notes.—
The I.-S. C. Commission has authorized the company to issue promissory
notes in the aggregate
amount of $12,500, in connection with the procure¬
112, p. 1740.
ment of one locomotive.—V.
notice
to
as
and incl. June 1
1926 at
107HI thereafter to and incl. June 1 1931
at
105^; thereafter
to and incl. June 1 1936 at 103^; thereafter at 101M and
Central Union Trust Co., N. Y., trustee.
Company agrees to pay
the U. S. normal income tax up to 2%, and to refund the Penn. 4-mill tax.
int.
Georgia Railway & Electric Co.—Bonds Authorized.—
The Georgia RR. Comm. has authorized the company to issue $198,000
bonds under its Gen. Mtge. to cover improvements made during July to
Dec. 31 1920 —V. 110, p. 1289.
A semi-annual sinking fund will retire 2% p.a. of these bonds until June 1
1926 and 114% P- a. thereafter, if obtainable at or under par and int.
Georgia Railway & Power Co.—Bonds Authorized.—
Company.—Will own or control upon completion of the present financing
entire central station electric light and power and steam-heating business in
Milwaukee and suburbs.
Also owns and operates substantially the entire
>
The Georgia Railroad Commission has authorized the company to issue
$176,000 bonds to cover improvements made during July to Dec. 31 1920.
—V. 112, p. 257.
Grand
Rapids
Railway.—Wage Reduction.—
The trainmen of ths company, a subsidiary of Commonwealth Power,
Ry. & Light Co., have voted to accept a reduction of 10 cents an hour
proposed by the company.—V. 112, p. 932.
Data
from
Letter
of
John
I.
Beggs,
President
of
the
Company.
street
railway business in this territory and furnishes all of the central station
electric light and power and most of the interurban railway service through
an extensive surrounding district, including the city of Racine, in which it
likewise operates the local street railway system.
In addition supplies
electric power to nearly all the utilities in the southeastern section of the
State of Wisconsin.
Total population approximately 800,000.
Earnings for Years ended Dec. 31.
Grand
Trunk
Ry.
of
Canada.—Accept Government
Control.—The shareholders at the meeting in London, May
12, ratified the agreement between the management and the
Canadian Government providing for the transfer of the
control of the railway to the Government this month.
of
This action of the shareholders it is expected will see an early resumption
arbitration proceedings to determine the valuation of the properties.
Government nominees will supplant the
existing board of directors. The
shareholders will name a committee to present their case before the Board of
Arbitration.—V. 112, p. 1977.
Havana Electric Ry., Light & Power Co.—
Income Account for Calendar
Operating
expenses
Netincome
Miscellaneous income
—
Net profits from oper. & misc. inc..
—V. Ill, p. 10 3.
Holyoke
(Mass.)
1918
$9,397,352
4,979,685
$8,176*545
$5,029,485
47,784
and taxes
Total net income.
Fixed charges
Preferred dividends (6%)
Common dividends (6%)
1919
$11,477,937
6,448,452
Gross earnings—
$4,417,767
64,538
$3,799,889
140,895
$5,077,269
968,759
1,258,709
896,900
$4,482,305
979,711
1,258,709
896,904
$3,940,784
989,138
1,258,709
896,905
$1,952,901
$1,346,982
$796,031
4,376,656
jitney competition.
The Holyoke City Council has banned jitneys from
the city.—V. Ill, p. 692.
Jersey Central Traction Co.—Fare Decision.—
Supreme Court Justice Kalisch at Trenton, May 5, upheld the decision
of the P. U. Commission, which refused to sanction a fare increase from 7 to
10 cents in each of the zones of the company, which operates in Perth
South Amboy,
Sayreville, Matawan,
Keyport, Keansburg, Red
Bank and Atlantic Highlands.
The action of the court was based upon
the failure of the company to carry out an order to make certain improve¬
ments for purpose of furnishing safe and adequate
service.—V.Ill,p.1083.
Kansas
1913—
City Railways.—Notes Not Paid.—
No arrangements have been made for the payment, exchange or extension
ofthe $7,750,000 7% notes due May 15.
No interest accruing on them since
that due May 15 1919, has been paid, and no interest on any of the com¬
1915
1917
1919
1920
More than 68%
Kansas
$6,457,820
7,507,045
7,482,806
10,309,614
15,033,986
19,064,335
Net Income.
$2,871,440
3,121,960
3.072,108
3,445,894
4,679,710
4,275,442
of 1920 net income
was
Interest.
Balance.
$1,283,713
1,348,000
1,456,230
1,324,136
1,958,382
1,799,088
$1,587,727
1,773,960
1,615,878
2,121,758
2,721,328
2,476,354
derived from light and
power
business.
Annual int.. on funded debt, incl. present issue, $1,978,210.
Dividend Record.—Has paid divs. since 1900 on its 6% Pref. stock ($4,-
500,000 outstanding); and since 1903 has paid divs. annually averaging im
of 8% on its Common stock ($9,850,000 outstanding). [See alss
V. 112, p. 1978, in connection with proposed new Pref. stock
issue.)
excess
property as of Jan. 1 1914, together with subsequent capital expenditures to
March 31 1921, aggregate $51,671,518 (excl. of $3,273,960 of materials and
supplies on hand
Total funded debt now outstanding, $36,532,000.
Security.—Will become a first lien on entire property by Dec. 1 1931, all
underlying mortgages being closed except for use as collateral to this in¬
denture, and bonds of such issues must be paid at maturity.
Bonds are
secured by direct first mortgage lien or pledge of all stocks and securities
.
certain small central station and distribution system property in the cities
of Milwaukee and North Milwaukee and by direct mortgage lien, subject
on
to
underlying mortgages, upon all other property now or hereafter owned.
Additionally secured by deposit as collateral of an equal amount of under¬
lying bonds consisting of $3,500,000 Gen. & Ref. Mtge. bonds of the com¬
pany and $1,500,000 Gen. Mtge. bonds of Milwaukee Light, Heat & Trac¬
tion Co., all of whose utility properties it now owns.
The former deposited
bonds are subject to prior liens of $13,228,000 on property in Milwaukee
The company has applied to the I.-S. C. Commission for authority to
issue $2,000,000 10-year 6H % notes, which are to be secured by $3,125,000
1st mtge. 4% bonds.
Proceeds are to be used in part to retire an issue of
$2,500,000 4]4% notes maturing July 1.
Part of the Issue may be ex¬
changed for the old notes where that is agreeable to the holders.
The
new notes, It is understood, are to be sold through E. H. Rollins & Sons
and Continental & Commercial Trust Co., Chicago.—V. 110,.p. 1290.
on
all remaining property.
this issue and
pledged under this indenture or retired.
Purpose.—Proceeds will be applied to the reduction of floating debt.
Restrictions.—Additional bonds may be issued only at par to refund a
like amount of underlying bonds or bonds of this issue; and for 80% of the
cost of additions and improvements when annual net earnings available
for interest, depreciation, reserves and divs. equal at least twice annual
int. charges on all bonds outstanding after proposed issue or have amounted
to at least 12% of the aggregate par value of such bonds.
Compare V. 110,
p. 1749; V. Ill, p. 1183, and in connection with proposed new Preferred
stock issue, V. 112, p. 1978
Missouri & North Arkansas RR.—To Reduce Fares.—
Announcement
was made May 1 by J. O. Murray, Traffic Mgr. at Joplin,
Mo., that, effective June 15,passenger rates on the line would be reduced
from 5 cents to 3 65 cents
to the
The company has been
1399.
City Terminal Ry.—To Issue Notes.—<3!'^
$5,000,000
Of the issues of bonds pledged, there are $5,819,000 additional outstanding
with the public and $9,000,000 in the treasury or pledged as collateral tc
note issues on or prior to whose maturity they will be refunded by bonds of
pany's securities has been paid since July 1 1919.
In receivership since Sept. 9 1920.—V. 112, p.
—
and the latter to prior liens of
Street Ry.—Jitney Regulation.—
The company has opened service on its lines between Chicopee Falls and
Holyoke, Mass., which had been suspended over five weeks, because of
Amboy,
—
Valuation.—The Wisconsin RR. Commission's valuation ofthe physical
Years.
1920
Cross.
1911
a mile.
The intended reduction is due in part
cutting of wages of employees on Feb. Iabout20%.—V. 112,p. 1399.
Monongahela Power & Ry.
hela Valley Traction
(Successor to MonongaCo.)—Offering of Pref. Stock—List¬
ing—Change of Name.—
Holders of Pref. and Common stocks of record May 9 are given the right
to subscribe
on or before May 31 at $19 per share for $4,580,275 6% Pref.
stock (par $25) to the extent of 39.11% of their holdings.
The proceeds
of the Pref. stock will be used for corporate purposes.
The N. Y. Stock Exchange has authorized the listing on or after May 11
1921 of (1) $3,419,725 (auth. $8,000,000) 6% Cum. Pref. stock, par $25,
official notice of issuance of certificates bearing above name in exchange
for stock certificates bearing name of Monongahela Valley Traction Co., or
on
Lehigh
Valley
RR.—Annual Report—Dividends Aggre¬
gating $15,383,878 Received from Coal Properties—Segregation
Plan in Preparation.—Referring to the annual report cited
.on a preceding page and in last week's "Chronicle," page
1969, the "Phila. News Bureau" May o says:
The company has taken into its treasury a dividend of $12,720,089 from
Lehigh Valley Coal Co. stock and a $2,663,788 dividend from its Coxe
As all of the stock of both of these subsidiary com¬
panies is owned by the Lehigh Valley RR. Co. this Information has not
reached the public though it develops that the dividends were declared
.-some months ago.
There is $9,465,000 L. V. Coal Co. capital stock and
(the dividend therefore amounts to over 134%.
its
Bros. & Co. Inc. stock.
Kanawha Traction & Electric Co., (2) and $8,288,875 (auth. $12,000,000)
Common stock, par $25, on official notice of. issuance of certificates bear¬
ing above name in exchange for certificates bearing name of Monongahela
Valley Traction Co. or Kanawha Traction & Electric Co., with authority
to add $4,580,275 additional Pref. stock and $3,711,125 additional Com. stk.
The stockholders on May 6 authorized the change of corporate name of
Monongahela Valley Traction Co. to Monongahela Pbwer & Ry. Co.,
effective May 11 1921.
Such change of name has in no way affected the
corporate identity of the company or its rights, power and obligations.
Earnings.—12 months ending Feb. 28 1921 shows: Gross income, $6,024,477; Net, after operating expenses and taxes, $1,887,086; fixed charges,
$972,577; net earnings, $914,509; Pref. dividends, $200,967; balance, $713,542; profit and loss surplus, $1,187,208.—V. 112, p. 1978.
•
2084
Muskegon Ey. & Navigation Cc.—Securiliei
Authorized.
(1) to Issue and
sell not exceeding $304,900, common stock for cash at not less than par;
and (2) not exceeding $304,900 1st Mtge.. 6% bends at not less than 80 and
The I.-S. C. Commission
has
authorized the company
The West 8ide Belt RR. shows for 1920 "gross income" of $445,467
(including $358,523 from hire of equipment, credit balance), and surplus
$317,335, of which $235,000 was applied to miscellaneous
appropriations.—V. 112, p. 1978.
after all charges,
int.
and operate a line of
the projected total length
being about 10 miles.
Authorized capital of $500,000, of which $83,500
sold at par and outstanding. /On Mar. 1 1919 executed a trust deed to
secure an issue of $1,000,000 1st mtge. 6% gold bonds of which $237,200
have been sold and are outstanding.
The stock and bonds were sold to
local interests.
The cost of road and equipment was originally estimated
at $350,835 but it is estimated that $200,875 additional will be required
which with further additions and extensions contemplated will require the
The company was organized Mar. 21 1918 to build
road from Muskegon to Muskegon Heights, Mich.,
issuance of the above securities.
National Railway Service Corp.—
See Bangor &
U. S. Loan, &c.—
Aroostook KB. above—V. 112, p. 1144,
Newport News & Hampton Ry., Gas & El. Co.—Report.
1920.
1919.
1918.
.A9#-no
Calendar Years—
Operating
$2,168,487
1,472,698
84,755
$612,515
1,263
$732,598
13,903
$611,034
8,399
$540,284
2,918
$613,778
$306,022
22,184
208,130
19,028
$746,501
$281,940
19,584
208,734
4,121
$619,433
$242,062
7,391
177,925
6,852
$543,202
$242,252
6,292
$58,413
$232,122
$186,203
$180,665
$2,765,197
__
expenses,
$2,718,837
1,881,477
1 04,762
SI,357,308
85,067
Gross earnings
2,067,615
____
Deduct taxes
Net earnings....____
Add
non-operating
rev.
Gross income..
Deduct—Int.
on
bonds..
Int.
on floating debt..
Depreciation
Miscellaneous
„
Net profit..—
V. Ill, p. 1084.
New
J—.
York Municipal
759,303
57,721
106.619
7,374
Railway Corp.—Wins Suit.—
Justice Lazansky in the Supreme Court,
Brooklyn, has upheld a verdict
of $495,671 obtained by the Corporation against the Intercontinental Con¬
struction Co.
His verdict requires the. New England Equitable Insurance
Co., London & Lancashire Indemnity Co. of America, Globe Indemnity Co.
$50,000 in fulfilment of the bonds
they have given on the construction company's contract.—V. 112, p. 1617.
and Hartford Accident Co. each to pay
Northern Ohio Traction & Light
Co.—Service Resumed.
motormen and conductors has been settled,
The strike of the
the men
having voted to return to work May 12 upon condition that Governor
Harry L. Davis and Judge Henry S. Barter of Canton name the third arbi¬
trator to adjust this wage controversy, this being agreed upon by officials
of the company and union leaders.
The men will return under a 15 cent hourly wage reduction.
Whatever
new scale is agreed upon by the arbitrators will be effective as of May 1.
The entire system has been tied up since May 5 when the men went on
strike in protest against a 15-cent hourly wage cut.—V. 112, p. 1978-
Oregon Electric
Railway.—Pays Interest.—-
Payment of the interest on the $2,000,000 bonds has been announced
officially by Pres. W. F. Turner, of Spokane Portland & Seattle Ry., of
the Oregon Electric is a subsidiary.
The amount was $100,000,
which was for six months.
President Turner said: "This payment of inter¬
est further refutes a published story to the effect that the Oregon Electric
was to be sold at auction.
We have been caused no end of trouble and large
numbers of persons with investments in the road have been perturbed
because of the groundless publication."—V. 107, p. 2188.
which
Philadelphia Company, Pittsburgh.—Earnings.—
L—Calendar
1920.
Years—
1919.
Yr.
1917-'18.
Mar. 31
1918.
Gross earnings^$ 16,566,669
$13,774,501 $13,109,967 $11,332,440
Oper. exp. & taxes
7,298,222
7,192,999
6,661,318
5,881,970
Depreciation—2,609,935
523,142
381,113
282,633
Net
earnings——
Other income
...
$6,658,512
2,280,506
—
_
—
$6,058,359
2,070,040
>6,067,537
$5,167,837
2,724,088
2,506,001
$8,939,018
$8,128,399
$8,573,538
$7,891,925
2,253,942
2,325,029
2,097,992
2,131,868
1,011,886
928,626
450,615
412,359
New wells, lines, &c__„
258,226
1,078,678
1,269,307
1,207,583
Preferred dividends—
776,164
>
1,015,085
476,743
477,519
Common dividends._(6%)2,576,364 (6)2,576,434 (6)2,576,364(6M)2898427
Interest
on
bonds, &C-_.
Other inc. charges
_
—
Balance, surplus.
258.
$2,062,436
$204,546
$1,702,516
$764,169
—V. 112, p.
The Girard Trust Co., Phila., trustee of the 1st mtge. 5s of 1907 ($911,000
outstanding) will sell the entire property at public auction on June 2 at the
County Court House, Doylestown, Bucks County, Pa., at the upset price
of $200,000.—V. 94, p. 1057.
&
Western
Ry.—Officially Revised Earnings,—
Results for Calendar Years—
Operating revenue
Operating expenses.
1920.
1919.
1918.
$801,162
492,907
$732,302
431,909
$619,151
357,050
Interest and tax accruals.
$308,255
176,663
$300,393
170,184
$262,101
177,563
Net income
Preferred dividends (5%)
$131,592
100,000
$130,209
100,000
$84,538
100,000
$31,592
$30,209
def$15,462
_
Net
operating income
Balance,
surplus..________
The item of additional
week
reserve
for State and Federal taxes shown last
$28,000, was taken by the company out of surplus of preceding
years, and has nothing to do with the income for 1920.
It should, therefore,
have been omitted from the 1920 figures.
The item of $2,623 is also a
profit and loss matter, being a credit, since it represents donations by
patrons for a new station.
Compare aforesaid report.—V. 112, p. 1978.
as
Pittsburgh & West Virginia Ry.—Annual Report
—
"Due to uncertainty as to the amount finally to be
allowed, no estimate
has been set up in the year's income
figures to represent the return or rental
due from the United States Railroad Administration for Federal
operation
during Jan. and Feb. 1920 or from the Inter-State Commerce Commission
for the six months
guaranty period ended Sept. 1 1920."
[The income
account for 1920 shows an item of $250,000 from "lease of
road."
This
Item, we learn, represents the only payment made to the company to
Dec. 31 1920 on account of the Federal compensation for the
26 months
ending Feb. 29 1920.
This compensation is still in negotiation, but on the
basis of
standard return," it would amount to about
$429,000
per annum,
including the West Side'Belt RR.—Ed.]
Summary of Financial Operations Affecting Income for Calendar Year 1920.
Railway operating revenues for 10 months ended Dec. 311920$2,254,048
Ry, oper. exps. for 10 mos. of Co. operation, plus a sum [possibly
_
$5,000.—Ed l for the 2 mos. ended Feb. 29, when the road
was being operated by U. S. RR. Administration
Net
from
railway operations
Ry. tax accruals, $169,322; uncollectible, $1,127
revenue
2,273,966
Dr $19 918
Y.VLY."
170^449
Total
operating income
Dr $190 367
Non-operating income, incl. chiefly income from lease of road
$250,000 [see above]; dividend income, $160,000, from Pref.
stock issued May 1 by Pitts. Term. RR. & Coal Co.—Ed
]•
income from funded securities, $85,369, &c., &c
661,123
Gross income
$470,755
Deductions—Rent for locomotives, $14,805; joint facilities, $18,-
974; Int.
Net
on
Pittsburgh Railways.—Reorganization.—
Dispatches from Pittsburgh state that the reorganization of the company
receivership may be effected within three months,
according to an announcement of Mayor E. V. Babcock, May 6, following
two days' conference of the
Mayor, City Council, A. W. Thompson, Presi¬
dent of the company,
City Solicitor C. B. Prichard, Special Assistant City
Solicitor George N. Munrol, Jr., assigned to utility legislation, and A. W.
Robertson, chief counsel of the Philadelphia C®., holding concern of the
traction corporation.
President Thompson outlined his reorganization
plan, Mayor Babcock said.
No details were made public.
Council and the
Mayor heard the statement and then asked Attorney Robertson to put it in
writing so that Council may act upon it, probably next week.
The most
important feature of the reorganization, the Mayor said, was the financing
of the rehabilitated concern.—V. Ill, p. 2041.
and the elimination of the
Portland Ry., Light & Power Co.—Bonds Offered.—
Halsey Stuart & Co.'and National City Co.,New York,-are
offering at 96 and int., yielding over 7.85%, $4,500,000
1st Lien & Ref. Mtge. gold bonds, 25-year 7 >6% Series''A."
(See adv. pages.)
Dated May 1
tional
unfunded debt, $3,037, &c
income
$433,679
Out of this net income, $433,679, plus $110,562 from accumulated suiv
plus, Pref. dividends of 6% were paid, calling for $544,242.
Total profit
and loss surplus Dec. 31 1920, $184,858.
$500
after
May 1
1931, all or part, on any int. date upon 30 days' notice at 105 and
int. to May 1 1941; thereafter at 103 and int.
Sinking Fund.—A. sinking fund requiring cash payments of at least §225,000 semi-annually begins Sept. I 1921.
It is estimated that during the life
of these Series "A" bonds this sinking fund will retire in the aggregate at
least $10,000,000 of this and succeeding series.
Data from Letter of President F. T. Griffith, Portland, Ore., May 9.
Company.—Organized
Portland and
more
business in
in 1906.
Supplies electric light and power in
than 20 other communities of western Oregon.
Does
and operates city and interurban railway lines in
and adjacent territory.
Population served exceeds 300.000.
Purpose.—Present financing will reimburse company for acquisition of
property heretofore temporarily financed and supply current working capital
gas
Salem
Portland
Capitalization Outstanding with Public
Common stock (paid in) _$11,250,000
First Preferred stock
.5,000,000
Second Preferred stock..
5,000,000
5-year 8% notes,
1926-
(After This Financing).
1st Lien & Ref. M. 7Ms,
Series "A" (this issue).
$4,500,000
1st & Ref. M. 5s, 1942..xl4.835,400
1,117,000 Underly.div.bds.(3 iss.)y16,160,000.
x There are also $2,228,600 of these bonds alive in sinking fund
and in
addition $6,700,000 will be pledged immediately under the new 1st Lien &
Ref. Mtge.
y $1,152,000 additional held alive in sinking fund.
Mortgage.—(a) Mortgage will provide for the issuance of different series
interest rates, dates, maturities, &c., as determined by directors.
(b) Bonds of any series may be issued from time to time in equal amounts
for acquisition or retirement of prior mortgage bonds outstanding May 1
1921, or (c) for retirement of bonds of another series issued under this
mortgage; (d) also for not exceeding 75% of actual expenditures made sub¬
sequent to May 1 1921 for permanent extensions, &c., provided net annual
earnings have been not less than 1 % times annual int. charges on all prior
mortgage bonds and all 1st Lien & Ref. M. bonds outstanding and proposed.
with
Earnings A Expenses 12 Mos. ended April 30—
1920.
1921.
Gross earnings
$8,674,555 $9,984,249
Net, after oper. exp., maintenance & taxes
..$2,934,590 $3,773,080
Annual interest charge on $35,495,400 mtge. bonds.
1,874,370
Balance available for depreciation, amortization, &c.
$1,898,710
Only about 35% of the net earnings is derived from the city railway lines
(fares being 8 cents cash with special rate tickets).
Property, Ac.—Combined generating capacity of system, upon installa¬
tion of a new unit, will aggregate more than 115,000 h.p., of which 68,000
h.p. is in hydro-electric plants and 47,000 h.p. in reserve steam stations.
There are about 409 miles of high-tension transmission lines interconnecting
the steam and water-power plants with 19 substations.
Supplies more than
75% of the electric light and power output in Portland and operates exclu¬
sively in the other communities served.
Company is now installing and
expects to have completed by July 1 1921 a new 17,000 h.p. unit in the prin¬
cipal steam station.
The railway property includes about 298 miles measured as single track,
of which 186 miles comprise the city railway system in Portland and 112
—
miles
interurban lines.
are
Valuation.—In
1913
Oregon P.
S.
Commission valued the properties,
the basis of this valuation, together with subsequent net expenditures
the value of the public utility property alone is over §48,800,000 and the
on
value
—V.
of property not utilized in
112, p. 1399, 850.
the public service is over $8,400,000.
Reading Co.—Company Files Modifications of Segregation
Plan—Payment to General Mortgage Bondholders Eliminated—
Coal Company Stock to Remain as Collateral—Proposed New
Refunding & Improvement Mtge. Eliminated.—The company
on May 12 filed with the U.S. District Court for. the Eastern
District of Pennsylvania a modification of the segregation
plan dated Feb. 14 1921 (V. 112, p. 745) pursuant to the
direction of the Court May 2.
The proposed modifications
have the approval of the U. S. Attorney-General.
The plan (paragraph 4) is modified so as to eliminate the
payment of 10% to Reading Gen. Mtge. bondholders and
(paragraph 5) the stock of the Coal Company is to remain
as collateral under the mortgage.
Instead the Reading Co.
will sell its equity in coal stock to a new company, which in
turn will sell its shares to the Reading Co. stockholders.
Verbatim Extracts From Modified Plan Approved
To Release Coal Property From Lien
Premium
to
Assenting General
by U. S. Atty Gen'i.
of Gen. Mtge—Proposed Payment of 10%
Mtge. Bondholders Eliminated.
Paragraph numbered 4 of the Plan as modified will read as follows:
(4) The Reading Co. will agree with the Coal Cmpany that, at or
before the maturity of the Gen. Mtge. bonds, it will obtain the release of the
Coal Company's property from the lien of the Gen. Mtge. and the discharge
of the Coal Company from liability on the Gen. Mtge. bonds.
To Transfer Stock of Coal Company to New Corporation Whose Stock Will
Free From Lien of General Mortgage—New Company to Pay Reading
Co.
Be
$5,600,000 and Issue its Shares to Reading Stockholders.
Paragraph numbered 5 of the Plan as modified will read as
follows:
(5) If the Court so orders, the Reading Company will, subject to the
lien of the Gen. Mtge. sell, assign and transfer all Its right, title and interest
in and to the stock of the Coal Company, including the present right to vote
and receive dividends thereon,
to
a
new
corporation to be formed with
appropriate powers, and will agree to save the new corporation and said
stock harmless from the lien or the General Mortgage, and will agree to
obtain at
before the maturity of the Gen. Mtge. the release of the stock
Company from the lien of the General Mortgage and the assign¬
or
of the Coal
ment, transfer and delivery of said stock to the new corporation—all in
consideration of the payment by the new corporation to the Reading Com¬
pany of the sum of $5,600,000, and its agreement to issue its shares
stockholders of the Reading Company as hereinafter provided.
New Company to Issue 1,400,000 No Par Value Shares to be Sold
A Com. Stockholders at $4 per Share, 1 Share as to Each 2
The
37,076
1921.
Due May 1 1946.
Int. payable M. & N. at Na¬
New York, trustee, without deduction of the normal
City Bank,
Federal income tax up to 2%.
Penna. 4-mill tax refunded.
Denom.
and $1,000 (c*&r*), $',000, $5,000 and multiples of $5,000.
Red,
and
Philadelphia & Easton Electric Ry.—Foreclosure Sale.
Phila.
[VOL. 112.
CHRONICLE
THE
Such
new
no
to the
to Reading Pref*
Shares Held.
corporation will issue 1,400,000 shares of stock without par value.
value stock will be sold by the new corporation to the stock¬
par
holders of the Reading Co. Preferred and Common, share and share alike
for $5,600,000, or $2 for each share of Reading stock.
Provision will be
/made for the disposition by the
which may not be availed of
period
as may
Reading Company of any rights to subscribe
by the Reading stockholders within such
be fixed by the Court, to the end that the new
corporation
May 14
1921.]
THE
CHRONICLE
shall receive the full purchase
price of $5,600,000.
It is proposed to carry
out this sale in accordance with the
precedent established by the Union
Pacific Southern Pacific case, by issuing to Reading
stockholders, with or
without the intervention of a trustee, as may be provided for in the final
decree of the Court, assignable certificates of interest in the stock of the new
corporation exchangeable for such stock only when accompanied by an
affidavit that the holder is not the
[There
saying
one
share of the 1,400,000 shares of CoalCo. stock at $4 per share,
with respect to each two shares of Reading Co. stock
addition
there
will
be
embodied
in
the
final
decree
a
permanent
injunction against the new corporation exercising its voting power on the
Company in such a way as to bring about any new relations
between the Coal Company and the Reading Company of the character
stock of the Coal
complained ofnpi the present suit.
Any further-steps, which may be deemed necessary by the Court, will be
an independent board and management to be
approved
by it will be maintained for the Coal Company, so that the independence
of this company need not await the necessarily gradual process of the dis¬
tribution of the no par value stock of the new corporation among
persons
not holders of stock in the Reading Company.
zones between Richmond and
Petersburg, the fare
increased from 5 to 6 cents.
The fare for the whole
seven r are
on
was
each
was
increased from
35 to 42
cents.
According to advices from Richmond, the blanket franchise submitted
City Council stands little chance of being favorably reported to the
Council.—V. 112, p. 1743.
to the
Wabash Railway.—Stricken from List.—
The New York Stock Exchange has stricken from the list
the 20-Year
5% First Lien Gold Equipment Sinking Fund Bonds, due March 1 1921.
v. 112, p.
1861, 1618.
—
held.—Ed.]
Proposed Injunction Against New Co. Exercising Voting Power in Stock of Coal
Co. so as to Prevent Any New Relation With Reading Co. and Coal Co.
In
are
of which
distance
owner of any stock of the
Reading Co.
outstanding 1,400,000 shares of Reading Co. Common, 560,000
are
shares of 1st Pref. and 840,000 shares of 2nd Pref. total, 2,800,000
shares,
par $50.
The "$2 for each share of Reading" stock is equivalent therefore
to
There
2085
.Penn
West
Railways.—Wages Reduced.—
The company has announced a wage reduction for car men.
For the
first 3 months they will receive 58 cents an hour,
following 9 months 63
cents and thereafter 65 cents an hour.
The former rate was 60, 63 and 68
cents an hour.—V. 112, p. 746.
INDUSTRIAL
AND
MISCELLANEOUS
taken to the end that
Final Decree May Provide That Reading Co. and Reading Coal Co. Shall Have
•
Separate Interests in Any Emergency
Which May Arise.
The final decree may
provide that if by reason of default on the General
Mortgage bonds the Trustee, the Central Union Trust Company, shall
exercise the right to vote the stock of Reading Coal Company, it shall so
exercise that right as not to bring about unity of management between said
Coal Company and Reading Company and the final decree may further
provide that in the event the Trustee at any time is obliged to sell the stock
or properties of Reading Coal
Company, it shall dispose of such stock and
properties separately from the properties of Reading Company and to
different interests.
Elimination of Proposed
Open Refunding and Improvement Mortgage.
Paragraph numbered 7 of the Plan [which proposed the executing of a new
Refunding & Impt. Mtge. bond issue by the Reading Co.] will be omitted.
Paragraph numbered 8 of the Plan will be numbered 7.—V. 112, p. 1978.
St. Louis Southwestern
The
I.-S.
C.
Commission
has
Ry.—Promissory Notes.—
authorized
the
St.
Louis
Southwestern
Ry. and the St. Louis Southwestern-Railway Co. of Texas to issue $384,990
joint promissory notes in connection with the procurement of 10 locomo¬
tives from the Baldwin Locomotive Works.
As rent, the companies have
paid $128,330 in cash, and agreed to pay $64,165 each six months beginning
April 18 1921, and ending Oct. 18 1923, with int. at rate of 6% p. a. from
Oct.
18 1920.
C. W. Michel
recently elected a vice-president to succeed the late C W.
Hillard, has also been elected a director.
Vice-president W. A. Webb has
resigned as vice-president.—V. 112, p. 653.
.
General
Industrial
The company will advance fares from 7 to 8 cents on local traffic, effective
May 22, with reduced rates for strip tickets, according to a notice filed with
the P. S. Commission.
See V. 112, p. 1867.
Public
Utility News.—The
following table summarizes recent industrial and publie
utility news of a general character, such as is commonly
treated at length on preceding pages under the caption
"Current Events and Discussions" (if not in the "Editorial
Department"), either concurrently or as early as practicable
after the matter becomes public.
Steel and Iron.—"After one of the quietest weeks of the year in the mat¬
orders," the "Iron Age" of May 12 says in brief: "The Steel Cor¬
poration's reduction of 439,000 tons in unfilled orders in April [see "Trade
and Traffic Movements" above] assumes little significance under any in¬
terpretation.
"The rate of current steel production is not far from 40%, though some
plants are doing no better than 30 or 35%.
"Railroad car builders are getting almost no business apart from repair
work, which in turn has shrunk greatly in six weeks.
One western Pennsulvania car company has had no orders for new cars since November.
"Southern iron has declined $1 on a sale of about 1,200 tons at $22 Bir¬
mingham, and price concessions have been freely made in the North, while
ter of new
Bessemer has also declined $1 and basic can be had 50c. below recent quo¬
tations at Pittsburgh.
It is understood at San Francisco that some of the
iron
recently sold there as from the Orient was Alabama iron originally
exported to Japan and brought back on account of the business depression
in that country.
"Not since May 1 1911
when the balance of ore on Lake Erie docks was
6,676,820 tons, has the May 1 total been so great as this year's, which is
8,093,854 tons.
Shipments from-docks in April were only one-fifth of those
for April 1920.
"British pig iron output was only 60,300 tons in April and the month's
total of steel
ingots
of the coal strike.
Scranton Ry.—Fares Increased.—
and
is less than
but 68,400 tons—both showing the paralyzing effect
Compared with the 1920 figures the current operation
was
10%."
Coal.—The "Coal Age" of N. Y. May reported in substance:
Production of bituminous coal is still continuing to increase.
practically stationary.
Better prices in
some
sections
are
Prices ar©
offset by a slightly
Railway.—Dividend Action Deferred—Advance
increased amount of distress coal, and offerings at figures somewhat lower
than have prevailed recently.
The contract market is still dormant, as
Year 1920—The directors at their meeting on
"took no action" on the regular semi-annual
Pref. dividend of 2^% usually paid June 30.
There is
outstanding $60,000,000 5% non-cumul. Pref. stock, par
$100, and it has received regular dividends at the rate of
5% p. a. since Nov. 1917 when distributions were resumed
the quotations are too far above spot figure to interest the buyers.
"Reports to the Geological Survey show that from Jan. 1 to April 1 this
Southern
Statement for
Thursday
after
an
intermission of 3 years.
The income statement for year 1920 is given under "Financial Reports"
above.—V. 112, p. 1868, 1026.
Toledo Bowling Green & Southern Traction Co.—
G. E. Hart has been named Chairman of the Findlay (O.) Street Railway
Commission which took charge of the operation of the cars under the serviceat-cost franchise recently approved for the city.—V. 112, p. 1618.
Union
Pacific
RR.—Oregon-Utah Northern Bonds.—
The Guaranty Trust Co. of N. Y. has notified the holders of certificates
of deposit for Oregon Short Line and Utah Northern Ry. Collateral Trust
bonds dated Sept. 26 1889, to surrender their certificates of deposit on or
before June 1 1921 at the Trust Department of the Guaranty Trust Co.,
140 Broadway, N. Y. City, in exchange for Oregon Short Line RR. Collateral
Trust
Non-Cumulative Income "B" bonds due July 1 1946.
After June 1 1931 Oregon Short Line RR. Collateral Trust Non-Cumula¬
tive Income "B" bonds due July 1 1946, held in reserve for delivery against
the outstanding certificates of deposit, will be returned to the railroad
company.—V. 112,
United
p.
RRs.
1618.
of
San Francisco.— Stricken
from List.—
The New York Stock Exchange has stricken from the list the 4% Sinking
Fund Bonds, due April 1 1927.
See also extracts from statement to N. Y.
Stock Exchange in connection with listing of Market St. Ry. securities
under " Reports and Documents" below.—V. 112,
p.
1868.
United Traction & Electric Co. System, Rhode Island.
—Directors Named—Foreclosure Sale.—
Former U.S. District
Attorney Harvey A. Baker has been nominated by
Mayor Gainer to represent the public on the board of directors of the
United Electric Railways Co.
The other proposed directors are Zenas W.
George H. Newhall, appointed by Gov. San Souci and confirmed
by the Senate; Ralph S. Richards, representing the Rhode Island1 Hospital
Trust Co.; Edward B. Aldrich, Frederick S. Peck, Richard B.
Comstock,
Harold J. Gross and J. Cunliffe Bullock, representing the stockholders.
The property of the United Traction & Electric
Co., Rhode Island
Suburban Ry., Pawtuxet Valley Electric St. Ry. and Cumberland Street
Ry. will be sold under foreclosure on June 24 at Providence, R. I. by Arthur
A. Thomas, Master in Chancery.
This is preliminary to the final working
»f the reorganization plan.—V. 112,
p. 1868.
railroads reduced their stocks from 8,115,000 net tons to 8,023,000.
only 92,000 tons.
April 1 stocks were sufficient for 24 days' operation at
consumption rate prevailing during the first quarter of 1921.
Bitumi¬
nous stocks on hand April 1 1921, at 2,303 industrial plants other than steel
and by-product plants, were 5,247,559 tons, a decline of over 1,900,000 tons
from stocks held by the same plants on Jan. 1 1921.
Any upturn of indus¬
trial activity would soon render these stocks uncomfortably small.
"At present the iron ore and grain markets are in no
shape to provide re¬
turn cargoes down the Lakes, and it will probably be some time before boats
will be available in sufficient numbers to satisfy coal producers.
"Soft coal production continued to climb slowly during the last week of
April.
According to the Geological Survey 6,921,000 net tons were mined,
an increase of 101,000 tons, or
1.5%, as compared with the preceding week.
In spite of the improvement in production, the rate of output is still lower
year
the
than for any period since
"New England all-rail
April 1914 except during the strike of 1919.
shipments for the week ended April 30 were 2,474
than during the week preceding.
"There was a distinct export revival as April came to a close.
Hampton
Roads dumpings for that month were 1,230,000 gross tons, 300,000 tons
more than during March.
Dumpings for foreign accounts during the last
week of April amounted to 322,169 net tons, nearly three times as much
as during the week ended
April 2 and greater than at any time since the au¬
tumn of 1920, when foreign business was very heavy.
The British strike is
causing England's stock of coal to diminish rapidly, and American business
is benefiting thereby.
Bunkerage markets are active, as ships are now coal¬
ing with American fuel for the round trip.
"British dockers and railroad men have just been instructed to refuse to
handle in any was coal imported from abroad if it is landed.
Strict adher¬
ence to this union order may have some effect on the exportation of American
10%
cars.
more
coal to Great Britain.
prices are futile.
Production for the week ended April 30, as estimated by
the Geological Survey, was 1,945,000 net tons, an increase of 42,000 tons
over
the preceding week."
(Compare V. 112, p. 1979.)
prices of crude oil, gasoline and kerosene have undergone
changes of recent weeks, Carl H. Pforzheimer & Co. report:
Oil.—The
numerous
Table Showing the Price of the
May 13Mar.24
Valley Railways Co.—Fares Increased.—
Valdosta Moultrie & Western
RR.—Right to Dismantle.
Legal confirmation of the sale of the road to O. L. Jones and associates for
$87,500 with the right to dismantle the line was given in an order signed by
Judge Evans in the U.S. Court at Savannah on May 9.
The order
stipulates that the process of dismantlement shall not be started
July 15.
In the mentime the control and operation of the road shall
remain in the hands of Robert P. Murray, receiver who is authorized to
make arrangements for freight movements on the line.
The order directs the receiver to discontinue the
operation of the road as
a common carrier after
July 15.—V. 112, p. 1618.
before
Virginia Blue Ridge Ry.—Bonds
as
Security.—
The I.-S. C. Commission has authorized the
company to pledge and repledge, from time to time, all or part of $35,000 1st mtge. 6% gold bonds now
held in treasury as collateral security for any note or notes which may be
issued of the authorized issue of $400,000 1st
mtge. bonds which are dated
Aug. 1 1916 and due Aug. 1 1946.
$231,000 are outstanding in hands of
public and $134,000 are pledged as collateral security for a loan from the
United States.—V. 112, p. 1519.
Virginia Ry. & Power Co.—Increase in Fares.—
A 20% increase in fares between Richmond and Petersburg, Va., was
granted the company by the Virginia Corporation Commission.
The Com¬
mission denied the company's additional request for abolition of free trans¬
fers in both cities.
It also reduced the company's valuation of its property
from $2,252,694 to $1,261,400.
Principal Grades of Crude Oil.
Jan. 1 Jan. 1
1918.
1917.
1921.
Bliss and
The company, operating in Cumberland,
Dauphin and Perry counties,
Pa., has been authorized by the P. S. Commission to increase cash fares
from 7 to 8 cents and to increase the rate for 50 school tickets from $1 75 to
$2.—V. 109, p. 1181..
f
"Anthracite production is being sustained by a healthier domestic demand
steam sizes are also in better position.
Adherence to the increased
schedule for May has apparently warned householders that hopes for lower
and
Pennsylvania
Somerset, light
North Lima..
1921.
Jan. 1
1921.
Jan. 1
1920.
Jan. 1
1919.
$3 50
$3 00
$6 10
$5 00
$4 00
$3 75
4 50
3 73
3 25
2 98
2 75
3 38
60
38
42
25
80
2 78
55
08
12
00
00
2 58
1 95
1 65
2 33
2 48
Illinois
2 27
2 52
Mid-Continent
Gulf Coast.
1 50
1 75
1 00
1 25
3 77
3 50
*2 50
Canada.
2 73
2 88
4 13
3 02
1 50
2
2
2
2
1
2
2
2
2
1
$2 97
2 05
1 63
1 67
1 69
98
2 08
*
High price of $3 reduced 50 cents in the latter part of 1920.
California oil prices have recently ranged from $2 95 for high to $1 60
for low grade.
The Standard Oil Co. of Calif, on May 13 put in effect a
reduction of 25c. a barrel for all grades, making the range
Gasoline also it reduced 2 cts. per gallon.
$2 70 to
$1 35.
Wholesale prices of gasoline were reduced on or about May 11 one cent a
gallon as follows: Ohio, from 26 to 25c.; Georgia, to 25c., and Louisiana
from 22 H to 21 He.
Kerosene was reduced one cent a gallon in the follow¬
ing States: Ohio, from 17 to 16c.; Georgia, from 14 to 13c.; Louisiana, from
11 to 10c.; and in Alhbama, Mississippi and Florida, from 15 to 14c.
Other Prices.—Butter at wholesale fell off to
33He. May 12, while lead,
quoted at 4c. Feb. 25, was advanced May 10 to 5c. by Amer.
Refg. Co., and has since been quoted at 5.20c. as against 5Hc.
Jan. 19, the high for 1921 to date.
The U. S. Rubber, Goodyear, Fisk and other tire companies have fol
lowed the lead of the Goodrich company in reducing the prices of tires from
12 H to 20%, and additional motor car prices, notably for the Oakland and
Chevrolet cars, made by subsidiaries of the General Motors Corp., have
come down from 18 to
20%.
See "Commercial Epitome."
Emergency Tariff Bill Passed by Senate Goes to Conference.—See "Current
which
was
Smelt. &
Events."
Shipping Strike Continues, Both Sides Claiming Gains—Admiral Benson
Undertakes to Stop Movement of Shipping Board Vessels Unless Wages Are
Reduced.—"Times" May 13, p. 1; May 9, p. 1; May 10,p. 1: May 11. p. 19.
Paper Trade Strike Much Extended.—See International Paper Co. below.
Other
two
Strikes.—(a) Dredgemen's strike at Great Lakes ports ended after
with partial wage reduction.—"Fin. Am." May 9, 10.
(b)
4.
Idem,
weeks,
Strike of 1,500 stockhandlers at Chicago Stock Yards ended May
IVdLsiy *5*
Other Federal Bills, &c.—(a) Joint measure for Constitutional amendment
sanctioning taxation of State and municipal bonds.
See circular of East¬
Dillon & Co., 71 Broadway, N. Y.
(b) Borah bill would exempt
American coastwise vessels from paying Panama Canal tolls.
"Fin. Am.
May 10, p. 1; "Times" May 10, p. 11.
(c) Scott bill would permit smaller
man,
THE
2086
crews on Great Lakes.
Idem,
(d) Packer Control bill.
Idem,
(e) Dillingham iramigration bill passed the Senate May 5.
"Times" May 4, p. 1.
Printing Strike.—The 48-Hour League of open and closed shops, having
over 5,000 members in 39 States, is standing out against a reduction of
hours, with apparently a considerable degree of success.
See "Boston
N.B.
May 9, p. 5.
In St. Louis 57 large job printing concerns on May 11
came out for open shop.
"Times" May 12, p. 10.
Building Strikes.—On May 12 between 40,000 and 65,000 men in the build
ing trades at Philadelphia were reported as on strike against a 24% wage
reduction and between 25,000 and 30.000 were striking in Cleveland against
a 20% cut.
LumberFrom Jan. 1 to May 1 1921 lumber production in western Ore¬
gon and Western Washington decreased 47% compared with 1920.
Rail
delivery business decreased 55% and rail shipments decreased 46% to May 1
this year as compared with 1920.
For week ended Apr. 30 production was
29% below normal.
("West Coast Lumbermen's Weekly Review," Seattle
May 6.)
Matters Covered in "Chronicle" of May 7.—(a) Clearings for April, p
1901-1902.
(b) Listings on N. Y. Stock Exchange in 1920, p. 1918-22
(c) Edge (Export) Act matters, p. 1922, 1923.
(d) "Foreign & Domestic
Acceptance Corp.," p. 1923.
(e) Association of Foreign Security Dealers
in America, p. 1923.
(J) Advances on cotton exports by Foreign Securities
Corp., p. 1923.
(g) Wage and Employment Situation in N. Y. District,
p. 1924.
(gg) Tabulated comparison of employment and wages in March
1921 and 1920, p. 1928.
(h) Changes in tax law urged by Mr. Mellon, p.
1926.
(i) National budget bill passes, p. 1928.
(i) Efficiency of German
workmen (C. M. Schwab), p. 1930.
(k) U. S. Steel Corporation reduces wages, p. 1915.
(I) Is charged with
unfair practices because of the "Pittsburgh plus price," p. 1931.
(m) Judge
Gary's explanation of same, p. 1932.
Adirondack Power & Light
Corp.—Gas Rates.—
the company to reduce
Schenectady, Scotia and vicinity from $1 50 to $1 25
per 1,000 cu. ft., the company will continue to charge the increased rate,
pending a decision by the Appellate Division of the Supreme Court.
The
corporation furnished a $100,000 bond to insure return of the excess pay¬
ment in the event decision against the company is rendered.—Y.112, p. 1743
Despite the P. S. Commission order compelling
the price of gas in
Air Reduction
Co., New York.—Earnings.—
Gross income for the three months ending
$1,328,$377,805; interest,
taxes), $110,347.—
April 2 1921, page
March 31 1921, were
997; operating expenses, $951,192; operating income,
depreciation, &c., $267,458; net profits (before Federal
Compare Annual report published in the "Chronicle"
1393, V. 112, p. 1869.
Quar. end. Mar. 31 1921
Net revenue
from
$1,808,888
all sources
Repairs, replacements, plant and equipment, reserve for pensions,
loss on foreign exchange, and reserve for income taxes
Dividend
Subscribers who have paid the first
720,479
(1M%)387,292
paid.
int.
of the
case when subscrpitions are paid in full and
participate in dividends paid after date of issuance.
with their subscriptions and the purchase
and sale of rights, stockholders abroad may communicate with Baring
Brothers & Co., Ltd., London, E. C., Eng.; Hope & Co., Amsterdam,
Holland, or Bankers Trust Co., Paris, France.—V. 112, p. 1980.
Stock wiH be issued in each
will
For assistance in connection
American Wholesale
_
Ansco
Compare report for fiscal year
—r$701,117
ending Dec. 31 1920 published in last
1973.
week's "Chronicle."—V. 112, p.
Allied Packers, Inc.—Reorganization Plan.—
For reorganization plan see under annual reports above and in V. 112,
p. 1980.
The date for depositing the securities with the different deposi¬
tories expires June 1 [not June 7J.
■
For safe of subsidiary Batchelder & Snyder Co., see that company below.
—V. 112, p.
Co., Binghamton, N. Y.—Trustee.—
ending Feb. 28 1921 after deducting taxes, interest
to $329,632 against $1,549,082 for the year
amounted
1919-20 —V. 112, p. 1026.
American & British Mfg. Corp.—City Will Sell Plant.—
plant of the company, located at Charles St., Providence, is adver¬
tised for sale at public auction June 9 by City Treasurer Walter L. Clarke
for unpaid taxes.
According to the Board of Tax Assessors, the plant is
assessed for $224,4'0.
The unpaid tax amounts to $8,597.
In addition
to the plant, the City Treasurer is also advertising to sell the company's
holdings on Admiral St., for which taxes amounting to $167 remain unpaid.
The company, which also owns a large plant in Bridgeport, has been in
The
some time, and was placed in the hands of a receiver
17 last.—V. 112, p. 747.
financial difficulties for
Feb.
on
American Malt & Grain Co.—Bonds Called.—
All of the outstanding American Malting Co.
Gold bonds due June 1 1926 have been called for
First Refunding Mtge. 5%
redemption June 1 at 105%
and int. at Guaranty Trust Co. of N. Y., 140 Broadway, N. Y. City.—
V. 112, p. 1869.
American Power &
Batchelder &
sold to a syndicate composed of
issue of $3,500,000 20-year 8% Secured
gold bonds.
Proceeds will be used for refunding $2,200,000 gold notes,
due Aug. 1 1921, and for the retirement of floating debt—V. 107, p. 2378.
American Railway
an
Express
Co.—Partial Payment.—
The I.-S. O. Commission has certifid to the Treasury the payment
American
Telephone
&
on
of
the six months guaranty,
Telegraph
Snyder
Co.—Acquisition—Stock Offering.
time or organization acquired control
has sold its interest in the company for a sum said
Batchelder & Snyder Co. has been incorp. in Mass.
capital of $1,000,000 8% Pref. stock amd 18,000 shares of no par
The Allied Packers, Inc., which at
of the above company,
to be $1,500,000.
The
with
a
value Common stock.
$800,000 is being offered to the
F. S. Snyder is President.
Of the Pref. stock,
&
Co., Boston.
Co.—$90,000,000
New Stock Offered to Stockholders at Par ($100).—The directors
public by B. J. Baker
Corp.—No Wage Cut.—
C. Grace, according to a Harrisburg dispatch, has
reduction of steel workers is contemplated by that or¬
ganization.
The statement was made in reply to a question as to the policy
of the corporation in view of the announcement of a 20% cut by the U. S .
Steel Corp.—V. 112, p. 1980.
President
stated that
Eugene
no wage
Big Ledge Copper Co.—New Pref.
Issue—Directors.—
10 authorized the issuance of $500,000 8%
The Common stock remains the same at flo,000,000.
The new stock is offered to Common stockholders of record May
10 at par.
Proceeds will be used to refund short-term loans and provide
working capital.
The following directors have been elected: W. C. Sherwood, Joseph B.
Cotton, John Borg, A. F. Garbe, C. A. Cole, H. A. Bingham and C. H.
Borg, New York.
The retiring directors were M. Bunnell, A. R. Kent,
L. Warner, C. Batre, Duluth; S. S. Titus, Grand Forks; M. G. Rodearmel, Minneapolis.
See V. 112, p. 1870.
May
on
Cum. Pref. stock (par $5).
Consolidated Gas
Co.—Rate Reduced.—
Beginning June 15, the company will reduce the price of gas 5 cents per
1,000 cu. ft., making the new rate $1 35.
Present rate, $1 40.—V. 112, p.
1028, 936.
yy,; - "AzPf;:
Empire Steel Corp., Ltd.—Listing
Application.
Application has been made to the N. Y. Stock Exchange to list
"B", $50,359,000 7% 2d pref. stock and
000 7% pref. stock Series
000 common stock.
$19,950,$21,474,- i
Officers and Directors Elected.
elected President and D. H. McDougall as ViceThese men, together with Galen L. Stone of Boston, Horace
William McKenzie and W. D. Ross of Toronto and J. W. Norof Montreal comprise the board of directors.—V. 112, p. 1744.
R. M. Wolvin has been
President.
B. Smith, Sir
cross
Brompton Pulp & Paper Co., Ltd.—Bonds Offered.—
Greenshields & Co. and Hanson Bros., Montreal, are offering
at 99 and
000
int., to yield 8.10%, the unsold
balance of $2,500,-
8% Conv. 20-Year Mtge. bonds.
Dated May 1 1921.
Due May 1 1941.
Int. payable M. & N. at Quebec
Savings & Trust Co., Montreal, trustee, and Royal Bank of Canada, Mont¬
real, Toronto, Halifax, Winnipeg and Vancouver.
Denom. $1,000,
and $100 (c*).
Callable, all or part, on any int. date at 110 and int. to
$500
which to exercise
thereafter at par.
Authorized. Outstanding
holders be given 90 days' notice in
privilege; after that date at 105 to May 1 1936;
May 1 1931, provided
conversion
Capitalization—
It is understood that the company has
$1,500,000 to the company as partial payment
See also V. 112, p. 1401, 1743.
Lines.—Bonds, &c.—
Collateral Trust 5% bonds outstand¬
ing.
The report for 1919 shows $11,048,500 outstanding, with $1,951,500
in the treasury.
This block has practically all been sold to supply the com¬
pany with needed cash.
Between the same dates the pref. stock outstanding
has increased from $13,742,900 to $14,996,400, and there has been a small
increase in amount of common outstanding from $14,963,400 to $14,999,200.
(Boston "News Bureau.")—V. 112, p. 1980.
Light Co.—New Financing.—
Chicago and New York bankers
Decreas
3,700,00
/
Atlantic Gulf & West Indies SS.
British
was
$500 and $1,000.
The companv now has $12,985,000
Corp.—New Financing Rumors.
reported this week that the directors were considering the advisa¬
bility of a note issue to fund outstanding bank loans of approximately $2,
000,000.—V. 112, p. 934.
It
Denom. $100,
Copper Co.—Production {in Pounds).—
Decrease. |
1921—4 Mos.—1920.
1,000,00018,300,000
12,000,000
Arizona
v
American Bosch Magneto
appointed trustee for
has been
1921—April—1920.
2,000.000
3,000,000
—V. 112, p. 1027.
Boston
Net profits for the year
and depreciation,
Decrease
$3,425,509
.
The American Trust Co., Nerw York,
$1,000,000 8% 1st Mtge. bonds due 1931.
—V. 112, p. 1027.
1980.
Amalgamated Sugar Co., Ogden, Utah.—Earnings.-
Corp.—April Sales.—
Decrease, |
1921—4 Mos,—1920
$361,408! $11,184,937 $14,610,446
'
y;
1921—April—1920
$2 254,940
$2,616,348
—V. 112, p. 1027, 560.
The stockholders
Balance, surplus, for quarter
installment of $10 on July 20 may
The net balance payable on
elect to pay the entire balance before Sept. 1.
each share will be $89.18, being $90, less an allowance of 82 cents for
on the two payments from their due dates to Sept. 30 1921, the end
div. quarter, at the div. rate of 9% per annum.
Bethlehem Steel
N. Y. City.—Quarterly Report.
(Showing $701,117 Added to Surp. Acct).
All America Cables, Inc.,
Results for
[VOL. 112.
CHRONICLE
Common stock (no par
-.-210,000 sh.
value)
[ 140,000 shs.
as per bal.sh.
$7,000,000
v
2,000,000
8% Cumulative Preferred stock
$2,000,000
7o 1st Consol. & Gen. M. bonds due 1927, J935,
and 1939, incl. bonds of Groveton Pulp & Paper
Co., Ltd
5,707,000
8% Conv. Gen. Mtge. bonds (this issue)
3,000,000
Convertible.—Bonds of this issue are convertible at any time until May 1
1931 into Common stock on the basis of 20 shares Common stock for each
$1,000 of bonds.
Company.—Is one of the largest Canadian companies producing
laneous pulp and paper products, including newsprint paper, kraft and fibre
■
3,413.000
2,500,000
miscel¬
May 10 voted to offer new stock at par to the company's
151,000 stockholders in the proportion of one share of new
J)aper, boxboard, sulphite, sulphate and ground wood pulp. 1.190 sq. miles,
easehold timber areas of company and subsidiaries'aggregate
Freehold and
stock for each five shares of stock
of
on
now
outstanding. The stock
is approximately $445,000,000, so that
outstanding
about
$90,000,000 of
stockholders for
new
stock will be available to the
subscription. This further issue was pro¬
meeting of the stockholders March
vided for at the annual
1920, when the authorized capital
$500,000,000 to $750,000,000.
Statement
was
increased
from
by President H. B. Thayer, May 10.
Of course, this action will
be no surprise to the stockholders or to the
The program since the period of Federal control has been perfectly
obvious to any one having sufficient interest to study it.
It was first and
public.
foremost to get the service up to pre-war standard.
Second, to get wages
up to post-war standard.
Coincident with these moves and essential to
them was an increase in the revenue by raising rates.
We were
prepared, therefore, at the time of the annual meeting in March
to announce a change in our dividend rates to a post-war standard which
would make participation in the financing of the business desirable to our
stockholders.
The steady and satisfactory growth of the business offers a profitable
field for the investment of the new money.
We can see an outlook for the
company
therefore,
which will make the stock most attractive to its investors and,
we are making this offering to our stockholders.
/.
Right to Subscribe for New
Stock, &c.
Each stockholder of record May 20 will be entitled to subscribe for
stock in the
new
proportion of one share of new stock for each five shares of stock
then held by him.
Right to subscribe will expire July 20.
On May 20 1921, or as soon thereafter as practicable, warrants will be
mailed to the stockholders.
Warrants not utilized in making subscriptions
before July 20 will be void.
Subscriptions must be made to H. Blair-Smith, Treas., either at 195
Broadway, N. Y. City, or at 125 Milk St., Boston, Mass., as follows:
(a) either in full on or before July 20 or (6) in three installments as follows:
(1) July 20 $10; (2) Sept. 1 $40; (3) Nov. 7 $50.
7,000,000 cords pulpwood and a very large quantity
These reserves are estimated sufficient for all future operations
estimated to contain
saw
logs.
present capacity.
Annual
Angus, P. Q.t Bromptonville,
at
N.
II., in net tonnage
b. m., 10.000.000.
production of the company's mills at East
P. Q., Claremont, N. H., and Groveton,
123,000 tons. Lumber production, ft.
for sale, is
Purpose.—To partly reimburse company for expenditures on capital ac¬
of earnings.
Sinking Fund.—Annual cumulative sinking fund approximates 2 ^ % of
bonds outstanding, commencing May 1 1923, wiH retire entire issue at ma¬
turity.—V. 112, p. 1870.
count made out
Brooklyn Edison Co.—Injunction Denied.—
in the Supreme Court in Brooklyn dismissed an
Justice James C. Cropsey
application made by N. Y. City for an injunction to restrain the company
from increasing its rates for electricity.
The Justice held that a decision of
the Appellate Division in Manhattan in a suit brought by the city
the New York Edison Co. (V. 112, p. 1983) is controlling.—V. 112, p. 1981.
against
Burns Bros.,
N. Y. City.—Earnings.—
$29,475,298 as compared
preceding year. Net profit for year 1920-21 after
amounted to $1,762,788, against $1,027,055. Net
dividends, were $854,981 compared with $140,009.
Profit
Net sales for the year
ending Mar. 311921, were
$24,053,980 in the
depreciation and taxes,
with
surplus,
after
and loss
surplus, March 31
1921 was $2,347,239.—V.
110, p. 2195.
Superior Mining Co.—Quarterly Earnings.—
March 31 Quarters—
1921.
1920.
1919.
1918.
Net val. zinc concentr's__
$1,224,548
$382,156 $1,405,271
Net val. lead concentr's-506,302
250,337
236,518
Miscellaneous income
$14,175
19,920
19,193
9,291
Butte &
Netprofit.
a
$651,686
a768,065
$1,651,080
al.323,000
$627,256 def$116,379
$327,080
$14,175
Total income
Oper. costs, deprec., &c__
$1,750,770
259,999
1,123,514
def$245,824
Includes taxes.—V. 112, p.
1620.
Mat 14
1921.]
THE
CHRONICLE
Calumet & Arizona Mining Co.—Production
(
1921—April—1920
Decrease.J
1921—4
972,000 f 11,427,672
2,204,000
3,176,000
—V. 112, p. 1870. 1520.
)—
Mos.—1920
13,978,000
Decrease.
2,550.328
Securities—Report.
but excluding amount purchased and held for
sinking fund
brought up to an aggregate amount of $15,000,000.
outstanding,
be
purposes,
(6) On authorizing the directors to pledge, hypothecate and transfer the
$8,186,522 Debenture
stock and (or) bonds, or such part thereof as
they
may consider proper, to secure advances or loans aggregating not
exceeding
$5,000,000,
or its equivalent in sterling, with int. thereon at not
exceeding
8% per annum.
>
(c) On authorizing the directors to create and issue, at such time or times
as they see
fit, not exceeding $5,000,000 8% Collateral Trust Debenture
stock and (or) bonds or notes, or its equivalent in
sterling, same to be se¬
cured by pledge of the above $8,186,522 1st Mtge.
5% Debenture stock and
(or) bonds.
[It is reported that the issue has been underwritten by New
York and Montreal bankers.]
1920.
Industries, Inc.—To Hold Invest¬
Corp. Common Stock—To Issue
$25,000,000 Notes ahd $20,000,000 8% Pref. Stock to E. I.
in
ment
General
Motors
du Pont de Nemours
Canada Steamship Lines, Ltd.—New
The stockholders will vote May 14 (a) on
authorizing the creation of such
further amount of 1st Mtge. 5% Debenture stock and
(or) bonds as direc¬
tors may consider
advisable, not to exceed $8,186,522 or its equivalent in
sterling (at $4 86 2-3 to the £) until the total outstanding issue of such
Debenture stock and (or) bonds, including the amount now
Calendar Years—
Gross earnings.
Net earnings
American
Pont
du
3087
1919.
1918.
1917.
$20,248,611
$15,039,277 $14,094,392 $13,533,815
4,580,273
4,338,079
4,023,864
Bond interest, &c
2,095,502
2,243,594
2,013,981
1,845,463
Preferred dividends (7%)
875,000
875,000
875,000
875,000
Common
dividends
(7%) 840,000(4%)480,000
4,028,274
Balance, surplus
x$217,772
$981,679
$1,449,097
$1,303,401
x Before
allowing for $1,628,464 net profits on sales, &c., of fixed assetsl
Total surplus Dec. 31 1920, amounted to $8,611,147.—v. 112.
p. 1981.
&
Co., &c.—
See E. I. du Pont de Nemours & Co. below.
(
(E. I.) du Pont de Nemours & Co.—$25,000,000 Bonds
Offered—Permanent Financing of Acquisition of General Motors
Corp. Coipmon Stock, &c.—J. P. Morgan & Co., First Na¬
tional Bank, National City Co., Bankers Trust
Co., Guar¬
anty Co. of N. Y., and Harris, Forbes & Co., New York,
are
offering at 100 and int., yielding 73^%, $35,000,000
10-Year 7K% Gold Bonds (see advertising
pages).
1987
Dated May 1 1921.
Due May 1 1931.
Int. payable M. & N. in N. Y.
City.
Red. at any time, all or part, upon 60 days' notice, at 110 and int.
prior to May 1 1922, the redemption price thereafter decreasing 1% each
succeeding year ending April 30.
Bankers' Trust Co., N. Y., trustee.
Denom. $1,000, $500 and $100 (c* & r*); $1,000 and multiples thereof.
Data from Letter of President Irenee du Pont.
Investment
Lines and General Motors Corporation.
as a result of the military business afforded the
to broaden the development of its allied lines.
directly or through subsidiaries, manufactures
artificial leather, pyralin, dye stuffs, paints and varnishes, acids and other
heavy chemicals, in addition to explosives in form suitable for agricultural
purposes, mining, quarrying and excavation work.
Operates about 60
plants throughout the U.S.
Commencing in 1917 the company accumulated a substantial holding of
The increase in
in
Allied
earnings
company an opportunity
At present time, either
the Common stock of the General Motors
Corp.
The interest which the
has had in General Motors Corp. shares has been held
other corporations, and the divs. received from such General
Motors stock, in excess of $12,000,000, have been reinvested in additional
du Pont company
Canadian
General
Electric
Co., Ltd.—To
Common Stock and Declare 20% Stock Dividend.—
Increase
Common stock of the General Motors
The stockholders will vote June 15 on increasing the
capital stock from
$12,000,000 (consisting of $10,000,000 Common and $2,000,000 Pref., of
which $8,800,000 Common and entire Pref.
outstanding) to $20,000,000,
being an addition of $8.00Q,000 to the present Common stock (par $100).
If the stock is increased it is
proposed to declare a stock dividend of 20%
(as stated in the annual report for 1920), payable to Common shareholders
of record June 15.
It is not the intention, however, to issue at the
present
time any capital stock other than that
required for the payment of the stock
dividend.—V. 112, p. 1870, 1402.
Canadian Salt Co., Ltd.—Sells $400,000 Bonds.—
The Royal Securities Corp., Ltd., Montreal, has purchased an issue of
$400,000 7% Gen. Mtge. 20-Year bonds.
The new issue is for the purpose
of funding in part capital
expenditures made during the past few years, to
f>rovide funds These bonds rank junior to $556,000 6% and to (closed) Mtge.
for further additions and improvements, First increase workng capital.
bonds due 1934.
A public offering is expected shortly.—*V. 112,
p. 1402.
Caruthersville & Kennett (Mo.) L. & P. Co.—Receiver.
The Logan Trust Co., Philadelphia, Pa., trustee for the
$200,000 15-year
1st mtge. oonds due May 1 1930, uas filed a
petition in the U. S. District
Court asking that a receiver be appointed, and that a foreclosure on
the
power company's property be allowed.
It is alleged that the company
defaulted on the interest on the bonds in Sept. 1920 and March 1921.
Cerro de Pasco Copper Co.—Dividend
Production {in Pounds).—
The directors
Omitted—Copper
May 11 decided to omit the quarterly dividend usually
paid June 1 on the outstanding 898,230 shares of capital stock of no par value
owing to the unsettled condition of the copper market.
A quarterly divi¬
on
dend of 50 cents per share was paid in March
last, as compared with $1 per
share paid quarterly from March 1916 to Dec. 1920 incl.
Extras amount¬
ing to $1 75 and $1 were paid in 1917 and 1918, respectively.
Copper Production for Month and 4 Months ending April 30.
1921—April—1920.
Increase. I
1921—4 Mos.—1920.
Decrease.
1,402,000 17,784,000
18,934,000
1,500,000
5.344,000
3,942,000
—V. 112, p. 1620, 1402.
Colorado Fuel & Iron Co.—New Directors.—
A. L. Boulware of N. Y. City, and William V,
Hodges of Denver, have
been elected directors to succeed the late Starr J.
Murphy and the late
J. B. McKennan.—V. 112,
p.
Consolidated
1403, 1393.
Distributors, Inc.—Sales.—
Net sales for the quarter
ending March 31 1921, were $836,373, against
$813,507 in 1920.
Net sales for the full year 1920 were $5,456,954.—
V. 112, p. 1744, 1286.
Copper Range Co.—Annual Report.—
Calendar Years—
1920.
1919.
Copper produced (lbs.)_ 23,756,267
Production cost, per lb..
17c.
Received, per lb
17c.
Proceeds
$4,073,884
Interest, &c., received..
158,880
earnings
1918.
37,498,197
15c.
14c.
.
24c.
28c.
$9,283,306
198,258
$12,943,156
$6,358,679
$1,563,730
$9,481,564 $13,097,932
$4,182,734
$7,366,201
Cr.91,540
Cr.108,781
Cr.108,781
of Cop¬
_
Champion
12c.
18c.
$6,165,286
193,393
per Range RR. Co...
Miscellaneous
Deduct \4
1917.
45,043,301
$4,232,764
$103,507
Gross income
Net after local taxes
Surplus
33,025,957
net
199,886
591,625
Dividends
Balance, sur. or def_def.$596,464
Ill, p. 2046.
—V.
Cosden & Co. (of
699,857
986,015
1,395,900
2,366,394
154,776
Cr.109,657
Cr. 16,053
2,525,086
3,943,912
def.$13.361 sur.$529,221 sr$l,022,912
Delaware), Baltimore.—New Director.
Craddock-Terry Co., Lynchburg, Va.—Merger.—
A
dispatch from Milwaukee states that the Harsh & Chapline Shoe Co.,
Milwaukee, has been consolidated with the above company.
The stock¬
holders have approved an increase in the
capital from $5,000,000 to $10,000,000, of which $2,500,000 is to be Common and $2,500,000 Class "C"
7% cumulative stock.
The two plans, it is said, will continue to
operate
under their present names.
Cunard
new
Steamship Co., Ltd.—New Building, &c.—
Cunard Building,
25 Broadway, N. Y. City, erected by the
Twenty-Five Broadway Corp., was opened on May 2.
The building, 22
stories, contains more than 660,000 sq. ft. of floor
space.
Earnings
Year ended. December 31.
1920.
Gross
earnings.
Expenses..
£3,801,655
2,594,530
£1,181,620
1,325,807
394,310
193,778
99,428
135,000
£1,724,920
1,898,157
370,428
288,375
514,547
135,000
£1,207,125
1,364,677
353,233
209,478
196,649
432,080
£503,291
£589,807
£173,237
Net earnings
Depreciation
...
Income tax
Other charges.
Dividends
Profit and loss surplus....
112,
p.
474.
1918.
£9,201,727
7,476,807
Total surplus
—V.
1919.
.£12,260,662
11,079,040
.
Diamond Match Co.—Bonds Listed.—
p.
1395.
Calendar Years—
Net income after taxes and
—V. 112, p. 648, 474.
1920.
charges...$3,362,347
1919.
$137,730
no
income from the
—
.
—
Note.—Annual interest charge on these bonds amounts to $2,625,000.
Net receipts from its commercial business have averaged over $7,500,000
annually for the last 10 years and in only one of such years were such re¬
ceipts less than twice the interest charges on this issue.
The earnings were
exclusive of any return from the investment in General Motors stock.
du Pont Securities Co.—In 1920 company arranged for the formation of
du Pont Securities Co. to finance temporarily the purchase of General Motors
Common stock formerly owned by W. C. Durant (see report in V. 112,p. 1139).
Purpose of This Issue.—The purpose of this $35,000,000 issue is in part to
provide funds for the permanent financing of the Durant purchase and, in
addition, to supply $10,000,000 of cash for other corporate purposes.
du Pont American Industries, Inc.—The du Pont company's investment
in General Motors Common stock will be held by du Pont American Indus¬
tries, Inc., a subsidiary, which will own approximately 7,000,000 shares of
General Motors Corp. Common stock out of about 20,445,000 shares out¬
standing, thus giving the du Pont company substantial voice in the direcion of the policies and affairs of that corporation.
*Reason of Holding Company—du Pont Industries Securities
to Be Acquired by
E. I. du Pont Company.
The plan of keeping the ownership of General Motors Corp. Common
stock in a subsidiary is for the purpose of disassociating this investment from
its manufacturing business, in order that there may be an independent de¬
velopment of each, which segregation may be rendered more complete at
some future date (but without losing the advantages of the present
manage¬
ment) by permitting the shareholders of E. I. du Pont de Nemours & Co.
to acquire the Common stock of du Pont American Industries,
Inc., upon
favorable terms or through dividend distribution.
In furtherance of this plan, du Pont American Industries, Inc., will issue
$25,000,000 serial notes or bonds,maturing over a period of 10 years, se¬
cured by pledge of 7,000,000 shares of General Motors Corp. Common
stock, and will issue also $20,000,000 8% Cumul. Pref. stock.
Both such
bonds and such stock will be acquired by E. I. du Pont de Nemours & Co.,
which will also own all of the Com. of du Pont American Industries, Inc.
Du Pont American Industries, Inc., reserves the right to sell and to have
released any of the pledged General Motors stock, upon the deposit of $5
in cash for each share so released, to be applied to the
payment of its above
mentioned notes.
The proceeds from the sale or redemption of the notes
of du' Pont American Industries, Inc., received by E. I. du Pont de Nemours
& Co. will be used by the latter company in retiring its own 10-Year
7)4%
bonds or else will be retained by it in its business.—V. 112 p. 1148.
du
Pont
Securities
Co.—Incorporation, dec.—
See E. I. du Pont de Nemours & Co. above, and compare V. 112, p. 1168#
Durham
Hosiery Mills, Inc.—Business.—
President Carr says that business has improved considerably since
Feb. 29, and at present the company's plants are running full time, about
80% of capacity.
Mill shipments
are
almost double what they were in
1920 and prospects are considerably better than they have
last 12 or 18 months.—V. 112, p. 474, 261.
^
been for the
_
Copper lining Co.—Output {in Pounds).— "*|
1921—April—1920.
1,044,940
1,291,840
—V. 112, p. 1521, 1148.
Decrease. I
256,900
1921—4 Mos.—1920.
5,164,580
6,400,760
Decrease.
1,236,180
Eddy Paper Co.—Bonds Offered.—
Taylor, Ewart & Co., Chicago, Watling, Lerchen & Co., Detroit and
Fenton, Davis & Boyle, Grand Rapids, are offering at 98and int., yield¬
ing 7.75%, $1,250,000 1st Mtge. 710-Year Sinking Fund gold bonds,
bankers stetc"
Dated May 1 1921.
Denom. $100, $500, $1,000 (c*).
Int. payable
M. & N. at Continental & Commercial National Bank, Chicago, without
deduction of 2% normal Federal income tax.
Red. all or part on or before
May 1 1926 at 105 and int. and at Y> % less each succeeding year thereafter
until maturity.
Union Trust Co., Detroit, trustee.
Beginning 1923, 25%
of net earnings after interest charges will be set aside each year for the re¬
demption or purchase of bonds at not exceeding the call price.
Produces corrugated and solid fiber shipping containers and all types of
paper cartons.
Plants have floor capacity of 55 acres.
Earnings for past
five years have averaged over three times maximum interest requirements.
1920 earnings were approximately five times interest charges.
Elder Steel Steamship Co., Inc.—Notes Offered.—Baker,
Ayling & Young, Boston, are offering at 98 and int. to yield
about 8%%, $1,000,000 8% Secured Gold Notes.
Dated April 11921.
Due Oct. 1 1929 but red. all or part at any time upon
30 days notice, at par and int.
Interest payable without deduction for
Federal income tax not in excess of 2%.
A sinking fund will retire $125,000
of the notes
Proceeds
now
annually.
are
to be used to refund
outstanding.—V. 112, p.
&
Calendar Years—
Gross income
Net income
an
issue of 7% Gold Notes of like amount
1148.
Share
Co.—Earnings
1920.
1919.
1918.
$3,564,734
$2,127,600
588,580
800,000
$3,114,871
$1,697,471
563,524
778,730
$2,599,674
$1,450,082
511,773
680,546
$3,140,020
$2,066,390
487.710
644,889
$739,020
$355,216
$257,762
$933,790
Increase.
$3,224,617
that
Showing Net Receipts from Manufacture of Powder for Military and
Commercial Easiness.
Net
Calendar
Fcderal
Receipts
Total
Bal.
after
Year—
Taxes.
Military.
Commer'l. Net Receipts.
Fed. Taxes.
1914—.
$1,112,062
$4,705,162
$48,092
$5,817,225
$5,769,133
1915
80,625,761
6,161,597
86,787,359
48,200
86,739,158
1916
87,210,552
7,699,727
94,910,279
12,802.586
82,107,693
61,531,699
9,668,272
71,199,971
21,941,309
49,258,662
51,715,429
6,378,818
58,094,247
14,996,172
43,098,075
11,524,689
7,314,100
18,838,789
1,155,797
17,682.992
1920----y277,941
14,847,348
14,569,407
x6,174
14,563,232
x Adjustment of taxes,
y loss.
Pref. dividends (6%)-..
Common dividends (8%)
Duquesne Light Co., Pittsburgh.—Earnings.—
so
Table
ElectritTBond
The New York Stock Exchange has authorized the
listing of $6,000,000
Sinking Fund Gold Debentures, dated Nov. 1 1920, due
Nov. 1 1935.
(See offering in V. Ill, p. 1756, 1855 )—V. 112,
15-year 714%
Corp.,
investment has appeared in the income account of du Pont company.
East Butte
Enos Stockbridge of Baltimore has been elected a director.
The regular quarterly dividend of 1
% % on the Preferred stock was de¬
clared payable June 1 to holders of record
May 16.—V. 112, p. 1981.
The
through
Surplus
-V. Ill, p. 77.
in
Chicago.—Earnings.
Elgin Motor Car Corp.,
Total sales for the year ending
Dec. 31 1920 were
Net profits for 1920
$6,479,100 in 1919.
$7,383,606. as against
amounted to
$195,908—V. Ill,
1373.
p.
Co.
modified) the holder of each share of the Ohio
one-fifth of a share of common stock in the
parent corporation.
The Fisher Body Corp. also guarantees the
of current quarterly divs. upon the preferred stock of the Ohio Co. down to
and including the div'd payable July 1 1922.
It also agrees to pay on or
before that date the accrued unpaid dividends on the preferred stock for
1920.
Holders of the Ohio common have until May 15 to deposit their
stock for exchange, at which time the privilege expires.
One dividend of 1 1-3% has been paid and it is understood that a div.
o 12% due April 1 but deferred will be paid June 1 and will be
a
2% quarterly div. July 1.
That will leave one year s dividend to be
Under this plan (as
stock is entitled to $3 in cash and
payment
followed by
paid
by the parent company.
shares of
stock, but
holders of
to buy or
fractional shares.
Had the exchange gone through as originally outlined, it was expected
that the stock to be received would pay a quarterly div. May 1 1921, or 50
cents per share.
The delay incident to the change of plan prevented this,
but in lieu thereof Fisher Body Corporation agreed, upon the exchange be¬
coming effective, to pay at once 50 cents per share for each share of the Ohio
Company stock deposited for exchange so that the Ohio Co stock deposited
received $3 in cash instead of $2 50 as in the original offer.
In other respects
-SeeV. 112, p. 262,165-
14 (V. 112, p. 262) proposed giving five
each five shares of Fisher Body Ohio Common
this has been charged as above.
Provision was made also whereby
stock not in lots of five or some multiple thereof had the option
sell at $18 per share enough shares to avoid the issue of
_
is unmodified
-Plan
Ohio Co.-
Fisher Body
See Fisher Body Corp.
Operative.-
112, p.
-V.
above.-
282.
Co.—April Output.—
Ford Motor
and
5.238 tractors.
dispatches state that the company produced 91,393 cars
6,800 tractors in April.
Retail sales were 92,152 cars and
Unfilled retail orders at the end of April totaled 86,932 cars and 256 tractors.
May production schedules call for 100,000 cars and 7,250 tractors.
During the first four months of 1921 there were made 218,467 cars
13,474 tractors.
Retail sales for that period were 300,184 cars
tractors.
Employees at Highland Park plant/ number 43,786.
employees for all domestic plants, 60,406.—V. 112, p. 1745.
'
Detroit
(Robert) Gair Co., New
per annum.
It is stated that net working
down
agreements
those
expired
have
which
conditions
it is said,
provide for a continuation of the same wages, hours and working
as prevailed during the past 12 months.
No further conferences,
have been arranged between the unions and any of the manufacturers.
is reported, however, that mediators have been sent out by the
of Labor for the purpose of bringing the contending parties together.
As to wage increases in paper establishments since 1914 see '
April 30, p. 1823.—V. 112, p. 1745.
It
Department
Chronicle
Steel Co.-—New Financing.—
A Chicago dispatch states: A syndicate has purchased $6,000,000 8%
1st Mtge. 20-Year bonds.
Proceeds will retire about $1,800,000 outstand¬
ing 6s and provide working capital.—V. 112, p. 854.
Interstate Iron &
Brooklyn, N. Y.
at Madison Ave.
Akron.—Plan Ratified.—
1982.
Steamship Co.—Earnings, &c —
The company reports gross profits for 1920 of $3,503,491 and a net profit of
$1,394,520.
Surplus at Dec. 31 1919 was $555,680, to which was added
the net profit f v 1920 of $1,394,520, making a total of $1,950,200 before
deducting for ad rational charter hire "reserve" of $763,481 and 6% dividend.
Net surplus at Dec. 31 1920 was $866,719.
Fleet and equipment, it is
reported, are valued at $15,338,129.—V. Ill, p. 2330.
Grace
Fiscal
ending
Year
Plant <k
3,015,543\ 4,570,489
equipment 2,908,204/
1,696,725
Cash........._ 8,482,431
6,956,749
Merchandise
14,928,934 23,839,342
1,696,725
Goodwill
Acc'ts receivable.
U. S. bonds
Employees'
$*
1,250,000
Preferred stock...12,027,500
8,075,000
aCom. stk., no par
Minority
stock of
679,500
678,900
subsidiary cos..
3,950,000
5-year Conv. notesxl,203,000
Notes & accept'ces
253,920111,806,535
309,050
Accounts payable.
3,736,942/
Reserve for sinking
stock
fund......
715,600
subscriptions...
Surplus...
Total
1920,
.......
139,612
55,969
13,607,502 12,486,027
...32,897,376 38,303,531
(each side)
Common stock, auth. and outstanding, 250,000 shares of no par
We are informed that the company intends to pay the balance
5-year 6% conv. gold notes, due June 1,
Great Lakes Transit
and that
value,
of the
refinancing is con¬
Corp.—Earnings.—
1920.
$5,525,750
1919
$3,866,489
charges..4,485,670
3,046,969
.,040,080
$819,520
income—
Operating expenses, rents and fixed
Net earnings, before dividends.
p.1374.
Tank Car Corp.—Equip. Trusts
Offered.—Union Trust Co., Chicago, are offering at par and
int., $225,000 8% Equip. Trust Gold Certificates.
Gustafson-Spencer
April 1 1921.
Due serially to 1926 but red. on 30 days notice on
int. date at 103 and int.
Issued under the "Phila. Plan."
Secured by
Dated
any
165 standard all steel tank cars appraised in excess of
$320,000.
Uncon¬
ditionally guaranteed principal and interest by Gustafson & Spencer, Inc..
which owns and controls the Gustafson-Spencer Tank Car Corp.
Homestake Mining Co .—Dividends
Resumed.—
of 25 cents per share payable
A monthly distribution of 50 cents
The directors have declared a dividend
May 2o to holders of record May 20.
per share was made in Sept. 1919; none
since.—V. 109, p. 1529.
Humble Oil Refining Co.—Acquisition.—
subsidiary of Standard Oil Co. of N. J., it is reported
The company, a
of E. F. Simms Oil Co. in the Goose Creek and
The amount involved was reported to have
The Simms holdings consist of about 1,400 acres and the
daily production is about 3,000 bbls.
In addition there are some 10 000
acres of undeveloped lands in North Dayton. The E. F. Simms Oil Co
it is
stated, has no connection with the Simms Petroleum Co.—V. 112, p. 1029
has taken over the holdings
North Dayton fields, Texas.
been $4,000,000.
Imperial Oil Corporation.—Purchase.—
The company
has contracted to purchase
tory.
acres
Middle States
Under its purchase
Oil
has lease
oil field, Young County
the area of proven terri¬
int. in over 600 acres in this field.
contract Imperial advances $250,000 to be expended
Pittsburgh Trust Co.
Additional Data from Letter of Pres.
H. J. Walter, March 17
1921,
14 1920 and has acquired by purchase plantsholdings, &c., of the following cos.: (a) Consoli¬
Bradford, Pa.; (b) Kane (Pa.) Glass Co.; (c) Ok,
mulgee (Okla.) Window Glass Co.; (d) Penna. Window Glass Co., KanePa.; (e) Tuna Glass Co., Clarksburg, W. Va.; (/) Camp Glass Co., Hunting
ton, W. Va.; (g) Columbus Glass Co., Lancaster} O.; (h) Crescent Window
Glass Co., Weston, W. Va.; (i) Empire Glass Co., Shinglehouse, Pa.;
(?) Smethport (Pa.) Glass Co., and (k) West Fork Glass Co., Clarksburg,
W. Va.
The combined plants will be operated by improved and up-to-date
methods under a license granted by the American Window Glass Machine Co.
Business consists of manufacture of window glass of single and double
strength.
Will not manufacture plate glass of any description.
Sinking Fund.—Company covenants that on April 1 1922 and annually
thereafter it will deposit with the trustee for sinking fund purposes 20% of
all net earnings, but not in any event less than 10% of amount of outstand¬
ing bonds to be applied to purchase of bonds at not exceeding (up to April 15
1924) 105 and thereafter at 103 and int.
Company also covenants not to pay any divs. on Common stock that will
reduce the quick assets below 125% of all liabilities, including bonds out¬
standing, and to maintain net quick assets in excess of all liabilities in an
amount equal at least to 80% of the then outstanding bonds.
Company.—Incorp. Oct.
factories, real estate, gas
dated Window Glass Co.,
Capitalization—
Preferred stock
Outstanding•
Authorized.
'
$2,133,100
.$4,000,000
(par $100)
value)
80,000 shs.
42,662 shs.
Five-Year 8% Sinking Fund bonds./—3,000,000
3,000,000
Earnings.—Earnings of predecessors before deducting extraordinary
charges, which normally would not occur again, interest and Federal in¬
come and profits taxes, were:
1916.
1917.
1918.
1919.
1920.
$704,317
$1,266,387 '
$1,325,459
$1,355,021
$1,837,053
Common stock (no par
Balance
Sheet Feb.
1
1921
Assets
{After This Financing).
Liabilities-
"■
.$1,463,025
.$1,273,062 Accounts payable
Finished glass.
1,884,034 5-yr. Sinking fund bonds. 3,000,000
First Preferred stock
1 2,133,100
Material and supplies
1,015,930
4,533,061
Deferred charges
290,000 Common stock
Total (each side)..
11,129,186
Plant
—; 6,666,161
Thomas W. Camp (V.-Pres.), W. S.
Directors.—H. J. Walter (Pres.),
Calderwood (V.-Pres.), F. D. Gallup (Treas.), Henry McSweeney, C. L.
Suhr, ,T. A. Price, Geo. W. Mitchell, T. F. Koblegard, R. A. Hill, A. H.
Gaffney, Chas. Wandless.
See V. 112, p. 1982.
Cash
_
Kansas
City Power & Light
_
_ _
Co—Pref .Stock.—
A syndicate headed by H. P. Wright Investment Co., Kansas
reported, is offering an issue of $6,000,000 8% 1st Pref. stock
City, it is
at par.—
112} p. 1762, 1622.
Kansas City Telephone Co.—Bond Application.—
The company has applied to the Missouri P. U. Commission for authority
to issue $2,000,000 bonds.—V. 108, p. 1723.
_
Kelly-Springfield Tire Co.—Notes
Sold.—Goldman,
Goldschmidt & Co., Lehman Brothers
and Halsey, Stuart & Co., Inc., have sold at 99
and int.
$10,000,000 10-Year 8% Sink. F. Notes,
(see adv. pages.)
Dated May 15 1921.
Due May 15 1931.
Int. payable M. & N. in
New York without deduction of normal Federal income tax not in excess
of 2%.
Penn. 4-mill tax refunded.
Denom. $1,000, $500 and $100 (c*).
Red. all or, if in part, only pursuant to the sinking fund, on any int. date
Sachs & Co., H. P.
at
lio and int.
Central Union Trust Co., N. Y., trustee.
Sinking Fund.—The trust agreement will provide
for the retirement of
($500,000
15
110 and int. by drawing by lot $1,000,000 p. a.
date) beginning May 15 1923, and continuing until May
1931, when the remaining $2,000,000 will be paid at 110 and
Data From Letter of Pres. A. B. Jones, New York, May 11.
the entire issue at
on
each int.
int.
Company.—Manufactures a full and complete line of pneumatic tires and
Is one of the largest producers in the country of solid truck tires.
are
distributed through 31 branches established in the most
important business centers of the country and approximately 19,000 active
accounts with dealers.
Owns and operates 3 plants located in Akron, O.;
Wooster, O., and Cumberland, Md.
v
The Cumberland plant has recently commenced operations and is now
producing tires.
This plant has been constructed in order to take care of
the company's growing business.
Plant has a total floor space of 22 acres.
Commitments.—Company has no commitments or contracts f|or rubber,
fabric, tor other material, except at today's!prices, with the exception of one
future (contract for rubber, aggregating not over one week's requirement
tubes.
Products
at 23 cents per
..
approximately a half interest
in a solid body in the South Bend
N.Texas. This block covers more than one-half of
in 8.000
Mtge. 8% bonds by
1st
Glass Co.—Further Data.—Mention
1982, of the offering of $3,000-,000
made in V. 112, p.
V.
Calendar Years—
-V. Ill,
no
1403.
templated at this time."—V. 112, p.
Gross
Interstate Window
was
1,250,000
931,176
896,839
253,100
.
$125,993,564
$
Liabilities—
$
Land & buildings.
Y
1917-18.
1921.
1920.
1921.
j^LssctS'^-
x
28.
1920-21.
1919-20.
1918-19.
$235,302,887 $194,646,959 $151,691,919
Balance Sheet as of February 28. •
Sales
a
Inc.—Annual Report
February
pending
working hours until May 11 if the men would not strike,
negotiations for arbitration.
Other large paper mills in the United States and Canada shut
on
May 11 because of failure of workers and owners to sign new
to replace those that expired May 10..
The addition of these men to
that struck in other mills on May 1 makes a total of between 15,000 and
20,000 men who are now on strike.
...
According to announcement of the Labor Bureau, line., this city, economic
advisers to the unions, of the total 19 companies whose agreements
either May 1 or May 11, 8 have settled with the unions.
Operations
been resumed under a new contract to run one year, the terms of
and
May 11 ratified the reorganization plan and approved
8% 20-Year 1st Mtge. bonds and $30,000,000
for
papermaker's union to accept a wage re¬
§»uebec.the offer of officials of the company to mills tookthe old wage said,
The walk out in the International continue place, it is scale
espite
8%- 10-Year Debentures.
Edward G. Wilmer, of Milwaukee, it is reported, has been elected Pres.
Press dispatches from Columbus, O., on May 12 state that articles of
incorporation were filed with the Secretary of State of Ohio on that date.
Sales
Co.—Strike.—
result of the refusal of the
mills
the issuance of $30,000,000
Great Atlantic & Pacific Tea Co.,
a
increase in the working day from 8 to 9 hours effective
May 1 the employees at the mills of the International Paper Co. and various
other paper companies have gone on strike.
It is reported that all the
of the International Mills are closed down except the one at Three Rivers,
11 authorized an increase m the capital stock
$185.000,000—V. 112, p. 1745-
See.V. 112, p. 1755, 1745,
than $3,000,000.
International Paper
As
The stockholders on May
Goodyear Tire & Rubber Co.,
more
duction of 30% and an
General Electric Co.—Bonds Listed—Capital Increase.—
The New York Stock Exchange has authorized the listing of $5,100,000
(auth. $60,000,000) additional 40-Year 5% Gold Debenture Bonds, due
Sept. 1 1952.
Proceeds have been used for general purposes.
The shareholders on
...
capital is in excess of $19,000,000, with a cash
The company, it is said, has reduced
inventories since Jan. 1 to the extent of about $1,500,000.—V. 112, p. 1138.
balance of
Net earnings for the three months ending
equivalent to over $3 per share earned on
V. 112, p. 1621.
from $175,000,000 to
producing. This
City, who will
management of
6,000 trucks
Car Corp.—Earnings.—
Mar. 31 1921, it is reported, were
the increased Common stock.—
General American Tank
second
the field, with Roxana
demonstrated by wells now
Corp.—Earnings, &c.—
profits after all
the low
point and that since then a progressive monthly improvement has taken
place.
Orders for April were larger than any month since Sept. 1920, with
the single exception of Nov. 1920, and it is said that the incoming business
justifies an expectation of deliveries fur the current quarter at the rate of
York.—New Offices.—
company's general offices have been moved from
three floors of the new Borden Building
45th St., N. Y. City.—V. Ill, p. 2525.
now occupy
third,
International Motor Truck
and
The
States
The company reports for the quarter ended Mar. 31 net
charges of $4,396.
It is stated that the business in Jan. reached
and 13,066
Total
Jc
Middle
acquisition was made through C. F. Colcord, Oklahoma
become associated with Imperial Oil and continue in the
the property.—V. 112, p. 1982.
The offer dated Jan.
the offer of Jan. 14
outlying points on the 8,000 acres.
one-half owner in 5,000
7 of which are com¬
pleted and producing.
Imperial Oil secures the largest interest in
.
..
.
,
,
Common stock for
and
drilling deep test wells at different
Roxana Petroleum, the Dutch Shell subsidiary, is
of these leases, and is obligated to drill 15 wells,
acres
and
'
Otis & Co. announce that the plan for the exchange of common stock of
the Fisher Body Ohio Co. for common stock of Fisher Body Corp. has been
Corp.—Plan Operative.—
Fisher Body
[VOL. 112.
CHRONICLE
THE
2088
pound.
Capitalization After This
Authorized. Outstanding.
—....$10,000,000 l$10,000,000
3,900.300
3,237,100
$100)-.-7,000,000
6.860,200
—
10,000 000
8 084,242
Financing—
10-year 8% notes (this issue).,
6% Cumulative Pref. stock (par
8% Cumulative Pref. stock (par
Common stock (par $25)
$100)----
Mat 14
1921.]
THE
CHRONICLE
Purpose.—To fund floating debt and to furnish additional
capital.
,
Midvale Steel & Ordnance Co.—Tenders.—
Provisions.—Company will not create any mortgage unless notes shall
share equally and ratably in the lien thereof.
Company may purchase
property subject to a mortgage or create a purchase
money mortgage to the
extent of 75% of the value of
property purchased, or may pledge as security
for loans made to it in the
regular and current
The Guaranty Trust Co. of N. Y. will until
May 16 receive bids for the
5% Sinking Fund Gold bonds due Mar. 1 1936 at
not
exceeding 105 and int., and to an amount sufficient to exhaust
$615,568.—
sale to it of 20-year
conduct of its business,
liquid assets or stocks, &c., owned.
q
During life of notes, company will not increase the amount invested in
fixed assets (as of May 15 1921) by more than
15% of the amount of notes
accounts receivable or other
except from future earnings or the future issue of Pref.
Montana Power
Common stock,
and will maintain total current assets
equal to total debt incl. notes outstg.
Net Profit after Depre. & Available
Telephone, Bowling Green 3366-3367.—V. 112,
I
Mother Lode Coalition Mines
Calender year
Net profits
1917.
1918.
1919.
1920.
4 Yr. Avg.
$2,739,038 $4,543,022 $3,349,818 $2,444,146 $3,269,006
[The balance sheet as of Dec. 31 1920 after giving effect to this
financing
shows $1,131,491 current liabilities
against $8,986,492 on Dec. 31.
This is
effected principally by the liquidating of $8,155,000 notes
payable.
The
current assets are given as
$15,028,206, against $14,383,206 on Dec. 31 last.
The increase is accounted
principally by the addition of $1,045,000 cash in
bank and on hand.
[For annual report for claendar year 1920 see V. 112,
p. 945],—V. 112, p. 1872.
amount will be transferred to the
sinking fund.
13,803,911 lbs., upon which the
price realized was 16.93c. per pound.
It is reported that ore.
mined during 1920 totaled 72,457 tons, from which
were realized 9,929 tons
of copper and 153,170 ozs. of silver.—V.
108, p. 2246.
Sales of copper during 1920 amounted to
Mountain Producers Corp.
Decrease.
Feb.28 '21.
9,184,700
Cash
Securities,
Wilmington.
1917-18.
$658,441
$502,033
$1,663,529, the largest ever
Los
p.
recently offered
bv
Blyth, Witter & Co.
See
V.
1983.
p.
1920.
1919.
$1,422,696
168,936
(14)649,780
$1,941,473
(6%)___
168,936
Common (cash) divs__(10%)624,795
Pref. dividends
1918.
$1,236,906
168,936
(14)560,000
112,
coils;
101 non-insulated cars of 8,000-gallon capacity each without steam
coils.
Of these cars, 370 are approximately one
year old, having been re¬
cently built by the American Car & Foundry Co. and General American
Tank Car Co.
The average life of the cars is estimated to be in excess of
20 years.
Certificates are to be originally issued at not to exceed $1,381
per car, which is 55% of the present market cost of this equipment.
Transcontinental Oil Co.—Operates a complete unit of the oil
industry,
including producing, refining and marketing departments.
Owns leases on
1917.
$1,347,876
168,936
(18)720,000
over
2,000,000 acres of oil lands in the U. S. and South America.
Also
refinery at Fort Worth, Tex., present daily refining capacity of 6,500
a refinery at
Boynton, Okla., of 3,000 gallons daily capacity,
together with steel storage tanks of a total capacity of 202,300 barrels.
Controls its own pipe line in Texas covering 120 miles.
Other properties
include 17 casinghead gasoline plants, 2
compounding*plants and a complete
barreling plant at Coraopolis, Pa.
Maintains its own retail distributing
department, operating 20 retail service stations. Company has no bonded
debt other than car trusts and small
purchase money mortgages.
Earnings.—Net earnings (of the Transcontinental Co.) applicable to
these certificates for the calendar
year 1920 were in excess of 8 times the
annual interest charges on the entire issue of certificates.—V.
112, p. 1873,
1623,1523.
Balance, surplus
_a$l,147,742
$603,980
$507,970
$458,940
*
Total net earnings from sale of
licorice, dyewoods, box boards, wall
boards, &c., after deducting all charges, expenses,
&c., and in 1920 provi¬
owns
barrels and
sion for1920 income tax.
a Adding surplus of
$3,198,148 (as of Dec. 31 1919) to the above surplus
for the year 1920
($1,147,742), makes a total surplus of $4,345,890 (as of
Dec. 31 1920), before
deducting a 50% stock dividend amounting to $2,500,000, which was paid on the Common stock July 15 1920 to holders of record
June 30.—V. 112, p. 1150.
McCrory Stores Corp.—Dividend Payable in Stock—Sales.
The directors
have declared the usual
quarterly dividend of 1% on the
Common stock, payable in Common stock on June
15 to holders of record
June 1.
A like amount was
paid in stock in March last and in Dec. 1920
an initial cash distribution of
1% was made.
A stock distribution of 20%
($1,000,000) was also made on the Common stock in March last.
Sales for
Month and Four
1921—April—1920.
$1,101,620
—V.
112, p:
New
$27,362
1921—4 Mos.—1920.
$4,160,710
$196,246
1920.
1919.
company 59th St. and East River, N. Y.
n.a$2,209,071
Inventory increase
155,485
Operating expenses, &c_
1,901,830
Depreciation
J
147,891
Selling
159,580
58,605
10,971
$175,394
44,196
$500,483
18,867
$1,056,851
11,136
$166,227
$219,590
$519,350
480,000
$1,067,987
504,000
63,682
41,513
$102,545
Net income
Dividends
$178,077
$39,350
$563,987
charges..
Balance, surplus
After
$3,251,104
16,972
2,083,947
94,273
33,005
$155,256
expanses & taxes.
Net profit
a
1917.
$3,041,978
144,156
2,219,285
118,715
59.339
Other income
Miscellaneous
$1,715,879
.492,159
1,841,118
deducting $6,552 for refined
Manhattan Electrical
1920.
Net sales
Gross profit
Other income
Gross income
Expenses and taxes
132,921
.
copper purchased.—V. 110, p. 1977.
Supply Co., Inc.—Earnings.—
$7,286,446
$1,677,970
12,946
$1,690,916
1,537,875
1919.
1918.
1917.
$6,962,988
$1,910,933
$5,554,399
$1,603,560
$5,234,324
$1,492,132
14,076
12,770
61,751
$1,925,009
1,222,099
$1,616,330
1,092,638
$1,553,883
927,998
Manufacturers Light & Heat Co
.—Earnings
—
Gross earnings for the three
months ending Mar. 31 192i amounted to
$3,204,758 and net to $875,056.
Balance after dividends was $415,056.
Corporate surplus March 31 1921 totaled
$10,106,136—V. 112, p. 854.
Maxwell Motor Co., Inc.—Sold at Auction.—
The sale of the
company at auction at Detroit, as ordered by Federal
Judge Tuttle, to provide for the reorganization of the
company with the
Chalmers Motor Co., was concluded on
May 12, when the Chairman of the
reorganization committee of the two
concerns, Walter P. Chrysler, and
Harry Bronner, a member of the
committee, acquired the property at the
upset price of $10,915,000.
'
The way is now cleared for the
merging of the two companies, although
it is expected that further
objection may be made by the holders of the First
Preferred stock of the Maxwell
Co., whose recent petition was set aside by
the Court, but permission to file new
petitions was granted to them at the
hearing to confirm the sale.
.
It is reported that articles of
incorporation have been filed with the Secre¬
tary of Stateof W. Virginia by the Maxwell Motor
Co., with a capital of$20,000,000, which may call for the issuance of
200,000 shares or Pref. stock
(par $100) and 800,000 no-par-value Common shares.—V.
112, p. 1983.
Mexican Petroleum
The New York Stock
Co., Ltd., of Del .—Listing.—
Exchange has admitted
to the list $10,000,000 tem¬
15-Year Sinking Fund Convertible
8% Gold bonds due May 1 1936.
The Central Union Trust Co., N.
Y., has been appointed trustee of the issue.
See offering in V. 112,
p. 1746, 1864, 1972.
porary
,
Citv, pursuant to a final decree of
Ill, p. 799.
Niagara Falls
Power
Co.—Bonds
Offered.—Spencer
Trask & Co., E. H. Rollins &
Sons, New York, and Schoell-
kopf, Hutton & Pomeroy, Inc., Buffalo, are offering at 88
and int. yielding about 7%
(see advertising pages) $6,000,000
1st & Consol. Mtge.
Series AA 6% Gold Bonds of 1920.
Due Nov. 1 1950 (see
description in V. Ill, p. 2235.)
[Issuance of the bonds is subject to the approval of the N.Y. P. S. Comm.
Data From Letter of Pres. Paul A. Schoellkoff, Niagara Falls, May '21.
Purpose.—Proceeds will provide part of the cost of the enlargement and
program upon which company is now engaged and ivhich will
increase the combined capacity of the system's
plants to about 673,500 h. p.
extension
Capitalization After This Financing—
Authorized
Outstanding.
__.__x$15,000,000 $10,000,000
Mtge. 5s, 1932
_!
Closed..
10,000,000
Ref. & Gen. Mtge. 6s, 1932
_y20,000,000
8,226,000
Hydraulic Pwr. Co., Niag. Falls, 1st & Ref. 5s, 1950
Closed
3,500,000
Hydraulic Pwr. Co. of N. Falls, Ref. & Im. 5s, 1951
Closed.
a6,500,000
7% Cumulative Preferred stock
20,000,000
1U515.400
Common stock (paying 6%
divs.)
—<■20,000,000
14,493,500
1st & Consol. M. Series AA
6%
-
1st
Net
profit..$153,041
$702,910
$523,692
$625,885
Dividends paid in 1920 were:
On 1st Pref. stock, $65,299; on 2d Pref.
stock, $5,600, and on Common stock,
$368,355 (incl. 10% stock dividend
paid in Oct. 1920).-i-V. 112, p. 1030.
Decrease.
5,717,124
U. S. District Court entered against the
company and the Central
Union Trust Co., Trustee, under Ref. Serial Gold
Bonds, dated July 1 1911
and Gen. Mtge. 25-yr gold bonds dated Nov. 1 1916.—V.
the
1918.
(in Lbs.)—
Decrease. |
1921—4 Mos.—1920
1,695,22818,230,876
13,948,000
Gamaliel C. St. John, George F. Hurd and Wm. C Fitts,
Special Masters,
will sell the entire property at
public auction on June 1 at the plant of the
Magma Copper Co.—Annual Report.—
Calendar Years—
Metal sales...
Copper Co.—Copper Output
New York Steam Co.—Foreclosure Sale.—-
Increase
$3,964,464
Cornelia
1921—April—1920
1,864,772
3,560,000
—V. 112, p. 1523, 1516.
Months Ended April 30.
Decrease. I
$1,128,982
1150, 1020.
Total
Security.—Secured by a first lien on 507 all-steel standard tank cars
having an average age of about 2 years, viz.: 96 insulated cars of 8,000 gallon
capacity each; 310 cars of 8,000-gallon capacity each equipped with steam
AfacAndrews & Forbes Co.—Annual Report—Dividends.
Calendar Years—
earnings..
*Net
10.582,515 10,628,539!
any
664.
Angeles Gas & Electric Corp.—New Mortgage.—
was
894,219
—
prin. & divs.,
by the Transcontinental Oil Co.
Denom. $1,006.
Callable as a whole on
maturity date at 103 and int. on 60 days' notice.
Divs. payable with¬
out deductions for any Federal income tax
up to 2%.
Pennsylvania 4-mill
tax refunded. Issued under Phila.
plan. Columbia Trust Co., N. Y., trustee.
Data from Letter of F. B. Parriott, President of Transcont'l Gil
Co.
all
The stockholders on April 27
approved the company's plan to increase
its bonded indebtedness from
$15,000,000 to $75,000,000
The new
mortgage ["General & Refunding Mtge "] it is understood is for
$60,000,000
and will'be issued from time to time for
improvements, &c.
A block of
$2,500,000
9,734,320
Dated June 1921, to mature $50,000 Dec. 1 1921 and
$50,000 semi-ann.
thereafter to June 1928 incl.
Unconditionally guaranteed,
,
Compare V. 110,
2,822
$
9,734,320
Accounts payable.
3,566
Dividends payable
194,686
Surplus
649,942
National Steel Car Lines Co.—Guaranteed Equip. Trusts
Offered.—Freeman & Co., New York, are offering at prices
to yield 8.40% $700,000 8%
Equip/Trust Gold Ctfs. Ser. B.
Little Falls Water Power Co.—Bond
Offered.—
Minnesota Loan & Trust Co., Minneapolis, are
offering at 90 and int.
yielding 72£-% an additional block of $157,000 1st Ref Mtge 6% Serial
Gold Bonds of 1916 and due Dec. 1 1928.
Auth
$1,000,000; outstanding
(incl. this issue) $863,000 retired $25,000.
outstanding bonds including this issue.
7,113
Oct. 31 *20
$
Capital stock
10,582,515 10,628,539
A statement to stockholders is quoted as
showing net earnings from
organization late in May 1920, to Feb. 28 1921, about nine months, of
$1,039,315, derived from dividends paid by Wyoming Associated Oil
Corp. of
which stock the Mountain Producers
Corp. owns approximately 52%.
Leases and permits, it is stated, have been
approved to the Wyoming
Consol. Oil Corp. under the Federal Act on 2103 net acres on
the Salt
Creekfield, the Mountain Producers to acquire 1,094 acres of same.
The
latter will also benefit from this release of
$750,000 unfounded funds to the
Wyoming Co.—V. Ill, p. 2331.
1918-19.
on
100,000
&c
Total
Net profit after
taxes$1,438,844
$1,213,678
The net earnings for the year 1920-21 were
Net earnings for year ended
Sept. 30 1920, were over twice interest
200,000
_
791,447
9,734,270
Deferred charges1,557
Feb. 28'21,
Liabilities—
9,734,270
cos_
U. S. certificates.
A suit involving
alleged infringement of patent rights of monotype
type-setting machine has been brought by the company against Pittsburgh
Type Foundry Co. of Pittsburgh, in the U. S: District Court at
shown.—V. 112, p. 567.
639,574
Stock in other
Co.—Suit—Earnings.—
1919-20.
$
-Balance Sheet, cfcc.~
Oct. 31 '20
$
Assets—
1982.
1920-21.
$2,337,227;
interest, $6,933;
$1,310,340; net
75%, of the latter
average gross
May 14 58,000 Keystone telephones in the Philadelphia district will
from exchanges operated by telephone
girls to
automatic exchanges.
A few instruments in the city are not yet equipped
with the automatic device, but alterations will be
made soon.
(Phila.
"News Bureau")—V. 112,
Years ending Feb. 28—
1873.
income, $2,478,991; operating expenses and taxes,
earnings, $1,168,650.
It is stated that $876,487, or
simultaneously be switched
p.
p.
Co.—Earnings.—
total
Keystone Telephone Co., Phila.—Automatic Exchanges.
On
Lanston Monotype Machine
V
r
For the year ending Dec. 31 1920, value of
copper sales were
value of silver sales, $134,831; miscellaneous income
and
Kennecott Copper CoProduction (in
Pounds) .—
1921
April
1920.
Decrease.
I
1921
4 Mos.
1920.
5,213,000
8.319,760
3,106,760125,137,960
34,322,660
—V. 112, p. 1971,. 1622.
Co.—Removal Notice.—
The New York office of the Montana Power Co.
and of its
subsidiary
Falls Power Co., is now located at
25 Broadway. N. Y. Citv.
the Great
or
for Federal Taxes,
2089
x
is
Total amount that may at any time be outstanding under this mortgage
$75,000,00(1).
Remaining
$3,500,000
bonds
(auth. $10,000,000)
Hydraulic Power Co. of Niagara Falls, 1st & Ref. 5s.
as a supplement to the 1st & Consol. Mtge. and
6% bonds are issued, provides that company
shall keep this
mortgage closed so long as any Series AA bonds are out.
Note.—Entire $1,150,000 Cliff Electrical Distributing! Co. Gen. Mtge.
5s due 1940, is owned
by Niagara Falls Power Co. and are pledged under
Hydraulic Power Co. of Niagara Falls, mortgages.
reserved
y
to
a
retire
The indenture executed
under which the Series AA
Combined Earnings of Niagara Falls Power Co & Canadian Niagara Power
Calendar Years—
1920.
Operating
Net after
revenue
oper. exp.f amort.,
revenue
(net)
Non-operating
Total net income
on funded debt__
S. & Can. taxes, &c
Preferred dividends 7%.
Common
divs.
(4>£%)
Interest
U.
& oper. taxes
$6,031,951
3,679,928
Co.
1519;
$£,098,100
3,356,931
275,733
317.874
$3,997,802 $3,632,664
1,442,389
1,319,760
314,264
228,848
806,078
80£>078
651,80< (4)579,384
,
Surplus
$783,264
$698,594
Note.—Included in operating expenses in 1920 is a charge for amortization
of $606,000,
representing depreciation charged off against the various
plants.
The charge for amortization in 1919 was $264,000.
Water
Rights.—The Federal Power Commission granted on March 2 1923,
50-year license to the company to use 19,500 cu. ft. of water per second
of the 20,000 cubic feet of water
permitted to be diverted from the Niagara
a
River above the Falls under the terms of the treaty between the United
States and Great Britain, thus supplementing the rights of the company at
common
law and under grants
from N. Y. State.—V. 112,
p.
18*3, 1747.
Otis Elevator Co.-— Slock Dividend, &c.—
the declaration of the 50% stock dividend, a letter
to
of 47,426 shares
In connection with
the issuance
Commoln stock (par $100).
"The transfer of $4,742,600 from
the surplus account will correspondingly enhance the security of the out¬
standing Preferred stock.
General business conditions being subject to
such varying influences, directors cannot undertake to make any definite
statement as to the future dividend disbursements, but it is their hope and
expectation that the present regular dividend rates can be maintained."—
See V. 112, p. 1983,
the stockholders states that this will call for
of additional
Otis
Cleveland, O.—Earnings.
Steel Co.,
Results for
Depreciation
$1,398,431
154,579
......$3,158,558 a$l,760,126
765.337
610,758
__
$1,149,369 $1,243,852
231,659 def.145,943
$2,393,221
profit
Operating
Increase
1919.
192C.
Calendar Years—
Operating profits
Other income
85,715
__
$1,381,028
777,557
338,166
$1,097,908
$1,701,379
Gross
$992,862
$708,517
560,291
531,225
203,745
..$2,478,936
profit
Other deductions, incl
Federal taxes..
$625,000 charged to general reserve.
Preferred dividends paid (7%)
$789,117def .$179,254
$500,804
$789,117
$609,862
$609,862
$1,289,921
$1,899,784
applicable
Sundry adjustments
to prior period.....
Less:
$1,289.921
$564,860
the fourth quarter of 1919
31.....$1,854,782
operations of the blast furnaces for
of Dec. 31 1920, shows total assets of $29,406,536,
$24,703,859 Dec. 31
1919.
This includes property account,
$15,519,146, and also current assets of $11,965,176, notably cash, $219,637,
accounts
receivable, $2,426,771, and inventories, $9,064,597.
Offsets
include with other items (a) current liabilities $5,143,848, notes pavable.
$2,150,000, against $1,750,000 on Dec. 31 1919, and accounts payable
$2,839,312, against $2,262,727.
(b) 7% Pref. stock,, $8,830,600.
(c)
Common stock, 411,668 shares no par value, declared value $5 per share,
$2,058,340; and also (d) p. & 1. surplus, $1,854,782, against $1,289,922 on
Dec. 31 1919.—V. Ill, p. 1858
The balance sheet
against
Bottle
Owens
The
Co.—Listing—Earnings.—
authorized the listing on or after
New York Stock Exchange has
$5,537,000 additional Common stock
000,000) par $25 on official notice of issuance as a 50% stock
June 1 to holders of record May 16, making the total apolied for
1
$17,371,900.
Porto Rican American Tobacco
..$6,469,104
royalties......
1,295,616
31.276,500
t Decrease.
3,881,500
Co.—Dividend Omitted—
quarterly dividend of 3% usually
paid June ].
This course it is stated, was decided upon as a result of strike
which has kept all of companies' cigar factories in Porto Rico closed since
Jan. 1 1921.
President L. Toro states that the management was anxious
to conserve cash resources during present difficulties.
A quarterly dividend of 3% was paid in March last m 3-year 8 %_ scrip
while in the four quarters of 1920. dividends of 3% each were paid in 3-year
6% scrip [but see under Balance Sheet below].
The company has decided on an "open shop policy
in Porto Rico as a
result of the many strikes there, which seriously interfered with production
during practically the whole war period.
Business is expected to be restored
to pre-war basis within the next 60 days.
It is stated that cigar factories
at Perth Amboy, N. J., and Tampa, Fla., and the company s cigarette
factory are in operation.
'
:v.<
#
Offered.—National Citv Co. is offering at 100 and
8% Gold Bonds.
DatedMay 15 1921.
Due May 15 1931.
Denom. $500 and $1,000 (c*).
Int. payable M. <fe N. at National City Bank, N. Y„ trustee.
Company
agrees to refund Pennsylvania 4-mill tax.
Red. as a whole only on any int.
date on 30 days' notice at 107 ^ on or before May 15 1926 and at 105
thereafter.
As a sinking fund, company will set aside in each semi-annual
period a sum sufficient to purchase $150,000 bonds if obtainable at prices
not exceeding 105 and int.
If any semi-annual sum is not exhausted by
Bonds
int. $3,000,000 10-Year
such
purchases balance will revert to the company.
Data from Letter of President L. Toro,
New York, May 9.
Tobacco
outstanding capital
1897 and m 1899 American
Co. acquired a controlling interest amounting to 66% of
stock.
Pursuant to the dissolution plan, in accordance
of the
U.
S.
Court, this stock was distributed pro
Tobacco Co.
with the decree
rata to the Common
stockholders of American
little cigars and cigarettes.
Manufactures cigars,
.
Business has grown
little cigars and 500,000 cigarettes
in 1899 to over 2.39,000,000 cigars and little cigars and over 49^,000,000
cigarettes in 1920.
Through subsidiaries/ operates 10 manufacturing
plants in Porto Rico and 2 in U. S., and through an affiliated company
__rows entire available supply of Porto Rican shade tobacco wrapper leaf.
Purpose.—To fund floating debt and to increase working capital.
Security.—Secured by deposit of entire capital stock of the Porto RicanAmericari Tobacco Co. of Porto Rico and bv deposit of approximately
50% of the capital stock of the Porto Rican Leaf Tobacco Co. The re¬
mainder of the capital stock of the latter company is now owned by the
American Cigar Co., a subsidiary of the American Tobacco Co. ■
^
_
Earnings.—Net income for 1920 available for int. amounted to $1,272,731,
from
production of 3,000,000 cigars and
a
int. requirements on these bonds.
For
31 1920 annual net income averaged over $828,000.
5.3 times the maximum annual
or
the 4j^ years end. Dec,
$2,744,180
•_
Mos.—1920
The directors have voted to omit the
1919.
1,319,699
Manufacturing profitand
income
div. payable
1920.
Calendar Years—
Other
(auth. $30,-
to exceed
not
—V. 112, p.
(in Lbs.)—
Production
Decrease. |
1921—4
5,930,000 [27.395,000
7,798,000
1611, 1524.
Company.—Business established in
only,
June
Corp.—Copper
Dodge
Phelps
1921—April—1920.
1,868,000
45,001
45,001
Profit and loss surplus Dec.
Includes
def.560,291
327,480
......
$1,289,921
1
Profit and loss surplus Jan
a
389,391
of inventory, $1,185,291; less:
Adjust
[VOL. 112.
CHRONICLE
THE
2090
Consolidated Balance Sheet as at
Dec. 31 1920.
Liabilities-
Assets—
$4,965,350
$874,392 ♦Gapital stock.
Accts. & bills receivable._ 2,606,769 *Scrip & fractional shares
red. in capital stock
1,354,730
Inventories
:
7,357,226
Accounts payable
1,110,804
Real estate, buildings, ma¬
3,271,000
chinery, <fcc. (net)
1,257,124 Bills payable.
1,959,343
Stocks and bonds
281,652 Surplus
Deferred charges
77,464
Total (each side)
$12,661,227
Good-will, trade-mks., &c.
206,600
Note.—Contingent liab. on notes and acceptances discounted, $1,237,586.
Cash
1. $7,788.803
Total income
Expenses, &c
$4,039,796
$773,407
..$2,143,198
charges
,
1,423,400
300.000
.$4,222,205
$2,966,388
Federal taxes and contingencies
Net
profit
—V. 112, p. 1623.
—
,
,
Pacific
Co .-—Earnings
Oil
Statement.—
Income Account for the Three Months
ended March 31 1921.
Gross earnings from operations.
Less—Operating expenses
Taxes (Federal taxes not included—see note below)
Net profit from
operations.
*
$10,591,843
.....
4,911,760
1920.
$5,720,487
Reserved for depreciation and
775,010
depletion
Reai estate...
Sheet Dec. 31.-
S
$
Liabilities—
542,422
565,125
1919.
1920.
1919.
5
^4. sscts
Gross income
752, 1031. 1151. 1289.
Prairie Oil & Gas Co.—Balance
$5,608,310
112,177
___________
fractional shares have been practically all
Outstanding Common stock now amounts
Compare V. 112, p. 568,
$6,026,550.
to
71,773
Other income.
Since Dec. 31 1920 scrip and
converted into Common stock.
Capital stock.18,000,000
^
$
18,000,000
32,291,466
property.30,373,411 31,151,661 Bills payable...
17,875,000 Accts. payable. 41,509,869
93,567,112 79,912,531
24,562,425 Surplus.
26,572,500
20,959,463
8,540.526 I Total each slde.153,076,981 130.203,997
The company in 1920 paid 28%, or $5,040,000, in dividends.
This in¬
Personal
receivable-..29,525,000
receivable-.31,596,551
Securities.
4,572,500
Merchandisse
46,695,914
Duo from banks.. 9,748,480
Bills
Surplus Income for 3 months ended March 31 1921
$4,945,477
Note.—Statement excludes:
(a) Earnings accrued on $20,069,000 par
value of the stock of the Associated Oil Co. from Dec. 31 1920, and (b) Fed¬
eral taxes (income, excess profits and capital stock taxes).
At this time it is
not practicable to estimate the amount accurately or even approximately.
Later this will be done and the accounts ad justed accordingly. V. 112, p. 650.
Packard Motor Car Co.—Sales in New York District.—
1921—Month of—
January February March
April
-
Passenger cars and trucks delivered in
the Metropolitan district
—V. 112, p.
75
136
87
221
1984, 1624.
Paepcke Paper Mills Co., Cincinnati.—Bonds Offered.
Merchants' Loan & Trust Co. and F. B. Hitchcock & Co., Chicago, are
Penn Mex Fuel Co.—Annual
Report.—
'
issued neither a balance sheet nor income account for 1918,
that comparison is made with the statement for 1919 and 1917 as follows;
The company
1920.
Gross
1917.
1919.
$3,748,722
2,375,775
889,321
$4,346,247
2,291,223
948,852
$1,606,752
970,390
247,306
158,997
$483,626
income
Operating expenses and taxes
Depreciation and depletion
Adjustment of surplus
$1,106,172
Price Bros. & Co.
1920.
$
Property account. 14 ,542,140
Cash & accts. rec'le
752,093
1,249,978
Accounts
$
10,000,000 10,000,000
payable.
313,438
215,791
844,020
Res. for Fed. taxes
5,000
53,368
290,502
32,250
Reserve for fire
11,858
30,991
Res. for depr., &c.
3,209,643
2,332,822
53,698
oil in tanks
owned
1919.
$
Capital stock
781,432
33,050
41,207
Sur. & undiv. prof.
2,666,752
2,182,863
Material, &c., and
Stock
1920.
Liabilities—
S
and
adv. to sub. cos.
cos.
__
5,000
1921.
(Ltd.), Quebec.—Tenders.—
Trustees
2, or
Mon¬
First
sinking
^
(Gold) Mines, Ltd.—Gold Output (in Ounces).—
April
1920.
Decrease.!
1921—4 Mos.—1920.
Decrease.
686,979
5,597 2,562,235
2,689,848
127,613
Rand
1921
681,382
112, p. 1747, 1289.
—V.
& Pipe Line Co., Kan. C.—Bankrupt.
Ranger Refining
Press
dispatches from Kansas City state that approximately $2,000,000
against the company, according to M. L. Freeman,
liabilities are recorded
representing creditors who filed a petition in bankruptcy in the Federal
Court at Kansas City.
The company was incorp. in Delaware in April 1920
to merge the assets of the Ranger (Texas) Refining Co., Gate City Refining
Co., Kansas City, and Steiner Oil Co. and subsidiaries.
The latter company was incorp. in Delaware Oct. 1919.
A. L. Chambers
& Co., New York, in Jan. 1920 offered some of the Steiner Oil Corp.
no par value stock at $15 per share (V. 110, p. 173).
Efforts to communicate
with the brokers have been unavailable and it is understood they are no
longer in business in N. Y. City.
Remington Phonograph
The company
1919.
12,988,162
Due 8ubsid.
Liberty bonds
of 5% each paid in
of 3% each paid in July 1920 and in Jan.
Cdrp., Ltd., Winchester House, London, E. C.
George A. Touche & Co., Lewis Bldg., 17 St. John St.,
treal, Canada, will until May 15 receive bids for the sale to it of 5%
Mtge. bonds to an amount sufficient to exhaust $171,097 now in the
fund.—V. 112, p. 1151.
The
Balance Sheet Dec. 31.
Assets—
quarterly dividends of 3% each and extras
April and Oct. 1920 and extras
—V. 112, p. 1151.
$230,059
surplus.
Balance,
cludes regular
their agents.
offering at prices yielding from 8% to 7.70%, according to maturity,
$1,000,000 1st Mtge. 7% Gold bonds.
Principal and interest uncondi¬
tionally guaranteed by Hermann Paepcke and Walter P. Paepcke, Chicago.
Dated May 1 1921.
Due serially.
Optional on any int. date at par and
int. and a premium of H of 1 % for each six months of unexpired life of the
bonds, but not exceeding 103H and int.
Interest payable M. & N. at
Merchants' Loan & Trust Co. and Leon L. Loehr, Chicago, trustees, with¬
out deduction of normal Federal income tax up to 2%.
Company is a subsidiary of the Chicago Mill & Lumber Co., and the
latter will operate the paper property for ten years, paying for the use
thereof the sum of $1,500,000, plus taxes, maintenance and insurance.
so
Accts.
to
Corp., N. Y.—Capital Increase.
in capital from $1,000,000
recently filed notice of an increase
$20,000,000.
Ltd.—Shareholders Asked to Subscribe Before
$5,000,000 8% 10-Year Bonds—Financial Con¬
dition.—A committee of the directors in a letter to the stock¬
holders asking them to subscribe on or before June 1 states
Riordon Co.,
June
1 for
in substance:
r
•
Conditioft Serious.—Committee reports that the financial posi¬
tion of company is serious and unless further working capital can be secured
immediately it will not be able to continue business.
Assets.—Balance sheet as of March 31 1921 shows current liabilities of
$12,714,483, to which must be added $1,500,000 commitments for plant,
Financial
Total
—V.
112,
16,162,413
p.
Total
15,155,617
16,162,413 15,155,617
1747.
(J. C.) Penney Co., N. Y. City.—April Sales1921—April—1920.
$3,726,325
$2,854,609
—V. 112, p. 1747.
Increase. I
1921—4 Mos.—1920.
$8,496,612
$871,7161$12,949,713
Pierce Arrow Motor Car Co.
Common dividends
(2%)-—
200,000
Quarterly Statement.—
1920.
$1,221,493
1919.
$946,438
504,228
378,554
($125)312,500
200,000
200,000
not yet
delivered.
Current assets amount to
$10,451,680.
for Present Condition.—From investigation the present position
commitments for construction and other expenditures having been
undertaken before adequate financial arrangements were made—the con¬
struction expenditures on the Kipawa plant having exceeded the original
estimate of cost—and to the world-wide reaction in general trade conditions.
Reason
1918.
consequently receipts for the last five months have fallen
These combined factors make it of the utmost
working capital be furnished at once.
Equity Worth Preserving.—While statements of earrings, resources, &e.,
of company and its subsidiaries show the need of additional working capital,
however, the committee feel sure that the equity of the shareholders should
be preserved, and it is for this reason that the shareholders are asked to
furnish part of the additional working capital required to enable the com¬
pany to meet its liabilities and continue a business which, with adequate
$2,326,552
Shipments and
1,094,685
312,500
far below those
200,000
surplus
def.$689,502
$517,265
$ 55,385
$719,367
a Operating loss after deducting all expenses of operation, including those
for repairs and maintenance, and for deprec. of property and equipment.
George W. Mixter of George W. Goethals & Co., Inc. has been re-elected
President.—V. 112, p. 550.
ff Balance,
&c.,
is due to
Quar. end. March 31—
1921.
Operating profit
(a)def.$160,194
Fed. taxes, int., &c
329,308
Pref. dividends
Increase.
$4,453,101
urgency
anticipated.
that further
working capital,
should continue profitable.
MAT 14 1921.]
THE
CHRONICLE
2091
New $5,000,000 Bond Issue.—Directors propose that the
company shall
authorize an issue of $5 000.000 10-year 8%'Mte. & Coll. Trust
bonds,
dated June 1 1921 [subject to $13,710,S00 existing bonds and
Cash
mortgage on purchases].
Accounts receivable
$2,744,500
Security for New Bonds.—Secured by a specific mortgage and charge on
the fixed properties, plants and timber lands of company (subject to the
bond issues and existing mortgages), and by a first pledge and charge
by
deposit "with the trustee for the bondholders of $6,000,000 of 8% 10-Year
Ref. Mtge. bonds to be created by Gatineau Co., Ltd., and issued to com¬
pany in payment and satisfaction of advances made to the latter company.
The Riordon 10-year 8 % bonds will be further secured by a
floating
charge on all the other properties and assets and will rank ahead of $47,000,000 stock [$10,000,000 8% Cum. Pref., $10,000,000 7% (2d) Conv.
Pref. and $27,000,000 Common].
Gatineau Co. Bonds.—The bonds of the Gatineau Co- to be pledged as
security will be secured on the properties of that company, consisting of all
the real estate and saw mills at Ottawa, Hull and Rockland, freehold water
power rights on Gatineau, Nation and Lievre Rivers, and by assignments
of over 8,000 sq. miles of
pine and pulpivood limits purchased by that.com-
Eany through its acquisition of Co. and a floating w. C. Edwards & other
td., and Gilmour & Hughson the businesses of charge on all the Co.,
pany
and its securities.
Must Subscribe by June 1.—Directors solicit subscriptions from the share¬
holders for the entire issue of $5,000,000 10-year 8% Mtge. & Coll; Trust
bonds at 90 and int. before June 1.
Unless subscriptions for the bonds are
received for an amount which together with the amount to be realized from
the sale of the 1st Mtge. bonds which the company is negotiating will assure
the company at
moneys
paid
least $5,500,000, no subscription will be accepted and the
on
application will be returned.
Second Pref. Shares as Bonus.—On account of the urgency of the situation
as an inducement to the 1st Pref. shareholders to subscribe for the above
bonds, all the holders of the 7% Cum. Conv. (2d) Pref. shares have agreed
to surrender pro rata to the subscribers to the bonds a sufficient proportion
of their holdings to provide a bonus of $750 of said 7% Cum. Conv. (2d)
Pref. shares for each $1,000 of the bonds so subscribed and paid for, and the
shares necessary for this purpose have been deposited with Montreal Tr. Co.
[Submitted on behalf of the board: F. P. Jones, Chairman; Wm. C. Ed¬
wards. F. E. Bronson. Geo. M. McKee. F. N. Southam.]—Y. 112, p. 1747
and
Sharon Steel Hoop Co.—Bonds
Authorized.—
bonds,
of which
V, 112, p.
$5,000,000
940, 1151, 1625.
1st Mtge. 20-Year Sinking Fund
"A" 8s were recently offered.
See
Series
The
directors have decided to omit the quarterly dividend due about
May 10 on the outstanding S15,000.000 Capital stock, par $10.
Dividends
2% each have been paid quarterly from April 1920 to Feb. 1921, incl.
of
INCOME
ACCOUNT
YEAR
FOR
ENDED
DEC.
31
1920.
Oil sales,
$5,614,032; gasoline sales, $511,337; gas sales, $55,798;
misc., $21,253; tank car earn., $5,703; int. & divs., $38,552..--$6,246,676
Operating expenses, $775,854; gasoline, $258,918; tank car, $2,730; admin, and general, $393,390; total expenses-,.
1,430,893
1920
(After Present Financing).
Liabilities—
Preferred stock
$3,000,000
2,213,800
192,598
37,774
150,000
Common stock
897,414
34,456
210,509
Real estate, plants, &c—
Deferred charges
Accounts
payable
Sundry current accruals..
Acer. Fed'l taxes
(1920).
6,485,334 Sundry accruals
115,890 Bonded debt.
Inc.
tax
65 139
i ,800 000
1'8UU'UUU
1917-18
(add'l
assess, under
protest).
Surplus and reserves
Total
285 196
(each side)
$8,776,916
1,032,408
Listing.—Will make application to list both Pref. and Common stock on
Chicago Stock Exchange.—V. 108, p. 2247.)
Standard Oil Co.
(California).—Dividend Increased.—A]
A
quarterly dividend of 4% ($1 per share) has been declared on the $£5
value stock, payable June 15 to holders of record May 14.
This com¬
pares with 2lA% regular and 1 % extra, or 314%. paid quarterly from Dec.
1919 to Mar. 1921, incl., on the old stock of $100 par value.—Y. i 12,
p.1984.
par
Standard Oil Co.
(Indiana) .—Status Midwest Ref. Co.—
See that company under "Reports" above.—V.
Oil
Standard
112, p. 1984,
1406.
Co. (Kansas).— Usual Extra Dividend.—
An extra dividend of 3%, together with the regular
quarterly payment of
3%, has been declared on the outstanding $2,000,000 Capital stock, par
$100, payable June 15 to holders of record May 31.
An extra dividend
of 3% has been paid, along with the regular quarterly dividend since Feb.
1918—V. 112, p. 1151, 477,
*
Co. (Nebraska).—Cash Dividend of 5%.—
Standard Oil
This company which recently declared a 200% stock dividend payable
May 16 thus increasing the outstanding Capital stock from $1,000,000 to
$3,000,000 has declared a semi-annual cash of 5% on the increased stock
payable June 20 to holders of record May 20.
This dividend it will be
noted, is at the rate of 10% per annum on the increased stock or at the
rate of 30% per annum on the old $1,000,000 stock. V. 112, p. 1524, 1290.
Oil
Standard
Co.
(N.J).—Offer for Djambi Oil.—
I
Through Vice-Pres. F. D. Asche, company is understood to have sub¬
mitted
bid to the Netherlands Government for half the oil concessions of
Djambi, Sumatra.
The offer has been under discussion in the Dutch
Parliament and its outcome is awaited with interest because of the
monopoly
a
by the Royal
112, p. 1748.
V.
Dutch interests
Oil
Standard
Skelly Oil Co .—Omitts Dividend—Annual Report.—
31
$664,106
369,206
Inventories
held
The shareholders have approved the
Dec.
Miscell. & other accounts,
Tank cars, 1 ocomotives, &c.
properties and assets, subject to purchase money mortgages for $5,000,000
which mature 1925 and $478,553 now due and bank liens.
Voting Trust.—It, has been arranged that a voting trust will be created
by which voting control will be placed for a period of 5 years in the hands
of 5 voting trustees to be nominated by the bankers interested in the com¬
Sheet
Balance
Assets—
Co.
in the
(New
Dutch
East
Indian
fields.—
York).—Debentures
Sold.—
Blair & Co., Equitable Trust Co. and Dillon, Read & Co.
have sold at par an'd int. $20,000,000 12-Year 6M>% Gold
Debentures.
(See adv. pages.)
Dated May 1 1921.
Due May 1 1933.
Denom. $1,000, $500 and
$100 (c*).
Red. all or part on May 1 1928 at 103 and int. and thereafter
any int. date at 103 and int. less 3-10 of 1% for each succeeding 6 months
until maturity.
Int. payable M. & N. at office of Blair & Co., Inc., or
Bankers Trust Co., New York, trustee, without deduction for any Federal
on
income tax not exceeding 2 %.
.....
Data
Total
operating profit
Intra-company development operations profit
Total
—
-
-
_.
—.
_
— .
_
-
$4,815,78 3
254,828
from
Letter
President
of
—
surren.
_-$5,070,610
leases, $420,032; exc. loss over gains, $54,371.
Net earnings for the year.
474,403
..$4,596,207
112, p. 1874.
(G. A.) Soden & Co., Chicago.—Notes Offered.—
Chicago Trust Co. and John Burnham & Co., Chicago, are offering
$250,000 8% serial gold notes.
Dated May 1 1921, due annually May 1
1922 to 1932.
Denom. $1,000 and $500 (c).
Int. payable M. & N. at
Chicago Trust Co., trustee, without deduction for Federal normal income
tax up to 2%.
Red. in amounts of $25,000 on any int. date up to and incl.
May 1 1929 upon 60 days' notice at 105 and int. and thereafter at 1%
less each succeeding year.
Data from Letter of
President
H. V.
Company.—Is the outgrowth of
King, Chicago, April 15 1921.
wholesale jewelry business conducted
a
by mail, started 37 years ago.
Was incorp. in Illinois in April 1919.
Purpose.—Proceeds will be used in improvement of building at Chicago.
Earnings.—Average annual net earnings for the past 13 years have been
in excess of $165,000, or over 8 times interest charges on notes.
For past
iterest charges on notes.
Sear, after depreciation, they were equal to $194,000, or over 9)4 times
Capitalization.—7% Cum.
1st Pref. stock (auth. $400,000, less repur¬
$360,000; 8% Cum. & Particip.
chased and held for retirement, $40,000),
Compare offering of Pref. stocks in V. 108.
p.
2335.
Standard
Gas &
Electric
Cash
Co.—Earnings.—
Years ending March 31—
1921.
1920. •
--.$33,798,583 $28,178,481
32,175,292
26,844,206
11,429,224
10,477.184
revenue
earnings.
Net earnings.
—V. 112, p. 1290, 940.
Dated
May
1921.
9
_____
(A. E.) Staley Mfg. Co.—Offering of Slocks.—N. L.
Rogers, Decatur, 111., is offering at 95 to yield 7.37%,
limited amount of the 7% Cum. Pref. fa. & d.) stock.
For a limited time also the banker is offering the Common
stock at $125 per share to not exceeding 20% of Pref.
dividend._.(16%)
Total surplus
x
stock subscribed for.
The Pref. stock is red. at 110 and div.
No mortgage
on 30 days' notice.
Divs. payable
additional stock prior to this issue may be created
or
without consent of the Pref. stock.
Capitalization (After This Financing)—
7% Serial Gold bonds (V. 108, p. 2247)
7% Cumulative Pref. stock (par $100)
Common stock (par $100)
Data from Letter of President A. E.
Authorized.
Closed
$3,000,000
2,500,000
Outstand'g.
$1,800,000
3,000,000
2,213,800
Staley, Decatur, 111., March 17.
Company.—Incorp. in Delaware Nov. 17 1906.
[For further history and
description of property, &c.f see V. 108, p. 2247.]
Plant located at Deca¬
tur, 111., covers 47 acres and comprises 29 buildings containing over 725,000
sq. ft. of floor space.
Products consist of 8 grades of starch, 8 grades of
glucose, 3 grades of table syrup, corn oil and gluten feed.
Plant has a grind
capacity of 30,000 bushels of corn per day.
The glucose addition to the
Slant was made in 1919-20. Plant at Baltimore, Md., consists of
large
ouble two-story warehouse, equipped to pack starch in cartons. a Com¬
pany in 1920 purchased a site of 72 acres situated on the Illinois River at
P«oria, 111.
Company expects to incorporate under Illinois laws so as to
be exempt from the personal property tax.
Production.
Gross
Sales,
&c.,
Calendar
Years.
i
1917.
1918.
1919.
Corn ground (bushels)__
3,325,617
4,929,754
5,469,026
Product mfd. (in lbs.)..163,159,019 242,063,859 277,936,070
Pay-rolls
Exp. in plant fixtures..
Gross sales
$342,587
322,696
6,626,815
$587,460
380,133
10,139,137
1920.
6,494,780
327,509,524
$1,221,812
$1,692,845
2,334,616
1,903,865
14,559,452
15,729.441
Purpose.—'To reduce bank loans and increase working capital.
1917.
Federal taxes
operating profits
Surplus
1919.
1920.
$1,349,761 $1,860,524 $2,436,531 $1,335,914
81,323
520,417
233,089
282.773
388,987
1,170,071
700,685
150,000
Depreciation
Net
1918.
__
833,276
297,572
154,322
737,968
30,000.673
expenses
$31,165,109 $19,642,388 $21,750,673
incident to operation, sundry reserves, de¬
preciation and Federal taxes.
Net earnings before taxes for 5 years ended Dec. 31 1920 averaged over
13 times annual int. on $30,000,000 debentures outstanding, together with
the present issue, and for 1920 were over 13)4 times annual int.
Comparative General Balance Sheet Dec. 31.
1920.
1919.
$
$
Assets—
Real est.,
1920.
Liabilities—
mach.,
and vessels
119,501,847
Invent, of mdse.123,995,590
Cash&accts.rec. 74,841,509
Liberty bonds.. 18,605,572
Deferred assets. 11,004,711
Total .......347,949,230
85,969,617
98,232,303
78,054,182
33,781,937
3,554,551
$
75,000,000
Current
86,570,847
liabil..
112,
p.
380,
75,000,000
58,980,157
Res've for lnsur.
and bad debts
Surplus
9,103,776
7,863,493
7,063,140
15,165,067
170,211,496 142,583,873
Total
...347,949,230 299,592,590
Res. for Fed. tax
299,592,5901
Compare offering of $30,000,000 Serial debs, in V. Ill,
—V.
1919.
%
Capital stock...
2432,
p.
2529.
1031.
Standard Textile Products
It is reported that the company for
Co.—Earnings.—
the quarter ending March 31 1921
shows that after various charges, including a depreciation reserve of $51,888,
the Preferred dividend had been earned and about $13,000 added to
surplus,
bringing that item to $170,000.
Operations during the first quarter aver¬
aged 70%, but are
—V.112 p. 650.
now between
85% and 90%.—Y. 112,
p.
1524, 1512.
Steel & Radiation, Ltd.—Protective Committee.—
The committee named below have requested the holders of the 6% 1st
to deposit their bonds on or before July 15 with the Montreal
Trust Co., 61 Yonge St., Toronto, Can., and No. 2 Bank Bldgs., Princes
St., London, E.C. 2, Eng.
[G. T. Clarkson, Toronto, was appointed re¬
ceiver for the company early in March last.]
Committee.-—D. C. Rea, Mgr. Royal Bank of Canada, Toronto; Glyn
Osier of Blake, Lash, Anglin & Cassels, Toronto; Strachan Johnston of
Mtge. bonds
Tilley, Johnston, Thomson & Parmenter, Toronto.—V. 112,
p.
940,1032.
Steiner Oil Corp.—Successor Co. in Bankruptcy.—
See
Ranger Refining &
Pipe Line Co. below and compare V.
110,
f
173,771,1420.
Texas Steel Co.—Seeks to Sell Plant.—
Earnings Calendar Years.
Gross earnings
28 642.388
12,000,000(16)12000,000 (12)9,000,000(11)8250,000
$27,405,631
After deducting
1917.
$58,330,176 $44,157,080 $39,376,043
39.405.63143.165.109
a
Q.-J.
Folger
Earninas Years ended Dec. 31.
1920.
1919.
1918.
Net before Fed. taxes...$46.468,771
Net earnings
Gross
C.
Assets.—Balance sheet as of Dec. 31 1920 shows total net assets of $254,315,242 and net quick assets of $123,808,685.
Adding proceeds of the new
debentures and the outstanding Serial debentures, total net assets exceed
6 times total funded debt.
Net quick assets alone as of Dec. 31 1920
(adding the proceeds of both issues of debentures) equal almost 3 }4 times
total funded debt to be presently outstanding.
Equity.—Has outstanding $75,000,000 capital stock on which divs. of
16% p. a. are being paid.
At present quotations stock represents an equity
of about $264,000,000.
Sinking Fund.—Company will provide $750,000 p. a., available semi¬
annually, beginning Nov. 1 1921, to be applied within 6 months to the
purchase of these debentures at not over 100 and int.
If debentures are
not available for purchase at that price, the balance will revert to
company.
Restrictions.—(1) Total funded debt, incl. this issue, shall never while
any of these debentures are outstanding, exceed 50% of total net assets;
C2) company will not create any mortgage unless debentures share equally
and ratably in lien of such mortgage (this shall not apply to purchase
money mortgages. &c., to secure temporary loans).
Current Developments.—Company is engaged in adding to Its refinery
capacity, marine equipment, &c., the earning capacity of which expendi¬
tures, and of the proceeds of this issue, will be reflected in the future opera¬
tion of the company.
Its capital .requirements have been supplies almost
entirely from earnings.
In the 6 years ended Dec. 31 1920, approximately
$142,000,000 from surplus earnings have been reinvested in the business.
2d Pref. stock, $400,000; Common, $800,000; 8% Serial gold notes, $250,000.
Gross
H.
Security.—A direct obligation of the company and together with $30,now outstanding [see offering in V. Ill, p. 2432]
000,000 Serial debentures
will constitute its sole funded debt.
profit
Cancel &
-V.
_
629,478
2.580,721
629,478
2,883,386
Application has been made to the District Court at Beaumont, Tex., by
R. S. Collins and W. S. Lantz, receivers, for an order of sale at
public
auction of the holdings of that corporation, which has a capital stock of
$2,500,000.
The receivers state they were
appointed more than 18 months
ago and have been endeavoring to re-establish
the company.
Creditor
refused first mortgage bonds.
Efforts then were made to interest Northern
and Eastern
capital.
The petition states the receivers
are
reliably informed
that
a
syndicate is planning to purchase the
stockholders
to
into
come
the
plant and will allow the origina,
on advantageous terms.
company
new
[Vol. 112.
CHRONICLE
THE
2093
follows: 7% in 1914; 1915 and
1917, 1%; 1918, 2%;l ater dividends, if any, not reported.
Dividends paid on Common stock were as
1916,
none;
("Iron Trade Review.")
Balance
1920.
$14,280,821
1919.
$9,731,700
$5,165,869
Quarters end. Mar. 31— 1921.
Gross sales
$9,740,495
Operating income
$941,957
Other income
244,918
$4,071,680
43,558
59,488
Assets--"
$3,740,323
$865,841
Inventories
$4,115,238
$969,516
667,780
664,854
416,360
Cr. 10,905
1,589,044
12,419
1,323,480
103,810
1,275,988
122,987
1,594,975
Balance for quarter.def$3,475,535
$2,230,263
Depr. &deple. chgd. off.
Fed. income &
war
$1,200,357
&
excess
Outside
ocn
ni0J
profits taxes
stockholders'
100
proportion.
Dividends paid, March.
$1,101,064
o3J|0,158
$14,393,289 $13,657,160
31..$14,771,533 $20,074,509
Total surplus Mar.
—V. 112, p. 1985.
ft0-
Transcontinental Oil Co.—Guaranty,
Cooperage mills,&c
$22,190,397
20.053,499
Loss
on
112,
p.
$597,034
1.085.453
236,oab
541.301
176.384
$510,144
$184,063
selling expenses
and
drilling non-producing wells.
Net profit, carried to
—V.
$2,374,342
1,777,308
$2,136,898
Net Income
Administrative
—
surplus...
380, 267.
United Profit Sharing Corp.,
A semi-annual dividend of 5%
Due fr. U.S. Govt.
Adv. other cos
N. Y.—Extra Dividend.—
been declared on
cents), both payable June 15 to holders
June 1920 extras of 5% each were paid,
compared with 15% extra in Dec. 1919 and 5%
112, p. 941
in June 1919 and Dec.
1918.
—V.
U. S. Bobbin & Shuttle Co.—Balance
1919.
1920.
Cash
Deferred charges..
Total
1920.
$
Patent rights,
Investments
Insurance,
U.
S.
_r
26,117
<fec_
850,000
650,000
Total (each
300,000
side).4,149,684 3,544,520
Dividends paid on the Common stock in 1920 were as follows: Four
quarterly dividends of 1 lA % each and an extra of 5%: total 11 % or $93,500.
A quarterly dividend of 1 % % was also paid on the Common stock on
March 31 last.—V. 110, p. 2495.
United States Brewing
Co.—Debentures Called.—
.000,000
3,000,000
,603.947
841,374
1,150,000
45,100
2,770,349
838,344
231,580
432,369
1,222", 737
Reserve for depre¬
,914,912
,136,845
2,250,379
6,337,034
Common
408,771
162,061
profits taxes
368,495
686,412
819,117
ciation
and
1,065,803
re-
newals
;
Surplus
769,698
98,283
14,385,685
1920.
$1,414,380
356,117
Depreciation
Tax
19,878,757 14,385,685
Total
earnings
Interest
$1,756,772
169,674
$2,003,583
537,812
152,336
629,904
444,561
$865,971
87,500
60,000
$800,805
$835,867
$1,142,.537
92,500
97,500
50,000
66,000
60,000
60,000
dividends...(7%)280,000(7%)280,000(6^)260,000
Preferred dividends (6%)
Common
Other
1917.
1918.
1919.
$1,349,484
396,343
192,292
reserves
Net
.
—
92,088
-1-
deductions
$438,471
Surplus
-V. 112, p.1032.
Weirton (W.
$418,367
$368,305
Va.) Steel Co.—New Steel
r
$934,449
Plant,~&c.—
the company, together with elaborate
describing the new rolling mill units, &c., may be found in the
"Iron Trade Review" of March 10 and the "Iron Age" of March 10 and
March 17.—V. Ill, p. 2334.
The history and development of
charts
& Co., New York.—Earnings.—
Apr. 20 1920 and 1921 and for Cal. Years '19 & '20.
Wells Fargo
Results for the 4 Mos. end.
Total net income.._____
Net
1921—4 Mos.—1920.
a$673,114
$313,417
1920-CVH. Ycar-1919.
$900,300
$985,631
36,729
income
.....
82,967
181,466
171,274
$636,385
$230,450
$718,834
$814,357
34,496
Expenses and taxes
151,201
265,792
426,276
$601,889
$79,249
$453,042
$388,081
a Includes $366,334 received as divs. from American Ry. Express Co.
Capital stock outstanding Dec. 31 1920, $23,967,400, and corporate
surplus as of that date $4,284,064.—V. 112, p. 1875.
Co .—Earnings.—
The annual report has not as yet come to hand, but is reported as showing:
income for the year 1920 of $10,616,128, as compared (it is under¬
Gross
stood) with $12,805,007 for the year ended June 30 1920 and $8,084,026
for the year 1918-19; net profit, after deducting $143,858 for general taxes,
bond interest $99,142, and Federal taxes for 1920, it is said, amounted to
$172,059.
On Pre¬
each on
During 1920 dividends amounting to $395,937 were paid, viz.:
ferred, $252,000 (or 7%), and three quarterly dividends of \%%
the Common, amounting to $143,937.—V. 112, p. 68.
Western Union Telegraph
Co.—Dividend Decision.—
in the New York Supreme Court has handed down a
of Williams against the company in which he holds that
the Court cannot intervene in an action by the directors in declaring a divi¬
Justice Martin
decision in the
One hundred sixty-five ($82,500) 20-year 6% First Mtge. sinking fund
gold debentures, dated Aug. 1 1908, have been called for payment July 1
at Bankers Trust Co., 14 Wall St., N. Y. City.—V. 106, p. 2661.
United States Finishing
150,100
stock—
Notes payable
Accounts payable.
Provision for Fed¬
eral income and
6,196,319
Balance, surplus
285,947';
U. S. Treas. certlfs..
150,100
Co.—Annual Report.—
Charges
Liberty bonds
and W. S.
Walworth Mfg.
Calendar Years—
431,756
340,372
2,217,928 1,704,148
10,034;
tion
8,578 Surplus
24,886;
10,365
515,546
&c___
1919.
$
850,000
650,000
Liabilities—
'
Real est., mach., &c. 1,833,267 1,467,544 Common stock
Inventories
1,429,351 1,044,245;Preferred stock
Cash & acc'ts rec'le..
335,037
403,286 Reserve for deprecia-
19,878,757
Gross earnings
Sheet Dec. 31.—
•
$
§
Assets—
640,034
819,117
248,899
108,718
Liberty bds., &c__
and an extra of 5% have
the outstanding capital stock (par 25
of record May 24.
In Jan. last and in
1,814,841
321,174
Preferred stock...
contracts
Account for Cal. Year 1920 and 5 Months ending Dec. 31 1919.
{Including reported earnings of United Producers Pipe Line Co.)
5 Months to
Year 1920.
Dec. 31 '19-
operating expenses
100,114
5,008,980
debtors
A dv. agst .sug. crops
$
$
Liabilities—
Note.—Company at Dec. 31 1920 had no outstanding raw sugar purchase
or commitments at other than current market prices.—V. 112,
p.1032.
&c.
See National Steel Car Lines Co. above.
Material cost and
45,100
3,343,429
Notes & accts. rec.
Trade
Income
Gross Income from all sources
Investments
1919.
1920.
$
Bldgs., mach., <fec_ 7,018,207
Lands In Cuba
410,144
Other
31.
1919.
s
*
§7,484,355
$3'657,854
82.479
$5,225,357
$991,415
Total income for quar.def$697,039
Sheet December
1920.
Sub. Cos.).—Earnings.—-
Tide Water Oil Co. (Incl.
case
profits, even though the board erred in its declaration.
remedy, the Court holds, lies with the stockholders, who may take
appropriate action against the directors.
"To this general rule there are
some exceptions.
One of the most important of these exceptions is that
founded on fraud," the Court says.—V. 112, p. 1626.
dend from surplus
The
White Motor Co.—New Officers and Directors.—
C. White has been elected President, succeeding Windsor T.
of the Board in place of Homer H.
Johnson.
Thomas H. White, has been elected a Vice-President in charge
of production to succeed E. W. Hulet.
George H. Kelly, has been elected
Treasurer and T. R. Dahl. Secretary succeeding Otto Miller (who remains
as a director)
and A. R. Warner (who also remains as a director) respec¬
Walter
White who has been made Chairman
tively.
States
United
Steel
Chairman Elbert H.
of
20% in
wages.
Corp.—20% Cut in Wages.—
Gary on May 2 announced a reduction
The formal statement issued said:
The wage rates of day labor at the manufacturing plants of the Steel
Corporation have been decreased about 20% to become effective May 16.
Other ratas, including salaries, will be equitably adjusted.
After long and painstaking effort we have not been able to find a prac¬
ticable basis for the entire abandonment of the 12-hour day or turn in the
immediate future.
However we have already eliminated the 12-hour day
in certain departments and shall continue our efforts to this direction with
the hope and expectation of making the elimination of the 12-hour day
complete during the next year.
We do not believe we can satisfy our em¬
ployees with any shorter limit.
See also last week's "Chronicle", p. 1915.
Unfilled Orders—Federal Trade Commission Issues Com¬
plaint Against Corporation in Matter of Basic Steel Price—
Judge Gary's Reply.—
See
week
under
s
"Trade
and
Traffic
Movements"
above
and
compare
President of the Standard Oil Co. of New Jersey,
President of the Cleveland Cliffs Iron Co. and Philemon
have been elected directors succeeding E. W. Hulet,
H. Harding and Michael Gavin.
|
The company is now working on a 4-day week schedule.—V. 112, p. 1277.
Walter
C.
Teagle.
William G. Mather,
Dickinson
J.
of Phila.
Wilson & Co.,
The
to the
proceeds are to
Smelting Corp.—Capital Increase,
&c.—
Company has outstanding $1,400,000 unsecured debt, besides $307,000
8%_ serial bonds, part of which will become due
on Aug. 1 1921 and the re¬
mainder on Aug. 1 1922.
Some provision must be made to take care of tho
maturing bonds and additional money must be borrowed for other purposes.
instead
9f increasing the indebtedness, and in order to improve the finan¬
condition, the holders of
a substantial amount of the bonds, together
banks, have expressed themselves as
willing to accept payment in 8% Preferred stock.
Stockholders of record April 20 were given the right to subscribe at par
for the Pref. stock equal to one-third of the common stock held.—V.
112,
p. 1875, 1525.
with certain creditors other than the
United
States
Rubber Co.—Price Reduction.—
The reduction in prices of pneumatic tires and tubes put into effect bv
the company are
asfollows:
„
Royal cords, 11M %; chain and knobby tread
° tFead fabrics' 15%• and tubes, 20%.—V.
m^p *1749
United Verde Extension Mining Co —Output (Lbs.)—
Decrease.
1921—4 Mos.—1920
Decrease
1921—April—1920.
—Y2U2,
p.
163267015748
177(9721 !2.613,990
13,902,600
1,288,610
Valley Mould & Iron Corp.—Earnings.—
The annual report for 1920 shows net income, after allowing for depre¬
ciation, interest and taxes, $304,188.
Surplus after Preferred divs. was
$164,188.
There
is
outstanding $2,000,000 7% Cumul. Pref. stock, par
no par value.—Y. 108, p
985.
$100, and 100 shares of Common stock of
Virginia-Carolina Chemical Co.—Debenture Ctfs. Ready
The Guaranty Trust Co., 140 Broadway, N. Y. City, is now prepared
to exchange the outstanding temporary 12-year 7H% sinking fund gold
debentures, due 1932, for definitive debentures.
See V. Ill
p
2237
V. 112, p. 1309.
±.v.**oi.
Warner
Sugar Refining Co.—Annual Report.—
Calendar Years—
Gross sales.
_.-
--
--
1919.
-
—
Net earnings after taxes
Carried to reserves, $627,372; 7% Pref. divs.,
Balance, after Preferred dividends.
additional
CURRENT
expenditures
and will be applied
1749.
NOTICES
last
In connection with the recent increase in the capital stock from 600,000
no par value shares by the creation of
200,000 shares (par $5) of 8% Cum.
Pref. stock, Sec. W. A. Mitchell in a letter of April 2 said in substance:
cial
be used to reimburse company for
made for additions, improvements, &c.,
reduction of the current liabilities.—V. 112. p.
—Newburger,
Zinc
Exchange has authorized the listing of an
heretofore
'Chronicle", pages 1931, 1932—V. 112, p. 1985, 1862, 1875.
United
Inc.—Listing.—
The New York Stock
$1,355,000 1st Mtge. 6% 25-Year Sinking Fund Gold Bonds. Series A,
due April 1 1941, with authority to add an additional $788,000, and also
for the listing of the fully registered bonds for which coupon bonds may be
exchanged, making the total amount applied for $24,223,000.
1920
$52,138,951 $113,049,828
$1,910,054
$1,437,689
$10,507
637,879
$799,809
Henderson & Loeb, members of New
York and Philadel¬
phia Stock Exchanges, in a circular issued a few days ago deal with
market outlook as follows: "The recent sharp upturn in the general
naturally raises the
the
list
question whether we are witnessing merely a temporary
is at hand. On this subject opinions
only, and not convictions, may be expressed: for no certain means have yet
been discovered of detecting the turn in the market.
The belief that a
continued advance is impending is based mainly upon the fact that'the
decline has proceeded for eighteen months, and has carried stock prices to
unduly low levels.
More concretely, there is the expectation 6f the settle¬
ment of the German indemnity problem, with the resultant great improve¬
ment
in international conditions.
There is, furthermore, a widespread
belief that the deflation in commodity prices is nearly over and that a re¬
covery in general business is not far distant—anticipating which, a decided
rise in the stock market would now be in order.
The opposite view is
rally,
or
the permanent recovery
grounded mainly on' the fear that the unprecedented destruction and infla¬
tion caused by the war must require more than the ordinary period for its
to a new normal level is still only
It is evident that, as contrasted with the enormous
of cotton, copper, hides, etc., there is room for a
further reduction in steel prices.
The same is true in the wide fields of
wages and retail prices.
The railroad situation remains a seriously dis¬
turbing factor; for while relief is in sight, it is only prospective, while the
current deficits are uncomfortably actual.
After weighing the arguments
on both sides of the question, we are inclined to favor the latter view.
That
is, we take it that the present rally is a temporary development and that
lower prices are likely to be seen again.
The important factor of a normal
buying power in the agricultural sections of the country must necessarily
await the outcome of the crops.
During the summer months we look for
a rather dull market, in which, however,
accumulation for the next rise
will begin.
From the standpoint of asset values and previous earning
power, most of the standard issues certainly look cheap; so that investors,
who buy for the long pull and ignore intermediate fluctuations, may be
fully justified in buying good stocks at these levels.
Traders, however, who
are chiefly interested in the immediate trend of the market, should take into
account that in a period of depression securities often sell considerably below
remedy,
and that the readjustment
partially completed.
shrinkage in the value
their intrinsic values.
May 14
1921.]
THE
CHRONICLE
2093
f^jepuris awtI g^mmjewts.
MARKET STREET RAILWAY COMPANY, SAN FRANCISCO, CAL.
(An Operating and Holding Company Organized Under the Laws of California.)
DIGEST OF OFFICIAL STATEMENTS MADE TO NEW YORK STOCK EXCHANGE AS OF APRIL 20 1921.
(1)
STATEMENT
AS TO
LISTING
PREFERRED STOCK,
PRIOR PREFERENCE
OF
STOCK,
SECOND PREFERRED STOCK AND
COMMON
Cal., April 20, 1921.
Market Street Railway Company hereby makes applica¬
the
listing of
permanent engraved
certificates
of
the
Capital Stock (being all the authorized Capital Stock)
of the Company for
$11,750,000 Prior Preference
Stock, divided
shares of the par
into
117,500
value of $100 each;
Stock,
Preferred
divided
47,000
shares of the par value, of $100 each;
10,700,000 Common Stock, divided into 107,000 shares of
the par value of $100 each;
on
in
accordance with the
"Notice of
Changes in Plan of Re¬
organization" of United Railroads of San Francisco, dated
October 2, 1919, hereinafter more particularly set forth.
All of said stock is
fully paid and non-assessable under
the laws of California,
liable
for
their
the
but the stockholders
of
debts
the
in the
ownership
Company
proportion
personally
are
contracted
which
during
their respective
holdings bear to the issued and outstanding Capital Stock.
ORGANIZATION—PROPERTIES
Market
Street
Railway
the laws of California
ized
Common
IN
APRIL
1921.
Company was organized
payment is made
the
thereof
street railroads in the City and County of
San Francisco.
The duration
of its charter is
fifty years
from the date of incorporation, that is, until the 14th day
of October, 1943.
On March 18, 1902, all the assets of the
sold and conveyed to the United Railroads
were
of San Francisco, which company has since operated said
street railroads, together with other street railroads pur¬
chased by it.
In April, 1921, through reorganization and foreclosure
.proceedings of United Railroads of San Francisco, herein¬
after
•and
referred
to,
Company re-acquired all
the
its assets
properties, and is
said
thereon
and
clared
and
in
and
the
Preference
been
issued
paid
AND
RIGHTS OF
CAPITAL
STOCK, COMMON AND
of
amount
the
authorized
Capital
Stock
in¬
was
creased on February 16, 1921, to $32,150,000, divided into
-321,500 shares of the par value of $100 each, of which 117,.•500 shares, amounting in the aggregate to
$11,750,000 par
All
the
August 16, 1920, by the stockholders January 24, 1921,
and by the Railroad Commission of California December
:22, 1920.
•
of
the
of
the
nature
and
extent
preferences of the various classes of stock,
in
forth
statement
a
the
Amended
Articles
of
Consolidation,
set
as
Amalga-
stion
and Incorporation of the Company filed February 16,
1921, in the office of the Secretary of State of California:
The holders
of
record of
receive, when and
i
the
declared
as
Prior
Preference
by the Board of
Stock
shall
Directors of
be entitled to
said
Corpora-
tion, out of the surplus profits arising from the business of said corpora¬
tion, cumulative preferential dividends at the rate of 6%. per annum, and
no
more, upon
able
annually,
time
from
paid
or
to
the
par
value thereof from the first day of April, 1920 (pay¬
semi-annually,
time
determine), before
any
as
the
Board
of
Directors
may
dividend shall be declared
set apart for the Preferred Stock, Second Preferred Stock
or
and
when and
as
declared
preferential dividends
upon
the
nually
or
termine)
from
at
The
entitled to receive,
of said
corporation, out of
the business of said corporation,
the
rate
of
6%
per
annum,
and
cumula¬
no
more,
value thereof from date of issue (payable annually, semi-an¬
as the Board of Directors may from time to time de¬
before any dividend shall be declared and paid or set apart for
Preferred
Stock
or
when and
as
Common Stock.
and
Board of Directors of
said
to
corpora¬
made
Second
on
Preferred
the par
value thereof before
the Common Stock; and the bal¬
Preferred
paid
Stock until after
periods
thereof
and
full
after
dividends
Stock
for the then current
quarterly
respectively, shall have been de¬
but when all accrued dividends at the rate
Stock
and
Second
outstanding Prior
Preferred
Stock
shall
have
set apart, then the holders of record of the then
or
Stock
receive,
may
and when
as
declared
Directors, dividends out of the remaining surplus profits
corporation.
of
stock
have equal
OF
voting
There is
power.
conversion of stock.
or
REORGANIZATION—AUTHORIZATION
OF
NEW
SECURITIES.
primary
for the reorganization of the United
reason
interest
such indebtedness.
on
The Market
Street Ca¬
ble
Railway Company bonds, in the amount of $1,800,000,
matured October 15, 1916; Ferries and Cliff House
Railway
Company bonds, in the amount of $400,000, matured March
1, 1914; Omnibus Cable Company bonds, in the amount of
$2,000,000, matured April 2, 1918; and Sutter Street Rail¬
Company bonds, in the amount of $1,000,000, matured
These four underlying bond issues amounted
$5,200,000.
Interest has regularly been paid on these
way
May 1, 1918.
to
as
well
the
as on
outstanding Market Street Railway
Company bonds.
On
October
1, 1916, United Railroads of San Francisco
interest on $23,500,000 of its 4% bonds, and
to pay
has since been paid on these bonds.
none
ceedings
have
Cable
House
been
bonds,
instituted
6%
Company
and
have
in
bonds
been
1921, in
ruary,
the
Superior
and
for
entered
was
properties
the
Market
Cliff
and
United
to
as
On the 4th day of Feb¬
Court
of
of Cali¬
State
the
County of San Francisco,
foreclosure
tire
of
of
Ferries
consummated
fornia, in and for the City and
decree
Foreclosure pro¬
respect
Railroads of San Francisco bonds.
United
sale
and
Railroadsv of
of
San
the
Fran¬
cisco, which properties were accordingly sold on March 21,
1921, and that Court on April 2, 1921, entered its decree con¬
firming the sale.
All said properties passed, directly or
through
By
an
intermediary, to the Company.
order dated December 22, 1920, the Railroad Commission of Cali¬
authorized United Railroads of San Francisco to cause all the prop¬
an
fornia
erties
operative and non-operative owned by it, including cash and income,
be
of
the
sold
through judicial proceedings in connection with the foreclosure
mortgage dated
further
authorized
mittee,
of
the
all
Sutter
Francisco
June
7,
acquisition
the
1902, securing its 4%
by
nominee
a
operative properties and
Street
and
Railway
San
last-mentioned
Mateo
nominee
Company,
Electric
of
Sutro
Railway
Bonds.
Said order
the Reorganization
franchises
Railroad
Company,
formerly
Com¬
owned by
and
San
and authorized
said
Company
to
mortgage all of said properties as security for
$5,200,000 of 6% Five-Year Notes to be executed and issued by the Mar¬
ket
Street
Railway
Company;
authorized by
said order
stock
last-mentioned
to
said
said railroad lines for
ized
Street
Said
order
value
nominee
term of
seven
of
was
sufficient
years;
enable
to
him
and said nominee
of said properties
to
operate
was
author¬
acquired by him to the
Railway Company subject to said mortgage.
of
Second
with
Commission
the
Railroad
Preferred
the
Commission
of
of
California
also
authorized
and
amount
Market
of
0%
$10,700,000 of
By
Plan.
Street
the
Five-Year
Common
same
Railway
Notes,
Stock
order
and
to
in
the Rail¬
Company
issue
to
secure
the
such
notes by the issue and deposit of $5,200,000 principal
5% Bonds, dated September 1, 1894, and by a first mortgage
operative
Company,
Stock,
Reorganization
authorized
$5,200,000 principal
payment
amount of its
the
Company
Railway
Street
railroad equipment and rolling
Railway Company to issue $11,750,000 par value of Prior
Stock, $5,000,000 par value of Preferred Stock, $4,700,000 par
accordance
Electric
Market
to lease
Street
Preference
road
a
and
to agree
by said order to transfer all
Market
on
Second Preferred Stock shall be entitled
declared by the
to
was its inability to pay matur¬
ing bonded indebtedness of itself and underlying companies,
Com¬
be
quarterly
holders of record of the
receive,
shall
par
Second
The
Stock
by the Board of Directors
surplus profits arising
tive
the Preferred
entitled
Railroads of San Francisco
Market
The holders of record of
the
quarterly
Stock.
mon
the
or
be
the Prior Preference Stock and Preferred
Preferred
,
to
following is
assets
on
dividend periods,
•
tors
The
of
HISTORY
mortgaged
>:Said increase of Capital Stock was authorized by the direc¬
is
aforesaid upon all the then issued and
and
classes
a
Stock, and 107,000 shares amounting in
aggregate to $10,700,000 par value are Common Stock.
the
provision for redemption
no
in
.Second Preferred
shall
arising from the business of said
value
are Prior Preference
Stock, 50,000 shares amounting
the.aggregate to $5,000,000 par value are Preferred Stock,
47,000 shares amounting in the aggregate to $4,700,000 are
Stock
or
Com¬
or
out of assets the par value
declared upon the Common
on
set apart,
or
Street
PREFERRED.
of
outstanding Common
by the Board
payment
or
dividend
Second
annual
Stock,
and
dividends
distribution
corporation shall belong to the holders of record
dividends
the
or
manner
declared
unpaid
any
Stock.
no
previous
on
semi-annual
failed
The
all
for
otherwise undis¬
any
and
Second Preferred Stock
Preferred
payment is made
of said
payment of full dividends
Stock
$48,600) for the purpose of acquiring the properties of the
Company and other properties, as above related.
DESCRIPTION
of record of
receive out
to
Common
of
Stock; the holders of record of Second Preferred Stock
or
There shall be
bonds
company,
out
accrued
any
value thereof before
par
distribution
any
be entitled
now operating the same.
The prede¬
United Railroads of San Francisco, was in¬
corporated March 4, 1902 (its present capital being $42,cessor
set apart for the Com¬
or
otherwise undistributed surplus profits the amount of
Common
of the assets
ance
of $18,750,000,
consisting
of 187,500
value of $100 each, all of which was
being a consolidation of eleven corpora¬
Stock;
receive
to
the Preferred Stock,
on
any
distribution
any
or
annum,
corporation, the holders of record of Prior
entitled
the amount of
the holders
of
before
or
shall
the
corpora¬
per
(payable annually, semi-annually
time to time determine)
accrued and unpaid dividends thereon, and
any
par
tions operating
Company
Stock;
mon
under
October 14, 1893, with an author¬
on
be
shall
surplus profits
thereon, and out of assets the
of
6%
may from
dividends shall be declared and paid
Upon the dissolution of said
Stock
Capital
shares of
REACQUIRED
the Board of Directors
Preference Stock
tributed
official notice of issuance and distribution to the public
dividends at the rate of
value thereof
par
Stock.
mon
Stock
into
the
upon
as
receive out
5,000,000 Preferred Stock, divided into 50,000 shares of
the par value of $100 each;
4,700,000 Second
more,
before any
San Francisco,
for
no
quarterly
or
surplus profits arising from the business of said
non-cumulative preferential
and
(Certificates Transferable in New York and in San Francisco.)
tion
out of the
tion,
tion,
STOCK.
Sutro
properties
Railroad
formerly
Company,
Railway Company.- ,
i
-
belonging
and
San
to
Sutter
Francisco
Street
and
Railway
San
Mateo
BASIS
SECURITIES OF UNITED
OF OLD
PARTICIPATION
OF
RAIL¬
;;;::•
FRANCISCO.
OF SAN
ROADS
participation of the old securities of United
San Francisco and underlying companies in
of
bonds, notes and stock
was as
The basis of
Railroads
[VOL. 112.
CHRONICLE
THE
2091
Company
of Market Street Railway
together
exchanged for or used to ac¬
following matured underlying bonds:
$5,200,000 of 6% Five-Year Notes,
follows:
$520,000 in cash, were
with
quire the
$1,800,000
400.000
Cliff House Railway Company
Omnibus Cable Company..—.......
2,000,000
1,000,000
acl
Ferries
The
Railway Company..-.------
Cable
Market Street
Company.
Sutter Street Railway
$5^200,000
New
Percentage of
Old Bonds and Stocks Surrendered—
U. R. R. 4%
bonds..
Distribution.
15%
..$23,900,000
.....
Securities Received.
Prior Preference
Preferred
Stock.
Preferred Stock.
$3,525,000
$11,750,000
50%
$1,175,000
5%
10%
-
.
Common
Stock.
Second
Stock.
Market St.
Bonds;
$2,350,000
$4,700,000-
20%
100%
U.
R. Seven Per Cent. Notes
R.
Stock
... . _
_ .
......
Common Stock
basis
1,000,000
5,000,000
20,000.000
17,948,600
Second Preferred Stock
.....
3,825,000
centage
740,000
Five Per Cent. Notes—
Preferred
Not on a per¬
$1,925,000
—_
Per Cent. Notes........
Six
2,350,000
6,000,000
OF
DEBT
FUNDED
STREET
MARKET
RAILWAY COMPANY,
Company's only issued funded
The
indebtedness consists
$17,500,000) principal amount of
dated September 1,
1894, due Sept. 1, 1924, and the $5,200,000 Five-Year 6%
Notes, dated April 1, 1919, maturing April 1, 1924.
[Both
of
$10,066,000 (authorized
5% First Consolidated Mortgage Bonds,
fully described below.]
issues
TRACKAGE
RAILWAY.
MUNICIPAL
WITH
AGREEMENT
196
been entered into with
38 to 141 pounds.
mileage is laid in City streets
All of revenue
tion of double track on fourteen
poles by said Municipal Railway on
Street from the Ferry Building to 18th Street.
of this Company's
Market
CAR
Tracks in streets are paved
.
CARS.
Double truck 4-motor
Single truck, 2-motor
Passenger
For cable system
Double truck
Miscellaneous
Grand
790
track equivalent
mileage is 291 miles single
Mileage, single track
Interurban.
City.
238
equivalent:
standard gauge
Revenue track, electric,
22
15
10
6
Totals
__
269
cable
houses
Revenue track,
22
..
v;,:• "-r-'I*291
The Company
54
5
—
..
17
__
—
17
54
5
866
owns
service cars are of
equipped with prepayment fare
and 622 are
type,
the following stocks:
Sierra
purchased under contract extending to 1953 from
and San Francisco Power Company or its les¬
Electric Company, as 3-phase 60volts, and is delivered to the railway
company at its substations.
The transmission lines are
largely the property of the Railway Company, the remain¬
ing lines belonging to the Power Company.
The Power Company owns the greater part of the con¬
verting equipment, which is installed under the terms of
the power contract in the stations owned by Market Street
the Pacific Gas and
cycle current at 11,000
Railway Company,
>
Date of
Issued.
Companies are street railroad companies organ¬
Other income
Interest on
UNITED
RAILROADS OF SAN FRANCISCO.
STATEMENT OF NET INCOME
31
$1,999,500
100
13,000
59,703
999,000
230,750
999,400
13,500
60,000
1,000,000
231,080
the Company.
100
100
10
100
1.000,000
credits:
$119,576 28
investments
notes and accounts
_
...
Rentals-
FOR THE FIVE YEARS ENDED
DECEMBER
$100
Sinking fund earnings
Interest on
under the laws of California.
Value.
$2,000,000
Organization.
Dec. 22 1887
Mar. 9 1903
Name
Owned by
Par
Duration of
Charter.
Authorized.
Sutter Street Railway Company
—;
50 years
$2,000,000
South San Francisco Railroad & Power Company..
50 years
*
100,000
Gough Street Railroad Company
Sept.22 1910
50 years
60,000
SanFrancisco & San Mateo Electric Railway
May 19 1896
50 years
1,000,000
Sutro Railroad Company
'
July 28 1894
50 years
400,000
Metropolitan Railway Company
Feb. 26 1891
50 years
1,000,000
All these Companies are street railroad coWpanies organized under the laws of California.
Miscellaneous income.-..-—_ —.
60
25
07
30,693
66,213
13,915
2,267
48
232,665 0a
1920.
Less Reserve
Ordered by
Railroad
Commission.
1918
173.340 96
207,645 93
1919
1920
For January to
July only.
Gross
Deficit.
Surplus.
$127,257 96
117,191 97
50,816 60
$275,000,00
320,833 33
275,000 00
.$147,742 04
203,641 36
224,183 40
1917 *
*
—
..
total
Power is
see,
All these
—
..
boxes.
partly cable; the line in San Mateo County is an inter urban
road from San Francisco to the City of San Mateo.
The
ized
--
..
Nearly all of the electric passenger
Paye
the
v'-/.
8
64
—
Trail
..
the City and
County of San Francisco and in San Mateo County, Cali¬
The tracks in San Francisco are partly electric and
'
—
Totals
fornia.
•
656
62
Grip
Trail
POWER—ELECTRIC.
operates street railways in
Company
Track in car
Yard tracks.
Cable
Electric
Motor
Type
TRACKS.
total
EQUIPMENT.
•
Passenger
Anglo-California Trust Company
ering the acquisition of sixty-five
The
base
agreement has been entered
trust
car
with asphalt on concrete
with stone blocks, and are
Work
into with the
(of San Francisco) cov¬
double-truck electric pas¬
senger cars, and under this agreement $300,000 Car Trust
Notes were originally issued, of which all but $60,000 have
been retired.
The outstanding notes mature: $30,000 July
1, 1921, and the balance one year later.
A
right-of-
mostly constructed of nineinch girder rail.
Tee rail is generally used on private righof-way.
Electric tracks are 'ballasted with crushed stone.
or
Funeral and private
AGREEMENT.
TRUST
with excep¬
miles of private
way.
City and County of San Francisco, covering
of the cars of the Municipal Lines over the
use
The weight
double-track operation.
Most of the lines are
of rail varies from
the
the operation 'SI
tracks of this
Company on Taraval Street and Ocean Avenue in the Sun¬
set District and over the tracks of the Sutter Strees Rail¬
Service
way Company on lower Market Street, and covering the
Passenger
agreements have
Trackage
$10,700,000
$4,700,000
$5,000,000
$11,750,000
$3,525,000
$173,340 96
207,645 93
-
Strike in progress the last five months of the
year.
Income charges:
STATEMENT
RAILROADS OF SAN FRANCISCO.
INCOME AND PROFIT AND LOSS
YEAR ENDED DECEMBER 31 1920.
OF
Operating revenue:
Operating expenses and taxes:
Operating expenses:
Maintenance of way and structures
Maintenance of equipment
—
Net income before
General
Total
$6,783,708 61
——
—
Taxes
Net earnings
1
■
50,000
44,400
4,500
3,004
6,600
71,757
00
00
00
18
00
77
547,113 7G
$1,770,534 25
deducting bond interest
„
,
_
,
,
bonds
$940,000 00
622.88832
1,o62,888 32
-
$207,645193
$2,052,336131
505,868142
Net income
_
of year
Loss credits
Deficit at beginning
Profit and
Balance..
-
---$1,338,821 96
[including reserve for depreciation,
$550,000: and amount transferred to reserve for reorganiza¬
tion expenses, $1,750,000]
Profit
91,817 06
----$6,691,891 55
551,300 00
Less—Transportation for investment
To al
137,536 78
Total.----------------—------------------------
Transportation and traffic.
Remainder
funded debt—
of San Francisco 4%
Underlying bonds
United Railroads
$413,852 16,
578,000 41
1,465,573 59
3,623,974 69
702,307 76
Power
non-operative property
Bond interest:
$9,328,174 42
■
^
of
Amortization of discount on
I
...
California Railway & Power Com¬
notes
Interest on 5% promissory gold notes
Interest on 6% income deferred notes
Interest on equipment trust certificates.-—
Miscellaneous interest
—
pany
FOR THE
$9,266,474 21
61,700 21
Passenger
Other operating revenue
$229,314 97
Rentals and leases
Interest on
Taxes
UNITED
—$2,317,647 95
income
7,243,191 55
..$2,084,982 87
and
loss charges
Deficit at end of year
2,439,815 10
--—$3,778,637 06
MAY 14
1921.]
THE
CHRONICLE
TENTATIVE STATEMENT OF INCOME AND PROFIT AND
LOSS
FOR YEAR 1920, AFTER GIVING EFFECT TO
REORGANIZA¬
TION ORDERED BY CALIFORNIA RAILROAD
COMMIS¬
SION IN DECISION NO. 8482.
YEAR
ENDED
Operating revenue:
Passenger
)'?
—.
-
DECEMBER
31
1920.
$9,266,474 21
-
Other operating revenue---
61,700 21
$9,328,174 42
expenses
Operating
and
taxes:
expenses:
operating
nary
-
Total
•
Less—Transportation for investment
Remainder
Taxes
59
69
76
the
amount
an
7,083 86
_
„
of
Railroads
of
$o00,200
295,320
3,600
9,604
Miscellaneous
$550,000 annually to the credit
1920*
It will be the policy of the Market
Street Railway Com¬
to continue the practice of the United Railroads
in
regard to depreciation and to set aside a sufficient
amount
expenses as may be
necessary to
the current renewal and
depreciation
meet
requirements.
York
Street
Stock
To
Railway Company agrees with the New
Exchange [in part] as follows:
publish quarterly statements of earnings.
To publish at least once in each
year and
18
808,724 18
Net income
Profit and loss—Direct charge, net
$1,283,342 55
13,338 53
.---$1,270,004 02
........
provision is made for Federal income
included in the above statement.
-
or
TENTATIVE
GENERAL
BALANCE
NO.
SHEET,
tax
(estimated
at
and
JANUARY
1
-$46,885,087 64
5,200,000 00
Mortgage sinking funds—Market Street Railway Company
15320
-------
acquirement of outstanding stocks of underlying
1,71415
assets:
$591,451 11
Insurance paid in advance
15,542 81
Total working assets-....Current assets:
606,993 92
.................—_
i:.r
.
Cash—i
Notes receivable
Accounts receivable
Investments in securities
*
diary,
.............
Total
reserve
for reorganization expenses,etc.
Remainder
NAMES
$39,964 02
accounts
.........
Total
..
OFFICERS,
or
DIRECTORS,
San
of
stock
are
interchangeable between New
Francisco.
Union Trust
:
The fiscal year of the
Company ends
on
-.$53,181,124 43
■
The annual meeting of stockholders is held on
the second
Wednesday in April in each year, at the principal office
of the
Company, No. 58 Sutter Street, San Francisco, Cali¬
;.V'
STREET
RAILWAY
This
•
10,700,000 00
Committee
recommends
00
00
suance
and
distribution
to
(2)
65,120 00
underlying
375 00
13,714 44
68,628 94
com¬
—
$1,714 15
-—
5,600 00
-
Total
reserves
the
DUE
OF
FIRST
SEPT.
TRUST
1,
CONSOLIDATED
1924.
COUPON
MORT¬
FIVE-YEAR
NOTES,
1, 1924.
Francisco, Cat., April 20, 1921.
outstanding in the hands of the public; with authority
Trust
.$53,181,124 43
bonds
included within
same
numbers; and
$5,200,000 principal amount
131,036 03
-
LISTING
BONDS,
COLLATERAL
$3,525,000 principal amount of said
6,291 89
—
Total
Chairman.
to add
99,897 79
-
'
GIBSON,
Referring to foregoing application of even' date, Market
Street Railway Company hereby makes
application for the
listing of $6,479,000 principal amount (out of an authorized
issue of $17,500,000)
of its First Consolidated Mortgage
Gold Bonds, due September
1, 1924, included in Nos. 1-10866,
both inclusive, of the denomination of
$1,000 each, which
are
17,532 20
deficiency—Sierra & San Francisco
Power Company.
Injuries and damages claims—
TO
San
645,459 46
expenses
public, in accordance with
,
DUE APRIL
Power
|
COUPON
6%
$50,000 00
4,539 50
Insurance
Legal
STATEMENT AS
GAGE
liabilities
of
above-described
COX, Secretary.
107,983 33
201,659 57
of stocks
the
00
128,910 20
Total deposits received and unredeemed tickets
Reserves:
Acquisition
panies
E. V. D.
00
$141,786 36
-
the
ROBERT
.
current
that
the terms of this application.
-----
Deposits received and unredeemed tickets:
Advertising contract deposit
Employees' deposits
Rent deposit
Unredeemed tickets..
COMPANY,
$11,750,000 Prior Preference Stock, $5,000,000 Preferred
Stock, $4,700,000 Second Preferred Stock, $10,700,000 Com¬
mon Stock, be admitted to the
list, on official notice of is¬
-
Company 5%
'
day of
By D. C. Morris, Vice-President.
Capital Stock
'.—$32,150,000
First Mortgage 5% Sinking Fund Bonds:
($5,200,000 pledged—per contra)
15,204,000
First Mortgage, Collateral Sinking Fund
6%
Notes, due 1924-—
$5,200,000 00
Less participation by Company-278,000 00
4,922,000
Equipment Trust Certificates
60,000
Current Liabilities:
Accrued taxes
J
the 31st
December.
96,975 33
Preference 6% Cumulative Stock—
117,500 shares of $100 each
$11,750,000 00
Preferred 6%
Cumulative Stock—50,000
shares of $100 each
5,000,000 00
Second Preferred 6% Stock—47,000 shares
of $100 each
4,700,000 00
Common Stock—107,000 shares of $100
Salaries and wa^es
Interest on bonds—Market Street
Railway
Company of San
Francisco, San Francisco; The Equitable Trust
Company
of New York, New York.
'
v/i—■ -r
The Registrars are:
Anglo California Trust Company,
San Francisco; Chase National Bank of
New York, New
Prior
payable
payable
ETC.
Vice-President,D. C. Morris; and Assistant
Secretary,
Hoskins, both of New York City.
MARKET
Accounts
consolidated
sheet.
California;'
and
LIABILITIES.
Total
a
balance
Guinness, of New York City.
Officers are: President, Wm. von
Phul; Vice-Presi-'
dents, Geo. B. Willcutt and Wm. M. Abbott;
Secretary,
George B. Willcutt; Assistant Secretary, E. M.
Massey;
Treasurer, A. M. Dahler, all of San Francisco,
-
each
an
S.
fornia.
Capital Stock:
companies;
consolidated
annually
constituent, subsi¬
(elected annually) are; Wm. M.
Abbott,
John A. Buck, E. S.
Heller, A. W. Foster, J. W.
Lilienthal,
Jr., A. II. Pay son, Henry T. Scott, L. S.
Sherman, Wm. von
Phul and George B.
Willcutt, all of San Francisco; and B.
.
....... .
-
OF
also
York.
19,624 59
9,828 96
27,557 76
-
unadjusted
a
covering the
showing assets
sheet
year;
-
390,200 19
;-;V
Sundry accounts
and
The Transfer Agents are:
—
Undistributed work in progress
the
Directors
York and
accounts:
Deposits against judgments under appeal..
Surplus power—Sierra & San Francisco
Power Company
of
controlled
or
account
■
$2,140,200 19
1,750,000 00
—
owned
Certificates
2,558 00
28,981 17
213,290 16
—
end
P. M.
..$1,813,26129
Special deposits......—...............
82,109 57
—-
the
account
balance
a
The
:
Materials and supplies (at cost or less)
at
income
an
and
year,
income account and balance sheet of all
The
ASSETS.
Railroads, properties and franchises
condition,
liabilities
1921,
4842.
—Uninvested
financial
and
an¬
physical
previous fiscal
income
First Consolidated Mortgage Bonds pledged—per contra-—
Total
submit Jo the
stockholders, at least fifteen days in advance of the
meeting of the Company, a statement of its
AFTER GIVING EFFECT TO REORGANIZATION ORDERED
BY CALIFORNIA RAILROAD COMMISSION IN DECISION
companies
re¬
,
nual
Total..*
of
as an ordinary reserve for
depreciation.
balance of this reserve on
December 31
$1,224,299.87.'
00
00
00
Total.
Notes
However,"
California
Francisco to set
San
,
Interest Market Street Railway Co. Bonds-Interest collateral sinking fund notes
Interest equipment certificates.
Total
maintenance.
annually through operating
Deduction from income:
Unadjusted
through
depreciation
unused
Market
Note.—No
now
pany
7,243,191 55
-
and
was
$2,092,066 73
Less
United
The
$6,691,891 55
551,300 00
income
Working
reorganization, it
$250,000 set aside
Gross
for
the
reserve.
Of this amount
$300,000
to be expended annually for additions
and betterments
under the authority of the Commission
and the balance of
$2,084,982 87
Fund
of
was
Net earnings
Other income credits—Rental, etc
$125,000)
expenses
required
newal
$6,783,708 61
91,817 06
-
result
a
in 1915 the Railroad Commission of
the State of
41
$413,852
578,000
1,465,573
3,623,974
702,307
Transportation and traffic
General
—
As
The United Railroads of San
Francisco during its entire
existence has taken care of depreciation
as a part of ordi¬
16
m„
Maintenance of way and structures
Maintenance of equipment
Power
Total
Company.
operates again the entire system.
aside
Total-
Operating
that
2095
Gold
of
Five-Year 6%
Collateral
Notes, due April 1, 1924, Nos. 1-5200 both
clusive, of the denomination of $1,000 each;
on
MEMORANDUM.
in¬
official notice of distribution to the public in accordance
the "Notices of Changes in Plan of
Reorganization"
with
The
Market
Company
1920,
all
no
for
Railway
twenty
has not been
years,
had
property, and had for many
having been turned
its properties
roads of San
to
Street
some
Francisco in 1902.
furnish either
a
balance sheet
on
years
over
an
operating
December
had
to
no
31,
income,
United
Rail¬
It is therefore impossible
or
an
income account of
of
United Railroads of San
Francisco, dated October 2,
1919, mentioned in the application of even date above re¬
ferred to; making the total amounts
applied for $10,004,000
First
Consolidated Mortgage Gold Bonds, and
$5,200,000
(the total authorized issue) Five-Year 6% Collateral Trust
Gold Notes.
THE CHRONICLE
2096
of
FIRST CONSOLIDATED MORTGAGE BONDS.
July
12, 1894, made to Union Trust Company of San Francisco
as Trustee.
They are dated September 1, 1894, are payable
September 1, 1924, and bear interest at the rate of 5%
per annum,
payable semi-annually on the first days of
March and September of each year, at the office of the
Company in the City and County of San Francisco, State
of California,
principal and interest
being payable in
United States gold coin.
The bonds are in coupon form
only and are of the denomination of $1,000 each, and are
not
registerable
first
the
of the Company
applicable to such purpose under the provi¬
sions of the Mortgage,
The
for
the redemption (purchase) of bonds is not limited to said
amount of $160,000 per annum, but may be such sum as the
Board of Directors of the Company may determine.
All
bonds so redeemed (purchased) are to be canceled.
To date
$862,000 principal amount of said bonds have been retired
from both of such sources.
or
proceeds of sale of lands which may be used
by means of the sinking fund.
Said
ISSUE.
FOR
tion
Board of Directors of the Com¬
thorized by resolution of the
meeting held on July 10, 1894, and by
resolutions of the stockholders adopted at a meeting held
adopted at
pany
June
on
a
At the time of the creation of the Trust
28, 1894.
consent of any public authority thereto or to
the issue of bonds thereunder was required.
The issue of
Mortgage,
no
the additional bonds issued or to be
properties
the Trust
presently issued in the
Trustee,
22, 1920,
Park
Ocean
and
be issued to the amounts for
Cable Railway Company,
to
were
bonds provided, in sub¬
Street
Railroad
Omnibus Cable
Company, The
Company, Powell Street Railway Company, Park and Cliff
House
Railway
Railway
Company,
Company,
been surrendered
for
pany
.amount
be
to
dent
of bonds to
of being
be
retired and canceled;
issued
so
(whether greater
value of the bonds
so
surrendered
or
Vice-President and
Secretary of the Company, and
that, out of the authorized issue of $17,500,000,
the amount of not
exceeding $10,465,000
bonds
Company of San Francisco
are
se¬
as
Trus¬
Co-
as
which
are
pledged as security for the Notes; and by
Trust Company of San Francisco as
able Trust
ing,
Company of New York
Trustee and The Equit¬
Co-Trustee, mortgag¬
security for said Notes all railway franchises and
as
property
(except rolling stock)
as
formerly owned by
Street Railway Company, and by Sutro RRilroad
by
San
Francisco
The Notes
San
and
Mateo
Electric
dated April 1, 1919,
Sutter
Company,
Railway
payable
April 1,1924, and bear interest at the rate of 6% per annum,
payable semi-annually on the first days of April and Oc¬
are
are
in
tober
each year at the office of Union Trust Company
Francisco, in San Francisco, or, at the option of the
holder, at the office of The Equitable Trust Company of
New York, in the City of New York, in gold coin of the.
of San
United
States
of America
of
equal
or
to the standard
weight and fineness existing April 1, 1919.
the
interest
are
Company
to
other
or
retain therefrom
United
governmental
be required
may
States
or
pay
under any present or future
of any State, county,
taxing authority therein,
tax or
any
charges
permitted to
or
of
Both principal
payable without deduction for
assessments
lawful
which
thereon
law of
municipality
or
income taxes, and
the Company will pay the normal Federal income tax not
except
a rate of 4% per annum which may be imposed
Act of Congress of the United States upon any Note¬
exceeding
by
any
holder for account
of the interest
thereof.
Notes
The
are
in coupon form only, and are
of the denomination of $1,000
each, numbered from 1 to 5200 both inclusive, and are not
registerable
to principal.
as
SINKING
A
FUND
AND
REDEMPTION.
sinking fund of $160,000 per
is provided to be
annum
used by the Trustee and
Co-Trustee of the Collateral Trust
Agreement in purchase
of notes
two
weeks'
tenders
upon
invited
by
published notice.
The Company may at its option on any interest day prior
to
to be issued
were
Notes
Agreement, dated April 1, 1919,
Mortgage (called the "Supplemental Mortgage"),
dated April 1, 1919, made by Frank D. Madison to Union
less
agreed
or
Gold
Trust
Collateral
Trust
under
the
to be certified in writing by the Presi¬
surrendered)
or
agreed to be surrendered to the Com¬
the purpose
than the face
Ferries and Cliff House
July 12, 1894, shall have
and
outstanding
or
6%
First
the
ISSUE.
The Trust Mortgage securing the
Market
as
XX
Equitable Trust Company of New York
application),
a
or
of
used
$5,200,000 principal amount of the
First Consolidated Mortgage Gold Bonds of the Company
(No& 10867-16006, both inclusive, not applied for in this
der dated December
OF
Union
to
tee and The
taxes,
that bonds
be
6% COLLATERAL TRUST NOTES.
Five-Year
made
and
San
bonds
to
or
acquired to become subject to the lien of
so
cured by a Collateral Trust
Francisco, amounting to $3,525,000, was duly
authorized by the Railroad Commission of California by or¬
stance,
of properties used
Mortgage.
FIVE YEAR
roads of
PURPOSES
free
railroads of the Company;
any
carrying out of the Plan of Reorganization of United Rail¬
which
improvement
or
Company.
Mortgage Gold Bonds were au¬
Consolidated
First
sell,
to
part of the mortgaged lines, or for the further construction,
completion or equipment of the
and
AUTHORITY
Directors,
Mortgage, all or any portion of
above mentioned, or to the purchase or redemption of bonds,
or to investment in
securities, or for the purchase or acquisi¬
The
year,
of sale of- any of the lands or other property
amount of
of
Board
DESCRIPTION.
September in each
day of
which may be
its
its lands and depot grounds and the buildings thereon, and
to apply the net proceeds of such sale to the Sinking Fund
xvx:;
fund.
sinking
beginning
with the year 1918, the Company is required to set apart,
for the purchase of bonds from the lowest bidder, the sum
of $160,000, either out of net income or from the proceeds
On
of
to principal.
as
x-xx'
•;
Trust Mortgage, dated
secured by a
are
majority
a
from the lien of the Trust
DESCRIPTION.
The bonds
[VOL. 112.
to
maturity redeem the Notes in
whole
or
in part, at 102%
"to such amounts, from time to time, as shall be necessary
pf par, and accrued interest to such interest date, such
to
demption to be upon thirty days' prior notice published in
construct
first
the
and
complete
railroads
the
(the Company), "and to
part"
of
the
of
party
off and dis¬
pay
charge the debts incurred in the construction and comple¬
tion thereof with their equipments, and to pay indebtedness
New York and in San Francisco
as
Agreement provided.
so
heretofore incurred in the purchase and construction of said
railroads,
and
or
other
the
first
this
part thereof,
any
and to purchase railroads
of said party
of
The Trust Mortgage further provides
in
property
part."
within
the
purposes
regard:
"Authenticating certificates to bonds to be issued under this mortgage
are to be signed,
and deliveries thereof to be made, by the Trustee under
this
in
mortgage, from time to time,
upon
writing, executed by the President
•party of the first part,
or
its
such
or
Vice-President and Secretary of the
successors,
delivery of such bonds hereunder,
presentation to it of certificates,
reciting the facts authorizing the
and without other evidence
proof of
or
All notes
AUTHORITY
The Five-Year 6%
thorized
purchased
by
for
a
Board
of
January 24, 1921.
were
Directors
of
au¬
the
meeting held January 24, 1921, and
by resolutions of the stockholders adopted at
ized
redeemed
ISSUE.
Collateral Trust Gold Notes
resolutions of the
Company adopted at
on
or
canceled.
be
to
are
re¬
in said Collateral Trust
The issue thereof
a
meeting held
was
duly author¬
Railroad Commission of California by order
dated December 22, 1920, as was the execution of the Sup¬
the
by
plemental
Mortgage
the further security
executed by Frank
of the Notes.
D.
Madison
for
acts."
PURPOSES
Said bonds have been
or
are
to be issued
as
follows:
Prior to March 31 1902 for the purposes above mentioned-March 31 1912.
To retire Powell Street Railway Company
bonds
$6,641,000 00
700,000 00
_
To holders of United Railroads of San Francisco
1921.
Four Per Cent Bonds participating in the plan of reor¬
ganization: to the extent of 15% of the principal amount
of their United Railroads bonds, in accordance with the
Plan
1921.
To be used
as
All the Notes are to be
5,200,000 00
$16 066 000 00
Less—$862,000 bonds retired by sinking fund
Total
bonds
outstanding
reorganization plan
or
pledged
on
862!000
.
completion
The
bonds
and
$15,204,000 00
—
secured
railroad
by
lines
a
of
first lien
the
upon
the
Company in
street
the -City
second mortgage upon approximately 72 miles of
street railroad lines in said city and counties;
pledge of stocks
railroad
fault
lines
the
Reorganization of United Railroads of
or
in
Market Street Cable Railway Company.
Ferries and Cliff House
$1,800,000
400,000
2,000,000
Railway Company
The Omnibus Cable Company
l,OQO,0OO
Sutter Street Railway Company;
Total---
$5,200,000
-
LIEN.
The Notes are secured by the
pledge of $5,200,000 princi¬
singular the railway franchises and operative property (ex¬
are
County of San Francisco, California, and in the County
of San Mateo, California, aggregating approximately 198
a
of
pal amount of the bonds, and by a first lien upon all and
And
miles; by
Plan
00
of
LIEN.
railroads
the
Francisco, dated October 2, 1919, to holders of
follows:
3,525,000 00
L
-
San
ISSUE.
exchange for four classes of matured underlying bonds as
collateral for the notes covered by this
application
under
OF
presently issued, to be distributed
in
and by the
of companies owning 21 miles of street
said
Company
is
cities
and
expressly
counties.
authorized,
Prior
by
to
a
de¬
vote
which was formerly owned by Sutter
and by Sutro Railroad Company, and
by San Francisco and San Mateo Electric Railway Com¬
pany, and by a lease of railroad equipment and rolling stock
sufficient to operate said railroad lines for a term of seven
cept
rolling stock)
Railway
years,
Company,
as
specified in
said lease;
said
properties being
briefly summarized as follows:
(a) Some nineteen franchises granted by the City and County of San
Francisco
and the
City and County of San Mateo,
California;
MAY 14
(b)
Street
1921.]
railroad
THE
lines
and
rights-of-way
CHRONICLE
in the
City and County of
City and County of San Mateo, aggregating some 72
length, and all tracks, rails, roadbeds, trolley wires and overhead
Francisco, California, and at the office of Messrs. Laden-
San Francisco and the
miles
in
burg, Thalmann & Co. in New York City.
Principal and interest of the notes will be payable at the
office of Union Trust Company of San
Francisco in San
Francisco, and at the office of The Equitable Trust Com¬
construction
appertaining or incidental thereto;
(c) An undivided one-half interest in certain railroad lines in San Fran¬
cisco,
commencing at the intersection of Presidio Avenue and California
Street; thence along California Street to Parker Avenue;
(d) All the right, title and interest formerly owned by United Railroads
of
San
Francisco
in
and
Certain lots in the
(e)
more
pany of New York.
MARKET STREET RAILWAY
to certain
machinery, tools, car-houses and other
Supplemental Mortgage;
equipment mentioned in the
City of San Francisco, aggregating four acres,
This
Market
Street
of San
of
Railway Company
Francisco)
(formerly owned by United Railroads
$3,525,000 of said bonds
Francisco:
located
on the following streets in the City and
County
commencing at the Ferry Building; thence along Embarcadero to Howard Street; thbnce along Howard Street to Steuart
Street;
(h) Indenture of lease dated March 28, 1919, between Market Street
Railway Company, as lessor, and Frank D. Madison, as lessee, covering all
San
the
railroad
schedule
equipment and
annexed
to
said
from and after its
years
of the
rolling stock described
lease;
date,
said
but
lease
in
the
neverthless,
at
of
the
be
official notice of distribution to
public, in accordance with the terms of this
application,
making the total amount authorized to be listed $10,004,000.
This
Committee
recommends
that
the
above-described
$5,200,000 Five-Year 6% Collateral Trust Coupon Notes, due
April 1,1924, Nos. 1 to 5200, inclusive, for $1,000 each, be ad¬
seven
mitted
option
the
to
list
official notice
on
of distribution
to
the
public, in accordance with the terms of this application.
lessee upon one year's written notice to the lessor.
Principal and interest of the bonds will
the office of the Company in the
City and
on
the
inventory and
being for the term
terminable,
Committee
recommends that the
above-described
$6,479,000 First Consolidated Mortgage Coupon
Bonds, due
September 1,1924, included in Nos. 1 to 10866,
inclusive, for
$1,000 each, be admitted to the list, with authority to add
(f) Certain real estate in the County of San Mateo, California, aggre¬
gating fifty acres, more or less;
(g) The right to operate electric cars over, along and upon the tracks
of
COMPANY,
By D. C. Morris, Vice-President.
less;
or
2097
payable
ROBERT
at
County of San
E.
V. D.
GIBSON, Chairman.
Cox, Secretary.
THE MIDWEST REFINING COMPANY
SEVENTH
ANNUAL
REPORT—FOR THE
YEAR ENDING
DECEMBER 31
Denver, Colorado, May 2 1921.
To the Stockholders:
During the past
1920.
■
the Company has continued its expansion, reflecting the further growth of the
Wyoming oil
industry. One of the most important developments from our standpoint was the enactment
early in the year of a
Federal lease law.
Under this law leases have been granted to mineral claimants
upon nearly all of the more important
proven public lands in the State, and the Company has benefited
therefrom, partly through direct interest in some leases,
but principally through the confirmation of the titles of those
who by oil sale contracts have assured for a
long period
the crude supply of our refineries.
I
year
,
The granting of Federal leases has also made it
possible for operating companies to
develop the
lands heretofore
subject of controversy with the Government, particularly in Salt Creek, and a very large increase in the
production
of the State is now occurring.
To care for this increased production, the recently completed refinery at Laramie is
being
enlarged and the capacity of our principal plant at Casper is again being increased.
The discovery of the Cat Creek
field in Montana in the early part of 1920 furnished an
additional supply of crude for the Greybull refinery at an
opportune time, and the production from that field, in which this Company is
largely interested through the Mid-Northern
Oil Company, has increased to such a
point that increased capacity for our Greybull refinery has been ordered.
proven
the
The
new
eight-inch pipe line from Salt Creek
completed in January 1921, and
the
Company will have
field
can
a
new
pumps were
to
Casper, of which mention
installed,
companies shows
a
market value
the item appears in the balance sheet.
been increased in
rate of
that when
was
made in
few minor
a
the
preceding report,
August 1920 to
a
sixteen per cent per annum
on
Company
of December 31
as
Dividends
paid during the
per
day.
The
come.
April 1 1921 of $13,402,950 00
quarterly dividend of $1 00
on
to
years
was
changes have been completed,
pipe line capacity from Salt Creek to Casper of approximately 50,000 barrels
unquestionably produce that quantity for several
There is submitted herewith the balance sheet of the
in other
so
year
per
as
1920.
An
inventory
of the stocks
against $7,769,522 31, the figure at which
aggregate $4,364,843 50, the dividend rate having
share regular and $1 00
share extra,
per
or
at the
the par of $50 00 per share.
Respectfully submitted,
H. M.
BLACKMER,
President.
BALANCE
SHEET
THE
MIDWEST REFINING
COMPANY, DECEMBER 31 1920.
Assets
Current Assets:
__
___,.
.....
Notes Receivable
___
Accounts Receivable.
Refined Products on hand
Crude Oil
on
___
;
hand
Material and Supplies
7
Liabilities.
j
Cash—
$5,264,541
1,466,880
10,667,084
7,453,820
1,558,422
4,794,580
67
07
59
60
00
.
v
76
$31,205,329 69
.
Current Liabilities:
,
Accounts
Deferred
Payable
$6,862,747 71
Charges
355,629 58
Deferred Credits
1,574,264 54
Permanent Assets:
Oil Lands, Leases and Contracts
Less: Reserve for Depletion
Field and
$25,008,183 46
12,249,247 36
<m2 758 936 10
Refinery Construction
Depreciation
Less: Reserve for
Investments in Other Companies
Miscellaneous Securities
Capital and Surplus:
Capital Stock
Reserve for
Taxes
$31,857,067 87
6,455,241 87
25,401,826 00
7,769,522 31
.
5,332 00
,
45,935,616 41
'
.....
•
•:
■
31,204,050 00
Accrued.
$77,496,575 68
$39,641,062 25
3,898,037 61
33,957,475 82
$77,496,575 68
$77,496,575 68
___A_
Surplus
-
•
•
;;:-V ■
[Vol. 112.
CHRONICLE
THE
2098
ENGLAND COMPANY POWER SYSTEM
NEW
■.
v:;: ".-:
EEPOET FOE 1920.
and progress
of some of the activities
of the New England Company Power System
for the year
1920.
respectfully submit a report
THE YEARS
COMPARATIVE STATEMENT OP EARNINGS FOR
ENDING DECEMBER 31 1920. 1919. 1918.
Balance
*1-252,880 88
463,918 45
4,280,236 66
$1,026,259 45
278.896 87
$1,182,147 08
;
318,879 36
Other Interest
$863,267 72
Stock....
$428,196 03
,211 55
Balance
J29f 984 85
108,800 00
$319,396 03 $186,184 85
for sinking fund and
$394,572 74
shown is available
balance
common-stock dividends.
output and
follows:
"
earnings
gross
Earnings.
Output.
-
"
~~
1910
...
1917"""
191R
""""
1915
1913
"
.
1911
1910
♦These figures
output at Bellows Palls.
do not Include the water
of adding two new
capacity each, is now nearing comple¬
of 6000 KVA
East
River
to
be carried.
started in 1919 of completely
work
1909, was completed.
modernizing this substation, built in
The changes
ratus,
using
outdoors,
switches
all low-tension feeder
high-capacity new-design appa¬
there consisted in moving
6600-volt to 13,200-volt distribution.
change over from
7500 KVA synchronous condenser was
point to improve the system power
line
regulation.
also installed at this
factor and give better
submarine cable,
Clinton
Substation
of
four
made
was
66,000-volt
oil
switches in the
main
Hydro Station.
Elmwood-Hope Line.—The engineering and
work
Substation the oil switches on A-l and B-2
66,000-volt lines were replaced with the latest type of high
switches.
rupture capacity
bus
structure will
soon
An outdoor low tension steel
be completed at this station.
At Pawtucket Substation the original
were
replaced with new
Work
three
ones
length and was designed for two 22,000-volt circuits.
wires
are
carried
and should be completed in the early
The Woonsocket,
a
Springs, Conn.,
addition of
a
of three 3000 KVA transformers to take care
third
of in¬
with
double
Substation,
bus
:
Works Feeder.—A 13,000-volt circuit of
2/0 copper was constructed from Uxbridge to Whitins-
No.
This circuit is 6.1 miles in length and is carried on
poles on the Millbury-Pawtucket right-of-way.
the telephone
Millbury.—A 13,000-volt
the
The
was
an
outdoor steel bus structure
completed
placed outdoors, using new
circuit
and all feeder
was
Auburn for the Worcester
to
Millbury
constructed
from
Suburban Electric
This circuit is carried on the telephone poles
Millbury-Shelburne Falls right-of-way.
of
maintenance
properties is at the highest
your
standard, renewals and replacement being made at any and
all times
when needed, and anticipated many times when
forecasts for 1921,
It is idle to attempt business
tric
power
but the diversity of uses for hydro-elec¬
warrants us in believing that we will not ma¬
business depression or uncertainty.
terially suffer from
CONTACT—AN
OBJECTIVE SUCCESSFULLY
ATTAINED.
With the rapid increase in the number of our
employees,
and because of their being located in widely separated areas,
definite steps in the direction of
acquaintance and understanding.
promoting mutual
one
the greatest contributions
of
The
was
It has
monthly.
and instructive
material.
toward the maintenance
organization.
of morale in the
started in December 1919, and is issued
been our policy to combine educational
articles with general news items and lighter
The popularity of this, an employees' activity, is
by the fact that if an issue is a little late the editor
is immediately
reminded of it by a great many of his fellow
The remark,
our
"Never mind our pay checks, but where are
'CONTACTS' ?"
from
switches
large-capacity oil switches.
a
line crew, was the best testi¬
popularity of our magazine that we have ever
received.
Our
the
organization is strengthening cumulatively through
trained
skill of our employees, and their loyalty and
enthusiasm are the plus
creased demand at this point.
At Worcester
At the present time but one circuit
installed.
Whitin Machine
on
The
pin type insulators which are mounted
wooden cross-arms.
monial to the
spring.
It. I., Substation is being increased to
total of 24,000 KVA capacity by the
bank
on
workers.
of larger capacity.
transformers at Stafford
Electric
This line is approximately ten miles in
Lighting Company.
proven
low-tension switches
has been started on the installation of a bank of
1000 KVA
construction
this line was done for the Narragansett
on
"CONTACT"
lines.
At Millbury
Taps from these circuits
carried into the Jackson Mills and also the Jackson
were
publication of our company magazine "CONTACT" has been
switching point by the
a
These circuits con¬
the balance of the distance being carried
two-circuit wooden pole line.
a
on
it seemed best to take some
*
operation at Nashua, N. H., during the year.
installation
Light & Power Company.
approximately 3,000 feet of 13,000-volt, three-phase
sist of
A
KVA synchonous condenser was placed in
Another 7500
connection was
Substation of the Nashua Manu¬
facturing Company with the steam station of the Manches¬
steel outdoor bus structure and
construction of a
constructed from the
Nashua
Paper Company.
increased service will result.
the
Fitchburg,
At
was
Nashua, N. H.—A two-circuit, 13,000-volt
Company.
1250 KVA
transformers was installed to provide for greater load in
this section, and the Athol and Westminster feeder voltage
increased from 6600 to 13,200 volts, permitting increased
loads
tap line
Pepperell.—A
ards to the station proper.
Substation a new bank of three
reliability of
and reduction of trans¬
Ayer-Nashua Lines to East Pepperell to supply the
ville.
At the Gardner
This work has made for greater
mission losses.
KVA installed, there¬
by increasing its yearly output by about 20,000,000 KWH.
At Hydro Station No. 4, all of the high-tension oil switch¬
es were moved to outdoor switch houses, eliminating haz¬
station will then have 32,000
tion ; this
com¬
also strengthened by
were
better voltage regulation
has been
extension, which consists
The Vernon
The lines
been
now
size of the conductor has been
guying and
pletely revamped and the
doubled.
has
of
section
Vernon-Leominster
Vernon-Worcester Line
original
on
EXTENSIONS—STATIONS.
PLANT
units
4,219,000
3,557,000
2,646,000
2,068,000
1,489,000
982,000
778,000
514,000
405,000
270,000
...*173,000,000
*120,000,000/
98,000,000
64,000,000
50.000,000
34,000,000
.1.1
1914
1912
$5,956,000
*431,000,000
*357,000,000
*323,000,000
*300,000,000
.......*246,000,000
1920
the
ter Traction
Gross
;;-777v',/;
K.W.H.
1919
EXTENSIONS—LINES.
PLANT
built connecting the West
kilowatt-hour
annual
The
since 1910 are as
for our company.
Vernon-Leominster.—The
service,
108,800 00
108,800 00
Balance..
station
recently placed in operation and provides a new source
was
293,226 70
2d Preferred
Stock
Paper Company's new hydro
Nashua River
dead-ending.
.....
-
Accrued Dividend,
The
200,750 88
319,166 55
$503,372 74
-
Preferred
Dividend,
$788,962 43
$747,362 58
359,894 98
Balance
Substation.
main lines at Clinton
2,304,400 13
and Taxes.
Bond Interest
a
periods.
of surplus water power
2,706,879 93
$1,676,207 45 $1,512,088 05
494,060 37
485,828 60
Operating Expenses
water
$4,218,967 98 *3,557,281 01
..$5,956,444 11
Net Earnings
Accrued
1918.
1919.
1920
- ...
to
power up
The
Gross Earnings..
This has been a source of
began in February.
Gentlemen:
We
Company
auxiliary
maximum of 12,000-15,000 KW during lowThe Boston connection ties in with ohr
exchange of power with the Boston Edison
The
To the Stockholders:
factors that make the spirit of
co¬
interest a very real power for the
company.
Respectfully submitted,
operation and common
success
of your
GEORGE S.
SMITH, President.
MAY 14
1921.]
THE
CHRONICLE
3099
THE NEW YORK CHICAGO & ST.
LOUIS RAILROAD COMPANY
THIRTY-FOURTH ANNUAL REPORT OF THE BOARD OF
DIRECTORS TO THE
STOCKHOLDERS—
FOR THE
YEAR ENDED
DECEMBER 31
To the Stockholders of The New York
Chicago & St. Louis
Railroad Company:
The Board of Directors herewith submits its
report for
the year ended December 31 1920, with statements
COMPARATIVE
1920.
Revenues
Net
5,368,575 82
(81.26%)
(78.36%)
1,639,978 93
6.655 75
626,293 68
1,586 96
+1,013+85'25
627,880 64
+1.018.754 04
3,721,941 14
4,453,271 53
-731,330 39
23,223 81
+35,603 81
+14,481 13
Railway operating income
00
00
$37,320,000
Non-operating Income—
of
physical
The operation of your property under the direct
super¬
control of the United States Government was
continued until February 29 1920.
On March 1 1920 the
was returned to the Company pursuant to the
pro¬
visions of the Transportation Act, 1920.
Hire
Company did not accept the guaranty provisions of
Therefore your Company has no claim
against
United
States
Guaranty Period.
exceeded
one-half
—30,430 87
56,916 79
+98,101 43
425 00
—9,262 13
1,266 71
+657 64
260,484 27
+118,640 15
4,101,065 56
of
freight
4,713,755 80
—612,690 24
cars—debit
balance
69,340
8,307
16,581
4,558
179,993
5,682
77,519
1,115
1,640,640
8,612
..__.--.-i.
...
Rent for
passenger-train cars..
equipment
Joint facility rents
covering the so-called
The earnings for the Guaranty Period
the
22,648 14
32,122 55
1,924 35
Rent for locomotives
Government
of
—436 59
—5,862 57
+ 15,788 30
689 82
Deductions from Gross Income—
that Act.
the
10,757 91
106,467 38
5,966 16
379,124 42
Total non-operating income.
Gross income.
property
62
95
32
81
46
425 00
Miscellaneous income.
vision and
+5,068 79
155,018 22
ties and accounts...
Income from sinking and other
reserve funds
verted into cash.
+287,423 65
13,386 01
1,691 68
property
Income from funded securities
Income from unfunded securi¬
the
Company for capital expenditures
theretofore made by it.
These bonds have not been con¬
The
58,827
15,170
10,321
100,604
21,754
Miscellaneous rents
Miscellaneous non-operating
and
5,081,152 17
|
Rent from locomotives
Rent from passenger-train cars
Rent from work equipment...
Joint facility rents
00
the year Second and Improvement Mortgage
(Series A), with a par value of $1,036,000, were
Treasury
\
+4,889,577 12
1,646,634 68
delivered to the Treasury of the
Company,
the purpose of the issuance of these bonds
being to reimburse
the
\
+5,177.000 77
from railway oper.
rev.
00
During
executed
Decrease(—).
'*•
Ratio of expenses to revenues.
00
Funded debt outstanding as of Dec. 31 1920
Increase (+) or
Railway tax accruals..
Uncollectible railway revenues
395,000 00
Bonds
_______
Expenses
year:
$110,000
30,000
133,000
122,000
1919.
$
28,655,764 11 23,478,763 34
23,287,188 29 18.397,611 17
Railway Operations—
The capital stock authorized and issued to Dec. 31
1920 was.$30,000.000 00
being the same as at the close of the previous year.
The funded debt outstanding as of Dec. 31
1919 was
$37,715,000 00
It was decreased during the calendar
By the retirement of—
Equipment Trust Certificates of 1916
Engine Trust Certificates of 1916-_
Equipment Trust Certificates of 1917
First Mortgage Bonds
STATISTICAL
INCOME STATEMENT.
Including Both Corpbrate and Federal Items.
showing
the financial condition of the
company.
1920.
Rent for work
43
70
80
418,517 03
5,885
929
2,942
189,407
5,650
24
22
55
74
00
—349,176
+2,422
+15,652
+1,616
—9,414
60
46
58
29
03
84
71
65
26
72
17
30
6 14
+32 65
+5,471 30
+ 1.109 58
1.580,797 51
34.567 64
+59,842 66
—25,955 34
43,847 52
19,286 33
32,447 68
2,041 93
+ 11,399 84
+ 17,244 40
Total deductions from gross
income
2,075,486 43
2,345,240 64
—269,754 21
2.368.515 16
—342,936 03
Rent for leased roads
Certified
Standard Return by
approximately $890,000 00.
The compensation for the use of
your property for the
twenty-six months, during which it was operated by the
United States Government, has not as
yet been determined.
Negotiations with the Railroad Administration are well
under way, however, and an
early settlement of all claims
is expected.
Miscellaneous rents..
Miscellaneous tax accruals.
Interest on funded debt
Interest
on
unfunded debt
Amortization
of
funded debt
discount
on
Miscellaneous income
.......
Remainder
SUMMARY OF OPERATIONS AFFECTING
....
2,025.579 13
...
INCOME AND
72,047 96
SURPLUS.
-
Federal
Ten Months
Operating Income—
Operations.
Railway operating revenues.............
-$4,701,940 15
Railway operating
expenses..............4,174,337 91
Net
revenue
from railway operations..
Corporate Income
Ended Dec. 31.
Total.
$23,953,608 15
19,093.838 60
»
$28,655,548 30
23.268,176 51
for the Year.
$23,953,823 96
19,112,850 38
revenues
.
................
Hire of freight cars—credit balance...
Rent from locomotives
Rent from passenger-train cars....
Rent from work
equipment
Joint facility rent income_______
Income from lease of road
$5,387,371 79
$1,020,000 00
4,857 05
$1,639,978 93
6,655 75
$1,020,000 00
$1,024,857 05
$1,646,634 68
$1,024.857 05
$3,834,912 50
$3,740,737 11
1,816,116 53
...
'
'
.................
$159,843 17
...
...
....
33,900 06
3,568 45
1,035 84
.....
.......
.......... .............—-.
_
Miscellaneous rent income
Miscellaneous non-operating physical
property*
Income from unfunded securities and accounts
Income from sinking and other reserve funds
Miscellaneous .income.....*
...-
95
32
100,604 81
__
income......*................,
$4,840,973 58
4,857 05
$24,927
11,602
9,285
72,143
44,547
21,754
13,386
95,493
56
50
48
10
96
46
01
41
425 00
1,791 56
$226,809 23
Rent for work equipment
Joint facility rents
$117,958 64
$344,767 87
$691,357 04
$132,633 84
___.
income
$3,952,871 14
$4,085,504 98
$4,507,473 57
$229,183
7,057
15,287
3,595
137,520
$1,250 40
,
1,293 83
963 43
_
.____
42,473
*
Rent for leased roads
Interest
Interest
28,461 71
56
50
48
10
17
62
.........
Deductions from Gross Income—
Hire of freight cars—debit balance
Rent for locomotives
Rent for passenger-train cars. _'_
Miscellaneous
Miscellaneous
$24,927
11,602
9,285
72,143
$159,843
58,827
15,170
10,321
-
.............
Total non-operating
""
'
>
.......
...
44
60
30
97
41
27
$229,183 60
8,307 70
16,581 80
4,558 84
179,993 71
rents
tax accruals
on
funded debt
on
•_
unfunded debt
...
_•
Amortization of discount on funded debt
Miscellaneous income charges
Total deductions from gross
Net
$4,859.769 55
...
j
Railway operating income.........i..
Non-operating Income—
Gross
$527,602 24
...deficit $94,175 39
...
$619 978 98
1,798 70
$621,777 63
Railway tax accruals
Uncollectible railway
railway operating income
second preferred
common
stock,
$392,644 55
$438.625 65
$86,652 74
:__
10
$3,560,226 59
$3,646,879 33
$2,258.623 00
$2,248,850 57
\
$98,600
249,895
549,990
699,480
stock, 5%
5%_l___
Total sinking fund and dividend
appropriations
Surplus transferred
72
17
92,408 18
$45.981
.___
Disposition of Net Income—
+
(sinking fund)
Dividend on first preferred stock,
5%
on
27
26
43,847 52
.
income
First mortgage bonds redeemed
on
41
65
4,764 95
.__
Dividend
60
30
97
.__
Net income
Dividend
$229,183
7,057
15,287
3,595
137,520
5,682
77,519
1,115
1,640,640
50
00
00
00
$1,597,965 50
to profit and loss__
$650,885 07
Profit and loss,
Add—
Surplus for the
Discount
Discount
credit balance,
December 31
1919
__
year,
1920
4
.
'•'
1
,
1
;
first mortgage bonds purchased and
retired account sinking fund
equipment trust certificates of 1917 purchased and retired
Unrefundable overcharges
Profit on road and equipment sold
:
Miscellaneous credits and adjustments
on
on
___
*$3,701,769 67
_________________
_
Donations
;______
$650,885
23,399
10,660
13,565
3,801
1,906,610
07
50
00
83
29
47
665 90
Delayed income credits
466,990 47
□a*.
3,076,578 53
u*
Nj
Deduct—
$6,778,348 20
Loss
on retired road and
equipment
Surplus appropriated for investment in physical property
$135,423 13
1,850,906 16
Dividend appropriation of
surplus
Miscellaneous debits
Delayed income debits
Profit and loss, credit balance, December
31 1920
274,995 00
:
8,372 31
200,960 91
2,470,657 51
*$4,307,690 69
♦Tentative, pending adjustments of claims, accounts and other matters in
dispute between the Company and the United States Government.
the
2100
THE U. S.
OF AMOUNTS DUE TO ANT) FROM
RAILROAD ADMINISTRATION.
\
Due Railroad
STATEMENT
lluc (&mnmzxtwl $imrs.
Due
•
Cash December 31 1917
Company.
Administration.
'
;
$1,292,167 80
-----
--
-—
—
—
[Vol, 112.
chronicle
COMMERCIAL EPITOME.
300,000 00
December 31 1917
Agents' ana conductors' balances December
Cash subsequent to
31
1917_^
December 31 1917—
>
Equipment retired
_ j
Assets December 31 1917, collected
1.689,846
211,036
1,881,584
1,026,729
--
—
--————
—
Depreciation on equipment
Revenue prior to January 1 1918
Road property retired and not replaced
Agents' and conductors' balances February
62
18
72
81
346,241 01
43,031 01
164 001 61
86.42
——
Federa 1 mileage scrip
—
Compensation set up for the use of this Com¬
pany's property during Federal Control
(less advances of $3,249,000 00)Corporate income transactions--Liabilities December 31 1917, paid
Expense prior to January 1 1918——
Additions and betterments (less paid onacand
Federal assets
collected-
33
.$10,850,950 21 $10,618,907
232.042 88
- -
inasmuch as
the Railroad
foregoing statement is informative only,
the Company does not admit the propriety of
Administration charges.
ASSETS.
InRo^.ta.-M.l^.!?"Ir»Mt5801882 21
17.383,616 23
81 •645 47>72,046.148
—
General expenditures
91
£|2.922 55
Improvements on leased railway property
Miscellaneous physical property.
______
Investments in affiliated companies: Stocks..
865,963 51
1,505,000 00^
^ ^ ^
Current Assets-—
$1,374,845 31
1,100,000 00
1,590,799 11
979,191 76
Cash
Time drafts
and deposits
- — -
Special deposits
______
balances receivable.
balance receivable from agents and con¬
Traffic and car service
Net
ductors
547,322 11
927,805 71
2,486,371 01
5,606 87
______
Miscellaneous accounts
receivable
—
Material and supplies
Other current assets
$7,320 61
10,287 50
8,153.060 53
-
11
1.
•
1
'
00
^
nAo
1 ,UT:oi
$99,590,444 02
Stock—
easier for
and
the
First
'
$14,000,000 00
11,000,000 00
precisely this one thing of increased
the
Long-Term Debt—
— —
-
bonds. _
Second and improvement mortgage bonds—
held in treasury
—
—
—
of
capitalization ...
4,956,000 00
1,036,000 00
—
38,356,000 00
..$68,356,000 00
Current Liabilities—
As
payable
payable
w_.—
56,120
6,551
699,480
341,234
308,756
00
50
00
16
27
Unadjusted Credits—
$738,801
176,267
2,675,922
1,069,359
Tax liability
Operating reserves
Accrued depreciation—equipment.
Other unadjusted credits
03
67
85
23
and
$5,232,606 58
still
too
a
roads.
.
and
Strikes in building, shipping, paper
printing
the
cut
the
pre-war
other articles are still high.
other hand, the settlement
$99,590,444 02
Tentative, pending adjustments of claims, accounts
matters in dispute between the Company and
United States Government.
and
other
the
its appreciation of the faith¬
rendered by officers and employees
The Board desires to express
during the year.
For the Board of
effect
a
on
J. BERNET,
of the
German
in¬
ultimate increase of business throughout the
It has already had a stimulating
the rates for foreign exchange.
Sterling ex¬
large sbale.
and marks, francs, lire, kroner,
etc., have all advanced, some of them to new high levels, on
this movement.
The ultimate effect on export trade if this
cannot
be otherwise
than dis¬
ports of cotton.
Building activity is increasing in spite of
strikes here and there.
The trade in soft coal is increas¬
The lumber trade is more active at some advance in
markets, even if others are still dull and more or less
A larger business in leather, hides and shoes
reported.
Cotton goods sell more readily. Auction sales
of rugs and carpets have brought unexpectedly good prices.
In parts of the country favored by good weather trade has
increased somewhat.
It is still true, however, that almost
,
everywhere the buying is to supply immediate wants.
ing
The
for future
Buy¬
needs is small where there is any at all.
Government
reports
in regard to the wheat and
rye
favorable. It looks as though the winter wheat
will be far larger than that of last year and well up
crops were
crop
towards
better
President.
continues,
tendency
tinctly favorable.
The War Finance Board is functioning
rather more readily and bids fair to cause increased ex¬
whole
Directors,
J.
Retailers in some
but clothing and
an
on
is
11,018,695 78
:
level.
certain goods,
of
prices
the
depressed.
4,307,690 69
surplus
trades
return to normal and healthy
above
far
have
for
some
$6,711,005 09
appropriated surplus
trade the tone has been rather less
few days, owing to a break in the
The iron and steel trades remain as dull as
simply block
conditions. In
the
big cities cold, gloomy weather has also militated
against trade.
Besides there is a growing skepticism as
to the possibility of maintaining present prices.
They are
ing.
and
1,478,398 51
ful and efficient services
largely chimerical.
bad
and
rising
4,660,350 78
Profit and loss—balance
i;
are
market.
world
10,951,994 92
surplus
And insist¬
being
change has got above $4,
Other deferred liabilities
Total corporate
wages
previous week. The number is put at 313, against 277
94 in 1920, 116 in 1919, and 178 in 1918.
Retail
trade has been hurt by the unseasonable weather condi¬
way
4,603,402 54
Corporate Surplus—
to property through income
surplus
—
Funded debt retired through income
unemployed
demnity question impresses many reflective people as an
event of profound significance.
They believe it opens the
Deferred Liabilities—
Additions
and
particular suffer from this fact.
cheerful during the last
On
2,029,869 62
129,279 30
Dividends matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Other current liabilities
Total
half-time.
stands stockstill
on
regards general
many
$60,000 00
972,111 69
payable
Audited accounts and wages
employment. This,
of the
In many trades the work¬
This does not reduce the
That
output.
upon
cases
Miscellaneous accotints payable
Interest matured unpaid.—
4,000,000 and 5,000,000
that their buying power, like that
means
the way to
10,000,000 00
....
Traffic and car service balances
between
in this country are out of
manufacturing
17,987,000 00
Second and improvement mortgage
stands,
now
employed
are
cost
tions
$4,377,000 00
Equipment obligations
First mortgage bonds
Loans and bills
case
wage-earners
last week,
$30,000,000 00
Funded debt unmatured:
Gold bonds of 1906
than anything else
production to Satisfy
the primary wants of mankind all over the globe.
In this
country, which is still largely an agricultural country, some
55% of the population, it is computed, live by farming and
mining, and the product of these industries at present show
so great a decline in value that a large percentage of the
population cannot buy manufactured products freely be¬
cause prices are still too high.
An increase in production
would naturally benefit labor, as well as every other class
of society, since it would reduce living costs.
All this is
axiomatic, but labor in many industries seems to fail to
grasp the fact.
It is none the less true that labor must be
liquidated.
In the cost of products labor figures very
heavily, even at times more heavily than anything else.
is
the
5,000,000 00
preferred
Total
society at large
factory.
and pig iron is reported lower.
Furthermore the num¬
ber of failures during the past week is larger than that of
—
Second preferred.
I
)
increasing output,
making it
to buy the product of the mill
by reducing costs,
increasing consumption by
ever,
1
'
as
and at the same time
stock
LIABILITIES.
Common
reduction in wages of 30%.
working only on half-time.
The
well as those of capital are best con¬
served in the long run
half-time
UU UU
7,347,803 53
Capital Stock:
little or no reduc¬
maintained seems idle when the
worker is on half-time, to say nothing of when he is idle.
It has been well pointed out that it is the amount of money
in the pay envelope that really counts.
Nominal wages for
^
«
Workers oppose a
now
are
interests of labor
ence
stock—held in treas. $12,700 00
bonds—held in treasury1,036,000
reduction which means
a
of them
workers in
ptA'ISt 19
o,844,948 83
Second and improvement mort¬
gage
it has been quiet.
wages,
combats
cases
ers
Securities issued or assumed—unpledged:
The N. Y. Chicago & St. Louis
RR. Co.
many cases
various trades.
very
in
on
farming community, is reduced.
8,170,668 64
Unadjusted Debits—
Discount on funded debt
Other unadjusted debits
still
in
of course,
assets
In
fair.
are
although the value of the dollar is
gradually rising.
When it was declining there was a loud
call for an advance in wages.
Labor pays less attention
to the value of the dollar when it is rising and in many
As
9,011,941 88
Deferred Assets—
Working fund advances
Insurance and other funds
Other deferred
Strikes
What the world needs just now more
DECEMBER 31 1920.
BALANCE SHEE
Investments—
Equipment
only
Many
The
CONDENSED GENERAL
in many
been
cashire, it seems, will fight a
1,729 QU
_
_
rains
May 13 1921.
cold weather and heavy
parts of the country.
At best business has
by
hampered
been
and which tends by opening the door to
increased production to bring about a further decline in
the cost of living.
Some 250,000 cotton workers in Lan¬
1,922,826 44
—
balance"due Railroad Administration-
has
tion in wage value
2,065,209 9U
supplies February 29 1920
Totals
Net
2,468,077 52
$878,197 63
3,842.438 60
2,140,548 74
*712 000 00)
rniinfc
Materials
Trade
reduction
5,606 87
Federal liabilities paid
York, Friday Night,
New
1,190,497 76
—
Materials and supplies
the
the
10-year
note
weather
would improve.
average.
of caution
there
is
is
no
Taking the country as a
apparent, though with
very
doubt
that
general
business
The strike of port workers at Buenos Aires
May 14
has
1921.]
completely
declare
they
Government
Labor
the
nounced
of
it
THE
tied
.will
city docks.
the
up
not
work
to
return
assurances that the
Protective Association
intended
stewards
and
members
they
receive
non-union
labor which
Employers (had an¬
of
be dropped.
The lockout
British shipping companies be¬
using shall
cooks
by
17%
of the workers' refusal to accept a
cause
Union
until
CHKONICLE
wage cut was
followed by a strike order from the National Union of Ship
Stewards and Cooks, effective May 10.
London cabled that
about
20,000 electrical workers went
instant in protest against lower
May 9th the strike
menced.
Leaders
discuss
the
the
strike oh the 9th
on
At Christiania
wages.
of sailors and transport workers
of
question
labor
of
a
on
com¬
organizations met May 10th to
strike.
general
The refusal
of
Transport Workers' Federation to handle foreign coal
brought to England and the decision of the Railwaymen's
Union
to refuse to haul coal has created
situation
land,
has
in
coal
the British
notice of
weaving section.
be affected.
new
and
grave
Eng¬
Manufacturers Association
reduction of 30% in wages in the
the Cotton Spinners
given
a
In Manchester,
strike.
a
and
Three hundred thousand operatives will
Similar notice has already
spinning section.
been given in the
To-day it is reported that the operators
will refuse to accept the cut.
The longshoremen's strike at
St. Johns,
N. F., ended May 10th by the signing of a com¬
promise agreement.
Six vessels due to sail from New York
May 10
on
were
unable to leave their piers
on
account of
the marine strike.
Seven big paper mills in the United States and Canada,
employing approximately 9,000 men, shut down May 11 be¬
of
cause
ing
a
wage
Fifty-seven large jobbing print¬
dispute.
in St. Louis announced that they will operate
concerns
on
the
open-shop basis.
N.
Y.,
have ceased
to
Building employers in Rochester,
confer
with
labor
unions
and
an¬
they will resume building with such employees as
will accept their terms.
The New Bedford Cotton Manu¬
nounce
facturers Association has announced
further cut in
textile operatives'
The second large offering
that
wages
Co.
Prices
began
later in
on
15
were
to
the week they were
30,
compared
American
be
no
rugs
at auction
Smith & Sons Car¬
the 19th instant with good attendance.
20% below the list issued April 9, but
stronger.
470 is shown in the number of
April
will
at present.
of carpets and
in the last six weeks by the Alexander
pet
there
Railway
cars
An increase of 17,-
loaded in the week ended
with the previous week, according to
Association.
The total for the week
721,997, the heaviest loading for any week since before
At Brockton, Mass., a wage agreement for one
year has been signed by contractors and the labor union,
was
Christmas.
with
provision for
a
10% less than
an
hourly
wage
of 72 cents.
This is
Workers in the big paper mill
F., have refused to accept a 33 1-3%
wage reduction.
The Emergency Tariff Bill, which passed
the House on April 15, was passed by the Senate on
May 11,
Grand
at
and
now
a
year ago.
Falls, N.
to conference for
goes
ences.
,,
the
adjustment of differ¬
.
LARD lower; prime Western, $10 40@$10 50; refined to
the Continent, 11.90c.; South American, 12.15c.; Brazil,
in
kegs, 13.15c.
Futures declined, then rallied with wheat.
Packers have sold.
bearish.
Also
cash
The Government report on hogs was
trade was
dull.
Export sales were
small.
Germany is said to be abundantly supplied. Later
the German settlement caused a rise with wheat.
Investors
bought.
Packers' selling, however, stopped the rise.
To¬
day prices advanced but the ending was 10 to 17 points
lower for the week.
Hogs closed firm,
DAILY
CLOSING
PRICES
Sat.
May delivery—_—cts_ 9.55
July delivery
9.90
September delivery
10.20
OF
LARD
Mon.
9.62
10.20
10.20
FUTURES
Tues.
Wed.
9 37
9.70
10.02
9.70
10.00
10 32
IN
CHICAGO.
Thurs.
Fri.
9 80
9 60
9.90
10-12
10.22
9-50
PORK
steady;
mess
$25 @$25 50;
family
short clear $22 @$25.
May closed at $17 05 a rise for the
week of 35c.
Beef steady; mess$16@$18; packet $19 @$21;
family $21 @$23; extra India mess $26@$28; No. 1 canned
roast beef
$3 00;
No. 2 $5 60.
Cut meats steady but
quiet; pickled hams 10 to 20 lbs. 19%@20%e.; pickled
bellies
10 to
34@34^c.
extras
12 lbs.
Cheese
163^@17e.
Butter creamery extras
flats 14 3^ @ 19c.
Eggs fresh gathered
30c.
COFFEE
on
8%@9c.; fair
the spot
to
good
quiet; No. 7 Rio 6c.; No. 4. Santos
Cucuta 10@10^c.
Futures have
narrow limits.
The price looks low
fluctuated within very
and cables have been firm from Rio and Santos, but receipts
have been large.
Many July longs got tired and sold out.
The big crop movement is the thorn in the side of the bull.
Lack of outside speculative interest is also a depressing
factor.
About
the
onfy buyers are the shorts.
Coffee is
position where it may one day wake up
and give everybody a surprise.
But faith is lacking on the
part of the man in the street.
To-day prices advanced, but
they ended 15 points lower for the week.
believed to be in
May
a
cts_5.60@5.65l July
| Sept
cts_5.90@5.92|Dec
6.2/@6.301
cts_6.75@6.80
w
SUGAR steady; centrifugal 96 degrees test, Cuban, 4.89c.;
Porto Rican 4.77c.
Futures advanced with refined more
active and firm.
The committee sold Cuban at 4J^c. cost
and
freight; Porto Rico sold at 4.77c. c. i. f.; San Domingo
at 3^gc. c. i. f., and Brazil also at 3%c. c. i. f.
The com¬
mittee sold close to 200,000 bags at 3%c,
Later Porto Rico
2101
quoted at 5.27c. c. i. f. or higher.
The American tariff
expected to go into effect shortly.
As against this is the
big supply hanging over the market.
Receipts at Cuban
ports for the week were 131,891 tons, against 133,251 last
week, 106,129 last year and 144,699 in 19l9; exports, 48,493,
against 63,477 last week, 110,058 last year and 97,893 in
1919; stock, 1,155,255, against 1,071,857 last week, 669,018
last year and 1,080,790 in 1919; centrals
grinding 195,
against 195 last week, 137 last year and 183 in 1919.
Ex¬
ports included 29,224 tons to U. S. Atlantic ports, 1,500 tons
to New Orleans, and 12,240 to Europe, 5,429 to Galveston.
Europe will not need to import any more sugar from the
United States and Cuba after next October, according to
Philip L. Wooster, purchasing agent for the Federal Refining
Co.
There were rumors of offerings of full duty sugar at
3.75c. c. i. f.
To-day prices for futures declined. 'They
closed 3 to 5 points lower for the week/
was
is
.
cts_3.78@3.811 July
I Sept
May
cts_3.86@3.88|Dtec
cts_3.82@3.851
cts.3.59@3.62
.
OILS.—Linseed, higher.
There is a hopeful feeling in the
trade as regards the Emergency Tariff prospects and still
higher prices are expected in the near future.
Business in
June oil is slow, and the activity of May oil is due largely to
covering previously made contracts.
A Rotterdam dispatch
said that crushers were buying seed regularly and that there
were no
stocks of oil.
The largest receipts of oil in this
country of late have come from Rotterdam.
May carloads
were quoted at 64@68c.;
less than carloads, 66@71c.; five
bbls. or less 69@73e.
Cocoanut oil, Ceylon bbls., 9%@10c.;
Cochin,
10M@llc.;
Olive,
$1 35@$1 60;
soya
bean,
edible, 8@83^c.
Lard, strained winter, 87c.> Cod, domes¬
tic, 45c.; Newfoundland, 48c.
Cottonseed oil sales to-day,
4,000.
May closed at 7@7.15; June at 7@7.28, July at
7.20@7.25, August at 7.45@7.50, September at 7.64@7.65,
October at 7.77@7.80; spot 6.90.
Spirits of turpentine, 70c.
Common to good strained rosin, 5.50.
PETROLEUM
quiet but steady; refined tanks, wagon to
of kerosene are large, but prices are
steady; bulk 7c.; bbls. 16c.; case New York 19Stocks
of refined petroleum are also heavy in the Middle West,
and the trend of prices downward.
Though foreign ex¬
change has advanced of late, export business is absent.
Bunker oil is quiet at $1.85 per bbl.
The demand for
gasoline continues good at steady prices, i.e. motor gasoline
to garages
(steel bbls) 26c.; motor gasoline U. S. Navy
specifications 193^c.; export naptha in cargo lots 21c.;
63@66 degrees 24c.; 66@68 degrees 25c.
store
15c.
Stocks
|3 50 Indiana
2 15 Princeton
Pennsylvania
Corning
Cabell
-
Somerset,
and
32
$2 13
1 50
Healdton
1 00
1 50
Moran
1 50
Henrietta
1 50
1 50
Caddo, La., light. 1 75
Caddo, crude
1 00
1 95
1 25
Kansas
2
Corslcana, light
Corslcana, heavy.
1 25
75
Electra..
1 50
above
Wooster
...
55
2 33
&
Okla¬
homa
De
Soto
Crude oil production continues to increase.
output
was
SI 50
Thrall
2 27
Plymouth
deg.
Ragland
Lima
Strewn..
2 27
Illinois
2 16
165
Last week's
approximately 10,000 bbls. greater than the
previous week.
mates the daily
The
American Petroleum Institute esti¬
crude oil production in the
weekended Ma y 7 th was 1,308,650
bbls., against 1,297,940 for the week ended April 30th.
The estimated daily average gross production of the MicContinent (light oil) field, including Oklahoma, Kansas,
North Texas, Central Texas, North Louisiana and Arkansas
for the week ended May 7th was 662,960 bbls., against
653,830 bbls. the previous week, an increase of 9,130 bbls.
The approximate gross production of the Gulf Coast (heavy
oil) field was 106,970 bbls., against 108,760 bbls. the week
before, a decrease of 1,790 bbls.
The combined daily
average gross production of the Southwest field was 769,930
bbls., as compared with 762,590 bbls. the previous week, an
increase of 7,340 bbls.
Oklahoma-Kansas show a daily
average gross production of 384,750 bbls., a decrease of 500
bbls.; north Texas an increase of 1,550 bbls.; Central Texas
an increase of 4,450 bbls. and North Louisiana .and Arkan¬
sas an increase of
3,630 bbls.
The daily average gross pro¬
duction of Wyoming and Montana fields was approximately
70,220 bbls., against 70,350 bbls. the previous week, a
slight decrease of 130 bbls.
United
average gross
States for
the
RUBBER higher owing more to light offerings than to
anything else.
Yet the demand is light.
Smoked rubbed
sheets were quoted at 16^6. for spot and May delivery,
16%c. for June, 17J4c. for July, 17^c. for July-Aug.-Sept.,
18%e. for July-Dec., 19^c. for Oct.-Dec. and 201^c. for
first quarter of next year.
OCEAN FREIGHTS have been quiet.
Aside from the
Kingdom and the Continent little business was done.
Not a few foreign ships have left this port with but
small
cargoes.
Perhaps Iships leaving in ballast have been rather
less frequent. The
tonnage supply in general far outruns the
demand.
Coal and grain rates are said to be steady.
United
Charters included coal (steamer, 1,989 tons) to Irish port, $5 25, prompt;
steamer to Gibraltar, 32s. prompt; 1,867-ton steamer to West
Italy, $6, May; 5,220-ton steamer to Port Said, 36s. 9d., May; steamer.
2,341 tons, 35s., Welsh form, to United Kingdom, prompt; steamer, 1,086
tons, 35s., Welsh form, to United Kingdom, prompt; steamer, 1,916 tons,
35s., Welsh form, to United Kingdom, prompt: steamer, 3,433 tons, to
United Kingdom, $5 40, free delivery;
25,000 quarters grain from Mon¬
treal to one or two ports in United
Kingdom, 6s. 4>^d. and 6s. 7Kd.;
option barley, l>d. less; if oats, 9d. less, May 25; six or eight months' time
charter in transatlantic trade, 6s. 9d., prompt; one round trip in transat¬
lantic trade, $1 70 delivery United States, prompt; 11 to 13 months' time
charter, delivery United States, 6s., prompt; heavy grain from San Lorenzo
to United Kingdom and Continent, 41s. 3d., July 20: coal from Northern
Range to River Plate lower ports, $6; upper ports, $6 40 May: from At¬
lantic ports to West Italy, $5 95; to Lisbon, $6 35; from Calcutta to Bom2,616-ton
THE
2102
bay and Karachi, 15 rs. prompt; salt from Torrevieja and Cadiz to Monte¬
video and Buenos Aires, 25s., May; sulphur from Sabine to Preston, So 50.
TOBACCO has remained dull here with
prices nominal.
Quotations are useless.
The^ have not been tested. As
to supplies available it is interesting to notice that the
Census Bureau states the stocks of leaf tobacco held bymanufacturers and dealers on April 1 were 1,818,781,268 lbs.
against 1,590,624,644 lbs. at the corresponding date last
1,446,914,489 lbs. at the beginning of 1921 and 1,271,524,630 lbs. on Oct. 1 1920.
Supplies of chewing
smoking snuff and export types on April 1 were 1,363,499,010
lbs. compared with 1,179,823,043 lbs. on the corresponding
day last year 1,061,696,401 lbs. at the beginning of 1920, and
849,199,335 lbs. on Oct. 1 1920.
Imported types amounted
to 87,428,191 lbs. on April 1 contrasted with 82,076,968
year,
lbs.
on
the
same
date last year,
87,746,246 lbs. at the be¬
ginning of this year and 90,476,731 lbs. on Oct. 1 last.
Tim
amount of leaf tobacco unstemmed on April 1 was 1,624,-
193,700,975 lbs.
Large selling agen¬
cies have advanced their prices from 12 %c. to 13c. for May
and June.
They are not inclined to do business for later
delivery.
The export demand has also improved.
Still it
is said business can be done with smaller producers at 12 %c.
for nearby delivery.
Export sales of copper it is stated, are
declared to be increasing.
Last Saturday, sales totalled
between 5,000,000 and 6,000,000 lbs.
England was the
heaviest buyer, France, Belgium, Italy, Germany, Japan
and China accounts also bought.
Domestic inquiry seems
to be improving but actual sales are small.
Tin, early in the
week, was quiet and lower in sympathy with a decline in
London, but later the demand improved and prices became
firmer.
Spot was quoted at 32J^@33c.
Lead advanced on
a
good demand, curtailed production and light stocks.
Offerings have also been light.
Large interests quote 5c.
while outsiders ask 5^c.
Zinc, quiet but steady; spot
St. Louis was quoted at 4.90@4.95c.
PIG IRON remains dull as ever.
Birmingham quotes $23
base.
Southern concerns find it hard to get business.
Some
think that underlying conditions are improving somewhat.
They do not crop up in actual business, however.
The
orders are few and far between.
Still cement plants are
said to be operating at 100% again and brick plants are doing
900,293 lbs. and stemmed
COPPER firmer
a
fair business.
on a
better demand.
But in the main producers
and consumers
both
complain of dull times.
STEEL has been extremely dull.
New orders have been
Pittsburgh reports lower prices on sheet bars,
nails and
strips. Sheet bars sold at $38, a decline of $1.
Hot rolled strips sold, it seems, at 2.40c. base Pittsburgh, or
a decline of $7 per ton within a month.
Wire nails are said
to be obtainable at $3 per keg.
Consumers are very gener¬
ally holding off for lower prices.
They are plainly skeptical
as to the stability of the present level of quotations.
Dulness
runs all through the list.
It is said that in many cases the
plants are working at the rate of only 30 to 40% of capacity.
WOOL has been in better demand in Boston with prices
however, showing no advance.
Supplies East and West
are too large to permit of that.
The Government will hold
a sale on May 25th.
It is criticized for the action, but it is
supposed to know its own business best and to act on the
principle of the greatest good to the greatest number.
The
people are justly impatient with the persistence of high prices
for clothing.
Foreign sales have been at higher prices.
German and Continental buyers have been most active
there.
Americans are doing little abroad owing to the
passage of the Emergency tariff which has passed both
houses of Congress and will now be taken up by the con¬
ference committee to adjust differences in the bill as it
a
rarity.
passed the House and the Senate.
In London on May 11 offerings of 8,500 bales of privately
owned wools met with quick sale to foreign buyers.
Prac¬
tically all the offering was taken.
Prices were often firmer.
Sydney, 1,654 bales greasy merino, 12J^d. to 183^d.;
scoured, 17^d. to 28}4d.
Queensland, 2,291 bales, greasy
merino, 9%d. to 18 Hd.; scoured, 24J^d. to 34!^d.
Vic¬
toria, 615 bales greasy comeback, 13M>d. to 16p^d.; cross
bred, 9d. to 13d.
West Australia, 2,836 bales greasy
merino, 9d. to 16J^>d.
New Zealand, 339 bales greasy
crossbred, 6%d. to 13d.
The series closed May 12.
Mel¬
bourne
last Tuesday's wool sale show that
offered and most of it sold. Prices
were steady, but the quality of the offerings was not equal
to that of Monday.
Bulk wool reaching the market was
very much below that of last year in quality.
On Wednes¬
day 3,600 bales were offered, mostly a poor selection of
crossbreds.
Demand was good, and prices were firmer.
Washington wired that between 5,000,000 and 6,000,000
lbs. of wool will be sold by the War Department at a public
auction to be held in Boston about May 20th.
Additional
sales may be authorized if the first is satisfactory to deduce
the 80,000,000 lbs. the army has on hand.
The Secretary
explained that he recently canceled orders for a similar sale
in Boston, but that since then the price had increased about
10%, indicating an increasing demand for wool.
The Mel¬
bourne Commonwealth Senate has passed the wool scheme,
which compels all wool purchasers to take part in the BritishAustralian Wool Realization Association.
Its House of
some
dispatches
4,500,000 lbs.
all wool bought in Australia be paid for before exportation.
Bradford, Eng., cabled May 8th that tops of all qualities
are advancing under the influence of the London wool sales.
Melbourne, Australia cabled that formal protest has been
made by the Victorian Woolbuyers' Association to the
brokers and growers in the salesroom against hampering
restriction on trade.
They said they were prepared to give
the present system a fair trial, but claimed the right to
cancel purchases if the regulations should prove too severe.
They stated their belief that the present advance is owing
to the revival in trade, and not to the efforts at stabilization.
Sydney dispatches on May 12 showed a good demand at
the auction.
Japanese bought very freely.
Coarse breeds
sold quickly.
As compared with the Sydney sales for March
good to superior greasy breeds ranged from unchanged to 5%
advance; average grades 7>2% and coarse breeds 5% higher.
In London on May 12 the London Colonial wool auction
ended; sales 9,000 bales making the total offerings for the
series 75,000 bales.
It is estimated that 70,000 bales were
sold, some operators purchasing 25,000 bales, the Continent
43,000 and America 2,000. -Compared with the April
auctions the best merino wools were 10% higher and medium
15% up.
Carbonizing sorts with a sharp demand from the
Continent advanced 20 to 25%.
Fine greasy crossbreds
were up
10% and medium to coarse qualities 10 to 15%
higherThe next series has been fixed for June 7, when an
approximate total of 110,000 bales will be offered.
,
COTTON.
Friday Night, May 15 1921.
The movement of the crop, as
indicated by our telegrams
For the week
ending this evening the total receipts have reached 138,041
bales, against 133,247 bales last week and 117,984 bales
the
from
the
South
is given below.
to-night,
previous week, making the total receipts since Aug. 1
1920
5,496,245 bales, against 6,425,438 bales for the same
period of 1919-20, showing
decrease since Aug. 1 1920 of
a
929,193 bales.
Total.
Fri.
Thurs.
Wed.
Sat.
Texas
Mon:
Tues.
6,724
Galveston
12,889
21,539
7,713
10,158
10,180
1,746
488
488
3,730
1,041
6,856
3,639
237
2,706
23,247
306
227
2,012
22,935
City
—'■«.
—
Houston
Pt. Arthur,
&c__
;
"■.
■
A,
..A
_
;
^
m
^
■
2,672
76
125
Mobile
69,203
1,746
_
3,644
New Orleans.
Pensacola
Jacksonville
A- A
Savannah
3,521
3,942
8,027
3,310
1,451
2,684
Charleston
2,394
"865
"609
1407
"572
"200
5,747
341
302
966
465
.551
447
3,072
1,121
1,021
2,048
372
2,347
493
7,402
Wilmington
Norfolk
N'port News, &c.
New
-I...
421
A
27
27
....
York
421
'
Boston
129
488
__
Baltimore
—
—,
168
727
785
96
229
....
—
30
65
38
37,990
20,194
19,122
Philadelphia
17,821
Totals this week.
22,725
727
20,189 138,041
following shows the week's total receipts, the total
1 1920 and stocks to-night, compared with the
last year:
i
The
since Aug.
.
This
Week.
City..
Houston
_
Pt. Arthur,
&c
New Orlenas
Gulfport
Mobile
Pensacola.
This
Savannah
22,935
....
Brunswick
5,747
3,072
7,402
Wilmington
Norfolk
27
N'port News, &c.
New York
4,672
556,218
12,045
__
Charleston
421
*_
Boston..
785
Baltimore
727
229
Philadelphia
76,683
Week.
1919.
1
11,299 2,045,760
334.024
2,374
1920.
1921.
386,020
16,132
201,579
58,102
412,722
335,545
70,247
"i62
24,102
22,987 1,226,653
L.
"869
"
254,846
20,910
4,767
15,795
13,832
"i"604
"4",611
177,810
2,079
253,965
33,886
81,473
11,200
248,083
44,742
11,278 1,226,887
500
157,237
616
415,496
79,310
386
142,591
248,029
1,906
28,865
31,989
2,002
328,948
4,258
19,157
110,405
65,212
130",873
321
40,529
10,750
40,650
6,304
367
85,707
19,369
4,692
5,755
44,403
3,643
5,944
6,382
54,213 6,425.438 1,567,603
1,115,686
138,041 5,496,245
Totals....
38
840
1
174
In order that comparison may
we
Since Aug
______
Jacksonvil.e
were
Since Aug
1 1920.
69,203 2,607,381
35,507
1,746
379,574
"488
58,283
23,247 1,236,600
5,760
2",012
86,469
Galveston
Texas
Stock.
1919-20.
1920-21.
Receipts to
May 13.
on
Representatives has adopted the proposal to restrict exports
of wool for a period of six months unless shippers agree not
to sell below a reserve of 8d. per pound, and further, that
[Vol. 112.
CHRONICLE
be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
Galveston
Texas City,&c
New Orleans.
1921.
69,203
2,234
23,247
11,299
2,536
22,987
j
1919.
29,758
3J959
27,140
1918.
7,665
1,394
24,324
1917.
29,986
20", 144
21~206
5,610
12,722
2.012
Savannah
Brunswick
869
747
363
985
11,278
14,185
11,071
500
616
5,000
2,574
1,538
3,671
3,821
3,000
""801
496
346
10
614
4,632
"
Charleston
Wilminton
Norfolk
-
5,747
3,072
7,402
386
2,002
1916.
24,809
22,935
Mobile
6,000
2,190
6,452
7,855
468
27
38
57
2,162
1,702
1,565
N852
2",369
9,447
138,041
54,213
90,194
48,490
60,116
101,366
N'port N.,&c_
All others
Tot. this week
Since Au
1920.
.
"
"
6,519,897
1__ 5,496,245 6,425,498 4,665,178 5,327,758 6,309,424
the week ending this evening reach a total
of which 15,748 were to Great Britain,
to France and 48,048 to other destinations.
Ex¬
ports for the week andfsince Aug. 1 1920 arelas follows:
The exports for
of
_
63,796 bales,
Mat 14 1921.]
THE
Week ending May 13 1921.
CHRONICLE
From Aug. 1 1920 to
May 13 1921.
Exported to—
Exported
It will advance
to—
Great
Great
Britain. France.
Galveston
Houston
Other.
Total.
22,995
22,995
_
Britain.
France.
659,029
162,924
—.
Texas City
San Antonio
Other.
~2~, 198
379,574
l",550
284,281
65,964
1,964
468.377
818,622
2.1,975
6,744
474
7,218
6,750
20,519
49,244
Mobile
Gulfport
Jacksonville
Savannah..
6,486
Brunswick-
Boston—.—
11,079
18,407
1,500
51,548
10,216
3,617
Baltimore..
426
Philadelphia
168,145
46,497
414
Charleston
_
Wilmington
,500
9,000
950
950
4
Norfolk
500
350
354
New York-
Angeles
119
"~3 o!
7,264
San Fran...
73,201
18,875
51,300
7,841
39,98
1,959
22,275
66,846
82,170
8,635
,443
,443
Seattle..
Tacoma—
850
,850
15,748
Total
19-20
28,924
Total
18- 19
20.607
J
States
thing,
a
turbances
2,373
29,569
thrown
telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
New York.
May 13 at—
Britain.
7,058
3,746
6",523
Other
Cont't.
wise.
'ioo
__
16,729
48,070
13,014
2,000 114,465
25,677
10,500
271,555
387,045
i",66o
6,080
252,965
11,862
109,605
130,073
68,898
"800
800
"300
"500
800
3,000
3,000
6,000
New York *
Other ports *_
.
Total 1921
Total 1920—
1919—
63,768
45,086
72,287
—
Total
Estimated,
167,310
1,000
9,048
a2,425
...
*
Slock.
10,904
1,708
10,000
26,309
63,509
52,470
13,808
20,960
3,800 168,290 1,399,313
14,484 134,708
980,978
7,598 103,693 1,147,393
825 China.
a
Speculation in cotton for future delivery has been very
with corresponding fluctuations in prices until the
12th instant, when they broke some 30
points under heavy
small,
Wall
Street
This
put
selling
the
general
On the whole the
had
and
list
news
decline
a
below
the
still
by the fact that the
unsettled.
the
level
that the German
finally been settled fell flat.
counteracted
in
stock
of
market.
last
Friday.
indemnity question
Its influence
was
British coal
Liverpool and Manchester
were
largely
strike
dull.
was
Also
spot markets at the South became less active, and in some
declined.
Exports continued light.
cases
Moreover,
the
British exports of cotton goods in
April proved to be very
Those of cloths were the smallest for
years past.
So were those of
yarns, with few exceptions.
This made a
bad impression.
Lancashire mills are, it is said,
small.
steadily
•reducing their hours of work, owing to the increasing scarc¬
ity of coal,
xlnd
The
of
exports
there
yarns
may
from
be labor trouble ahead there.
Great Britain in April were
9,000,000 lbs.
During most of 1920 they were some 12,000,7.
000 to 15,000,000 lbs.
monthly.
Thus far this year the total
is only 34,000,000
lbs., against 49,000,000 in April last year,
48,000,000 in 1919, and 71,645,000 for the same period in
1913, alongside which the total this year looks insignificant
indeed.
they
As to the British exports of cotton cloths in
April,
only 187,000,000 yards, whereas in recent months
this year they have
ranged from 232,000,000 to 249.000,000.
the latter in January.
In 1920 they were from 305,000,000
to 443,000,000 yards
per month, the latter in May.
The
were
total
thus
far
this
year is only 913,000,000 yards, against
1,548,000,000 during the same time last year, 916,000,000 in
1919, and 2,094,000,000 yards up to May 1; 1913.
So that
there is
decrease thus far this year of 52%
a
compared with 1913, and 56% in cloths.
in yarns, as
Meanwhile stocks
this side of the water at
any rate are very heavy.
big carry-over looms ahead.
To some it looks more
on
That
as time goes on.
Even though there°may be a
sharp
decrease in the acreage, even a
falling off of four or five
million bales in the crop would leave the
season's supply
very large if the carry-over is to be
anything like
to
9,000,000
10,000,000 bales.
On the 12th instant Dallas
reported an
easier basis, and the spot markets in some
cases declined.
Texas sales
a
short
weather at
But
that
South.
look
for
question
some
significance
world.
less than half what
they have been within
heed was given to rains and cool
Little
the
some
the
presses
were
time.
It
is
of
higher prices before long.
the
indemnity has
experienced people
in
its
bearing
believed
that
on
as
the
a
been
matter
cotton
The
settled
of
im¬
profound
business
Germany will make
efforts to recover its lost markets.
well known to be
shrewd,
fact
of
be
firms.
It
loans
is
of
more
in
its
interpretation of
the
This
large
is
a
suggestion
foreign
Meanwhile
more and
foreign
rates in this country, moreover, is believed to be
Also it is hoped and by some believed that the
soon
be settled.
This of itself would
big lift to international business, especially in cotton.
Finally, as regards the weather, it has in the main been
The
last
weekly
respects distinctly
bad.
Government
The
report
weather
has
in
was
been
too
Much
replanting has had to be done on both
sides of the Mississippi River.
Some private reports esti¬
that the season is two to three weeks late.
Also
Southern advices stick to it that the decrease in
acreage
will average some 25 to 30%.
Some maintain that with a
decrease in fertilizers of 30 to 40% the
acreage decrease
mate
will
be tantamount
estimates.
And
to
the
signs of increasing.
some
10%
greater than the current
drygoods trade in this country shows
Last week Fall River sold some 150,000
pieces
of print cloths.
Such goods have been
stronger,
though it is true Fall River sales this week are estimated at
110,000 pieces.
firmer prices.
and
has for
The London wool sales have shown rather
And
some
delay, the coal
some think that cotton
time
displays strength
in the face of
past
the
indemnity
strike,
big stocks and the sluggishness of
speculation, and that when the English labor situation im¬
proves and people grasp the fact that the settlement of the
German indemnity profoundly changes the world's
business
situation for the better, an advance in cotton with
a
rising
To-day prices de¬
demand from Europe will be inevitable.
clined 24 to 26 points,
owing to better weather, reports that
Lancashire mill workers will not accept the
proposed cut in
of 30%, lower stocks,
wages
the passage by the House of
trading in grain futures, bearish week-end
statistics, lower spot prices, hedge selling, selling by
Japa¬
nese
interests, and general liquidation.
The ending was
the Act to curtail
35 to 42 points lower for the week
on
dling
a
the spot closed at 12.65c,
day of 35 points. "
on
May and July. Mid¬
decline since last Fri¬
The
following averages of the differences between grades,
figured from the May 12 quotations of the ten
markets,
designated by the Secretary of Agriculture, are the differences
from middling established for
deliveries in the New York
market on May 19.
as
Middling fair
2.50
Strict good middling.
Low
middling
middling
on
0.65
Strict low
on
1.33
middling
Strict middling
♦Middling "yellow" tinged.
2.55 off
♦Strict low mid. "yellow" tinged.3.80 off
♦Low middling "yellow" tinged—4.75 off
on
..1.98
Good
on
Good middling "yellow" stained.2.20 off
♦Strict mid. "yellow" stained...3.15 off
1.15 off
2.35 off
.....
♦Middling "yellow" stained—...4.23
3.45 off
♦Strict good ordinary
♦Good ordinary
♦Good middling "blue" stained..2.73 off
♦Strict middling "blue"
stained..3.73 off
4.45 off
Strict good mid. "yellow"
tinged.0.06 on
Good middling "yellow"
tinged..0.50 off
Strict middling "yellow"
tinged..1.45 off
♦Middling "blue" stained...
♦These ten
upon
grades
not
are
off
4,70 off
deliverable
future contracts.
The official quotation for
middling upland cotton in the
New York market each
day for the past week has been:
May 7 to May 13—
Sat.
Mon.
Tues.
Wed.
12.95
Middling uplands
12.95
13.05
13.15
NEW YORK QUOTATIONS FOR 32
Thurs.
1913.C
12.10
1905-c-..-.
41.30
29.50
1912
11.65
1904
1911.
.16.00
1918.
28.20
20.15
1910
1909-
16.05
1917
1916
1908
-11.30
11.30
1901
13.05
1915
9.85
1907-
11.95
1899
13.20
,9.88
16.15
1891
1906-
11.90
1898
6.38
1890-
1914-
1903—..
—
1902
1900
..a
—
13.65
11.55
9.50
8.06
12.6
YEARS.
12.65
1920
1919
8.20
Fri
12.85
1921.C
1897.c_.__. 7.25
1896.
1895
1894
8.31
-6.75
7.31
7.81
1893
1892
—
7.25
8.94
12.00
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the
spot each day during the
week at New York are indicated in
the following statement.
For the convenience of the reader
we also add columns which
show at a glance how the market for
spot and futures closed
on
same
days.
Spot
strenuous
more freely.
The other day
$8,000,000 to two prominent Southern
liberal
another.
with
a
law.
Futures
Market
Market
Closed.
Its cotton spinners are
poration is functioning rather
allotted
countries,
a popula¬
the
enterprising men.
Sooner or later
it is believed they will enter the
market for American cot¬
ton on a larger scale.
Meanwhile the War Finance Cor¬
it
or
houses
British coal strike will
men¬
acing
kind
one
cold and wet.
Leaving
Total.
invasions in foreign
as the only Power able to do
be asked to insure against political dis¬
attention.
many
Coast¬
many.
France.
40,608
2,837
10,500
Galveston
New Orleans
Savannah
Charleston
Mobile
Norfolk
Ger¬
or
It is figured that there is
Government,
by
unfavorable.
Great
a
downward.
,
i
a
Bureau, or something along the
view of insuring merchants against risks
may
of
out
of money
In addition to above exports, our
■
by
Risk
attracting
524,665 2,427,0115,818,559
'V'
supplemented
the
exchange has been
rising.
Francs and lire have been up to a new "high" on
this movement, and sterling has crossed
$4.
The tendency
621.096 1.658,509 4,135,496
,
that
connections.
Whether anything will be done about it remains to be
seen.
But it is plain that the foreign trade is
82,170
50,478
1,675
Shipboard, Not Cleared for—
think
of the
United
476,860 2,366,958 4,236,330
On
be
of
such
66,846
63,381 101,825 2,866,883
14,108 34,715 1,855,891
9,520
Some
should
400,000,000 people, including 200,000,000 in Russia,
Rhine, and that sooner or later business with
this vast population will be on an enormous scale.
The
5,670
63,796 1,392,512
48,048
War
po¬
$965,000,000.
from revolutions
east
foreign markets.
considered to be of hopeful
aug¬
of the corporation is
Corporation
the
tion
more
Total....i
of
are
especially in Europe.
74,701
70,423
70.151
11,577
50,478
1,675
Portl d, Ore.
of loss
359,380
11,079
24,406
"5,999
1,246
inception of export transactions,
The capital
appears,
lines, with
same
2,910
it
Finance
revival
5,760
110
2,800
144,738
War
1,964
5,760
6,486
tentially,
2,198
1,550
El Paso
for the future.
ury
22,800
30.150
"
PortNogalez
the
on
These two innovations
,061,060
30,150
Arthur
New Orleans
Los
Total.
288,379 1,113,652
54,111
162,539
5,129
7,575
10,096
Port
90%
where the actual shipment is to be made
some months
ahead.
Also a new feature is that it will
advance to the
same extent on consignments of cotton to
even
Exports
from—
210$
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
_.
Total
Closed.
Quiet, 5 pts. dec
Steady,
unchanged
Steady, 10 pts. adv.
Steady, 10 pts. adv.
Quiet, 30 pts. dec—
Quiet, 20 pts. dec
—
Steady
Barely steady..
Steady
Barely steady..
Barely steady.
SALES.
Spot.
Contr't.
Total.
700
700
2,700
1,200
1,200
2,700
1,200
1,200
Weak
5,800
THE VISIBLE SUPPLY OF COTTON to-night, as made
by cable and telegraph, is as follows.
Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
;
up
May 13—
Liverpool
May—
Range
....
199,000
Closing
July—
1,091,000 1,415,000
023,000
389,000
—•
—
.
Range.....
322.000
23,000
44,000
—
—
—
August—
Stock at Manchester
14,000
57,000
28,000
Stock at Hamburg
Stock at Bremen...
533,000
li.OOO
2,000
99,000
175.000
Stock at Barcelona
Stock at Genoa
.
140,000
1,000
15,000
3,000
187,000
6,000
334,000
78~000
79,000
169,000
83,000
558,000
Stock at Rotterdam, &c..
.
—
_
—
12.88
—
—
12.86
652,000
355,000
—
13.02
—
13.08
12.80
r-
12.55
—
—
12.77-.08 12.77-.40
Range..... 13.04-.27 13.03-.20 13.07-.28 13.27-.40 13.00-.23
13.13-.15 13.11-.17 13.24-.28 13.28-.30 13.03-.06 12.77-.80
Closing
...
Range
150,000
11,000
123,000
37,000
34,000
Stock at Havre
Stock at Ghent.
12.40-.60 12.40-.98
12.60-.80 12.60-.74 12.62-.80 12.82-.98 12.58-.77
12.40 —
12.69 — 12.71-.72 12.80 — 12.88 — 12.57 —
.....
12,000
78,000
bales.
Stock at London.-
Total Great Britain
Week.
A;#': fftftft-r-
■
June—
1918.
1919.
week have been as follows:
Friday,
Saturday, Monday, Tuesday, Wed'day, Thursday,
May 12. May 13.
May 11.
May 7. May 9. May 10.
Closing
1921.
1920.
990,000 1,205,000
lowest and closing prices at
FUTURES.—The highest,
New York for the past
including in it the exports of Friday only.
Stock at
[Vol. 112.
CHRONICLE
THE
2104
—
Closing
13.34
—
_
13.33
__
_
—
—
September—
Range
13.08
13.50
13.22
—
13.65
—
—
13.49
:*~s
—
13.53-55
13.52
.....
Closing
—
? £ ft
■
—
—
13.65
13.63
13.37
—
13.08
—
12.78
_
13.46
—
—
—-
13.53-.65
■
13.12
—
—«
—
October—
13.33-65 13.33-.99
13.61-.82 13.60-.73 13.60-83 13.83- .99 13.55- .78
13.33-.35
13.69-.70 13.66-,70 13.80-.83 13.85-.87 13.57-.60
Range
-—
Total Continental Stocks...—.--
Egypt,Brazil,&c.,afloat for Eur'e.
114,000
69.000
263,976
81,000
548,000
978,000
28,000
266,035
1,649.000 2,067,000
Total European stocks
India cotton afloat for Europe
American cotton afloat for Europe
159,000
309,115
49,000
31,000
130,000
78,000
302,000
48,000
351,000
113,000
261,000
*650,000
999,000
1,297,000 1,196,000
1.351,108
1,567,603 1.115,686 1,251,086
1,028,217
towns....1,543,406 1,100,890 1,363,141
Stock in Alexandria, Egypt..
Stock in Bombay, India..
Stock in TJ. S. ports
Stock in IT. S. interior
2,851
28,116
6,443
U.S. exports to-day
6,738,428 6,092,807 5,287,113 4,118,325
totals of American and other descriptions are as follows:
....
*
Range.....
Closing
—
13.85
....
Ui.:
13.83
—
—-
—
—
13.96
—
14.00
13.73
—
13.48
—
—
—
—
—
—
December—
13.63-.28
13.92-.15 13.95-08 13.95.15 14.16-.28 13.90-.11 13.63-.96
14.18 -r 13.90-.92 13.63-65
—
— 13.99-.00 14.13
Range
14.01
Closing
January—
13.78- .06 13.78-37
14.00-.20 14.02-. 15 14.00-.25 14.27-37 14.02-. 17
—
— 13.78
— 14.02
— 14.27
Range
Closing
i—
14.08-.09 14.02-.03 14.22
....
February—
Range
Total visible supply.
Of the above,
Closing
November—
—
___
Closing
—
—
—
—
—
_■-_»
—
—
—
—
—
•—
'
—
14.21
....
14.17
—
—
14.36
—
14.40
14.13
—
13.90
—
—
March—
Range
14.27-. 50 14.30-.40 14.32-.42 14.51-.63 14.22-.45 14.15-.30 l4.15-.03
14.35 — 14.32 — 14.50 — 14.55—- 14.22-.25 14.03 —
.....
;
Closing
Liverpool stock.
Manchester stock.
178,000
46,000
14,000
550,000
324,000 *143,000
309,115
266,035
130,000
1,567.603 1,115,686 1,251,086 1,351,108
1,543,406 1,100,890 1,363,141 1,028,217
6,443
28,116
2,851
-----83,000
476,000
263.976
;
Continental stock...:
American afloat for Europe
U. S. port stocks
U. S. interior stocks
U. S. exports
to'day
4,540,428 4,211,807 3,597,113 2,826,325
Total American
East Indian. Brazil, &c.—
Liverpool stock.
■/
I'
..
Continental stock
India afloat for Europe
Egypt. Brazil, &e., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
the week and since Aug. 1
162,000
189,000
12,000
32,000
31,000
28,000
11,000
21,000
102,000
114,000
49,000
48,000
351,000
999,000
261,000
113,000
1,297,000 1,196,000
23,000
30,000
*16,000
31,000
78,000
302,000
*650,000
....2,198,000 1,881,000 1,690,000 1,292,000
Total American.. ....4,540,428 4,211,807 3,597,113 2,826,325
6,738.428 6,092,807 5,287,113 4,118.325
'
Via Mounds,
&c
Island....
Via
Rock
Via
Louisville
-1919-20-
Via
Virginia points
other routes, &c
Via
30.08d.
29.75d.
31.40d.
39.00d.
22.10d.
16.50d.
16.75d.
21.04d.
2,287
386,345
20,596
99,359
195,707
15,708
420,9 4
867
304
1,471,306
107,808
1,702
164,762
34,123
268.388
412
2,303
65,703
223,779
8,548
410,319
4,417
454,244
.
Total to be deducted-..
39,529 1,819,190
35,112 1,364,946
40,855 1,060,987
Leaving total net overland*
by rail to Canada,
♦Including movement
week have been 39,000 bales.
The above figures for 1921 show an increase over last week
of 77,533 bales, a gain of 645,621 bales over 1920, an excess
of 1,451,315 bales over 1919 and a gain of 2,620,103 bales
5,598
32,699
2,162
3,284
3,102
20.79d.
23.10d.
Continental imports for past
2i9,508
365,757
shipments—
50.00d.
805d.
683,712
a696,269
4,893
Overland to N. Y., Boston, &c__.
26.65c.
86.30d.
Aug. 1.
al4,765
49,403
30.05c.
41.15c.
Week.
19,041
;
Total grass overland
Deduct
Since
Since
Aug. 1.
57,ill
112,519
Inland, &c., from South
17
17.75d.
Estimated.
over
.18,877
4,489
368
1,735
St. Louis.
Via
Between interior towns
OA AOrl
26.40d.
7.55d.
Egypt, good sakel, Liverpool.
Peruvian, rough good, Liverpool.
Broach, fine, Liverpool
Tinnevelly, good, Liverpool
Week.
91 KKH
21.55d.
f /I8A
7.48d.
12.65c.
I8.50d.
12.00d.
Middling uplands. New York
*
in the last two years are as
May 13—
Shipped—
Total East India, &c
Total visible supply
l
Middling uplands, Liverpool
The results for
follows:
Friday night.
from telegraphic reports
up
1920-21
2.000
16,000
82,000
69,000
81,000
Manchester stock
WEEK* AND
OVERLAND MOVEMENT FOR THE
SINCE AUG. 1 .—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
,
275,000
390.000
...
London stock.
160,000
344,000
930,000
600,000
bales.
a
Revised.
foregoing shows the week's net overland movement
has been 40,855 bales, against 35,112 bales for the week last
The
year,
and that for the season to date the
land
exhibits
a
decrease from
1918.
aggregated net over¬
a year ago
of 303,959 bales.
-1919-20—
-1920-21In Sight and
INTERIOR TOWNS the movement—that is,
AT THE
receipts for the week since Aug. 1, the shipments for
to-night, and the same items for the
corresponding period of the previous year—is set out in
the
the week and the stocks
detail below:
»
Week.
13--.--138,041
Receipts at ports to May
to
13
ay
Movement to May
1921.
14
1920.
ments.
Season.
Week.
May
Week.
13.
Ship¬
8,891,232
683,465
—
Receipts.
Seasno.
Week.
May
Week.
422
19,933
32
*,003
48,093
200
295
168
32,479
232
4,516
30,041
16,928
102
48,446
1,025
Little Rock-
7,550
3,426
Pine Bluff...
4,181
194,142
125,520
_
Montgomery.
Selrna
529
—
— -.---
134,774
.
10,982,227
41,391
2,532,887
9,574,697
14.
479
334
~~3
5,855
619
71,289
"502
7,191
31
38,424
125
746
122
31,421
686
383
184,646
78,954
9,683
1,581
4,201
33,723
190
Nor.
3,COO
28,964
5,966
23,469
9,534
96,233
600
4,704
21,358
490
11,000
spinners'takings to May 13. 41,192
Decrease during week,
a
1,581,230
These figures are
consumption; takings not
932
"850
25,856
5,448
200
Eufaula
75,000
164,325 10,683,384
*29,551
298,843
week—234,102
Came into sight during
*
Ala, Birm'g'm.a
—
Stocks
ments.
Stocks
5,496,245
.....235,896
*1,794
Interior stocks in excess.—
Total marketed....
Aug. 1.
6,425,438
1,364,946
2,893,000
54,213
35,112
1,060,987
2,334,000
40,855
Southern consumption to May
Total in sight May 13-
Ship¬
Receipts.
To tens.
Week.
Aug. 1.
13a 57,000
Net overland to May 13
_
Movement
Since
Since
Spinners'
Takings.
1,661
1
10,626
188
Athens,.
2,343
133,341
3,100
Atlanta..
7,728
152,830
6,501
Augusta
7,761
334,957
37,828
7,379
365
13,127
70,394
73,421
5,913
42,092
36,546
139,789
34,111
44,666
28,099
1,885
15,583
592
385
998
7,715
150
153,649
256,629
522,920
.34,501
210,945
54,126
La., Shreveport
567
89,552
1,272
65,517
256
75,996
744
70
9,490
47
17,253
261
Clarksdale—
395
108,673
2,224
2,970
56,759
1,000
1,486
43,000
282
2,567
39,560
400
1,100
23,000
13",407
12,927
11,516
30,096
202
138,591
108,507
35,848
18,014
32,921
2,308
Greenwood..
877
2,125
6,747
13", 796
15,298
150
699,258
48,282
14",765
9,291
250
7,800
542
13,581
500
Movement into
Week—
sight in previous years:
Since Aug.
Bales.
'
1919—May 16
Bales.
9,808,768
..10,876,228
11.766,349
1—
147,434 1918-19—May 16
134,086 1917-18—May 17
-.*123,687 1916-17—May 18-
27,666
Miss.,Columbus
available.
Ark.,
Helena..
Ga., Albany...
Columbus...
157
Macon......
1,453
Rome
6,121
mm?*.
-
321
90,397
24,254
Vicksburg
30
12,505
103
Yazoo Clty__
67
28,319
466
Mo., St. Louis.
N.C.,Gr'nsboro
19,444
1,014
701,030
24,434
18,887
1,128
—
225
200
2,979
3,540
2,126
70,650
2,204
17,700
60,589
300
10,269
3,234
300
17,408
Chickasha—
4,733
320
Okla.„ Altus—
5,768
92,680
4,365
Meridian
Raleigh—
Hugo
Oklahoma
—
S.C., Greenville
Greenwood
74,758
2,271
340
1
27,106
.
449
654
5,933
"977
"500
9,897
24,787
37,089
500
2,500
300
5,947
135,750
300
20,113
9,700
832,000
17,233 327,419
11,209 1,104,902
1,913
23,639
18", 235
323,809
15,104
11,183
1,483
1,615
87
124,394
11,201
1,335
8,124
115
4,128
««'.•......
22,850
300
8,200
17,215
5,690
326,087
12,278
2,872
24,354
38,125
"490
78,119
31,076
12,203 1,916,790
500
119,625
40,642
Total, 41 towns 152.377 6,590.501 154,171 1543406
55,831 6.546,104
6,121
6,736
Nashville
Tex., Abilene—
Brenham
Clarksville
..
Dallas
6,388
934
819
45,431
21,100
200
66,911
2,618,161
62,221
Honey Grove
Houston
Paris
1,371
99,607
1,776
San Antonio-
1,064
42,092
692
Fort Worth*.
1,727
121,823
3,259
v
~~~~
■
330
TT.620
;
967
.
Tenn.,Memphis
1,027
'
i,
165
31,700
"7io
"409
1,906
4,684
656 20,334
300
3,700
14,530 257,29C
1,500 11,300
"700
last year.
96,546 bales
more
Closing Quotations for Middling Cotton onWeek ending
Saturday.
12.10
Friday
Tuesday. Wed'day. Thursd'y,
Monday.
12.10
May 13.
11.88
11.88
12.20
11.88
12.00
Mobile
11.25
11.25
11.25
11.88
11.25
12.00
12.00
11.25
11.25
Savannah
Charleston
Norfolk
12.25
12.1)3
12.13
12.25
11.75
11.75
Galveston
New
Orleans.
Baltimore-
12.20
12.10
11.50
11.50
i 175
11.75
12.50
11775
1175
12.50
13.30
12.50
_
11.75
12.15
12.00
11.50
11.50
11.65
11.50
11.45
11.55
11.55
11.15
11.55
11.55
11.30
11.10
Memphis
11.50
11.63
11.50
11.63
11.50
12.00
12.00
12.10
11.00
11.25
11.25
11.45
11.45
11.40
—
Houston
Rock
Little
Dallas
Fort
Worth....
12.50
12.90
11.38
11.63
...
1175
12.50
13.10
11.75
Augusta
Philadelphia
11.75
11.50
lz.26'
13.20
13.40
11.63
11.75
CONTRACT MARKET.—The clos¬
leading contracts in the New Orleans
the past week have been as follows:
NEW ORLEANS
ing quotations for
cotton
markets for
22,000
Aifouj-Co
aig
xuL
Cin¬
The above totals show that the interior stocks have de¬
all towns have been
QUOTATIONS FOR MIDDLING COTTON AT OTHER
are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
MARKETS.—Below
Saturday,
to-night 442,516
The receipts at
than the same week
December--
January
March
May 9.
Tuesday, Wed'day, Thursd'y, Friday.
May 10. May 11. May 12. May 13.
—
— 12.46-.48 12.40
— 12.39
12.77-.78 12.79-.81 12.88-.89 12.85--87
13.26-.28 13.31-.34 13.42-.44 13.39 —
13.49 — 13.56 — 13.66 — 13.67 —
13.52 — 13.59 — 13.71 — 13.71 —
12.37
May
July
October ;
Monday,
May 7.
85,382 1100890
\
creased during the week 1,794 bales and are
bales more than at the same time last year.
i.w
1918—May 17
1917—May 18
1,071
59,600
o
v
3,066
"5)0
57,607
l",206
cinnati, Ohio.
1,038
—
.-
13-86
—
13.91
—
14.05
—
14.05
—
12.23 — 12.09 —
12.68-.69 12.50-.52
13.21-.22 13.05-.07
13.47-.48 13.25-.—
13.52 — 13.30 —
13-88
—
Tone—
Spot
Options
Steady
Steady
Steady
Steady
Steady-
Firm
Steady
Steady
Steady
Steady
13.60-.63
Steady
Steady
May 14
1921.]
WEATHER
to
THE
REPORTS
BY
CHRONICLE
TELEGRAPH.—Advices
by telegraph from the South this evening indicate
that rain has been general over the cotton belt
during the
Cotton
Week
us
week and that in
rather
districts the
some
excessive,
retarding
reports damage in small
that bottoms
are
too
Rainfall.
day
3 days
Brownsville
Cuero__
Dallas
2 days
2 days
Henrietta
____1 day
1 day
Huntsville—
Lampasas
Longview
Luling..
Nacogdoches
3 days
2 days
Palestine
1 day
2 days
_—
2 days
2 days
_
Paris
San
Antonio
1 day
2 days
Taylor
Weatherford....
Ardmore, Okla
2 days
1 day
Altus
Muskogee
2 days
__1 day
3 days
Oklahoma City
Brinkley, Ark
1.96 in.
dry
0.80 in.
dry
0.15 in.
0.18 in.
1.60 in.
1.30 in.
0.61 in.
2.33 in.
0.70 in.
1.65 in.
0.86 in.
0.12 in.
0.30 in.
1.06 in.
0.70 in.
0.45 in.
dry
0.35 in.
0.05 in.
2 days
3 days
in.
in.
in.
in.
in.
1.50 in.
1.48 in.
2 days
Eldorado
Little Rock
3 days
3 days
Alexandria, La
Amite
New Orleans
Shreveport
Thermometer
high 78
low 62
mean
high 94
low 56
mean
high 86
low 57
mean
high 94
low 68
mean
high 92
low 53
mean
high 92
low 54
mean
high 93 * low 53
mean
high 83
low 61
mean
high 79
low 42
mean
high 89
low 54
mean
high 90
low 53
mean
high 80
low 52
mean
high 86
low 62
mean
high 95
low 58
mean
high 96
low 54
mean
94
87
99
89
90
86
89
84
89
91
88
low 52
low 52
low
low
low
low
low
low
low
low
low
75
81
72
____
—
!
&~5~5~666
72
72
72
66
Visible supply May 13
233,569 11,014,526
166,569
8,019,526
67,000
2,995,000
_
_
alone
74
73
mean
70
75
mean
BOMBAY
mean
mean
72
63
mean
72
mean
73
mean
MOVEMENT.—The receipts of
Bombay for the week ending April 21 and for
from Aug. 1 for three years have been as follows:
season
67
mean
the
72
mean
COTTON
India cotton at
72
1920-21.
Since
Week.
.-.Li
Bombay
mean
75
68
from—
mean
69
68
Aug.
COTTON
ACREAGE
mean
70
General
mean
business cards printed thereon, should send in
as
soon as
,
■
possible, to
■
■
■
ensure
72,000 1,904,000 112,000 2,538.000
Since
Great
Conti¬
Japan&
Britain.
1920-21..
-
>
nent.
China.
on
Total.
Edward
M.-
Weld.
4,000
serve
William A. Boger,
70,000
30,000
79,000
538,000
20,000
191,000
44,000
149,000
131,000
22,000
~6~,666
3,000
16,000
201,000
2,000
3,000
23,000
3,000
30,000
376,000
56,000
556,000
3,000
1919-20-
"3,000
1918-19—
1,000
7,000
TURES.—We give below
a
OF
69
65
1920-21..
1,000
12,000
4,000
17,000
39,000
mean
68
72
1919-20-
11,000
19,500
31,000
61,000
1918-19-
8,000
3,000
17,000
28.000
114,000
53,000
mean
mean
67
66
mean
maen
64
ended
March
31
all—
65
63
mean 68
ALEXANDRIA RECEIPTS AND SHIPMENT.
Alexandria, Egypt,
April 20.
mean
mean
mean
70
raw
cotton
their orders
for three years:
Walter C.
T. Lurelle Guild, J. Victor
COTTON
and
for
1920-21.
1919-20.
1918-19.
96,518
3,698,958
9,556
5,546,669
8,171
4,653,005
Receipts (cantars)—
This week
1
Cotton
the exports
the
purposes
of
Month ending March 31. 9 Months ending March 31.
Exported.
1921.
Piece goods
Piece goods
Wear g app
yards
-.
value
1, knit goods .value
all other.value
Wear g apparel,
Waste cotton
value
Yarn
value
All other
value
Total manufactures of. value
1920.
1929-21.
j
1919-20.
33,023,716 87,711,372
431,497,772 617,687,648
$5,230,363 $22,810,867 $126,117,181 $139,937,361
649,374
5,852,740
26,646,392
35,111,474
1,340.226
2,860,708
15,771,631,
15,377,146
228,550
1,183,935
5,911.580!
11,441,083
469,799
1,673,399
12,786,252!
10,724,015
1,271,852
4,834,619
22,634,046
)
31,739,889
$9,190,164 $39,227,638 $215,867,082 $244,330,962
'
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
The
following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources fro pi
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Since
Since.
Exports (bales)—
To
Since
1.
Week. Aug. 1.
Week. Aug.
4,674 87,750
5,000 70,972
1,893 106,034
700
39,209
2,200 242,787
138,954
3,200 123,175
1,069 272,239
183,229
5",928 98,145
3,467 119,162
1,946 47,900
12,267 303,965
6,469 777,155
11,341 448,436
Week. Aug.
Liverpool
To Manchester
To Continent and India.
To America
Total exports
1.
Note.—A cantar is 99 lbs.
Egyptian bales weight about 750 lbs.
This statement shows that the
receipts for the week ending April 20 were
96,518 cantars and the foreign shipments 12,267 bales.
MANCHESTER
MARKET.—Our report received by
to-night from Manchester states that the market con¬
tinues quiet for both yarns and cloths.
The demand for
yarn is improving.
We give prices for to-day below and
leave those for previous weeks of this and last year for com¬
parison:
cable
1921.
1920.
8% lbs. Shirt¬
Cot'n
32s Cop
ings, Common
Mid.
32s Cop
Twist.
to Finest.
Upl's
Mar.
Cot'n
ings, Common
Mid.
to Finest.
8% lbs. Shirt¬
UpVi
Twist
(1.
d.
8.
d.
s.
d.
d.
d.
d.
d;
8.
8.
d.
d.
18
14
@
17H 15 6
@17 0
7.31 70
@
87
42
6
@46 0
28.80
25
14 H
@
11% 15 6
@17 0
8.05 60
@
78
42
6
@46 0
28.38
16
@
Apr.
1
19
16
0
@17 6
7.21 69%
@
76
42
6
@46 0
27.76
16
@
19
16
0
@17 6
7.28 60
@
77
42 6
@46 0
28.03
15
16%
@
19 %
16
0
@17 0
7.59 60
@
77
42
6
@46 0
27.66
22
16K
@
19H 16 0
@17
6
7.24 60
@
77
42
6
@46 0
26.18
29
16%
@
19% 16 0
@17 6
7.34 60
@
77
42
6
@46 0
25.83
16H
16%
@
19% 16 0
19% 16 0
@17
6
7.71 55
@
76
42
6
@46 0
26.63
@17
0
7.48 55
@
76
42
6
@46 0
26.40
8
May
@
MANUFAC¬
comparison, like figures for the corresponding period of the
previous year are also presented:
Manufactures
of
627,000 1,222,000
476,000 1,582,000 2,172,000
82,000
703,000
568,000
.i
•
statement showing
1921,
647,000
66
mean
of domestic cotton manufactures for March and of the nine
months
407,000
605,000 1,031,000
345,000 1,381,000 1,796,000
1.
mean
mean
6
EXPORTS
19,000
India
1920-21..
13
DOMESTIC
14,000
45,000
25,000
Total
mean
For
Gratuity Fund, to
Total.,
15,000
mean
mean
Hubbard.
Inspectors of Election:
di Zerega.
nent.
25,000
Other
Waters.
For Trustee of the
Britain.
1.
Japan &
<9China.
3,000
66
70
68
70
72
mean
Vice-President:
Edward
E.
Bartlett, Jr.
For Treasurer: James F. Maury.
For Managers: Louis Brooks, Thomas F. Cahill, J.
Temple Gwathmey,
S. T. Hubbard, Jr., Walter L. Johnson, William II.
Judson, Leon B. Lowenstein, Elwood P. McEnany, Arthur R. Marsh, Tom B. Ownes, Leigh M.
Pearsall, Henry II. Royce, Harold A. Sands, George M. Shutt, Spencer
For
Conti¬
9,000
12,000
1,000
June 6 1920:
President:
August
Great
7,000
.
NEW YORK COTTON EXCHANGE.—Nominations.—
For
51,000 1,793,000
8,000
The following have been placed in nomination for offices to
be filled at the annual election of the New York Cotton
Exchange
Aug. 1.
1918-19..
mean
early delivery.
.
Since
Week.
1.
1919-20—
be ready about the 17th of
desiring the circular in quantities, with their
Parties
Aug.
Bombay—
70
report will probably
acreage
June.
Week.
1.
For the Week.
mean
It deals with
REPORT.—Our
Since
Exports
mean
capitalized at $400,000.
There are
three departments of the Exchange—business, financial and
accounting.
It is further stated that another Exchange, to
be known as the Shanghai Cotton Yarn and Piece Goods
Exchange, is also to be opened shortly.
This enterprise
is capitalized at $150,000.
OUR
1918-19.
1919-20.
April 21
Receipts at—
68
72
is
and
306,847 13,883,438
210.847
9,961,438
96,000 3,922,000
t Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This
total includes the estimated consumption by Southern mills,
2,334,000 bales in 1920-21 and 2,893,000 bales in 1919-20—takings not
being available—and the aggregate amounts
taken
by Northern and
foreign spinners, 8,680,526 bales in 1920-21 and 10,990,438 bales in 192021,
of which 5,685.526 bales and 7,068.438 bales American,
b Estimated.
75
formally opened early in March.
The organization,
which is purely Chinese, has been founded by prominent
of 10 different cotton associations.
316,000
76
was
cotton
206,000
519,000
4792", 018
10,982,227
2,838,000
411,000
748,000
205,000
6,399,654 19,976,245
6,971,997 17,752,954
6,738,428 6,738,428 6,092,807 6,092,807
Total takings to May 13_a
Of which American
Since Aug.
men
114,000
12,000
3,000
7,000
2","i8i"6o6
51,000
615,000
66,000
CHINESE COTTON EXCHANGE.—The "China Press"
announces that the new Chinese Cotton
Exchange at Shang¬
hai
134",774
9,574,697
73
65
Season.
4,956",257
Deduct—
Of which other._
Week.
6,128,880
234", 102
Mav 13..
Bombay receipts to May 12—
Other India ship'ts to May 12.
Alexandria receipts to May 11Other supply to May 11
73
1919-20.
Season.
6,660,895
American in sight to
mean
2 days
4 days
Greenwood
Okalona
Visible supply May 6
Visible supply Aug. 1
72
mean
high 90
low 60
2.45 in.
high 86
low 49
0.63 in.
high 86
low 52
2 days
1.80 in.
high 87
low 48
Vicksburg
3 days
1.80 in.
high 83
low 57
Mobile, Ala.—Heavy rains and haiFhave damaged small areas.
crop
reports
unfavorable;
bottoms too wet to cultivate 3 days
1.02 in.
high 85
low 55
Decatur
2 days
0.38 in.
high 83
low 49
Montgomery
3 days
0.60 in.
high 86
low 54
Selma
2 days
0.35 in.
high 87
low 48
Gainesville, Fla
1 day
0.83 in.
high 90
low 50
Madison
1 day
1.08 in.
high 93
low 50
Savannah, Ga
2 days
0.33 in.
high 84
low 54
Athens, Ga
2 days
0.78 in.
high 88
low 42
Augusta.
1 day
0.93 in.
high 86
low 50
Columbus
—2 days
2.92 in.
high 93
low 50
Charleston, S.C
3 days
3.26 in.
high 80
low 53
Greenwood
2 days
1.96 in.
high 83
low 48
Columbia
2 days
0.78 n.
low 60
Conway
3 days
0.79 n.
high 88
low 45
Charlotte, N. C
3 days
1.21 in.
high 82
low 45
Newbern
3 days
0.23 in.
high 88
low 42
Weldon
*
4 days
0.36 in.
high 87
low 39
Dyersburg, Tenn...—
3 days
1.90 in.
high 80
low 56
Memphis
2 days
0.83 in.
high 80
low 59
Columbus, Miss
1920-21.
Season.
Total supply
mcen
50
55
54
48
54
42
54
55
48
Takings.
and
Week.
70
low 54
high
high
high
high
high
high
high
high
high
high
high
,2.76 in.
2.14
2.15
0.60
1.40
2.95
^3 days
2 days
Pine Bluff
Mobile
cultivate.
to
Rain.
I
Galveston, Texas
Abilene..
Brenham
operations.
from heavy rains and hail and
areas
wet
precipitation has been
planting
2105
SHIPPING NEWS.—As shown
on
a
previous
page,
the
exports of cotton from the United States the past week have
reached 63,796 bales.
The shipments in detail as made
up
from mail and telegraphic returns,
are as
follows:
Total bales.
NEW YORK—To Liverpool—May 6—Manhattan, 4
4
To Piraeus—May 11—Chester Valley, 200; King Alexander, 150
350
GALVESTON—To Bremen, May 11—Alness, 6,193
To Hamburg—May 11—Alness, 250
To Ghent—May 7'—Greystoke Castle, 1,802
6,193
250
_____—1,802
To Gothenburg—May 5—-Noruega, 1,700
1,700
To Japan—May 7—Takoaka Maru, 11,350
11,350
To China—May 7—Takoaka Maru, 1,700
1,700
NEW ORLEANS—To
Liverpool—May 6—Baron Cawdor, 1,120—
May 7—Barbadian, 5,624
Hamburg—May 11—-Ruurlo, 274.
Antwerp—May 10—Kenowis, 200
SAVANNAH—To Bremen—May 7—Progress, 3,436-To Hamburg—May 7—Progress, 50
To Barcelona—May 11—Phoenix Range, 3,000
WILMINGTON—To Bremen—May 11—Progress, 4,500._
NORFOLK—To Liverpool—May 2—Quaker
City, 3,000—May 12
—Barrymore, 5,700; Manchester Merchant, 300—
To Bremen—April 21—Newaka, 700
To
Rotterdam—April 25—Western Maid, 250
—
SAN FRANCISCO—To
Japan—May 6—Tjikembang, 2,999
May
10—Tenyo Maru, 4,144
To China—May 6—Tenyo Maru, 300
TACOMA—To Japan—May 5—Alabama Maru, 4,850
—...
To
To
—
-
6,744
274
200
3,436
„
50
3,000
4,500
9,000
700
250
7,143
.
§00
4,850
63,796
LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week's sales, stocks, &c., at that port:
April 22.
Sales of the week
April 29.
May 6.
21,000
15,000
4,000
27,000
958,000
568,000
17,000
14,000
162,000
97,000
,—
15,000
12,000
4,000
25,000
986,000
596,000
43,000
36,000
164,000
92,000
16,000
10,000
5,000
21,000
.
Actual export
Forwarded
.
IIIII
Total stock
Of which American
.
.
Total Imports
Of which American
Amount afloat
On May
bushels.
May 13.
29,000
22,000
5,000
22,000
970,000
575,000
38,000
16,000
.
Sales, American
147,000
.
82,000
Of which American.
„
990.000
600,000
32,000
22,000
150,000
86,000
r--
-
Liverpool market for spots and futures
each day of the past week and the daily closing prices of
The tone of
the
Monday,
Tuesday.
Wednesday.
Quiet.
Quiet.
Dull.
quite serious.
Important areas in Kansas show appearance of
less promising, although the actual losses claimed are not heavy.
Crop in western Nebraska is suffering from insufficient moisture.
In
nois, Indiana and Ohio appearance of wheat is not so favorable as numerous
fields have yellow tinge.
Variable weather checked propagation of Hessian
fly.
Conditions in the spring-wheat belt have been favorable and appear¬
ance of crop reflects this growth is early.
have been
wheat
Illi¬
12:15
■
CLOSING
7.63
3,000
HOLIDAY
7.62
7.48
5,000
4,000
i
4,0
3,000
Quiet,
Quiet, un¬
Quiet,
Quiet,
Market
1
changed to
4@6 pts.
3@5 pts.
Quiet,
4@5 pts.
opened
J
3
decline.
advance,
decline.
decline.
Quiet,
Quiet,
Quiet, 1 pt.
Quiet,
Quiet, un¬
2@8 pts.
4@7 pts.
dec. to 7
decline.
decline.
pts. adv.
4@7 pts.
decline.
Futures.
pts. dec.
Market,
4
P. M.
Prices of futures at Liverpool for
Sat.
May 7
to
Mon.
Wed.
Tues.
'
12%
■
12%
12%
4
12%
12% 1
4
P. m. p. m. p. m. p. m. p. m. p. m.
May 13.
d.
d.
d.
d.
d.
3@5 pts.
changed to
pts. dec.
2
each day are given below:
'•LV:
•
CLOSING
Quiet.
7.62
7.69
4
4
12%
4
p. m.
P.m. p. m. p. m. p. m. p. m.
d.
d.
d.
Fri.
Thurs.
12%
d.
d.
d.
d.
8.09
8.01
8.08
8.00
8.02
7.95
7.88
7.94
8.12
8.12
8.14
8.13
8.12
8.07
8.01
8.06
8.33
8.27
8.27
...
8.31
8.31
8.29
8.24
8.19
8.23
8.44
July
August
September
8.02
8.19
8.34
.....
June
8.08
8.20
May
8.43
8.37
8.37
8.42
8.42
8.40
8.35
8.30
8.34
8.45
8.45
8.49
8.50
8.48
8.44
8.39
November
8.43
8.52
8.51
HOLI¬
October
8.59
8.57
8.51
8.51
8.56
8.58
8.56
8.54
8.49
8.52
DAY.
8.65
8.63
8.57
8.57
8.62
8.64
8.62
8.59
8.55
8.58
8.67
8.64
8.60
8.63
8.66
December
8.70
8.67
8.62
8.62
8.67
8.69
January
February
8.72
8.69
8.64
8.65
8.69
8.71
8.69
8.66
8.62
8.76
8.73
8.68
8.69
8.72
8.74
8.72
8.69
8.68
8.69
March
8.80
8.77
8.72
8.72
8.75
8.77
8.75
8.72
8.68
8.72
April
8.84
8.81
8.76
8.76
8.78
8.80
8.78
8.75
8.71
8.75
.....
WHEAT IN
OF
NEW YORK.
Mon.
Tues. Wed. Thurs.
Fri.
163
163
169
169
173
PRICES OF WHEAT FUTURES IN CHICAGO.
Sat.
Mon. Tues. Wed.
Thurs. Fri.
Sat.
143%
115% 115%
then turned upward.
Not that it has fluctuated much; quite the contrary.
On
the whole, the undertone has been steady.
For prices are
SI to SI 30 per bushel lower than a year ago, and the visible
supply, though still large, is falling rapidly.
Last week it
dropped 3,918,000 bushels, and the week before 5,216,000
bushels.
Here is a much more rapid decrease than was
going on a year ago.
And this fact with the cheapness of
the price tends in some degree to take the edge off the re¬
maining large visible supply, i. e., 19,100,000 bushels
against 4,529,000 bushels a year ago. , Cash houses were
good buyers in the West on the 11th inst.
Consumption
is plainly outrunning receipts at terminal markets. ^ Some
days ago exporters took 200,000 bushels.
It is said that
much of the 8,000,000 bushels recently taken out of the
stock at Chicago has been shipped to the eastern end of the
Lakes.
It is said here, moreover, that a good deal of this
corn has been sold for shipment to Rotterdam.
It is sup¬
posed that much of it will come to Atlantic ports on account
of their superior facilities for drying it before exportation.
To-day prices advanced and closed somewhat higher than
Maydelivery
July delivery..
Sales
;V;■
PRICES
—_cte_167
No. 2 red.......
P. M.
Mid.Upl'ds
then rallied sharply, on poor
Winnipeg, pre¬
To-day prices declined and
Southwestern crop reports, a big advance at
dictions of frost to-night and heavy covering.
DAILY
Market,
only 484,647,000
The average for five years on May 1 is 637,284,000
bushels.
The "Modern Miller" to-day said:
Winter wheat has lost ground since the last Government reports were
gathered, although general prospects are still for a large crop.
In Oklahoma
deterioration has been most apparent and losses there from dry weather
Friday.
Thursday.
Dull.
Saturday.
1920 the indicated crop was
1
DAILY
Spot.
[VOL. 112.
CHRONICLE
THE
Indian
last
corn
—
_cts_141% 138% 138144
113% 113% 112% 116%
declined somewhat and
Friday.
DAILY
CLOSING
OF CORN IN NEW
Mon.
Tues. Wed.
PRICES
YORK.
^
,
cts. 83
82% 81% 81% 80% 81
PRICES OF CORN FUTURES IN CHICAGO.
.
Sat.
No. 2 yellow
BREADSTUFF'S.
DAILY CLOSING
Night, May 13 1921.
Flour has been firm with wheat up 3 to 6c. within a few
days. But domestic sales have remained small. Buyers
replenish their supplies from time to time.
They have to.
They are not carrying much.
But they stick to the waiting
game.
They are skeptical as to the stability of wheat prices.
Besides, they have opportunities from time to time to buy
for spot or near delivery at something under mill quotations.
Exporters, it is true, have recently raised their bids 25c. per
barrel.
The supply of standard first clears has become great¬
ly reduced.
There is hardly any here, as exporters have
recently bought freely.
Mills have had much of the time
little to offer.
Fancy first clears may still be had, but it
would not be surprising if before long exporters should find
themselves forced to take soft winter straights, for instance.
Foreign buyers have recently been more inclined to buy for
mill shipment.
There was a time when they wanted flour
only for immediate delivery. At the close the market be¬
came unsettled, with wheat more or less depressed and ir¬
regular.
WHEAT declined early in the week but later on advanced
with a better demand.
The settlement of the German in¬
.
<
demnity question had
a more or
less bracing effect.
Also
Oats declined like
They have tended to modify the impression produced by the
Government report received earlier in the week.
Frost was
predicted on Thursday.
Also the prospect of an early
passage of the Emergency Tariff Bill had some effect. Some
export business has been done, supposedly with Italy and
Belgium.
Canadian markets have been stronger, and offer¬
ings from that quarter have fallen off.
As for the visible
supply in this country it decreased last week1 1,026,000
bushels against 1,934,000 in the same week last year.
This
brings the total down to 12,423,000 bushels against 40,850,000 a year ago.
The International Institute says the
world's carry over will be only 51,000,000 bushels.
But at one time prices were lower.
The country then sold
more
freely.
Crop news improved.
The cash situation
weakened.
May wheat was thrown over by Chicago longs
and their sales were rather large.
And at the opening of the
week exporters did little.
In fhct they have not bohght on
a very large scale at any time since last Friday.
And the
crop report which appeared on the 9th inst. put the crop as
well above that of last year and very close to the 10-year
average.
It is true that the condition of winter wheat on
May 1 was stated at 88.8%, against 91 on April 1 this year.
But on May 1 last year it was only 79.1 %.
On May 1 1919,
to be sure, the condition was 100.5, which of course was
something very remarkable.
But the average for 10 years
on May 1 is 86»8, so that the condition on that date this year
was 2 points above this.
As for the yield, the indications on
May 1 were for 629,287,000 bushels, against 621,000,000 on
April 1, showing a gainrof 8,000,000 bushels for the month.
Wed.
60
59%
62%
64%
62%
64%
other grain but later
60%
63%
65%
Fri.
Thurs.
Fn.
60%
63
65%
61%
63%
65%
advanced with
has been rather bad.
Oklahoma advices in some cases assert that in parts of that
State oats are a total loss owing to drought and the depreda¬
tions of green bugs.
Shorts have been covering. Bad
reports have also come from Illinois.
The feeling has on the
The
wheat.
crop
news,
whole been less bearish.
moreover,
Prices are considered low.
When
There has been some
advanced oats felt the effect.
corn
supply in the
against 335,000 last year.
But oats are a mere echo of corn.
They have
independent status at the present time.
For the business
export inquiry for Canadian oats.
The visible
United States fell off last week 594,000 bushels
no
is small and the
after
a
supply large.
rather large decrease
The visible supply total even
last week is. still 30,145,000
Domestic buyers
the needs of the
moment. Exporters turn to Canadian oats when they buy
at all.
American oats for the time being are rather out of
it.
To-day prices advanced and closed a little up for the
bushels against only 6,178,000 a year ago.
hold aloof or purchase on a small scale for
week.
bad crop
accounts that come from the Southwest,
especially from Oklahoma and Texas.
From some othfer
parts of the belt, too, unfavorable reports have been re¬
ceived.
Rains and cold weather have done harm in some
other sections.
Kansas sent some unfavorable reports.
some
cts_ 59%
cts. 61%
cts. 64%
Maydelivery
July delivery
September delivery
Tues.
Mon.
Sat.
Friday
Thurs.
DAILY CLOSING PRICES
OF OATS IN NEW
Sat.
Mon.
Tues.
1 white
Sat.
Mon.
YORK.
Wed.
cts. 50
50
50
No. 2 white
49
49
49
DAILY CLOSING PRICES OF OATS FUTURES
No.
Tues.
Thurs.
Fn
51
51
51%
50
50
50%
IN CHICAGO. .
Wed.
Thurs.
Fri.
37% 37%
39% 39%
40% 41
RYE declined early in the week but advanced 4 to 5c. on
the 11th instant on covering of shorts, small offerings and a
rise in wheat.
The Government report of May 9 put the
condition of winter rye on May 1 however, at 92.5% against
May delivery..
July delivery
September delivery
90.3
on
...
36%
38%
39%
36%
38%
40
36%
38%
40
37%
39%
41%
April 1, 85.1 on May 1 last, year, 95.4 in 1919
for 10 years.
It indicated a crop of
89.7 the average
and
72,-
79,789,000 last year and an average
The visible supply in
the United States moreover increased last week 213,000
as against a decrease in the same time last year of 391,000
bushels.
Still the total even so is still only 1,722,000 bushels
007,000 bushels against
for
5 years
of 70,400,000 bushels.
against 3,001,000 a year ago.
To-day it was reported that
Norway, which a short time
purchased 600,000 bushels of wheat here, has within
the past few days contracted for 800,000 bushels of rye and
60,000 barrels of flour.
The rye is for shipment in four
cargoes during June, July and August and will doubtless be
composed partly of the new crop.
The flour is Southwestern
straights and will be shipped from Gulf ports.; Possibly this
business has some connection with this morning's report to
the effect that negotiating for a loan of 1,500,000,000 kroner
in New York.
Some were inclined to think so.
To-day
prices advanced.
They close lower for the week on May and
34c. higher on July.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
ago
Sat.
Maydelivery
Jul? delive^Y"---.-
cte.139
—108
Mon.
Tues.
Wed. Thurs. Fri.
139% 1 % 139%
106% 111% 110% 1 1%
136% 136
106
MAT 14 1921.]
THE
CHRONICLE
The following are closing quotations:*
The
GRAIN
Wheat—
tion
Oats—
No. 2 red
No. 1 white
No. 2 white
$1 73
Nominal
No. 1 spring
51 y>
No. 2 yellow.
^NOy3_white
$0 81
Rye—
No. 2
Trade
similar
conditions
being slow
58 25 @
6 75@
8 00 @
6 25@
8 50@
Clear
Rye flour
Corn goods, 100 lbs.:
Yellow meal
48M >
while,
77 @82
those houses where
accept losses in order to dispose of old high-priced stocks;
on the other hand, business is decidedly brisk in
efforts
are
being made to increase the
7 25
8 50
tables
No.
1
Nos. 2,3 and 4 pearl
Nos. 2-0and 3-0
Noe. 4-© and 5-0
7 25
9 00
1 95 @
given
her,
see
6 65 @
7 00
6 75
report that there is
fabrics
5 20@
5 50
in
shown
than
the
in
now
broad general demand in
no
Orders
lines.
de¬
any
brisk call for standard goods
favor, whereas little interest
popular
other
parity with the
a
Naturally, the majority of jobbers
there being a
partment,
2054.
page
replacement costs.
new
56 75
7 00
2 00
usually
goods—Carload
spot deli very
2 05
1 8i@
other
sales of staple merchandise at prices on
Barley goods—Portage barley:
Oats
Cornflour
For
$8 75
jobbers.
still
extremely "spotty,"
short-sighted dealers stubbornly refuse
where
to
FLOUR.
Bpring patents
Winter straights, soft
Hard winter straights
reflec¬
a
retailers and
among
retail counters is
the
over
68@73
Feeding
Malting
1-.5ZH
irregularity in primary markets is largely
of
50H
Corn—
2107
from
the
road
total
expected, but business is widely scattered.
widespread unemployment,
or
is
better
Owing to
orders
in
districts outside
of
generally average
the large industrial centres.
Although
export business
is
not
NEW YORK PRODUCE EXCHANGE,—Nominations.
—The following ticket to be voted on the first
better
June has been reported unanimously by the
nominating com¬
mittee of the New York Produce Exchange:
betterment is noticeable.
Monday in
For President, Walter B. Pollock; Vice-President, J. Barstow
Smull;
Treasurer, Edward R. Carhart; Trustee Gratuity Fund, Welding Ring,
Managers (to serve two years), Lynden Arnold, W. A. Johns, L. W. Forbell,
H. R. Howser. B. H. Wunder and William W. Starr.
Inspectors of Elections—Stephen B. Joseph. John Bohnet,
Wimmer, Judson B. Bonell, Asa P. Tefft and T. B. Shaffer.
Charles
AGRICULTURAL
DEPARTMENT
REPORT
ON
CEREALS, &c.—The report of the Department of Agri¬
showing the condition of the cereal crops on May 1,
culture
was
issued
on
the 9th inst.,
and is
as
follows:
Reporting Board of the Bureau of Crop Estimates, United
Department of Agriculture, estimates, from reports of correspon¬
dents and agents of the Bureau, as follows:
The average condition of winter wheat on May 1 was
88.8%, compared
with 91.0 on April 1, 79.1 on May 1 1920, and 86.8, the
average for the past
ten years on
May 1.
On May 1 the area of winter wheat to be harvested
1,884,000
acres, or
and 948,000 acres
37,773,000 acres.
acreage is 11.0.
was about 38,721,000
(4.6%) less than the acreage planted last autumn
(2.5%) more than the acreage harvested last year, viz.,
The 10-yr. average per cent of abandonment of planted
A condition of 88.8% on May 1 Is indicative of a yield per acre of
approx¬
imately 16.3 bus., assuming average variations to prevail thereafter.
On
the estimated area to be harvested, 16.3 bus., per acre would
produce
629,287,000 bus. or 8.9% more than in 1920, 13.7% less than in 1919, and
11.4% more than in 1918.
The outturn of the crop will probably be above
•r below the figures given above
according as the change in conditions from
May 1 to harvest is above or below the average change.
The average conditions of rye on May 1 was 92.5 compared with 90.3
•n April 1, 85.1 on May 1 1920, and 89.9 the
average for the past 10 years
•n May 1.
The condition on May 1 forecasts a production of about 72,007.000 bus., compared with 69,318,000, last year's final estimate, and
88,909,000 the 1919 final estimate.
The average condition of meadow (hay) lands on May 1 was 91.5 com¬
pared with 89.4 on May 1 1920. and a 10-yr. average on May 1 of 89.1.
The expected hay acreage in 1921 is about 73,842,000 acres (58,879,000
tame and 14,963,000 wild).
The May 1 production forecast Is 107,784,000
tons, compared with an estimated production of 108,233,000 tons in 1920,
and 109,152,000 in 1919.
Stocks of hay on farms on May 1 are estimated as 19,440,000 tons (18.0
of crop), against 11,345,000 tons (10.4%) on May 1 1920, and
11,498,0
tons (11.1%), the five-year average on May 1.
The average condition of pastures on May 1 was 91.8 compared with 79.8
on May 1 1920, and a 10-yr. average on
May 1 of 84.6.
Of spring plowing 77.8% was completed up to May 1, compared with
60.1% on May 1 1920, and a 10-yr. average on May 1 of 69.3.
Of spring planting 63.5% was completed up to May 1, compared with
50.2% on May 1 1920. and a 10-yr. average on May 1 of 57.5.
WEATHER BULLETIN FOR THE WEEK ENDING
tion of the replanted seed, consequently the stands are
mostly poor.
Much
cotton has been killed in Georgia, while the crop is making
poor progress in
the Oarolinas.
Warm rains are needed in the southeastern
a
Planting is
converters,
lion yards
portion of the
about two weeks late in the northwestern portion as
now
result of the continued unfavorable weather for this work.
Cotton shows
improvement in southern Texas, but the crop made poor progress in
other portions of the State.
Local improvement was also reported from a
few places in Arkansas, but the crop deteriorated in
many places.
WHEAT.—The condition
of
winter
wheat continued
satis¬
factory in the central valley States, although there is considerable complaint
of yellowing in a few sections,
principally in the lower Missouri and middle
Mississippi Valley, while the crop is reported as lacking in vigor In some
central counties of Kansas.
Rain
beneficial for grain crops in much of
the Rocky Mountain plateau area and in the Central and Southern Pacific
Coast districts.
SPRING WHEAT.—Moderate showers occurred in the central and west¬
was
portions of the spring wheat belt and temperatures generally were not
The early seed grain is up to a satis¬
factory stand generally and the plants are starting off nicely, except that
progress is slow in portions of Montana, some grain being blown down by
nigh winds in that State.
ern
unfavorable in spring wheat States.
Oats.—The weather was more favorable for oats in most Central and
Northern States and improvement was reported in this crop in many central
Conditions continued unfavorable in the Southern Great Plains
and in much of the Southwest, where deterioration has been
reported.
CORN.—It was too cool for proper germination of corn in the Central
localities.
and Southern States.
Much replanting is necessary and this work made
slow progress in many Central and Southern
districts, although the condi¬
tions were more favorable for preparation of the ground and
planting in
northern States.
Planting was in progress in the Missouri Valley as
far north as southeastern South Dakota, and a small amount was
planted in
eastern North Dakota.
Fair progress was made in planting kaffir and
broom corn in Oklahoma.
Corn deteriorated in western Texas and
Florida due to lack of moisture.
in
seen
wide
broad,
a
general
virtually the
are
lack
of
dency
general.
same as noted last
uniformity
toward
It is
conditions
sense
is
still
quit^
week.
prominent
a
improvement
is
in
ahead.
months
fine
of
the
becoming
ten¬
more
evident that confidence in the future
been
siderable
recent
"rock
steadily if not
period.
This
strongly
naturally
maintained
creates
the
for
a
con¬
belief
that
substantial price reductions brought values down to
bottom,"
so
that there is little fear of loss
on
goods
bought at current levels.
pective early
Moreover, the settlement or pros¬
settlement of various domestic and foreign
questions has served to cause
a more
optimistic feeling.
the most
was
for immediate
sheetings
result
a
active
to buy
delivery,
interest
more
of the business
The bulk
Several
for
sold
some
developed
was
on
in
basis
a
bales
thousand
export
China,
to
of
brown
the Red
sheetings
Sea,
and the
were
Levant,
chiefly at 8c for 3-yard goods and 6c for 4.70 yards.
business
done
was
for the converting
in twills
lining sattens were in better request.
in low count voiles
done
was
for
Demand
but
finished
the market
cotton
broader
was
and
A small lot business
corded
goods
shirtings.
continued
the whole.
on
More
trade, and
irregular,
Because of the
better weather
early in the week and the prospective better
distribution of
spring and
orders
summer
received from jobbers
were
wash goods demand
cottons, numerous repeat
and large retailers.
In
centered largely in small checked
was
voiles, ginghams and prints, but little interest
in
of
colored cotton
shown
was
plaids.
Fine Swisses and crepes, zephyrs, and yarn-dyed
batistes were also in good demand.
With many producers
shown to seek
of
Some
the
of
some
demand
business, especially
coarse
are
has
yarn
likewise
among
was
the better grades.
well
sold,
while
been virtually neglected.
Low
too
more
firm,
are
as
the lack of export
from the mills. *
pressure
GOODS.—"Between
generally
on
dress goods
none
brought out
WOOLEN
vail
goods well sold up, little disposition
new
the shirtings have
end denims
seasons"
conditions
pre¬
first-hand sellers of dress goods and
men's wear,
especially the latter.
In some quarters, how¬
fair activity is noted in dress goods, and it is evident
ever,
that many buyers have not yet
ments.
Tweeds, homespuns,
fairly well, but the
moved
coatings and skirtings.
fully covered their require¬
serges
and other suitings have
active
most
demand
was
for
In fall skirtings the best business
was
done in plain colored and stripe effects in bolivias,
velours, broadcloths and chinchillas.
A feature in the suit¬
ings
the buying of black-and-white check worsteds for
was
spring and
fied,
summer
whereas
for
use,
later
ceived for tricotines.
light, and
many
immediately delivery being speci¬
deliveries more orders were re¬
With stocks in first hands extremely
mills sold out up to October or November,
is heard of
more
a
possible shortage of dress goods in the
fall.
FOREIGN DRY
tically at
ture
being
GOODS.—Matters have
standstill in
a
a
the
to
their
had
last
failed
to
weaker
3.80c
are
prac¬
The
apparently adhering firmly
quotations, inasmuch
as previous concessions
^tjumlate business, but in other quarters a
feeling "prevails, spot lightweights being quoted at
3.85c and heavyweights at 4.15c to 4.20c.
probably be secured at still lower figures on
to
would
This
a
remained
burlap market, the only fea¬
further widening of ideas as to values.
majority of larger holders
was
partly traceable to
quotations,
basis
4.40c
both jobbers and retailers, b&sed largely
the fact that prices for practically all lines of drygoods
have
x 601 print
72s from 7%c to 8c. In
made of the 64
x
4%c to 4%c for 6.15s; 5%c for 5-yard goods, and 5c for
5.50s.
largely
is growing among
on
a consequence a much firmer
were
It became virtually impossible
As
sheetings.
May 13 1921.
feature,
apparently
by
coarse
textile
In short, while
gray
being sold out up to June 15, and others fully three
on
markets
and
displayed
some
cutta
GOODS TRADE.
New York, Friday Night,
In
As
Large sales
time.
some
brown
was
mills
bid.
THE DRY
in
to operate
6%c to 7c, and of 68
more
parts of
some
manufacturers, various other in¬
One house alone sold several mil¬
bag
of such cloths.
cloths from
some
WINTER
willingness
tone developed.
10.
COTTON.—The weather in the Southern States continued decidedly
unfavorable for cotton in nearly all sections of the belt,
according to a re¬
port issued by the Weather Bureau to-day.
It has been necessary to re¬
plant much cotton and the cool weather has prevented satisfactory germina¬
belt.
jobbers,
interest
of
growth
Greater
acres
MAY
marked
the
cloths.
sheetings for the bag trade business
The Crop
States
general,
nor
DOMESTIC COTTON GOODS.—The feature of the week
was
dustries, and exporters.
*
large
for
of
offerings
3.80c
heavies.
to
small
purposes.
In
buyers
more
are
to
3.85c
Trading
scattered
some
for
for
in
lots,
a
a
Both
firm
further shading of Cal¬
May-June
shipment
being
lightweights and 4.35c to
linens
been
has
mainly
for
confined
housekeeping
quarters it is stated that a number of
ready to take in goods that may be avail¬
able at attractive prices.
It is still almost
a
hand-to-mouth
proposition, however, one obstacle to business for future
shipments from abroad being the impending change in the
tariff and the consequent
will cost laid down here,
on
American valuation.
expected
uncertainty
as to
what the goods
especially if the duty is assessed
No noteworthy price changes are
while business remains
so dull, but among many
importers, the opinion prevails that should anything like a
general demand develop prices could readily advance to a
higher plane, as supplies of both linens and flax are gen¬
erally known to be inadequate.
[VOL. 112.
Montana,
NebrasKa,
Nevada,
Jftate mxtf ©itaj J^zpzvlmmt
North
Carolina,
North
Dakota,
Ohio,
Rhode Island,
South Carolina,
South Dakota,
-
New
Jersey,
Oregon.
Mexico,
Pennsylvania,
West Virginia.
Wisconsin,
Wyoming,
Tennessee,
Texas,
New
newsTtEMS.
Hampshire, Oklahoma,
New
Vermont,
Washington,
Utah,
Sub-division
New
York
State.—Staten Island
Tunnel Bill Signed by
Governor.—The Governor on May 12 signed a bill which
requires New York City to take steps within two years, to
begin the building of a freight and passenger tunnel be¬
tween Richmond and Brooklyn.
A dispatch from Albany
to the New York "Tribune" dated May 12 said:
fight on tho part of the
of rapid transit between the
The Smith law marks the end of a twenty-year
people of Staten Island to obtain
borough and the greater city.
some sort
.
.
,
bill, which leaves the city no choice, was
by-the Governor, who said that the fact that the Diii naa
been accepted by the city removes to some extent the objection arising
from its mandatory character.
.
"Such a tunnel,
said the Governor, "must necessarily be a part of any
comprehensive plan for the development of the port.
Indeed, it appears
to me that it is one of the obvious things that may speedily be done to re¬
lieve congestion and to eliminate much of the costly terminal service now
required, for by that means it should be possible to provide direct service
from the transcontinental railroads to a large territory with a rapidly grow¬
ing population now cut off from such service.
Such a tunnel with proper
connections will bring the transcontinental railroads to the very centre of
the great metropolitan district.
"The City of New York already is expending a large sum m the con¬
struction of docks on Staten Island and it would seem that transportation
means other than by water between Richmond and the other boroughs
should be provided as speedily as possible.
"The need of such a tunnel is obvious.
Its building has now been too
The mandatory feature of the
commented
on
,
_
Nothing can be done under this bill before
of the Legislature beyond the making of plans and estimates.
long delayed.
of the bill will at least
cause an
another session
The approval
intensive and immediate study of
the subject,
authority, and it will be possible for the next
Legislature to enact any further legislation which such study may suggest,
to remedy any defects and to bring the project into proper relation to the
two great problems of development of port and transit facilities.
both by the city and the port
Constitutional
10,
May
Convention.—*Tuesday,
was
the
day set by Attorney-General Charles D. Newton for the
opening of the convention to consider and report upon pro¬
posed amendments to the State Constitution.
Mr. Newton
is temporary chairman.
New York
State.—Legal Investments for Savings Banks.—
list of bonds considered legal investments for savings
banks as of Jan. 1 1921 has been issued by the State Bank¬
A
new
ing Department.
As compared with the list issued last
July, an unusual number of changes have been made, it will
be observed, particularly in the case of the municipalities
whose bonds are eligible for investment.
The additions to
the list consist mainly of municipalities which have filed re¬
ports with the Department for the first time.
It seems^proper
to say that the practice of the Department of grouping un¬
der the different cities the
names
of the suburbs
or
other
have been merged in such cities has been
abandoned.
For instance, under Cincinnati no less than 19
places were formerly separately enumerated by name.
Now none of them appears.
This has been done, we are
informed, merely to save space.
Accordingly the absence
of the names of such places is not to be construed as meaning
that their obligations are no longer legal investments.
In
submitting the list of securities which we print below, the
Superintendent of Banks has the following to say:
places that
may
BANKING
STATE
DEPARTMENT.
Albany, N. Y.
The following list of securities considered legal investments for savings
banks
on
the first
day of Jan. 1921 has been prepared in accordance with
the provisions of section 52 of the
to call attention to the purpose of
Banking Law, and I think it necessary
the list as therein stated.
The conditions under which municipal and railroad bonds are legal
Investments for savings banks are contained in section 239 of the Banking
Law.
The provisions with reference to these investments are |in some cases
quite complicated and the legality of the investments, of course, depends
entirely upon the condition of the corporation or municipality issuing the
bonds under consideration, which may vary so greatly from time to time
that a bond which was a legal investment on a fixed date may not be a
legal investment upon the following day.
No one can state positively that
a particular bond is a legal investment on a certain date, unless he has exact
knowledge of the facts on the day with reference to which the statement is
made, and, in these days of rapidly changing conditions, it will be obviously
improper for the trustees of a savings bank to rely solely upon this list, the
list being issued only for their protection and not with the intent that they
shall place their sole reliance upon it.
As stated,the list is prepared for the protection of trustees of savings banks
and should not be considered a guide by executors, administrators or trustees
generally; neither is it designed for the use of dealers in securities.
As the
cost of preparing and printing the list is assessed upon the savings banks,
sufficient copies have not been printed to enable us to make a general
distribution of the pamphlets containing it.
Notwithstanding the care that has been exercised in its preparation, it is
not to be assumed that it is entirely free from error.
It is quite possible,
as a result of changed conditions since the last statistics with reference to
municipalities were obtained, that bonds believed to be legal investments
at the time the list was prepared may not be legal investments even at the
present time, and, on the other hand, bonds which were not legal invest¬
ments at that time may have since become legal investments.
It is be¬
lieved, however, that the list is substantially correct, although, as has
been already intimated, it does not relieve the trustees of
savings banks
from the duty of making a careful investigation of their own in
every doubt¬
ful case, thereby supplementing the work of the Department.
In arranging the list, the numbering of the different subdivisions of
section 239 of the Banking Law has been followed, specific issues
being
expressly named only when this course is made necessary by the phrase¬
ology used in the statute.
i
GEORGE
V. McLAUGHLIN,
italicized while the issues which have been
dropped are
placed in brackets:
Securities
1921
Considered
Legal Investments for Savings Banks Jan.
1
Banking
Sub-division 1. Ail interest-bearing obligations of the United States or
those for which the faith of the United States is pledged to provide pay¬
principal, including bonds of the District of Columbia
All Interest-bearing obligations of New York State.
Subdivision 3. Certain [All]
interest-bearing obligations of the follow¬
ing States and Territories:
Alabama.
Delaware.
Indiana,
Maryland,
Sub-division 2.
their payment.
Ansonla, Conn.
Avon, Mass.
Beacon Falls, Conn.
Andover, Mass.
Amesbury, Mass.
Ashfield, Mass.
Bourne, Mass.
Barnstable, Mass.
Belmont, Mass.
Beverly, Mass
Bridgewater, Mass.
Boston, Mass.
Boxford, Mass.
Bozborough, Mass.
Brockton, Mass.
Brookfield, Mass.
Bethel, Conn.
Berlin, Conn.
Bolton, Conn.
Branford, Conn.
Bridgewater, Conn.
Bridgeport, Conn.
Bristol, Conn.
Brooklyn Town,
Conn.
Bozrah, Conn.
Cheshire, Conn.
Chester, Conn.
Clinton, Conn.
Colchester, Conn.
Cromwell, Conn.
Colebrook, Conn.
Cornwall, Conn.
Danbury, Conn.
Darien, Conn.
East Granby, Conn.
East Hampton,
Hartland, Conn.
Hampton, Conn.
Hebron, Conn.
Hamden, Conn.
Ledyard, Conn.
Lyme, Conn.
Litchfield
County,
Conn.
Conn
Stamford, Conn.
Stonington, Conn.
Suffield, Conn.
Sprague, Conn.
Tolland, Conn.
Tolland County,
Conn.
Conn.
Torrington, Conn.
Union, Conn.
Vernon, Conn.
Westbrook, Conn.
Waterbury, Conn.
Wallingford, Conn.
Winchester, Conn.
Westport, Conn.
Woodstock, Conn.
Willtmantic, Conn.
Thomaston,
N.J,
Union County,
West Orange, N. J.
Westfield, N. J.
Woodbury, N. J.
Bristol, R. I.
Cranston, R. I.
Cumberland, R. I.
East Greenwich,R. I.
Russell, Mass.
Rockland, Mass.
Reading, Mass.
Revere, Mass.
Randolph, Mass.
Raynham, Mass.
East
Providence,R.I.
[Kirbyj R. IJ
Lincoln, R. I.
Newport, R. I.
Narragansett, R. I.
Rowley, Mass.
Salem, Mass.
Savoy, Mass.
Scituate, Mass.
Shelburne, Mass.
Sheffield, Mass.
North
North
Providence,
R. I.
Kingston,R.I.
Pawtucket, R. I.
Providence, R, I.
Richmond, R. I.
Stoneham, Mass.
Slurbridge, Mass.
Sunderland, Mass.
Swansea, Mass.
Swampscott, Mass.
Sudbury, Mass.
Southampton, Mass.
Shirley, Mass.
Stoughton, Mass.
Taunton, Mass.
R.I.
Smithfield, R.I.
Tiverton, R. I.
Warren, R. I.
Warwick, R. I.
Westerly, R. I.
West Warwick, R. I.
Allegheny County,
Pa.
Allentown, Pa.
Altoona, Pa.
Beaver County, Pa.
Tolland, Mass.
Blair County, Pa.
Springfield, Mass.
Duke County, Mass.
Dana, Mass.
Dartmouth, Mass.
Essex, Mass.
Easthampton, Mass.
Easton, Mass.
Eastham, Mass.
Edgartown, Mass.
Everett, Mass.
Fall River, Mass.
Fitchburg, Mass.
Freetown, Mass.
Templeton, Mass.
Bradford,
Tewksbury, Mass.
Tisbury, Mass.
Berks
Pa.
County, Pa.
Cameron County,
r
Pa.
Truro, Mass.
Walpole, Mass.
Carbon County, Pa.
Waltham, Mass.
Carbondale, Pa.
West Tisbury, Mass. Cambria County, Pa.
Ware, Mass.
Coatesville, Pa.
'
Westhampton, Mass. Delaware County, Pa.
Wareham, Mass.
Elk County, Pa.
Wesiwood, Mass.
Easton, Pa.
Erie, Pa.
Wales, Mass.
Erie County, Pa.
Warren, Mass.
Franklin, Pa.
Westfield, Mass.
Harrisburg, Pa.
Wareficld, Mass.
Watertown,
Mass. I Hazleton, Pa.
Johnstown, Pa.
Webster, Mass.
County, Pa.
Westboro, Mass.
Juniata
Wellesley, Mass.
West Boylston,
Lancaster, Pa.
Lockhaven, Pa.
Lycoming County,
Mass.
West Brookfield,
Pa.
Mass.
West
McKeesport,
Pa.
Meadville, Pa.
Stockbridge,
Mass.
Northampton Coun¬
Weymouth, Mass.
ty, Pa.
New Castle, Pa,
Weston, Mass.
Wreniham, Mass.
Oil City, Pa.
Philadelphia, Pa.
Whately, Mass.
Worcester, Mass.
Pittsburgh, Pa.
Worcester County,
Potlsville, Pa.
Reading, Pa.
Muss*
Winchester, Mass.
Schuylkill, Pa.
Winchendon, Mass.
Scranton, Pa.
Woburn, Mass.
Atlantic County,
Susquehanna County, Pa.
Sullivan County, Pa.
N. J.
Atlantic City, N.
Absecon, N. J.
J. Tioga County, Pa.
Uniontown, Pa.
Mass.
Methuen, Mass.
Maiden, Mass.
Bayonne, N. J.
Middlesex County,
Bergen County,N.J.
[Warren County,
Belvidere, N. J.
Camden, N. J.
Williamsporl,
Monterey,
Mass.
Manchester, Mass
Marlborough, Mass.
Marblehead, Mass.
Marion, Mass.
Maynard, Mass.
Medway, Mass.
Melrose, Mass.
Millis, Mass.
Milton, Mass.
Millbury, Mass.
Natick, Mass.
Nantucket, Mass.
Nantucket County,
Mass.
Needham, Mass.
New Salem, Mass.
Newburyport.Mass.
Norfolk, Mass.
Newton, Mass.
Bloomfield, N.
Venango County,
J.
Pa.
Pa.3
Pa.
Cape May County, Wilkes-Barre, Pa.
N. J.
York, Pa.
Clifton, N. J.
York County, Pa.
Cumberland
Addison County, Vt.
,
County, N. J.
East Orange,
East Atlantic
N.
N.J.
City,
J.
Alburg, Vt.
Bennington, Vt.
Brattleboro, Vt.
Barre, Vt.
Elizabeth, N. J.
Burlington, Vt.
Egg Harbor, N. J.
Bristol, VI.
Essex County, N. J. Brighton, VI.
Gloucester, N. J.
Harrison, N, J.
Hammonton, N. J.
[Hoboken, N. J.]
Cambridge, Vt.
Greensboro, Vt.
Groton, Vt.
Guildhall, Vt.
Irvingtcm, N. J.
Middlebury, Vt.
Jersey City, N. J.
Manchester, Vt.
Kearny, N. J.
North Hero, Vt.
Noricood, Mass.
Long Branch, N. J. Plainfield, Vt.
New Bedford, Mass.
Mercer County, N.J Peacham, Vt.
Norfolk County,
Miilville, N. J.
Rutland, Vt.
Mass.
■' Montclair, N. J.
St. Albans, Vt.
Warren, Conn.
Walcolt-, Conn.
Adams, Mass.
Ashland, Mass.
Acushnet, Mass.
Amherst, Mass.
Arlington, Mass.
Northampton,Mass.
Alhol, Mass.
Atlleboro, Mass.
North Brookfield,
Ayer, Mass.
Ashby, Mass.
North Attleborough,
Mass.
Mass.
Duluth, Minn.
Baltimore, Md.
El Paso, Texas.
Evansville, Ind.
Bay City, Mich.
Canton, Ohio.
Cedar
Rapids, la.
Chicago, 111.
Cincinnati, Ohio.
Cleveland, Ohio.
Columbus, Ohio.
Covington, Ky.
Massachusetts,
Dallas, Texas.
Arkansas.
Georgia,
Kansas,
Davenport,
California.
Hawaii,
Kentucky,
Michigan,
Minnesota,
Colorado,,
IdahoIllinois,
Louisiana,
Maine.
Mississippi,
Missouri.
la.
Dayton, Ohio.
Des Moines, la.
Detroit, Mich.
Morris County,N.J. Springfield, Vt.
Northfield, N. J.
St. Johnsbury, Vt.
Vershtre, Vt,
-■
Newark, N. J.
Ocean County, N. J. Vergennes, Vt.
Paterson, N, J.
Wilmington, Vt.
The stocks and bonds of other cities as follows:
Akron, Ohio.
Iowa,
J.J
N.
Trenton, N. J.
South Hadley, Mass. South Kingston,
_
Sterling, Conn.
South Orange,, N. J.
Summit, N. J, i
[Sussex County,
Plymouth, Mass.
Plathville, Mass.
Pittsfield, Mass.
Quiney, Mass.
Rehoboth, Mass.
Rutland, Mass.
Sharon, Mass.
Foxborough, Mass.
Framingham, Mass.
Franklin, Mass.
Merlden Town,
Grafton, Mass.
Conn.
s
Groveland, Mass.
Meriden City,Conn. Georgetown, Mass.
Middlebury, Conn. Gardner, Mass.
Milford, Conn.
Gloucester, Mass.
Madison, Conn.
Great Barrington,
Middletovm, Conn.
Mass.
New Hartford, Conn. Greenfield Town,
New Britain, Conn.
Mass,
New Canaan, Conn. Gill, Mass.
New Haven, Conn.
Gosnold, Mass.
New London, Conn. Hawley, Mass.
[Hamilton.Mass. J
Newton, Conn.
Naugatuck, Conn.
Hampden County,
Mass.
Norfolk, Conn.
Harvard, Mass.
Norwalk, Conn.
Newington, Conn.
Haverhill, Mass.
Norwich, Conn.
Hanover, Mass.
Orange, Conn.
Hingham, Mass.
Plainfield, Conn.
Holden, Mass.
Plymouth, Conn.
Holyoke, Mass.
Hubbardston, Mass.
Preston, Conn.
Rockville, Conn.
Hinsdale, Mass.
Ridgtfleld, Conn.
Lawrence, Mass.
Lancaster, Mass.
Roxbury, Conn.
Salem, Conn.
Leverett, Mass.
Scotland, Conn.
Leominster, Mass.
Seymour, Conn.
Ludlow, Mass.
Lowell, Mass
Simsbury, Conn.
Shelton, Conn.
Lynn, Mass.
Southington, Conn. Middlcborough,
SouthWindsor ,Conn,
Mass.
Salisbury, Conn.
Salem. N. J.
Pelham, Mass.
Peabody, Mass.
Petersham, Mass.
Southbridge, Mass.
Morris, Conn.
Montville, Conn.
Manchester, Conn.
Sharon,
coun¬
North Adams, Mass. Passaic, N. J.
Orange, Mass.
Passaic County, N.J
Orleans, Mass.
Perth Amboy, N. J.
Palmer, Mass.
Plainfield, N. J.
Pembroke, Mass.
Phlllipsburg, N. J.
Provincetown, Mass. Ridgewood, N. J.
Somerville, Mass.
Ellington, Conn.
Chatham, Mass.
East Lyme, Conn.
Dan vers, Mass.
East Windsor, Conn. Dedham, Mass.
East Haddam, Conn. Dighton, Mass.
Granby, Conn.
Douglas, Mass.
Groton Town,Conn. Dudley, Mass.
Glastonbury, Conn.
Greenwich, Conn.
Griswold, Conn.
Hartford, Conn.
following cities,
Somerset, Mass.
fast Hartford, Conn. Clinton, Mass.
Chelsea, Mass.
nfield, Conn.
Florida,
Connecticut,
Brookline, Mass.
Bristol County, Mass.
Bellingham, Mass.
Berlin, Mass.
Braintree, Mass.
Buckland, Mass.
Bernardston, Mass.
Canton, Mass.
Concord, Mass.
Conn.
Clarksburg, Mass.
East Haven, Conn. Chicopee, Mass.
Easton, Conn.
Cambridge, Mass.
Essex, Conn.
Carver, Mass.
Arizona,
[Z
i
Sub-division 5a. Certain stocks and bonds of the
ties, villages and towns in adjoining States:
Sub-division 5b.
under Subdivisions of Section 239 of the
Law as Numbered.
ment of interest and
a
Agawam, Mass.
Superintendent of Banks.
The complete list, as compiled by the Superintendent, is
given below.
The bonds added to the list since last year
I
are
4. All Interest-bearing
obligations or revenue notes sold
discount, of any city, county, town, village, school district, union
free school district, or
poor district in New York State, provided that they
were issued pursuant to law and that the
[provided the full] faith and credit
of the municipality or district that issued
[issues! them is pledged for
at
Los Angeles, Calif.
Louisville, Ky.
Manchester, N.H.
Ft. Wayne, Ind.
Milwaukee, Wis.
Flint, Mich.
Minneapolis, Minn.
Fort Worth, Texas.
Oakland, Calif.
Grand Rapids,Mich. Omaha, Neb.
Huntington, TV. Va. Pasadena, Calif.
Indianapolis, Ind.
Peorio, 111.
Jackson, Mich.
Portland, Maine.
Jacksonville, Fla.
Racine, Wis.
Kalamazoo, Mich.
Rockford, III.
Kansas City, Mo.
Saginaw, Mich.
Lansing, Mich.
St. Louis, Mo.
Lincoln.
Nebraska. St. Paul, Minn.
San Antonio, Tex.
San Diego, Calif.
San Francisco, Cal.
Sioux City, la.
South Bend, Ind.
Spokane,
Wash.
Springfield, 111.
Springfield, Ohio,
Tacoma, Wash.
Terre Haute,
Ind.
Toledo, Ohio.
Wheeling, W. Va.
Wichita, Kan.
Wilmington, Del.
Youngs town, Ohio.
MAY 14
1921.]
8ub-cH vision 7.
THE
Albany A Susquehanna RR.—
Great Northern Ry.—
First and refunding
1st mtge. 33*8, 1946,
Gen 48,1995,
1st
•
Santa
68,
Fe
A
California
Ry.
RR.
1st
gen.
4s and 5s, 1935.
Wilmington A New Bern 1st 4s, 1947.
Atlantic Coast Line of South Carolina
Gen. 1st 4s, 1948.
Northeastern RR. Cons. 6s, 1933.
Richmond A Petersburg
Cons.
4J4s,
1940.
Alabama Midland 1st 5s, 1928.
Brunswick A Western 1st 4s, 1938.
Charleston A 8avannah Gen. 7s, 1936.
Savannah Florida A Western Cona. 5s
A 6s, 1934.
Baltimore A Ohio RR.—
A
Manitoba, Pacific
of
Springfield Dlv., refund. 334s, 1951.
Litchfield Dlv. 1st 3s, 1951.
Kankakee & S. W. 1st 5s, 1921.
Clncln.
A
4t28 1931.
1st 6s,
A
Nashville
RR.
Plttsb. Jet. A Mid. Dlv. 1st 3Hs, 1925.
Plttsb. Lake E. A W. Va. Sys. 4s. 1941.
West Va. A Pittsburgh 1st 4s, 1990.
Buffalo Creek RR. Cons. 5s, 1941.
Buffalo Rochester A Pittsburgh Ry.—
Gen. mtge. 5s, 1937.
Cons. Mtge. 4s,
1957.
Lincoln Park A Charlotte RR. 1st 5s
1939.
Pittsburgh RR.
1st 6s.
1921.
Rochester A Pittsburgh RR. cons. 6s,
1922.
[ Penobsc. Shore Line RR. 1st 4s, '201
Somerset Ry. cons. 4s, 1950.
Upper Coos RR. 1st 4s, 1930.
Upper Coos RR. 1st ext. 4Ms, 1930.
Washington Co. Ry. 1st 3Ms, 1954.
Manhattan Ry.—
Cons. 4s,
Michigan Central RR. Co.—
Chicago Milwaukee A St. Paul Ry.—
[Dubuque Division 1st 6s, 1920.3
[ Wisconsin Valley Dlv. 1st 6s. 1920.3
Chicago A Pacific Western Dlv. 1st
5s, 1921.
Wisconsin A Minn. Dlv. 1st 5s, 1921.
Chicago A Lake Superior Dlv. 1st 5s,
1921.
Chicago A Missouri River Dlv. 1st 5s.
1926.
Fargo A Southern 1st 6s. 1924.
'
Milwaukee A Northern 1st 4Hs, 1934.
Milwaukee A Nor. Consol. 4Mb, 1934.
Marie Ry.—
1st cons. 4s and 5s, 1938.
Minn. & Pacific Ry. 1st 4s, 1936.
Minn. Sault Ste. Marie A Atlantic Ry.
1st 4s. 1926.
Mobile A Ohio RR. Co. 1st M. 6s, 1927.
Montgomery A Erie RR. 1st M. 5s, 1926.
Nashville Chattanooga A St. Louis Ry.—
1st M.
Chicago Milw. A Pug. Sd. 1st 4s, 1949.
and
refunding
4Ms
(Centerville Branch) 6s, 1923,
N. Y. Central RR. Co.A
Adirondack
Ry.
1st
4s.
1981.
6s,
Carthage Watertown A Sacketts Har¬
Debenture 4s, 1925 (European Loan).
Convertible 4Hs, 1932
Chicago Indiana & So. 1st 4s, 1956.
Cleveland Short Line 1st 4Ms, 1961.
1st Mtge. on Spuyten Duyvil A Port
and
2014.
bor
Debenture 4s, 1934.
Chicago Burlington A Quincy Ry.—
Gen. 4s, 1958.
Illinois Dlv. 3Hs and 4sr 1949.
1942.
Nebraska Extension 4s, 1927.
Indiana Illinois A Iowa 1st 4s, 1950.
Jamestown Frank. A CI. 1st 4s, 1959.
Kalamazoo A White Pigeon 1st 5s, '40.
1987.
Chic. A North West. 1st A ret. 6s, 2037
Chicago A North. West. deb. 5s, 1921.
Chicago & North West. deb. 5s, 1933.
Boyer Valley Ry. 1st 3^s, 1923.
Elkhorn
Fremont,
A Mo. Valley RR.
1933.
6s,
cons.
Iowa, Minn. A Northwestern Ry. 1st
3Hs. 1935.
Des Plalnes Valley 1st 4^s, 1947.
Manitowoc Green Bay & North West¬
ern
1st 3>£s, 1941.
A New Ulm
Mankato
Ry. 1st 3>£*.
1929.
6s,
consol.
1921.
Ext.
5s,. 1922.
Milw. Lake ShoteA West.—Mich. Dlv.
1st 6s, 1924.
Lake
Dlv.
Shore A
1st 6s,
West.—Ashland
1925.
5s, 1929.
'
Milwaukee A State Line 1st 3Ks, 1941.
Milwaukee
1st 4s,
Sparta
1947. .
A
Western
North
Minn. A Iowa Ry. 1st 3^8, 1924.
Minn. A South Dakota Ry.
Mahoning Coal RR. 1st 5s, 1934.
Michigan Central collateral 3M«, 1998.
Mohawk A Malone Ry. 1st 4s, 1991.
Mohawk A Malone Ry. cons. 3M»,
2002.
Central A Hudson
Y.
1st
3Ms,
York
River RR
1997.
Central
A
Hudson
River
Ref. A Imp. 4Ms. 2013.
N.
Y. Central Deb. 4s. 1934 and 1942.
N. Y. Central cons. ser. A, 4s, 1998.
N. Y. A Northern Ry. 1st 5s, 1927.
N. Y. A Putnam RR. cons. 4s, 1993.
1935.
Rome Watertown A
Ogdensburg RR
cons. 5s, 4s and 3Ms,
1922.
Sturgls Goshen A St. Louis 1st 3s, 1989
Uttca A Black River RR. 1st 4s, 1922.
New York A Harlem RR. ref. 3Ms, 2000.
New York Ontario A Western.—
1st 3Hs,
I
Peoria A Northwestern Ry. 1st 3Ms,
1926.
Utlca Clinton A Blng. 1st 5s, 1939.
Norfolk A Western Ry.—
First consol. 4s, 1996.
General 6s, 1931.
Princeton
A
3Ms,
1926.
Northwestern
Ry.
1st
New River Dlv. 1st 6s, 1932.
Improvement A extension 6s, 1934.
St. Louis Peoria A North Western 1st
5s. 1948.
St. Paul A Eastern Grand Trunk Ry.
1947.
City A Pacific RR.
1st 4Hs
Sioux
Southern Deb.
Lake Shore collateral 3M«, 1998.
Little Falls A Dolgevllle 1st 3s, 1932.
Pine Creek Ry. 1st 6s, 1932.
Milw. Lake Shore A West. Ext. A Imp.
.
4s, 1928.
Lake Shore & Michigan
4s
1931.
New
Milw. Lake Shore A West.—Marshfleld
Milw.
Lake Shore AM. S. Ry. 1st 3Ms, 1997.
Lake Shore & Michigan Southern Deb.
N.
Lake Shore A Western
Milw.
5s, 1931.
Morris
3Ms,
1959.
Gouverneur A Oswegatchle RR. 1st 5s,
Chicago A North Western Ry.—
General 3Hs, 4s and 5s,
cons.
1936.
Wisconsin Northern Ry. 1st 4s, 1931.
Chicago St. Paul Minneapolis A Omaha
Railway—
Chicago St. Paul Minn. A Omaha Ry.
3Ms and 6s, 1930.
North Wisconsin Ry. 1st 6s,
Delaware A Hudson Co.—
5s, 1922.
Prior Lien Ry. A Land Grant 4s, 1997.
St*Paul A Nor. Pac. gen
6s, 1923.
Refund. A improvt. 4Ms, 2047.
General lien 3s, 2047.
Wash. A Columbia Riv.
1st 4s, 1935.
St. Paul-Duluth Dlv. 4s, 1996.
1930.
St. Paul A Duluth consol. 4s, 1968.
Pennsylvania Railroad Co.—
1943.
General 5s,
1968.
Adirondack Ry. 1st 4)4s, 1942.
General Mtge. 4 Ms, 1965.
Schenectady A Duanesburg 1st 6s, '24.
Consol.
Delaware Lackawanna A West. Railroad.
Bangor A Portland Ry.
1st 6s, 1930.
Morris A Essex RR. ref. 3)4s, 2000.
N. Y. Lackawanna A Western
1st 6s,
1921.
Warren RR.
Mtge. 3M8, 4s, 4Mb A 5s of
1873.
Allegheny Valley Ry. Gen. 4s, 1942.
Cambria A Clearfield 1st 5s, 1941.
Cambria A Clearfield Gen. 4s, 1955.
Clearfield A Jefferson 1st 6s, 1927.
1st 3Ms. 2000.
Fonda Johnstown A
Gloversvllle RR.—
Consolidated 6s, 1921.
Consolidated ref. 4Ms, 1947.
General ref. 4s, 1950.
4Ms, 1952.
Genesee A Wyoming RR. 1st 5s, 1929.
Cons, general ref.
for payment on June
Cleveland A Pittsburgh RR. gen.
and 4Ms. 1942-1950.
River RR. A
Delaware
1st
4s,
Bridge
3Ms
Co.
1936.
3Ms, 1940
Harrisburg Portsmouth Mt. Joy & Lan¬
Erie A Pittsburgh RR. gen.
caster
1 st 4s,
1943.
1 at the office of Wm.
Treasurer.
Adams, City
Salida School District No. 7 (P. O.
Salida), Chaffee
County, Colo.—Bond Call.—C. D. Gloyd,
Treasurer, has
called for payment on
May 22 bonds Nos. 4 to 6,
of
inclusive,
$1,000 each.
PROPOSALS
this week have been
as
AND
NEGOTIATIONS
follows:
ADAMS, Berkshire
County, Mass.—BOND SALE.—An issue of
$35,000 5M% sewer bonds has been sold to
Merrill, Oldham & Co: of Boston,
103.09, which is on a basis of about 5.00%.
Date May 1 1921.
Due
$2,500 yearly on May 1 from 1922 to 1935, incl.
at
ALGER, Hardin County, Ohio.—NO BIDS.—No bids
were submitted
the $5,500 6% refunding bonds which
were offered on
May 9.—V.
for
ALLEN TOWNSHIP SCHOOL
BONDS
DEFEATED.—At
voters defeated a
a
DISTRICT, Ottawa County, Ohio.—
recent
election, according to reports,
proposition to issue $110,000 school
bldg. bonds.
the
ASHTABULA COUNTY, (P. O.
Jefferson), Ohio.—BOND SALE.—
The $58,000 6%
Geneva-Austinburg Cinder Road impt. bonds offered
on
May 9 V. 112, p. 1999 were awarded to the
Seiple-Wolf Construction Co.
of Youngstown at par and interest.
Date April 1 1921.
Due yearly on
Oct. 1 as follows: $6,000 1922 to
1929, inch, and $10,000 in 1930.
ATTEBORO, Bristol County, Mass.—TEMPORARY
LOAN.—On
May 12, it is stated, a temporary loan of
$50,000, dated May 13 and ma¬
turing Dec. 13 1921, was*awarded to S. N. Bond &
Co. of Boston, at
5.75%
discount, plus $1 25 premium.
AUGLAIZE COUNTY
RECEIVED.—No
(P.
O.
Wapakoneta),
Ohio.—NO
BIDS
bids were received on
May 6 for the $61,600
6% St.
Marys-Celina Highway impt. bonds which were offered
on that date—V.
112, p. 1893.
Date April 1 1921.
Due each six months as
follows: $3,000
Mar. 1 1922 to Sept. 1 1927,
incl.; and $3,200 Mar. 1 1928 to
Sept. 1 1931,
incl.
BARNESVILLE,
Belmont
County, Ohio.—BOND OFFERING.—
Waldo Ililles, Village Clerk, will
receive bids until 12 m.
May 30 for
$14,000 6% fire dept. bonds.
Denom. $500.
Date June 1 1921.
Prin.
and semi-ann. int. (M. &
S.) payable at the Village Clerk's office.
Duo
yearly on Sept. 1 as follows: $2,500, 1922 to
1926, incl.; and $1,500
Sept.
1 1927,
Cert, check for $200, payable to the
Village Treasurer, required.
BARNWELL, Barnwell County. So.
Caro.—BOND OFFERING.—
The Board of Commissioners of Public
Works of Barnwell will
receive and
entertain bids until 12 m.
May 27 for the following 6% bonds in the
office
of Brown & Bush,
attorneys, Barnwell.
$45,000 water-works bonds.
Due May 1
1961, optional May 1 1941.
40,000 sewer bonds.
Due May 1 1961,
optional May 1 1941.
25.000 paving bonds.
Due May 1 1941.
Date May 1 1921.
Prin. and semi-ann. int.
(M. & N.) payable at the
Hanover National Bank, N. Y. " The
approving opinion of Geo. S. Clay,
of New York City, will be furnished
without cost to the purchaser.
Certi¬
fied true copy transcript of
proceedings, executed bonds and
approving
opinion of Geo. S. Clay will be furnished to
the purchaser on
day of sale,
the bonds being ready for immediate
delivery.
Certified chock for
2% of
the face amount of bonds bid for
must
F.
sideration.
Public
accompany the bid to receive
Jas. Julien Bush is Chairman of
Board of
Works.
con¬
Commissioners of
~BAY VILLAGE SCHOOL
DISTRICT, (P. O. Bay Village),
Cuyahoga
County, Ohio.—BOND OFFERING.—H. A.
Thompson, Clerk of Board of
Education, will receive bids until 12 m.
May 28 for $225,000
6% coupon
school-building bonds.
Denom. $1,000.
Date April 1 1921.
Prin. and
sem-ann.
int.
A. & O.
payable at Bay Village.
Due yearly on Oct. 1
as follows:
$11,000, 1922 to 1936, incl., and $12,000.
1937 to 1941. Incl.
Certified check on some bank other
than the one making the
bid, for 10%
of amount of bonds bid
for, payable to the District Treasurer's
office.
Bonds to be delivered and paid for at
the County
Prosecuting Attorney's
office. Cleveland, within ten days from date of
award.
Purchaser to
accrued interest,
pay
BELMONT, Middlesex County, Mass.—BOND
OFFERING.—Bids wil
m. May 18
by Guy L. Weymouth, Town
Treasurer,
be received until 10 a.
for the following 5 M %
coupon tax-free bonds:
construction bonds.
Denom. $1,000.
Due $1,000
yearly on iLpril 1 from 1922 to
$8,000 street
St. Paul A Duluth 1st 5s, 1931.
cons.
First and refunding 4s,
Scioto Valley A New Eng. 1st 4s, 1989.
Columbus Connecting A Terminal 1st
Northern Pacific Ry.—
1st 3)4a,
;
Portland, Ore.—Bond Call.—Improvement bonds num¬
bered 27,443 to 27,481, incl., dated June 1
1914, are called
112, p. 1780.
Consol. mtge. 4s and 5s, 1928.
1st M. (Jasper Branch) 6s, 1923.
Carthage
County, Colo.—Bonds Called.—Sewer
bonds, Nos. 25, 26 and 27, are called for
payment May 21.
BOND
Ste
Mesa
District No. 2
,
Grand River Valley 1st 4s, 1959.
St.
Paul
A
Sault
an
BOND CALLS AND REDEMPTIONS.
Fruita,
Kalamazoo & South Haven 1st 5s, *39.
Michigan Air Line 1st 4s, 1940.
Jackson Lansing & Saginaw 1st 3 Ms:
Minneapolis
General Mtge. 3^s, 4s and 4Mb. 1989.
General
1952.
Bay City A Battle Creek 1st 3s, 1989.
Detroit A Bay City 1st 5s, 1931.
1951.
Central RR. of New Jersey Gen. 5s, 1987.
1990.
First mortgage 3Ms,
The bill becomes
amendment to the Con¬
State bond issue of $36,000,000.
the enactment of
6s,
gen.
Dexter A Piscataquis 1st 4s, 1929.
1922.
upon
stitution providing for a
Louisville A Nashville RR. 1st 5e, 1937.
Maine Central System—
Maine Shore Line RR. 1st 6s, 1923.
Penobscot Shore Line RR. 1st 4s, 1920
Rochester A
operative
Louisville & Nashville RR. unified
4s,
1940.
Ohio River 1st 5s, 1936.
General 5s, 1937.
Tol.
Adjourns.—The
Pennsyl¬
Assembly adjourned at 6:16 p. m. on April 28.
Important among the bills passed is one
providing for a
bonus of $10 a month for
Pennsylvania soldiers, sailors and
marines who served in the World War.
Ry.
Lexington
European A North Amer. 1st 4s, 1933.
Hereford Ry. 1st 4s, 1930.
A
Sept. 11 1920.
vania General
CairoJBridge Co. 1st 4s, 1950.
8t. L. Dlv. A Term. 3s A 334s, 1951.
Purchased lines 3Ms, 1952.
Ravensw. Spencer A Glenv. 1st 6s. '20.
Huntington & Big Sandy 1st 6s, 1922.
Cleve.
First lien A refdg.
4s, 2008.
let M.
railway A land grant 4s,
1947.
United New Jersey RR. A
Canal Co.—
Gen. M. 3Ms A 4s.
1923-1951.
Pennsylvania.—Legislature
1930.
1st
First mortgage 6s,
1921.
Union Pacific RR. Co.—•
The list of bonds considered
legal investments on July 1
1920 will be found on pages 1104 and 1105
of the "Chronicle"
First mtge. 3s, 3Ms A 4s. 1950-51.
Trust 3Ms, 1950.
Louisville
[ Ravenswood Spencer & Glenv.
6s, 1920.3
Southern Pacific Branch
1st 6s, 1937.
Northern Ry. Consol.
5s, 1938.
Northern California 1st
5s, 1929.
Tlconderoga RR. Co.—
Pitts. A Lake Erie RR. 1st M. 6s, 1928.
Refunding 4s, 1955.
Cons. A Ref. 4^s, 1930.
Cleve. Terminal A Valley 1st 4s, 1995.
-
Phila. Wilm. A Bait. deb. 4s, 1918-32.
Southern Pacific RR.
Co.—
First A refdg. 4s,
1955.
First consol. 5s,
1937.
Greenwich A Johnsonville Ry. 1st 4s, *24
gen,
1933.
•
1921.
Illinois Central RR.—
Mortgage 4s, 1948.
Central Ohio 1st 4 ^s, 1930.
Wh. Cons. 5s.
General 5s, 1936.
Phila. Bait. A Washington RR.—
First mtge. 4s, 1943.
Spokane Falls A Nor. Ist6s, 1939.
Louisville
Cleve. Lorain A
Sunbury Haz. A Wllkes-B. 2d 6s, 1938.
Western Penna. Cons. 4s, 1928.
1922.
First mortgage 4s. 1948.
Louisville A Nashville Railway—
Convertible 4^s, 1933.
Prior Lien 334a, 1925.
Plttsb.
Sunbury A Lewlstown 1st 4s, 1936.
SunburyHaz. A Wilkes-B. 1st 5s, 1928.
Eastern Ry. of Minn. 4s, 1948.
Montana Central 1st 5s A 6s, 1937.
Wilmar A Sioux Falls 1st 5s. 1938.
Lehigh Valley RR.—
Refunding A General M. 5s, 1995.
First
Minn
Ext., 1st 4s, 1940.
Petersburg RR. 1st 5s, 1926, "A."
Weldon
A Erie gen. 4s, 5s A 6s, '20.1
Plttsb. Va. A Charleston 1st 4s, 1943.
Minneapolis Union Ry. 1st 5s and 6s,
Rensselaer A
Saratoga RR. 1st cons. 7s
Schoharie Valley Ry. 1st M.
5s. 1929.
[Phila.
Ext., 1st 4s, 1937.
Paul
1st 4s, 1951.
Junction RR. Gen. 3Ms, 1930.
Penn. RR., real estate 4s, 1923.
Penn. A N. W. RR. gen. 5s. 1930.
Manitoba, Montana
St.
I
Petersburg RR. 2d 6a, 1926, "B."
Norfolk A Carolina RR. 1st 5s, 1939.
Norfolk A CarollnaRR. 2d 5s, 1946.
Wilmington A
Holllday8b. Bedf. A Cum.
4Ms and 6s, 1933.
St. Paul Minn A
■
1937.
Atlantic Coast Line RR.—
1st Cona. 4s, 1952.
Pennsylvania Railroad Co,—Concl.
4Jj!s, 1961.
St. Paul Minn. A Manitoba
consol. 4s,
Atchison Topeka & Santa Fe Ry.—
Chicago
CHRONICLE
Railroad bonds:
Date April 1 1921.
1929, incl.
12,500 surface drainage bonds.
Denom. $500.
Date April 1 1921.
Due
$500 yearly on April 1 from 1922 to
1946, incl.
15,000 water bonds.
Denom. $1,000.
Date May 1 1921.
Due $3,000
yearly on May 1 from 1922 to 1926, incl.
Prin. and semi-ann. int.
payable at the Beacon Trust Co. of
Boston.
These bonds will be engraved
under the supervision of and
certified as to
their genuineness
by the Old Colony Trust
Company of Boston, which will
further
certify that the
legality of these issues has been approved
by Ropes,
Gray, Boyden & Perkins of Boston, a
copy of whose opinion will
the bonds when
accompany
delivered, without charge to the purchaser.
All legal papers
incident to these
iasues, together with an affidavit
certifying to the proper
execution of the bonds, will be
filed with the Old
Colony Trust Company,
where they may be
inspected.
BELMONT COUNTY (P. O. St.
Clairsville), Ohio.—BOND OFFERING.—Bids will be received until 12 m.
May 23 by Arch T. Fogle,
County
Auditor, for $18,000 6% bridge bonds.
Denom. $500.
Date Nov. 1 1920.
THE
2110
Prln.
int., (M. & N.), payable at the County Treasurer's
Due $1,500 on May 1 and Nov. 1 in each of the years 1922 to 1927,
Certified check for $500, payable to the County Treasurer, required.
and semi-ann.
office.
incl.
BELTON. Bell County, T ex,—BOND SALE .—Recently $25,000 water
and $25,000 fire station 5% 20-40 year (opt.) bonds were sold to
works
Garrett & Co. of Dallas.
Breg,
CAMPBELL COUNTY
Prin
525 20 6% funding bonds.
CARBON COUNTY SCHOOL DISTRICT NO. 1 (P. O. Red Lodge),
Mont.—BOND OFFERING.—Additional information is at hand relative
to the
Jefferson County, Ohio.—BOND OFFERING .—Roy
Smith, Village Clerk, will receive bids until 12 m. June 6 for the following
two issues of 6% bonds:
.
.
$4,787 96 street-impt. bonds. Denom. $500 and $28/96.
Due $1,000
yearly on July 1 from 1922 to 1925. incl., and $787 96 ml926.
2,500 00 village's
portion street-impt.
bonds. Denom. $500. Due
June 1 1931.
»
Date June 1 1921.
Int. semi-ann.
Certified check for 1 % of amount of
bonds bid for, payable to the Village Treasurer, required.
_
.
^
,
,
O. Amesville), Athens County, Ohio.—
BOND SALE.—An issue of $3,000 6% impt. bonds offered on May 7 was
awarded to the First National Bank of Amesville, at par.
Denom. $1,500,
Date May 15 1921.
Int. M. & N.
Due $1,500 on May 15 in 1929 & 1930.
BERN TOWNSHIP
offering on May 16 of the $65,000 6% school-building bonds—V. 112,
1894.
Sealed bids for these bonds will be received until 7:30 p. m. on
date by C. R. Northrop,
District Clerk.
Denom. $1,000.
Date
March 1 1921.
Principal and semi-annual interest (M. & S.) payable at
the office of the County Treasurer or at the American Exchange National
p.
that
BERGHOLZ,
.
(P.
Bank. New York.
for
temporary
Estabrook &
Due in 20 years,
optional in 10
years.
Certified check
$6,500, payable to the District, required.
CARROLL COUNTY (P. O. Hiilsville), Va.—BOND SALE.—With
regard to the sale by-the Board of Supervisors of Carroll County of $300,000
road bonds, to the Mountain Trust Bank of Roanoke the "Richmond TimesDispatch" of May 11 had the following to say:
"The Board of Supervisors of Carroll County, in adjourned session from
Hiilsville yesterday, held in Pulaski to-day, sold to Mountain Trust Bank,
of Roanoke, $300,000 in road bonds.
The bonds are to carry accrued interest, and the money is to be
with the bank and to be drawn not to exceed $15,000 per month,
of January, February and March.
Man.—TEMPORARY LOAN .—On May 12
loan of $200,000, maturing Nov.. 10 1921, was awarded to
Co. of Boston at 5.73% discount.
BEVERLY. Essex County,
a
Chase National Bank, N. Y.
Due
Cert, check for $1,000 payable to H. W. Archer, Trustee, re¬
CARBON COUNTY RURAL SCHOOL DISTRICT(P. O. Red Lodge),
Mont.—BONDS NOT SOLD.—No sale was made on April 23 of the $13,-
BELTRAMI COUNTY (P. O. Bemidji), Minn .—BOND OFFERING.—
Until 11 a. m. May 20, A. D. Johnson. County Auditor, will receive pro¬
.
entertain proposals
Date May 1 1921.
and semi-ann. int. payable at the
serially.
quired.
Int. A. & O.
posals for all or any part of the $250,000 6% State road bonds—V. 112, p.
391.
Denora. $1,000.'
Date Dec. 1 1920.
Principal and semi-annual
interest payable at such place as purchaser may direct.
Due Dec. 1 1930.
Certified check on a Minnesota bank and trust company or on a National
bank in any place for 2% of the amount of bonds bid for, payable tol the
County Treasurer, required.
The approving legal opinion of Chester B.
Masslich of New York, will be furnished the successful bidder or bidders.
Delivery of bonds at place of purchaser's choice.
(P. O. Jacksboro), Tenn .—BOND OFFERING.
Until 11a.m. May 28 William Allen, County Judge, will
for the purchase of $356,000 6% coupon road bonds.
Date April 10 1920.
Denom. $1,000.
[Vol. 112.
CHRONICLE
Four
other
bids
were
handling constituting
submitted, each at par,
the
exclusive
the interest and plan of
issue was made on
The bond
differences.
deposited
a
The fund is to be turned over to
special act of the 1920 State Legislature.
the State to build two main highways across Carroll County, and when
the
County is reimbursed by the State it will build feeding links."
CARTHAGE, Jasper County, Mo.—CORRECTION.—Tn an item which
p. 1009, we reported that the William R. Compton Co.,
Kauffman-Smith-Emert Co., had purchased $150,000 6% paving
bonds but we have since been informed by the William R. Compton Co.
HORN COUNTY SCHOOL DISTRICT NO. 15 (P. O. Manderson), Wyo.—BOND OFFERING.—Scaled bids at not less than par will
be receive/1 until 1 p. m. June 15 for purchase of $21,000 6% 20-year school
bldg. bonds.
Dated July 1 1921.
Int. July 1 payable annually, locally
or at the office of State Treasurer.
Mrs. Happy M, Pickett, Clerk.
appeared in V. Ill,
BIG SAND DRAINAGE DISTRICT. Le Flore and Carroll County,
OFFER NG.—L. S. Hemphill. President Board of Com¬
missioners, will offer for sale at 11 a. m. May 25 at public auction, at the
law offices of E. L. Mounger, in Greenwood, Miss., $80,000 6% bonds.
Date June 1 1921.
The place of payment of principal and int. will be fixed
to suit purchaser.
Due yearly on March 1 as follows: $100, 1922 to 1924,
incl.; $8,000. 1925 to 1933. incl.. and $7,700 1934.
Cert, check or cash
water works and electric
BIG
Mi88.—BOND
and the
that this renort. is incorrect
Statement.
Assessed value of real estate in
—
— ,
said district 1919—
this issue
Total bonded indebtedness, including
There are no bonds outstanding.
<■
-$554.880.00
210,235.00
-
80,000.00
■
-
CASA
voted
OFFERING — On May 17
will be offered for sale to local banks. Mayme
BOULDER, Boulder County, Colo.—BOND
BRADLEY COUNTY (P. O. Cleveland), Tenn.—BOND OFFERING.—
hand relative to the offering on May 14 of the $65,000
Further details are at
high school bldg. and impt. and $30,000 common school bldg. and impt.
5H% 5%% or 6% 20-year coupon bonds—V. 112, p. 1919.
Sealed bids
for these bonds will be received until 12 on that day by Joe Johnston, Chair¬
man of County Court.
Denoms. $100 to $1,000. • Int. J. & J. payable at
the Seaboard National Bank, N. Y.
Cert, check for $3,000 payable to the
above official, required.
Bonded debt (including these issues) May 7 1921
$459,000.
Floating debt (add'l), $65,000.
Sinking fund $8,000.
Assessed
value $13,000,000.
State and County tax (per $1,000) $11.00.
COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
Fla.—BOND SALE.—Geo. B. Sawyers & Co. of Jacksonville were
bidders on May 4 for the $175,000 6% road and bridge bonds
—V. 112, p. 1894—at 95 and interest, a basis of about 6.47%.
Date
Feb. 1 1921.
Due on Feb. 1 as follows: $25,000 in each of the years 1925,
1930, 1935, 1940 and 1945 and $50,000 1950.
There were no other bidders.
BREVARD
NO. 6,
the successful
BRIARCLIFF MANOR, Wegtcheater County, N. Y.—BOND OFFER¬
ING.—Alfred H. Pearson, Village Clerk, will receive bids until 4 p. m*
registered Scarborough Road Impt. bonds.
Denom. $1,000.
Date Mar. 1 1921,
Prin. and semi-ann. int. (M. & S.)
payable in New York Exchange.
Due $4,000 yearly on Mar. 1 from 1925
to 1934, incl.
Cert, check for 5% of amount of bid. payable to the "Village
for
of Briarcliff
$40,000
municipal
Ariz.—BOND OFFERING.—Bids
for the purchase of the $90,000 waterand power plant bonds which were
1433.
County,
March 12—V. 112. p.
on
SCHOOL
TOWNSHIP
CREEK
DISTRICT
NO.
3,
Transylvania County, No. Caro.—BOND SALE.—On April 28 the
$15,000 school bonds—V. 112, p. 1652—were sold to Bruce Craven of Trin¬
ity.
The bid at which he obtained the bonds was as follows: par, accrued
interest and blank bonds and attorneys' approval free.
Bias were also
received from E. A. Gessler & Son of St. Louis and C. N. Malone & Co. of
already reported.
Purchaser.
Amt.
Purpose.
.
Date.
Due.
Int.rate
American La France
Fire Engine Co. _-$49,000 Fire Dept. Impt. Apr. 1 '20 Apr. 1 '30
5%
Eureka
Fire
Hose
Mfg. Co
24,000 Fire Dept. Impt. Apr. 1 '20 Apr. 1 '30
5%
City Sinking Fund-.
3,000 Fire Dept. Impt. Apr. 1 '20 Apr. 1 '30
5%
Otto Marx & Co
80,500 Public Impt.
Nov. 15 *20 Nov. 15 *30
7%
CORRECTION.—In an item, which appeared in V. Ill, p. 1585, we in¬
correctly reported that Otto Marx & Co. of Birmingham had purchased
$.'100,000 7% impt. bonds from this city.
16
Pinal
GRANDE,
CATHEYS
those
May
tax-free
will be received until 2 p.m. June 1
extension and $30,000 electric-light
BIRMINGHAM7Xlfl—IFWD.S SOLD IN 1920— During the year end¬
ing Dec. 31 1920, this city sold the following bonds at par, in addition to
$50,000 bridge bonds
Graham, Clerk.
5%
the American Trust Co., St. Louis.
Due Aug. 1 1940 optional $25,000 on
Aug. 1 1925 and Aug. 1 1930 and $.50,000 Aug. 1 1935.
5% of bid, required.
Official circular states that no litigation is now
pending or threatened affecting in any manner the issuance of said bonds.
The bonds will be issued under Chapter 195 of the laws of Mississippi of
1912 and the amendments thereto.
Estimated value of real estate in said district..
the said bonds were sold to Stern Bros. & Co.,
light bonds, awarded on Aug. 11 last, to the Wil¬
liam R. Compton Co. of St. Louis—V. Ill, p. 813—are in denom. of $1,000
and are dated Aug. 1 1920.
Prin. and semi-ann. int. (F. & A.) payable at
for
Financial
as
and Prescott & Snider, both of Kansas City.
DESCRIPTION OF
BONDS.—'The $100,000
5*4%
Manor," required.
BROADWATER, Morrill County, Neb.—BOND SALE.—Paul
H
Easton, Village Clerk, advises us that of the three issues of 6 and 7% bonds,
aggregating $19,100, offered on April 15—V. 112, p. 1539—the $4,600 7%
light bonds were sold as follows:; $3,100 bonds to C. B. Merritt and $1,500
bonds to T. F. Black.
The above official also says:
involved the transfer of cash, but consisted only
registered warrants.
The former bid for $3,100 was a
consideration of
the old power plant purchased by the village, the latter bid was the surrender
of a registered warrant and accrued interest."
Asheville.
■
!-y
CATSKILL (P. O. Catskill). Greene County, N. Y.—BOND OFFER¬
ING.—Proposals will be received until 2 p. m. May 16 by Howard C. Wil¬
bur, Town Supervisor, for the following two issues of 5% % bridge bonds:
$15,000 bonds.
Due yearly on Feb. 1 as follows: $1.000, 1922 to 1927 incl;
$2,000, 1928, 1929 and 1930. and $3,000, 1931.
11,000 bonds.
Due yearly on Feb. 1 as follows: $1,000,1923 to 1929 incl.,
and $2,000, 1930 and 1931.
'
Interest F. & A.
CHEROKEE COUNTY (P. O. Gaffney), So. Caro.—BOND OFFER¬
ING.—Until 12 m. May 24 bids will be received for $80,000 6% road and
bridge bonds by the Chairman of the County Highway Commission.
Denom. $1,000.
Date May 1 1921.
Prin and semi-ann. int. (M. & N.)
payable in New York, registerable as to principal.
Due $10,000 yearly on
May 1 from 1922 to 1929, incl.
Cert, check on an incorporated bank or
trust Company for $5,000 payable to the County Supervisor, required.
Approving legal opinion of Chester B. Masslich of N. Y.
Bonds will be
delivered on or about June 7 at place of purchaser's choice.
O. Chetopa), Labette
MANDAMUS ASKED FOR.—The "Topeka
"An application was filed in Supreme Court
yesterday by members of School District No. 4 in Chetopa, Labette County,
asking for a writ of mandamus against Andrew Knight,
John Harmon,
John Gilraore and A. C. Stewart, members of the Board of Education, to
compel them t® vote in favor cf applying to the State School fund com¬
mission for permission to call an election for bonds in excess of the amount
SCHOOL DISTRICT NO. 4 (P.
CHETOPA
Ccunty, Ka?~«.—WRIT OF
Capital" of April 26
says:
allowed by law."
0
CHOUTF.AU COUNTY RURAL
SCHOOL DISTRICT (P. O. Fort
Benton). Mont.—BOND OFFERING.—At 2 o. m. May 25 bids will be
received by A. H. Kelley, Secretary Board of Trustees, for an issue of 6%
school bonds in an amount not exceeding $14,800.
Denom. $100.
Date
Mav 25 1921.
Int. semi-ann.
Due May 25 1941; optional after May 25
These bonds were originally
1894.
for $500 reauired.
Certified check
1931.
advertised for sale on May 9.—V. 112. p.
CINCINNATI, Hamilton County, Ohio.r-NO BIDS RECEIVED.—
bids for the $1,500,000 5% Rapid Transit Railway System
There were no
construction bonds offered on May
9—V. 112, p. 1894.
The $1,250,000
5% gold coupon bonds, issued by the Cincinnati Southern Railway, which
offered on the same date, were not sold, because no bids were received.
were
CLATSOP COUNTY (P. O. Astoria),
10 the $100,000 6%
Ore.—BOND SALE.—On May
10-year bonds, dated April 1 1921—V. 112, p. 1999—
100.06, a basis of
awarded to Ralph Schneeloch Co. of Portland at
about 5.99%.
were
"Neither consideration
in the surrender of
surrender of a warrant and obligation, part of the purchase
Plymouth County, Mass.—LOAN OFFERING.—Pro¬
posals for the purchase at discount of a temporary loan of $200,000, dated
May 9 1921 and maturing $100,000 Feb. 20 and Mar. 20 1922, will be
received until 12 m. May 17 by the City Treasurer.
BROCKTON,
BURLINGTON, Alamance County,
No.
Caro.—BOND
SALE.—By
submitting a bid of par and accrued interest on April 26 the Alamance Bank
and Trust Co. of Burlington acquired the $50,000 6% gold water and sewer¬
system bonds—V. 112, p. 1781.
Date April 1 1920.
Due yearly on
April 1 as follows: $1,000, 1922 to 1931, incl., and $2,000, 1932 to 1951,
age
Incl.
.
Y.—BOND OFFERING.—E. J. Hooker,
2 p. m. May 21 for $13,000 5% coupon
Interest annually.
Due $1,000 Sept. 1
Sept. 1 from 1923 to 1928, Incl.
CLYDE, Wayne County, N.
Village Clerk, will receive bids until
bonds.
Date Sept. 1 1921.
sewer
1922, and $2,000
yearly on
COAHOMA COUNTY (P. O. Clarksdale), Miss.—BONDS VOTED.—
It is reported that returns from a majority of precincts of this county indi¬
cate that the $250,000 road improvement bond election held throughout
Coahoma County on May 3 authorized the bonds with a good majority.
COLDWATER, Mercer County, Ohio.—BOND OFFERING.—A. P.
Village Clerk, will receive proposals until 12 m. May 31 for $5,000 6%
works bonds.
Denom. $500.
Date May 1 1921.
Interest annually
Due $500 yearly on May 1 from 1922 to 1931, incl.
Cert, check for $500,
payable to the Village Treasurer, required.
Bonds to be delivered and paid
for within ten days from date of award.
Purchaser to pay accrued interest.
Link
water
BUTLER COUNTY (P. O. Hamilton), Ohio.—BONDS NOT SOLD.
6% coupon Eaton-Midd 1 etown Inter-County Highway
No. 184 bonds aggregating $258,700 dated Mar. 1 1921 were not sold at the
offering on May 4—V. 112, p. 1894.
The two issues of
CALIFORNIA (State of).—BOND SALE.—Blyth, Witter & Co. have
purchased $800,000 5H% gold tax-free coupon (with privilege of regis¬
tration) State highway bonds.
Date Jan. %1921.
Int. payable in New
York or at the State Treasurer's office.
Due $533,000 July 3 1927 and
$267,000 July 3 1928.
CAMBRIDGE,
Middlesex
County,
Mass.—LOAN OFFERING.
Henry F. Lehan, City Treasurer, will receive bids until 12 m. Mav 16 for
the purchase at discount of a temporary loan of $300,000, dated May 18
and maturing Dec. 1 1921.
The notes will be issued under the supervision
of the First National Bank of Boston, which will certify as to their genuine¬
ness, and their legality will be approved by Ropes, Gray, Boyden & Perkins,
whose opinion will be furnished the purchaser.
All legal papers incident to
this loan will be filed at the aforesaid bank, where they may be inspected. 1?'
(P. O'. Pittsburg), Tex.—BOND DESCRIPTION.—
The $400,000 5M% road bonds, awarded on April 5 at par and accrued
Interest to Breg, Garrett & Co. of Dallas—V. 112, p. 1652—are in denom.
of $1,000 and are dated Jan. 1 1921.
Int. J. & J.
Due yearly as follows:
$13,000, 1922 to 1951, incl., and $10,000, 1952.
CAMP COUNTY
CORPUS CHRISTI, Nuece*
County, Tex.—BOND SALE— The "San
Antonio Light" of May 5 says:
"An ordinance bearing an emergency
by the city of
its issue of $100.000 in
clause providing for the purchase
bonds, bearing 5%, for the construction
passed unanimously at a special meeting of the city
council held Monday afternoon.
This preliminary was the only thing that
was necessary to make available funds for continuation of the work on the
of the breakwater, was
breakwater." '
COTTONWOOD COUNTY CONSOLIDATED SCHOOL DISTRICT
50 (p. O. Stordeu . Minn.—BOND SALE.—On April 22 Gates,
NO
White
Due
awarded $72,000 6H% school-bldg. and
and interest, a basis of about 6.44%.
Date
& Co. were
$72 450
(100.62
site bonds for
Apirl 15 1921.
April 15 1936.
COVINGTON, Kenton County,
Stahel, Commissioner
Ky.—BOND OFFERING.—Geo. C.
proposals until 9 a m.
of Public Finance, will receive
Mav 26 for $250,000 6% coupon water-works impt. bonds.
Denom.
Date Jan. 1 1921.
Prin. and semi-ann. int. (J. & J.) payable at the
$500.
Bank
N. Y.
Due yearly on Jan. 1 as follows: $5,000 1922 to 1941
incl., and $7,500 1942 to 1961, incl., optional after Jan. 1 1931.
Cert,
check for $2,500, payable to the City of Covington, required.
Purchaser
of America.
to pay
accrued interest.
May 14
1921.]
THE
CHRONICLE
Unofficial reports say that these bonds were offered for sale on Jan. 27
and sold to Weil, Roth & Co. of Cincinnati, but owing to a recent decision
of the Court of
Appeals, requiring a 10-year (opt.) clause to be incorporated
in the $250,000 water works
impt. bond issue, the sale to Weil, Roth & Co.—
V. 112, p. 675—was called off.
COVINGTON, Tipton County, Tenn.—BOND OFFERING.—Paul
Bringle, City Recorder and Treasurer, will receive sealed proposals until
May 26 for*$50,000 6% funding bonds.
Due $5,000 in 11 to 20 years.
Cert, check for $1,000 payable to the said official, required.
Assessed val¬
uation about $2,250,000.
Population, 3,410.
CROWLEY COUNTY SCHOOL DISTRICT NO. 7 (P. O. Olney
Colo.—BONDS VOTED.—On May 2 $27,500 6% 15-30-year
(opt.) school-building bonds were voted, but, since Governor Shoup vetoed
the new school district bond indebtedness limit law, only $20,000 can be
issued.
Same have been bought by International Trust Co. of Denver.
2111
school-building
bonds,
at not exceeding 7% interest
Dennm
$1,000.
Date May 2 1921.
Principal and semi-annual interest (M & N )
payable in Minneapolis.
Due yearly on May 2 as follows: $3 000 192Q to
1940, inclusive, and $37,000, 1941.
Certified check for
10% required.
FALLON
COUNTY
(P.
O.
Baker), Mont.—BOND SALE
coupon
Bankers
Trust
Co.
of
Dated
bonds.
Jan
1
Denver has
1921.
The
purchased
Assessed
debt (excluding this issue), $616,000.
$65,000 6%
sprial
valuation, $10,385 974
Population, 6,000. "
'
fundim?
BomS?
onaea
Springs,)
$3,000
on
Oct.
1
Oct. 1 1930, incl.
urer,
required.
date of award.
CURRITUCK
COUNTY
(P.
O.
Currituck),
No.
Caro.—BOND
OFFERING.—Thos. W. Baxter. Clerk Board of County Commissioners,
will receive sealed proposals until 12 m. June 1 for $20,000 6% road bonds.
Denom. $1,000.
Date June 1 1921.
Int. J. & D.
Due $1,000 yearly on
June 1 from 1926 to 1945, inclusive.
Certified check on an incorporated
bank or trust company for $400, required.
The purchaser will be furnished
without charge
the approving opinion of good authority.
.
CREEK
..
DRAINAGE
DISTRICT, Desha and Chicot
Counties, Ark.—BOND SALE.—The $500,000 6% tax-free coupon bonds
offered Mar. 17—V. 112, p. 1052—have been sold to the William R. ComptonCo. of St.Louis.
Denom. $1,000.
Date April 1 1921.
Prin. andsemiann. int. (M. & 8.) payable at the American Trust Co., St. Louis.
Due
yearly on Sept. 1 as follows: $7,000, 1922; $8,000, 1923; $10,000, 1924;
$12,000, 1925; $14,000, 1926; $7,000, 1927; $9,000, 1928; $11,000, 1929;
$9,000, 1930; $12,000, 1931; $5,000, 1932: $8,000, 1933; $11,000, 1934;
$14,000, 1935; $18,000, 1936; $17,000, 1937; $20,000, 1938; $24,000, 1939;
$28,000, 1940; $31,000, 1941; $36,000, 1942; $40,000, 1943; $45,000, 1944;
DALLAS COUNTY ROAD DISTRICT NO.
1 (P. O. Dallas), Tex.—
BONDS TO BE OFFERED.—We are advised by Chas. E. Gross, County
Auditor, that this district will offer for sale about the latter part of the cur¬
rent month or the first part of June $2,700,000 5Vi% 30-year serial bonds.
Date April 10 1921.
Prin. and semi-ann. int. payable at the Chase Nat.
Bank, N. Y., State Treasurer's office
they
par
or at
less $500.
FOSTORIA, Seneca County, Ohio.—NO BIDS RECEIVED.
There
bids received for the two issues of 5 34 %
coupon street impt bonds
amounting to $68,341. which were offered on May 3—V. 112, p. 1782.
FOWLER TOWNSHIP RURAL SCHOOL
DISTRICT
land R. F. D. No. 2), Trumbull County,
Ohio.—BOND
will be secured.
DARLINGTON, Lafayette County, Wise.—BOND SALE.—By sub¬
mitting a bid of $45,365 (100.81) a basis of about 5.87% the First Wisconsin
1-15 year serial tax-free gold
coupon First Street impt. bonds, dated June 1 1921, on May 10—V. 112,
Co. of Milwaukee acquired the $45,000 6%
Denom. $500.
Date April 1 1921.
Prin. and semi-ann. int.
(A & O )
payable at the District Treasurer's office.
Due $500 each six months from
April 1 1922 to Oct. 1 1941, incl.
Cert, check for $100,
payable to the
Clerk, required.
Purchaser to pay accrued interest.
FREDERICKSBURG, Wayne County, Ohio.—BOND OFFERING
m. June 1 for $3 750
coupon water supply bonds.
Denom. $375.
Date June 1 1921.
Prin. and annual interest payable at the
Village Treasurer's office
Due
$375 yearly on June 1 from 1922 to 1931, incl.
Cert, check for *5% of
amount bid for, payable to the Village
Clerk, required.
Bonds to be de¬
livered and paid for within ten days from date of award.
Purchaser to pay
6%
accrued interest.
FREDERICKSBURG INDEPENDENT SCHOOL DISTRICT
(P. O.
Gillespie
County,
Tex.—BOND
ELECTION —
Fredericksburg),
On June 1 the voters will decide whether
they are in favor of issuing $75 000
bonds to be used to build a new and modern school
building.
GARDNER,
Worcester
Oldham & Co. of Boston,
County,
Mass.—BOND
SALE.—Merrill
recently awarded the following two issues of
were
road bonds at their bid of 101.17, a basis of about
$70,000 6% bonds, maturing $10,000 yearly
on
incl.
1895.
p.
DAYTONA,
Volusia
County,
(P. O
Cort.
OFFERING
Proposals for the purchase of $20,000 6% school bonds will be received until
1 p. m. May 18 by H. W. Schweidegger, Clerk of Board
of Education
the office of the County Treas¬
are now in the hands of the Attorney-General and as soon
passed upon by him the opinion of Jno. C. Thomson of N. Y.
are
(P. O. Fisher), Polk County,
Minn.—BOND
were no
option of holder.
These bonds
as
FISHER TOWNSHIP
SALE.—On May 7 the $6,000 6% coupon road and
bridge bonds—V 112
1895—were sold to A. D. Stephens of Crookston at
par and interest
less $475 for blank bonds, &c.
F. E. Magraw also submitted a
bid of
J. P. Cramer, Village Clerk, will receive bids until
12
$50,000, 1945; $54,000, 1946.
urer, at
FINDLAY, Hancock County, Ohio.—BONDS AUTHORIZED
The
City Council recently authorized a bond issue of $40,000 to
provide'motor
fire trucks, it is stated.
p.
CUSTER COUNTY (P. O. Custer), So. Dak.—BOND OFFERING.—
Until 1 p. m. June 7 sealed proposals will be received by A. K. Cowles,
County Auditor, for $100,000 6% 10-25 year (opt.) road bonds.
Denoms.
$1,000 and $500.
Date July 1 1921.
Int. J. & J.
Cert, check for 5%,
required.."
CYPRESS
1921 and $4,000 every six months from Anril 1 1Q99 tn
Cert, check of 3% of amount bid, payable to
Citv Treas¬
Bonds to be delivered and paid for within ten davs from
Purchaser to pay accrued interest.
Fla.—BOND
OFFERING—Vroposals
60,000 534 % bonds, maturing $6,000 yearly
5.47%:
May 1 from 1922 to 1928.
on
incl.
May 1 from 1922 to 1931
will be received until 3 p.m. May 24 by the Board of City Commissioners
GARZA
for the $450,000
5% coupon bonds offered without success on March 21 as
5s—V. 112, p. 1186.
Denom. $1,000.
Date Nov. 1 1919.
Principal and
semi-annual interest (M. & N.) payable at the National Bank of Commerce,
New York, or at the Merchants Bank, Daytona, at option of holder.
Due
yearly on Nov. 1 as follows: $5,000, 1924 and 1925: $8,000, 1926 to 1928,
incl.:*$12,000, 1929 to 1931, incl.; $15,000, 1932 to 1934, incl.; $18,000,1935
to 1937, incl.; $21,000, 1938 to 1940, incl.;
$24,000, 1941 to 1943, incl.;
$27,000, 1944 to 1946. incl.; $30,000, 1947 and $35,000, 1948.
Certified
check for 2%, payable to the "City of Daytona," required.
The validity of
these bonds has been approved by the Judge of the Seventh Judicial Circuit
Court of Florida and by John C. Thomson of New York.
DETROIT, Wayne County, Mich.—BOND SALE.—Geo. B. Gibbons
534% coupon or registered
paying 100.70 for $500,000 and 100.39 for the other
& Co. of New York have purchased $1,000,000
street railwav bonds,
This is
price of 100.545, which is on a basis of about
Prin. and semi-ann. int. payable in New York
Due May 1 1948.
Geo. B. Gibbons & Co.
offering these bonds to yield the investor 5.25%.
$500,000.
5.46%.
an average
Date May 1 1921.
Detroit, at holder's option.
or
now
are
DILLONVALE VILLAGE
SCHOOL DISTRICT (P. O. Dillonvale).
County, Ohio.—BOND OFFERING.—Bids will be received
until 1 p.m. May 20 by J. 8. Miller, Clerk of Board of Education for $50,030
6% coupon school bonds.
Denoms. 1 for $100, 3 for $.500 and 6 for $750.
1 for $900, and 43 for $1,000.
Prin. and semi-ann. int. (M. & N.), payable
Jefferson
at the First Natioaal Bank of Dillonvale, where delivery of bonds to pur¬
chaser is to be made.
Due yearly on May 20 as follows: $2,000 1924, $1.500
1925, $2,000, 1926 to 1935. incl.; $1,000 1936, $1,250 1937, $750, 1938 to
1942, incl.; $1,900 1943, $2,100 1944, $2,000 1945 to 1952. incl., and $500
1953.
Cert, check for 5% payable to the Clerk of the Board, required.
Purchaser to pay
accrued interest.
DOLGEVILLE, Herkimer County, N. Y.—BOND OFFERING.—E. C.
Rice, Village Clerk, will receive bids until 7:30 p. m. May 17 for $15,000 6%
Helmer Ave. & Elm Street impt. bonds.
Denom. $500.
Date July 1 1921.
Int. J. & J.
Due $1,000 yearly on July 1 from 1922 to 1936, incl.
Cert,
check on a National bank or trust company, for 10% of amount of bonds
bid for, payable to the Village Treasurer, required.
and
paid for
on
Bonds to be delivered
May 31.
DOUGLAS COUNTY (P. O. Omaha), Neb.—BONDS AWARDED IN
PART.—Of the $200,000 5% coupon court-house bonds, offered on May 5
(V. 112, p. 1433), $100,000 have been awarded to J. T. Wachob, of
Omaha, at 92 82.
DOUGLAS
COUNTY
(P. O. Superior), Wise .—BOND SALE— On
May 11 the $200,000 5% road bonds (V. 112, p. 1895) were sold to R. M.
Grant & Co., of Chicago, at 92.33 ,a basis of about 5 855%.
Date Jan. 2
1920Due $20,000 yearly on Jan. 2 from 1930 to 1939, inclusive.
DORMANT SCHOOL DISTRICT (P. O.
Pittsburgh), Alleghany
County, Pa.—BOND OFFERING.—Proposals will be received until 8 p. m.
May 23 by J. E. Downs, Secretary of School Board, for $305,000 coupon
school bonds, to bear 5% or 534 %, which were authorized by the voters last
fall—V. Ill, p. 1968.
Denom. $1,000.
Int. semi-ann.
Due yearly on
May 1 as follows: $5,000, 1926; $10,000, 1927 to 1938, incl.; and $15,000,
1939 to 1950, incl.
Cert, check for $2,000, payable to the Treasurer of the
School Board, required.
Purchaser to pay for printing of bonds.
DOUGLAS COUNTY SCHOOL DISTRICT NO. 22, Wash .—BOND
OFFERING.—Mattie S. Brown, County Treasurer ,(P. O. Waterville), will
bonds, at not
entertain proposals until 2 p. m. May 26 for $4,000 school
exceeding 6% interest.
Denom. $500.
Int. annually.
from 1924 to 1931, incl., optional after 1922.
Due $500 yearly
Cert, check for 5%, required.
DUCHESNE COUNTY (P. O.
Duchesne,) Utah.—BONDS VOTED.—
April 30 $50,000 6% 10-20-year (opt.) road bonds carried.
Dated
May 1 1921.
Same have been sold to Bankers Trust Co. of Denver, as
already stated in V. 112, p. 1433.
On
EAST
CLEVELAND,
Cuyahoga
County,
Ohio.—NO
BIDS RE¬
CEIVED.—No bids were received at the offering on May 7 of the two issues
of 6% street-improvement bonds, amounting to $81,366 (V. 112, p. 1895).
EAST
YOUNGSTOWN
SCHOOL
DISTRICT
(P. O.
East Youngs-
town), Mahoning County, Ohio.—BOND SALE.—On May 3 the $150,000 6% school bonds offered on that date—V. 112, p. 189.5—dated May 1
1921 and due $6,000 yearly on May 1 from 1930 to 1954, incl. were awarded
to the Commercial National Bank of
Youngstown at
par
and accrued interest
ELBERT COUNTY SCHOOL DISTRICT NO. 1 (P. O. Elizabeth,)
ELECTION—SALE.—The
International
Trust
Co.
of
Denver has purchased $5,800 6% 20-30-year (opt.) school bonds, subject
Colo.—BOND
to
being voted at
an
early election.
COUNTY
(P.
O.
Post),
Tex.—BONDS DEFEATED.—At
election $200,000 road bonds—V. 112, p. 1653—were
defeated.
recent
a
GENESEE COUNTY
(P. O. Flint), Mich.—BOND SALE.—An issue
of $75,000 534% 9-year bonds has been sold
to W. L. Slayton & Co
of
Toledo, at par.
Int. semi-ann.
GETTYSBURG, Adams County, Pa.—BOND OFFERING.—Frank A.
Peckman, Chairman of Finance Committee, will receive bids until 7 30 u. m.
June 1 for the following 534 % impt. bonds:
p
$35,000 Series "K" bonds.
Due. yearly on July 1 as follows: $500, 1922,
1923 & 1924; $1,500, 1925 to 1928, incl.;
$2,000, 1929 to 1932,
LncV; HfSQ?' 1933. 1934 & 1.935; and $3,000. 1936 to 1939. incl.
15,000 Series "F
bonds.
Due yearly on July 1 as follows;
$500, 1922 to
1927, incl.; and $1,000. 1928 to 1939, incl.
,
*
Denom. $500.
the Borough
Date July 1 1921.
Semi-ann. int. (J. & J.)
payable at
Treasurer's office. ' Cert, check for 2% of amount of bonds
Purchaser to pay for printing of bonds.
bid for, required.
GLOUCESTER, Essex County. Mass.—BOND SALE.—On
May 11
$30,000 534% highway bonds were awarded to the Gloucester Safe
Deposit
& Trust Co. at 101.90, a basis of about
5.10%.
Date May 1 1921.
Due
$3,000 yearly on May 1 from 1922 to 1931 Inclusive.
GRANDFIELD, Tillman County, Okla.—BONDS OFFERED.—'The
Attorney General has approved $30,000 water bonds.
GRAND RAPIDS, Kent County, Mich.—BOND
OFFERING.—J. C.
Shinkman, City Clerk, will receive bids until 3 p. m. May 18 for the follow¬
ing 6% tax-free coupon bonds:
$180,000 street impt. bonds.
Due $36,000 yearly on May 1 from 1922 to
1926, incl.
45,000 street impt. bonds.
Due $4,500 yearly on May 1 from 1922 to
1931, incl.
25,000 sewer bonds.
Due $5,000 yearly on May 1 from 1922 to
1926,
,
incl.
Denom. $1,000.
Date May 1 1921.
Semi-ann. int. (M. & N.) payable
City Treasurer's office.
Cert, check for 3% of amount of bonds bid
for, payable to the City Treasurer, required.
The official circular states
that the city has never defaulted payment on
any bonds at maturity, that
the legality of an issue has never been
questioned, and that there is no
question as to the legality of the corporate existence of the
city or as to the
legality of the terms of the officials.
Purchaser to pay accrued; the city
at the
to furnish the bonds.
GRANT COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
129,
Wash.—BOND OFFERING.—Frank T. Bell, County Treasurer
(P. O.
Ephrata) will receive sealed bids until 10 a. m. to-day (May 14) for $85,000
school bonds, it is stated.
Int. semi-ann.
GRENADA
COUNTY
(?. O. Grenada), Miss.—BOND SALE.—The
$300,000 6% coupon Combined Supervisors' District Nos. 1, 2, 3 and 4
bonds, dated May 1 1921, offered on April 18—V. 112,
p. 1654—have been
sold, it is stated.
Due yearly on May 1 as follows: $6,000, 1922 to 1926
incl.; $12,000, 1927 to 1936 incl., and $15,000, 1937 to 1946 incl.
GROTON (TOWN) UNION FREE SCHOOL DISTRICT NO. 8
(P. O
GROTON), Tompkins County, N. Y.—BOND SALE.—The $40,000 0%
registered school bonds offered on May 12 (V. 112, p. 2000) were awarded
to Sherwood & Merrifield, of New
York, at 102 71, a basis of about 5 78%.
Date May 1 1921.
Due yearly on May 1 as follows: $1,000, 1926 to 1947,
inclusive; $2,000, 1948 and 1949; and $7,000, 1950 and 1951.
GRUNDY COUNTY (P. O. Trenton),
An issue of $30,000
County
poor
Mo.—BONDS DEFEATED.
farm improvement bonds has been de¬
feated.
HAGERSTOWN,
Washington County, Md.—BIDS REJECTED.—
All bids received for $20,000 park and $30,000 sewer
5%
offered,
were
rejected.
bonds, recently
'
HAMILTON, Butler County, Ohio.-^BOND SALE— The issue of
$160,000 6% coupon deficiency bonds which were offered unsuccessfully on
April 28 (V. 112, p. 2000) have been sold to Breed, Elliott & Harrison, of
Chicago.
Date April 1 1921,
Due $40,000 on April 1 in 1928, 1929, 1930
'
and 1931.
HAMILTON COUNTY (P. O. Nofclesville), Ind.—BOND SALE.—On
May 7 the Citizens State Bank cf Noblesville was awarded at
par and in¬
terest the $24,000 5% A. D. Booth et al Delaware & Noblesville
Twps. road
bonds, which were offered on that date (V. 112, p. 1783).
Due $1,200 each
six months from May 15 1921 to Nov. 15
1930, inclusive.
HAMILTON
There
were no
COUNTY
(P.
O.
Noblesville),
Ind.—NO BIDDERS. —
bidders for the two issues of 434 % coupon road impt.
bonds,
were offered on April 30—V. 112, p. 1654.
aggregating $90,000, which
ELLSWORTH, Noble County, Minn.—BONDS VOTED.—By a vote of
86 to 0 the $30,000 bonds to be used to improve and.rebuild the local electric
light system, carried on May 3.
ESTELLINE SCHOOL DISTRICT (P. O. Estelline), Hamlin
County,
So. Dak.—BOND OFFERING.—Seaied bids will be received until 2d,
m.
to-day (May 14) by Elliott Parker, Clerk Board of Education, for $73,000
HANOVER TOWNSHIP SCHOOL DISTRICT
(P. O. Mountain
Lakes), Morris County, N. J.—BOND SALE.—On May 10 the issue of
$130,000 6% school bonds offered on that date (V. 112, p. 1783), was
awarded to the Morris County Savings Bank of Morristown at
100.38, a
basis of about 5.96%.
Date July 1 1920.
Due yearly on July 1 as follows;
$3,000, 1921 to 1950, inclusive, and $4,000, 1951 to I960, inclusive.
[VOL. 112.
2112
HARDIN
COUNTY
O.
(P.
Ohio.—BOND SALE.—The
1783) were awarded
Date April 4 1921.
Kenton),
$15,000 6% bridge bonds offered on May 7 (V. 112, p.
and interest.
April 4 from 1922 to 1931, incl.
to the First National Bank of Ada at par
Due $1,500 yearly on
HAY
DISTRICT
SCHOOL
SPRINGS
(P. O. Hay Springs),
Sheri¬
County, Neb.—BOND OFFERING.—-Until June 1 the Secretary of
$50,000 6% school bonds.
dan
semi-annually.
i
check for $3,000 required.
LENOIR CITY, Loudon County, Tenn.—BOND SALE.—On May 10
First National Bank of Lenoir City was the successful bidder for the
the
-
HENNEPIN COUNTY (P. O. Minneapolis), Minn.—BOND OFFER¬
ING.—Until 11 a. rn. May 17 Al. P. Erickson. County Auditor, will receive
bids for $241,000 Cedar Ave. bridge
bonds, at not exceeding 6% interest.
and $483,000 Lyndale Ave. bridge
Date May 1 1921.
Int. M. & A.
HICKMAN COUNTY (P. O. Centreville), Tenn.—BONDS VOTED —
Reports say that the Ilickman County Court voted a bond issue of $240,000
on May 4 for the purpose of constructing public highways in different sec¬
tions of the County.
The vote was 21 for the bonds and 90 against.
Reports also say that the authority to vote bonds was recently given the
County Court of this County under a special act of the State Legislature.
NO. 18 (P. O. Fresno), Mont.
—BOND OFFERING —An issue of $2,224.53 6% funding bonds will be
offered for sale at 2 p. in. May 26.
Int. semi-ann.
Certified check for
$200 required.
'
HILL COUNTY SCHOOL DISTRICT
SCHOOL DISTRICT NO. 28 (P. O. Iverness),
OFFERING.—T. II. Boucher, Clerk Board of Trustees,
proposals until 2 p. m. May 26 for $2,697 24 6% school fund¬
ing bonds.
Denoms. 8 for $300 and 1 for $297 24.
Date April 15 1921.
Int. semi-ann.
Due April 15 1941: optional after April 15 1926.
Cert,
check for $200, payable to the above Clerk, required.
following 6% bonds—V.
$3,375 attorney fee.
ceeding 6% interest.
$65,318 school building bonds.
Due yearly as follows: $7,000, 1922;
$7,500, 1923; $8,000, 1924; $9,000, 1925; $10,000, 1926 to 1928,
incl., and $3,818, 1929 optional after 5 years,
2,682 bonds, issued for the purpose of paying for the construction of the
manual training shop now occupied.
Due 1929 optional after 5
(P.
COUNTY
HOCKING
Logan),
O.
Ohio.—BOND
SALE.—On
April 30 an issue of $8,943 32 6% Rush Creek widening and straightening
bonds was sold to the Farmers & Merchants Bank of Logan, at par and
interest.
Denoms. J for $843 32 and 9 for $900.
Date April 1.1921,
Int. semi-ann.
Due $843 32 April 1 1922, and $900 yearly on April 1 from
1923 to 1931, incl.
.
,
4
HOLYOKE, Hampden County, Mass.—BOND SALE —On May 11
the following three issues of 5% tax-free coupon bonds were awarded to
Estabrook & Co. of Boston, at lOl .57, a basis of about 4-79%:
$150,000 gas and electric light bonds.
Due yearly on May 1 as follows:
$8,000 1922 to 1931. incl., and $7,000 1932 to 1941. incl.
20,000 sewer bonds.
Due $1,000 yearly on May 1 from 1922 to 1941, mcl.
10,000 sidewalk bonds.
Due $2,000 yearly on May 1 from 1922 to
1926i inCl* "
u•.
••'-'..'V
Denom. $1,000.
Date May 2 1921.
Prin and semi-ann. int. (M. & N.)
payable at the Merchants National Bank
of Boston.
INDIANAPOLIS, Marion County, Ind.—B0ArZ> OFFERING.—Robert
II. Bryson, City Controller, will receive bids until 2 p. in. May 16 for
$375,000 5Yt% coupon track-elevation bonds.
Denom. $1,000. Date
April 25 1921.
Principal and semi-annual interest (J. & J. payable at the
Union Trust Co. of Indianapolis.
Due $15,000 yearly on Jan. 1 from 1923
to 1947, inclusive.
Certified check for 2lA% of amount of bid required.
Purchaser to pay accrued interest.
Bonds to be delivered at Indianapolis
by May 23.
IRON COUNTY (P. O. Crystal Falls). Mich.—BOND OFFERING.—
Wall, County Clerk, will receive bids until 11 a. m. May 28 for
$50,000 5% road bonds.
Date July 1 1919.
Due July 1 1934. Certified
check for $500 required.
Legality approved by Wood & Oakley of Chicago.
John
Purchaser to pay
LEXINGTON
ITASCA COUNTY (P. O. Grand
Rapids), Minn.—BOND OFFERING.
will sell $350,000 6% tax-free road bonds in
denominations of
and maturing June 1 1941.
Unconditional
bids accompanied by check for 5% of bid should be sent to Thomas Erskine,
County Auditor, before May 24.
The county will furnish legal approving
opinion of Ambrose Tighe, recognized bond attorney of St. Paul, on day of
$1,000 each, dated June 1 1921
sale, and Dlank bonds.
JACKSON, Hinds County. Miss.—BOND ELECTION.—It is stated
semi-monthly meeting on April 19 the municipal commission
a special election to be held on June 6 for the purpose of having the
voters pass on a proposition for a bond issue in the sum of $50,000 to be
used for street impt. and bridge work.
that at its
ordered
(P.
O. Jackson), Mich.—BOND SALE.—
offered on May 3 were awarded to the
City Bank at par.
Date May 1 1921.
Due yearly on May 1
follows: $25,000 1922 to 1931, incl.; and $30,000, 1932 to 1936, incl.
COUNTY
The $400,000 6% road impt. bonds
Jackson
as
JANESVILLE,
Waseca County,
Minn.—BOND SALE— On May 5
the $35,000 6% water works system bonds—V. 112, p. 1896—were sold to
the Northwestern National Bank of Minneapolis at par and accrued interest
Date May 1 1921.
County,
high school
interest of bonds
of
a
'
■
,
,
HIGH
SCHOOL DISTRICT (P. O.
Lexington),
No. Caro.—BONDS VOTED.—On April 26 the voters
of a oond issue of not exceeding $225,000 for the erection
building in Lexington and for a tax levy sufficient to pay
and sinking fund to retire the bonds in thirty years,
LINCOLN COUNTY SCHOOL DISTRICT NO. 5 (P. O. Cokeville),
Wyo.—BOND OFFERING.—Additional information is at hand relative to
the offering on May 24 of the $90,000 25-year coupon school bonds, at not
exceeding 6% interest—V. 112, r>. 1896.
Proposals for these bonds will be
received until 7 p. m. on that day by Rowland Bennion. Clerk Board of
School Trustees.
Deoms, 1st bond $1,000, 2nd bond $2,000; next nine
bonds $3,000 each and last twelve $5,000 each.
Date May 1 1921.
Prin.
and ann. int. (May 1) payable at the office of the County Treasurer or at
the office of State Treasurer, at option of holder.
Bonded debt (excluding
this issue) May 1 1921, $4,000.
Assessed value 1920. $4,250,000.
COUNTY
ANGELES
LOS
NO.
IMPROVEMENT
ROAD
DISTRICT
171, Calif.—BOA'D SALE.—An issue of $73,000 6% tax-free bonds
Elliott & Home Co., of Los Angeles.
Due yearly from
has been sold to
1941, inclusive.
1922 to
(P. O. Toledo), Ohio.—BOND SALE.—On May 2
and Spitzer, Rorick & Co. of Toledo, bidding par and
the following 16 issues of 6% sewer bonds offered on
that date (V. 112, p. 1784):
$39,804 99 Water Supply Line No. 32 bonds.
Denoms. $804 99 and $1,000.
Due yearly on May 25 as follows:
$4,804 99, 1922;
$4,000, 1923 to 1930, incl.; and $3,000, 1931.
24,630 18 Water Suoply Line No. 37 bonds.
Denoms. $630 18 and
$1,000.
Due yearly on May 25 as follows: $3,630 18, 1922;
$3,000, 1923 to 1925, incl.; and $2,000, 1926 to 1931, incl.
25,063 75 Local Sanitary Sewer No. 74 bonds.
Denoms. $1,063 75 and
$1,000.
Due yearly on May 25 as follows: $3,063 75, 1922:
$3,000, 1923 to 1926, incl., and $2,000, 1927 to 1931, incl.
10,229 90 Local Sanitary No. 68 bonds.
Denoms. $1,229 90 and $1,000.
Due yearly on May 25 as follows:
$1,229 90, 1922; $2,000,
1923 to 1926, incl., and $1,000, 1927.
3,970 81 Water Supply Line No. 38 bonds.
Denoms. $970 81 and $1,000.
Due $1,970 81 May 25 1922; and $1,000 May 25 1923
LUCAS COUNTY
A.
T.
Bell & Co.
interest, were awarded
and 1924.
Cambridge), Minn.—BOND OFFERING.—
According to reports, bids will be received until May 24 for an issue of
$59,500 6% drainage bonds by F. A. Norell, County Auditor.
JACKSON
Davis
decided in favor
accrued interest.
ISANTI COUNTY (P. O.
—This county
'
years.
Int. annually.
Mont.—BOND
HOBART, Lake County, Ind.—BONDS SOLD — No bids were re¬
on April 30 for the $23,000 6% refunding bonds offered on that date
(V. 112, p. 1783), but the town has since sold the bonds to local investors
at par and interest.
'
.
less
„
,
yearly on June 1 from 1922 to
bonds. Due June 1 1941.
'
LEWIS COUNTY SCHOOL DISTRICT NO. 3., Wash.—BOND
OFFERING.—Jas. McClure, County Treasurer (P. O. Chehalis) will
receive bids until 1p.m. May 14 for the following coupon bonds at not ex¬
will receive
ceived
112, p. 203J—at par and accrued interest
$75,000 assessment bonds.
Due $15,000
1926 inclusive.
37.500 city's portion street improvement
:
Date June 1 1921.
COUNTY
HILL
Certi¬
DISTRICT NO. 2 (P. O. Hallettsvilie),
Tex.—BOND OFFERING.—Bids will be received until 3 p m. June 13 by
J. A. Sommerlatte, County Judge, for $60,000 highway bonds.
Certified
LAVACA COUNTY ROAD
Board of Education will receive sealed bids for
Interest
July 1 from 1936 to 1945, incl.
responsible bank for $1,000 required.
Due $3,000 yearly on
Int. J. & J.
fied check or cash on some
There were no other bidders.
Due May 1 1931.
15,925 81 Water Suoply Line No. 40 bonds.
Denoms. $925 81 and
$1,000.
Due yearly on May 25 as follows: $3,925 81, 1922;
$2,000, 1923 to 1928, incl., and $1,000, 1929.
16,254 04 Local Sanitary Sewer No. 62 bonds.
Denoms. $1,254 04 and
$1,000.
Due $2,254 04 May 25 1923, and $2,000 yearly on
May 25 from 1924 to 1930, incl.
12,581 14 Water Supply Line No. 20 bonds.
Denoms. $581 14 and
$1,000.
Due yearly on May 25 as follows: $2,581 14, 1922;
$2,000, 1923 to 1925, incl., and $1,000, 1926 to 1929, incl.
6,786 70 Local Sanitary Sewer No. 75 bonds.
Denoms. $786 70 and
$1,000.
Due yearly May 25 as follows:
$1,786 70, 1922;
$2,000, 1923 and 1924; and $1,000. 1925.
10,832 72 Local Sanitary Sewer No. 76 bonds.
Denoms. $832 72 and
$1,000.
Due yearly on May 25 as follows: $1,832 72, 1922;
$2,000, 1923, 1924 and 1925; and $1,000, 1926, 1927 and 1928.
18,316 11 Water Suoply Line No. 36 bonds.
Denoms. $1,316 11 and
$1,000.
Due yearly on May 25 as follows: $2,316 11, 1922;
$2,000, 1923 to 1929, incl.; and $1,000, 1930 and 1931.
11,420 14 Water Supply Line No. 41 bonds.
Denoms. $1,420 14 and
$1,000,
Due yearly on May 25 as follows: $2,420 14, 1922;
$2,000, 1923. 1924 and 1925; and $1,000, 1926, 1927 and 1928.
8,287 35 Water Suoply Line No. 35 bonds.
Denoms. $1,287 35 and
$1,000.
Due yearly on May 25 as follows: $2,287 35, 1922;
$2,000. 1923 and 1924; and $1,000. 1925 and 1926.
3,341 12 Local Sanitary Sewer No. 73 bonds.
Denoms. $1,341 12 and
$1,000.
Due $1,341 12 May 25 1922; and $1,000, May 25
*
•
JOHNSTOWN, I Cambria County, Pa.—NO BIDS.—There were no
bids for the $75,000 4K% 25-year road impt. and sewerage disposal bonds
offered on May 5—V„ 112, p. 1783.
JOHNSON CITY, Washington County,
Tenn.—BIDS REJECTED.—
proposals received on May 4 for the $150,000 6% school bonds—V. 112,
1783—were rejected, as being unsatisfactory.
'*'■
1923 and 1924.
909 48 Local
Sewer No. 70 bonds.
Due May 25 1922.
Supply Line No. 29 bonds.
Due May 25 1922.
Sanitary
1,237 12 Water
LUMBERTON GRADED SCHOOL DISTRICT (P. O. Lumberton),
The
Robeson County,
p.
Co. of Lumberton was the successful
DISTRICT NO. 177, Wash.—BOND
April 30 for
bldg. and equipment bonds—V. 112, p. 1896—
Due $1,000 yearly from 1922 to 1941, incl., redeemable on
SCHOOL
COUNTY
KING
SALE.—The State of Washington was the successful bidder on
May 1 1921.
LYNDHURST (P. O. South Euclid), Cuyahoga County, Ohio.—
OFFERING.—Bids will be received until 12 m. May 28 by S. C.
the $20,000 coupon school
at par
or
for 5%s.
after 3 years from date of issue.
KIRKWOOD SCHOOL DISTRICT (P. O. Kirkwood), St. Louis
County, Mo.—BOND SALE.—On May 7 the $225,000 6% school bonds
(V. 112, p. 1896) were sold to the Mississippi Valley Trust Co., of St. Louis,
for $228,811 (101.69) and accrued interest, a basis of about 5.79%.
Date
April 1 1921.
Due yearly on April 1 as follows: $11,000 1923 to 1931, incl.;
$12,000, 1932 to 1935, incl., and $13,000, 1936 to 1941, incl.
Other
bidders, all of St.
Whitaker & Co-
National Bank'of Commerce. 1101-23
[10166 Wm. R. Compton Co...
I
Francis Bros. & Co__
}
j
Smith, Moore & Co
rl00.26
__
Stix & Co
Pape, Potter & Kauffman
Kauffman-Smith-Emert & Co. 101.36
the
colored
park
interest,
a
Tenn.—BOND
bidders
successful
on
May
bonds dated June
SALE.—Rutter
&
Co.
of N.
Y.
were
the $50,000 6% 30-year coupon
1921—V. 112, p. 1896—at 104.15 and
10
for
CHARLES
LANDRUM
SCHOOL
DISTRICT
NO.
45
O. Landrum), Spar¬
tanburg County, So. Caro.—BOND OFFERING.—B. F. Thomson,
Clerk Board of Trustees, will receive sealed proposals at once for the
purchase of $20,000 6% 20-year school bonds.
(P.
LARAMIE COUNTY SCHOOL DISTRICT NO. 1 (P. O. Cheyenne),
Wyo.—BOND OFFERING.—An issue of $365,000 6% 10-25-vear (opt.)
voted on April 12 by 330 to 11, will be offered
school bldg. bonds, which was
for sale on June 1.
LARIMER COUNTY
• ,
for
the following 6% counon tax-free bonds.
$100,000 road bonds.
SCHOOL DISTRICT
Denom. $1,000.
Due yearly on March 1 as fol¬
$2,000, 1922 to 1926, incl,; $3,000, 1927 to 1932, incl.;
$4,000, 1933 to 1937, incl.; $5,000, 1938 to 1940, incl.; $6,000,
1941 to 1943, incl.; $7,000, 1944 and 1945, and $5,000, 1946.
lows:
125,000 funding bonds.
Denom. $500.
Due yearly on Mar. 1 as follows:
$7,000, 1922; $8,000, 1923; $9,000, 1924 and 1925: $10,000,
1926; $11,000, 1927 and 1928; $12,000, 1929; $13,000, 1930 and
V
1931, and $14,000, 1932. |>
National
Bank,
Prin. and semi-ann. int. (M. & S.) payable at the First
The notice of this offering was already given
• It is given again because additional information has
Jackson.
V. 112, p. 1897.
come to hand.
in
Financial Statement.
Total bonded debt
$950,000
including these issues
be retired by the issue of
debt which will be paid from
Floating debt exclusive of warrants to
Funding Bond and exclusive of
1920
taxes
Total
debt
—
Assessed valuation for taxation—_ _—i;
Estimated valuation
Tax rate
(1920) per 1,000
—
5,000
$955,00Q
_____ $29,131,365
45,000.000
11 60
*
Population, 1920, 43,824.
NO. 35 (P. O. Welling¬
ton), Colo.—BONDS VOTED.—On May 2 the voters sanctioned the issu¬
of $20,000 6% 10-20-year (opt.) school bonds.
These bonds have
already been reported as being sold to the International Trust Co. of Denver,
subject to being voted at the said election.
The notice of sale and election
ance
appeared in V. 112, p. 1655.
LAURENS COUNTY (P. O. Laurens), So. Caro.—BOND OFFERING.
—J. D. W. Watts, Chairman of the County Highway Commission, will
entertain proposals until 10a.m. May 24 for $30,000 6% road-impt. bonds.
accrued interest.
MADISON COUNTY (P. O. Jackson), Tenn.—BOND OFFERING.—
Date May 1 1921.
basis of about 5.71%.
DRAINAGE DISTRICT NO. 1
(P. O.
Lake
Charles), Calcasieu Parish, La.—BOND OFFERING.—E. J. Russillon,
Secretary Board of Directors, will receive bids until 7:30 p. m. May 31 for
$150,000 5% drainage bonds recently voted—V. 112, p. 1655.
Certified
check for 2M% required.
LAKE
to pay
j
G. H. Walker & Co
Lewis W. Thompson & Co..__101 00
KNOXVILLE,
BOND
Vessy, Village Clerk, for $15,000 6% waterworks bonds.
Denom. $1,000.
Date April 1 1921.
Int. semi-ann.
Due $2,000 yearly on April 1 from
1931 to 1936 incl., and $3,000. 1937.
Cert, check for 10% of amount of
bonds bid for, payable to the Village Treasurer, required.
Bonds to be
delivered and paid for within ten days from date of award.
Purchaser
J. T. Rothrock, Jr.. County Judge, will receive bids until 11 a. m. May 25
Louis, were:
)
First National Bank.
No. Caro.—BOND SALE.—The Mutual Loan & Trust
bidder for the $30,000 6% 30-year
Denom. $1,000.
Date
Int. M. & N.
school bonds on May 4—V. 112, p. 1896—at par.
MALDEN, Middleseix County, Mass.—TEMPORARY LOAN.—On
May 12 Estabrook & Co. were awarded on,a 5.73% discount basis a tem¬
porary loan of $150,000, dated May 13 and1 maturing Nov. 22 1921.
MANLIUS
(TOWN)
UNION
FREE SCHOOL DISTRICT NO.
11
(P. O. Fayetteville), Onondaga County, N. Y.—BOND SALE.—On
May 10 the $80,000 coupon or registered school bonds offered on that date
—-V. 112, p. 2001-*-were awarded to Redmond & Co. of New York, at their
bid of $80,544 (100.68) for 5Hs, a basis of about 5.44%.
Denom. $1,000.
Date June 1 1921.
Prin. and semi-ann. int. (J. & D.) payable at the
May 14
1921.]
THE
CHRONICLE
Fayetteville Commercial Bank of Fayetteville,
or the Irving National
Due $3,000 on June 1 in each of the years from 1926
1950, except 1930, 1935, 1940, 1945 and 1950. in which years $4,000
Bonded debt, this issue only.
Assessed value, $1,437,647.
Bank of New York.
to
mature.
MARIETTA,
Washington
County,
Ohio.—BOND OFFERING.—
purchase of $60,000 6% deficiency bonds will be received
May 26 by Frank O. Fowler, City Auditor.
Denom. $500.
Date June 1 1921.
Int. semi-ann.
Due $6,000 yearly on .Tune 1 from 1922
to 1931, incl.
Cert, check for 5% of amount of bonds bid for,
passable to
the City Treasurer,
required.
Proposals for the
until
12
m.
MARION COUNTY, (P. O. Marion,) Ohio.—BOND SALE.—Otis &
Co. of Cleveland, have
purchased at par the $27,850 6% coupon road impt.
bonds which were offered on Mar. 19—V. 112, d. 1054.
Date Mar. 1 1921.
Due each six months as follows: $850 Mar. 1 1922:
$1,000, Sent. 1 1922 to
Sept. 1 1925, incl.; and $2,000, Mar. 1 1926 to Sept. 1 1930, incl.
MASON CITY INDEPENDENT SCHOOL DISTRICT
(P. O. Mason
City). Cerro Gordo County, Iowa.—BOND SALE.—On May 9 the $75,000 6% school bldg. bonds—Y.
112, p. 1897—were sold to the First National
Co. at 99.06, a basis of about
6-22%.
Date May 11921.
Due May 1 1926.
MASSACHUSETTS (State of).—TEMPORARY LOAN.—The $2,000,-
000 Military Service Loan notes offered on
May 10 (V. 112, p. 2001) were
awarded to a syndicate
consisting of Kidder, Peabody & Co., F. S. Moseley
& Co. and Salomon Bros. & Hutzler at
5.61% interest.
Date May 13 1921.
Due Nov. 18 1921.
MAURY COUNTY
(P. O. Columbia), Tenn.—BOND OFFERING.—
Sealed bids will be received until 1
p. m. June 1 by W. C. Whitthorne,
County Judge, for $100,000 coupon school bonds at not exceeding 6%
interest.
Denom. $1,000.
Prin. and semi-ann. int. (A. & O.) payable at
place desired by purchaser.
Bonds will mature in three equal installments
of 5, 10 and 15 years from date of issuance.
Cert, check for $1,000 payable
to the above official,
required.
MEBANE,
Alamance
County,
No.
Car o.—BOND
OFFERING —
May 26 M. Alice Fowler, Town Cle^k, will receive sealed
$170,000 6% gold street impt. bonds.
Denom. $1,000..
Date April 1 1921.
Prin. and semi-ann. int. (A. & O.) payable at the U S.
Mtge. & Trust Co., N. Y.
Due yearly on April 1 as follows: $9,000, 1923
to 1932, incl., and $16,000 1933 to 1937, incl.
Cert, check or cash on an
incorporated bank or trust company for $3,400 payable to the Town Treas¬
urer, required
These bonds are to be prepared under the supervision of
the United States Mortgage & Trust
Company of New York City, which
will certify as to the genuineness of the
signatures of the city officials and
the seal impressed thereon.
Legality will be approved by Chester B. Masslich of New York City, and J. L. Morehead of
Durham, N. C., whose
approving opinions will oe furnished to the purchaser without charge.
All bids must be on blank forms which will be furnished
by the above Clerk
or said Trust
Company.
Bonds will oe delivered to the purchaser at the
office of United States Mortgage & Trust Company in New York
City on
June 10 1921, or as soon thereafter as the bonds can be
prepared, and must
then be paid for in New York funds.
Until 2
p.
proposals
m.
as
MONTGOMERY COUNTY (P. O.
Dayton), Ohio,—BOND OFFER¬
ING.—F. A. Kilmer, Clerk of Board of
County Commissioners will receive
bids until 12 m. May 25 for $50,000 6%
coupon Mt. Auburn Water
Supply
improvement bonds.
Denom. $1,000.
Date Oct. 1 1920.
Principal and
semi-annual interest (A. & O.), payable to the
County Treasurer required
Due Oct. 1 1950.
Certified check on a solvent bank or
trust companv foxto
Si, 500,
payable
accrued
interest.
follows:
.
$8,800 Series "A" bonds.
Denom. $700 and $900.
Due $700 April 1 1922,
and $900 yearly on April 1 from 1923 to 1931. incl.
8,800 Series "B" bonds. 1 Denom. $700 and $900.
Due $700 April 1
1922 and $900 yearly on April 1 from 1923 to 1931. incl.
"C" bonds.
Denom. $300 and1 $800.
Due $300
1922 and $800 yearly on April 1 from 1923 to 1931. incl.
7,500 Series
April
1
Date April 1 1921.
Int. A. & O. payable at County Treasurer's office.
check on some solvent bank for
5% of amount bid, payable to the
Cert,
MICHIGAN
(State
of).—BOND
OFFERING-—Bids will be received
Treasurer, for $30,000,000
Date July 1 1921.
Prin¬
until 2 p.m. June 15 by Frank E.
Gorman, State
5H% Soldiers' bonus bonds.
Denom. $1,000.
cipal and semi-annual interest payable at the State Treasurer's office.
Due
July 1 1951.
Certified check for 1% of amount of bid, payable to the
State Treasurer, required.
MIDDLETOWN, Butler County, Ohio.—BONDS NOT
SOLD.—The
Issue of $27,000 6% city's portion Main St.
paving bonds offered on
V. 112, p. 1656—was not sold, as no bids were submitted.
MIDDLETOWN
SCHOOL
DISTRICT
May 5—
(P.
Purchaser to pay accrued interest.
MILES CITY SCHOOL DISTRICT NO. 1
(P. O. Miles City), Custer
County, Mont.—BOND OFFERING.—Sealed
bids will be received until
8 p. m. May 27 by H. E. Herrick, District
Clerk, for the $100,000 school
bldg. bonds at
not exceeding 6% interest, authorized
by the voters on April
4—V. 112, p. 1656—Denom. $1,000.
Date April 1 1921. Prin. and semiint. (J. & J.) payable at the office of
County Treasurer or at the
Chase National Bank, N. Y.
Due in equal annual installments beginning
Jan. 1 1930, each bond subject to call on the int.
ann.
payment date occurring
Cert, check for $2,500, required.
prior to maturity.
MINNEAPOLIS, Minn.—BOND SALE.—On May 11 the $200,000
special park and parkway improvement and $1,031,134 88
special improve¬
ment 5% bonds, dated May 2 1921
(V. 112, p. 1897), were sold to Kalman,
Wood & Co., of St. Paul.
BOND
SALE.—On the same date the Minneapolis Trust Co. and Eldredge & Co. were the successful bidders for the $350,000
5% sewer bonds.
(V. 112, p. 1897) at 95.46 and interest, a basis of about
5.435%.
Date
May 2 1921.
Due on May 2 as follows: $11,000, 1922 to 1931,
inclusive,
and $12,000, 1932 to
1951, inclusive.
MINNEAPOLIS, Minn.—BONDS SOLD IN 1920.—In addition to those
already reported the following 5% bonds were
disposed of at par during the
year ending Dec, 31 1920.
Purchaser.
Amt.
Date.
Bennett
*$30,600 00 July 1 '20
Minnesota Loan & Tr Co. *72,500 00
July 1 '20
Minneapolis
Trust
Co,
City Treasurer
a39,300 60 Dec. 1 '20
^
♦Park acquisition bonds,
a
MOBRIDGE
bridge),
Purchaser
to
'pay
Treasurer, required.
MOSS
POINT,
Bidders
Jackson
may satisfy themselves
County,
as
to
Miss.—BONDS
legality.
WITHDRAWN
FROM THE MARKET.—The $10,000 6% 1-20
year serial fire dept.
equip¬
ment apparatus bonds offered for sale on
May 3—V. 112, p. 1785—were
withdrawn from the market because the fire
equipment apparatus or the
purpose for which the bonds were to be sold was
paid for out of other funds
by the Board of Mayor and Aldermen.
MUNCIE SCHOOL CITY (P. O. Muncie), Delaware
County, Ind
BOND SALE.—On May 10 the two issues of
6% coupon school bid?, bonds
amounting to $200,000, dated June 1 1921 and
maturing June 1
112. p. 1656
1926-v!
awarded to local banks at par, 8100,000 going to the
Mer¬
chants National Bank, $80,000 to the Delaware
County National Bank
and $20,000 to the Peoples Trust Co.
were
MUNCY, Lycoming County, Pa.—BOND
OFFERING.—Proposals for
5% tax-free bonds will be received until 12 m
May 23 by Wm. F. Brittain, Borough Secretary.
Date May 1 1921.
Int.
annually.
Due May 1 1951; optional May 1 1925.
Certified check for
2%
of amount of bid required.
Bonded debt (incl. this issue),
$41,812.
the purchase of $20,000
Assessed
value,
$702,980.
MUSKOGEE
PROVED.—On
Due.
Date
Sold.
1921-1930
1921-1930
July 7 '20
Sept. 20 '20
1921-1940
Dec. 1 '20
Street improvement bonds.
INDEPENDENT
Walworth County, So.
SCHOOL
DISTRICT
(P. O. MoDak.—CORRECTION.—In V. 112, p.
2002—we stated that the Wells-Dickey Co. of
Minneapolis had purchased
on May 2 $130,000
high school bldg, bonds at 98.23, but we have
since been advised by M.
Woods, Clerk Bd. of Education, that the WellsDickey Co. of Minneapolis did not purchase the bonds but sold them for
the district to the Northwestern National Bank
of Minneapolis at par and
accrued interest.
The district paid the
Wells-Dickey Co.,
$2,300.
a
commission of
MODESTO IRRIGATION DISTRICT
(P. O. Modesto), Stanislaus
County, Calif.—BIDS.—The following proposals were also received on
April 25 for the $1,015,000 6% irrigation bonds, awarded as stated in V. 112,
p. 1897:
American Nat'l Bk, Modesto.
.98.00J Citizens Nat'l Bk, Los Angeles.96.50
J. R. Mason & Co., San
Fran__96.75|
MONTGOMERY COUNTY (P. O.
Troy), No. Caro.—BOND OFFER¬
ING.—Sealed bids will be received until 1
p. m. May 23 by W. L. Wright,
Clerk Board of County
Commissioners, for $200,000 roaa bonds.
Bonds
will mature in series, last series
thirty vears from date of issue; interest
payable semi-ann. at some point agreed upon by county and purchaser;
interest not to exceed
6%.
Cert, check for 2% of the issue proposed pay¬
able to the Board of County
by 1921 Session Legislature.
Commissioners, required.
COUNTY
April
30
Attorney General.
NEW
BEDFORD,
(P.
O.
Muskogee), Okla.—BONDS AP¬
$400,000 bridge bonds were approved
by the
Bristol County,
Issue authorized
Mass.—TEMPORARY LOAN.—
On May 6 a temporary loan of $500,000, dated
May 1 and maturing Nov
10 1921, was awarded to Salomon Bros. & Hutzler of Boston
on a
5.73%
discount basis, plus $3.75 premium.
NEW BERN, Craven County, No. Caro.—BOND
SALE NOT CON¬
SUMMATED.—The sale of the $150,000 6% school bonds on
March 28 to
the Hanchett Bond Co. of Chicago—Y.
112, p. 1436—was not completed.
These bonds were reoffered for sale on
May 12—V. 112, p. 2002.
No
word has as yet been received by us as to the outcome
of the offering of the
bonds on that date.
NEWBERRY COUNTY (P. O.
Newberry), So. Caro .—BOND OF¬
FERING.—Until 12 m. May 20 H. C.
Halloway, Clerk of County Highway
Commission, will receive proposals for the purchase of $400,000
6% coupon
highway and bridge bonds.
Denom. $1,000.
Date June 1 1921.
Prin
and semi-ann. int. (J. & D.) payable in New
York.
Cert, check or
checks,
drawn upon an incorporated bank or trust
company for 2% of the par value
of the bonds bid for payable to the
County Treasurer, required.
The bonds
will be approved'as to legality by Reed,
Dougherty & Hoyt of N. Y. whose
favorable opinion will be furnished to the
puichaser without charge.
The
bonds will be prepared at the expense of the
Highway Commission and will be
delivered to the purchaser in New York as soon as
they can be prepared
Bids are invited both for bonds
maturing serially, $16,000 of bonds on
June 1 in each of the years 1922 to 1946
incl., and for bonds maturing
serially, $10,000 of bonds on June 1 in each of the years 1922 to
1961, incl.
CITY,
Madison
County,
Neb.—BOND
OFFERING.—
Sealed bids will be received at the office of S. R.
McFarland, City Clerk
until May 23 at 5 p.m., for the purchase of one or
more, or all of
thirty-five
(35) one thousand dollars ($1,000) negotiable Intersection
Paving bonds of
the City of Norfolk, dated Mar. 15
1920, due and payable Mar. 15
1940,
bearing interest at the rate of not to exceed
6% per annum, payable semi¬
on Mar. 15 and Sept. 15, of each
year; with forty interest coupon
attached to each of said bonds, redeemable at
the
annually
according to law.
Treasurer.
Cert,
option of City Council
interest payable at the office of the
County
check drawn on some bank in the
Prin. and
City of Norfolk for
$150, required.
NORFOLK COUNTY (P. O.
Dedham), Mass.—LOAN OFFERING*.—
The County Commissioners will receive bids
until 10 a. m. May 17 for the
purchase at discount of a temporary loan of $200,000, dated
May 17 and
maturing Nov. 12 1921.
,
O. Middletown), Butler
County, Ohio.—BOND OFFERING.—P. G. Banker, Clerk of Board of
Education, will receive bids until 12 m. June 1 for $100,000 6% coupon
Charles St. school bldg. bonds.
Denom. $1,000.
Date June 1 1921.
Prin. and semi-ann. int. (J. &
D.) payable at the National Park Bank of
New York.
Due $4,000 yearly on June 1 from 1922 to 1946 incl.
Cert
check for 1% of amount of bonds bid
for, payable to the District Treasurer,
required.
Bonds to be delivered and paid for within three days from date
Russell M.
Treasurer, required.
County Auditor, will receive
sealed proposals until 2 p. m. May 24 for $100,000
refunding bonds at not
exceeding 6% interest.
Denom. $1,000, May 1 1921.
Prin. and semiann. int. payable at such place as may be
designated bv the purchaser
Due as follows: $10,000, Aug. 1 1932: $10,000,
May 1 1933 to 1940 incl
and $10,000, April 1 1941.
Cert, check for $2,000 payable to
the County
NORFOLK
MIAMISBURG VILLAGE SCHOOL DISTRICT (P. O.
Miamisburg),
Montgomery County, Ohio.—BOND SALE.—The $195,000 514%
school bonds which were offered on Mar. 22
(V. 112, p. 960) have been
purchased by the State Industrial Commission of Ohio.
Due $5,000 each
six months from April 1 1932 to
April 1 1951, incl.
one year
County
MORRISON COUNTY, (P. O. Little Falls), Minn.—
BOND OFFER¬
ING.—Until 2 p. m. May 24 B. Y. McNairy,
County Auditor, required.
of award.
the
for
MIAMI COUNTY (P. O. Troy), Ohio.—BOND
OFFERING.—County
Auditor, T. B. Radabaugh will receive sealed bids for the purchase of
$25,100 6% Alcony-Oonover Road No. 26, Sec. "D" improvement bonds
until 10 a. m. May 20.
These bonds are to be issued in Series A, B and
C
2113
,
NORTH
BERGEN TOWNSHIP
(P. O. North Bergen), Hudson
County, N. J.—BOND OFFERING.-—Patrick A. Brady,
Township Clerk,
will receive bids until 8 p. m.
May 26 for two issues of 6% coupon (with
privilege of registration) bonds not to exceed the amounts
mentioned below:
$131,000 general impt. bonds.
Due yearly on May 1 as follows:
$4,000,
1922 to 1935 incl., and $5,000. 1936 to
1950 inclusive.
140,000 assessment bonds.
Due $20,000 yearly on
May 1 from 1922 to
1928 inclusive.
r
Denom. $1,000.
Date May 1 1921.
Prin. and semi-ann. int. (M. &
N.)
payable at the Township Treasurer's office.
Cert, check on an incorpo¬
rated bank
or trust
company for 2% of amount of bonds bid for,
payable
to the "Township of North
Bergen," required.
Bonds will be prepared
under the supervision of the U. S.
Mtge. & Trust Co., which will certify
as to the genuineness of the
signatures and the seal: legality approved by
Hawkins, Delafield & Longfellow of New York, a
copy of whose opinion
will be furnished the purchaser.
Purchaser to pay accrued interest.
OAK
HARBOR, Ottawa County, Ohio.—BOND OFFERING.—Rollin
Gratop, Village Clerk, will receive proposals until 12 m. May 31 for
$17,6% Park Street impt. bonds.
Denom. $500.
Date May 31 1921.
Int. semi-ann.
Due yearly on April 1 as follows:
$1,000, 1922 to 1933,
incl.;
$1,500, 1934; and $2,000, 1935 and 1936.
Cert, check for $500,
payable to the Village Treasurer, required.
Bonds to be delivered and paid
for within ten days from date of award.
Purchaser to pay accrued interest.
F.
500
OGDEN
CITY, Weber County, Utah.—BOND OFFERING.—Bids
will be received until 7
p. m. May 16 by C. O. De Wolf,
City Recorder, for
$30,000 refunding bonds.
Bids are requested for 10-year
bonds, 20-year
bonds, and 20-year bonds, with option on part of
Odgen City to redeem
same
after 10 years.
per annum
able
Each of said bids should be made
payable semi-annually
semi-annually.
or upon a
upon
a
basis of 6%
basis of 5 }4 % per annum pay¬
OKLAHOMA
COUNTY
(P. O.
Oklahoma City), Okla.—BOND
OFFERING.—Tom Bodine, County Clerk, will receive bids
until 2 p. m.
May 16 for the $750,000 5% road
impt. bonds—V. 112, ip. 677—Denom.
$1,000.
Date Jan. 1 1921.
Prin. and semi-ann. int. payable at New
York.
Due $30,000 yearly on Jan. 1 from
1922 to 1946, incl.
Cert, or
cashier's check for $10,000,
required.
OMAHA, Douglas County, Neb.—BONDS DEFEATED.—On
May 3
the $1,000,000 bond issue for
a new free bridge across the Missouri
River
majority of those who voted on the question
26,250 "for" to 26,250 "against."
The law
requires that such a proposition must be favored
by three-fifths of those
voting at the election which required in this case an affirmative vote
of at
was
defeated, although
favored
it.
The
vote
a
was
lease 33,000.
At the same election a
proposition to,issue
extension of the municipal
gas plant, carried
$1,000,000
bonds
for
the
by 32,895 to 14,863.
OMAHA SCHOOL DISTRICT
(P. O. Omaha), Douglas County, Neb.
—BIDS.—The following is a
complete list of bids received on April 27
for the $2,500,000
514% 30-year school bonds, awarded as stated in V.
112, p. 1898.
Omaha Trust Co. of
Omaha.—$600,000 of the bonds par and accrued int.
and a premium of
$156 with option of 30 days at same price per bond on
all or any part of the
remaining $1,900,000 of the bonds.
Omaha Trust Co. of Omaha.—For
$2,500,000 of the bonds par and accrued
interest less $17,975.
Peters Trust Co. of
Omaha, and others.—For
$2,500,000 of the bonds,
.$2,432,750.
First Trust Co. of Omaha and
others.—For $2,500,000 of the bonds
96.75%«
First Trust Co. of Omaha and others.—For
$1,000,000 of the bonds
with
the
an
option of 30 days
price.
same
97.20%
on
the remaining $1,500,000 of the bonds at
OXFORD,
Butler
County,
on June 3.
Due $25,000 on June 1 in 1931, 1941 and
on a New York State national or
State bank or trust
for 3% of amount of bonds bid for, payable to the County Treas¬
urer, required.
Purchaser to pay accrued interest .
Bonds will be engraved
under the supervision of the U. *S. Mtge. & Trust Co. of N. Y.t which will
certify as to the genuineness of the signatures of the county officials signing
chaser will be made
Ohio.—NO BIDDERS.—There were no
fire truck bonds which were offered on
1951.
bidders for the $2,500 6% motor
May 10—V.
11^, p. 1898.
PARK COUNTY SCHOOL DISTRICT NO. 6 (P. O.
the bonds and the seal
—V.
June
1
RICHMOND HEIGHTS VILLAGE
SCHOOL
South Euclid), Cuyahoga County, Ohio.—BOND
April 30
at par.
Due
,
PERRSYBURG, Wood County, Ohio.—BOND SALE—The following
issues of 6% coupon Front St. impt. bonds, which were offered on
two
ROCKINGHAM
sold to the Continental Bitumen Co.
$3,000 village's share bonds.
Due April 1 1941.
15,000 special assessment bonds.
Due $500 on April 1 and Oct. 1 in
1922, 1923. 1924 and 1925; $500 on April 1 and $1,000 on Oct. 1
in 1926, 1927, 1928, 1929 and 1930, and $1,000 on April 1 and
Oct. 1 in 1931.
Middlesex
Prin.
County, N. 3.—BOND SALE.—On
privilege of registration) bonds—
a
basis of about
bonds
on
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Petersburg), Grant County, W. Va.—BOND OFFERING.—C. W.
Shose, Secretary Board of Education, will receive sealed bids until 1 p. m.
May 23 for $12,000 6% school bonds.
Denom. $100.
Date May 1 1921.
Int. annually.
Due May 11 1941, optional May 1 1926.
Cert, check for
5% required,
PETERSBURG
Trust Co. of
ROSELLE PARK SCHOOL
Cert, check for $1,400 payable to the Township Commission¬
Legal opinion of George 8. Clay of N. Y. will be furnished
COUNTY (P. O.
Petersburg), Ind.—BOND OFFERING.—
bids until 2 p. m. May 25
$9,669.70 5% Herman Bryant et al. Patoka Twp. road bonds.
Denom.
$480 and $549.70.
Date May 15 1921.
Int. M. & N.
Due $549.70
May 15 1922, and $480 each six months from Nov. 15 1922 to Nov. 15
1931, incl.
PIKE
for
DIS¬
May 18 by E, C. Goodland, Secretary of Board of Education.
May 1 1921.
Prin. and semi-ann. int. payable at the National City
Due $30,000 on May 1 in 1931 and 1936 and $65,000
May 1 1941.
Cert, check for 2% of amount of bonds bid for, payable
to the School District, required.
Legality to be approved either by Wood,
& Oakley of Chicago or Chapman, Cutler & Parker of Chicago, at purchas¬
Bank of Chicago.
ojUion.^These bonds were offered unsuccessfully on April 29 as 6s.
PORTER UNION FREE SCHOOL DISTRICT NO. 1 (P. O. Youngstown),
Niagara County, N. Y.—BOND OFFERING.—B. J. Moon,
Clerk of Board of Education, will receive bids until 8p.m. Mav 26 for
$13,000
J. & J.
school bonds.
Denom. $1,000.
Date July 1
Due $1,000 yearly on Jan. 1 from 1922 to 1934, incl.
6%
PORTLAND
STATE
PIER
SITE
1921.
Int.
DISTRICT
(P. O. Portland),
Cumberland County, Me.—BOND SALE.—On May 12 Eldridge & Co
were awarded $345,000 5% coupon tax-free bonds.
The price was 97.401
which is on a basis of about 5.19%.
Denom. $1,000.
Date May 15 1921.
Prin. and semi-ann. int. (M. & N.) payable at the First National Bank of
Boston.
Due May 15 1946.
PUEBLO COUNTY SCHOOL DISTRICT NO. 29 (P. O. Boone),
a recent election the $35,000 6% 15-30-year
(opt.) school bldg. and equipment bonds were voted by 19 to 3.
These bonds have already been reported as being sold to the Bankers
Trust Co. of Denver, subject to being authorized at the said election.
The notice of sale and election appeared in V. 112, p. 491.
Colo.—BONDS VOTED.—At
PULASKI,
Giles
County,
Tenn.—BOND OFFERING.—Sealed
SALEM, Columbiana County, Ohio.—BOND OFFERING.—Proposals
the City Auditor, for the following
bonds:
$66,286 69 refunding bonds.
Denoms. $500 and $786 69Date May 15
1921.
Due yearly on Jan.
15 as follows: $2,286 69, 1934;
and $4,000 1935 to 1950, incl.
II,000 00 water works bonds.
Denom. $500.
Date May 15 1921.
Due $1,000 yearly on May 15 from 1931 to 1941, incl.
10,277.24 deficiency bondsi
Denoms. $500 and $277.24.
Dat^e Nov. 15
1920.
Due $2,277 24 Sept.
15 1924, and $2,000 yearly on
Sept. 15 from 1925 to 1928. incl.
Int. semi-ann.
Cert, check for 2% of amount of bonds bid for, payable
to the City Treasurer, required.
Purchaser to pay accrued interest.
three issues of 6%
_
_
,
SALEM,
Essex County, Mass.—LOAN OFFERING.—William H.
receive proposals until 10. a. m. May 18 for the
purchase at discount of a temporary loan of $300,000, issued in anticipation
of revenue, maturing Nov. 91921.
These notes will be engraved under the supervision of the Old Colony
Trust Company of Boston which will guarantee the signatures and will
certify that the notes are issued by virtue and in pursuance of an order of
the City Council the validity of which order has been approved by Storey,
Thorndike, Palmer & Dodge of Boston.
These notes are exempt from
.
1921.
TRICT NO. 4 (P. O. P'ankinton), Aurora County, So. Dak.—BOND
OFFERING.—Bids for $125,000 6)4% school-bldg. bonds will be received
ers'
bids
taxation in Massachusetts.
incident to this issue will be
where they may be inspected.
The legal papers
Trust Company,
Superintendent of Schools, will receive sealed bids until 8 p. m. June 13
$140,000 6% 10-20 year (opt.) school bonds.
Date July 1 1921. Int.
Cert, check for 5%, required.
for
semi-ann.
SCOTLAND NECK, Halifax County, No.
SCOTT
(P. O. Bradner R. F. D.
TOWNSHIP
payable at the office of Lew Jones, Town Recorder,
6% coupon road
semi-ann. int. (J.
the Hanover National Bank,
accrued int.
N.
Y.
or, at option of holder
Cert, check for $1,000 required.
are part of an issue of $100,000.
These bonds
PUYALLUP, Pierce County, Wash.—BOND SALE.—The $15,000
6% municipal bonds, offered on April 27—V. 112, p. 1657—have been sold
Seagrave Co., at par.
Date May 1 1921.
Due May 1 1941
to the
RAVALLI COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
9
Darby), Mont.—BOND OFFERING.—Proposals will be received
until 7:30 p. m. June 6 by Monroe Edgemond, Clerk Board of Trustees, for
$50,000 6% school bldg. and equipment bonds authorized by a vote of 47 to 2
(P.
at
O.
a
recent election.
Denom. $1,000.
Int. semi-ann.
(J. & D.)
at the office of the County Treasurer or at the Atlantic National
payable
N.
Bank,
Due in 20 years optional on or after 10 years from
Cert, check for $1,000 payable to the above Clerk, required.
Pur¬
Y. at option of holder.
date.
chaser to pay
accrued interest.
RENSSELAER COUNTY P. O. Troy , N. Y.—BOND OFFERING —
Harry A. Lewis, County Treasurer, will receive bids until 11 a. m. May 27
$75,000 5 H% gold coupon with privilege of registration bridge bonds.
Denom. $1,000.
Date June 1921.
Prin. and semi-ann. int.
J. & D.
for
payable in U. S. gold coin of the nresent standard of weight and fineness at
the U. S. Mtge. & Trust Co. of New York, where delivery of bonds to pur¬
Caro.—BOND OFFERING.
Clerk, will receive sealed proposals for the $250,000
6% gold street-impt. bonds (V. 112, p. 1658) until 2 p. m. May 17.
De¬
nom. $1,000.
Date Apr. 11921.
Prin. and semi-ann. int. (A. & O.) pay¬
able at the U. S. Mtge. & TrustCo.,N.Y.
Due yearlyon Apr. 1 as follows
$13,000 1923 to 1932 incl. and $20,000 1933 to 1938 incl.
Cert, check or
cash on an incorporated bank or trust company for $5,000, payable to the
town of Scotland Neck, required.
These bonds are to be prepared under
the supervision of the U. S. Mtge. & Trust Co. of N. Y. City, which will
certify as to the genuineness of the signatures of the city officials and the
seal impressed thereon.
Legality will be approved by Chester B. Masslich
of New York City and J. L. Morehead of Durham, N. C., whose approving
opinions will be furnished to the purchaser without charge.
All bids must
be on blank forms which will be furnsihed by the above Clerk or said trust
company.
Bonds will be delivered to the purchaser at the office of said
U. S. Mtge. & Trust Co. in N. Y. City on May 27 1921, or as soon thereafter
as the bonds can be prepared, and must then be paid for in New York funds.
—Henry T. Clark, Town
County, Ohio.—BOND OFFERING.—E.
Board of Township Trustees, will receive bids
Purchaser to pay
filed with the Old Colony
SANDPOINT INDEPENDENT SCHOOL DISTRICT NO. 1 (P. O.
Sandpoint), Bonner County, Ida.—BOND OFFERING.—W. C. Fmney,
will be received until June 6 by R. B. Dade, Mayor, for $65,000 6% coupon
water-works bonds.
Denom. $1,000.
Prin. and semi-ann. int. (J. & J )
at
school bonds offered
Rollins, City Treasurer, will
PITTSFIELD, Berkshire County, Mass.—LOAN OFFERING.—The
CLy Treasurer will receive bids until 11 a. m. May 17 for the purchase at
discount of a temporary loan of $300,000, dtaed May 17 and maturing
o. m.
made of the issue of
for the bonds.
will be received until 12 m. June 6 by
H. H. Harmeyer, County Treasurer, will receive
Date
DISTRICT (P. O. Roselle Park), Union
MARY'S, Union County, Ohio.—-BOND SALE.—'The DaviesBertram Co., of Cincinnati, has purchased at par and interest the $19,880
6% special assessment street-impt. bonds which were offered unsuccessfully
on April 11—V. 112, p. 1786.
Date Mar. 15 1921.
Due $1,000 each six
months from April 1 1922 to April 1 1931, incl., and $880 Oct. 1 1931.
without cost to the purchaser.
until 8
.
ST.
So. Caro.—BOND OFFER¬
Township Highway Commission
CONSOLIDATED SCHOOL
.
Due $1,000 yearly on Oct. 1 from 1922 to 1926, incl.
(A. & O.) payable at the Guardian Savings &
Rocky River.
Cert, check for $500, required.
int.
County, N. J.—BONDS NOT SOLD.—No sale was
PICKNEY TOWNSHIP, Union County,
INDEPENDENT
and $120 yearly on
$40,000 5)4% coupon (with privilege of registration)
on May 10 (V. 112, p. 1898), there being no bidders
(P. O. Lockhart) will entertain proposals until 1 p. m. May 17 for $70,000
6%
coupon bonds.
Denom. $1,000.
Date May 1 1921.
Prin. and
semi-ann. int. (J- & J.) payable at the Irving National Bank, N. Y.
Due
PLANKINTON
Oct. 1 from 1922 to
incl.
interest.
20
1 1922, and $260 yearly on
bonds.
Prin. and semi-ann.
bonds will
be received until 12 m. June 2 by T. D. Krinn, County Auditor.
Denom.
$1,000.
Date June 1 1921.
Prin. and semi-ann. int. (M. & 8.) payable
at the County Treasurer's office.
Due $6,000 on Mar. 1 and $5,000 on
Sept. 1 in the years 1922 to 1926, incl., and $6,000 on Mar. 1 and Sept, 1
in the years 1927 to 1931, incl.
Cert, check for 1% of amount of bonds
bid for, payable to the County Treasurer, required.
Bonds to be delivered
and paid for within ten days from date of award.
Purchaser to pay accrued
Dec.
Due $252 Oct.
5,000 lighting bonds.
PICKWAY COUNTY (P. O. Circleville), Ohio.—BOND OFFERING.
May 1 1941.
required.
City Bank,
Due $306 Oct. 1 1922 and $310 yearly on
Oct. 1 from 1923 to 1931, incl.
4,905.20 Riverview Ave, bonds.
Due $405.20 Oct. 1 1922, and $500
yearly on Oct. 1 from 1923 to 1931 incl.
2,000 Wooster Road bonds.
Due $200 Oct. 1 1922, and $300 yearly on
Oct. 1 from 1923 to 1928, incl.
At the same time, bids are to be received for the following 6% general
bonds, dated April 1 1921:
$5,000 park bonds.
Due $1,000 yearly on April 1 from 1922 to 1926, incl.
2,500 water works bonds.
Due $500 yearly on Oct. 1 from 1922 to 1926,
3,096 Eldora Ave.
—Bids for $115,000 6% coupon Inter-County Highway No. 10
ers,
Date March 1 1921.
Oct. 1 from 1923 to 1931, incl.
posals will be received until 12 m. on that date at the office of J. Hampton
Moore, Mayor, Coupon bonds in $1,000 denominations: registered bonds,
$100 and multiples.
Date May 16 1921.
Prin. and semi-ann. int. (J. & J.)
payable at the office of the city's fiscal agent.
Due $2,000,000 May 16
1936;
$2,000,000 May 16 1951; and $3,000,000, May 16 1971.
Cert,
check for 5% of amount bid for, payable to the "City of Philadelphia,"
required.
Bids must be made on forms which may be obtained by applying
to the Mayor's office.
Settlement in full to be marie at the City Treasurer's
office between May 26 and June 1; negotiable interim certificates will be
issued if desired, pending the engraving of the permanent bonds.
Pur¬
chaser to pay accrued interest.
,
Secretary of the
$1,000.
(M. & S.) payable at the National
1,539 Hampton Ave. bonds.
Due $150 yearly on
1930, incl., and $189 Oct. 1 1931.
I,176 Bidwell Ave. bonds.
Due $96 Oct. 1 1922,
Oct. 1 from 1923 to 1931, incl.
Pa .—BOND OFFERING.—Additional information
is at hand relative to the offering on May 25 of the $7,000,000 5% tax-free
coupon
and registered (interchangeable) bonds—V. 112, p. 2003.
Pro¬
Fant,
int.
bonds.
2,592 Telbir Ave.
PHILADELPHIA,
Roy
semi-ann.
Oct 1 from 1923 to 1931, incl.
1923 to 1933, incl., and $1,000, 1934 to 1960, incl.
ING.—J.
and
1,728 Telbir Ave. bonds.
Due $170 yearly on Oct. 1 from 1922 to 1930,
incl., and $198 Oct. 1 1931.
2,064 Eldora Ave. bonds.
Due $264 Oct. 1 1922, and $200 yearly on
Oct. 1 from 1923 to 1931, incl.
3,144 Lakeview Road bonds.
Due $264 Oct. 1 1922, and $320 yearly
on Oct. 1 from 1923 to 1931, incl.
equal to 103.569,
May 1 as follows: $2,000,
for $50,749,
Due yearly
5.67%.
O. Wentworth), No. Caro.—BOND
and bridge bonds was recently
RIVER, Cuyahoga County, Ohio.—BOND OFFERING.—
Frank Mitchell, City Clerk, will receive bids until 12 m. May 28 for the
following 6% special assessment bonds, all dated May 1 1921:
$1,026 Hampton Ave. bonds.
Due $126 Oct. 1 1922, and $100 yearly
on Oct. 1 from 1923 to 1931, incl.
784 Bedwell Ave. bonds.
Due $109 Oct. 1 1922, and $75 yearly on
1898—were awarded to J. 8. Rippel & Co. of Newark, as follows:
$80,000 ($82,000 offered) general impt. bonds for $82,560, equal to 103.20,
a basis of about 5.64%.
Due yearly on May 1 as follows: $3,000,
1923 to 1928, incl.; $4,000, 1929 to 1943, incl., and $2,000, 1944.
water
(P.
ROCKY
V. 112, p.
offered)
O.
(P.
New York.
May 9 the two issues of 6% coupon (with
49,000 ($50,000
COUNTY
SALE.—An Issue of $300,000 6% serial road
sold to Eyer & Co., of New York.
Denom.
of Toledo, at par:
AMBOY,
DISTRICT
OFFERING.—Henry
at the District Depository in Cleveland.
Due yearly on Oct. 1 as follows:
$1,000 1925 to 1929 incl.; $2,000 1930 to 1939 incl.; $3,000 1940 to 1950 incl.,
and $4,000 1951 to 1958 incl.
Cert, check on some bank other than the one
making the bid, for 10% of amount of bonds bid for, payable to the Dis¬
trict Treasurer, required.
Bonds to be delivered and paid for at the Dis¬
trict Treasurer's office within ten days from date of award.
Purchaser to
pay accrued interest.
'
Burlington Coun¬
BOND SALE.—On May 12 the Peoples National Bank of Pemroad bonds offered on
Due $2,000 yearly on
May 12 from 1922 to 1927 Inclusive.
J
berton, bidding par, was awarded the $12,000 6%
that date—V. 112, p. 1898.
Date May 12 1921.
April 21—V. 112, p. 1436—have been
bonds will
Schroeder, Clerk of Board of Education, will receive bids until 12 m. June
15 for $90,000 6% coupon school-house-site and bldg. bonds.
Denom.
$1,000.
Date June 15 1921.
Prin. and semi-ann. int. (A. & O.) payable
on
1946, optional June 1 1931.
PEMBERTON TOWNSHIP (P. O. Browns Mills
impressed thereon, and the legality of the
be approved by Caldwell & Raymond, N. Y., whose opinion as to the
legality of the issue will be furnished to the purchasers without charge.
Cody), Wyo.—
SALE.—The $90,000 6% school bldg. bonds, offered
112, p. 1543—have been sold to the State of Wyoming
BOND
PERTH
Cert, check
company
OXFORD, Butler County, Ohio.—BOND OFFERING.—D. P. Beaton,
Village Clerk, will receive proposals until 12 m. May 23 for $7,000 6%
street impt. bonds.
Denom. $500.
Date May 2 1921.1 Prin. and semiann. int.
(M. & 8.) payable at the Village Treasurer's office.
Due $500
yearly on May 2 from 1922 to 1935, inol.
Cert, check for 5% of amount
of bonds bid for, payable to the Village Treasurer, required.
ty, N.
[Vol. 112.
CHRONICLE
THE
2114
No. 1),
Sandusky
L. Bowe, Clerk of Board of
until 12 m. May 31 for$20,000
Date June 1_1921. Prm- an^
First National Bank of Fremont.
1 1922 to Dec. 1 1930 incl., and
solvent bank in Sandusky County
amount of bonds bid for, payable to the Tjrustees, required.
bonds.
Denom. $1,000.
& D.) payable at the
$1,000 each six months from June
000 June 1931.
Cert, check on some
Due
$2
for
5%
of
Purchaser to pay
accrued interest.
SEATTLE, Wash .—BOND SALE.—During April the
following 6% bonds:
*
Dist.No.
Amount.
Purpose.
Date.
$6,6.33 90
Walks
April 1 1921
3287
1 970 40
Paving
April 4 1921
3341
3225
11 918 74
2.180 10
3364
All the above bonds are
Walks
Sewers
April 23 1921
April 23 1921
City issued the
n
Due.
April 1 1933
April 4 1933
April 23 1933
April 23 1933
date.
Seattle), King County,
received for an issue of
exceeding $1,125,000 on May 6—V. 112, p. 1899. They
subject to call on any interest paying
SEATTLE SCHOOL DISTRICT NO. 1 (P. O.
Wash
NO BIDS RECEIVED.—No bids were
coupon
will be
bonds not
readvertised at a later date.
SHELBY
(P. O. Shelbyville), Ind.—NO BIDS^
submitted for the two issues of 5% road
$29,040, offered on May 4—V. 112, p. 1658.
COUNTY
MITTED —No bids were
bonds, amounting to
SUB¬
impt.
May 14
1921.]
THE
CHKONICLE
SHERIDAN COUNTY SCHOOL DISTRICT NO. 21 (P. O.
Arvada),
Wyo.—BOND OFFERING.—Sealed
May 31 at not less than
bonds.
Date June 1
bids
will
be
received
until
3
p.
m.
the purchase of $10,000 6% serial school
Interest annually on Jan. 1
8tate Treasurer's office.
Due $1,000 annually .be¬
Wm, Herbert. Clerk.
par for
1921.
payable locally or at
ginning Jan. 1 1926.
Denom. $1,000.
SLAYTON,
Murray
County,
Minn.—BONDS
VOTED.—Reports
that the City Council has determined to issue bonds to the amount of
say
$33,000 to take
up
outstanding sewer and paving warrants.
SMITHFIELD TOWNSHIP, Johnston County, No. Caro.—BOND
SALE.—On May 5 the $15,000 6% coupon bonds—Y. 112, p. 1786—
sold to the Hanchett Bond Co. of Chicago, at par.
SOLON TOWNSHIP,
County,
Md.—BOND
SALE
The
$20,000 5 y2% tax-free coupon street impt. bonds offered on May 2
(V. 112
1899) were awarded to local investors at par.
Date May 1 1921.
Due
yearly on May 1 as follows: $5,000, 1923 to 1940 incl., and $1 000 1941
to 1951 incl.
WALNUT
SCHOOL DISTRICT, Madison
County, No
Caro
once by Fi-ed C. Sanxs
County
Superintendent of Schools (P. O. Marshall) for the $25,000 school bonds
—
BOND OFFERING.—Bids will be received at
Cuyahoga County, Ohio.—BOND OFFERING
were
WARE,
voted
May 7—V. 112,
on
p.
1659.
County, Mass.—LOAN OFFERING.—Preposals
May 17 by J. H. Walker: Town Treasurer for
loan of $40,000, dated May 24 and maturing
Hampshire
will be received until 12 m.
the purchase of a temporary
Nov. 10 1921. r
H. E. Gildard, Clerk of Board of
Township Trustees, will receive bids until
m.
June 7 for $1,500 6% coupon road impt. bonds.
Denom. $300.
Prin. and semi-ann. int. (A. & O.) payable at the
Township Treasurer's
office.
Due $300 yearly on Oct. 1 from 1922 to 1926, incl..
Cert, check on
Frederick
p.
which
were
2115
WALKERSVILLE,
A
^ TI f
T">
L
U TVT
TT'
—
■
_
_
—
-
_
1%._
1 Y
^ ^
A*
W*
f A
S
MJ
TV T ¥
1
T7i
r.t
t
.X ~r\
w
•* T*.—_
___
12
bank other than the one making the bid, for 10% of amount of bonds
bid for, payable to the Treasurer of the Board, required.
Bonds to be
delivered and paid for within ten days from date of award.
Purchaser to
some
pay
accrued interest.
TARPON
We
'
SPRING,
Fla.—BIDS
REJECTED.—
on
May 2 for the $236,000 6% 10-40 year (opt.) municipal impt. bonds which
are dated Jan. 1
1921—V.112. p.1544. were rejected at the meeting of the
Board of City Commissioners on May 4 because they were not satisfactory.
The above official also informs us that after the Board of Commissioners
had found the bids submitted to be unsatisfactory it was decided to arrange
for the sale of bonds and the construction work from another angle:
city is now advertising for bids
municipal improvements until 2
bidders
at that time must
for payment of work at par
The
construction work of the contemplated
May 24 and the successful bidder or
prepare himself or themselves, to take bonds
and accrued interest to date of delivery.
1921, awarded on Mas* 2 to the Bank of Long Prairie of Long
Prairie at 100.10 and accrued interest, a basis of about 5.99%—V. 112, p.
Wells-Dickey Co.. Minneapolis Trust Co. and Drake-Ballard Co.,
Minneapolis, and the Capital Trust & Savings Bank of St. Paul.
TONAWANDA,
Erie
County,
N.
Y.—BOND OFFERING.—Edward
F. Fries, City Treasurer, will receive bids until 8 p. m. May 18 for $25,000
5 A % coupon water bonds.
Denom. $1,000.
Date July 1 1921.
Prin.
and semi-ann. int. (J. & J.) payable at the Chase National Bank of New
York.
Due $1,000 yearly on July 1 from 1927 to 1951, incl.
Cert, check
WASHINGTON
purchaser
pending
tion
on
or
the title of any
the City Treasurer, required.
Bonds to be delivered
July 1.
The official circular states that there is no litiga¬
threatened against this or any other issue of the City, or
official to his office.
Purchaser to pay accrued interest.
TRAVERSE CITY, Grand Traverse County, Mich.—BOND SALE.—
The $250,000 6% coupon electric light and power plant bonds offered on
May 2—V. 112, p. 1899—were awarded to the First National Bank of
City, for $257,525 (103.01) and interest, a basis of about 5.73%.
Date May 2 1921.
Due yearly on June 1 as follows: $5,000, 1924 to 1928,
incl.: $7,000, 1929 to 1933. incl.; $9,000, 1934 to 1938, incl.; $12,000, 1939
to 1943. incl.;
815,000, 1944 to 1948, incl.; and $10,000, 1949.
Other
Traverse
bidders
were:
Stacy & Braun, Toledo
$254,553 00
John Nuveen & Co., Chicago: Wotling Lerchen & Co., Detroit- 254,410 00
Whittlesey, McLean & Co., Detroit
252,021 00
A. T. Bell & Co., Toledo.____
251,578 70
Paine, Webber & Co., Chicago
251,250 00
Traverse City State Bank—
250,000 00
_______
_______
TRUMBULL COUNTY (P. O. Warren), Ohio.—BOND OFFERING.—
Bids will be received until 1 p. m. May 16 by Frank F. Musser, Clerk of
Board of County Comm'rs, for $110,000 6% road bonds.
Denom. $1,000.
Date May 21921.
Prin. and semi-ann. int. (A. & O.) payable at the County
Treasurer's office.
Due each six months as follows:
$6,000 April 1 1922
to Oct. 1 1929, incl., and $7,000 April 1 and Oct. 1 1930.
Certified check
for $500, payable to Evan J. Thomas, County Treasurer, required.
TUSCARAWAS COUNTY (P. O. New Philadelphia), Ohio.—BOND
OFFERING.—Proposals will be received until 12 m. May 31 by T. J.
Baker, Clerk of Board of County Commissioners, for the following two
issues of 6% Inter County Highway No. 413 bonds:
$16,000 bonds.
Denom. $500.
Due each six months as follows: $1,500,
April 1 1922 to Oct. 1 1925, incl.; $2,000 April 1 and Oct. 1 1926.
104,750 bonds.
Denom. $250 and $500.
Due each six months as follows:
$9,750 April 1 1925; $5,500 Oct. 1 1925 to April 1 1927, incl.;
$10,500 Oct. 1 1927 to April 1 1930, incl.; and $10,000 Oct. 1 1930.
Date April 1 1921.
Int. A. & O.
Cert, check on some bank other than
the one making the bid, for 5% of amount of bonds bid for,
payable to the
Bonds to be delivered and paid for within
Purchaser to pay accrued interest.
TYNDALL, Bon Homme County, So. Dak.—BOND OFFERING.—It
is reported that sealed bids will be received until 8 p.m. May 20 for $65,000
sewerage system and $50,000 electric-light-system bonds.
UNION
Garard &
CITY,
Randolph
County,
Ind..—BOND
SALE.—Powell,
Co. of Chicago have purchased at par the $40,000 6% coupon
were offered without success on March 14—V. 112,
school aid bonds which
1325.
p.
Colony Trust Co.; Edmund Bros. & Co.; Anglo and London-Paris
National Bank;
Ralph Schneeloch Co.; Stacy & Braun; Eldredse &
Co.; White, Weld & Co.; Blodgett & Co.; Hallgarten & Co.:
$3,000,000 6%
1st half maturities \
3,000,000 5A% 2nd half maturities j—___$1,000 premium.
3,000,000 last
5 mat.
6%
3,000,000 last 10 mat. 5lA%
-J—_._100.135 and interest.
Bankers Trust Co.; Harris, Forbes & Co.; Halsey, Stuart & Co.; Cyras
Pierce & Co.;
Ferris & Hardgrove; J. E. Price & Co.;
Carstens &
Earles, Inc.; Remick, Hodges & Co.; Wm. R. Compton Co.; Estabrook & Co.; Union National Bank; R. L. Day & Co.:
$3,000,000 1st 7 mat. 6%
\
3,000,000 last 8 mat. 5A%
/--- —100.033 and interest.
3,000,000 5H%
— ----li-100.432 and interest. *
3,000,000 5%
100.807 and interest with option on balance.
E. H. Rollins & Sons; National City Co.; A. B. Leach & Co., Inc.; East¬
man, Dillon & Co.;
Redmond & Co.; Ames, Emerich & Co.; Curtis
—
--
COUNTY
(P. O.
La
—
—
& Sanger:
$6,000,000 bYx%
____.__100.2997
3,000,000 5M%
100.50
"Our bid is for Chicago or New York delivery at our option
Olympia delivery bid is reduced 25 cents per $1,000 bond."
or
of insist
on
WASHINGTON COUNTY (P. O. Washington), Pa .—BOND SALE.—
On April 30 the $500,000 5% tax-free road impt. bonds (V. 112, p. 1325)
awarded to Gorden & Co. for $502,971.82 (100.594) and interest, a
were
basis of about 4.94%.
Date May 2 1921.
Due yearly on Nov. 1 as fol¬
$20,000, 1926 to 1930, incl.; $10,000,1931; $40,000, 1932; $20,000,
1933; $30,000, 1934; $50,000, 1935 to 1940, incl.
The Union Trust Co.
of Pittsburgh, submitted a bid of $502,100.
lows:
WATAUGA COUNTY (P. O. Boone), No. Caro.—BOND OFFERING.
—Sealed bids will be received until 1p.m. June 6 by the Board of County
for $25,000
Commissioners,
6%
5-30 year road bonds.
Cert, check for
1% of bid, required.
WATERBURY,
Conn.—CORRECT PRICE.—'The price paid by Esta-
brook & Co., R. L. Day & Co., Merrill, Oldham & Co., and Richter & Co.
for the three issues of 5% coupon (with privilege of registration) bonds,
aggregating $750,000, was, according to official sources, $728,625, and not
$727,626 as reported in V. 112, p. 2005.
This is equal to 97.15, which is
on a basis of about 5.57%.
Other bidders were:
E.
H.
Rollins
Eldredge
&
&
Sons;
Co
| National City Co—__._$722,242 50
$724 5001
INDEPENDENT
SCHOOL
DISTRICT
(P.
O
Watertown), Codington. County, So. Dak.—BIDDERS.—The following
April 26 for the $450,000 6% school
bonds, awarded to the People's Savings Bank of Watertown at 100.10 and
accrued interest, a basis of about 5.99%.
R. M. Grant & Co., WellsDickey Co., Minnesota Loan & Trust Co. and the Drake-Ballard Co.
WATERTOWN
bankers also submitted proposals on
WATERVLIET, Albany County, N. Y.—BOND SALE.—On May 10
paving bonds were awarded to Sherwood & Merrifield o
101.08.
Date May 1 1921.
-ann. int. pay
Prin. and semi-s
$12,005 14 6%
New York at
Due Nov. 1 1926 & 1931.
able at Watervliet.
TOWNSHIP
WAUKEGAN
HIGH
SCHOOL
DISTRICT
(P.
O.
Waukegan), Lake County, III.—BOND SALE.—The Wm. R. Compton
Co. of St. Louis, has purchased $360,000 5% school bonds.
Denom. $1,000.
Date July 1 1920.
Prin. and semi-ann. int. (J. & J.) payable at the Firxsfc
National Bank of Chicago.
Due yearly on July 1 as follows: $8,000, 1921
to 1925, incl.;
$16,000, 1926 to 1930, incl.; $20,000, 1931 to 1935, incl.;
and $28,000, 1936 to 1940. incl.
WELLESLY,
Norfolk
the Natick Trust Co.
Due Jan. 2 1931.
UNION
are
$6,000,000 general fund bonds at not exceeding 6%
interest, offered on April 30, all of which were declined.
Seattle National Bank;
Kissel, Kiunicutt & Co.; Blair & Co., Inc.; Old
_
___
County Treasurer, required.
ten days from date of award.
(State of).—LIST OF BIDDERS.—The following
the bids received for the
for $1,000, payable to
to
April 1 1933
WARREN COUNTY (P. O. Williamsport), Ind.—NO BIDDERS.—
were no bidders for the $14,920 5% William T. Brown et al.
Liberty
Twp. road bonds offered on April 30—V. 112, p. 1659.
p. m.
dated May 1
all of
uue $i 1,100
There
on
TODD COUNTY (P. O. Long Prairie), Minn.—BIDS.—The following
bankers also submitted proposals for the $100,000 6% 10-year road bonds,
2004.
xni. semi-ann.
1935, 1936 and 1937.
Certified check for
S500, payable to the City Treasurer,.required.
Bonds to be delivered and
paid for within five days from date of award.
Purchaser to pay accrued int.
•
County,
Pinellas
informed by J. C. Beekman. City Clerk, that the bids received
are
torisi.U'JO.
uate Apru i xyzi.
and $20,000 on Apirl 1 in 1934,
and maturing Dec.
Grande),
was
County, Mass.—NOTE SALE.—On May 11
awarded an issue of $50,000 notes, dated May 9
2 1921, the basis being 5-60% discount.
Ore.—BOND OFFERING.—
Bids will be received until 10 a. m. May 24 by C. K. McCormick,
County
Clerk, for $400,000 5^%
gold road bonds.
Denom.
$1,000.
Date
May 15 1921.
Prin. and semi-ann. int. (J. & J.) payable at the fiscal
agency of the State of Oregon in New York City, N. Y.
Due yearly on
Jan. 15 as follows: $30,000, 1925 to 1927 incl.; $45,000, 1928 to 1933
incl.,
and $40,000. 1934.
Cert, check for 2% of the amount of bonds bid for
required.
The approving legal opinion of Teal, Minor & Winfree of Port¬
Proposals will be received until 12 m. June 11 by John F. McQueen, Cit
Auditor, for $45,000 6% efficiency bonds.
Denom. $1,000.
Date May
1921.
Int. semi-ann.
Due $5,000 yearly on May 1 from 1923 to 1931
incl.
Cert, check for $500, payable to the City Treasurer, required
Bonds to be delivered and paid for within ten days from date of award
Bids must be made on blanks furnished by the city.
Purchaser to pay
land will be furnished the successful bidder.
accrued interest.
UNIVERSITY CITY SCHOOL DISTRICT
(P. O. University), St.
Louis County, Mo.—BOND OFFERING.—At 8 p. m.
May 19 $65,000
20-year serial school bonds will be offered for sale.
Denom. $1,000.
Dated
WELLSVILLE,
Cache
County,
Utah.—BOND ELECTION.—0
May 25, $18,000 6% 20-yr. water extension bonds will be voted upo
E. S. Williams, Recorder.
July 1 1921.
VERONA,
bonds which
Separate bids
Essex
were
$20,000 going to a
Date May 1 1921.
are
asked for \y2%, 5% and 5A% bonds.
County,
N. J.—BOND SALE.—The $30,000 6%
May 2 (V. 112, p. 1899) have been sold,
contractor and $10,000 to the Verona National Bank.
Due $2,000 yearly on May 1 from 1922 to 1936, incl.
offered
on
WADESBORO GRADED SCHOOL DISTRICT (P. O. Wadesboro),
County, No. Caro.—BONDS VOTED.—An issue of $125,000 6%
Anson
school DUilding and equipments bonds carried
on
May 3 by
a
good majority.
WADS WORTH
County,
SCHOOL DISTRICT (P. O. Wadsworth), Medina
Ohio.—BOND SALE.—The $250,000 6% school bonds, which
reoffered on Mar. 15 after being refused by the Tilloteon & Wolcott
Co., which previously had been awarded the issue, have been purchased
by the State Industrial Commission of Ohio. Due each six months as follows:
$1,000 Mar. 1 1922 to Sept. 1 1923; $2,000 Mar. 1924 to Sept. 1 1928. incl.;
$4,000 Mar. 1 1929 to Mar. 1 1932, incl.; $5,000 Sept. 1 1932 to Mar. 1 1936,
incl.; $6,000 Sept. 1 1936 and Mar. 1 1937; $7,000 Sept. 1 1937 to Sept. 1
1940, incl.; $8,000 Mar. 1 and Sept. 1 1941; $10,000 Mar. 1 1942 to Mar. 1
1945 incl., and $11,000 Sept. 1 1945.
were
WAKE
E.
W.
FOREST, Wake County, No. Caro —BOND OFFERING.—
Timberlake, Jr., Town Clerk, will receive sealed proposals until 2
f.1,000. Date for the1 purchase of $50,000 6% gold water bonds.payable at
m. May 24 April 1921. Prin. and semi-ann. int. (A. & O.) Denom.
U. S. Mtge. & Trust Co., N. Y.
Due yearly on April 1 as follows:
$1,000, 1923 to 1952, incl., and $2,000 1953 to 1962, incl.
Cert, check or
cash on an incorporated bank or trust
company for $1,000 payable to the
Town Treasurer, required. These bonds are to be
prepared under the super¬
vision of the United States Mortgage & Trust Company of New York City,
which will certify as to the genuineness of the
signatures of the town officials
and the seal impressed thereon.
Legality will be approved by Chester B.
Masslick of New York City, and J. L. Morehead of Durham, N. C., whose
approving opinions will be furnished to the purchaser without charge.
Bonds will be delivered to the purchaser at the office of the said United
the
States
Mortgage & Trust Company in New York City on June 9, or as soon
as the
bonds
can be prepared, and must then be
paid for in
thereafter
New
York funds.
WELLSVILLE,
Columbiana County,
Ohio.—BOND OFFERING.—
.
WESTCHESTER COUNTY (P. O. White Plains), N. Y.—BOND
OFFERING.—George S. Edie, County Comptroller, will receive bids until
12 m. May 17 for the following two issues of bonds:
$802,000 5%
coupon
Bronx
Parkway
bonds.
Denom.
$1,000.
Due
$21,000 yearly on June 1 from 1939 to 1976, incl.; and $4,000
June 1
1977.
106,300 5y2% registered county highway bonds.
Denoms. 1 for $300 and
106 for $1,000.
Due $6,300 June 1 1922, and $10,000 yearly on
June 1 from 1923 to 1932, incl.
Date June 1 19M.
Prin. and semi-ann. int. (J. & D.) payable at the
County Treasurer's office.
Cert, check on a National or State bank or
trust company, for 3% of amount of bonds bid for, required.
Bonds to be
delivered and paid for at the County Comptroller's office on June 1.
Bonds will be prepared under the supervision of the United States Mort¬
gage & Trast Company, New York, which will certify as to the genuineness
of the signatures of the County officials and the seal impressed thereon and
the validity of the bonds will be approved by Hawkins, Delafield & Long¬
fellow of New York, a duplicate original of whose opinion will be furnished
to the purchaser.
WESTERLY, Washington County, R. I.—NOTE SALE.—On May 9
maturing Nov. 10 1921—V.
the $90,000 sewer and $110,000 funding notes,
112, p. 2005—were awarded to the Old Colony Trast Co. of Boston, on a
6.40% discount basis, plus $1 25 premium.
WESTFIELD,
Chautauqua County,
N. Y .—BOND SALE.—On
May 9 the $93,600 6% street impt. bonds offered on that date (V. 112,
p. 2005) were awarded to O'Brian, Potter & Co. of Buffalo, at 100.256, a
oasis of about 5.94%.
Date May 2 1921.
Int. M. & N.
Due $10,000
yearly from 1922 to 1930, incl., and $3,600 1931.
WEST MANSFIELD, Logan County, Ohio.—BOND OFFERING.—
Bids for $2,700 6% coupon refunding bonds will be received until 12 m.
May 23 by C. D. Atkinson, Village Clerk.
Date Mar. 21 1921.
Prin.
and semi-ann. int. (M. & S.) payable at the office of the Sinking Fund
Trustees.
Due yearly on Mar. 1 as follows:
$500, 1930; $300, 1931;
$500, 1932 & 1933; $250, 1934, 1935 & 1936; and $150, 1937.
Cert, check
for 10% of amount of bid, required.
WESTPOINT,
Cuming
County,
DENNIS
On
Neb.—
bids until May 25
WEYMOUTH, Norfolk County, Mass.—BOND SALE.—Arthur Perry
100.07, a basis of about 4.99%, an issue
5% tax-free coupon water bonds offered on May 11.
Denom.
$1,000.
Date May 1 1921.
Prin. and semi-ann. int. (M. & N.) payable
at the First National Bank of Boston.
Due $1,000 yearly on May 1 from
ETOBICOKE TOWNSHIP,
& Co. of Boston, were awarded at
Council
GREATER WINNIPEG WATER DISTRICT
(P. O. Winnipeg),
Man.—DEBENTURE SALE.—The Dominion Securities Corporation, of
Toronto, was recently awarded $1,500,000 6% coupon (with privilege of
registration) 30-year debentures at a Did of 94.16, which is on a basis of
about 6 44%.
Denom. $1,000.
Date May 2 1921.
Principal and semi¬
annual Interest (M. & N.) payable at the Bank of Montreal, in Montreal,
Toronto, Winnipeg or Victoria,) at holder's potion.
Due May 2 1951.
1922 to 1936, incl.
PLAINS, Westchester County, N. Y.—BOND SALE.—On
May 12 the $50,000 6% registered street-impt. bonds offered on that date
(V. 112, p. 2006) were awarded to Blodget & Co. of New York at 101.81,
a basis of about 5.58%.
Date May 2 1921.
Due $10,000 on May 1 in
1924, 1925, 1926, 1927 and 1928.
WHITE
County, III.—BIDS REJECTED.—All
the $86,000 5% filtration-plant bonds offered on May 10
Cook
ceived for
S.ommercial Trust & Savings Bank, which bid $81,304 40.
1900) were rejected. The highest offer was from the
oeing received by the city until May 16 for the
and $130,000 6H% 20-year bridge debentures.
Continental &
RENFREW COUNTY (P. O. Pembroke), Ont—DEBENTURE OF¬
FERING.—Proposals for the purchase of $250,000 0% 20-year highway
Suffolk County, Mass .—TEMPORARY LOAN.—Oil
May 9 a temporary loan of $15,000, maturing Oct. 15 1921 was awarded to
Bond & Goodwin of Boston, on a 5.86% discount basis.
WOODBURY COUNTY (P. O. Sioux
R. M. Grant & Co.
debentures will be received until 12 m.
Clerk.
Denom $1,000 and odd.
Date
City), Iowa.—BOND SALE.—
SARNIA,
has been sold to
Prin. and ann.
office of the County Treasurer or in New York City, at
int. payable at the
option of holder.
Due yearly on May 1 as follows:
and 1924 and $10,000. 1925.
$86,174 68 6\4% paving debentures.
Date Dec. 31 1920. Due Dec. 31
65,180 16 6% paving debentures. Date Dec. 31 1920. Due Dec. 31
38,107 91 6H% sidewalk & sewer debentures.
Date Jan. 1 1921.
Jan. 1 1926.
'
,
$130,000, 1922; $115,.
Ont.—DEBENTURE OFFERING.—V. A. Blackburn, City
May 17 for the following coupon
Treasurer, will receive bids until 3 p.m.
debentures:
f
Financial Statement.
May 17 by R. J. Roney, County
May 6 1921.
Due yearly on May
6 from 1922 to 1941, inclusive.
5% tax free coupon highway bonds
Denom. $1.000.
Date May 1 1921.
000, 1923
OFFERING.—Proposals are
purchase of $100,000 6% %
PETERBOROUGH, Ont.—DEBENTURE
bids re¬
(V. 112,
WINTHROP,
An issue of $400,000
Ont.—DEBENTURES AUTHORIZED.—
debentures was passed by the
by-law to issue $65,000 school-building
on May 2, according to reports.
A
of $15,000
WINNETKA,
DISTRICT NO. 2093 (P. O. Brooks), Alta.-—
Harding, Secretary-Treasurer, will receive
for $37,000 30-year school debentures.
SCHOOL
DEBENTURE OFFERING.—E.
May 24, $58,000 light and power bonds are to be voted upon.
.
[VOL. 112.
CHRONICLE
THE
2116
rt
1930
1930
Due
.
Valuation for purposes of
Net Bonded Debt__
5149,227,939
taxation
■
(P. O. Snow Hill),
and odd.
SASKATCHEWAN SCHOOL DISTRICTS, Sask.—DEBENTURES
AUTHORIZED.—*The following, according to the "Financial Post," is a
list of authorizations granted by the Local Government Board from April 16
113-000
1,197,000
—
■.
(Net bonded debt less than 1 % of the above valuation) .
Population (1920 census), 92,171.
Population (1910 census),
The constitutional debt limit in the State of Iowa is 5% of the
or purposes of taxation.
WORCESTER COUNTY
Denoms. $1,000
1,310,00C
Issue) _ —
Total bonded debt (includ ing this
Less sinking fund
to April 23: Brandon. $3,500; St. Wendelin, $3,500; Dalrymple, $7,000;
Marquette, $13,500; Freshwater, $3,125; Beaver Dam, $4,800; Evesham,
$5,000; Clear Creek, $5,000; Rockhaven, $5,500; Arundell, $4,500; Wooler,
67,616.
valuation
$1,500.
Md.—BOND SALE.—
and interest, was
learn from the same source,
reported sold in the same
DEBENTURE SALES.—The following, we
On May 10 D. J. Wheaton, of Salisbury, offering par
awarded the $40,000 6%_ coupon road refunding bonds
is
date—V. 112, p. 2006.
School Districts.—Tilney, No. 3543, $800 , 5 yrs., 8%, H. A. Corson,
Tilney: Johnson, No
3261, $3,800. 10 yrs., 8%, Waterman-Waterbury
Mfg., Regina, Sask.; Okabena. No. 624, $1,500,10 yrs , 8%, R H. Ruther¬
ford, Drinkwater; Yorkton, No. 159, $40,000, 20 yrs., 7%, Peaker Bros.,
Yorkton; Jack Pine. No1. 4277, $4,000, 10 yrs., 8%, Nay & James, Regina;
Iris, No. 4154, $6,041, 15 yrs , 8%; Versailles, No. 4155, $5,941, 15 yrs.,
8%, C. C. Cross & Co., Regina; Prince, No. 3694, $4,500, 15 yrs., 8%,
Towinsend Scott
1923.
offered on that
Date June 1 1921.
Due yearly beginning June 1
& Sons of Baltimore, old $39,513.
XENIA CITY SCHOOL
DISTRICT (P. O. Xenia), Greene County,
Beacham, Clerk of Board of Educa¬
Ohio.—BOND OFFERING.—John R.
tion, will receive proposals until 12 m.
bonds.
Denom. $500.
Date June 1
a
list of debentures, amonting to
June 4 for $520,000 5lA% school
1921.
Prin. and semi-ann. lot.
(J. & D.) payable at the Xenia National Bank of Xenia.
Due $5,000 yearly
on June 1 from 1925 to 1928, incl.;
$10,000 on June 1 1929; $7,500 on June
1 & Dec, 1 in 1930. 1931 & 1932; $10,000 on June 1 & 57,500 on Dec. 1 in
1933 & 1934: $10,000 on June 1 & Dec. 1 In 1935. 1936 & 1937; $15,000 on
June 1 and $10,000 on Doc. 1 in 1938, 1939 & 1940; 515.000 on June 1 &
Dec. 1 in 1941, 1942 & 1943;
$20,000 on June 1 & 515,000 on Dec. 1 in
1944, 1945 & 1946; and $20,000 on June 1 & Dec. 1 in 1947 & 1948.
Cert,
check for $5,000, payable to the Clerk of the Board, required.
Purchaser
to pay accrued interest.
' ; * .•••. ,vv..
H. J.
$66,582,
Syt-%
period:
Birkett & Co.. Toronto.
THREE RIVERS, Que.—DEBENTURES VOTED —It is reported that
on
April 28 the ratepayers voted favorably on the question of issuing
$400,000 funding debentures.
Ont.—DEBENTURE
WALKERVILLE,
A.
SALE.—It is reported
May 10 (V. 112, p. 1900): $3,500 1-20-year hydro-electric and $69,982 35
COUNTY (P. O. Prescott), Ariz .—BOND SALE.—Stacy
Prudden & Co., Elston & Co., and the Northern Trust Co., have
purchased and are now offering to inqestors to yield from 634% to 6% the
$1,500,000 6% coupontax-f.ee road bonds which were offered on Feb. 2o
—V.
112,
p.
5S5.
Denom. $1,000.
Date June 1 1920.
Int. J. & J.
Due $75,000 yearly on June 1 from 1921 to 1940, incl.
YAVAPAI
1-lu-year local improvement debentures.
& Braun,
Ont.—DEBENTURE SALE.—The $465,320 30-year in¬
installment hydro electric system 6%
debentures offered on May 9—V. 112, p. 2006—were awarded to the
National City Co. of Toronto, at 94.84, a basis of about 6.57%.
WINDSOR,
stallment school and $150,000 20-year
coupon
WINDSOR ROMAN CATHOLIC SEPARATE
Windsor),
(P.-Q.
CANADA,
and
Provinces
its
Municipalities.
School Board
"YORK TOWNSHIP, Ont .—DEBENTURE SALE.—A block of $24,130
6% 20-year installment school debentures has been sold to R . C. Matthews
& Co., of Toronto, at 97.06, a basis of about 6 37%.
(
,
FINANCIAL
NEW LOANS
LOANS
SCHOOL DISTRICT
REJECTED.—The
Ont.—TENDERS
rejected all bids received for the $225,000 634% 30-year installment schoolsite and building debentures which were offered on May 9.—V. 112, p. 1900.
BOLTON, Ont.—DEBENTURES VOTED —On May 3, it is stated, a
by-law calling for the issuance of $15,000 improvement debentures carried
by a vote of 79 to 66.
i
NEW
that
Ames & Co., of Toronto, bidding 95.69, a basis of about 6 77%,
awarded the following two issues of 6% coupon debentures, offered on
E.
were
$3,000,000
City of Johnstown
STATE OF MICHIGAN
Pennsylvania
HIGHWAY IMPROVEMENT BONDS
5s
on
undersigned will receive sealed
City of Lansing,
Michigan, until the 25th day of May,
A. D. 1921, up to 2 o'clock P. M.
of said day, for the sale of three million
dollars ($3,000,000) of State of Michigan
Highway Improvement coupon bonds in
denominations of $1,000 each, to be
issued
by the State
Administrative
Board of the State of Michigan, pur¬
suant to the provisions of Act No. 25
NEW YORK.
BLDO..
The
Prices: To Net 4.80 Per Cent
Circular
Sugar Engineering Corp.
WOOL WORTH
request
Biddle & Henry
bids at his office in the
INVESTIGATIONS
APPRAISALS
REPORTS
DESIGN
of the Public Acts of the State of Michi¬
104
South Fifth
Street
PHILADELPHIA
extra session 1919, as amended by
Act No. 65 of the Public Acts of 1921.
gan,
Said bonds will be dated June 1,
Private
Wire to New
and
York
Call Canal 8437
will
mature
the
first
1921,
day of
and will bear interest at
1941,
June,
on
the rate of five and one-half per centum
payable
semi-annually.
principal and interest are payable
at maturity at office of the State Treas¬
urer, Lansing, Michigan.
A certified check in a sum equal to
annum,
per
AMERICAN
MFG.
CO.
Both
United States and
Canadian
Municipal Bonds.
one
mDDELL
89 Liberty
Floor
CORDAGE
bid,
MANILA, SISAL, JUTE
submitted with each bid.
Singer Building
The
New York
Street,
cent of the amount of the
payable to the order of the State Treas¬
urer of the State of Michigan, must be
AND
Ground
per
Telephone Oortlandt 3183
right is reserved to reject any or
all bids.
Noble and West Streets,
Brooklyn, N,Y.CIty
V
FRANK E.
GORMAN,
State Treasurer.
MUNICIPAL BONDS
Underwriting and distributing-entire issues of
County, School District and Road District
Bonds of Texas.
Dealers' inquiries and offerings
Gttjr.
New Jersey
H.
solicited
Circulars
on
request.
M. CHANCE
& CO.
Engineers and
Geologists
Securities
Mining
HAROLD G. WISE
OUTWATER & WELLS
&
Houston
COMPANY
established 1915
TEXAS
18 Exchange Plata
Tal. 88 Montgomery
Jersey City, N. J.
COAL AND MINERAL
Examined,
Drexel
Bldg.
PROPERTIES
Managed, Appraised
PHILADELPHIA
BS
May 14
1921.]
THE CHRONICLE
engineers
XXXI
Jffnandal
■fr'iV
stone & webster
INCORPORATED
Imports and Exports
DESIGN steam power stations,
hydro-electric
developments,
transmission lines, city and
interurban railways, gas and
chemical
plants,
industrial
plants, warehouses and build¬
ings.
Financed
Bankers
by Means of
Acceptances
CONSTRUCT either from their
designs
own
or
from designs
of other engineers or architects.
MANAGE
public
utility
and
Industrial companies.
REPORT
Foreign Credit Corporation
going concerns,
proposed extensions and new
projects.
on
Acceptors and International Bankers
30 PINE STREET
FINANCE industrial and publio
utility properties and conduct
an
investment
banking
Capital $5,000,000
business.
Under
Supervision of Federal Reserve Board
STOCKHOLDING
NEW YORK BOSTON CHICAGO
NEW YORK
Surplus and Undivided Profits $1,629,736.91
BANKS:
Guaranty
Trust
Company
of New
York;
Chase National Bank, New York; Central Union Trust Company, New York;
Liberty Securities Corporation, New York; Philadelphia National Bank;
Shawmut
WILLIAM
Corporation
of Boston.
A.
BAEHR
Hollandsche Bank
ORGANIZATION
Zuid-Amerika
voor
Consulting
(Banco Holandes de la America del Sud)
'
Engineers
(Banco Hollapdez da America do Sul)
Specializing in
Public Utilities
AMSTERDAM
HAMBURG
and
Industrial
BUENOS AYRES
Appraisals
RIO DE JANEIRO
Gas and Electric
Management and Operation,
Counsel and Reports,
Accounting and Purchasing,
Utilities Publio Relations,
Valuation and Rates,
Design and Construction of
SANTIAGO
SANTOS
SAO PAULO
DE CHILE
VALPARAISO
Capital Authorized
Fl.50,080,000
Capital paid
Fl.30,080,000
up
and Reserves.
central station and industrial
power
plants and
WILLIAM A BAEHR
Peoples
plants.
gas
Advances
Organization
Gas Building
on
documentary bills
Bills negotiated and collected
Chicago
Foreign Exchange
v
'
Commercial Information
Mail and cable transfers
Letters
,
Grants
THE
Facilities
relations in
J. G. WHITE ENGINEERING
of credit
for
entering into business
ARGENTINA, BRAZIL and CHILE.
Correspondents All Over the
World
CORPORATION
Engineers
Constructors
A Bank
Buildings—Industrial Units
Public
Utilities
Reports—Valuations—Estimates
4S
XCHANGE
PLACE,
NEW
YORK
We maintain
In
B.
of
EDWARDS
INVESTMENTS
n
FOR
addition
SALE—Timber, Coal, Iron, Ranch
other
Settlements and
Cnlted States
and
properties.
Negotiations
Investigations
Urchases of Property.
West Indies
Represent You
Pittsburgh
completely organized department for the service
banks, firms and individuals.
to
a complete
banking service, both domestic and
knowledge of the financial and industrial affairs
the Pittsburgh District is at your disposal.
our
MELLON NATIONAL BANK
Trinity Place, NEW YORK. N. Y.
Confidential
a
of out-of-town
foreign,
GEO.
to
In
Canada
PITTSBURGH, PA.
Capital and Surplus
-
-
$11,000,000.00
client
A
qualified
oughly
BROKERS WANTED
de¬
experience,
and
an
excellent perma¬
proposition for out-oftown brokers who have an es¬
tablished clientele. We supply
proposal
difficult
most
nent
is
that
worth while.
sound and
Robel
III.
Chicago,
experience,
executive
in
where
capacity
old and
an
very
routine such as taking
correspondence and credits.
Highest references furnished.
Sal¬
ary $40.
Address Box S-26, Care
Commercial & Financial Chronicle,
90 Pine Street, New York.
large finan¬
The
house.
banking business.
The issuing
house and the mortgage com¬
business firm
with
association
of
security of¬
fered is Common and Preferred
units of established mortgage
efficient,
desires
refined,
broad
with
office
care
support,
strong
cial
lege and Columbia Law School
graduate,
eral
by
Col¬
29,
Attorney—-American,
running subsidiary ledgers,
Thoroughly familiar with gen¬
ments,
etc.
and
Street
Dearborn
South
608
Agency
panies make it a rule not to bor¬
from the banks and are al¬
legal training will be of value.
Address Box P10, care of Finan¬
cial Chronicle, 90 Pine Street,
Tax
row
in strong financial posi¬
ways
tion.
New York City.
Trained
territory
all over the United States
high-class brokers desiring
place a local issue.
Each
Specialist
the various Federal
with
large
financial
Financial
house.
mortgage company is localized
and a separate corporation.
Financial Chronicle,"
"Commercial &
care
Experience includes
to
Washington,
Address
excellent
An
a permanent and profita¬
connection with firmly es¬
ble
WANTED
Foreign
in
TRADER
Liberal salary and excellent oppor¬
of
Financial
cial
Address Box Qll, care
tunity to right man.
90
Chronicle,
Pine
of Finan¬
Chronicle, 90 Pine St., N. Y.
Address
Q-l,
care
a
the preparation
of several intricate consolidated Fed¬
eral Income, and Excess Profits Tax
Returns, involving every
Department.
ury
R-10, Financial
New
Street,
TRADER in bonds and
1
financial
and
several
education,
years
BROKERS WANTED
to
investigation work,
tions,
in
the
of
department
or
act
the
to co¬
of
concern or
would
find
of Financial
in
Address
pooling
Box
of
(college
graduate),
executive office in
Box
Q-9,
a
will
A FINANCIAL
their
S-25,
firm
Banker
care
COMPANY (commercial credits)
tion that
can
of
Financial
capital, or firm, or corpora¬
Address
of Financial Chronicle, 90 Pine
Trust Co.,
commercial
desires
or
firm.
securities
STATISTICIAN
to executive,
and
mortgages,
Box Q-7, care of Financial Chronicle,
90 Pine Street, New York City.
WANTED—Pittsburgh
an
STATISTICIAN, capable of
Street, New York
making specific re¬
individual companies and drawing up
matter, seeks position.
Address Box
Financial Chronicle, 90 Pine St.,
insti¬
experienced statistician.
State salary, references
applying enclose
CONNECTIONS
INVESTMENT MEN WANTED
and qualifications and
assumed
client briefly analyzing some security, giving
reason why it is a good purchase and another,
similar letter stating why a particular issue is
^Jt a good buy.
Address Box R-26, care of
Financial Chronicle, 90 Pine Street, New York
when
letter
to
an
City.
BANKING
Address
New York City.
having Intimate knowledge of
credits,
engagement.
,';-"
City.
R-24, care of
WANTED
Chronicle,
connection with banking institution
new
several
Ex¬
Box R-22, care of
TRADER,
desires
Financial Chronicle, 90 Pine
circular
STATISTICIAN
Vice-President and Director successful Bank
and
cellent references.
an
BANKER of broad experience all de¬
partments domestic banking up
connection
Chronicle.
of Financial
York City.
SECURITY
experience,
ports on
tution has need for
ACTIVE
Address Box R-21, care
dispose of stock issue.
St., New York City.
Ad¬
90 Pine Street. New York City.
as
opportunity
offers unusual
President,
to individual with
with
consider
financial institution.
care
capable, now with Stock Ex¬
wishes to make new
change firm,
90 Pine Street, New
years' experience, also trustee of various
funds
dress
investment
an
BOND TRADER,
years'
Chronicle, 90 Pine St., N, Y. City,
PARTNER
many
com¬
Address
City Hall
UNLISTED
Box Q-8, care
THE
heads
Presidents
Bank
consortium of Banks
advantage
business.
European
a
Chronicle.
foreign
first-class progressive
a
Bank
European representative either of an
as
individual
who
of
prominent
stock issue. Strong
One of the best-
earnings.
"Banker," P. O. Box 653,
Station, New York.
collec¬
wishes
&c.,
development
qualities.
Large
pany.
foreign exchanges, documen¬
tary and acceptance credits, discounts,
operate
known
perfectly familiar with foreign
financing,
sell high grade
selling
ing London and Continental Banks and Mer¬
trade
thorough
Address Box R-20, care
of
foreign banking experience acquired with lead¬
chant Bankers,
with
now
DESIRED.
COMPETENT, responsible banker with commer¬
unlisted securities, young,
knowledge of markets,
Stock Exchange wire
house, desires connection with Stock Exchange
or banking house or high-class brokerage firm.
aggressive,
cial
Chroni¬
York.
cle, 90 Pine Street, New
York City.
BANKING CONNECTIONS
with the Treas¬
of appeal cases
ment
phase of the
presentation and settle¬
Laws and the
Address Box
tablished institution.
government
bonds, man with foreign arbitrage connection
preferred.
opportunity to
make
TRADERS WANTED.
corporation.
large
sociated
for
position
desires
transactions,
with
and
desires to become as¬
State Tax Laws,
open
experienced in
thoroughly fa¬
accountant,
with
miliar
excellent
have
We
LAWYER in Government service,
po¬
single or
experience.
Ten years
capable of handling records,
compiling
profit and
loss state¬
double entry.
schooling
for salesmen, &c.
This is the
highest class and easiest selling
security being offered to-day,
and is backed and guaranteed
Inc.,
Bryant,
and
Advertising
desires
Also
everything necessary in litera¬
ture,
bank recommendations,
Address
V
have
We
carry¬
ing out the refinancing of the hard¬
iest,
Young Man, married,
as
book-keeper,
sition
responsibility for
developing
reorganizing,
thor¬
position,
by
the complete
sires
important
holding
now
financial
executive
POSITIONS WANTED
BUSINESS OPPORTUNITIES.
EXECUTIVES SEEK POSITIONS.
SALESMEN.
have
We
men
an
opportunity for several
selling ability in
of demonstrated
New York
City, and in Philadelphia
and
The actual work is
Municipal bonds for
a prominent New York Bond House, but
experience in selling securities is not at
adjacent territory.
selling high grade
DESIRED.
Primarily, we want a real
salesman, not a beginner.
The oppor¬
tunity is unlimited, depending entirely
on the calibre of the salesman.
Every
co-operation will be given to enable the
salesman to get under way and keep
all essential.
LONDON FINANCIAL
with offices
and
near
HOUSE
'
"
'
■
1
■
Stock Exchange, dealing extensively in
American
commission basis.
experience
salary and
occupation, to "D. D.," P. O. Box 822.
going.
and
City Hall Station.
Canadian securities is open to entertain the sole represen¬
tation
ment
of
an
established
bankers.
With
American
improvement
or
Canadian firm
of
exchange
of
large
invest¬
capital
BOND
SALESMAN—We offer an excellent op¬
experienced bond salesman
dealing
investment bonds. All
replies will be held in confidence.
Kindly state
experience, what territory you have covered
and give references.
Address Q-10, care of
portunity
could be controlled for companies desirous of extending
business
operations.
Bankers'references exchanged.
Edwards & Smith, 1 Drapers
Address "Activity"
Gardens J London, E.C.2.
to
who desires a
only
care
Salary
Write, fully describing your
all selling lines, present
in
in
an
connection with new firm
high-grade
Financial Chronicle. 90
PinejBt., N. Y. City.
;
•
i".
MAY 14
1921.]
THE
Cotton
tftaandal
Paul Schwar*
August Schlerenberg
Frank A. Kimball
Schwarz
&
Co.
COMMISSION MERCHANTS
15
William
Street
New
CfWIftusr Company
York
OF
ILLINOIS
CHICAGO
National, State and
Clearing House Supervision
New York Cotton
Exchange
New Orleans Cotton
Exchange
New York Produce
Exchange
New York Coffee
Exchange
of
banks
and
bankers received
Efficiently
equipped
to
M Fadden & Bro.
As
ing in close
a
complete service to accounts
of banks,
and
its
corporations, firms
Individuals.
NEW YORK
SB Broad Street
67 Worth Street
it strives
Deposits,
$60,000,000
Dealers in
American, Egyptian and
Foreign Cottons
fulfil.
Import
en
Export,
Rotterdam.
Sociefce d'lmportatlon et de
Commission. Havre
Fachirl & Co., Milan..
Baltic Cotton Co., Copenhagen.
Reinhart & Co., Alexandria, Egypt.
Geo. H. Mc Fad den South American
Inc., Lima, Peru.
Henry
Hentz
William Street
NEW YORK
Hfqiubatfon
&
Co.
Congress Street
BOSTON, MASS.
COMMISSION MERCHANTS
AND
a
purpose which
all times to
at
Within that
pur¬
attention
vidual
Company,
86
with
pose is included the han¬
dling of all its customers'
business with
particular
FOREIGN CORRESPONDENTS.
Frederic Zerega A Co., Liverpool.
voor
contact
everywhere
Company has set up
for itself
Capital & Sur¬
plus $7,000,000
com¬
customers
this
PHILADELPHIA
McF&dden's Cie
things
institution
an
pertain¬
ing to banking, and offer
COTTON MERCHANTS
V.
all
—SHAKESPEARE
Fidelity
Correspondence invited
handle all business
N.
answer
faithfully"
Accounts
i
H.
We will
Under
MEMBERS OF
Geo.
XXXIII
Wtuxt Comjwiriea
Oh&fl. O.Corn
Corn,
CHRONICLE
The First National
Bank of Reading,
Pa.,
located at No. 540 Penn Street, in the
City of
Reading, State of Pennsylvania, is closing its
affairs.
All noteholders and other creditors of
the Association are therefore
hereby notified to
never
We
this
invite
mere
rou¬
Company.
conference
correspondence
indi¬
Banking
becomes
tine with
present their notes and other claims for payment.
J. W. RICHARDS, Cashier.
Dated, April 12th. 1921.
their
to
needs.
with
and
bankers
outside New York.
BROKERS
Members of
New York Stock
Exchange
New York Cotton Exchange
New York Coffee & Sugar
Exchange
.
New York Produce Exchange
Chicago Board of Trade
METROPOLITAN
The Mohnton National Bank, located at Mohnton, in the State of Pennsylvania, is closing its
affairs.
All noteholders and other creditors of
the association are, therefore, hereby notified to
TRUST
present the notes and other claims for payment.
Dated. March 22, 1921.
DANIEL S. KRICK, Cashier.
Associate Members of
Liverpool Cotton Association
,.
COMPANY
OF THE CITY OF
60 WALL STREET
NEW YORK,
716 PIFTH
AVENUE
Hubbard Bros. & Co.
COFFEE
EXCHANGE BUILDING
HANOVER SQUARE
Liquidation
The
affairs.
NEW YORK
the
COTTON MERCHANTS
Liberal
Advances
Made
on
Machias
Machias,
in
All
the
note
association
Notice.
National
State
of
holders
are
Bank,
located
Maine, Is closing
and
therefore
other
FIFTH
NEW
present the notes and other claims for payment.
GEO. B. BOYNTON. Cashier,
United States Trust
45-47
74
BROADWAY
Exchange
NEW
YORK
8tephen M. Weld & Co.
COTTON MERCHANTS
Street, New York City
PHILADELPHIA,
UTIOA, N. Y..
WELD & CO.,
LIVERPOOL.
Company of New York
WALL
STREET
Capital,
•
Surplus and Undivided Profits,
-
$2,000,000*00
$14,717,784.61
•
•
This Company acts as Executor,
Administrator, Trustee, Guardian, Com¬
mittee, Court Depositary and in all other recognized trust capacities.
It receives
BOSTON,
FALL RIVER.
PROVIDENCE,
NEW BEDFORD,
NO.
Dated. Jan. 15. 1921.
YORK
MEMBERS
NEW YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION
82-92 Beaver
Members New York Stock
CHARTERED 1868
PLACE, NEW YORK
AVENUE,
W. H. Goadby & Co.
of
Cotton
GWATHMEY & CO.
476
at
Its
hereby notified te
Consignments
80-24 EXCHANGE
creditors
deposits subject to check and allows interest
daily balances.
on
It holds and manages securities and other
property, real and personal, for
estates, corporations and individuals, and acts as Trustee under corporate mort¬
gages, and as Registrar and Transfer Agent for corporate bonds and stocks.
EDWARD W. SHELDON. President
KINQSLEY, 1st Vice-Pres.
WILLIAMSON PELL, Vice-President
WORCESTER, Secretary
FREDERIC W. ROBBERT, Asst. Secretary
CHARLES A. EDWARDS. Asst. Secretary
ROBERT S. OSBORNE, Asst. Secretary
WILLIAM C. LEE, Assistant Secretary
THOMAS H. WILSON, Asst. Secretary
WILLIAM G. GREEN, Assistant Secretary
ALTON S. KEELER. Asst. Secretary
WILLIAM
M.
WILFRED
J.
TRUSTEES
ROBERT
MOORE &, CO.
44 Beaver
Street, N. Y.
JOHN J. PHELPS
LEWIS CASS LEDYARD
LYMAN J. GAGE
PAYNE WHITNEY
COTTON MERCHANTS
Members New York Cotton
JOHN
WILLIAM ROCKEFELLER
FRANK LYMAN
Exchange
A.
STEWART.
Chairman
of
EDWARD W. SHELDON
CHAUNCEY KEEP
ARTHUR CURTISS JAMES
WILLIAM M. KING8LEY
WILLIAM STEWART
OGDEN MILLS
the
Board
CORNELIUS
HENRY
W.
WILLIAM
WILLIAM
N.
de
BLISS,
SLOANE
TOD
STEINHAUSER &. CO.
L F. DOMMERICH & CO.
Successors to
WILLIAM RAY & CO.
COTTON BROKERS.
If Cotton Exchani
ige
New York
Orders for future delivery contracts
executed on
Ike New York and Liverpool Cotton
.
Exchangee.
Hopkins, Dwight & Co.
FINANCE ACCOUNTS OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
COTTON
and
COTTON-SEED OIL
General
Offices,
254
Fourth
COMMISSION MERCHANTS
NEW YORK
leea 50* Cettea Exchange
Building
NEW YORK
Established Onr 80 Years
JK.
FOREST
VINCENT
Avenue
ABTOR
Municipals
While money rates are
at
avail¬
For 27
very
reviewed
in
circular.
Copy
list
'
New York Cotton
Bolger, Mosser & Willaman
& Co.
Exchange
the United States
[Chicago Board of Trade
MUNICIPAL BONDS
The Supreme Court of
has held that
they are exempt from Federal,
State, municipal and local taxation.
gress.
Associate Members of
;
Price
New York
Broad Street,
current
offers unusual
list
opportunities
to
diversify
high grade Municipal Bonds
to
33rd Street, New
Liberty
and
good
exceptionally
average
25 W.
in
York City
&
Building, Philadelphia
Woodward Bldg., Washington
111
Amsterdam, Holland
'
returns.
Yield 5%
to
Ames, Emerich
Branch Offices?
Our
November 1.
bonds are the obliga¬
tions of the twelve Federal Land
Banks created by Act of Con¬
Liverpool Cotton Association
20
payable May 1 and
These
N. Y. Coffee & Sugar Exchange
New York Produce Exchange
Detroit
New York
Not
Interest
Exchange
f New York Stock
Members:
1921 Due May 1, 1941.
redeemable before May 1, 1931.
Dated May 1,
request.
on
Bonds
5% Farm Loan
recent
our
A. A. Housman
attractive offerings.
Chicago
Land Bank
Corporation
years we
Send for our
Federal
California Packing
Municipal
this section are
low prices.
have specialized in City,'
County and School District bonds
in the principal agricultural States, '
and never before have had such
able
Year's Earnings of
Last
high in the
grain-producing1 States,
bonds from
SlmvtltA
jffnantfal
yinantlal
Mid-West
[vOL. 112.
CHRONICLE
THE
XXXIV
Company
Broadway, New York
Milwaukee
Chicago
Correspondence Invited
MORTGAGE TRUST COMPANY
St.
Broadway & Pine—St.
Bonds
South LaSalle Street
208
Co.
Louis Union Trust
GERMAN
Central Bond & Mortgage Co.
Affiliated with
National Bank
First
Our circular on
CHICAGO
Louis
Investment
Private Wires to
Radon, French & Co.
the East and Southwest.
Listed and, Unlisted
Securities
vWollenberger & Co.
investment bankers
SECURITIES
end underwrite entire issues
bends and stocks of
We offer
in
the
Dodge & Ross
of
established corporations.
opportunities
public
well established industrial cor¬
utilities, and
of
municipalities,
Distributers of Investment
Securities
Public Utility
porations.
Invited
Correspondence
WEST
111
chicago
Bankers
Investment
Underwriters and
and
Industrial Issues
MONROE STREET
CHICAGO
Quoted
Sold
Bought
111
W. MONROE ST.,
CHICAGO
BANKERS
Collateral
C. F. Childs & Company
Paper
Commercial
Loans
Government Bonds
Chicago, IIL
EMERY, PECK & R0CKW00D
INVESTMENT SECURITIES
ft
Commercial
Stevenson
& Perry,
CHICAGO
Railway Exchange Building
MILWAUKEE
Investment
105
So.
La
Salle
St.,
CHICAGO
5520.
Established 1870
Dominick & Dominick
W. G. SOUDERS &
Members New York
CO.
SECURITIES
INVESTMENT
llf
S08 South La
RUTTER, LINDSAY & CO., Inc.
Detroit
New York
CHICAGO.
Milwaukee
Grand Rapids
BANK
A
RICHMOND, VA.
Capital and Surplus
-
$3,000,000.00
President
Addison, Vice-President
R.
Burnett,
Vice-President
Alex F. Ryland, Vice-President
S. P. Ryland, Vice-President
Jaa. M. Ball, Jr., Cashier
John M. Miller, Jr.,
W,
C.
P. W.
McClellan & Campion
ENGINEERING
Chapman & Co., Inc.,
141
NEW
M,
Correspondence
Invited
NEW YORK
**Are
108 So.
^Vz%
Bonds, due 1963
Members New York
GO Broadway
Stock Exchange
New York
I* mWT °)
MANAGEMENT
BROADWAY
YORK
CITY
Municipal Bonds
115 Broadway
118 South La Salle St.,
New York City
&
SECURITIES
INVESTMENT
CHICAGO
SEAS0NG00D, HAAS & MACDONALD
Wiggins Block
CINCINNATI
Broadway
NEW YORK
Salle Street,
CHICAGO
The Rookery,
FIRST NATIONAL
Stock Exchange
INVESTMENT SECURITIES
Deere & Co. S. F. 7^8
S. F. 8s
Co. S. F. 7s
Bxchange*
Inc.
Securities
Amer.
DeLaval Separator Co.
Pflater & Vogel Leather
York h Boston Stock
Memberi of New
Bros.
Telephone Randolph
OFFER AT MARKET
Agric. Chem. Co. S. F. 7^s
Atlantic Refining Co. S. F. 6^8
110 Broadway
108 So. La Salle St.
Building
Bank
HIGH-GRADE INVESTMENTS
NEW YORK
CHICAGO
Continental
BOSTON, MASS.
Specialists
Investment Securities
208 S. La Salle St.
CO
F. H. PRINCE &
CHRISTIAN & PARSONS GO.
WE
St.
105 So. La Salle
„
Incorporated
high-grade investment
securities
application.
Bankers
INVESTMENT
IVe pur chase
and Marks
La Salle St.
buy and sell
Exempt
from
Send
Taaee."
5M% to 7%.
for List
THE HANCHETT BOND CO.
Incorporated
HIGH-GRADE
BONDS
from Federal Income
Yielding
39
1818
South La Salle Street
CHICAGO
@FedFRASER