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1 1921
J UN
TWO
SECTION
SECTIONS
ONE
TV
SJ&WAL
JU HI
Dmmerria
Of Ml
If
INCLUDING
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
Bank &
B. DANA COMPANY,
COPYRIGHTED IN 1921 BY WILLIAM
Issued
VOL. 112.
NEW YORK.
Weekly
ENTERED AS SECOND-CLASS MATTER JU N E 23, 1879, AT
NEW YORK,
$10.00 Per Year
MAY 28, 1921.
William B. Dana Co., Publisher!
138 Front St., N.Y. City '
Harris, Forbes & Co,
Pine Street, Corner
NEW YORK
INCORPORATED
THE FARMERS'LOAN & TRUST
NO. 2918.
jnttamtel
HARVEY FISK & SONS
CHARTERED 1822
City Sectkm
THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
manual
manual
Railway Sectb»
32 NASSAU ST., NEW YORK
William
10 Draper*
Gardens, London, E. C.
HARRIS,
FORBES & CO.,
COMPANY
OTHER OFFICES
17 EAST
16, 18, 20 and 22 William
Street
475 Fifth Avenue, at 41st
45TH ST.. NEW
Street
BOSTON
TRUST
HARRIS
PHILADELPHIA
CHICAGO
Inc.
BOSTON
YORK
SAVINGS
&
BANK
CHICAGO
BUFFALO
YORK
NEW
Act
fiscal agents for munici¬
as
palities
MUNICIPAL,
GOVERNMENT,
deal
corporations and
and
Government,
in
munici¬
pal, railroad and public utility
MANAGEMENT
PUBLIC UTILITY AND
ESTATES
OF
INDUSTRIAL SECURITIES
OF SECURITIES
CARE
List
FOREIGN
OF
COMMERCIAL
NEW YORK
AMERICAN EXPRESS COMPANY
EXCHANGE
LETTERS
Application
on
Cable Address SABA,
FOREIGN BANKING
DOMESTIC AND
INVESTMENT
FOR
BONDS
CREDIT
SECURITIES DEPARTMENT
LETTERS
Established 1810
ACCEPTANCES
The
Mechanics
SECURITIES
National Bank
PARIS
LONDON
INTERNATIONAL
Metals
and
of the city of new york
YORK
NEW
BROADWAY
65
Member Federal Reserve System
and
York
New
House
Clearing
Capital, Surplus, Profits
Deposits, April 28,1921
$26,800,000
-
$179,000,000
1874.
Established
John L. Williams & Sons
Foreign Exchange
BANKERS
Bond
Service
Trust
Department
Edward B. Smith &
Co
Corner 8th and Main Streets
RICHMOND, VA.
Baltimore Correspondents:
CO., Inc.
WILLIAMS &
LANCASTER
R.
The NewYorkTru st Company
NATIONAL BANK
with which is consolidated
STREET,
23rd
wh-Jre
The
FIFTH
-
A
AVENUE
Crosses
Capital,
New You
Philadelphia
GARFIELD
Broadway
Surplus,
$1,000,000
Bank for
Liberty National Bank
of New York
-
The Chase National Bank
51,000,000
'
CAPITAL, SURPLUS &
UNDIVIDED PROFITS
—-$15.660,00 6
CAPITAL-
The Bank of New York
National Banking
(April
28.
OFFICERS
A.
Main
BARTON
ALBERT
Office
H.
137 years'
service
experience
of
our
is
at
the
depositors
Carl J.
Reeve
Liberty Office
Schmidlapp
1
of
Philadelphia
Assistant Vice-President#
Edwin A. Lee
William E. Purdy
George H. Saylor
HoweB
M. Had den
Schley
Alfred C. Andrews
Broadway
Cashier
Comptroller
Thomas Ritchie
Bank
Board.
Robert I. Barr
\20
First National
HEPBURN.
WIGGIN. President
Vice-Presidents
Samuel H. Miller
26 Broad Street
Gerhard M. Dahl
Our
320,28»,00t
1921)
Chairman of the Advisory
Trustee for Foreign
as
$26,000,000
Association
and Domestic Corporations
20,188,600
SURPLUS AND PROFITS
DEPOSITS
we Act
BROADWAY
57
the Builders of Business
established 1784
of New York
of the City
#
William P.
Holly
DIRECTORS
Fifth Avenue Office
57th Street &
Fifth Avenue
Henry W. Cannon
A. Barton Hepburn
Albert H. Wiggin
John J. Mitchell
Newcorab Carlton
Frederick
H. Ecker
NO.
Guy E. Tripp
James N. Hill
Daniel C. Jackling
CHARTER
1
Member Federal Reserve
Wm.
A.
LAW,
President
System
Eugene V. R. Tbayw
Carl J. SchmkUapp
Gerhard M. Dahl
Andrew Fletcher
Wm. Boyce
Charles M.
Schwab
Samuel H. Miller
Edward R. Tinker
i k*~
18
—
■>
—
r6
"M
Thompeoft
Schley
Wood
H. Wendell EndlooM
Reeve
Kenneth F.
YI7
%/T
UTaajI
u
THE
CHRONICLE
bna*ti
©ratoet* of foreign exchange
Inbestment Sou
MORGAN & CO. Maitland,
I. P.
&
Act
Corner of 5th and Chestnut Streets
as
Bills
of
Exchange,
Letters
Telegraphic
of Credit
HARJES
The
PARIS
CO.,
&
18 Broad St
NEW YORK
Transfers,
::
on
MOBGAN,
115 Devonshire SL
BOSTON
Issue Loans.
MORGAN, GRENFELL & CO., LONDON
No* 22 Old Broad Street
executed for all Investmem Securities.
agents of Corporations and negotiate and
Orders
PHILADELPHIA
CO.,
KIDDER, PEABODY & CO.
NEW YORK
NEW YORK
OREXEL
Coppell & Co.
62 WILLIAM STREET
Wall Street, Corner of Broad
*
[VOL. 113.
National
Provincial
Union
&
Bank
England, Ltd., London,
14 Place Vendome
of
Commercial and Travellers
;
Letters of
Messrs. Mallet Freres &
Securities bought and sold on Commission.
and
Foreign Exchange, Commercial Credits.
Principal Places
»n
Cie, Paris,
'..vC'CMexico.
on
Cable Transfers.
Circular
Letters
for
Credit
available
parts of the world.
Travelers,
in
Agents for the Bank of Australasia*
all
TRAVELERS' LETTERS OF CREDIT
BARING BROTHERS
&
CO, LTD.
LONDON
brown brothers & co.,
Fhdudelphu
U
NEW YORK
Borroit
mnmvummjvu
,
August Belmont & Co.
J
43 EXCHANGE
PLACE, NEW YORK
Members New York Stock Exchange.
.J
w f,
Agents and Correspondents of the
ALEX. BROWN & SONS, Baltimore
Messrs.
ROTHSCHILD,
London, Paris and Vienna
Investment
Securities
ISSUE LETTERS OF CREDIT
for
Foreign Exchange
Depo8it
Available
Accounts
Commercial
in
Travelers
all
parts of
the world.
Draw bills of Exchange and make
Telegraphic
J. & W. Seligman & Co.
Transfers
Credits
Execute orders for the
Bonds
Tr aveler8' Credits
purchase and sale of
and
N£_54 Wall Street
Stocks.
NEW YORK
SHOWN; SHIPLEY & CO.
Equipment Bonds
toNDON
RAILROAD
TANK
T. Suffern Tailer
Granville Kane
James G. Wallace
CAR
INDUSTRIAL
Freeman
TAILER&CD
&
Company
Members New York Stock Exchange
34
PINE
STREET,
NEW
IRedmond&Co.
YORK
10 Pine Street, New York
New
York
Philadelphia
Pittsburgh
Investment Securities
Washington
Lawrence Turn ure & Co.
Investment Securities
64-66 Wall Street,
New York
<
Investment securities bought and sold on com¬
Travelers' credits, available through¬
Winslow, Lanier & Go.
Membera
mission.
out the United
59 CEDAR STREET
NEW
Baltimore
Central
States, Cuba, Puerto Rico, Mexico,
America
and
Spain.
Make
York, Philadelphia and
collections
In and issue drafts and cable transfers
YORK
New
on
above
Pittsburgh Stock Exchanges.
countries.
BANKERS.
deposits
Received
Allowed
on
Subject
to
Deposits,
Bought
and
London
Draft,
Bankers:
London Joint City &
Midland Bank, Limited.
Paris Bankers: Heine & Co.
Interest
y
Securities
Sold
HEIDELBACH, ICKELHEIMER & CO.
on
Commission.
HUTH & CO.
37 William Street.
Foreign Exchange, Letters of Credit
MEMBERS
N.
Y.
STOCK
EXCHANGE.
30 Pine Street
New York
Execute orders for purchase and sale of
*
Stocks and Bonds.
Bonds for
Investment
Foreign Exchange Bought and Sold.
Foreign Bonds & Investment Securities,
Commercial Credits, Foreign Exchange,
Issue Commercial and Travelers' Credits
available in
all
Cable Transfers
on
parts of the world.
FREDK HUTH A CO., London
Kean,
Taylor
Co.
ItfewVorK
Pittsburgh.
BERTRON, GRISCOM & CO. INC.
INVESTMENT
40
Wall Street
NEW YORK
John Munroe & Co.
NEW YORK
Letters
BOSTON
of
Credit for
Commercial Credits.
Land
Travelers
Title Building
&
CO.
ALDRED &
CO.
BROADWAY, NEW YORK
INVESTMENT SECURITIES
COMMERCIAL DEPARTMENT
FOREIGN
Cable Transfers,
the Continent of Europe.
PHILADELPHIA
Members of the New York Stock
Exchange
Foreign Exchange
on
SECURITIES
BOISSEVAIN
52
and
40
Wall
Street
New York
EXCHANGE
Fiscal Agents for
MUNROE & CO.,
Paris
MESSRS. PIERSON & CO.
Public Utility and Hydro-Electrlo
Amsterdam, Holland.
Companies
May 28
1921.]
m
CHRONICLE
THE
Snbestment anb Jffnancfal pontes
Goldman, Sachs & Co.
60 Wall Street
Lee, Higginson & Co.
MlLLETT, ROE& HAGEN
YORK
NEW
137 So. La Salle Street
Congress Street"
60
BOSTON
CHICAGO
Investment Bankers
14
421 Chestnut Street
Montgomery Street
SAN FRANCISCO
PHILADELPHIA
Boston
Title Insurance Building
LOS ANGELES, CAL.
MEMBERS
Members of New York and Chicago
Stock Exchanges
Higginson & Co.
80,
NEW YORK STOCK EXCHANGE
Commercial
Lombard St.
London,
SECURITIES
ATLANTA, GA.
ST. LOUIS
Chicago
New York
INVESTMENT
24 Marietta Street
411 Olive Street
Securities
E. C.
Paper
bought and sold
on
commission
Foreign Exchange
Commercial
available
& Travelers' Letters
in all parts of the
Credit
of
NEW YORK
52 WILLIAM ST.
world
Hornblower & Weeks
42
BROADWAY, NEW YORK
RAILWAY
BONDS
EQUIPMENT
Investment Securities
Bonds
Preferred Stocks
MEMBERS
NEW
YORK,
BOSTON AND
STOCK
CHICAGO
EXCHANGES
Members New York Stock
Direct
wires
to
all principal
Acceptances
EVANS, STILLMAN & CO.
Main Office:
Exchange
National City Bank Building
Uptown Office: Fifth Avenue and 43rd St.
markets
60
NEW
BROADWAY
YORK
Correspondent
Offices in
50 Cities.
Chicago
Boston
Portland
Providence
Detroit
Established
Robinson & Co.
1888
-k-f
u:.'^
v
^
U. S. Government Bonds
Investment Securities
...
W. A. Harriman & Co.
1797
'
Investment Securities
•gooiietfeii k Mm*
Founded
■
I
26
New York
Exchange Place
Members New York Stock Exchange
INCORPORATED
<3
Seasoned
Investments
Conservative
Syracuse
Boston
New York
Investment Securities
30 Pine Street
Yielding 6% to 8%
Investment Securities
New York
Underwritten
Distributed
&
Peabod^
Federal Securities
EarslyBros. & Co.
Corporation
BAJSntBJEtS
MEMBERS
PHILADELPHIA 8TOCK EXCHANGi
Hottghteling &Co.
38 South
EST. 1865
Dearborn Street
La Salle St.
10 So.
366
CHICAGO
Investment
Madison
INC. 1918
Chicago
;
New York
Ave.,
Securities
1421 CHESTNUT STREET
Distributers
Underwriters
PHILADELPHIA
S ALE
1 SEC U R IT IE S
Howe, Snow,
B.
H.
Collins,
SCQ.|
President
Corrigan & Bertles
Marshall Field, Glore, Ward & Go.
Investment
GRAND
137 SOUTH LA SALLE
Bankers
Southern
ATLANTA
64 PEACHTREE.
STREET
CHICAGO
Securities
MICH.
RAPIDS,
H. MOUNT AGUE
49
Wall
VICKERS
NEW
JACKSONVILLE
ORLEANS
MEMPHIS
BIRMINGHAM
Street
RAILROAD, INDUSTRIAL,
Bonds
Guaranteed Stocks
FOREIGN
GOVERNMENT
AND
H.
T.
HOLTZ &
CO.
INVESTMENT
MUNICIPAL BONDS
HARPER
& TURNER
INVESTMENT
BONDS
STOCK EXCHANGE
BROAD
PHILADELPHIA.
SOUTH LA SALLE STREET
CHICAGO
Members
INVESTMENT
Parker & Co.
BUILDING
WALNUT STREET ABOVE
39
FOR
BANKERS
Philadelphia Stock Exchange
49
Wall Street,
New York
Formerly
Colgate, Parker & Co.
THE CHRONICLE
IT
jfinantial
financial
&
CO
15 State
CHASE & COMPANY
BONDS
WE OFFER
BOSTON
-
Light Enter¬
earnings.
SECURITIES
Street,
and
prises with records of established
Membero New York and Boston
Stock Exchanges
24 Broad Street,
Power
Electric
financial
FINANCE
WE
ESTABROOK
INVESTMENT
[T«u 112.
Bankers
NEW YORK
and
Investment
Proven Power and
Dealers
Light Securities
19
CONGRESS ST.,
BOSTON
Correspondence Solicited
PROVIDENCE
SPRINGFIELD
HARTFORD
ELECTRIC BOND & SHARE CO.
(Paid-Up Capital and Surplus $24,500,000)
SIMON
71 BROADWAY,
BORG & CO.,
NEW YORK
Arthur Lipper & Company
New Street and Exchange Place
t
Members of New
York Stock Exchange
No. 46 Cedar Street
-
MUNICIPAL
NEW YORK
RAILROAD
BONDS
New York
-
AND
SECURITIES
For Conservative Investment
BOUGHT
AND
SOLD ON COMMISSION
HIGH-GRADE
R. L.
INVESTMENT SECURITIES
35
Day & Co.
Members
Branch Offices
N. Y. Stock Exchange
N. Y. Cotton Exchange
Congress St., Boston
Waldorf-AstoriaHotel ,N .Y,
11 East 44th
St., N. Y.
N. Y. Coffee& Sugar Exch. Saratoga Springs, N. Y.
Philadelphia Stock Exch.
New York
■C,
Atlantic City, N.J.
Chicago Board
Correspondents
West End, N. J.
of Trade
PEMICK, HODGES & CO.
W. F. Ladd ft Co.
Long Beach, N. Y.
PARKINSON & BURR
Investment
Members of the New York and
Securities
Boston Stock Exchanges
53
State
BOSTON
Street
*
Wi»'am R.fimptonfo
New York
investment bonds
14 Wall
BONDS
ESTABLISHED
Street, New York
Cincinnati
St.. Louis
New
Chicago
Baker, Ayiing & Young
RAILROAD
BONDS
INDUSTRIAL
5 Nassau
St., N. Y.
BOSTON
Deal In
and
UTILITY BONDS
PAUL
PHILADELPHIA
H.
WATSON
INVESTMENT SECURITIES
Underlying Railroad Bonds
v
BONDS
PUBLIC
MEMBERS NEW YORK STOCK EXCHANGE
-
Orleans
1865
^V'
34 PINE STREET
NEW
YORK
Tax-exempt Guaranteed & Preferred
^
Railroad & Telegraph Co. Stocks*
STOCKS AND BONDS
bought
and sold for cash, or carried
conservative terms.
Inactive and unlisted securities.
on
Inquiries invited.
A BUSINESS
BROADWAY,
Letters of
EXECUTIVE
Members New York Stock
Exchange.
120
1852
'
Foreign
Exchange
Credit
NEW YORK
Travelers'
and
capable head for
one
Janucs Jalcott Juc.
FOUNDED
Investment Securities
FINCH & TARBELL
of your
can
be obtained
the
any
Departments
Financial
through
Checks
Correspondents Throughout the World.
Knautf) NariioH &Kuljne
Members New York Stock Exchange
Equitable Building
New York
Chronicle
FOUNDED 1854
Classified
(opposite
FACTORS
r
•;
*~a"
;
: -
.
•
.
'..
.
.V-;
Department
inside
back
Municipal, Railroad,
Public
cover).
Utility
and
; * /;•
Industrial Securities
Use and Consult
Main Office
?'25 4th Ave
-
Cable AddiTss
-
-
New York
Quomakel
It.
WATKINS 8s CO.
7 Wall Street
new yokk
,
15
Exchange St.
BOSTON
MAY 28
1921.]
THE CHRONICLE
Canadian
BANK OF MONTREAL
Canadian
Established
Goveriimeht and Municipal
dA!i»ITA L
Bonds
Thesd
bonds
offer
now
exceptional
they
OP
PAID
Jf pur-
yield
will
.....
on
550,150,812
Sir
Frederick
Williams-Taylor
General
request.
Assistant
New
Branches
F.
Incorporated
,
Agencies:
Throughout Canada and Newfoundland.
At
London, England, and at Mexico City.
v
14 WALL
STREET, NEW YORK
^•ronto, Winnipeg, Montreal, London, Eng.
In
Paris,
Bank
of
Montreal
(France).
In the United
States—New York,
Spokane,
San
B.
J.
Chicago,
Francisco—British American
by the Bank of
Indies,
British
I
1 Agent*
STEPHENSON,}
at
all points.
Travelers' Cheques and Letters of
Credit issued
available in all parts of the
world.
Banking and Exchange business
description transacted with Canada.
LONDON
West
The
Bank
of
The
Bank
of
,
Guiana
and
every
BANKERS IN GREAT BRITAIN
Colonial
Bank
(in
which
an
interest is owned
by the Bank of Montreal).
Africa—The
of
OFFICE—2 Lombard Street, E, O
Bank (owned and
controlled
Montreal).
Exchange Place
FRANCIS,
FOSTER,
L.
Buy and Sell Sterling and
Continental
Exchange and Cable Transfers.
Collections
Manager.
and
General Manager, H.
V, F. Jones.
York Office, 16
C.
C.
made
Wood* Gundy&Go.
$18,006,004
SU.0W.M,
KESERVE
President, Sir Edmund Walker,
G.V.O., LL.D., D.O.T
General Manager, Sir Jobs
Alrd.
Head Office—MONTREAL
-
C-21
1,251,850
-
HEAD OFFICE.
TORONTO
PAID UP CAPITAL
MEREDITH, B.rt., Pre.ld.nt,
SIR CHARLES
GORDON* G.B.E., Vice-Prea.
United States funds
Particulars
$22,000,000
-
SIR VINCENT
6.50% to 8%
CANADIAN BANK
OF COMMERCE
22,000,000
TOTAL ASSETS
from
THE
Years
UNDIVIDED" PROFITS
oppor-
Prlhoipal and Interest payable In
full
100
Rett
tunltles for sound investment.
abased
over
Lloyd's
England,
Scotland,
Bank,
Limited.
THE
*A'&'.Aitics&
United Financial Corporation
Gstablished. M9
A
M&abcrtloconto Stock
SnchemQ*
$ Corpottdioa
pLVtoadway
iToronto
INVESTMENT BANKERS
VicfcoriaUe.
Montreal
London
Toronto
Chicago
Affiliated with
Guaranty Trust Co.
of
New
York.
.
Office--—-Montreal
SIR HERBERT S.
HOLT, President
E. L: PEASE, Vice-Pres. &
Man. Director
O. E.
TMMo
Montreal
1869
—$19,000,000
19,000,000
.550,000,000
Reserve Funds
Total Assets
Securities
I
Established
Capital Paid Up
Limited
<3<an<adi<an
(Sovuumumt,Municipal
ROYAL BANK OF CANADA
730
NEILL, General Manager
Branches
throughout CANADA and NEW¬
FOUNDLAND,
in
CUBA,
PORTO
RICO,
DOMINICAN
REPUBLIC, HAITI,
COSTA
RICA, COLOMBIA and
VENEZUELA, BRIT¬
ISH and FRENCH WEST
INDIES, BRITISH
HONDURAS and BRITISH GUIANA.
ARGENTINA—-Buenos
Aires.
BRAZIL—Rio de Janeiro, Santos, Sao
Paulo
URUGUAY—Montevideo.
SPAIN—Barcelona.
'
•
LONDON
R.
A.
Daly
&
Co.
OFFICE—Princes Street, E. C.
NEW YORK AGENCY—68
William St.
F. T. Walker, J. A.
Beatson, E. B. Mclnerny
and
J. D. Leavitt,
Agents.
AUXILIARY: The Royal Bank
Canada (France), PARIS, 28
Rue de
FRENCH
CANADIAN
Quatre-Septembre.
[GOVERNMENT, MUNICIPAL
AND CORPORATION BONDS
IT St. John Street
Building
TORONTO, ONT.
1
Montreal
Canadian
Government,
Provin¬
cial, Municipal and Corporation
Bank of Toronto
Bonds
Bought—Sold—Quoted
STOCK AND BOND BROKERS
GREENSHIELDS & CO.
The Dominion Bank
Members Montreal Stock
Exchange.
Dealers
in
Canadian
Bond
HEAD OFFICE, TORONTO
Paid Up Capital. .i...-.i......-w.
CANADIAN
7,600,000
Total Aseets........
Sir Edmund Osier,
H0IISSERW)0D^G>MeUtf
INVESTMENT
CANADIAN
INVESTMENT SECURITIES
General Manager
Offerings
New York Agency, 51 Broadway
O. S. Howard, Agent
CANADA
London Branch, 73 Cornhill
S. L. Jones, Manager
Specialize In
TRAVELERS'
HENRY NIGHTINGALE & CO.
Securities
7118
AND
LETTERS
MUNICIPAL BONDS
Canadian, Mexican and Foreign Government
Dominion Bank
Building
TORONTO, CANADA
OF
COMMERCIAL
CREDIT
HERDMAN & COMPANY
Iembers
j
Montreal Stock Exchange
R. C. Matthews & Co.
H.
&
Brokers
BROADWAY
Dominion
Adrian
Request
McDonagh, Somers & Co,
Bankers
42
on
Correspondence Invited
CANADIAN
AND
FOREIGN
EXCHANGE
BOUGHT AND SOLD
(Small Denominations)
Broad
Clarence A. Bogert,'
President
New York City Bonds
Phone
—.......140,000,000
BANKER*
TORONTO
We
Issues.
Streot, Montreal
$4,000,000
Reserve Funds & Undivided Profits
SECURITIES
17 St, John
Muller &. Son
Express Building
MONTREAL
CANADIANSBONDS
AUCTIONEERS
OFFICE
No.
55
Corner
WILLIAM
Pine
CANADIAN
STREET
Street
C.
P.
R.
Bldg.
TORONTO
BONDS
Regular Weekly Sales
..A;y-J,;.
OF
Stocks
and
Nesbitt, Thomson & Co.
Limited.
Bonds
EVERY WEDNESDAY
Municipal, Public Utility &
Industrial
A*
the
Y
Canadian
bonds
Aimiiius Jarvis & Co
INVESTMENT BANKERS
Exchange Salee Room
14-14
Veeey Street
122 St. James
Hamilton
St., MONTREAL
Toronto
London, Ont.
Established
JARVIS
BLDG.
1891
TORONTO
CK»
ef
[VOL. 112.
CHRONICLE
THE
VI
Jfotrijjn
New Zealand
and
Australia
NEW SOUTH
CHAIRMANi
$24,638,600
16,780,000
f«ld-Up Capital
Reserve
Fund
VaMrva
Liability
BANK LIMITED
MIDLAND
WALES
X(ESTABLISHED 1817.)
24,668,500
of Proprietors
$66,061,000
JOHN
DIRECTORS:
IOINT MANAGING
Subscribed Capital
Genera! Manager.
-£38,116,050
•
10,859,800
-
"and AGENCIES in the
187
BRANCHES
kostrallan States, New
Zealand. Fiji. Papua
Guinea) and London.
The Bank transacts
description of Australian Banking Business.
New
tvery
Wool and othe«*
Produce Credits
SYDNEY
Fund-
Reserve
OFFICES
1,500
OVER
1880
■■■■■■'
£7,500,000
taserve Fund.
£8,180,000
Reserve Liability of Proprietors...£8,000,000
Total Issued Capital & Reserves. £10,180,000
The Bank has 42 Branches in VICTORIA, 39 in
IHBW SOUTH WALES, 19 in QUEEN8LAND,
18 In SOtJTH AUSTRALIA. 21 in WESTERN
AUSTRALIA. 3 in TASMANIA and 44 in NEW
Seed Office: T1 CORNHILL, LONDON, E. C.
OVER 110
Manager—W. A. Laing
Profits
Undivided
THE
in
Branches
Commercial Banking Company
of Sydney
China
India
of Proprietors—
demand, and Letters
on
of
.
Blrchln
Australasia
cabled.
New South Wales
Sydney,
Office,
London
t|.
Paid up
Limited
Ionian Bank,
Capital (Hongkong
H$15,000,001
Currency)
JAPAN, PHILIPPINES,
TLEMENTS, INDIA.
J. A. JEFFREY, Agent. 36 Wall
CHINA,
India,
at
Capital
Fund
Bank conducts every
Paid-Up
Reserve
The
and
London, E. t
Burma. Ceylon. Kenyr
and Zanzibar.
Aden
...£4,000,000
£8,000,000
—£2,800.000
dt>scrlption of banking
Capital..
Subscribed
Fund In Silver
Uganda
26, Bishopsgate,
and
Colony
Umltii
Government In British East
Africa and
in
Branches
(Hongkong Curr.)H$23,000,00('
Reserve Fund In Gold Sterling
£1,500,(MX
GRANT DRAFTS. ISSUE LETTERS OF CREDIT
NEGOTIATE OR COLLECT BILLS PAYABLE HI
Reserve
the
Head Office:
CORPORATION
BANKING
E. O.
Street,
& Shanghai
Hong Kong
Office:
Lombard
Lane,
Bankers to
Branch on the
of the Bank
Credit are Issued by the London
Head Office.
Branches and Agencies
in Australia and elsewhere.
Bills on
Mgotlated or collected.
Remittances
Osad
NATIONAL BANK 8F INDIA
£2,000,000
1,040,000
8,000,000
£6,040,000
payable
,
.
Philippines
Fund
Drafts
Settli-
MauritJu
Stree
Spain
Java
Capital..*.....
Seeerve Liability
New
8outh Wale*.
Incorporated in New
Reserve
Branches
ments,
Santo Domingo
Japan
LIMITED
EtiabHthed 1834.
Paid-Up
Panama
.£l,5M,Wi
£75t,66l
£700,991
£785,791
Fund and Undivided Profits
in India, Burma, Ceylon, Straits
Federated Malay States, China and
York Agency, R. A. Edlundh. 64 Wall
Reserve
San Francisco
Straits Settlements
Lyons
London
London
Authorized and Subscribed
Capital Paid Up...
Reserve Liability of Shareholders
Capital
$4,000,000
...
Gracechurch Street,
15
$10,000,000
Surplus
Bank of India Lttf
Head Office
YORK CITY.
STREET, NEW
80 WALL
Capital and
"
BANKS:
The Mercantile
Corporation
International Banking
LONDON, E.C.2.
THEOVER 160 OFFICES IN SCOTLANDLTD.
CLYDESDALE BANK
IRELAND
OFFICES IN
EC2.
WALES
"Berengaria " " Mauretania
BANKING CO. LTD.
BELFAST
Essame.
Manager—W. J.
Assistant
BROAD STREET,
& 66, OLD
AFFILIATED
$2,600,00dl
To
£2,680,000/gether
Capital
Paid-Up
ENGLAND AND
IN
"Aqultania"
Atlantic Offices :
STREET, LONDON,
THREADNEEDLE
5,
OFFICE:
HEAD
OVERSEAS BRANCH: 65
Established 1887
Incorporated
Capital—
Authorized and issued.-,
371,841,968
Deposits (Dec. 3Ut, 1920)
arranged,
AUSTRALIA Limited
BANK OF
CHE UNION
10,859,800
•
-
-
89, THREADNEEDLE
STREET, E. C. 1
fSEORGE STREET
-
-
-
London Office
Head Office
Capital
Paid-up
WOOLLEY
E. W.
HYDE
F.
MURRAY
B.
S.
80th Saptr. 1920 $862,858,970
RUSSELL FRENCH, K.B.E,
McKENNA
Right Hon. R.
The
aagregate Assets
Sir.
AND
LONDON JOINT CITY
BANK OF
exchange business.
STRAITS SET
St.. New York
Royal Charter.
Offers every banking facility for transaction
rltb Greece, where it has been established for
Incorporated by
18
years,
Country.
Also at
Masd
and
throughout the
Branches
has
Alexandria. Cairo, Ac.,
Office: Basildon House,
Moorgate
Street,
LONDON,
n
Egypt.
E.
Co.
London, Limited
The Union Discount
C. 8.
of
CORNHILL
89
Eigllsh Scottish and
Australian Bank, Ltd.
St.,
Address:
B Gracechurch
Head Office: London,
E. C.
E. C. 8
£3,000,000 0 •
585,000 0 0
1,078,875 0 0
Paid-Up Capital
539,437 10 0
Further Liability of Proprietors
539,437 10 0
Remittances made by Telegraphic Transfer.
Bills Negotiated or forwarded for Collection.
Banking and Exchange business of every de¬
scription transacted witn Australia.
E. M. JAN ION. Manager.
Authorized
Capital
Reserve
Fund
Subscribed Capital
Telegraphic Address.
Capital Authorized
Branches
Cdisco: London.
Subscribed_$10,000,000
8,000,000
8,000,000
Fund.
STERLING.
$5=£1
HEREBY GIVEN that the
RATES
OF INTEREST allowed for money
on deposit are as follows:
IS
NOTICE
At
Days' Notice, 4 M
At 8 to T
Company
Oppenheimer
Per Cent.
spain
argentina
chile
mexico
time to time, and
negotiable securities.
NUGENT, Manager.
Affiliations
receives money on
de¬
posit at rates advertised from
grants loans on approved
CHRISTOPHER R.
france
approved bank and
discounts
mercantile acceptances,
england
peru
uruguay
Call, 4M PerCent.
The
Lincoln Menny
&
Capital Paid Up
Reserve
Remitting Money
Abroad
brazil
BANKERS
FRANKFORT-o-M.,
Cable Address
"Openhym"
EXCHANGE
FOREIGN
NATIONAL BANK
of SOUTH
Over 500
AFRICA, Ltd.
Subscribed
Address—Natdis London.
Capital..
Paid Up
Raaerve
Fund.
Branches in Africa
——
($5=£1
NOTICE is hereby
Paid Up
Capital and Reserves
exceed
INTEREST allowed
as
Per annum
merce
its superior
of trade and com¬
country and Africa.
banks and bankers
for the extension
between
NeWj York
this
Agency
-
-
44 Beaver St.
given that
from
OF
Deposit are
received on
deposit at rates
discounted.
advertised
periods upon
Loans granted on ap¬
and for fixed
specially agreed terms.
proved negotiates securities.
PHILIP
Holland,
Switzerland, Germany, eto.
Telephone Whitehall
700
HAROLD
Anglo-South American
'Bank, limited
at call.
time to time;
Italy,
the RATE8
for money on
% »t 7
Money
Correspondents in Belgium,
STERLING.)
and 14 days notice.
Approved Bank A Mercantile Bills
4X
facilities
$81,180,088
4,888,828
8,800,060
follows:
$21,000,000
Offers to American
-
Capital
salvador
venezuela
nicaragua
LONDON, E. C.
CORNHILL
Cable
san
Limited
Company,
88
The
Discount
National
The
SECURITIES
INVESTMENT
COLOMBIA
ecuador
guatemala
GERMANY
WADE,
Manages
New York Agency,
49 Broadway
MAY 28
1921.]
THE
CHRONICLE
foreign
TO
yortign
foreign
Agency
NATIONAL BANK
TBanquelndustrielle
Pine
27
St
Plna
de Chine "
;
New
Yark
Naw
draw
York
Banque Nationale de Credit
Capital
Banks
dlract
drafts
Hons Kong,
on
frs.
500,000,000
Surplus
frs.
92,000,000
Deposits
Parmlt
to
frs.2,420,000,000
Shanghai,
Head
Yokohama
and
20
Eurapa
branches
tha
In
4
Poraiga Exchange
Branches
in
the
£2,000,000:
AND
7
AGENCY
KING
WILLIAM
ST-.
LONDON, E. C., 4, ENGLAND
France
Provinces
Letters of Credit
Cable
Lbw
£3,000,000
Fund
LONDON
Rhenish
Egyptian
Reserve
6
330 Branches in
under
Capital, fully paid
,
®
East.
Far
Established
June, 1898, with the exclusive rlgbt t#
Issue Notes payable at
eight to beam.
Office
PARIS
othar
and
EGYPT
of
Head Office—Cairo.
St
T
THE
NATIONAL PROVINCIAL ANIL
Transfers
GENERAL
BANKING
BUSINESS
Mtscrited Capital: Fit 150,000,861
UNION BANK OF ENGLAND!
Limited
BANCA
COMMERCIALE
CAPITAL
LIT.
SURPLUS
SUBSCRIBED CAPITAL
PAID UP
400,000,000
LIT.
DEPOSITS
($5=£1.)
ITALIANA
SWITZERLAND
156,000,000
BONDS
Condon
Office, 1 Old Broad Street, E. C. 8
Constantinople
80 branches in Italy, at all the
prin¬
cipal points in the Kingdom
AFFILIATED
ITALIANA
—Paris, Marseilles end branches
COMMERCIALE ITALIANA E BULGARA
—Sophia and branches
A
ITALIENNE
$44,390,205
DU SUD—Paris,
Buenos
Sao Paulo, Rio de Janeiro and branchas
DELLA
SVIZZERA
Aires,
BANKVEREENIGING
BASLE
1
ZURICH
Rotterdam
GENEVA
Branches all
over
CAPITAL AND
SURPLUS
CIALE—Vienna, Trieste and branches
CHILE—Santiago,
Val¬
Hague
Switzerland and in London
branches
DE
Anatsrdka
The
BANCO ITAL1ANO—Lima end branches
■OCIETA
ITALIANA
DI
CREDITO
COMMER¬
FRANCES
England
ROTTERDAMSCHE
ITALIANA—Lugano
paraiso.
Office:
Offices'in
numerous
POUR
L'AMERIQUE
BANCO
.
and Wales
SWISS BANK CORPORATION
BANCA COMMERCIALE ITALIANA E ROMENA—
Dues rest and branches
BANCA UNGARO-ITALIANA—Budapest
FRANCAISE
with
Apply to
(France)
BANCA
and
$46,547,080
.
.
.
15, Bishopsgate, London, England,
Investment
for
INSTITUTIONS
COMMERCIALE
BANCA
.
Head
Government, State and Municipal
Office, Milan, Italy
New York Agency, 165 Broadway
BANQUE
FUND
$217,235,400
.
LIT.4,871,970,668
Head
BANCA
CAPITAL
RESERVE
COLLECTIONS
SOCIETE GENERALE ALSACIENNE
BANCO FRANCES E ITALIANO DE COLOMBIA—
LETTERS OF CREDIT
DE BANQUE
Bogota
F.110,000,00ft
FOREIGN
EXCHANGE
Fondee in 1881
Siege social.
PRAGUE CREDIT BANK
Head
Office:
Prague,
PURCHASE AND SALE OF
STOCKS AND SHARES
Strasbourg
4, Rue Joseph Massol
Czechoslovakia.
Capital.
100
COMMERCIAL BANK OF
millions de francs entlerement
Branches throughout Czechoslovakia.
SCOTLAND, Ud
Established 1810
verses
Subscribed
Capital
,
.
.
.
£5,509,090
•
Established
In
1870.
36 Agences notamment
Paid-up Capital
a
Reserve
Capital and Reserves
MULHOUSE
CzK 189,000,000
METZ
COLOGNE
MAYENCE
FRANCFORT
Head
•rganlzed 1850.
New York Agents
American Exchange Natloaa' Bans'
BANK OF JU60SLAVIA, Ltd.
YORK.
HEAD
Non-Participating Policies only.
York
Agency
urn
LEO
MUNN, M. D., PRESIDENT
territory
producers,
open
under
for
direct
high
class
contracts
SORGER,
80 81 Damrak
1
AMSTERDAM
Oable Address:
CVETNIC,
Sub-Agent
ROTTERDAM
persona
with
the
Address Home Office. 377 Broadway
New York City
Achilles-Amsterdam
N.
Sub-Agent
Company.
THE
Established
Subscribed Capital-_J.K.200,000,000
Reserve
Broadway,
HAGIPft
1871
BANKERS AND STOCKBROKERS
50,000,000
—
FOREIGN
25
—hiwer
ArnoldGilissen&Co.
OFFICE, ZAGREB
New
Agent
Good
'
"
LOTHAR BERKS,
P.
Magnus Irvine, Sesretavy
Glasgow Office, 113 Buchanan Street
Orer Forty-Five Million Dollars Paid to
Policy¬
holders.
JOHN
George Street, Edinburgh
233 Branches and Sub Offices throughout
BootlandL
Insurance Co.
NEW
1,000,059
41,000,009
London Office, 62 Lombard Street
The United States Life
OF
14
.
.
Alex. Robb, Gen'l Manager
SARREBRUCK
THE CITY
Office,
1,700,008
....
.....
Deposits (Nov. 1920)
I.UDW1GSHAFEN
IN
Fund
EXCHANGE
New York
Cable Address "Jugobank'
LOCATE CAPABLE MEN
K0NI6
BROTHERS
&
CO.
IN Pwl Stmt, NEW YORK
fill vacancies
to
in
your
organization through the
Classified Department of
the
BANQUE GUYERZELLER
Commercial
ana
*
Travellers*
»
SOCIETE ANONYME
-
Letters of Credit
ZURICH
on
FINANCIAL CHRONICLE
Our
Classified Department faces the
Inside back
Established 1894
K0NIG
BROTHERS, LONDON
Paid up Capital Frs. 6,000,000
and
Every description of banking business
NEDERLANDSCHE JUNDEL-MAATSOtflFF
transacted.
ROTTERDAM
cover.
'
'
[Vol* 112.
THE CHRONICLE
tiii
$anfeer« anb Profetr* ©utafoe iJeto JJerk
chicago
chicago
MILWAUKEE
JAMES
A CO.
EDGAR, RICKER
D.
Lacey Timber Co.
East Water and Mason Strsaks
BONDS
TIMBER
MILWAUKEE, WIS.
based
always
upon
verification
underlying assets
expert
Speciad lxing
©ffSCONSIN CORPORATION ISSUES
A. G. Becker & Co.
of
,
822 SOUTH MICHIGAN AVE., CHICAGO
COMMERCIAL PAPER
INVESTMENT SECURITIES
& STITT
SCOTT
Financing of Milwaukee
1ST South La Salle Street
CHICAGO
and Wisconsin Industries.
W.
St.
Monroe
1
CHICAGO
SEATTLE
LOS ANGELES
FRANCISCO
SAN
111
ST. LOUIS
YORK
NEW
Investment Securities
BONDS
INVESTMENT
Bought and Sold.
CHRISTIAN & PARSONS CO.
first Wisconsin Company
Investment
Securities
WISCONSIN
MILWAUKEE
Commercial
Greeneftaum Sons
BankMlnsCon®#
Southeast Corner La Salle
Collateral
Paper
Loans
Investment Securities
ZN S. U Sab SI
Chicago, UL
and Madison Sts
GENERAL BANKING
$2,000,000
Capital and Surplus,
Second Ward Securities Co.
108
So.
state
Circular C 26.
Oldest Banking House in
A State Bank
Chicago.
bank
££a£/a/Je fffi.
HA
^Atecupo, jftf.
Exchange and
Foreign
Securities a Specialty.
Foreign
St.
La Sail*
Bend Department
Individuals
and
Trustees
Estates,
for
Write for Bond
MILWAUKEE
'
Suitable
Saving* Bank BIdg
Ward
Seeond
'no..
FIRST MORTGAGE BONDS
6% CHICAGO
CHICAGO
MUNICIPAL BONDS
First
Specialists In
Mortgage
Corporation Bonda
Wisconsin Municipals
Industrial
High Grade Investments
cincinnati
Term
Short
and
Note
Issues
Hyney, Emerson & Co.
M South
La Salle
CHICAQO
St.
CHANNER A SAWYER
INVESTMENT SECURITIES
Union
A. O.
Slaughter & Co.
Members
OHIO
Ohio Securities—Municipal Bonds
New York Stocks and Bonds
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
Maiheny, Dixon, Cole & Co.
SPRINGFIELD,
BIdg..
Trust
CINCINNATI.
springfield, ill
WEST MONROE STREET
110
ILLINOIS.
DEALERS
CHICAGO, ILL.
IN
INVESTMENT SECURITIES
Dealers in
Bonds
and
Corporation
Illinois
and
Farm
Powell, Garard & Co.
IRWIN, BALLMAN A CO.
INVESTMENT SECURITIES
Municipal
888-880-882 Walnut St.
Mortgages
CINCINNATI, OHIO
39
South
La
Salle
Chicago
buffalo
SRAMWlwwv->r rWWi.n.r y
- l
St. Louis
Philadelphia
JOHN
Street
T. STEELE
bonds
EDGAR
FRI EDLAN DEjR
BUFFALO, N. Y.
Cincinnati
Government,
and
Munleipa
Corparatiufl
SPECIALISTS
t C8MPINT
SI1PKEII
Bonds
IN
DEALER
Securities
OHIO
CINCINNATI
Formerly
8HAPKER,
IN
184
Gteftalo and Western New York Securities
SOUTH
WALLER & CO.
LA
SALLE
STREET
toledo
CHICAGO
TUCKER,ROBISON&CO.
IRVING
T.
LESSER
STOCKS AND BONDS
ml
Elllcott Square
BUFFALO. N.
Successors
John Burnham & Co.
Bankers—Established 1876
Investment Securities
Y.
Municipal, Railroad and Corporation Bonds
Salle
La
and
Chicago
Monroe
Toledo
Gardner
Over
OAq/ Of the Banks in
OU/0 New York City use
SAFETY
NATIONAL
PAPER
FOR THEIR CHECKS
F.
Broadway
f
New Yetk
Securities
TOLEDO, OHIO
Preparation of
Graves, Blanchet & Thornburgh
County, Municipal and Corporation
Bonds, Warrants and Securities and
Rooms
U
and Ohio
Building,
WM. KRAFT, Lawyer
Specializing in Examination &
Proceedings Authorizing Same.
George La Monte & Son
to
David Robison Jr. A Sons
517-620, 111 W. Monroe
Harris Trust Building
CHICAGO,
ILLINOIS
St..
MUNICIPAL BONDS
GARDNER BUILDING
TOLEDO
OHIO
mat 28 1921.]
THE
CHRONICLE
IX
JBanfetrs attb JSrobers ©utsfbe Jfleto
gorfe
PITTSBURGH
MICHIGAN
GORDON
A. J. Hood A
INVESTMENT BANKERS
Bank Building,
Phone
MICHIGAN
PITTSBURGH, PA.
Court
Members of Detroit Stock
Exchange
Company
(Established 20
timbers Pittsburgh Stock Exchange
Union
MICHIGAN
COMPANY
A
Charles A. Pa reel Is A Co.
Years)
SECURITIES
INVESTMENT
BOUGHT—SOLD—QUOTED
SECURITIES
3264-6
Specialize in Michigan Stocks and Bonds
PENOBSCOT BUILDING
'
PENOBSCOT
BUILDING, DETROIT, MICH
DETROIT
LYON, SINGER A CO.
Members Detroit Stock
Exchange
INVESTMENT BANKERS
CMMnw.«lth BM(..
PITTSBURGH
Securities of Pittsburgh District
Richard Brand
HUGHES, GORDON, BRASIE & CO.
Company
Specializing Detroit Securities
High Grade Bonds
Pennsylvania Municipal Bonds
DIME BANK BLDG.
We
invite
DETROIT
inquiries
your
1721-3 Dime Bank
Bldg., Detroit
Geo. W. Eberhardt A Co.
OLIVER BUILDING,
PITTSBURGH
PROVIDENCE
Stocks, Bonds, Grain
and
Members New York Stock
Members
WHITTLESEY, McLEAN & CO.
Provisions
BODELL & CO.
Exchange
Pittsburgh Stock Exchange
Chieago
Board of Trade
Members
10
Municipal Bonds Corporation Bond*
'
Preferred
Active Members of Detroit Stock
Exchange.
PROVIDENCE
A.
E.
MASTEN A CO.
Established
Stocks
WEYBOSSET STREET
2054-56-58 Penobscot
Bldg.,
New
1891
York
DETROIT
t Boston
New York Stock Exchange
Boston Stock Exchange
Members
Pittsburgh Stock Exchange
Chicago Stock Exchange
NEWARK,
N.
FENTON, DAVIS & BOYLE
J.
Chicago Board of Trade
New York Cotton
S23 Fourth
Ave.,
Exchange
INVESTMENT SECURITIES
Wheeling, W. Va.
List
upon
FIREMEN'S
Chicago
INSURANCE
Grand Rapid*
,
& CO.
BUILDING
KEANE, HIGBIE & CO*
NEWARK, N. J.
BONDS
Detroit
Bankers
request
W. Carson Dick & Company F.M. CHADBOURNE
INVESTMENT
Investment
CONSERVATIVE
Pittsburgh, Pa
'
Branch Office—
MUNICIPAL
BONDS
890-195 UNION ARCADE BUILDING
67
TEXAS
GRISWOLD ST.
DETROH
PITTSBURGH, PA.
J. E.JARRATT& COMPANY
Investment
Fletcher American Company
KAY & CO.
INVESTMENT
Municipal Bonds
INDIANAPOLIS
■'•••
.
.
•'
BANKER
'••••
•••••
Members
$1,500,000
-
'•
Penobscot Bldg.
Sai* Antonio, Texas
Capital
Inc.,
Bankers
:
■
•
.
INDIANAPOLIS
DETROIT, MICH
Detroit
Stock
Exchange
Specializing in Indiana and Indianap¬
olis
DUNN & CARR
Corporation and Municipal bonds
GEORGE M. WEST & COMPANY
and stocks.
Established
1893
Investment Securities
INVESTMENT
BREED, ELLIOTT & HARRISON
INDIANAPOLIS
Cincinnati
Detroit
Union
HOUSTON
Chicago
Nat. Bank
BANKERS
Bldg.
TEXAS
....
UNION TRUST
Milwaukee
BLDG.
DETROIT,
Members Detroit Stock Exchange
Investment Securities
MACON
Municipal Bonds
Corporation Securities W. M. DAVIS &
Indiana
Southern
NEWTON
COMPANY
W. A.
Municipal Bonds
HAMLIN A CO
Members
Detroit
'
1
•
Corporation
415 Lemcke
Bonds
and
Stocka
MACON
Bldg.
Exchange
Motor Stocks, Public Utilities & Oils
Guaranteed Stocks
Local Securities and
Indiana
Stock
AND
TODD
GEORGIA
1010 Penobscot
Bldg.,
'
\
DETROIT, MICK
INDIANAPOLIS
1
=?
BALTIMORE
Joel Stockard
R. Lancaster Williams & Co., Inc.
ALWAYS
INVESTMENT SECURITIES
Members Detroit Stock
refer to the Financial Chron¬
MARYLAND
icle
Scott
&,
INVESTMENT
Stock
Stump
Ine
Municipal, Government &
Corporation Bonds
Equitable Building
BALTIMORE
& Co.,
INVESTMENT BANKERS
Trading
when you
bonds
SECURITIES
or
Penobscot Bldg.,
-
Exchange
DETROIT
•
Cherry 2888
Department
wish to buy
unlisted
or
or
sell
inactive
Harris Small & Lawson
stocks.
Exchange Building
PHILADELPHIA
Locust 6480. 6481. 6482. 64SS
Keystone:
Baoe 2797
INVESTMENT
160
SECURITIES
CONGRESS
ST.,
DETROIT
W.
J&tahtti©utsibe jBteto gotfc
JBanfettS anb
Howard Throckmorton
HALL & COMPANY
Pacific Coast Securities
INVESTMENT BONDS
BONDS
CALIFORNIA SECURITIES
of
'Government
Bonds
PORTLAND, ORE.
COAST
PACIFIC
COAST
PACIFIC
[Yost.. 112.
CHRONICLE
THE
X
MUNICIPALITIES AND
Local and
CORPORATIONS
Municipal
.Corporation
Pacific Coast Securities
PORTLAND. ORKSOS
LEWIS BUILDING
having substantial assets
and earning
power.
San Francisco
MINNEAPOLIS
Alaska Commercial Bull din
WILLIAM R. STAATS CO.
LOS
SAN
and
Quotations
ANGELES
PASADENA
FRANCISCO
Information Furnished on
ESTABLISHED
Securities
Paclflo Coast
lOlO
"MUNICIPAL RAILROAD
s
CORPORATION BONDS
Established 1853
COMMERCIAL PAPER-/
SUTRO& CO.
ffUNTER,DuCj(N&CO.
INVESTMENT BROKERS
_
SX.RAUL
MINNEAPOLIS
Members
San Francisco
San Francisco
<19 Montgomery St.
Stock
DENVER
and Bond Exchange
government
municipal and
Municipal and
dhmhc
D\JiyLJu
corporation
CLEVELAND
Corporation Bonds
Specialty
a
investment bankers
TheGundling-Jones Company
HANNA
denver
San Francisco
Angeles
Diego
San
Pasadena
"
AUGUSTA
Oakland
CLEVELAND
BUILDING,
Bank Bldg.
Sscond Floor U. 8. National
Los
stocks—bonds—notes
COMPANY
H. WADE
WILL
Issues
California
JOHN W. DICKEY
Augusta, Ga.
We specialize in California
Municipal & Corporation
OTIS & COMPANY
Southern Securities
BONDS
Bonds
Acceptances
Stocks
Cotton
York
Chicago Board
Exchange and the
of Trade.
tSTAUUSHEO tOia
Chicago
Members of New York, Boston, Cleveland,
and Detroit Stock Exchanges, the New
Van Nuys
cleveland
LOS
Established
THOMAsI
DRAKE, RILEY A
Building
ANGELES
WM. E. BUSH & CO.
Cincinnati
Columbus
Boston
Toledo
Detroit
Akron
Dayton
Denver
1889.
Colorado Springs
New York
Youngstown
Acceptances
Bonds
Stocks
Augusta, Ga.
NOTES
LOS
Title Insurance Building,
American
COTTON MILL STOCKS
MUNICIPALS
CALIFORNIA
SHORT TERM
SOUTHERN SECURITIES
R. H. M0ULT0N & COMPANY
ANGELES'
SPANTANOUBtt,
San Francisco
Nat'l Bank Bldg.,
S.
C.
RITTER COMMERCIAL TRUST
Unincorporated
BUFFALO
Niagara Life Bldg.
CLEVELAND
<9 0 Euclid Are.
A. M. LAW & CO.,
CHAPMAN DE WOLFE CO.
891-358
SAN
Montgomery
FlGlI«ctscO,
DEALERS
Stooka
Street,
CALIF.
Southern Textiles
THE
Stocks and Bonds
KlIPFEL-WASHBURN - BERKLEY
CO.
INVESTMENT SECURITIES
and
Information
Quotations
on
and
all Pacific
Inc.
IN
Bonds
a
Specialty
SPARTANBURG, S.
C.
Coast Securities
Members San Francisco Stock &
Bond Exchange *
CHATTANOOGA
Ind Floor National City Bldg.
CLEVELAND, O.
Warren
Dayton
^NORFOLK, VA
Bucyrua
LEWIS BURKE & CO.
MOTTU & CO.
Lbted
Unlisted
-
Inactive
•
LOCAL AND SOUTHERN
Established 1892
Stocks & Bonds
SECURITIES
Investment Bankers
I
1
James Building
CHATTANOOGA
NORFOLK, VA.
ALBERT
u a
FOYER
Correspondents: E. & C. Randolph, New
York
CLEVELAND, O.
jder Newa Bldg.
MONTGOMERY
HUNTER GLOVER & CO.
\
Investment Securities
SOUTHERN
CLEVELAND
ERIE BUILDING,
Strassburger
INVESTMENT
Montgomery,
SECURITIES
Ala.
Ashtabula
Philadelphia
Cincinnati
B. W.
"
_
BOSTON
ALABAMA
New
MARX
&
COMPANY
England
Industrial Securities
BANKERS
BIRMINGHAM,
.
.
.
and
capable head for
of your
of the
FINANCIAL CHRONICLE.
Yielding 6%% to 8%
ALA.
the
Our
Municipal and
Corporation
Bonds
J
95
MURRAY WALKER
Devonshire Street
small
ad in the Classified Department
inside beek ce.er.
Southern
any one
Departments can be
obtained by inserting; a
Springfield
New York
A BUSINESS EXECUTIVE
MAT 28
1921.]
THE CHRONICLE
XI
$anfetr« ant) jBrofeew ©utsibt JHeto
ftort
Philadelphia
8% Gold Notes
Shaffer Oil &
THAYER, BAKER & CO.
Refining Company
416 CHESTNUT
ST.
than
times
ten
0
.a
:
Vi
INVESTMENTS
interest
Deal
in
territories
of
Trust
Bldg.v
PHILADELPHIA
Producing properties located in
oil
and
Okla¬
ST
YOB*
Purchase
Issues
Commercial
PINE
NEW
Investment Securities
requirements.
richest
II
PHILADELPHIA
Maturing serially in one, two
and three years—yielding
9%,
8.85% and 8.70% respectively.
Earnings applicable to this issue
more
Graham. Parsons &
V
of
MUNICIPAL BONDS,
;
BONDS, NOTES AND PREFERRED STOC
fte
of
homa, Kansas, " Texas, Louis¬
iana, Arkansas, New Mexico and
NtW
RAILROADS,
ORLEANS
INDUSTRIAL
Montana.
UTILITIES
ANIS
"
;i
•.
CORPORATIONS
of
Ask
for
Circular CC-34
ESTABLISHED
v;v-'V;
H. M.
Byllesby & Co.
Southern
Municipals
VALUE.
V
•>
Cable Address
I"
*.
v-.-
"Grace," Philadelphia
Incorporated
New York
111
Chicago
Broadway
208 S. LaSalle St.
Providence
10
Short Term Notes
Boston
Weybosset St.
14 State Street
Boles&Westwood
Preferred Stocks
Members Philadelphia Stock
Exchange
Commercial Paper
Investment
Bankers
Acceptances
Securities.
Empire Tube & Steel Corp.
Circular
on
Request
25
&
New
Phone:
Broad
Company
New Orleans
York. N. Y.
7412
rmuDHcraffi
■
(Incorporated)
Thurmond
Broad St.
•nem
Telephene Lecust 4731
Hibernia
Securities
Jones
T»e
im
New York Office
£M£UmU
BANKERS
Direct Private
44 Pine Street
Wire
Service
J2s Chestnut
1
St., Philadelphia
Established
1837
ST. LOUIS
Lorenzo E. Anderson & Company
>10
Municipal
Members
N. 8th
and
St..
St.
Edward E. Hall & Co.
(Established
Louis
Corporation
Bonds
Stock
1806)
BO MAIDEN
LANE
NEW
Tel. John
Are
your
Holdup
and
YORK
4S76
Charles W. Moore
William H. Burg
Exchanges
BANKERS
Fire,
Automobile,
Liability policies properly
Advice
given on policy contracts, fire
protection and loss adjustments.
Prompt
M£ssm£A~\
Bonds,
written?
aorndon Smith
Philadelphia
Insurance Brokers
New York Stock
Exchange
New York Ootton
Exchange
Chicago Board of Trade
1
St. Louis Merchants
Exchange
St. Louis Cotton
Exchange
St. Louis Stock
Exchange
Members New York and
coverage
procured
Land Title Bldg.,
Members JPhiladelphia
Philadelphia
Stock
Exchange
wherever
desired.
SMITH, MOORE & CO.
Pennsylvania Tax Free Bonds
INVESTMENT BONDS
939 OLIVE ST.,
PAUL & CO.
ST. LOUIS. MISSOURI
Members Philadelphia Stock
Exchange
1411
The Motor and Tire
ST.
LOUIS SERVICE
MARK C. STEINBERG & CO.
N.
Broadway
discussed in
current
issue of
TO
tjhe
ST. LOUIS
GS
LOCATE
firm
disposal
that
Free
Uuion
Arcade
FINANCIAL
Pittsburgh,
Pa.
request
RTCRIEOARGE L & Ca
27 Pine
MATTERS
on
Street, New York
has
an
for
you
what
quire, insert
BOYLE, BROCKWAY & GRAHAM, INt
Street
Situation
Iembers New York Stock
Exchange
■fembers St. Louis Stock Exchange
S88
Chestnut
PHILADELPHIA
re¬
ad in the
Classified Department
of The Financial Chron¬
icle
(faces
back cover.)
the
inside
Amer.
UNLISTED
Press Association
Atlas Portland Cement com
Acker, Merrill & Conduit 6s, '23
5s, '44
Butte Anaconda & Pacific
& pf
Central Union Gas 5s, 1927
Pref.
Celluloid
[VOL. 112.
CHRONICLE
THE
XII
1948
Columbus & Hocking 4s,
Gill Bros.
Telephone
Newark (Ohio)
New York State
Habirshaw Electric Cable 7s,
Railways
5s, 1944
N. Y. & E. Riv. Gas 1st
Niles Bement Pond
'35
2nd 5s, 1938
Pacific RR. of Mo.
Packard Motor, Pref.
Republic of Cuba 41^8, 1949
'Pref.
Paige Detroit Motor,
10BEV&
Singer Mfg.
Members New York
& pref.
Ward Baking com.
25 Broad
Stock Exchange
General Mortgage
Due
Y.
Co.
5% Gold Bonds
over
Yield
New York
public Utility BttntlXita
lark
111 Sroabtuag,
Adirondack Power & Lt. Co.
6%
7.10%
American Power &
Stock Exchange
S Nassau St.
IBetrhell Irotljeta
May 1, 1941
Price to
Davies,Thomas &Co.
1937
Ward Baking 6s,
St., New York
& Pacific Ry.
Securities
N.
United Lead deb. 5s, 1943
Vicksburg, Shreveport
Investment
Members
KIRK
Light Co.
6%
Telephone Broad 3500
Consumers Power Co.
Telephone Rector 8520
7%
Crew Levick Co.
1944
American Tobacco 6s,
Chic. T. H. & S. E. Inc. 5s, 1960
6%
Spencer Trask & Co.
25 Broad
Lehigh Power Securities 6s, 1927
ALBANY
Rochester Ry. 1st Cons. 5s, 1930
Members
General
6%
Street, New York
CHICAGO
BOSTON
New
York
Stock
Lehigh Pow. Securities Corp.
6%
Exchange
Members Chicago Stock Exchange
Nor. Ontario Lt. & Pow. Co.
Trinity Bldg. Corp. 5Vis, 1939
6%
1:
Penn. Power &
Wisconsin Elec. Power 7V2S, 1945
Co.
Electric
&
Gas
,c;
Light Co.
7%
St. Louis Iron Mtn. & Sou. Ry.,
JOSEPH EGBERT
River & Gulf Div., 4s, 1933
Big Four General 4s, 1993
Erie General 4s, 1996
PROCTER & GAMBLE CO. Western Pacific 5s, 1946
Gr. Trk. Pac. 3s & 4s, all issues
INDIAN REFINING CO.
2 Rector St.,
N. Y.
Public Service Corp.
7%
of N. J.
Tel. Rector 9261
Phone
Private
Rector
Phones
to
9723-7, 8921-8
9980-5.
and
Philadelphia
Boston
City of Berne 8s, 1945
Westheimer & Company
.
Member*
York
Cincinnati
Stock
Chicago
Board
Baltimore
Stock
of N'f'dl'd
'25 & '26
Govt,
Exchange
Stock
New
Prov. of Brit. Col. 6s,
the
of
MARKET STREET RY.
of
ALL CUBAN GOVT. BONDS.
61/2s, '28-'36
New Securities
Exchange
of
Trade
Exchange
CINCINNATI, OHIO
Francisco
San
MILLER & COMPANY
Members N. Y. and Phila.
120
Broadway
Stock Exchanges
Phone 7500 Rector, N. Y.
SUTRO BROS. & CO.
120
BALTIMORE, MD.
BROADWAY,
NEW YORK
Telephone: Rector 7350
York Stock Exchange
Members of New
Bought—Sold—Quoted
American Gas & Electric
National Casket
American Tobacco Scrip
Crex Carpet
National Sugar
National Bank of
Eastman Kodak
New
Equitable Trust
R. J.
EASTMAN
KODAK
COMMON
3991
Commerce
Telephone 3992
Rector
3993
York State Railways
Reynolds Tobacco
Singer Manufacturing
Ward Baking
General Baking
McCrory Stores Co.
3994
ALFRED F. I NGOLD&CO.
74
Broadway,
N. Y.
GLOVER & MACGREGOR
Bought—Sold—Quoted
241
Stone, Prosser & Doty
51
Willi.m
St., New York
'Phone
Hanover 7781
Fourth
Ave.,
PITTSBURGH, PA.
Elec. 5s, 1934
1960
St. Paul Union Depot 7s, 1923
West Penn Power deb. 6s, 1924
Amer. Wat. Wks. &
West Penn Traction 5s,
MAY 28
1921.]
THE CHRONICLE
Assoc. Simmons Hardw. 7s, 1925
Continental Motor 7s, Serial
Booth Fisheries Deb. 6s, 1926
Abitibi Pr. & P. 6s, All Issues
Comm'th Fin. Corp. Com. & Pfd,
Eastman Kodak
Ford Motor of Canada
Dubuque Electric 5s, 1925
Chic. T. H. & S. E. Inc. 5s, 1960
Kans. Gas & Elec. 5s, 1922
N. Y. Susq. & West.
5s, 1937
Hale & Kilburn 1st 6s, 1939
City Gas 5s, 1922
Goodyear T. & R.
Salmon
Detroit Tol. & Ironton 5s, 1964
Kansas
xin
H. H.
River Power 5s, 1951
Sen Sen Chiclet 6s, 1929
Laclede Gas Light 7s, 1929
Com
&. Pfd.
Franklin Mfg. Co.
Lincoln Motors, Class "A"
Texas Electric Ry. 5s & 6s
Woodward Iron 5s, 1952
Louisville Gas & Elec. 7s & 8s
Steel & Tube of Am. Pfd.
Peerless Truck & Motor
Paige Detroit Com & Pfd.
Packard Motor Com. & Pfd.
Magnolia Petroleum 6s, 1937
Merrill, Lynch & Co.
Missouri & Illinois 7s, 1936
New York
120
Shipbuilding 5s, 1946
Private wires to
St. Louis Transit 5s, 1924
Toledo Trac., Lt. & P. 7s,
Urb. & Cham. Ry.,
Traders Telephone 7683 Rector
Chicago, Detroit, Cleveland, Buffalo, Rochester, Youngstown, Grand Rapids
Lansing and Saginaw
1921
Western Pacific 1st
5s,
G. & E. 5s, '29
Waterloo C. F. & Nor.
Broadway, New York
Telephone 6070 Rector
Port Wentworth Lumber 6s
E. I. du Pont
5s, 1940
1946
Augusta Terminal 1st 6s, 1947
L. & N., S.
de Nemours & Co.
A. C.
Central Ref.
Manitoba 4^s,
3]^s, 1997
1933
Schuylkill Riv. East Side.
Morton Lachenbruch & Cq
Circular
on
1st 4s,
1925
request.
Prince & Whitely
42 Broo-dL Street. New York
PrrJdte Kfires to, CHICAGO -PHILADELPHIA "ST. [01115
PirreKn PCT -DETROIT-
;
& St. L. 2nd 3s, 1980
L., L. I. & N. Coll. 4s, 1952
N. Y.
Ten-Year 71/£s
E.
Members N.1K. Stock
CLEVELAND-gRAflD RAPIDS
C. C. Kerr Jfc Co.
2
Rector St.,
52
Broadway
New York
N. Y.
Exchange
173 Orange St*
New Haven
Phone 6780 Rector
Private wires to
Philadelphia, Baltimore,
Richmond, New Haven
DO YOU
Belleville
KNOW
&
Carondelet 1st 6s,
Atl. & Charl.Air Line
1923
41/£s, 1944
Chicago Indiana & Southern 4s, 1956 Bait. & Ohio Pr. Ln.
3V2S, 1925
Chic. Burl. & Quincy Nebr. 4s, 1927
Grand Rapids & Indiana 4^s, 1941 S Canada Southern 5s, 1962
Chic. Burl. & Quin. Gen. 4s,1958
Huntington & Big Sandy 6s, 1922
C. B. & Q., 111. Div. 3%s, 1949
111. Cent. Purch. Lines 3J/oS, 1952
Kentucky Central 1st 4s, 1987
Chic. & Northwestern
Lehigh & New York 1st 4s, 1945
Chic. Milw. & Pug. Sd. 4s, 1949
Louisville & Jefferson Bdge. 4s, 1945
New Orl. Tex. & Mex. 1st 6s, 1925
Milw. Lake Shore & West. Ref. 5s, '29
Rome Wat. & Ogd. 3J^s, 4s & 5s, 1922 New York Central 3^8, 1997
St. Louis Peoria & Northw. 5s, 1948 Western
Maryland 1st 4s, 1952
San Pedro L. A. & Salt Lake 1st 4s,'61
,
That
the
In
fields
use
and
Financial
fied
respective
consult
Chronicle
the
Classi¬
3^8,1987
Department.
Keep
this
mind for
sion
efficient
most
their
men
use
Department
when
the
in
occa¬
arises.
S. P. LARKIN & CO.
CONSTABLE & FLEMING
Wrt.
66
^.'aTior
r.
CONSTABLE
Broadway N Y
iC. L». FLEMING- \JR~
tel:
RAILROAD
BO^OS
30 Broad St.
New York City
New
Telephone: Broad 3485-6
Rector 7270
R.
40 Wall
W.
PRESSPRICH
Street,
JB
Oh
York
Telephone
'
'
VV/«
John
0307
Mo. Kansas & Texas 1st 4s, 1990
Rio Grande & Western 1st 4s, 1939
American Can Deb. 5s, 1928
Milw. & Northern Cons.
Railroad
43^s, 1934
C. & O.
Bond
Public
Dept.
Imp. 5s, 1929
Utility Dept.
American Power &
Light 6s, 1921
Kanawha Bdge. &Term. 5s, 1948
Union Term'l of Dallas 5s, 1942
Canadian, Cuban,
Adirondack Pr.
Detroit Edison 7s, 1930
Kentucky Central 4s, 1987
Mexican
Eastern
M. & O. St. Louis
Danville
M. & O.
SECURITIES
5s, 1927
Montgomery 5s, 1947
Detroit
Mich.
& Lt. 6s,
Edison 5s,
City Gas Gen'l 5s, 1923
Fort Worth & Rio Gr. 4s, 1928
Ohio
Philadelphia Co. 6s, 1922
N. Y. Penn. & Ohio
Grand Trunk Pacific
1931
Champ. & Dec. 5s, 1938
Fla. Cent. & Pen. Cons.
1
1950
West Virginia
5s, 1943
Valley Elec. Ry. 5s, 1946
43^8, 1935
Public Service of N. J. 7s, 1922
& Pitts. 4s, 1990
Cleveland Elec. Ilium. 7s, 1935
4s, 1955
(Prairie Section)
Grand Trunk Pacific
Industrial Bond
Dept
Municipal Bond Department
South Dakota
General
4s, 1955
Mobile Cotton Mills 7s, 1926
Minneapolis 5s, 1931
Baking 6s, 1936
53^8, 1941
Grand Trunk Pacific
Norwalk Steel 43^8, 1929
Brunswick Co. 6s,
Monon Coal 5s,
(Mountain Section)
Dallas 4s,
Port
1936
Wentworth Term.
8s,
1950
1923
1928-42
Joint Stock Land
4s, 1955
Bank 5s,
1939
■
(Lake Superior Section)
Industrial Stock
Bank
Dept.
Stock
Botang Worsted Mills
120
Broadway
New York
Farmers' Loan & Trust
Ward Baking Com. & Pfd.
Kuczynski & Co.
National Park Bank
General Baking Com. & Pfd.
American Surety
Lehigh Valley Coal Sales
National
Massachusetts
Baking
Passaic Cotton
Telephone Rector 6834
Mills, Pfd.
CORRESPONDENTS
All Important Foreign
PRIVATE
Montreal
Capitals
WIRES
Toronto
:
Dept.
1st
Pfd.
City Bank
Imp. & Traders Nat'l Bank
National Bank of Commerce
CARRUTHERS, PELL &
15 Broad
Street, New York
Philadelphia Phone, Locust 572
CO.
Phones 5161 to 5169 Hano
Bait. Phone%
St. Paul 9389
[iYoi,. 112.
THE CHRONICLE
XIV
n^v^M?jP^^-;BT7r^"l^^^^™in"»ll<r'lvfriiii»iiiiiil'iTti:|iii"'m:
DEPARTMENT
WANTED
J. LISMAN & CO.
F.
Member*
Central Vermont 4s
Stock Exchange
New York
Bangor
Central
& Aroostook 4s
Birmingham Water Co. 5s
Middle States Wat. Wks. Co. 5s
& 5s
& Eastern
Arkansas
Clinton, Iowa, Water Co. 5s
Joplin Water Co. 5s
N. Y. Interurban Water 5s
5s
Central New England 4s
S. E. Ref. 5s & Incomes Acquackanonk Water Co. 5s
Chicago Terre Haute &
Dutchess County 43^s
WE DEAL IN
El
Paso
Racine Water Co.
& Western Deb.
Kanawha & West Virginia
Queens County Water Co. 5s
Leav. C'y & Ft. L. Wtr. 4s, 5s, 6s
Detroit & Toledo Shore Line 4s
A's andfStock
5s
Northern Ohio 5s
H.C. SPILLER & CO.
6s
Stephenville North & South Texas 5s
Pittsburgh Cleveland & Toledo
INCORPORATED
17
63 Wall St.,
New York City
Water St.,
Boston 9,
5s—All Issues
Toledo & Ohio Central
5s
Wichita Water Co. 5s
Rock Island 5s
&
Green Bay
Works 4s and 5s
Peoria Water
BROADWAY, NEW YORK
61
Mass.
Ulster & Delaware 4s & 5s
AND ALL RAILROAD AND
St. Paul East. Gr. Tr. 1st
STEAMSHIP SECURITIES
41/£s,,47
FOR SALE
Underlying
Cleveland Short Line 41/£s, 1963
Canada Southern
cons.
Railroad
5s, 1962
Cleveland Metal Products 7s, '30
Remington Typewriter
1st Pref. Stock
Bonds
VILAS & HICKEY
Memberi N« Y. Stock
*9 Wall St., N.
Bristol ^ Bauer
Exchange
Hanover 8317
Y.
WOOD, STRUTHERS & CO.
Central Pacific 3V&s, 1929
5
Oregon Wash RR. & Nav. 4s, '61
Caro. Clinch. & O. 1st 5s, 1938
(
Nassau
Street
May 21, 1921.
NEW YORK
undersigned wishes to an¬
nounce
the formation of the
The
Indiana Steel 1st 5s, 1952
Elgin Joliet & Eastern 5s, 1941
N. & W. Poco. C. & C. Jt. 4s, '41
New York
Telephone 4^8, 1939
120 BfoadvJav ftYPhone-. Recto? 4594
N. Y. Penna. & Ohio
firm of
4^8
Cleve. Term'l Valley 4s
Port Wentworth Terminal 8s
Raymond M. Smith & Co.
Empire Gas & Fuel 6s, 1926
Lackawanna Iron & Steel 5s, 1926
Canadian Pacific 6s, 1924
Sloss-Sheffield Steel & Iron 6s
Argentine Govt. 5s, listed &
Lackawanna Steel 5s, 1950
New Amsterdam Gas 5s
unlisted
''
Incorporated
Savannah & Atlantic 6s, 1935
*
of conducting a
general investment business in
Railroad, Public
Utility and
Other high grade securities with
for the purpose
offices at 43 Cedar Street.
Home Insurance Co.
McKinley & Morris
Members New York Stock Exchange
NEW YORK
Tel. Bowling Green 2150 to 2157
SIXTY BROADWAY
Finiay & Davenport
Specialists
Railroad
72
Tel, Rector 6881
Trinity PI.
New York State
Amer. Lt. & Trac.
Central
Central Petroleum
Raymond M. Smith
in
Terminal Bonds.
Railways
Aguirre Sugar
'Phones/3723
John
\3724
Bang. & Aroos. RR. underly'g bd«.
Chic. Lake Shore & East. 4^28, '69
Duluth & Iron Range 5s, 1937
Fairbanks 1st Pfd.
Western Power
MacQuoid & Coady
Umbers New
York Stock Exchange
E. Tenn. Va. & Ga. Reorg. 5s,
Federal
Sugar Refining
Brinson Ry. 5%, 1935
Brooklyn Union Gas 5%, 1945
Lex. Ave. & Pav. Ferry 5%, 1993
Joplin Union Depot 4/^s, 1940
Second Ave. RR. Rec. Ctfs.
Pacific Gas & Electric
Rio de Jan. Tram. L. & P. 5s, 1935
THEODORE L. BRONSON & CO.
Members New York Stock
120
GARDNER
BROAD STREET, N.
Broadway,
&
N. Y.
Exchange
Tel. Rector 7580
CO.
Tel. Rector 7430
Y.
I.
North Shore
Portland
Denver & Rio Gran.
Man.
S.
W.
Colo. 5s,
R. I. Frisco Term. 5s,
1934
1927
Atl. Coast Line Unif. 4s, 1964
1925
Long Island Ref. 4s,
1949
Mo. Kan. & Tex. 4s,
1990
Wabash Tol. & Chic. 4s, 1941
Chic. & N. W. Ext. 4s,
1926
1926 Terre Haute & Indpls. 5s,
4y2sf 1936
L.
Ry.,
1932
&
P.
Toledo Terminal 4/^s,
5s,
1942
1957
ABRAHAM & CO.
27 William St., N.
Y.
Tel. Broad 2788
Conemaugh Power 8s, 1930
Citizens Lt., Ht. & Pr. of Pa. 1st 5s, '34
Dallas Gas Co. 1st 5s, 1925
Penn. Pub. Service Co. 1st 5s, 1962
Penn. Pub. Ser. Corp. 6s, '29; 7^8, '35
Penelec Coal Co. 1st 6s, 1924
A. B. Murray &
U Wall Street
Missouri Pacific 5s,
5s,
Long Island Ferry 4/^s, 1922
New York City 2^s, 1929
Shawinigan Wat. & Pr. 5e & 51^s
St. P. M. & Man. Pac. Ext.4s,1940
Tel. Reotor 9970
U Wail St., N. Y.
L.
1938
Phone 1053 Rector
Columbus Ry.,
Co.
New York
Pow. & Lt. 5s, 1940
Empire District
Electric 5s, 1949
& Elec. 5s, 1930
Power 7s, 1923
Toledo Traction, Light & Pr. 7s, 1921
Kankakee
Gas
Northern States
Gilbert J. Postley & Co.
15 BROAD STREET
NEW YORK
Telephone Hsnover 9762
MAY 28
1921.]
THE
CHRONICLE
xv
ggTTRADING DEPARTMENT
Arkansaw Water
Co,
6s
Birmingham (Ala.) Water Co. 5s
Atl. Ave. RR. Co.,
Bklyn., 5s, 1931-34
City of New Castle (Pa.) Water Co. 5s
Bway. & 7th Ave. RR. Cons. 5s, 1943
Bway. Surface RR. Co. 1st 5s, 1924
Chattanooga Water Co. 6s
Bkln. City & Newt.
Butler
(Pa.) Water Co. 5s
Clinton
E. St. L. & Interurban Water Co. 5s
St.
1st
5s, 1938
Bkln. Rap.
Bklyn. Union Gas Co.
1st
5s, 1945
Tran. Co. 1st 5s, 1945
Cons. 5s, 1948
Central Union Gas Co. 1st
5s, 1927
Kings Co. Elevated RR. 1st 4s, 1949
New Amsterdam Gas Co. Con.
5s, '48
N. Y. &
Second Ave. RR. Co.
(Ind.) Water Co. 5s
Warren
Co.
Gas
Lex. Ave. & Pav. Ferry 1st
5s, 1993
(Kan.) Water Co. 5s
Joseph (Mo.) Water Co. 5s
Racine
5s, 1946
Bklyn. Boro.
Coney Isl. & Bkln. RR.
Joplin (Mo.) Water Co. 5s
Wichita
5s, 1942
Westchester Elec. RR. Co.
5s, 1943
Yonkers Railroad Co. 1st
Brooklyn City RR. Co. 1st 5s, 1941
(la.) Water Co. 5s
Muncie
RR. 1st 5s, 1939
Third Avenue RR. Co. 1st
5s, 1937
Union Ry. Co. of N. Y.
N. Y. Mutual Gas
6% Rec. Ctfs.
Q. Co. El. L. & P., pref.&
(Pa.) Water Co. 5s
Wm. Carnegie Ewen
(Wis.) Water Co. 5s
Indianapolis Water Co. 4^s and 5s
Tel. Rector 3257-3273-4-5
2 Wall
Huntington (W. Va.) Water Co. 5s
HOTCHKIN
Knickerbocker
53 State
Main 460
Boston
9,
St.,
Mass.
FOREIGN GOVT BONDS
Portland Cement
Bought—Sold—Quoted
New York Mutual
A. D. T. of N. J.
"Undep." Stock
A.T.&T.Conv.4^s, '33, "$100 Bds."
Bell Tel. of Canada 7s, 1925
Comm. Un. Teleg. of Me. Stock
Gas
Comm. Un. Teleg. of N. Y. Stock
Stock & Bonds
BULL & ELDREDGE
Home L. D. Tel. of S. F. 5s, 1932
Houston Home Tel. 5s, 1935
Michigan State Tel. Pfd. Stock
Mountain States Tel. & Tel. Stock
Members of the New York Stock Exchange
16 BROAD
ST., N. Y.
Co., Ltd., 5s, 1939
Tel. Rector 8460
Specialists in
U. S. Tel. 7s, 1921
Wm. C. ORTON & CO.
Short-Term Securities
Western Electric 5s, 1922
Municipal Bonds
New
T. L.
York
State
and
Bonds
City
MacDonald
61 B'way, N. Y.
Specialists Reorganization Securities
54 Wall Street, N. Y.
STANDARD
on
Will
be
Standard Oil
Investors
L
Issues.
INQUIRIES INVITED
TANK CAR
ROBINSON &
on
Stock
Preferred
61
B'way, N. Y.
SMITH
Tel. Bowling Green 19.661
request.
PFORZHEIMER
In
Peerless Motors Stock & Notes
mailed
to
1
Specialize in
Goodyear T. & Rub. Com. & Pf •
STANDARD
0
Weekly Summary
H.
Tel. Hanover 9690-9611
Tel. Broad 2357-8-0
We
Dealers
Light Co.
Mercantile Stores
Cuyahoga Tel. 7s, 1921
Gold & Stock Teleg. Stock
Northern Elec.
Street, New York
& CO.
Telephone
CARL
com
Light Co. Stock
Standard
Phones 4860-1-2-3-4 Broad.
Oil
&,
Central Pacific Coll. Tr. 4s
CO.
Chic. Milw. & St. Paul 4s
Securities.
N. Y. New Haven & Hartford 4s
26 Broad St.. N. Y.
Japanese 5s, 1907-47 (French Issue)
BONDS'
AND ALL FOREIGN
For Sale
Rollins, Kalbfleisch & Co.
100 Amer. Wat. Wks. & EI. 7% Pfd.--52
Member* N. Y. Stock Exchange
100 West Penn Trac. & W. P. 6% Pfd-.67^
100 West Penn Rys- 6% Pfd
100 Idaho Power 7%
100 Hillman Coal
100 Hecla Coal
72
—
Pref
& Coke
OTTO
Exchange
76
Buffalo
95
BILLO
Phone Hanover 6297
Beech Nut Packing Co. 7s, 1922
Liberty Registered Bonds
Securities
LocomVe & Mach. of Mont. 4s'24
Steamboat
J.
Certificates
of
Co.
5s,
1921
Deposit
Sen-Sen Chiclet Co. 6s, 1929
J. S. Bache & Co.
Members New York Stock Exchange
New York
NEWBORG & CO.
60
New
Stock
BROADWAY,
Telephone
PRIVATE
Chic.
York
4390
WIRE
8411
Telephone Broad 7064-6-6
N.
Members
B. SMITH
Phone—Recto*
Place
85
& Coke 7% Pfd
IT Wall St., N. Y.
MAXWELL
67
Exchange
INVESTMENT
LOUIS
ST.
SECURITIES
Ind. & Louisv. 5s, 1966
Rector
Chicago
St. Louis
Syracuse
Philadelphia
Troy
0944-5-6
Portland
Portland Railway 5s, 1930
Ardmore Street Ry. 5s
"Nickel Plate" 2nd 6s
National Cloak &
Cent. & Penin.
Hudson & Manhattan
New Orleans
Denver
St.
Hudson
M. K.
&
Helena
5s & 6s
Southwestern Term.
5s
W. 5s
Chic. Terre Haute &
S. E.
Light & Railway 5s
Suit 8s
5s
National Conduit & Cable
Incomes
Cleveland
6s
Electric 5s
New York
Philippine Railway 4s
City & Fort Dodge 4s
Mason
& N.
& Power 5s, 1942
Granby Mining 6s & 8s
Chicago Elevated Deb. 6s
Great Northern 5s
T. 6% Notes & Ref. 4s
Wichita Falls
Ry., Lt.
Dominion Coal
& Rio Grande Adj. 7s
Louis
Hudson & Manhattan Com. & Pf.
WOLFF & STANLEY
Rochester
New Orleans
Chicago & Northwestern 6J^s
C. B. Q.-Nebraska 4s
Ellwood Short Line 5s, 1922
Fla.
Companies Pref.
Mason City & Ft. Dodge 4s, 1955
Pittsburgh
"Soo" Atlantic 4s
Nevada Cal. & Ore. 6s, 1967
Cent. Branch Un. Pac. 4s, 1948
4^s, 1957
Cleveland
Kansas City
Buffalo
New York City
US Broadway
Steph. Nor. & Sou. Texas 5s, '40
Raleigh & Gaston 5s, 1947
Choctaw & Memphis 5s, 1949
Pere Marq. L. E. & D. R. 4^s, 1932
Baltimore
Boston
Green
TO
Cincinnati
Albany
EDWIN BANCKER&CO.
N. Y.
Bowling
Tel., 6400 Broad
BRANCHES and CORRESPONDENTS
Shipbuilding 5s
Adams Express 4s, 1947
Consolidation Coal 4^s & 5s
Valvoline Oil Pfd.
Telephone Rector 2920
72
Trinity Place, N. Y.
SAM'L
Phone 5380.1-2-3 Broad
GOLDSCHMIDT
2$ Broad Street
CHRONICLE
THE
XVI
[VOL. 112.
DEPARTMENT
WantsT?
Union Pacific refunding 4s, 2008
Advance
Southern Pacific ref. 4s, 1955
Hudson & Manhat. ref. 5s, 1957
Sell
V*
Sierra & San Fr. Pr. 5s & 6s
CO
So. Calif. Edison 6s, 1944
Illinois Cent. Stock Coll. 4a
Southern Pacific Branch 6s, 1937
Rumely 6s
Providence Securities 4s
SECURITIES
RAILROAD
Kelly-Springfield Tire 8s, 1931
Denv. & Rio Grande
Will Buy or
We
adj. 7s, 1932
E. D. DIER & CO.
Mexican Government Issues
Hartshorne & Battellc
Stocks—Bonds—Grain
Members
Members New York Stock Exchange,
ARTHUR E. FRANK & CO
Tel. Broad TT4C
II Bread St.
NEW
/ Chicago Board of Trade
I New York Produce Exchange
Street, New York
42 New
YORK
Members of New York Stock Exchange
Telephone Broad 5140
Tel. Rector 5300
100 Broadway, N. Y.
Waterloo C. F. & Nor. Ry. 1st 5s & Scrip 194C
United
Guaranteed Stocks
Trac.
Pittsburgh
of
Illinois Central
Leased
Sheets
Quotation
for
5s,
Tennessee Ry.,
Lt. & Power Co. Pref. Stock
Members New York Stock Exchange
61
New York
Broadway
121 Lafayette
Vienna
in blocks
Douglas Shoe preferred
Fairbanks Co. 1st
at
preferred
Greenfield Tap & Die pfd.
Telephone
67
Exchange Place, N. Y. Tel. Rector 6700
Tel. Bowling Green 2538
N.Y.
Nash Motors
Motor
Inquiries invited from
banks, brokers and dealers
Specialists
Tire and Rubber Stocks
Stocks
R. B. Hathaway&
20
Nassau
St.,
Jerome B. Sullivan & Co.
Co.
Tel. John 5020-1
N. Y.
Bonds
Foreign
Packard Motor Pref.
"Main 7088"
CHICAGO
COWEN & CO.
Philadelphia
and
York
4s
1,000,000
Willys Corp. (All Issues )
1922
Rolls Royce Pref.
H. H. Franklin Mfg. Pref. & Com,
BOSTON, MASS.
New
of
Chalmers Motor 6s,
WALTER S. PLACE
Private
Inquiries Invited
from Banks and Brokers
special prices
60 Beaver St.,
U. S. Envelope Common
Congress St.,
Mexican Govt. 4s Sc 5s
pfd.
Turners Falls Power & Elec.
$5
Kuang Ry. 5s
5s
Japanese Govt. 4s, 4^/28 & 5s
Chinese Reorg.
Nehemiah Friedman & Co.
Liggett's International pfd.
Southwestern Pwr. & Lt.
Brazilian Govt. 4s & 5s
Chinese Hu
Warsaw 5s
S.
.
Philadelphia
Building,
Adirondack Elec. Power pfd.
Crowell & Thurlow
Stock
FLEMING
GEORGE N.
Argentine Govt. 4s & 5s
Buenos Aires 5s & 6s
Lines Stock
Portland Ry., Lt. & Pow. Second Pref.
Joseph Wh&Xkex Sc jious
1997
(Philadelphia) Stock
The Morris Plan
Write
Gen.
Oil & Refining Co. 6s, 1930
Caddo Central
Foreign Government & Municipal Bonds
44 Broad
SECURITIES
Street, New York
Broad
Phones:
5259,
1723-4,
5234-5,
7130-1-2-3-4
Bought, Sold <fc Quoted
ALL
FOREIGN
BABCOCK, RUSHT0N & CO.
tlombers
Now York,
Chicago
Stock Exchanges
rtOME INS. BLDG
and
Boston
CHECKS
CHICAGO
NEW
FRENCH
G?
7 WALL STREET
.
YORK
GERMAN
BOKiDS
ITALIAN
M
Bell Tel. Co. of Canada
5s &
7s, 1925
K1
R.A.SOICH &CO.
Joseph Gilman
Investment
Pine Street
'Phone
16-18
Securities
New
5691-4
John
Bought, Sold & Quoted
r
Bought—Sold—Quoted
34
Government Bonds
CURRENCIES
York City
New York
Bowling Green 3230-39
& CO.
DUNHAM
Exchange Place
Phones:
Investment
At
Securities
'Phone 8300 Hanover
Exchange Place
\
Home Insurance Co.
Acadia
Sugar 7s,
Akron Canton &
American Meter
American
FOREIGN
1921-40
Youngstown 6s, 1930
Belgian
Realty Co.
Argentine
6s,
Alliance
BONDS
1946
Mortgage
Brazilian Traction 6s. 1922
ML
Co.
Chinese
French
German
Italian
Buenos Ayres Consol. 6s, 1916
Calgary 7s, 1928
Bond
FRANK J.
Brazilian
Sumatra Tobacco 7^8
T1
Japanese
Consolidated Textile 7s
Tel.
Mexican
Empire Gas & Fuel 6s. 1924-26
DILLON
NEW YORK, N.
Broadway
6460 Bowling
*
Green
Russian
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
Kingston Gas & Electric 5s, 1932
Laclede Gas Light 7s
Metropolitan Edison 5s, 1922
Buenos Aires 6s.
Bordens Com.
&
British-American
Pfd.
High Yield
Short-Term
Battery Park Bank
Continental
Progress
Insurance
(
J.
141
Bank
L. ARLITT
Broadway,
Tel.
Sear her
JACOB
Street, New York
New
Rector
Texas
York
4014
Bankers*
Association
Royal Canadian Oil
ERNEST SMITH
20 Broad
County Notes
Childs Com. & Pfd.
Michigan Limestone, Com. & Pfd.
1926
Municipal Bonds
Tobacco
Imperial Tobacco
Newfoundland 6^8, 1928
Ohio Cities Gas 7s. 1921-25
Province of
Texas
By-Products Coke
& CO.
Tel. Rector 6157-8, 2558, 6852
BACKER
Est. 1918
FINANCIAL
Exchange Bank Bldg.
BROKER
St. Paul Minn.
MAY 28
1921.]
THE
CHRONICLE
XVII
Department ?£gi
ssw—emrmmm
Lehigh
Leh.
Valley
Val.
RR.
Coal
Co.
1st
5s,
1933
Leh. Val. RR. Coxe Bros. 4s, 1924
Western Penna. RR.
1st
4s,
West. N. Y. & Pa. Gen. 4s, *43 Newark Pass.
Ry. 5s, 1930
Consol. Trac. of N. J. 5s, 1933 Harrisburg Lt. & Pr.
5s, 1952
Caddo'Cent. Oil & Ref. 6s, '30 Tenn. Ry. Lt. & Pr. Pfd.
1928
Mahoning Coal RR. 1st 5s, 1934
N.
Y.
Cent,
7s,
equip.
'
1923
6s,
cons.
1930-1934
Pac.
Pacific
Ry.equip.
Fruit
Ex.
Portland Railway 5st 1930
Phila. Gas & El. 5s, 1960
1930
6s,
equip. 7s,
1930
Tenn. Power 5s, 1962
Market St. Elev. 4s, 1955
Can.
Port. Ry. L.& P. 1st & 2d Pfd.
Penn. Power &
Light 7s, 1951
Biddle & Henry
104
South
Fifth
MOORE, LEONARD & LYNCH
Street
Philadelphia
Priests Wire to New
C»"
York
WT
Pittsburgh
San Antonio Water
New York
Philadelphia
Supply 5s'33
Miss. Riv. & B. Terre Ry. 5s, 1931
STIX &
I
CO
Members St. Louis Stock
Government,
Exchange
809 OLIVE ST.
ST.
Public
LOUIS
M. K. & T. 2d 4s, Holland Ctfs.
Telephone
Investment
New
62 Cedar
York
Bioren &
410
Chestnut
Stock
Wa
St.,
York
105 So. La Salle St., Chicago
Boston
Cleveland!
Detroit
Minneapolis
Scranton
Hartford
Pittsburgh
St. Louis
Milwaukee
Co.
Philadelphia
and
Philadelphia
Exchanges
interested
are
St., New York
Philadelphia
Established 1865
Members of New
Co., Inc.
Securities
St Broad St.,
1
D
A. B. Leach &
Bros.
,
806S
Industrial
Investment Bonds
Cuban Ext. 5s, 1949
Broad
in
Florida East Coast
offerings
58, I960
H. J. Heinz 7s, 1930
Jones & Laughlin Steel 5s, '39
Union Steel 5s, 1952
4%s
Govt, of Newfoundland
Bronx Gas & Electric Co.
Armstrong Cork 7s, 1931
of
Porto Rican-Amer. Tobacco 8s
Kansas City Gas Co.
5s, 1922
Syracuse Gas Co.
U. S. Steel 5s, 1951
National Tube 5s, 1952
6V28
5s, 1946
Tri
City Ry. & Light
CANADIAN
•
Government, Provincial
and Municipal Bonds
J. S.
FARLEE & CO
J. H.
Holmes
Members N. Y. and Pittsburgh
66
Railroad
Utility
Chicago & N. W. 6fyfcs, 1936
Montgomery
Municipal,
11
BROADWAY
Broadway
&
5s,19
Co.
New York
Public Utility—Industrial—
Bank Bldg.
Short
Pittsburgh
Direct Private
Term Securities.
Tel. Broad 4931
Wire Connection
0
Louis Levenson
Stock Exchanges
Union
5s, 1930
Waterloo Cedar Falls & Nor.
27 William St., N. Y.
Reotor 1195
investments
Do you own
They
Do You
a
Cost of
Railroad Securities ?
are
all Rated in
Know?
Doing Business
"Cost of Product"
RATING
UNBIASED
B O O K S
"Profit"
On
If
Every Dollar of Business You Do.
do not, you are losing money and do not
A simple, easy, correct and right way to
Explains and makes plain every point and
detail from any and every angle and if you do not
know and apply exactly the three fractional parts
and understand the true
relationship they bear to the
whole unit of right business, you do not know the
right system of doing business and do not know
OPINION
These Ratings show you\ which issues are
good, which bad and whkh are doubtful
you
investments.
know it.
upon the fundamental value of
securities prevent losses to in¬
vestors.
Send one dollar for
know.
What Percent Is Profit?
What Percent Is Cost of Doing Business?
What Percent Is Cost of Goods?
Four volumes
Railroads—Public Utilities
Industrials
Send
for
smallest retailer, wholesaler or
manufacturer.
Pamphlet sold only postpaid on re¬
ceipt of 50 cents, and if for any reason you are not
perfectly satisfied, return and your money shall be
refunded without any question whatever.
information regarding
of Investment Ratings.
Jmith, 310 Walnut Street, Cincinnati,
R. J. H.
our
Moody's Investors Service
Philadelphia
Chicago
2,000,000 different business concerns in the
U. S.—retailers, wholesalers and jobbers—buying and selling
merchandise; and not 2 in every 75 of them know how
much per cent cost of doing business is, on every dollar of
business they do, with a sure per cent of profit on every dol¬
New
Jersey
Securities
they do.
"
investment
Investment Registry of America, Inc.
ESTABLISHED
608 Chestnut
Street,
1910
Philadelphia
4.EC
Bond
"
Salesmanship
'The Human 8ide of Business* is the
on this subject ever written."
best book
Price $3,
cash
with
order.
Descriptive
circular free.
Published and for sale by
the Investment House of
are over
lar of business
any
35 Nassau Street, New York
Boston
Ohio^
The United States Trade Commission, Washington, says:
"There are over 300,000 manufacturers in the U. S., and
only 1 in every 10 of them knows how to figure cost of doing
business—overhead, separate from the cost of what they
manufacture." Just think of it!
Only 30,000 knows how
much the cost of oterhead is and what per cent profit they make
on what
they manufacture, and the other 270,000 don't know.
There
system
our
opinion of
security.
Governments
or
^
*
—
full
-
For the largest
covering
outwater & wells
If Exchange
Flaeo
Tal. M Montgomery
Jersey City, N. J.
Frederick Peirce & Co.
1491 Chestnut Street,
Philadelphia
[Vou 133.
CHRONICLE
THE
XVIII
jFinandal
financial
TO HOLDERS OF
Bonds
Mortgage 4% 50-Year Gold
First
Bank
A Commercial
OF
Merchants
Ever
Chicago Great!Western Railroad^ Company^ has officially announced
that the interest due June 1, 1921, on the above described bonds will not
be
since
The
Loan
Fort Dodge Railroad Campany:
Mason City and
and
Trust
more
paid.
t
undersigned Committee in December last advised holders of the
bonds that the payment of the June 1, 1921, installment of interest, as well
as subsequent installments,
was seriously imperilled and that a situation
existed which made it imperative in the interest of the holders of the bonds
to examine into *the affairs of the Railroad Company and its operation,
maintenance and management by Chicago Great Western Railroad Com¬
commercial
Agreement, the Committee has extended the time within which bonds may
be deposited thereunder, to and including JUNE 20, 1921, after which
date further deposits will not be received except at the option of the Com¬
mittee and upon such terms and conditions as the Committee shall prescribe.
it is deemed essential that the rights of depositors be promptly asserted
and action taken with respect thereto, and the Committee urges those who
have not heretofore deposited their bonds to do so immediately.
as
of the
one
companies of the United States
ness
issued exchangeable for
FREDERICK II.
BOARD OF DIRECTORS
CLARENCE A. BURLEY, Attorney
ECKEjR,
ASA
losing
HOLDEN,
HALE
Committee.
a
—
of preparation ?
To impress your prospect—to create in
enthusiasm in your securities—to make
him
him
BUY—you must know security selling and
know it well; better than your competitors do.
Avoid Lost Sales and
Costly Hard Knocks
The Babson Course on Investments and
Security Selling gives the knowledge seldom
obtained through experience alone, and will
*
reduce Lost Sales to
a
We have trained Security Salesmen
for ten
years and in its present form, this Course is
(in the words of many students) "absolutely
Jftotues
HUGHITT,
11965
DEPARTMENT
OF THE
CURRENCY,
Washington. D. O., April 27, 1921.
WHEREAS, by satisfactory evidence presented
to the undersigned, it has been made to appear
that "COMMERCI al EXCHANGE NATION¬
AL BANK OF NEW YORK" in the CITY OF
NEW YORK, in the COUNTY OF NEW YORK
AND STATE OF NEW YORK has complied
with all the provisions of the Statutes of the
United
States,
required to be complied with
before an association shall be authorized to com¬
mence
the business of Banking
NOW, THEREFORE, I, D. R. CRISSINGER, Comptroller of the Currency, do hereby
certify
that
"COMMERCIAL
EXCHANGE
NATIONAL BANK OF NEW YORK" in the
CITY OF NEW YORK, in the COUNTY OF
NEW YORK AND STATE OF NEW YORK,
is authorized to commence the business of Bank¬
&
"""CONVEliSI"CTn "of"The Commerciai' Exchange
Bank,
New
York,
branches located
City of New York.
INfTESTIMONY
.
under
no
obligation.
N.
Y.,
three
with
within the limits
v
CO.
MFG.
/
,
■'
i..: '
.
CANANEA"COPPER
Noble and West Street*
Brooklyn, N.Y.CIu
Leiter
Z.
JOHN
S.
man
E
Estate.
RUNNELLS, President Pull¬
Company.
DWARD£ L.P RYERSON ^Chairman
Joseph T. Ryerson &
JOHNjG.gSHEDD,
W
Son.
President Marshall__
Fiefil^^ffompany.
_
_7 jS$Committee. >
_
of Advisory
ORSON SMITH ^Chairman
**
BAMES^p'-fc^ER^President
Soper
~
^BffLumberlCompany.
ALBERTgpA.WrsPRAGUE ^Chairman
Sprague,
Warnera&70o.
•
Th<
Merchants
meeting, including the consid¬
eration, approval and ratification of all acts and
proceedings of the Board of Directors during the
past year, and of all matters that may be referred
to in the Annual Report to the Stockholders.
The transfer books of the Company will not
close, but only stockholders of record as at 12
o'clock noon, Saturday, May 28, 1921, will be
entitled to vote at this meeting.
By order of the Board of Directors.
J. W. ALLEN, Secretary.
come
before
the
^COMPANY
and
for the transaction of such other business as may
MANILA, SISAL, JUTE
L.
MORRIS,JfeTrustee
SEYMOUR
^HTrust
CO.
NoticeTis hereby given that the Annual
Meeting
of the Stockholders of the
Greene
Cananea Copper Company will be held at the
office of the Company, 25 Broadway, New York,
N. Y., on Monday, the twentieth day of June,
1921, at twelve o'clock noon, for the election of
three directors to hold office for three years
CORDAGE
of
getting*
NOTICE OF ANNUAL MEETING.
.
MITCHELL,SChairman
J.
Board.
witness my
TWENTY-SEVENTH
day of APRIL, 1921.
[SEAL)
(Signed) D. R. CRISSINGER,
Comptroller of the Currency.
GREENE
.
JOHN
of the
Wellesley Hills, 82, Boston, Mass<
AMERICAN
International Harvester Company.
WHEREOF,
hand and Seal of office this
Babson Institute Inc.
Chairman
McCORMICK,
H.
CYRUS
N. Y.
Ask for Bulletin 60 R
-
President.
Field Estate.
No.
OF COMPTROLLER
States .'-H
of selling securities."
you
EDMUND D. HULBERT,
TREASURY
OFFICE
the subject
Salesman," puts
Chi¬
Railway Co.
Chairman
& North Western
i^dlSuNCE?TIEEP7j Trustee "Marshall"""
the best form of concentrated instruction on
A request for an outline of the Course and
our folder "What the Investor Likes in a Bond
President Chicago
RR. Co.
Burlington & Quincy
ing as provided in Section Fifty-one hundred and
sixty-nine of the Revised Statutes of the United
minimum.
Corn
Exchange National Bank.
cago
never
Field,
ERNEST A. HAMILL, Chairman
MARVIN
of
Marshall
Ward & Company.
Glore,
S. WING,
City.
FIELD,
MARSHALL
EUGENE M. STEVENS,
26 Broad Street,
and
Capitalist.
HUNTER S. MARSTON,
Secretary.
sure
busi¬
bank de¬
and holdings of
posits.
MORTIMER N. BUCKNER,
Chairman.
that greatest cause
leading trust
in volume of commercial
FREDERICK J. LISMAN,
be
principal
recognized
To-day this Bank is
1921, and subsequent coupons and may
sale
HOW much would it be worth tothrough
you to
of lost sales
lack
all a
com¬
activity.
deposited with THE NEW YORK TRUST COMPANY, 26 Broad
Street, New York" City, Depositary, or with THE ILLINOIS TRUST
AND SAVINGS BANK, Chicago, Illinois, Sub-Depositary.
Of Importance to
Bond Salesmen
and
bank,
mercial banking its
be
New York
has
it
but
always remained first of
compliance with the request of holders of undeposited bonds and in
order to afford further opportunity to avail of the benefits of the Deposit
HERBERT W. MORSE,
widening the
service,
Bank's
In
Counsel.
added,
partments have been
extending and
conducted.
ALFRED A. COOK,
been
time, new de¬
From time to
the establishment and enforcement
their interests.
A very substantial amount of the bonds has since been deposited with
the Committee and the detailed examination referred to is now being
F. W. M. CUTCHEON,
the
than sixty years ago,
commercial banking.
pany, and to take concerted action for
of their rights and the protection of
Temporary Certificates of Deposit will be
permanent certificates when ready for delivery.
Dated: New York, May 23, 1921.
founded,
big end of its business has
The
Bonds must bear the June 1,
Company
Bank of Chicago was
'Identified with Chicago's
Progress Since 1857"
Capital and Surplus,
$15,000,000
MAY 28
1921.]
THE CHRONICLE
xiz
JBibibetrbS
jffnatuisl
WINSLOW.LANIER&CO
59 CEDAR
STREET
YORK
NEW
American
THE FOLLOWING COUPONS AHD DIVI¬
DENDS ARE PAYABLE AT OUR BANKING
HOUSE DURING THE MONTH OF JUNE,
1921:
>
JUNE 1ST, 1921.
Cincinnati, Richmond & Ft Wayne 7s.
Cleveland & Pitts. Rd. Co. Regular Guaranteed
Stock Dividend (quarterly 1%%).
Cleveland & Pitts
Rd. Co. Special Guaranteed
Betterment Stock Div. (quarterly 1%).
Marion
Principal and Interest payable in New York in dollars
the FIXED RATE of $4.85 to the £
sterling.
County, Ind., 3H% Refunding Bonds.
at
Interest payable on May 15th and November 15th.
,
JUNE 3RD, 1921.
County, Indiana, Funding 3Ms.
Bonds of this issue
JUNE
in
August of each
JUNE
Indianapolis,
15TH, 1921.
School Building
Ind.,
Bonds.
UN ION
PACIFIC
RAILROAD
year.
Correspondence is invited
CO.
dividend of $2.50 per share on the
Common Stock of this Company has this day been
declared payable on
Friday, July 1 1921, to
of
record
3
at
p.
11.
from
Investment
Dealers
and
Banks.
A quarterly
stockholders
by annual
drawings to take place
bonds, if they desire, can cash coupons in
London in sterling or at fixed exchanges of Kroner 18.16 in
Copenhagen, Francs 25.20 in Paris or Florin 12.10 in Amster¬
dam to the £ sterling.
JUNE 30TH, 1921.
Indiana, Refunding 4s.
Indianapolis,
The
Holders of these
JUNE 20TH, 1921.
County, Indiana, Refunding 3Ms.
Marion
to be retired AT PAR
are
drawings not later than 1948.
10TH, 1921.
County, Indiana, Refunding 4s.
Marion
Company
City of Copenhagen
Portsmouth, Ohio, Street Improvement Bonds
lmproi
Randolph County, Indiana Sinki ng Fund.
Marion
Express
WORLD-WIDE INVESTMENT SERVICE
For
Investment
Dealers
and
Banks
Circulars
on
request.
Wednesday,
June 1 1921.
American Express Company
EDWARD G. SMITH, Treasurer.
New York, N. Y.t May 12,1921.
65
~
IMPERIAL
DIVIDEND.
»•
4
SECURITIES
NOTICE is hereby given that a Dividend of
seventy-five cents per share in Canadian funds
has been declared by the Directors of
Imperial
Oil, Limited, and that the same will be payable in
respect of shares specified in any Share Warrant
of the Company within
three days after the
Coupon Serial Number Eight of such Share War¬
rant has been presented and delivered to:
The
BROADWAY—NEW YORK
OIL, LIMITED,
Telephone-
Department
Bowling green 1qooo
Royal Bank of Canada,
Toronto, Ontario,
mm™**
at the office of:
or
THE MONTANA
Imperial Oil, Limited,
STOCK DIVIDEND
NO.
35.
A regular quarterly dividend of one and three-
such presentation and delivery to be made
after the first day of June, 1921.
Shareholders of record
to
on
or
fully
of
record
the
at
by Share Certificates), will be made
on or
r
the transfer of
shares will be closed from the close of business on
the 25th day of May, 1921, to the close of business
on
COMMON
STOCK
C.
of
business
DIVIDEND
NO.
Valley Gas & Elec. Co.
Common Dividend No. 35
(Shares-r-$50
on
A
value)
par
$1.00
quarterly dividend is
payable June 1, to Stockholders
of record May 21, 1921.
35-
A dividend of three-quarters of one
per cent
(M%) on the Common Stock has been declared,
payable July 1, 1921, to stockholders of record
entitled to share in such dividend, at the close of
business on
June
14,
1921.
Checks
will
be
Stone & Webster, Inc.,
[General Manager
mailed.
the 1st day of June, 1921.
BY ORDER OF THE
T.
close
,
June 14, 1921.
are
sented
Blackstone
quarters per cent (1 M%) on the Preferred Stock
has been declared, payable July 1,
1921, to stock¬
holders
and
Said or May, close of business on the twenty-fifth
ay up at the 1921 (and whose shares
repre¬
after the first day of June, 1921.
The books of the Company for
COMPANY.
PREFERRED
56, Church Street,
Toronto, Ontario,
Payment
POWER
WALTER DUTTON, Treasurer.
25 Broadway, New York.
BOARD.
McCOBB,
Secretary.
56, Church Street,
Toronto, Ontario.
May 25th, 1921.
Blackstone Valley Gas & Elec. Co.
•
American
Telephone & Telegraph Co.
Preferred Dividend No. 18
Thirty-Year Five Per Cent Collateral
The American Sugar
A
Trust Gold Bonds, Due Dec. 1, 1946.
Refining Company
Coupons from these bonds, payable by their
terms
Preferred Dividend
Common Dividend
June
on
1,
1921,
at the office
or
$3.00
semi-annual
is payable June 1, to
ers
of record May
dividend
Stockhold¬
21, 1921.
agency
Stone & Webster, Ine,
of the Company in New York or in Boston, will
General Manager.
be paid in New York at the Bankers Trust Com¬
On the Preferred Stock a dividend
of one and three-quarters per cent,
pany,
H.
being the IIS*!1 consecutive dividend
thereon; payable on the second day
of July, 1921, to stockholders of record
on the
first day of June, 1921.
On the
of
Common
Stock
the
first
day of June, 1921.
The Transfer Books will
not
EDWIN T. GIBSON.
MACKAY
PREFERRED
COMMON
The
Dividend of TWO
on
DOLLARS
the capital stock of Swift &
cent
A.
The
regular quarterly dividend of one per
the
preferred shares and the regular
dividend
of one and
one-half
per
on
on
the
shares
cemmon
in
The
Mackay
Companies will be paid July 1st, 1921, to share¬
holders of record as they appear at the close of
business June 4th,
1921.
The transfer books
MOTOR
WILLIAM
NOTICE
CAR
EDWARD C.
May 19th,
Stock
quarterly dividend of one and
three-quarters per cent (1 % %) on the preferred
capital stock of the Company, has been declared
by the Board of Directors, payable June 15,
1921, to the holders of the preferred stock of
record at the close of business May 31, 1921
The books will not be closed.
FREDERICK R. ROBINSON,
Secretary.
Detroit, Michigan, May 26, 1921.
COAL
Office
THE
&
IRON
COMPANY,
North
American Building.
Philadelphia, Penna.
PREFERRED
A
STOCK
quarterly
DIVIDEND
NO.
5.
dividend
of $2.00 per share has
been declared on the
Preferred Capital Stock
of the Rockhill Coal & Iron Co., payable June
1st,
1921, to stockholders of record at the close of
business May 21st, 1921.
Checks will oe mailed.
JOHN GILBERT Treasurer.
THE YALE & TOWNE MANUFACTURING CO.
UNITED
GAS
of
*
IMPROVEMENT
CO.
A
of
out
to
dividend
been
has
No.
of
five
declared
past
cent (5%)
of Directors
per
by the Board
earnings, payable July
stockholders
ness
112
June 18th,
of
record
at
the
1st,
close
of
1921,
busi¬
1921.
J.
H.
Philadelphia, March 9, 1921.
The Directors have this day declared a quar¬
terly dividend of one and three-quarters per
cent (87Mc. per share) on the Preferred Stock of
this Company, payable June 15, 1921, to holders
TOWNE, Secretary.
INC.
25,
1921.
of the Board of Directors of
William Davies Co., Inc., held this 23rd day ©f
May, a quarterly dividend of $1.00 per share was
declared on the outstanding "A" stock, payable
15th day of June to stockholders of record on
1st day of June.
JAMES S. AGAR, Treasurer.
a
meeting
TEXAS
PACIFIC COAL & OIL COMPANY.
of
Directors
has
declared
the?
quarterly
dividend
of
2}i%
on
ther
capital stock of this Company, payable p»
June 30, 1921, to stockholders of redord at theclose of business on June 6, 1921.
J. R. PENN, President.
The
Board
JHeettng*
of Preferred Stock of record at the close of busi¬
ness
May 31, 1921.
I.
OFFICE
Checks will be mailed.
W.
MORRis,
CRUCIBLE STEEL COMPANY OF AMERICA
New York, N. Y.,
DIVIDEND NO. 75.
of one and three-quarters per cent
(1H%)
has been declared out of undivided
profits upon the Preferred Stock of this Com¬
pany, payable June 30, 1921, to stockholders of
record June 15, 1921.
The Transfer Books
will not be closed.
Checks will be mailed.
W. R. JORALEMON,
Secretary.
THE
COMPANY.
Pittsburgh, Pa., May 24,1921.
annual
meeting
of thethe Philadelphia Company will
held at the office of the Company, No. 435
Sixth
Avenue,
Pittsburgh,
Pennsylvania,
on
Monday, June 6, 1921, at 12 o'clock M., for the
purpose of electing a Board of Directors to serve
for the ensuing year, and to approve the amendment
of the
First
Refunding and Collateral
Trust Mortgage of the Company to the Guaranty
Trust Company of New York, Trustee, dated
February 1, 1919, and for the transaction of such
other business as may be presented.
W. B. CARSON, Secretary.
MEETING.—The
stockholders
May 16, 1921.
OF
PHILADELPHIA
Treasurer.
A dividend
Dividend No. 112
At
May
regular
N. W. Corner Broad and Arch Streets,
ROCKHILL
DA VIES CO.,
Chicago,
regular
PLATT, Treasurer.
1921.
General Manager
Union Stock Yards.
COMPANY
will not be ciosed.
Dated
Stone & Webster, Inc.,
PEACOCK, Secretary.
DIVIDEND
PACKARD
NO. 70
NO. 64
Company,
Company.
close.
quarterly
cent
A $2.50 quarterly dividend is
payable June 15, to Stockhold¬
ers
of record June
1, 1921.
share
will be
per
une
Secretary
DIVIDEND
($2.00)
J aid on July 1, as shownstockholders of record,
10, 1921, 1921, to
on the books of the
C.
COMPANIES
DIVIDEND
Common Dividend No. 40
Chicago
Preferred
THE
El Paso Electric Co.
Company
Dividend No. 142
three-quarters per cent,
being the 119*.h consecutive dividend
thereon; payable on the second
day
of July, 1921, to stockholders of record
on
&
Union Stock Yards,
and
one
\
BLAIR-SMITH, Treasurer.
Swift
dividend
a
16 Wall Street.
be
of
[VOL. 112.
THE CHRONICLE
XX
jfinandal
NEW ISSUE
$760,000
Chicago, St Paul, Minneapolis & Omaha Railway Company
7% Equipment Trust
To be dated January
We
are
Due $95,000
1, 1921.
THE FARMERS' LOAN &
Gold Certificates Series "B"
annually January 1, 1924-31, inclusive.
TRUST COMPANY, NEW YORK.
advised by Samuel A. Lynde, Esq.,
AND EDWIN S. MARSTON, TRUSTEES
Vice-President of the Railway Company, as follows:
issued under the Chicago, St. Paul, Minneapolis &
The certificates are to be
Equipment Trust Agreement of 1917 as amended June 1, 1920. The
title to the equipment is to be vested in the Trustees and the equipment is to
be leased by them to the Chicago, St. Paul, Minneapolis & Omaha Railway
Company at a rental sufficient to pay the principal of the certificates, interest
warrants and other charges as they become due.
Omaha
equipment against which these certificates are to be issued cost approxi¬
mately $962,800, of which amount 20% is paid in cash by the Railway Com¬
pany.
It is all new and of standard design and consists of 6 Mikado locomo¬
tives, 4 Switch engines and 125 Stock cars.
The
Subject to issue
as
planned,
we
offer the above certificates at the following prices:
To Yield
Maturities
6.50%
6.45%
6.40%
1924-1926 inclusive
1927-1929 inclusive
1930-1931
::r<y
inclusive
The right is reserved to reject any and all applications, and also to allot a smaller amount than
applied for.
Payment is to be made on or about June 2, 1921, against the delivery of definitive
certificates, at the office of White, Weld & Co., in New York funds.
White, Weld & Co.
This
information is not guaranteed, but has been
obtained from sources we believe accurate.
'
May 23, 1921.
G.C. BENSINGER CO.
77 Whitehall Street
l»«55LB£f
We
announce
with regret
the retirement of MR.
I CABLE CODES
■ IHSIM.I.
WILLIAM GOODMAN
as
a
general partner of the
offle.
size,
,
The business will be continued by a new part¬
.
"SJSUuiTs
Largest telling code—u.ed
.
firm.
oaot-Kx*
o.'ta
"BENTLEY COMPLETE PHRASE CODE"
caves more
all over the world—
ASK FOR IMPORTANT CODE
,
p«k« »'*«•
than 50% over plain English cabling.
t7.M.
CIRCULAR NO. 339
BENSINGER—PHONE—BOV/L. GR. 6989
nership consisting of MR. FREDERICK J. LISMAN
and MR. ARTHUR D. MENDES.
JERSEY CITY
New
F. J. LISMAN & CO.
61
New York,
May 25, 1921.
Broadway,
Due
Jersey
March, 1924
New York
B. J. Van
Ingeii&Coe
4© Cedar Sfc
New Yorfc
TSL. 6364 JOHN
May 28
1921.]
THE
CHRONICLE
xxi
Jffttanrtal
$4,000,000
,
By-Products Coke Corporation
First and
Dated
May 1,
Refunding Mortgage 8% Sinking Fund Gold Bonds, Series A
1921
Due
May 1, 1936
Interest payable
May 1st and November 1st, in New York or
Chicago.
Coupon bonds
registerable as to principal only.
Denominations of $1,000, $500 and $100.
Redeem¬
able at option of the
Company as a whole or in part on any interest payment date
on
twenty-five days' published notice at
107H
and interest, up to and including
May 1, 1926, the redemption premium
decreasing Yi of 1% per annum thereafter.
An annual
Sinking Fund is provided beginning September 1, 1922, sufficient to retire
50% of this issue
before maturity, either through purchase of these bonds at not to exceed the
ing redemption price,
Interest
if not obtainable, by call at that price.
payable without deduction for Normal Federal Income
Tax,
CONTINENTAL
The
prevail¬
or
AND
COMMERCIAL TRUST
following information in regard to this issue
President of
AND
SAVINGS
is summarized from a letter
By-Products
By-Products Coke Corporation, organized in 1905,
the largest producer of commercial coke in this
country, having as customers practically all of the
foundries in the Chicago district.
The Company's
property consists of a by-products coke oven plant
and blast furnaces, located m South
Chicago, with
coal properties and mines in Franklin
County, 1111now, and interests in other companies closely affiliwill
be
ti
for
secured
stocks
the cost of which to this
of
this
was
$4,547,428.
,
of
all
and
all
494,580
after interest,
other
charges,
2745,515
Ai
n cr
A/T/vvtrya
frn
taxes,
the Common Stock have been paid
experience m
the by-products coke business,
follows: W. L. Brown, President, and C. T. Boynton, Vice-President of Pickands, Brown & Company; H. H. S. Handy, VicePresident, and Rowland Hazard, Director, Allied
Chemical & Dye Corporation;. E. L. Pierce, President, and W. B. Cogswell, Vice-President, Solvay
PfOC6SS Company; E. D. WinkWOrth, President,
A. W. Hudson, Vice-President, and L. M. Whitwell,
Vice-President SemeVSolvay Company; George H
Lnndo
including Federal
on
Its directors
,
payment
1920,
The management of this Company is now, and
been since its inception, m the hands of men of
Wlde
Shndh^"
During the past five fiscal years ended December
30, 1920, the average annual earnings of the Company available for interest charges after depreciation
the
including
are
in
Dividends
vative restrictions of the Trust Deed.
and
debt,
on
every year during the last fourteen years,
$6,970,000.
Included in
figure are net current assets after reserves
$7,232,563.
n
and
were
for taxes of
T? of 11
a
inventory
requirements
bonded
taxes
with total funded debt of
for
Gf
materials
raw
issue,
Earnings
tangible assets available for payment of
outstanding bonds of $20,391,459, after deduction of
over
$4,464,211 for depreciation, etc., compared
and
adju8t8ment
of
1920,
and
$1,278,524
total
shows net
Fifaf
year
nlant denrecia-
were.
31, 1920,
Company, but after
giving effect to present financing, including full payment for $1,532,600 Preferred Stock
subscriptions,
A rlrh'fir>r»ol
an
Annual interest
balance sheet as of December
certified by Ernest Reckitt &
mat onlTbo Sued
a
charge of $563 540 44
manufactured products, but belore interes and Federal taxes,
The
the above
calendar
affiliated companies,
Company
2%.
$1,361,399.
The Company's average
charges for the same period were
values
the coal lands of the Company; and as
additional security there will be
pledged with the
and
of
TRUSTEE.
by Mr. H. H. S. Handy,
earnings after
on
bonds
excess
interest
During! the
by direct lien on
physical property of the Company now
owned or hereafter acquired,
subject only to $2,970,000 underlying obligations
outstanding under closed
mortgages.
Provision for retirement of over $900,000 of these underlying bonds has been made
by
sinking fund operations.
This lien will be a first
Trustee
in
$302,207.
the entire
mortgage
were
annual
ated with its operation.
bonds
not
CHICAGO,
Coke Corporation:
taxes,
is
These
BANK,
Beaumont
are as
^ELton^Hoyt, 2nd, ^o^P.okands,
the Board, and C. D. Caldwell, Secretary, The Steel
& Tube Company of America; E. L. Whittemore,
Chairman of the Board, National Malleable Cast-
ings Company.
Price 99 and Interest, Yielding Over 8.10%
All
legal matters will be approved by Messrs. Mayer, Meyer, Austrian & Piatt, Chicago. Bonds are
offered for
delivery when, as and if issued and received
by^is. It is expected that interim receipts will be ready about June 7,1921.
Continental and Commercial Trust and Savings Bank
Chicago
First Trust & Savings Bank
I'
Illinois Trust & Savings Bank
Chicago
Chicago
A. G. Becker & Co.
Chicago
The above statements, while not
guaranteed, are based upon information
which
we
believe to be accurate and reliable.
rvoL. 112.
THE CHRONICLE
XXII
Jftnanrial
il®®
.
v
'
■
pv
$6,000,000
Chicago Union Station Company
6l/2% First Mortgage
C, due July 1, 1963
Series
\
INTEREST PAYABLE
Gold Bonds
*
j
'%
'
;
'J.
'
.
' )
,
t*
•' • -c
SEMI-ANNUALLY ON JANUARY 1st AND JULY 1st
denominations of $1,000 and $500 each with the privilege of registration as
bonds registered as to both principal and interest,
which in turn may be exchanged for coupon bonds.
Coupon Bonds in
to
principal and exchangeable for
<v
-
Unconditionally guaranteed by
endorsement
as
to both prin¬
and severally by Chicago, Burlington
Milwaukee & St. Paul Railway
The Pittsburgh, Cincinnati, Chicago & St. Louis Railroad
cipal and interest, jointly
&
Quincy Railroad Co., Chicago,
Co.,
v%;
Co. and
Pennsylvania Company.
Bonds of Series "C"
on
are
redeemable, at the option of the Company,
date thereafter at 110% and
days' previous notice.
January 1, 1935, or any interest
interest, upon ninety
The issue of the bonds
the
necessary
and their sale
For further
information
as
to these
of the undersigned.
of counsel.
bonds, reference is made to a
Esq., President of the Chicago
Company, dated May 26, 1921,
THE
subject to the approval of
public authorities and to the opinion
letter from J. J. Turner,
any
are
accrued
Union Station
copies of which may be obtained from
,
SUBSCRIPTIONS FOR THE ABOVE
AT 101% AND ACCRUED
DELIVERY, INTERIM CERTIFI¬
IF, WHEN AND AS ISSUED.
UNDERSIGNED WILL RECEIVE
BONDS,
SUBJECT
INTEREST
TO
TO
ALLOTMENT,
DATE OF
CATES DELIVERABLE
KUHN, LOEB & CO.
LEE, HIGGINSON & CO.
ILLINOIS TRUST &
SAVINGS BANK, Chicago
THE NATIONAL CITY
COMPANY, New York
FIRST NATIONAL BANK,
New York,
May 28, 1921.
All of the above bonds
New York
i
having been sold, this advertisement appears as a
matter of record only.
Mat 28
1921.]
THE CHRONICLE
XXIII
^financial
$100,000,000
Government of the French Republic
_
Twenty-Year External Gold Loan 7V2% Bonds
Dated
June
1,
1921
Not
Due
June
1,
1941
subject to redemption prior to maturity
Interest passable June 1 and December 1,
Principal and interest payable in New York at the office of J. P. Morgan & Co., in United
States gold coin of the present standard of weight and fineness, without deduction for
any French taxes, present or future.
In
the
for
opinion of counsel, these Bonds are a legal investment
Banks in Connecticut, Vermont and California.
Savings
^
.
1
Bonds in denominations of $1,000, $500,
Coupon
1
3. ■■■.-;
<
and $100,
registerable
to
as
principal only.
-
In the Loan Contract under which these Bonds
Government covenants to pay to J. P.
are to be
issued, theFrench
Morgan & Co., during the first five
Sinking Fund, the sum of not less than $9,000,000 in cash per
in monthly installments of not less than $750,000 each, beginning
July 1, 1921, such sums to be applied to the purchase of Bonds, if obtainable,
at not exceeding par and accrued
interest; any unexpended portion of any
years,
as a
annum,
such installment remaining in the Sinking Fund at the end of
any month to
be returned to the French Government.
,
•-
- v:;v.
;
We
are
7^
;
receiving subscriptions,
subject
to
3
allotment,
'•
for the
95% and accrued interest, to yield
over
above
<
3
Bonds
at
8%.
Subscription books will be opened at the offices of J. P. Morgan & Co., at 10 o'clock, A. M.
Wednesday, May 25, 1921, and will be closed in their discretion.
All
subscriptions will be received subject to the issue and delivery to us of the Bonds as planned, and
approval by our counsel of their form and execution. The right is reserved to reject any and all
applications, and also, in any event, to award a smaller amount than applied for. Amounts due
pn allot¬
ments will be payable at the office of J. P. Morgan & Co. in New York funds to their
order, on or about
June 10, 1921.
"■
to the
Temporary Bonds
or
Trust Receipts will be delivered pending the preparation of the definitive Bonds.
J.
First National Bank,
New
P.
Morgan & Co.
Brown Brothers & Co.
,/Y
National
York
City Company,
New
York
Harris, Forbes & Co.
Guaranty Company of New York
Lee, Higginson & Co.
Dillon, Read & Co.
J.
White, Weld & Co.
Lazard
E.
H.
Bankers Trust Company, New York
& W.
Seligman & Co.
Spencer Trask & Co.
Freres
Blair and
Rollins & Sons
Clark, Dodge & Co.
National Bank of Commerce in New York
Exchange National Bank
Kissel, Kinnicutt & Co.
Company, Inc.
Chase National
American
Kidder, Peabody & Co.
Bonbright & Co., Inc.
Halsey, Stuart & Co., Inc.
Bank
New York Trust
Mechanics & Metals National Bank
Equitable Trust Company of New York
3
May 24, 1921.
i
Company
Central Union Trust Company of New York
\
[Vol. 112.
THE CHRONICLE
xxiv
Here Are Plain Facts
About Financial
in
Advertising
Chicago
—
On
media in
do
basis
what
financial
advertisers
select
their
Chicago ?
Manifestly
Here is
a
facts—and their logical results.
on
simple statement of facts about the financial
advertising situation in the Chicago evening field as shown
by the lineage figures for the month
of April:
Investment Advertising in
Bank and
Chicago Evening Newspapers,
Month of
The Daily
April, 1921.
.57,613 lines
News
Post
43,529
American
31,109
Journal
"
28,368
The controlling
facts in the
More than 400,000 persons
day, which
means
in its columns is
who read the
These
that
seen
over
case are
simply these:
buy The Daily News each
1,200,000 read it.
by 7 out of
every
9
Advertising
persons
in Chicago
English language.
are
facts.
And financial advertisers—the great
majority of them—evidently think them to be of controlling
importance in definitely placing The Daily News first in
the
in
evening field in point of value for financial advertising
Chicago.
-
-
THE CHICAGO DAILY NEWS
First in Chicago
ommcma
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
VOL. 112.
SATURDAY, MAY 28, 1921
Inc.
1921.
Per Six Months
f 10 00
§ 00
-
■nropean Subscription (including postage)
■oropean Subscription six months (including postage)
Canadian Subscription (Including postage)..
NOTICE—On
for
account
European
_
13 50
7 75
11 50
of the fluctuations in the rates of
exchange, remit*
subscriptions
and
advertisements
be
must
made
York funds.
in
Chicago
497,819,900
53,345,275
86,755,386
110,413,653
26,219,898
14,287,000
...
Cincinnati
Cleveland...
Detroit
Milwaukee
Indianapolis—
Columbus
and
Subscription include* following Supplements—
Quotation (monthly) Railway & Industrial
(semi-annually)
Blrctric Railway (semi-annually)
Bankers' Oonyhntion (yearly)
Railway Earnings (monthly)
Stats and City (semi-annually)
Terms of
45 cents
On request
Obioago Orncs—19 South La Salle Street, Telephone State
5594.
Bondon Orricn—Edwards & Smith, 1 Drapers'
Gardens. E. O
WILLIAM
B.
DANA
Grand Rapids
3,517,548
6,100,000
.
Evansville
4,180,350
Dayton.........
4,047,938
Springfield, 111—
2,035,987
1,777,719
3.270,452
Youngstown..
Rockford
1,900,000
6,649,000
900,000
Akron
Lexington
South Bend...
COMPANY, Publishers,
Canton
Front. Pine and Depeyster Streets. New York.
Bloomington
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
1918.
Per
1921.
New York
1920.
Chicago
Philadelphia
$3,705 ,063,698
503 ,992,420
401 ,527,594
307 ,766,809
307,r91 701
209,000, 547
107,140 ,567
94,183 953
92,900 000
108,844 965
_i,
City
St. Louis
San Franeisco
Pittsburgh
186 ,900,596
133 ,994,794
133, ,459,389
135
—18.9
—23.5
—23.5
—32.1
—42.7
—29.7
—30.4
,374,130
—19.6
63,925 963
90 ,758,242
—29.6
61,017 752
35,130 680
79 ,806,308
—23.5
61 ,848,200
—43.2
$4,469,737,033
920.432,461
$5,740,522,180
1,142,416,927
-22.1
5,390,169,494
1,086,421,272
6,882,939,107
1,495,709,919
New Orleans
Eleven cities, 5 days
Other cities, 5 days
Total all cities, 5 days..
900,000
+ 79.2
1,150,000
1,465,951
3,447,509
1,300,823
1,167,026
—35.2
1,152,531
805,032
—39.6
1,210,317
—12.1
886,792
—27.1
—21.2
—28.9
—20.0
1,621,000
600.000
668,472
—10.2
Adrian...
195,000
263,499
—26.0
1,292,341
342,215
96,866
862,908,225 1,118,265,128
—22.8
938,207,968
742,239,768
130,300,000
161,207,637
—19.2
77,990,000
79:966,000
—2.5
27,153,204
26,535,004
42,912,657
33,743,649
17,343,498
10,914,560
Lansing
Tot. Mid. West
Francisco..
Los
Angeles
Seattle
...
Salt Lake City..
Spokane
Tacoma
....
Oakland.
-
.....
11,830,862
8,993,914
3,483,122
Diego.....
2,474,357
4,169,101
2,872,276
3,644,074
Pasadena
Fresno
San Jose
Stockton
Yakima—.....
1,472,914
4,478,100
1,034,046
700,000
Long Beach
Santa
Barbara.
—50.0
702,212
—17.8
986,489
—33.5
764,613
—23.6
—36.7
142,978,303
40,262,000
36,903,910
—21.3
33,031,124
—31.8
15,862,330
—17.6
9,739,296
4,294,726
5,358,558 —35.0
11,429,344 —11.5
—6.5
2,647,189
5,825,537 —28.4
+ 17.5
2,445,506
4,201,016 —13.2
1,968,759 —25.2
5,719,300 —21.7
l,636,506i —36.8
804,1.76 —12.9
2,783,735 + 11.4.'
10,111,636
Sacramento—.
San
Reno
-19.5
1,975,808
10,628,000
—48.5
—16.7
Ann Arbor
-21.7
;
Baltimore..
8,806,100
9,629,268
3,914,326
4,816,377
3,278,253
3,909,196
1,917,013
1,222,299
3,080,092
1,824,706
5,439,000
800,000
1,162,633
1,002,219
3,000,000
1,071,372
910,968
4,919,777
4,894,543
4,566,991
4,477,217
2,215,643
1,540,715
3,656,674
886,980
283,977
Portland
$3,004,946 253
385,554 652
Boston
Cent.
74,841,348
59,470,565
24,853,426
'12,491,000
1,087,071
1,637,163
4,950,387
1,621,754
1,552,280
1,515,265
1,849,043
758,979
353,394
San
Clearings—Returns by Telegraph.
Week ending May 28.
52.407,359
98,704,927
30,811,276
14,634,000
12,205,700
14,076,841
567,804
922,648
531,750
2,122,112
Jacksonville, 111..
Lima
The foiiowing 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 $6,476,590,766, against
$6,956,473,185 last week and $8,378,649,026
the corresponding week last year.
456,257,850
1,057,530
516,679
472,678
965,875
922,187
1,030,908
245,582
117,927
Danville-
Owensboro
CLEARING HOUSE RETURNS.
—26.4
1,080,000
1,152,078
1,241,600
981,605
1,116,442
779,617
Springfield, O...
Detroit
1919.
551,678,653
61,951,214
98,380,112
12,899,000
1,948,750
1,193,208
3,900,000
Qulncy...
—21.3
140,382,562 —38.2
130,029,076 —15.1
35,661,883 —26.3
19,136,000 —25.4
13,962,400 —19.6
15,280,231 —19.7
5,281,732 —33.6
7,651,467 —20.3
5,270,223 —20.7
4,876,703 —17.0
2,877,405 —29.3
2,290,738 —22.4
3,697.343 —11.6
2,769,702 —31.4
12,269,869
—
Fort Wayne
Advertising
Transient display matter per agate line..
Contract and Card rates
Kansas
Dec.
632,423,573
72,518,862
11,220,600
Toledo
Peoria
Bask
1920.
or
Subscription—Payable in Advance
fsr One Year
eances
May 21.
Clearings at—
PUBLISHED WEEKLY
New
NO. 2918
Week ending
'gilt Chronicle
Terms of
Railway Section
City Section
3,101,387
825,440 Not lncl. In
94,849,484
27,278,000
33,008,172
23,933.261
12,005,082
7,102,519
3,991,793
8,916,992
1,357,872
5,820,256
1,829,805
2,809,154
889,826
1,935,820
907,949
1,778,564
714,458
523,837
923,903
2,100,000
4,385,193
1,288,527
2,604,342
1,100,000
1,941,744
1,051,222
837,182
total
Total all cities for week.
$6,476,590,766
$8,378,649,026
at noon on
all
cases
Saturday, and hence in the
estimated,
as we go to
press
—22.7
—18.1
308,655,763
220,473,883
228,350,463
—38.7
161,365,092
Minneapolis
60,078,675
37,348,196
32,204,671
15,574,610
8,831,824
8,334,338
5,253,961
84,849,719
—29.2
58,863,808
—36.5
20,938,777
21,723,953
+ 53.8
—28.3
210,328,532
37,891,361
59,834,846
15,784,031
Saturday.
by the clearing houses
above the last day of the week has to be in
St.
Paul.
Denver
St.
Joseph
Des
years
follow:
Moines...
Duluth
Sioux
Week ending
Pacific.
Omaha
Friday night.
Detailed figures for the week ending m y 21 for four
390,907,627
140,037,403
Total
-27.3
The full details of the week covered
by the above will be given next
We cannot furnish them
to-day, clearings being made
up
320,343,997
Kansas City
Ail cities, 1 day
May 21.
City
Wichita........-
Clearings at—
Lincoln
Inc.
1921.
1920.
$
$
or
Dec.
Topeka
1919.
1918.
Cedar
Rapids...
Fargo
New
York
3,900,166,988 4,787,465,263
410,463,459
522,933,290
135,220,420
165,405,216
74,935,083
100,615,899
37,460,085
45,795,619
17,574,210
18,612,450
Philadelphia
Pittsburgh.
Baltimore
Buffalo..,.
Washington
Albany
4,600,000
%
S
—18.5 4,388,929,452 3,303,406,416
—21.5
427,255,109
375,910,140
Pueblo
—18.2
Helena
—10.8
140,000,000
74,473,218
35,908,499
16,061,244
4,572,862
9,577,710
4,487,273
—25.5
—18.2
—5.6
Wiikes-Barre
2,800,522
Wheeling
Trenton..
4,267,916
3,712,224
5,171,003
11,125,826
5,325,628
5,422,640
2,913,775
3,731,581
2,916,965
5,637,327
5,535,895
Lancaster
2,500,000
1,554,790
2,168,789
1,085,100
1,000,000
3,390,285
1,645,180
2,894,909
1,395,700
1,100,000
—26.3
987,098
900,837
1,803,840
1,135,586
616,236
2,014,084
—45.2
Rochester
Scran ton
Syracuse
....
Reading
Wilmington...
York
Erie
Bingham ton
Greensburg
Chester
Altoona
Montclair
Huntington
Bethlehem
Total Middle..
Boston
Providence.
Hartford
New
Haven
Springfield
Portland..
Worcester
Fall
River
New Bedford
Lowell
Holyoke
Bangor
Stamford..:
Lynn
Total New Eng
8,259,077
4,751,605
4,563,546
2,354,063
2,472,595
429,584
1,541,470
2,679,811 Not incl. in
—
11.0
—23.3
—15.8
3,148,609
2,262,440
3,996,668
3,139,405
—4.0
—4.3
—32.9
—20.7
2,530,563
1,293,053
2,245,212
999,600
1,050,000
1,384,666
746,998
—30.3
388,894
—5.5
—25.1
—22.2
—9.1
2,907,687
2,399,729
1,298,900
1,989,602
752,000
-
1,150,000
1,338,497
828,021
376,157
—23.5
—18.9 5,130,830,523 3,934,813,883
300,947,831
406,706,259 —26.0
11,505,500
18,575,500 —38.1
8,900,000
9,842,708
—9.6
5,010,559
6,246,290 —19.8
4,450,634
5,611,481 —20.7
2,200,000
2,400,000
—8.3
3,651,202
5,104,917 —28.5
1,500,798
3,033,128 —50.5
1,.503,173
2,165,866 —30.6
1,159,696
1,519,730 —23.7
725,000
759,000
—4.5
886,400
909,019
—2.5
2,565,997 Not incl. in total
1,310,525 Not incl. in
total
342,440,793
462.873,898
—26.0
2,882,897
1,678,540
1,026,199
690,000
727,569
276,562,640
10,468,000
6,750,930
5,146,593
3,677,628
2,100,000
3,609,659
2,473,505
1,709,294
1,151,911
700,035
719,358
315.069,553
—13.0
—38.6
4,604,755
3,045,705
2,447,577
2,824,497
1,752,429
884,269
759,516
2,052,742
791,429
1,227,348
1,290,889
3,392,603
3,200,000
1,681,159
1,705,176
2,009,079
689,570
584,000
481,126
777,438
—38.1
629,124
976,765
649,555
343,020,251
499,125,301
—31.3
423,657,146
327,859,362
118,079,374
40,062,271
170.125,716
—30.6
64,351,035
—37.7
160,539,774
57,616,433
32,147,681
27,257,790
—26.1
Memphis
23,765,948
22,081,443
6,614,887
36,425,927
42,485,828
14,500,000
Fort
11,217,803
20,406,431
24,770,907
9,266,501
10,311,633.
20,609,324'
134,334,508
45,835,577
21,493,807
12,464,902
3,987,519
41,144,003
37,432,304
9,031,429
11,083,576
12,321,936
5,044,867
6,750,919
3,958,506
5,033,733
4,434,152
2,501,689
2,015,737
Aberdeen
Tot. oth.
St.
West
Louis
New
Orleans
Louisville
Houston
Galveston
Richmond
Atlanta
Worth
16,713,265
Nashville.
Savannah.......
Norfolk
Birmingham
Jacksonville
4,077,618
V 6,467,488
17,690,733
10,376,287
5,563,429
8,427,462
64,068,272
68,224,859
22,630,522
13,137,991
9,869,510
3,291,896
4,499,170
12,149,092
2,800,000
Augusta
Charleston
1,868,956
8,482,658
2,300,000
Mobile
1,500,000
3,510,000
2,699,098
22,668,002
3,776,611
1,142,566
228,515
527,138
8,701,955
3,347,845
24,316,039
3,937,872
12,366,184
8,633,519
2,000,000
454,319
639,927
13,418,539
4,365,313
35,757,740
5,339,300
461,720,458
674,729,731
Rock
Oklahoma
Macon
Austin
Vicksburg.
Jackson
Tulsa
Muskogee.
Dallas
Shreveport
Total Southern
Total all
388,143,906
—40.4
—29.7
—14.7
4,549,414
6,923,999
7,141,795
—19.9
Little
347,508,298
9,891,600
8,367,202
5,448,949
3,946,368
2,150,000
3,898,284
—22.3
1,825,748
779,798
2,040,038
1,344,460
Knoxville
4,626,039,461 5,704,604,197
5,950,948
10,048,211
11,037,397
2,851,456
479,159
1,361,331
984,123
Chattanooga
total
9,667,801
—32.2
—48.2
—18.9
Billings...
Hastings
2,972,049
2,248,515
3,965,938
23,515,882
17,287,857
1,010,562
13,605,825
4,100,000
2,298,061
—33.7
5,472,274
3,429,940
2,812,142
2,700,000
2,132,890
—43.5
—30.2
819,508
Springs
Fremont
6,831,587
3,400,000
4,300,000
2,630,891
1,289,602
867,259
15,643,194
11,936,076
7,745,849
9,915,597
13,650,642
22,955,683
48,503,085
13,741,123
21,873,373
14,363,063
8,198,217
1,082,429
Colorado
60,283,958
20,255,658
4,080.987
—19.1
117,862,263
Waterloo
5,131,616
10,601,942
3,260,239
2,479,212
2,400.000
2,350,000
.!
Outside N.
6,956,473,185 8,850,505,882
Y..13,056,308,197
4,063,040.619
+ .56.2
—38.5
—33.3
—26.8
—19.0
—21.5
—43.2
—37.7
—35.9
—45.0
—32.5
16,781,769
18,062,619
5,800,000
55,184,783
58,768,725
19,006,666
15,852,331
15,451,194
—56.0
8.213.156
—37.3
—42.9
11,380,175
12,425,688
8,625,279
6,560,336
2,554,399
3,660,623
4,269,742
2,700,000
1,603,506
11,206,574
1,350,000
2.500,000
—50.0
3.50,550
—14.2
—21.0
—43.6
—14.9
—58.5
—30.2
—34.5
—44.4
+83.3
—56.3
—35.2
433,952
9,172,968
—23.3
2,805,379
—32.0
25,000,000
~
1,701,383
565,857
1,089,311
4,000,000
2,600,000
1,459,973
8,069,582
1,400,000
2,159,334
237,720
420,037
11,716,837
1,975,787
71,000,000
—26.3
2,733,249
1,849,626
-31.6
540,609,870
411,758,060
—21.4 7,730,105,176 5,952,214,459
-24.8 3,341.175,724 2,648,808,043
products from the fact that these commodities
semi-finished and
raw
THE FINANCIAL
have fallen in value far more than
SITU ATI ON.
There
is still a dislocation of industry throughout vast
ramifications which must be corrected before nor¬
outlook
The trade
[Vol. 112.
THE CHRONICLE
My
2226
continues
unchanged.
And things will never get
manufactured articles.
back
track of prosperity, un¬
the right track, the
on
til this anomalous state of
things is corrected in a
larger, world-wide production and a restoration of
prices to a normal equilibrium which will mean *
class of society—-the farming community, for in¬
square deal for all classes of society.
stance—receives far less for its services for the
One
prosperity can be expected.
mal conditions of
classes, and therefore
general well-being than other
which in turn
the
suffer the evils of dul-
of trade and vast and
widespread unemploy¬
cannot: buy as
other classes,
ness
freely
as
it otherwise would from
of the times are
The business phenomena
ment.
chief storm cen¬
It had been
expected that Premiers Lloyd George and Briand
Upper Silesia has continued the
tre in the
European political situation.
would meet
over
the week-end for a conference, pre¬
Coun¬
that there is no
cil, at which an agreement as to the policy of Great
such thing as the absolute independence of a class
Britain and France in dealing with the Upper Siany more than there is of the individual; that.the
lesion situation might be reached.
It had been in¬
multi-millionaire is as dependent on other people
timated that Premier Briand would not discuss the
for his necessary food, clothing and shelter as the
matter further with the British Prime Minister un¬
poorest dock laborer; that all classes of society
til it had been fully considered in the French Cham¬
are equally dependent on other classes; that if one
ber of Deputies, and not without a substantial vote
class cannot buy, another class cannot work, or must
of confidence
by that body. It became known
suffer in some other way ; that all classes must be to
through Paris advices a week ago this morning that
all intents and purposes on an even keel or all suf¬
the Chamber had adjourned the day before until
fer.
The truth is, there is an interdependence run¬
the following Tuesday "without completing the de¬
ning throughout all the vast gradations of human
bate on foreign affairs."
Thus, it was pointed out,
society, not merely as between individuals, or
"Premier Lloyd George's plan for a speedy settle¬
classes, but between nations throughout the world,
ment of the Upper Silesian problems at a conference
a striking illustration of this being found in the cir¬
teaching in grim fashion the fact
cumstance that the United
trade from
States is suffering in its
poverty of Europe and most other
the
parts of the world.
is a
leveling of things that shall mean a square deal be¬
regards our own country, what we need
As
tween
man
and
man
What is
in the cost of living.
required above everything else is maximum produc¬
In the United
The whole world needs that.
tion.
States
crying prerequisite to this end is lower
a
High
prices and keep down production and
The return of prosperity will be
costs; one requisite is a lower cost of labor.
keep
wages
up
consumption.
blockecjl until wages are reduced; we must get down
off the
war
stilts
regards everything that society
as
requires, including labor, and bring about an in¬
creased
supply at lower prices.
Prices
are now
be¬
yond the reach of one-half of our population of 106,-
This refers to the farming population; it
000,000.
is
suffering the injustice of seeing its own products
most needs are, as a
rule, still relatively
The result is tantamount to
to pay
robbing Peter in order
going
on
is
in this country in the particu¬
descriptive
less extent of the situation
Farmers
suffer
from
Brazil is hurt
also
lb. in March
from 52c per
16c in
a
high costs of manufactures,
by the decline in coffee, which
July 1919 to 6c
1921; and in rubber, which dropped
February.
Argentina is hurt by the decline
$2.97 in the United States in May
$1.67 per bushel in March of this year; also
by the fall in the price of wool from $1.26
October 1919 to 52c in March 1921.
from
a
decline in nitrates from
$2.60 in 1921.
world's
raw
per
lb. in
Chile suffers
$4.45 early in 1919 to
Indeed, South America, Asia and
Australasia, which produce
the
greater
lb. in this country in January 1919, to
in wheat from
1920 to
to
throughout the world.
fell in the United States from 23c in
a
high.
The Paris
blocked."
of a meeting of
The Berlin cor¬
respondent of the same paper, in a statement that
purported to set forth the attitude of the Germans,
French Premiers getting
together
or
Supreme Council before June."
the
" 'While two persons are
said:
quarreling, the third
enjoys himself/ runs a familiar German
person
The Germans find themselves to-day play¬
proverb.
ing this third role in the Lloyd George-Briand con¬
troversy
over
Officially German
Silesia.
Upper
leaders
disparage the
French
differences.
importance
But behind
of the Anglo-
this
official dis¬
paragement is the hope that for the first time since
1918 Germany is witnessing a really important rift
between the two leading Allies, for the very exist¬
ence
of which
she is certain to benefit, no matter
what the outcome of it may
be."
Premier Briand was said to have received an offi¬
cial note from
Lord
Curzon, British Secretary of
Foreign Affairs, in which it was asserted
State for
that "Great Britain informed France that her atti¬
enumerated
etc.
very
Paul.
What is
or
to be held this week-end was
correspondent of the New York "Herald" declared
that "there is now no chance of the British and
sharply reduced in prices, while the things it
very
lar
paratory to a session of the Allied Supreme
large percentage of
material, have had to bear very
a
tude
on
the
trict
into
preparing to send a military contingent
are
Upper Silesia."
New York
the
ways
of settling
declared that "the
States, through the person of Ambassador
United
Harvey, is in a position to settle the nasty Upper
Silesian
quarrel between England and France and
thereby rescue the Entente from the strain it is now
under."
The Associated Press sent out a dispatch
from its London office
it
was
sented
a
note to the British
out the seriousness
in view
corps,
Saturday evening, in which
stated that 'Jthe French Embassy to-day pre¬
of the
Foreign Office, pointing
of the Upper Silesian situation,
persistent attitude of the German
which, it is declared, is being constantly re¬
inforced ;
They have suffered with American producers
and the
The Paris correspondent of the
"Times," in discussing
Upper Silesian problems,
heavy burdens due to the great deflation of prices.
of
Upper Silesian question is unchanged."
Berlin heard that "British forces in the Khine dis¬
the Bolshevist tendencies of the workers,
difficulty of intervening between the Poles
May 28 1921.]
THE
and the Germans."
note says
According to the dispatch, "the
it, therefore, is
necessary to make
representations to Germany to
execution the
CHKONICLE
measures
vites Baron d'Abernon,
urge
joint
her to put into
she has announced, and
3337
Mayer, the German Ambassador, to the French For¬
eign Office, and handed him
definite announcement
note."
a
not
was
in¬
respondent of the New York "Times"; said that "it is
understood that in the note the French Government
called
Ambassador to
immediately to prevent the further
Germany, Charles, Laurent."
the announcement
came
resolution
on
From
Sunday that "a
expressing the; conviction that France
would watch
the strict execution of the
over
Treaty
the
on
German
Government
troops into Silesia and to
man
drawal of those
territory."
who had
to
obtain
<
an
Associated Press dismade to Dr. Sthamer,
the German Ambassador at London."
the Diet construes the results of the plebiscite
says
as
resolution
defining the precise line of demarcation for the
territories where the
and declares
aced
by
a
made the
majority declared for Poland,
that these territories
news
were
men¬
fresh return to the Prussian yoke had
people take up arms."
German
between
on
Monday,
Polish
and
the statement the next day that
came
"four British battalions from the Rhine
sent
immediately to the plebiscite
Silesia.
This will at
once
to be
are
in Upper
area
place England in
much
a
stronger position in her insistence of due observ¬
of
treaty provisions by all the parties
cerned."
Early Monday the first definite reports of mili¬
tary engagements
Supplement¬
ing the announcement by the British War Office
ance
:I.;.,-
the' with¬
was
According to
plebiscite in Upper Silesia was adopted by the Diet
The
steps
of Ger¬
into the plebiscite
gone
patch, "a similar request
its session.
take
passage
of Versailles in accordance with the results of the
to-day before ending
a
cor¬
the British Ambassador to
Germany, to support the steps taken by the French
Warsaw
Although
made, the Paris
According to
con¬
London dispatch, they
actually began their advance Thursday. One corre¬
a
spondent of the "Times" of that city, who claimed
spondent cabled that "the Berlin Goverment, it is
learned, has recognized completely the justice and
expediency of the requests of the Allies, and has also
to have followed the
sent to Lord
forces in
.
Upper Silesia reached London.
Germans, telegraphed that "the
first real operation of war
rection in
A corre¬
during the Polish insur¬
Upper Silesia occurred Saturday evening,
Berlin,
Inter-Allied
when Germans attacked in the Grossteiner Forest."
preserve
The
tude."
correspondent said that "the Germans attacked
in two
from
columns,
one
Krappitz and Gogolin."
Germans
tended
to
He added that "the
reinforcing their positions and in¬
were
continue
From London also
on
from Lowietsko and the other
the
came
attack
Sunday
evening."
the definite announcement
Monday that "the British Government has de¬
cided to send troops to
Associated Press
Silesia at
an
early date." An
dispatch from that centre stated
that "the decision to send the
troops resulted from
interchanges between Great Britain
and
France,
d'Abernon, the British Ambassador at
a copy
of the note it has dispatched to the
Plebiscite Commission- undertaking to
toward Silesia
thoroughly correct atti¬
a
The advices continued rather
conflicting re¬
garding the actual situation in Upper Silesia. From
Berlin
came
a
dispatch
Tuesday which said that
on
"over
crippled telegraph and telephone wires come
reports from Oppeln that the Germans and Poles
are
engaged in heavy artillery and machine-gun fir¬
ing all along the Oder, especially in the vicinity of
Krappitz. Both sides are entrenching and the peo¬
ple in several of the towns
panic-stricken."
are
The
following excerpt from an Associated Press
dispatch from London last evening reveals a dis¬
and the British force will be sent to reinforce the
turbed condition in
Allied
contingents in Upper Silesia in the
the Allied political situation with reference to
ture.
The size of the force is not indicated in the
near
fu¬
Silesia
per
was
Upper Silesia still:
"Although
Up¬
less acute to-day, the re-establish¬
announcement, but it is understood that not less
ment of
than
being accomplished, despite the partial arrival of
four battalions
will
preferably the
go,
same
order in the disturbed
troops employed in Upper Silesia during the plebi¬
British
scite
and
official circles here
sent
word
"French
later
that
withdrawn
Premier
representatives
for confirmation of
had
attacked
Briand
Polish
Cabinet with
a
was
request
One dis¬
reported that if the facts
that
against Germany to
laration that
telegraphed
Silesia, asking
insurgents there."
confirmed Briand would
taken
had
in Upper
Paris
reports that German volunteers
patch said that "it
were
Rhine."
the
to
lay them before his
action
energetic
carry
be
out his recent dec¬
'France will not remain
an
inactive
troops from the Rhine.
report
an
area
was
far from
Advices received in
attack by Polish in¬
surgents Wednesday in the neighborhod of Gros-
stein, in which there
100 Polish and German
were
casualties.
The
chine-guns.
The Poles employed
The Poles
are
Germans
captured
an
fourteen
also said to have blown up
berg railway station and
a
ma¬
armored train.
the Rosen¬
number of other build¬
ings, forcing the Allied personnel to withdraw to
Oppeln.
cut off
The water supply of Kattowitz has been
except for
one
hour daily."
spectator' if the Germans invade Silesia."
Apparently there
was some
question
rectness of the London "Times"
the invasion of
as
to the
cor¬
dispatch relative to
Upper Silesia by German troops and
of actual engagements
with the Poles.
Late Mon¬
day afternoon, according to Paris advices the next
day,
"Premier Briand received from General Le-
rond, head of the Inter-Allied Upper Silesia Com¬
mission,
a
telegram stating that during the day two
battalions of German
weeks had been
troops, which for the last two
concentrating
on
the German bor¬
der, crossed into Silesian territory.
said that there
were
Poles and Germans."
no
combats
to-day between the
A few hours later it
that the French Prime Minister
His telegram
was
"summoned
said
Herr
The French Chamber of
Tuesday.
Premier Briand
Deputies reassembled
was
questioned
latest features of the Government's
ing with affairs in Upper Silesia.
report good
as
on
to the
policy in deal¬
He
was
able to
There had just been handed him
news.
by German Ambassador Mayer a note. Its contents
helped to relieve the tension that had existed for
some
days.
It
was
said that "Dr. Mayer informed
Premier Briand that the German Government
decided
the
to close
volunteer
the
corps
French official circles
Silesian frontier and
to
disband.
were
Upper Silesian situation."
ed that "Dr.
h^d
compel
After his
call
optimistic regarding the
The correspondent add¬
Mayer's communication, while not offi-
THE
2228
reply to the
evening, and
considered a good
daily so stated, was assumed to be a
note Premier Briand handed him last
the
promptness of the reply was
to avoid
that
Berlin Government
consequence it was stated
of the disposition of the
augury
trouble."
As
a
"Premier Briand,
[Vol. 112.
CHRONICLE
questioned by a group
of
the correspondent
menting upon these suggestions
truth of
disposition here to dispute the
these German complaints, and official cir¬
cles
able to do nothing more
said that "there is no
are
than express the
reinforcements, in¬
British battalions, will have ar¬
hope that soon sufficient Allied
cluding the four
In an
order."
rived to restore
Associated Press
Deputies before the meeting of the Chamber to-day,
dispatch from Berlin announcement was
said there was no reason for the occupation of the
Ruhr
region, because the
aspect of the
Silesian
the Ruhr were
Allies it would
abandonment of the Treaty of Ver¬
question had been changed, and if
occupied without the support of the
be
equivalent to
The United Press Bureau
sailles."
a
seemingly sensational account
session of the
Briand
Chamber,
day when he
Government order,
new
made that
operative to-day [Tues¬
day], imposes a maximum fine of
100,000 marks for
illegal recruiting or for organizing military bodies."
It was stated also that "other orders issued com¬
in Paris issued
of that particular
pletely close the Upper Silesian frontier and forbid
the formation of armed corps for action in Upper
the Chamber to¬
These
Silesia."
claiming that "Premier
jeered and hooted in
was
"a
man
declared that Germany had shown
Allied demands." It was even
"the scene in the Chamber was one of
to both France and
good faith in meeting
specific orders of the Ger¬
the
were
referred in its notes
Government, to which it
Germany.
been
Supreme Coun¬
the stormiest in its history."
cil meeting would be held at Boulogne to-day.
The
The more complete cable advices Wednesday
London correspondent of the New York "Tribune,"
morning seemed to show that the earlier accounts
in a cablegram about it Wednesday morning, said
of the session were at least greatly exaggerated. In
that the Council will, in all likelihood, "find confurnishing an outline of the Premier's speech, the
siderable less
tension prevailing between Great
Paris correspondent of the New York "Times" said
Britain and France than has existed during the last
that it occupied two and one-half hours, and that
few days.
This will be the result, chiefly, of Ger¬
among many other important points, M. Briand "de¬
many's action to-day in complying with France's
clared that France owed it to herself and to the
ultimatum to keep hands off in the Silesian crisis."
world to give Berlin a chance to make good its new
He added, however, that "the settlement of the Si¬
promises." He declared also that "the public opin¬
lesian problem may result in a temporary restora¬
ion of the country backed him up in a policy of mod¬
tion of harmonious relations, but since fundamentals
eration, and that if the Chamber chose another pol¬
are involved, there will be no real unity until Eng¬
icy it must get another chief to lead." The Premier
asserted that
exclaimed that "while I am on
not drive the
While
the bridge I shall
ship upon the rocks."
The "Times"
correspondent observed that "M. Briand's speech
was the most moderate
expression by a French
statesman
war.
toward Germany since the
In his
end of the
declaration that the new German Gov¬
ernment had showed
good faith and loyalty he vir¬
tually asked for a vote of confidence in Dr. Wirth's
Cabinet as well as his own."
He added that "M.
Briand's
The Right of the
its disappointment, but the Left
speech was well received.
Chamber showed
apparently the exact date had not
fixed, it was expected that the Allied
lish and French
policies
more
are
in alignment.
This, at any rate, is the opinion of high British
officials."
In an Associated Press cablegram from
Wednesday afternoon it was reported that
Paris
"the latest
plan for the settlement of the Upper Si¬
lesian controversy,
is
supposedly
a
British suggestion,
give Poland and Germany respectively the
to
communes
that voted in their favor at the recent
plebiscite, but to hold the entire territory under
control of a special commission for thirty years."
It
was
explained that "under the plan this commis¬
sion would be
appointed by the League of Nations
The Chamber ad¬
and at the end of the thirty-year period the popula¬
journed until Wednesday afternoon "without reach¬
tion of the region would again be given the oppor¬
ing a vote of confidence in its policy toward Ger¬
tunity to express their wishes."
According to a
many." The London representative of the "Times"
Paris cablegram the same afternoon, the opinion
cabled that "the British policy with regard to Ger¬
prevailed in political circles then that "Premier
man action in Silesia has, in the last few days, been
swung
behind him."
as a man
brought into much better harmony
with that of
A
new
light
was
thrown upon the situation in
handed
policy."
British Ambassador in Berlin.
said that "in the note Germany
the Silesian frontier and to
organized bands.
lief, the Paris correspondent of the New York
"Tribune" cabled Thursday morning that "Premier
Briand has rallied France to
The correspondent
undertakes to close
prevent its crossing by
At the same time it impresses on
the British Government that for the
tions in Silesia it is not
responsible.
that local defense corps were
chaotic condi¬
It points out
raised in the German
Silesian towns with the sanction of the
Plebiscite
lies. In
his foreign policy of
parliamentary circles to-day it was said that
he would
get a handsome majority when a vote of
confidence in him
debate."
Paris
is taken at the end of this week's
Commenting
and
of
forces that are
oppressing the German population.
that Poland has not effectively
frontier, whatever she may say." Com¬
"At the end of the debate
at 3 o'clock this [Thursday] afternoon
finished at 11 o'clock to-night, and after five
days of discussion
Moreover, it alleges
the final outcome, the
which began
guaranteed that, if they send food, as England re¬
quests, it will not fall into the hands of the Polish
upon
correspondent of the New York "Times" said
yesterday morning:
Commission, and it asks how the Germans can be
closed her
confidence to carry out
Supplementing this expression of be¬
view, in a
by the German Government to the prudence and continued co-operation with the Al¬
Upper Silesia, from the German point of
note
Briand will receive a vote of
his
the French."
a
of foreign policy, the Chamber
Deputies voted confidence in Premier Briand by
majority of 240.
success
of Briand in
moderation
The vote was 403 to 163.
The
getting approval of a policy of
toward Germany is a serious setback
for the French
Nationalists, who, while in
a
majority
May 28
in the
ion
1921.]
THE
CHRONICLE
Chamber, had to recognize that public opin¬
was
them.
And
of Briand than it
back
more
the fire-eaters
so
capital tax yielded about 10,000,000,000, or close to
three times the estimate, thanks to an amendment
back of
was
in the shade for
are
to the law.
The sales tax
brought in more than 4,000,000,000 and the stamp tax 1,750,000,000/ The
fulfills the trust Briand has put in her.
If Ger-J customs receipts'fell 25,000,000 short of the esti¬
mated 10,500,000,000.
many does not, the Nationalists' strength will re¬
The wine tax raised 620,-
the present.
vive to
They will stay in the shade if Germany
depose Briand and turn its destructive ten¬
dencies toward Germany.
tained
fair show for
a
000,000 marks, and the brandy monopoly 602,000,or more than double the estimated amount. The
Premier Briand has ob¬
Germany.
000,
Now it is for Ger¬
total
to do her duty."
many
Harvey's speech
at
the
Pilgrims'
dinner in his honor last week continued to be the
subject of much comment
lantic.
The
both sides of the At¬
on
majority opinion, both in London and
Washington, appeared to be favorable.
spondent of the New York "Times" at
The
corre¬
national
our
46,102,000,000 marks.
Germany
marks."
Ambassador
is
revenue
debt of
was
The
floating
189,608,000,000
r-V
;
v:
Announcement
r
April 30
on
was
made
in
a
Berlin
dispatch
yesterday morning that to-day the German Govern¬
ment "will send to the
Paris
Reparations Commission
twenty treasury
bills
of
$10,000,000
equivalent to 840,000,000 gold mark^,
under the
treaty by the end of May.
at
each,
required
as
The bills
are
capital said that "from the Republican standpoint
indorsed
it
$80,000,000 is payable in New York and $60,000,000
brought rather general commendation."
He add¬
ed that "comment at the White House and the State
Department
Colonel Harvey said
President
nothing that is displeasing to
Harding and Secretary Hughes, and much
that met with their
approval.
The belief prevails
Of the amount
each in Paris and London."
withheld, but it is evident that
was
by the big German banks.
A
favorable
impression
Allied countries of
-
created both in the
was
Europe and in the United States
by the beginning of the trial of
the German Government.
criminals by
wTar
At
here that when the Ambassador made his first im¬
Leipsic, on Thursday,
"Sergeant Heyne, accused of having ill-treated Brit¬
portant speech to
ish soldiers who
what
a
British audience he knew exactly
President
the
and
would have him say
their restriction."
the
Secretary
of
State
and kept within the bounds of
Relative to the attitude of the
were
prisoners of
at the prison
war
at Herne, Westphalia, was sentenced to ten
camp
months'
day.
imprisonment by the High Court here to¬
He
Senate, he said that "in the Senate, the body most
on
concerned
the first German officer to be tried
was
war."
cussion
and
interested
in Colonel
the
American
attitude
of
Harvey's dis¬
toward
World, opinion varied according to the
individual
Senators
have
taken
criminal
charges arising from the conduct of the
the
Old
course
that
Very little relative to conditions in Austria has
respect
appeared in the European cable advices in recent
with
to the
League of Nations and policies affecting our
foreign relations."
The London representative of
weeks.
It became known in London
that "a
plan to
Austria
save
the "Times" cabled that "satisfaction with Ambas¬
her to live and function
sador
had
Harvey's presentment of President Harding's
desire to
co-operate with England and with his
nouncement
sent
the
preme
that he had been
United
Council
States
on
at
an¬
instructed to repre¬
the
been
submitted
to
League of Nations.
as
as a
early this week
nation and enable
independent State,"
an
the financial
committee of
The plan calls for the estab¬
lishment of "a bank of issue in Vienna and
an
in¬
Su¬
ternational
loan."
the thorny question of Upper Si¬
thd "Public
Ledger" of Philadelphia said that "the
conferences
of
the
The
London
correspondent of
lesia, is tempered by regret at the unexpectedly em¬
phatic and comprehensive manner with which he
importance of the report submitted to the League
made it
committee
plain that Washington has renounced the
League of Nations and all its works.
though,
the detailed
a
silent
mere
of the Ambassador at the Silesia debates,
presence
even
The
as
suggested here, he takes
discussions, and
even
part in
no
plays the part of
observer, will be, it is believed, of the great¬
est value.
He will introduce
a new
element into the
situation, which at moments of tension
work
can
of Nations committee lies in the fact that the sub¬
already has obtained written
from the Austrian
under the
new
dispatch from the Berlin
corre¬
trian
from most of the items in the taxation
its
the German Government for the fiscal
year
March
31, "produced
more
mated in the
budget."
the
Government
German
richer than it
revenue
than
was
He added that "as
anticipated.
is
ended
a
5,500,000,000
esti¬
foreign loans.
charged
on a
eign
sources
of
German
export tax raised twice what
lated, namely, 2,287,000,000 marks.
cover
use
currency
for the
nor¬
of security for
The national customs monopoly
estate
legal mortgage at 4%.
whole Austrian
will
on
be
On behalf of
treasury will be
cen¬
gold balance and for¬
of the Government will be deposited
*
corre¬
Claiming to set forth the attitudle of the Wash¬
"A light
ington Government toward plans of the League of
taxation, the
spondent presented the following figures:
as
and the
tralized in the bank and the
with it."
different
more
institution, he said:
new
forests and private real
the bank the
000,000 marks."
the
solu¬
a
Explaining
bank, to be called the Bank of
mal circulation of money
500,000,000 marks to reach the estimated 12,000,from
part, which
Government, if accepted by the Allies, have at
marks
Continuing to outline the receipts
plan for the
Austrian
disposal guarantees both
tobacco,
only glaring exception, and this failed by almost 3,-
the Austrian muddle."
new
result
The income tax is the
He added that "it remains
Issue, will, under the conditions pledged by the Aus¬
spondent of the New York "Herald," the returns
scheme of
political
Supreme Council asked the League to find
"The
a
assurance
they had already virtually agreed to do when the
in detail the
According to
plan."
for the Allied Governments to do their
for
moderating influence."
all
only for the committee to adopt the report and
now
tion for
a
and
parties that Austria will fulfill all her obligations
only for good, and he will have great opportunities
exercising
Government
was
calcu
The emergency
Nations to
the
help put Austria
on
her feet financially,
Washington correspondent of the New
York
James
assertions in a
"The point of view
"Evening Post" made the following
dispatch yesterday afternoon:
will approach
from which the Administration
been
the
in the
Yap, oil,
participation in Allied councils, this country's
point of view will be that of insistence on
received
As
result
a
have
we
a
direct interest of a
will welcome
added that
a
seat in the Ulster Parlia¬
County
Clare."
The most serious and sensational
week
results
perts deem likely to accomplish that
was
his election to the Southern Parliament for
financial
and we
constructive plan that our ex¬
any
It
votes."
Griffith, founder of the Sinn Fein organi¬
The election of De Valera is in addition to
ment.
seeing that country set on her feet,
sort in
His nearest competitor was
than 16,000
zation, was elected to
American
Austria.
-
Yalera, the Irish Republican leader, who
more
"Arthur
America has large claims against
rights.
Parliament, established a record for
balloting in Ulster.
Eamonn de
light of the State Department's note on
and
who
Ulster,
of
Premier-designate
Northern Irish
this
As was to be expected,
definitely fixed.
Craig,
polled almost 30,000 votes in the elections for the
question, it was learned to-day, has now
Austrian
[Vol. 112.
CHKONTIOLE
THE
3330
the
was
outrage of the
firing of the Dublin Custom House
Ac¬
shortly before 2 o'clock Wednesday afternoon.
There has been
A week ago
in Ireland.
disorders cording to a statement issued by Dublin Castle at 3
to-day cable advices from o'clock, "the Custom House, recognized as one of
let-up in the political
no
Belfast stated that "Ulster, on
the eve of the elec-
tions, the first to be held under the system of provi¬
sional representation, is like a region of war.
Ar¬
mored cars are here, there and everywhere." Through
a cablegram from Dundalk, Ireland/last Sunday,
it became known here that Pope Benedict had writ¬
I
vio¬
ing to both the English and Irish to abandon
lence, and proposing that the Irish
tled
It
a
was
nal
question be set¬
body selected by the whole Irish nation."
announced also that "the Pontiff sent Cardi¬
by
Logue 200,000 lire for the Irish White Cross."
Commenting
the Pope's letter, the London cor¬
on
respondent of the New York "Tribune" said that "it
is expected to have only a negligible effect, for it
at the end of
comes
week
a
unparalleled by
was
any
public buildings in the United Kingdom,
set afire
by
a
large party of Sinn Feiners with
The fire brigade was
petrol at 1:40 o'clock to-day.
prevented from going to the scene, and Crown forces,
who
sought to reach the building, were fired on, a
Subsequently the fire brigade, un¬
fight following.
der
Logue, Primate of Ireland, "appeal¬
ten to Cardinal
the finest
protection of Crown forces, proceeded to the
the flames,
and attacked
scene
hold.
firm
building
It
is
be
can
advices Thursday
affair
was even
doubtful
which then had
The
saved."
more
of
a
the
complete
morning showed that the whole
worse
than at first
Fol¬
reported.
lowing the firing of the building a pitched battle
took
place in the streets,
killed
during which 18
were
wounded, and 111 were taken prisoners.
or
The Dublin
correspondent of the New York "Times"
since 1916 in the number of casualties in the war¬
added that "it is also believed that
fare
Feiners
waged in Ireland, and much of the weight the
much
whether
caught in their
were
some
of the Sinn
fire and met a
own
appeal might have carried a few months ago is lost
hideous death
in the bitterness of the
cablegram from Dublin Thursday afternoon it was
extremists
lican
to be doing all in their
appear
to prejudice any settlement on the ground
power
of
The Repub¬
present crisis.
compromise, and the Government is retaliating
by burning."
stated that the Custom
at
The
noon.
In an Associated Press
House
still
was
burning
correspondent said also that "all the
interior had been destroyed,
but the main walls
were
by increasing the severity of military control meas¬
standing, as was the dome, the chief architectural
ures."
feature of the
Sir James
ists
the
on
ed in
a
around
Craig,
eve
shatter our enemies and their
Republican flag.
a
of
Let them
our
The Union Jack must
Vote early and work late.
the polls.
us.
to
of the Ulster elections," was report¬
that I may
eyes
are
"final word to the Unibn-
dispatch from Belfast to have said: "Rally
me
hopes of
sweep
as a
see
that
uphold the
are as
we
cause
determined
of loyalty."
According to
Wednesday morning,
to-day during the polling for the election of
members of the North Irish Parliament.
thorities,
cope
•
they
as
number of isolated disturbances occurred in Bel¬
fast
however,
made ample
The
au¬
arrangements
to
with disorder, and throughout the day the rival
factions
It
building, and the clock
gratifying to have him
was
was
keeping
say
that "a
high official stated that the most important docu¬
ments of the local (Government board, which were
the
principal object of the attack, had been saved.
Mahon
Lawless,
killed in the
a
customs official,
was among
those
fight in and about the building."
friends throughout the Empire are upon
the cable advices from Belfast
a
The
time."
were
kept yell in hand. The Belfast corre¬
The British
Treasury statement of national finan¬
cing for the week ended May 21 was in sharp contrast
with the returns of the
well in
come was
increase in
the total
preceding week, in that in¬
of outgo.
The result
was an
Exchequer balances of £629,000, bringing
hand to £3,812,000,
on
£3,183,000 a
week
excess
were
week earlier.
compared with
as
Expenditures for the
£11,794,000, against £16,349,000, with
outflow, including repayments of Treasury
the total
spondent of the New York "Times" cabled yesterday
bills,
morning that "results in the
(against £114,720,000 for the week
ending May 14).
Receipts from all sources totaled
£95,309,000, in comparison with £114,533,000 last
nounced this
Unionists
Ulster
a
sweeping victory not only in
seats which the Unionists had
of the total of
over
If the
former, they will have
all other
parties."
a
secure
or
majority of 22
The Associated Press, in
credits, advances,
and
other items,
Of this amount, revenues yielded
week.
000,
against
£10,559,000,
£17,466,-
and savings certificates
against £700,000. Sundries brought in
£189,000, against £158,000, and advances £7,550,000,
£370,000,
a
against
£9,400,000.
Nothing
receivecMrom
foreign
was as
Belfast
last
was
_
The ad¬
credits, as against £1,123,000 from this
source the previous week.
Treasury bills sold to the
amount of £69,734,000, a sharp falling off from the
evening stated that "Sir
preceding week, when new issues reached a total of
excited
to-night
opening of the campaign."
37
foreign
£94,680,000
Belfast dated Thursday evening,
said that "Belfast
time since the
from
Instead of the 32
expected to return out
52, it is believed they will
cablegram from
vices
an¬
[Thursday] evening indicate that the
secured
Belfast but in the six counties.
38.
election
as
at any
May 28
1921.]
£92,593,000.
this
standing
£63,580,000,
£1,132,997,000,
with
compared
below
were
that the volume out¬
so
enhanced and
again
was
week ago.
however,
Repayments,
.
figure,
stands at
now
2331
CHRONICLE
THE
£1,127,082,000
a
Temporary advances were smaller, £175,
869,000, against £182,969,000 the week before, while
while
general deposits
On
francs.
the
reduced 76,817,000
000 francs and
augmented by 107,823,000
were
other
hand, bills discounted
Treasury deposits decreased 23,986,000
A further contraction of 221,803,000
francs.
occurred in note
francs
circulation, bringing the total out¬
the
standing down to 38,233,195,370 francs.
866,000, against £1,310,051,000 last week,
trasts
floating debt has been brought down to £1,308,an in
crease since March 31 of £33,536,000.
were
francs, advances fell otf 12,097,-
with 37,914,835,310
This
con¬
francs at this time last
and with 34,061,243,185 francs in 1919.
year
Just
prior to the outbreak of war in 1914, the amount was
No
at
change has been noted in official discount rates
leading European centres, from 5% in Berlin
anc
Belgium; 6% in Paris, Rome and Madrid; 6J^% in
last week and
London, Sweden, Denmark and Norway, and 4
are as
in Holland and Switzerland.
In London the
ninety-day bills
private
BANK
down to
4%%; last week the closing quotation
was
5M%.
So far
as
have been able to ascertain,
we
reports have been received by cable of open
mar¬
ket discount rates at other centres.
An additional loss in
of
gold
was
England statement, albeit
while total
reserve
a
showed
more
once
£13,007,
substantial
a
increase, in round numbers, £376,000, which reflects
a
further
The
lowering in note circulation of £387,000.
proportion of
to liabilities, however, fell
reserve
off to 14.78% in
comparison with 15.28% last week,
largely the result of an expansion in deposits. Public
deposits, it is true,
deposits
gained
were
decline in
loans
£1,825,000.
on
Government
Loans
£128,349,547,
as
securities
week
was
a
re¬
other securities,
on
however, increased £8,130,000.
aggregate
the
During
£6,754,000.
corded
of
reduced £98,000, but other
Gold holdings
against
now
£112,455,304
Francs.
3,570,136,244
3,608,775,720
3,571,191,398
1,948,367,056
1,978,278,416
1,978,278,416
222,000
6,518,503,300
5,518,503,300
5,587,054,136
5,549,469,814
Silver ...........Inc.
490,000
272,333,495
240,385,30(
306,915,278
76,817,000
2,592,732,298
1,902,765,114
896,613,427
12,097,000
2,166,224,000
Total.
........
No change
Dec.
Advances
Note
34,061,243,185
22,602,000
112,185,986
107,823,000
3,018,711.000
3,638,986,894
146,214,156
3,401,956,837
In its statement,
Bank
of
issued
of May 14, the Imperial
as
Germany shows the following changes in
An increase in
marks:
1,240,235 675
1,791,509,517
37,914,835,310
23,986,000
circulation..Dec. 221,803,0(0 38,233,195,370
Treasury deposits.Dec.
shown by the Bank
one,
May 29 1919.
.Inc.
Abroad..........
General deposits..Inc.
small
of
Francs.
Francs.
222,000
Inc.
as
May 27 1920.
May 26 1921.
Francs.
Gold Holdings—
STATEMENT.
—Status
for Week.
Bills discounted. __Dec.
no
COMPARATIVE
FRANCE'S
OF
In France
5%%i against 5^% last week; short bills are 5%% f
Compared with 5%%. Money on call, however, is
corresponding dates in 1920 and 1919
Changes
advanced, so that sixty
now quoted at 5 13-16®
are
va¬
follows:
discount rate has again been
and
Comparisons of the
only 6,683,184,785 francs.
rious items in this week's return with the statement of'
gold of 1,000 marks and a
decline in total coin and bullion of 200,000
marks.
Treasury certificates were reduced 175,800,000 marks
and note circulation
decrease of
280,362,000 marks.
cut
was
149,700,000 marks
A
shown in bills dis¬
was
counted, while other securities fell off no less than
There
2,311,300,000 marks.
of other
were
increases in notes
banks, 600,000 marks, advances, 1,500,000
marks, deposits 88,600,000 marks, and investments
gold
on
Bank reports its
The German
marks.
5,500,000
stock of
hand
as
1,091,578,000 marks, which
with 1,091,680,000 marks last year and
compares
circulation
£18,991,000, in comparison with £19,440,984 in 1920 aggregates 70,834,149,000 marks, as against 48,947,and £27,368,839 the year previous.
Total circulation 580,000 marks and 26,957,860,000 marks one and
two years ago, respectively.
amounts to £127,807,000.
Last year the total was
last year and £86,080,204
Reserves total
in 1919.
£111,464,320 and in 1919 £77,161,365.
Loans
£80,476,924
one
and two
years ago,
respectively.
Clearings through the London banks for the week
were
£670,296,000, in comparison with £627,251,000
last week and
£649,028,000
We
append
a
The Bank's
a year ago.
official discount rate remains at
(j^%, unchanged.
tabular statement of comparisons of the
OF
ENGLAND'S COMPARATIVE
1921.
fay 25.
1920.
May 26.
May 28.
£
£
£
Circulation.
1917.
1918.
lay 29.
May 30.
.127,807,000
111,464,320
77,161,365
51,051,240
39,015,050
16,418,000
16,603,572
21,033,711
41,055,712
Other deposits
112.060,000 101,179,934 121,583,297 135,269,961 119,481,225
Govt, securities
38,106,000
34,356,283
52,522,633
56,737,732
deposits fell off in amount of $69,569,000.
explained
as
due to the fact that the syndicate
handling the Great Northern-Northern Pacific $230,000,000 bond issue made large deposits of
use
89,140,000
81,716,098
80,476,924
106,846,000
115,055,100
Reserve notes & coin
18,991,000
19,440,984
27,368,839
30,274,465
34,535,176
Coin and bullion... 128,349,547
112,455,304
86,080,204
63,451,474
$84,346,000, due to payments
new
also
reduced
amount
by
14.78%
16.50%
19.20%
17.50%
19.52%
6H%
Bank
Loans
Bank.
7%
5%
5%
6%
Delow the
This is
The
of their
of
France
continues
to
report
small
on
The banks
$10,888,000, to $464,482,000,
reserve
were
the
with the Federal Reserve
reduced
by
The
$1,650,000.
effect altogether was to cause a
rate
account of the
on
issue of certificates of indebtedness.
55,100,226
Proportion ol reserve
to liabilities
funds for
until the maturity of the
Government deposits increased $30,317,000,
July 1.
45,080,406
Other securities....
Bank
Thus time
striking changes.
mand
57,438,657
Public deposits
some
increased by 893,376,000, while de¬
were
This is
o
£
£
deposits
Chicago Burl. & Quincy collateral trust bonds on
STATEMENT.
1919.
Saturday's New York Clearing House Bank
Last
statement showed
which it will have 'no
different items of the Bank of England returns:
BANK
Note
1919.
ag¬
gregate £89,140,000, which compares with £81,716,098
and
in
marks
1,725,060,000
deficit in
reserves
legal requirements in amount of $424,930.
the basis of
13%
reserves
for member banks
of the Federal Reserve system, but
gains in its gold item, the increase this week being
'or $77,441,000
222,000 francs.
The Bank's total gold holdings are
thus
to 5,518,503,300 francs, comparing
does not allow
ber banks.
brought
up
with 5,587,054,136 francs last year and
469,814 francs the
1,948,367,056 francs
year
were
before; of these amounts
held abroad in 1921 and
1,978,278,416 francs in 1920 and the
1919.
with 5,549,-
same
amount in
During the week silver gained 490,000 francs,
The
issued
;o
cash in
own
vaults held by the
mem¬
weekly returns of the Federal Reserve banks,
Thursday night, and which
the close of business
improvement.
For
the Federal
New York the ratio of total
Federal
Reserve
note
are
brought down
Wednesday, show continued
Reserve Bank of
reserves
liabilities
to
deposit and
combined
has
in-
[Vol. 112.
CHRONICLE
THE
creased^from 57.0%1/to 58.1%, and for the twelve
though the renewal basis
still 7%, the lowest for
was
This is the day. There was no change on Friday and the
notwithstanding! that borrowing at the New York high was again 7J^%, with 7% the low and renewal
The figures here given apply to both mixed
bank (as. reflected by the bills on hand) increased rate.
For fixed maturi¬
from $535,534,000 to $562,349,968, and at the twelve collateral and all-industrial alike.
banks together has run up from $1,924,220,000 to ties there is very little doing; and here also rates have
$1,957,394,000.?! On the other hand, the New York stiffened, so that sixty and ninety days and four
Reserve Bankfreduced its Federal Reserve note cir¬ months' money is now quoted at 6^©7%, as against
last week.
Five and six months loans
culation from $718,909,000 to $707,349,000, and the
have been advanced to 6J4@7%, comparing with
whole twelve banksjfrom $2,767,415,000 to $2,734,Offerings were very light and
804,000.
The gold holdings of the system were 6@6H% a week ago.
further raised from $2,378,906,000 to $2,392,947,000, so far as could be learned business was confined
combined" from
banks
57.6%.
56.8% to
,
while total cash has risen from $2,549,134,000
to
largely to renewals.
been
$2,558,232,000.
No trades of importance have
reported in time funds.
Commercial paper is still quoted at
Preparations for the June 1 interest and dividend
.
disbursements and somewhat larger
withdrawals of
Government funds from local banks
the
principal
as
in superficial discussions of the
reasons,
market, for the high rates for call funds that
money
It is true that loans
prevailed throughout the week.
made
given
were
yesterday
until next Tuesday, that
carry over
the Government withdrawals
weekly
be made next
were
in
of recent
excess
and that large disbursements will
averages
It would be idle to say
Wednesday.
that these considerations did not exert real influence
the local
upon
The fact
market this week.
money
and
months"
New
Names not
High-grade
7M%.
supply of bills is
has
to the money
come
market throughout the
Of
some
months ago and time money
freely than it
actions
of
rates
course,
were
for
was
is offered
confined almost wholly to the renewal
regularly
Banks'
shade
the
and
bankers'
hardening in the
part of the week, however, both local and interior
loans
time
a
from
as
Acceptance Council has been advanced
discount rates
prime bankers' acceptances eligible
on
purchase by the Federal Reserve Bank 6% bid
5%% asked for bills running 120 days; 6@5%%
days; 5%@5^% for 60 days, and 5%@5%%
for 30
days.
so
Open market quotations
j
a
greater extent and the
advanced.
It is generally
as
The
Prime eligible bills—
ex¬
market will be somewhat easier for
taken in hand.
are
Then the custo¬
It is difficult to
recur.
is to become permanently easier
the demand from
be.
SPOT
FOR
it has been for
DELIVERY WITHIN THIRTY DAYS.
5Vs bid
--6J4 bid
—_
Ineligible bank bills
demand
is
a
so
keeps
many sources
as
as
long time and promises to
and
constant
big.
The chief
May 21 the Federal Reserve Bank of
Louis increased from 5^% to 6% the rate on
maturing within 90 days secured by Liberty
Victory notes.
The following is the sched¬
paper
bonds and
ule of rates
in effect for the various classes of
now
at the different Reserve banks:
paper
DISCOUNT
RATES
IN
OF
THE
EFFECT
FEDERAL
MAY
27
Co.
was
a
Other
success.
RESERVE
BANKS
1921.
Government bonds by the syndicate headed by J. P.
&
6% bid
—
Effective
St.
granted.§|The offering of $100,000,000 French
Morgan
30 Days.
5% @5H
Eligible member banks
question is the extent to which the applications will
be
follows:
60 Day9.
90 Days.
,
—.—
—
are as
DELIVERY,
until preparations for the mid-month
or so,
large
call
On
6% to 7%. The Acceptance Council makes the
Eligible non-member banks—
how money
see
long
fair volume of
the semi-monthly interest and
as
tightness is expected to
mary
a
transacted.
was
against bankers' acceptances the rate of the
American
for
in the market and
were
for
large
is
pected that after the turn of the month, next week,
disbursements
In the early
market.
money
a
small, owing to
was
and
rates for call money
days
have ruled
acceptances
for 90
drawn from the market to
ten
that trading was
as ever, so
easier, but the turnover
dividend periods come about time funds are with¬
the call money
in demand, but the
names were
small
as
Still,
long standing loans with special customers.
as
more
long time when the trans¬
a
the demand for funds from many sources
that
coun¬
not as high as they were
are
week ago.
require 7@
is at 7%.
fluence
try.
with 6^% for
same as a
The bulk of the limited business passing
not active.
business
permanent ease
the
paper,
well known continue to
so
institutions
no
of choice character,
names
England mill
is, however, that these operations exerted the in¬
they did largely because
7% for sixty
ninety days' endorsed bills receivable and six
—
.*
bills
Discounted
European
within
member
Governments would be in this market with big loans
if the bankers were willing to undertake the
floating
90
days
banks
maturing
(including
col- Bankers'
15-day
notes)
secured
by—
Agricul¬
accep¬
Trade
tural and
tances
lateral
Federal Reserve
accep¬
live
-
stock
Treasury
Liberty
Other¬
disc' ed
tances
paper
certifi¬
Bank of—
bonds
wise
for
maturing
maturing
of them.
Referring to
money
rates in detail, loans on call for
the first time since Feb. 8 went above
was
low
for the week 63^@7J^%.
6J^2@7%.
was
still
6//£%j which
at
7%.
7%, but renewals
was
Wednesday there
also
Last week's
the
Thursday, mainly
was
range
7%, the
Tuesday the maxi¬
were
negotiated at
minimum
was no range, a
being quoted all day.
on
7%, with the
On Monday the high
6^2% and renewals
mum
member
within
91 to 180
Victory
and
banks
90 days
days
edness
range
secured
Indebt¬
notes
unsecured
cates
figure.
On
single rate of 7%
Increased firmness developed
as
a
result
of
Government
withdrawals, estimated at
very close to $60,000,000
during the week, also preparations for the month-
end payments, and
call loans went
up
to 7J^%, al-
of
and
6
6
6
New York
6
6
6
Boston
6
6M
0
6H
6H
5H
6
0
6
6
•6
Philadelphia
Cleveland
6
6
6
0
6
6
Richmond
6
6
6
6
6
6
Atlanta
6
6
6
6
6
Chicago
6
6
6J4
6
6X
6X
St. Louis
6
6
6
5K
6
6
Minneapolis
6
6
6H
6
6X
6M
Kansas City
6
•6
6
6
5H
6
6
Dallas
6
6
6H
6H
6H
6J4
San Francisco
6
6
6
6
6
6
♦
Discount rate
corresponds with interest rate borne by certificates pledged as
collateral.
Note.—Rates shown for
to discounts not in excess
Reserve Bank.
line
are
In the case ol
subject to an
St. Louis
average
borrowings in excess of the basic
additional charge of 1%, while in the case of Kansas City
rates on discounts in excess
for each
St. Louis and Kansas City are normal rates, applying
of basic lines fixed for each member bank by the Federal
25% by which
of the basic line are subject to a M % progressive increase
the amount of accommodation extended
line, with a maximum rate of
12%.
exceeds the basic
May 28
Sterling
responded to
the Silesian
over
3
fluctuated widely this week.
a relaxation of the tension
dispute by an advance of more than
exchange
The market
pound from the low point touched
in the
cents
Violent declines had taken place
earlier in the week.
in the initial transactions, carrying
3
last
demand down to
loss of 7 cents from the level of Saturday
sensational rumors of the possibility of a dis¬
92%,
a
on
ruption of the Entente over France's threat to invade
the Ruhr district in the event of Germany's sending
Upper Silesia to resist the advance
armed forces to
insurgents. London cable rates came sharply
of Polish
lower and it
stitutions
soon
were
developed that British financial in¬
heavy sellers of sterling in this market.
Thi^ caused selling on the part of local interests with
pressure
prices broke under the combined
that
result
the
and sentiment for a time was correspondingly
With the clearing up of the Silesian situa¬
quick change for the better and quo¬
advanced as spectacularly as they had fallen,
depressed.
tion there
tations
was a
After the receipt of the favorable
reaching 3 96%.
news,
the
London quotations came higher and this was
signal for
a
time for a vigorous buying movement;
prices sagged off again, until
touched the lowest point in several
but later in the week
bills
demand
The weakness again ema¬
weeks, namely 3 86%.
and large quantities of bills were
nated from London,
offered for sale without
extreme
at
loss for
a
adequate support, except at
Bankers here
concessions.
were
somewhat
explanation of the decline, but the
an
theory most generally credited was that it is due to
the accumulation of dollar credits by the Repara¬
It is asserted that
tions Commission.
a
short time
official announcement was made that German
ago
reparation payments would be converted into Ameri¬
can funds for the reason that these are less susceptible
One well-known banker is
fluctuations.
erratic
to
accredited with the statement that Germany
asked to remit
Paris
be
would
which would
a
demand
a
cause an
of
effect
The
create
to
will be
directly to New York instead of to
London.
or
this,
of course,
for American funds
advance in dollars abroad
with
corresponding decline in the foreign exchanges here.
No
special significance is attached to the movement,
though there
Allied
of the activities
that the
time because
Reparations Commission in
to be a general feeling
seems
exchanges
may move
of the
lower for
a
American ex¬
change; hence very little support is likely to be forth¬
coming.
Keen interest is being taken in the $100,000,000 French 20-year external 7%% gold loan
brought out this week at 95 and interest, since it is
believed its success means other European loans of
converting
larger
close
German
payments
Germans in
fighting between the Poles and
Upper Silesia had
a
about
depressing effect on
2% cents, and demand again covered
3
wide
a
viz., 3 92%@3 96%, cable transfers 3 93@
range,
97% and sixty days 3 86%@3 91%; the immediate
occasion of the improvement was the news that
accede to France's demands
Wednesday
result of active selling, to 3 93%@3
off
for
demand,
3
3
as a
97%
3 93%@3 98 for cable transfers and
Increased weakness
87%@3 91% for sixty days.
noted
On
regarding Silesia.
reactionary trend developed and rates
a
ran
was
Ger¬
had yielded to the inevitable and promised to
many
on
Thursday and there
was
a
slump to
91% for demand, while the quotation did not get
93%; cable transfers receded to 3 92@3 94%
above 3
sixty days to 3 85%@3 87%; continued selling
and
by international banks was held responsible for the
Friday's market
decline.
and
materially lower,
transfers to 3 87@3
3
was
with
quite active but weak
a
further pronounced
demand bills to 3 86%@3 90%, cable
recession in
91% and sixty days to 3 80%@
Closing quotations were 3 81% for sixty
84%.
days, 3 87% for demand and 3 88% for
fers. S Commercial
cable trans¬
sight bills finished at 3 87%, sixty
documents for
81% and seven-day grain
bills at 3 86%.
Cotton and grain for payment closed
at 3 87%.
The week's gold movement included bar
gold to the value of $2,032,000 on the Cameronia
from Liverpool; $3,750,000 on the Aquitania from
Liverpool; $300,000 on the Swedish-American Liner
Stockholm from Sweden; 31 cases of gold on the Fred¬
erick VIII. from Sweden; 67 bars of Swedish gold on
the Norwegian-American Liner Stavangerfjord, and
3 boxes gold coin on the Ryndam from Holland.
Small amounts from South America and elsewhere
days at 3 81%, ninety days at 3 79%,
payment (sixty days) at 3
received
were
South
as
follows: $2,300 on the Pastores from
America; 32 bars
on
the Lake Sebago from
Colombia; 2 packages raw gold on the Elmac from
the West
Indies; 8
America, 3 boxes
($90,700)
on
cases on
the Aeolus from South
La Lorraine from France; 8 cases
the Zulia from the Dutch West Indies;
on
$28,700 gold and $10,975 silver on
the Sixaola; and
$95,000 gold on the Scarf as, both from Colombia.
Gold to the amount of $3,400,000 is on its way, on
the
Saxonia,
from Liverpool,
and $500,000 from
with 286
The S. S. Manchuria has arrived
Sweden.
packages of silver from Hamburg.
As to Continental exchange
into
Reports at the extreme
smaller amount.
or
of continued
2233
CHRONICLE
THE
1921.]
abroad
was even more
erratic in the extreme.
for
nearly
sharply
on
on
the
response
to events
marked and fluctuations were
Early in the week price levels
broke
all leading European currencies
receipt of lower quotations from London
unsettling reports regarding the Silesian embroglio.
nearly 51 points
French francs sustained a loss of
from the
31%.
Exchange on
high level of last week, touching 8
Antwerp francs moved in sympathy.
As to
change
the
on
more
detailed quotations,
Saturday last
was
sterling
ex¬
steady and not materially
altered; demand ruled at 3 99%@3 99%, cable trans¬
fers 3
99%@4 00 and sixty days at 3 93%@3 93%.
Monday's market
broke
cable
was
active and excited and rates
sharply under the
pressure
of heavy selling;
quotations from London also came lower, which
added to the depression, and rates were
to
3
94% for demand (the high
was
.cable transfers ranged at 3 95%@3
forced down
3 98%), while
98% and sixty
Sterling tended upward on
Tuesday, after early weakness had carried rates down
days at 3 89@3 92%.
5 29,
points off.
Heavy
Rome
declined to
selling
the market.
Was noted, both for domestic and foreign
Reichsmarks
count.
sold dowp to
1.§1.
31
or
were
ac¬
also under pressure and
However, with the clearing in
foreign political affairs, incidental to the
standing
by
over
the whole situation had been reached
Great Britain and France, material
took
5.41
was
which
moved
up
to 8.69; lire
and marks to 1.66%, but before
said,
was
the close
quotations again turned weak, this time,
of the week
it
recoveries
place, although closing prices dropped to 1.57.
French and Belgian checks
to
closing of the
frontier, and news that a complete under¬
Silesian
on
active selling by foreign interests
thought to be for the purpose of ac-
cumulating
credits
dollar
making
to
preparatory
strength and activity, then
changes
German reparation payments,
though
fell to the lowest of the
broke to
and
8.14
lire
and final quotations
week, with francs down to
Exchange on the Central
5.16.
to
of the other
exchanges, with the exception of Polish marks,
which were heavy throughout and broke to a new
low of 103^.
Greek exchange again displayed an
easier tendency and declined to 5.25, with the
European republics followed the
course
quarters the opinion seems to
some
week's
prevail that
relapse to lower levels;
widespread. Guilders
a
less
were
34.25, then rallied to 34.44, as against last
high
point
17.48
between
Swiss francs ranged
of 36.30.
and
Pesetas
18.01.
moved
more
were
Scandinavian rates
stable, hovering around 13.30.
similarly, with Copenhagen and Stockholm
remittances
relatively steady and Norwegian curren¬
heavy.
cy
Bankers'
close at 5.30 for checks.
In
[VOL. 112.
CHRONICLE
THE
3234
sight
Amsterdam finished* at 34.45,
on
against 35.90; cable transfers 34.50, against 35.95;
French, Belgian and Italian bills has been
commercial sight at 34.40,
against 35.85, and com¬
Be
this as it may, there are many who predict that the
lowering will be but of short duration, as internal
mercial sixty days at 34.04,
against 35.49 last week.
the rise in
overdone, and that recessions will be in order.
conditions in each of these three countries
fully
war¬
It is
confidently expected, particularly in view of the
rant the
improvement that has taken place.
substantial
recent
and economic
France's financial
betterment in
position, that the
French loan will
new
and this in itself should have
values, while the
rise in Italian currency values is held to be the result
of genuine amelioration of Italy's balance of trade,
also radical improvement in industrial conditions
through the land.
Moreover there has been, as is
usual at this time of the year, heavy buying of bills
by emigrants returning to Italy, also those remitting
proye a
a
brilliant
success,
strengthening effect
on currency
Swiss francs closed at 17.58 for bankers'
and
for
17.60
18.00
a
week ago.
17.70 and
Checks
18.20.
while checks
The Government is still thought to be
exchange.
purchasing its
material
f
or
the
of the
for the
own currency
Reichsmarks
ment.
are
exchange
"pegged"
Austrian
around
at
likely
-seems
position of Germany.
continues
any
of the initial installment
indemnity partly at least in gold
to weaken the note
of retire¬
little time to come,
some
that payment
reason
purpose
expected to show
not
improvement for
although
of lire
absorption
00.24,
plan is reported under consideration
a new
against 23.65 and 23.70,
23.05,
Norway finished at 15.20 and 15.25,
Spanish
13.55.
ment
13.07 for
Last week the close was 13.53 and
cable transfers.
^
With
,
regard to South American exchange improve¬
noted, mainly
was
success
and
23.00
at
closed at 13.05 for checks and
pesetas
as
a
result of the recent
that
of the Brazilian loan, also rumors
an
Some bankers
opinion that affairs in Argentina have
Argentine offering
of the
were
active
an
on
closed
Sweden
on
against 15.86 and 15.91 the weefc before.
turned the
means
Copenhagen checks finished at
18.15 and
cable remittances
all
which
sight bills
17.98 and
against
transfers,
cable transfers 17.75, against
funds from the United States to their native country,
of
cable
was
in prospect.
might be
and that exchange
corner
ex¬
In the
Argentina declined
pected to improve without the aid of a loan.
early dealings the check rate on
to 31.66 but later on
the
there
was an
advance to 32.69,
with cable transfers
figure
closing
at 32.85,
and 31.93 last week. For Brazil,
ruling at 13.8534* there was a slump and the
against
after
close
31.77
checks and
for
13.10
was
13.16
for cable
transfers, comparing with 13.9534 and 14.01.
ian
exchange for
by which the financial committee of the League of
and
finished
Nations is to assist Austria to attain
4.10
Chil¬
time ruled around 13, but receded
a
unchanged.
economic
financial
soundness.
in
Changes
exchange
was as
follows: Hong Kong
46@4634* (unchanged); Singapore, 4634@46%, (un¬
Sight
changed); Bombay, 26@27, against 2634@2734*' and
last
the French
on
Far Eastern
50@50}4* against 49J4@49)4; Shanghai, 66@66J4*
Paris finished at
on
with 45.47
compared
bills in New York
1234* against 12.60 with Peru at
at
held
are
to complete rehabilitation.
The official London check rate
as
of
country's
the
policy and rigid monetary reform
to be necessary
46.57,
measure
a
week.
closed at
centre
8
Calcutta, 2634@27M* against 26%@27M-
21, against 8 75; cable transfers at 8 22, against
8
49@49J4; Manila,
Yokohama,
66@6634;
against
76; commercial sight at 8 19, against 8 73, and
commercial
sixty days at 8 13, against 8 67
New
Clearing House banks, in their
York
week
operations with interior banking institutions, have
Antwerp francs finished the week at 8 21 for
ago.
gained $6,112,581 net in cash as a result of the cur¬
checks and 8 22 for cable transfers.
with
8 74
and
the
8 75
week
quotations for Berlin marks
and
The
1
58H for
closed
at
cable
for
00.24
remittances.
were
lire
the
rency
movements for the week
Closing
Their
receipts from the interior have
1 57y% for checks
Austrian
kronen
checks and 00.25 for cable
Last week the close
00.25For
This compares
previous.
transfers.
a
final
range
342,
as per
CURRENCY
the following table:
RECEIPTS
AND
•;
SHIPMENTS BY NEW
YORK BANKING
INSTITUTIONS.
for
5 21
was
May 26.
aggregated
$7,037,923, while the shipments have reached $925,-
00.2434 and
was
ending
Week ending May
Out of
Into
26.
Banks.
Banks.
Gain or Loss
to Banks.
bankers'
sight bills* and 5 22 for cable transfers, in
comparison with 5 5634 and 5 57J4 the week before.
As the
Czecho-Slovakian exchange finished at 1 44, against
1
47;
Bucharest at 1 67, against
10%,
against
2.25.
Greek
5 40
for
1134
>
1 77;
Poland
and Finland at 2.05,
at
against
exchange closed at 5 30 for checks and
cable
remittances,
5 70 and 5 75 the
which
previous week.
compares
with
'
•
Movements in the former neutral
exchanges closely
early weakness
was
succeeded by
a
brief spurt of
$6,112,581
Sub-Treasury was taken over by the Fed¬
6, it is no longer possible
the effect of Government
operations on
eral Reserve Bank on Dec.
show
to
the
Clearing House institutions.
serve
The Federal Re¬
Bank of New York was creditor at the Clear¬
ing House each day as follows:
DAILY CREDIT
BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT
paralleled those in the other Continental centres, and
$925,342 Gain
$7,037,923
Banks' interior movement
CLEARING HOUSE.
Saturday,
May 21.
Monday,
Tuesday,
Wednesday,
May 23.
May 24.
May 25.
$
$
$
$
Thursday,
May 26.
$
-
Friday,
Aggregate
May 27.
for Week.
S
$
41,258,275 50,485,941 42,858,654 46,510,667 52,230,160 67,672,549 Cr. 301,016,246
May 28
The
1921.]
foregoing heavy credits reflect the huge
of checks which
from
THE
all
System's
par
collection scheme
with the
sent
Clearing House institutions.
only
side of the account,
one
operations
They repre¬
checks drawn
as
the Reserve Bank itself are presented directly
upon
to ? the
bank
and
never
through
go
the
Clearing
cause,
tions and
The
of
would
following table indicates the amount of bul¬
Government's
;
taking control of
; during
the
war,
.
especially,a great rise in wages, continu¬
such
Governmental
continue the
ancient
men.
that be¬
argue
great* increase of business opera¬
a
control
during
peace
activity, and "the
same
same
,
This is the
fallacy of "post hoc propter hoc," which
mere
in events for proof of defi¬
sequence
causation, and Mr. Harding pointed out, fur¬
ther, that the activity
His
perity unreal.
principal European banks:
exclusivelybusiness
liberality in compensation and profits."
nite
lion in the
the
upon
there followed
ance
more f
said he, thoughtlessly
industries and activities
mistakes
House.
of,
;
persons,
many
large credit balances, however, show nothing
2335
gathering
a
Many
parts of the country in the operation :i of
to the results of the Reserve Bank's
as
mass
to the New York Reserve Bank
come
the Federal Reserve
These
CHRONICLE
feverish and the
was
pros¬
words best state it:
own
"Those who look below the surface know that the
May 26 1921.
May 27 1920.
Gold.
England
France
_.
a__
Germany
Total.
Gold.
£
£
£
128,349,547
142,805,450
54,574,850
10,944,000
_
Aus .-Hun
Silver.
£
.
Spain
Italy
1
Swltz'land.
54,582,300
98,105,060
Sweden
15,655,000
_
__
Denmark
Total
_
52,982,000
10,659,000
14,500,000
12,820,000
8,115,000
3,629,000
12,588,000
8,122,000
"164,600
24,864,000
14,500,000
12,752,000
8,122,000
47,935,300 636,153,147 572,713,632
48,108,950 636,333,874 572,718,490
holdings of the Bank of France this
year
45,925,200 618,638,832
45,871,850 618,590,340
exclusive of
are
£77,934,682
held abroad.
BUSINESSLIKE
rapid visit here
did much
casion.
talking,
Since
no
epigrams (which
required of him by the
as was
man
are
THE PEOPLE.
can
deliver wisdom
is
the whole
well to
American
most
be
America is
world.
was
safe and
appropriate and stimulating.
reminded
that
the
development
It
of
by harmonious effort is "the
resources
world at
oc
even
timely, encouraging,
was
important benefit the nation
to the
or
not invariably wisdom) by the
column, much of Mr. Harding's talk
on
can
contribute
present," hence that to Americans
now
the
This agrees
most
slogan, not of
since it is
with and in other words repeats
gross
but of enlightened selfishness,
impossible for
and
strong ourselves.
our
first
on
the
unionists
we
are
our
part in help¬
nationally united
It is therefore well to be told
duty is "to get back to work," for that
is what made
world
to bear
us
ing other nations unless
that
us
great and
right track;
should
ahead"—taxes,
so
especially
waste,
and
can now
put the whole
time,
tween
say,
of
the habit of
of course
a
need of the
people; the former, let us
worthy and fit to be
Harding has not said this in
on
regarding business size and
presumptively
won
fathers regarded
Monday,
success as
by wrongdoing; had our fore¬
bigness
as
badness, and sought to
business, the effect must have been nationally
detrimental.
So he
once
more,
campaign phrase, iwhich
without repeating
^lmost took rank among
good epigrams, spoke for "the least possible measure
of Governmental interference with business.'^
Yet the
best, because thd most timely and urgent
timely and pressing matters, is what he said to
,
Government, continued the President, is under
smallest
profits
tion.
the
greatest
cost, but is not under
are
the
placed,
as
far
business to
secure
those
should be
ends;
strict
a
applied in private
every
principle and
efficiency in private business
said Mr. Harding, whether in
Government, have
a
just conception of its
during the dozen
fewer still of its
less
years
before the
expansion since.
hopeless than it might
present organization is
application of
a
so
or
out
expan¬
and
war,
Yet the prospect
seem,
"because the
bad that the insistent
few business principles will result
immediate economies
means
are
V;:
Few persons,
in
Government
adapted and applied in Governmental af¬
fairs."
is
therefore
possible, under
as
of the methods which
device which promotes
sion
earn
prime guaranties of efficiency
apply to Government, and
of
the
at
dealing in private business, but they do not
should be
sway
service
necessity to
to obey the laws that regulate competi¬
nor
"These
and fair
a
and
available to meet
provide
a
margin of
demands; the party
new
be assured that
quarreling
must trust the latter, and the latter must see
Mr.
now
is pledged to economy and efficiency, and
understanding between nations, and be¬
trusted in turn.
in all
creased, and it is for us
ening those burdens."
you may
is
understanding" is also
Government and
In this process
immensely in¬
to find means of light¬
were
"full? speed
note)
just these words, but he did deprecate,
his
universally felt
government
in power
that it does and that it is itself
limit
of
rected to redeem that
with all
era
an
are now
burdens
the motto (which labor
excepted.
"An
the
important thing in the
the "Chronicle's" contention that "America first" is
a
was feverish, not genuine, and was pos¬
only because society was literally burning up
its stocks of capital and that this destruction of
capital was responsible for the reaction and depressible
obligation to furnish
Monday, the President
on
pleasant generality; but it
and
prosperity
GOVERNMENT—PRESIDENT
HARDING CHALLENGES
In his
ciety burdened with debts which mortgage genera¬
They know that the seeming
tions in the future.
sion which
week|588,217,847
Gold
21,235,000
.15,655,000
Prev. week'588,224,924
a
32,190,000
26,191,000
"iT^ooo
12,643,000
8,115,000
_
_
10,944,000
35,891,000
51,612,000
12,250,000
2,999,000
1,117,000
1,588,000
4,444,000
10,662,000
21,747,000
Norway
112,455,304
9,600,000 153,951,028
182,200 54,764,500
2,369,000 13,313,000
24,884,000 122,989,000
3,009,000 35,199,000
1,002,000 53,984,000
1,086,000 11,745,000
144,351,028
54,847,150
32,892,000
50,495,000
Netherl'ds.
£
£ :v:
2,369,000 13,313,000
24,089,000 123,424,000
272,300
Total.
Silver.
128,349,547 112,455,304
,id,8soT66o 153,685,450
99,335,000
Nat. Belg.
y
things which Governments accomplished during the
war were
accomplished at a staggering cost, which
society could not long bear; a cost that has left so¬
promptness."
ginning
was
i;hat commission
and
Under President Taft,
made by securing
and efficiency,
economy
was
At
from which progress can
Mr.
he
a
a
commission
be¬
on
and while the report of
never
be consulted.
can
energylis being di¬
every
pledge to the last degree and
printed, it is available
least, here
was
begin, and in that
Harding lays great stress
on
a
step
progress
the budget which,
expects, will be in actual operation before the
new
fiscal year opens.
This he
pronounces
"a long
step towards introducing into Government the sound
methods that
great private business establishments
have
adopted."
ness
men
He did not need to point out to busi¬
the anomalous nature of
ernment "a
having in Gov¬
great number of spending committees,"
apportioning outlays without
any
study of the
re-
ationships between their various directions and obects; '"no business,
could be
so
no,
not the humblest household,
conducted without
leading to disaster."
budget
through Presidential messages
partmental reports
(and, of course,
they now are, and still seems to
where
to
zation must be based."
Scattered
railroads to sink to
silently wait
drifting which has allowed the
"establishment of a
system is the foundation on which rebrganistart,
indispensable
As the
[Vol. 112.
CHRONICLE
THE
2236
what the
see
and de¬
is
It
that.
politicians are going to do about
generally and not
posed that if people really want
abundant in
unreasonably sup¬
and mean to have
stop some¬
leave it aJLl to
inference or conjecture; has not the influence of
in the course of the past hundred years, references
labor unionism in our public affairs been largely
(and promises also) which were neither uttered nor
because the unions clamored (and multiplied their
taken seriously and accomplished nothing.
But it
apparent numbers and relative political importance
is safe to say that while there has never before been
thereby) "while the overwhelmingly large non-union¬
such a world situation as now, and never before has
ized population kept quiet and waited upon events?
our Government been so perverted, so expanded, and
something and disapprove and mean to
party platforms during the quadrennial campaigns)
there have been innumerable references to economy
thing else, they will say so, and not
says) in an organization
so "bad," there has never been so distinct and posi¬
tive a commitment to reform; if it seem too much
(as Mr. Harding openly
that no
such
pledge of improvement has come from Washington
in recent years. We have had rhetoric about uplifts,
about
a
What do we real¬
reform and lighten¬
ing of taxes? If we have a genuine and moving feel¬
ing about it, what are we going to do about it?
puri¬
private sins (especially sins of business)
fication of
THE uOPEN DOOR" IN
sort of re-creation of
mankind; but not
and about
a
until
has Government
promised to heal itself.
a
New York
This sounds like reason
and
and
assurance
an
of
some
genuine improvement.
Harding's own
campaign pledges, but how often, and when, have
campaign pledges been thus taken up after the elec¬
-
We have
questions, of which the first is
thoroughly Mr. Harding means it, and how far
how
can
two
now
he carry
it out.
He is so unequivocally distinct
his intentions,
that he is entitled to full credence on
and he says
being attacked with determination
and is
all the
that "the work must and will be attacked
.
in
.
.
departments this sort of work is already pro¬
"There is
determinedly he will be supported.
gives notice that
real Executive devotion to
a
efficiency and economy will meet opposition.
Administration which "devotes itself
An
relentlessly to
such work must understand that it will lose a great
,
deal
immediate
of
loyalty",
among
politicians,
and close
er,
truer to facts, and
And what could be
an
ad hominem
American
more
a
inescapable and
putting of the situation
people?
up
more
to the
The tax-eater in office and
pectant of office or of some sort of favor from
ex¬
or
dominate
this
that
of
efforts
the
exploitation and domination of commerce of which
the whole commercial world must take notice.
'It
can,' he said, 'become a menace to
est, and how seriously
,
and persistently, will the
In the news
York
account of this address in the New
"Times," Mr. Hoover is quoted as saying re¬
creation
the
dominate
of great trusts
the
efforts
and
do
we
we
say we
over
the burdens of taxation,
intend those shall be lightened; but
imagine they
can
be lightened while the
un¬
say
that Mr. Hoover
continue systematically to pre¬
"scored" "encouragement given
of
of importers"—which is a horse
It is sufficient for us, however,
stance
ments are
laying down restrictions and are endeav¬
cial
ourselves that taxation will
pressure
reduce itself, without
from the people, we continue that same
He sees it
for their own nationals
It is in essence—a new commer¬
oring to offer and to secure
commitments of Government remain?
flatter
"trend" in trade.
from the "open door." He declares in sub¬
that in seeking for "foreign trade" Govern¬
away
encouragements.
we
at
time, to note the import of the evident general
tenor of this address.
Mr. Hoover is calling de¬
this
dertakings, the overgrown bigness, and the expense
If
of
At the same time
great consolidations that might dominate pro¬
duction and distribution."
This reporter does not
as
grievances
whose activities can
individual merchants
vent
served attention to a
our
of
foreign trade.
dent, which is practically a challenge to them?
have
lack of
growing industrial consolidations,
and other States
we
"We find in some countries
either through encouragement, or
American people respond to this talk of the Presi¬
We
the peace of the
world.'"
another color.
With what inter¬
declared
represented a tendency toward militant
through Government is intensely "interested," and
cling to thd old order of inefficiency and
individual merchants of
nationalities in foreign trade,' and
to combinations
waste; how about the taxpayer?
materials and
'great trusts whose activities can
creation of
he will
•
to
of importers' and
agement given to combinations
other nationals in
candid, than this?
more
foreign
"Mr. Hoover scored the 'encour¬
patch continues:
restriction upon
What could be plain¬
directly
This will shut the door
equality of opportunity." Again this dis¬
not have such
loose from the purse-strings."
"We
implements of commerce.
to-day,
;
countries
the(m) exclusive concessions over raw
the
appreciation of the public," because the public will
who finds himself being pried
in
nationals
for their
cure
garding combinations:
"animates the person
restrict¬
their
to-day that various Governments are
,""which will not be compensated to it at once in the
quick interest and active concern as
reflection
indirectly lending influence and support to se¬
or
fying limitation, for "the Executive" is almost pow¬
-He
door, and it has a direct
ing development of natural resources within
boundaries to their own citizens."
Again:
other
alone, and here we come to the other question:
rapid drift in many countries away
We find that many nations are
upon us.
gressing under Executive order, within the power of
the Executive."
But do not omit to note the quali¬
how far and how
a
the open
the
erless
"Herald,"
dispatch to the Washington
saying:
find
them ?
had accepted
torate
as
from
only in fulfillment of Mr.
It is
before the Na¬
is quoted, in
tional Association of Manufacturers,
confessed its own faults
now
TRADE.
Hoover, in a recent address
Mr.
about Governmental
"New Freedom,"
by the American people.
ly feel and really intend about
admission of existing defects and no
such open
virtually called for a show
The President has no"w
of hands
"never" before, we can at least say
to say
„
world-war—and
The
a menace
to peace.
imperative general question that stands out
this—shall the Governments of the world
in it all is
May 28
1921.]
THE
citizens and subjects to
encourage
CHEONIOLE
in foreign
engage
trade, and at the same time endeavor to
im¬
secure
3337
benefit", in the open door
citizens not engaged
our
munity for their own traders by imposing restric¬
tion the benefit of the
tions upon
the world's markets.
this
foreign competition and competitors, and
either In
securing to them home markets by
protective laws, or dominance for them in foreign
markets
the
by favored concessions?
"open door" is a swinging
We have said that
door—which yields
as
readily to pressure from one side as the other. This
matter of trade is so tremendous that
of any
concise, definite treatment.
But it must be
discern them.
can
we
We might
say
that trade left free to individuals and to combina¬
tions
will utilize to the
mand
follow
individuals will
of
natural
a
highest natural
course,
and
resources
com¬
by virtue of the cheapness and excellence of
productions the open markets wherever situated—
but that
must first take into account two other
we
ignored here
"cheap" goods thus put
Is this element of the
anywhere, when
or
consider
we
door?
Hoover's
statement, alleged, that it "makes
ference what
If
is this not contrary to Mr.
so,
do with the tariff
we
fair to all"?
upon
equation
the open
despairs
one
apparent that there are some general principles gov¬
erning all, if
to be
indubitably will give to
in the particular produc¬
'
,
,
so
.
that
no
dif¬
we
are
,
.
Again is not this a basic principle of trade, and of
benefit in trade, that with the open door
the mutual
in
existence, the
be to the
race though to the strong cannot
injury of the weak, either complete or per¬
Is it not true that the natural
manent?
the control exercised
by
law, namely
and energy
resources
over
trade, whether of people with people, combination
with
combination,
individual with either, tends
on
always in growth and by it to equality of benefits,
and
that countless
elements enter into
and
inter¬
elements, the freedom of production at home and of
mingle in this accomplishment, breaking down all
transportation to the outside world.
injurious monopolies and selfish national restric¬
Dogmatic statements upon a part
trade
therefore to be
are
clear that at the very
ters
phase of
tions in the end—because the purpose
But
avoided.
or a
it
and
seems
point where Government
en¬
in, to encourage or to restrict, to control
direct, to subsidize or to tax, to close
or
to open the
or
door, the complications begin, and the rivalry is
no
the least cost ?
And is it not true that when Govern¬
and its law enters
ment
its
artificial law first be
laws imbedded in
uals, according to acumen, strength and opportun¬
not
Governments
itself—namely
democracies
in
our
empires.
or
tion to Mr. Hoover's
are
at this time
Take
trade."
open
we
are
engaged in passing
even
At the
an
open
we
our
in foreign
or ex¬
moment
same
anti-dumping
putting this aside, the question
nently be asked, how
closed
to engage
be said to anticipate
may
door abroad.
But
passing the
we
actually encouraging in and by
In this
pect the
contradic¬
seems a
alleged general contention,
laws "combinations
domestic
whether
simple illustration
a
Though it
country.
own
themselves,
we
door abroad while
"control"
jects but
ural
we
a
mutual
evitable
one
or
sides, undue
or
on
Gain
ernment.
upon
can we see
without the stimulus of individual
profit, therefore, being
long be
or
the
fact
that
a proper
there
are
two
traders, be they individuals, combinations or peo¬
ples—and that therefore
open
door
benefit.
presumes
We meet
the
this
universality
of
the
point the selfishness of
rivalry which becomes immediately
more
pronounced
by the interferences of Governments which try to
ride horses
going in opposite directions—expansion
and restriction.
As
we
write, there is anticipated
legislation in the interest of "workingmen," their
"standards
of
through high
living," their "self-respect" by and
wages;
in
a
word, to
use
behalf—a process of in¬
own
matter
of
of
the old phrase¬
Bank to
upon
collection
an
of
checks.
injunction
the Federal Re¬
prevent it from collecting checks at
by withholding them for
a time and presenting
bulk, contrary to the usual custom—alleg¬
ing that this was done with intent to force the State
par
them in
banks into the Federal Reserve
System.
eral
the
District
Court
dismissed
The Fed¬
complaint
as
"wanting in equity." On appeal the Supreme Court
goes
the decision of the lower court and the
case
back to it for further action.
It appears
that the
point clearly gained by
one
the State banks is that this method of collection
by
withholding and presenting in bulk is not within
the intent of
the
Federal
Holmes, in the opinion
as
Reserve
Act.
Justice
quoted elsewhere to-day,
says:
"The
question at this stage is not what the plain¬
be able to prove, or what may be the rea¬
sonable interpretation of the defendant's
acts, but
whether the plaintiffs have shown a
ground for re¬
lief if they can prove what
they allege.
tiffs may
"If without
what
we
effect
But the "mutual
par
Georgia sought
in the Federal District Court
upon
man
vexed
State banks
ology, that they shall not be compelled to compete
"cheap" labor abroad.
re¬
rea¬
ruling of considerable importance has been
the
The
with
the
like
Should the "open door" be hung
the universality of the mutual
at
for
hinges ?
Gov¬
And "mutual benefit" must take
consideration
Governments
by the Supreme Court of the United States
exchange of production, does not close
door.
open
by individual combination
or
citizens and sub¬
CHECKS.
One
reverses
incentive to
the
be,
natural control which cannot for
a
subverted either
into
believe,
own
A POINT IN THE PAR COLLECTION OF
made
But the nature and amount of that profit
is under
other
their
on
disproportionate gain.
Not within the vision of man, we
trade carried
only its
confusion, unending reprisal, and constant
Government
serve
both
profit.
may
may
trade, those encouragements and
antagonism ?
com¬
its exercise and accomplishment is
say,
of
which
impose
sons
maintain the
Trade is for mutual benefit;
benefit, though the motive
energies, that it
those within other jurisdictions; and,
over
field
strictions
in
to
not
over
and
them; must, second, exercise
third, must forever meet, in its invasion of the nat¬
perti¬
shop at home?
that is
resources
to
making of
cognizant of the natural
measure.
may
One conceded fundamental fact in this vast
plicated study is this:
counter
run
hope to succeed in
may
in to aid in the procure¬
ment of this final result—it must in the
longer between peoples, combinations, and individ¬
ity, but between artificial entities foreign to trade
of all labor
exchange in life is the largest production at
a
have
word of
called
falsehood, but acting from
malevolence, a
disinterested
by persuasion should organize and
a run
upon a bank and ruin it,
carry
we
into
cannot
A similar result,
would lie.
doubt that an action
[Vol. 112.
CHRONICLE
THE
3338
citizens to exact certain privileges by
power as
vir¬
char¬
even if less complete in its effect, is to be expected
ter.
As to the last, the relation of debtor and credi¬
from the course that the defendants are alleged to
tor which obtains by reason of a deposit is entirely a
intend.
"We do not need aid from the debates upon the voluntary one, so far as the depositor is concerned,
statute under which the Reserve banks exist to as¬
and it would not seem to give him, though he be a
sume that the United States did not intend by that
citizen, any right to interfere with the necessary
statute to sanction this sort of warfare upon legiti¬
and voluntary processes contained in the hank's
mate creations of the States."
conduct.
Par collection, while desirable in itself,
It is reported that Governor Harding does not re¬
assumes a different aspect when forced upon un¬
gard this preliminary adjudication as against the
willing institutions. In that sense the practice might
par collection 'policy of the Federal Reserve Board,
threaten the independence of the bank's function¬
stating that as to all institutions on the "par list"
ing, as interpreted by the banking institution in the
"par collection" will go on as before. The point at
light of its own needs, powers and purposes.
And
issue, however, in the present instance, is whether
furthermore, any curtailment of the free function¬
this par collection scheme can be forced upon un¬
ing of the State banks, unless the Federal System
willing institutions—and this by methods that have was intended to
destroy them, must come from the
being the Government which grants the
tue of
an
oppressive in them.
element of the
In
State.
event, there are some inferences of mo¬
be drawn from this Supreme Court deci¬
any
ment to
sion, whatever the ultimate outcome. We interpret
Justice Holmes's opinion as a distinct recognition
exist and func¬
It may be said by
by the Court of the right of banks to
jurisdiction.
tion under State
that this is true
some
as a
that
authority from the
banks derive all their
Reserve
remembered
and the Federal
Reserve Board
Federal
the
derived from the
of an act, and it is to be
consequences
The very existence
Federal Reserve law.
But
matter of course.
ultimate intent must sometimes be
of the Fed¬
System tends to a union of banking
eral Reserve
On the other
hand, the size, location, and charac¬
ter of business of any
bank, whether State or nation¬
al, must determine to some extent its ability to
the
serve
people by par clearance—that is to say
clearance either at actual par or
ice
at a nominal serv¬
The point of importance is, how much
charge.
of this may
reasonably be surrendered in the inter¬
people at large by reason of charter privi¬
est of the
in
leges, how much in the interest of uniformity
banking procedure, how much as a voluntary con¬
independence as a prin¬
tribution from freedom and
Further decisions of the Courts, State and
ciple?
Federal, will undoubtedly involve considerations
exist under
touching these questions. The great thing as we see
The State bank, as far as the
it is to preserve the freedom of credit to issue and
integers not provided for where banks
State
jurisdiction.
involved, stands alone, and exerts thus only
law is
True, there are independent
its individual power.
associations, and what is known as the Group Sys¬
and
or
but of
tem, but these are not results of statutes
voluntary unions.
Are
favorable to the continued existence and
as
natural
justified, then, in interpreting this
not
we
decision
If so, it will
functioning of State, banks ?
be reasonable to
predicate future Supreme Court de¬
cisions as sustaining,
in general, in any proved con¬
tention, that banking procedures under the Federal
System must not endanger the free life and work
of banks
organized under State laws.
From its in¬
ception State banks have been free by changing their
form to
Later way
join the Federal System.
made to
was
partially "join" the system for clearance
purposes.
But the State banks have shown no great
according to the needs of commerce. The check
retire
draft, as so often said, constitute the currency
of the country—by experiment declared
money
to be
than
more
If an "exchange charge"
circulation of this
90% of it.
be said to constitute a tax on the
form of currency, can
to
increase of
the
There is
no
There is
a
bank deposits as a whole?
doubt much to be said on both sides.
"good case" for small banks in remote
There is
localities.
it be said to constitute an aid
our
a
businesses in certain
good case for small customers'
populous centres.
But
a
vol¬
system wrought out of the experience
untary
savoring
of
independent" banks we should regard as
"free and
more
of justice to all concerned, through
unity and best banking practice, than one wrought
out of
a
legalized system though its intent be good.
disposition to surrender their status under State
laws, seemingly content to exercise the powers and
duties thus
does not go
ance,
provided.
into the benefits
matters which
country
on
of banks of
We
the
have
on
long
termed "free and
or
burdens of
ing that the circulation
ment of
We regard
of
or
the
national.
check
and the consequent
in
passage,
the
par
su¬
Grant¬
and
draft
from place to place, effecting the
debts
indebtedness
have
we
business, whether the
pervisory jurisdiction be State
money
what
independent banks."
as a
pay¬
cancellation of
collection
of
checks, by means of an enforcible statute, whether
of
one
power or
this freedom and
the
On the
one
hand is
profits due to the bank by virtue of a charge for
service
the
the other, involves the exercise of
independence.
rendered—on the other lie the interests of
depositors who sustain the bank, and their quasi-
There
are
certain facts concerning disarmament,
that have been
the
for
PROVIDING
IN
DELAYS
FOR PEACE.
clear¬
of the
the other.
contended
"dealing in credits"
moves
par
the business
engage
DISHEARTENING
remark,
we
hand, and the full functioning
one
deposit
decision,
This
brought before the Senate, to which
people should give heed.
the statements, as
not
We say facts, because
far as we are able to discern, are
adequately refuted; and the conclusions there¬
from
are
therefore
justified.
and conclusions are as
navy more
Some of these facts
follows:
We
now possess a
powerful than that of Japan, and only a
little less powerful than that of Great Britain. The
navy of our former enemy, Germany, is practically
scrapped;
and
Austria-Hungary,
as
now
consti¬
Our coast defenses are
entirely adequate to our defense, as they now stand;
and, with the addition of a quota of submarines and
aeroplanes, are sufficient to withstand the combined
tuted, without a sea-coast.
navies of the world.
naval
For,
on
the testimony of great
authorities, it is entirely "futile" to attempt
May 28
1921.]
THE
to demolish land defenses from vessels at
though this
In the
The
war
to prove
seems
firing back and forth in
land fortifications the guns on
advantage
attack
an
shore have
modern
battleship
on
largely
defenseless
against bombing from the air and torpedoes under
the
water; and by many authorities is viewed
as
obsolete, especially against the lighter, swifter cruis¬
carrying
type of vessel,
er
launched from the
in
At
use.
modern
from
six
that
be
may
now
best, the battleship, under the stride of
becomes
improvements,
ten
to
"out-of-date"
Two vast
years.
all
defenses for
natural
planes
deck, and the torpedo boats
oceans
in
are
our
time, since war-vessels to
operate successfully against us must establish bases
this
on
met
manifest difficulty—and
advantage.
one
Lastly,
iso¬
our
and
visible and potential
our
freedom
comparative financial
debts;
from
oppres¬
manifest and sincere good-will to all,
our
render it easy
resources
for
to keep the peace with all
us
na¬
tions, and throughout the world 1
We
therefore in
are
defense is
position,
a
so
far
as our own
concerned, to lead the world in gradual
And since
proportionate disarmament.
are
we
debt-encumbered
fearfully
so
by that lamentable
struggle, having nothing to fear from
state of exhaustion
in
suggestion has
is
stance
too tired to
that
come
that
all
to
the
our
late
a
us
An out-of-the-way
attention, which in sub¬
combatant nations
are
fight again for twenty-five years—and
(all peoples), will have
we
and in
us
themselves, will gladly join
agreement to that effect.
an
and
a
quarter of
a cen¬
tury in which to foster the spirit of good-will, edu¬
cate in the
is
while
spirit of total disarmament, which mean¬
proceeding by successive gradations.
follows therefore
logically that the turning point is
that the time is ripe, and that
now,
lose
small
a
entered
new
sum
upon,
and
It
by abandoning
we
would better
already
a program
the "1916 program," than to suffer
grievous taxes to be laid
people,
our
on
All these
said, have
debate
to light in the course of the Senate
come
the
settlement for abandonment.
It is only
peace.
ness
a
As the bill is under consideration
vigorous and determined attack' by
to
comes
we
shine of
a
world prosperous.
a
certain dull
there
if
a
there
not
not
certain
through
a
reason
lands
of
nervousness
recurring
shell-shock;
a
hysteria of hopelessness gripping
there
would, we believe, be a
mighty upheaval in behalf of permanent peace, even
complete disarmament.
We know there
those who say
are
must
"there will always be war";
"be prepared" against we know not
what;
we
derance will
that
proportional reduction of armaments
ourselves
are
(so that
secure
remain); and yet these
"preparedness" is
that the
a
our prepon¬
men
must know
exploded argument, and
an
yearning heart and
kind would welcome
of
common sense
man¬
movement to end
v(ar, or any
movement to render it less
likely
or
possible, by the
present legislatures and "rulers" of the world.
Senator
cries
out:
"Is it not
than
more
strange' that the peoples of earth should
der these inconceivable burdens of
continue
to
arm
themselves to
And then he shouts:
not do
One
-passing
groan un¬
debt, while they
kill
another?"
one
"Why in God's
name
do
we
something?"
Liberty—"what
name!"
crimes
Justice—how
crucible of
racy
we
we
are
it
emotion, opinion,
of tradition!
power
in
thy
the
and the autoc¬
Love—how it expires in the coils
door of
decision, falters
in fear of the
the
in
And Peace—how it hesitates at the
cowers
have not
committed
burns' sometimes
the threshold of welcome,
on
shadow that hovers
over
say
there is
a cause.
evidence, ourselves, of subtle
ganda in which the
press
the
Men point to "agitation"
is
a
tool.
We
propa¬
But what of
a
sentiment for peace
unanimous
"irreconcilables"—
vigorous verbal defense of the
a
and
on
vote,
authorizing
Great Britain and
the
reparations;
over
certain
small coterie of
what
open
majority
Wednesday, by
adopted
the
Japan to
President
a
an
Senator
reply.
abso¬
Borah's
to
invite
conference, with the
object of providing for gradual naval disarmament
part of the three Powers.
proffered for delay in
ment is that
we
to lead the way,
much
a
peoples,
in
minority, largely Democratic, into
consistent
amendment,
on
fear
paralysis and
were
bewilderment everywhere; if
a
delay and dickering
was
with the
if there
apathy,
not
was
a
Moreover, the Senate,
lutely
As for the current
undertakings, surely contracts not yet drawn
not interpose any obstacle.
If there was not
people supine under the strangling processes of a
representative Government in action against the
do not hear
measure,
wit¬
any
a
be
seems
which
but
we
justice in
The matter is imma¬
a
continuing
passing cloud against the sun¬
a
by munition-makers and
millions.
of
terial in the face of colossal debts and
portal of consummation.
provided by the House measure, to five hundred
increase
The status of
that this Government will not shirk
proposition to increase the current
on
not.
prior contractors will respect
larger, longer foresight of this Government, and
the
appropriation bill from four hundred millions,
naval
as
facts, conditions and inferences, be it
Senate
or
We cannot doubt that
of selfishness!
adding others thereto.
And it is not
suspended contracts and possible damages thereby
a
legal question with which we are not concerned.
until
decimated,
waste
our
is
cannot lead in
harrowed,
in
on
form.
some
people whether the
largely unscathed, physically, by the world-war, it
nations,
in
hundred millions obtains
follows
that
should go
view of the lesson which is before the
our
American
one
will
hold decided
we
aggression;
or
This bill will pass,
by like counter moves in time of actual war, in
a
lation, independence, absence of desire for conquest
sive
this obscure reason, we
of hundreds of millions of dollars.
to be
which
or
private national satisfaction) it will be the
step to take. And, meanwhile, seemingly for
new
side,
2239
proper
vital to
.«
is
own
decided
a
those at sea.
over
And,
sea.
be disputed, the English attempt
may
at the Dardanelles in the late
it.
CHROMCLE
are
us with despair?
Are
powerless to control the heavy, crushing, onrolling of the Juggernaut of legislation ? Have we exer¬
we
cised the power
ment that
us?
Did
bill
comes
lars for
still too
will hear
our
the
"Ah?" retorts
position
(apparently when the
of freedom only to create
becomes
a
soul-less machine
one
before
the
a
Govern¬
destroying
"election," the "solemn referendum,"
speak nothing intelligible
a
has been consummated to
everywhere and undoubted?
democracy only to fill
are
not at this hour in
program
disarmament move¬
that world-conditions
unsettled, that later
"great navy"
a
One prominent
Is
to
those
we
elected?
Senator to another, "wait till
us
appropriating
one
a
million dol¬
care of mothers and
babies, then you
moanings for economy" We are far from
condemning "the party in power." We wait, we re¬
serve
judgment, we believe in the good intent, and
...*•■
j
„
"
;
;
.
■
■
-
service. "But
the overwhelming conviction
of the world—never to be de¬
judgment, sense and
in
faith
have
there creeps upon us
hope
that Peace is the
layed for a moment, never to be made subservient
to the ultra-doctrines of "preparedness," ever the
light that leads to a world more
manity
OF
He now attempts it
atten¬
"The Outline
agalin
more
seri¬
courage to
world, of
which so many are talking, and then to indicate the
method of meeting them in a way which he believes
to be adequate, and in which all can participate.
The situation is certainly grave.
He states it as
ously, in a new book,* in which he has the
face the difficulties that confront the
requiring nothing less than "an ultimate reconstruc¬
tion of our collective human life." He believes that
hope"; and that if
we do not heed, "the outlook for mankind is likely to
become an entirely dismal prospect."
He offers "a
constructive project, in which everyone can easily
find a part to play commensurate with his ability
be made "a reasonable
this may
opportunities."
and
project developed in a few compact
We find this
Future of Mankind; The
Project of a World-State; The Enlargement of Pa¬
triotism; The Bible of Civilization; and The School¬
ing of the World Through the College, the News¬
paper and the Book; all topics less novel in them¬
selves than they are unique in their important re¬
lations as here presented.
One must read the book
chapters on The Probable
to
war
may
be abolished has become the ab¬
In its. horrors and d^structive-
sorbing problem.
ness war
over
Our thoughts with reference to a
possible resort to it must be entirely recast.
To
abolish it will seem to require nothing less than a
reversal of the ordinary
action of both nature and
human
life, that is of/the law of con flict and survival.
This
situation, the author considers, as largely
of which Bolshevism is itself a
signs and product of certain conditions to
nature, gunpowder, explosives, elec¬
forces in
tricity, gases, etc. ; in which science is creating in¬
struments of destruction of immeasurable potency.
The
which
For this a new con¬
need to be opened.
for human
concern
well-being.
carries
America
this
conception in her history
the Constitution and develop¬
embodies it in
and
ment of the United States more
found in
definitely than it is
As this is set over against other
Europe.
political ideas and forces it presents a conception
far
larger than any League of Nations.
As such its
possible development is here set forth.
The
Enlargement of Patriotism is naturally the
Patriotism,
starting point.
obstacle to be removed, is a
far from being an
so
permanent fact in human
As it exists in the
history and an available force.
United States it is
synthesis of European patri¬
a
It is found in the hearts of
otism.
resident in America
race now
national songs
as
it
people of every
was sung
in their
at home, interpreted in their dreams
and visions of the
land of
new
opportunity to which
they have come, and in which so many of them have
in fact
found, under the Stars and Stripes, a new
Its
life.
significance and its application
to the
world, as offering to every man the peaceful home
choice, need only to be recognized and made
of his
effective.
How this
formal
conception of world unity would take
shape in Courts and Law and common cur¬
and speech is treated as a matter merely if
The
detail.
for creating the
means
unity is more
important.
Here
our
author
nite conclusion.
to his
comes
practical and defi¬
Schooling the world with a new,
vigorous and purposeful education, by means of col¬
lege, school, newspaper and book, all filled with
the
of the
sense
with the
necessity and committed to the task,
help of
a common
literature, is to be the
method.
We
produced by the development of man's control of
new
great
Bolshevism, but
part, as both are the
reigns to-day in Petrograd and other
European cities, not the result of
with its inevitable results is written to-day
everything.
The contrast appears in the destruc¬
moral peace.
tion that
rency
appreciate this.
How
removed, could at once be
are
Physical would interlock with mental and
gained.
ception of world relations is needed, with a new
CIVILIZATION.
challenged successfully the
public with his recent book,
History."
daries and restraints
men's eyes
THE SALVAGING
tion of the
perfect and a hu¬
happy!
more
Mr. H. G. Wells
of
[Vol.-112-
THE CH SONICLE
2240
■■
are
recalled to the sixteenth century
with its
plethora of great men and great ideas for confirma¬
tion
of this
terial.
conception and for suggestion of ma¬
There
one
finds the foundations of modern
republicanism coupled with fear for the safety of
problem is:
Can the resort to these be con¬
It will
require nothing less than a recon¬
human
social and political ideas.
Other¬
to be
protected.
wise, International Leagues and laws will be use¬
wide
State, with a universal speech and a common
scale hitherto unattempted can
book
of
Some such conception of guaranteed
dom.
trolled?
struction of
our
Effort
less.
on
alone suffice.
peace
a
was
signed.
It has
now
been lost; but
a
There also is the idea of a world¬
knowledge
as
the basis of
historically
chief written documents
A vast
sire
change of heart in millions of men will be involved
in
bringing about that reorganization of the world
as a
unity which is required.
the Bible to be
Russia and Poland
life, its enlarge¬
quent chapters.
freedom of
at least recast,
for the conflict between Baby¬
election, to those of a stockholder to the labor the
employs.
In other words, the new Bible
locomotion, of trade, of indi¬
occupation, when artificial boun-
must
present eternal principles in terms wrhich will
the men
of to-day,
and present its history
brought down to date in
rapfd outline, something
after the fashion of his own recent
economical
Salvaging of Civilization.
or
grip
bility of its accomplishment, are the theme of subse¬
Co.
naturally leads him to de¬
rewritten,
Assyria, and giving place to a multitude of
company
secured, and the method by which there is possi¬
millan
to being such
problems, from the duties of the citizen at
be
*The
near
modern
an
vidual choice and
comes
substituting, for example, the age-long feud between
ment, its joys and privileges, if such a world should
new
wis¬
lon and
What would be the character of
A
common
book, but Mr. Wells's idea of Christianity and its
it must be re-awakened if civilization is to be saved.
enlargement of ideas and something like a
a
;
The Bible
seized the minds of men everywhere when the
Armistice
society and its progress needing even then
H. G. Wells.
The Mac-
and
book. Some great
educational conference
he thinks
might produce such a volume. Meanwhile, we would
May 28
1921.]
THE
suggest that inasmuch
CHRONICLE
this has been
the professed
of churches and religious
beginning, if the importance of
as
an
interpretation which makes superfluous the ref¬
function of all the pastors
erence
educators from the
of
their work
understood it would not be
were
to wait for the proposed
sary
Meanwhile
author would have added Books of
our
Conduct and Wisdom,
Literature, and
tern of
Anthologies of Poetry
and
Book of Forecasts, after the pat¬
the Hebrew prophets.
But all this again is
only detail.
The
a
The great task to be undertaken is
Schooling of the World, if civilization is
to be
saved.
Those
to the States.
An option to
purchase a piece
property leaves its holder equally free to proceed
or
decline to
as
neces¬
Bible.
new
interpreted, is one-sided and
Power of
that
stitution
striving to do it
finds himself
more
poorly done.
adequately.
reproached for having
Many
are
If Mr. Wells
no newer rem¬
according to
business
un¬
world.
granted concurrently to
must
be
some
concerted or
mutually
agreeing action; yet the Court virtually rules that
it is quite sufficient if
Congress acts alone.
less
is but
enforcement is
••
there
upon,
it
not
Congress and the States, which, according to usage
and to
ordinary construction of language, means
women who,
though perhaps with
imperfect vision and certainly with inadequate re¬
sources, are giving their lives to this task, will doubt¬
admit that
proceed, but this particular "option,",
derstanding and. practice in the
and
men
3341
A
greater peculiarity, and the
one now passed
made the entire amendment valid only if rati¬
fied within
seven
of
though Article
that
V of the Con¬
amendment
propositions
valid, "When ratified by the Legisla¬
shall become
tures
years,
declares
three-fourths
of
the
several
States."
It
edy to propose for a universal need, he may comfort
happens that Senator Harding proposed the time
himself with the
limit
History"
readers to
to
thought that,
as
in his "Outline of
in this later book, he will stir many
quicker thought, and will gain attention
so
existing conditions that certainly demand it.
It is but
and
just to
say
that he has made
compelling his chief point, that
thrust upon
mendous
a
very
clear
vast task is
he
cause
the prohibition
amendment; his motive
clearly disclosed, but it may have been be¬
thought (what another Senator said might
well be settled
very
once
for all by a special amend¬
ment) that there should be
a
time limit
all pro¬
on
posed changes.
mankind, that of dealing with the tre¬
change wrought in human conditions dur¬
for
not
was
The
most
Drys and the Wets
convenient) of
(using these terms
as
took sides upon this lim¬
course
ing the past hundred years; and he has given new
significance to the place and the kind of general edu¬
iting condition, the former virtually saying that the
condition is really
immaterial, since ratification
cation which must be the chief
agency
was
be
to
The
demand
for
to
this
end
this
must
and
the
the
responsibility for
of the people;
mass
work
of
all
leaders of
thought be directed, statesmen in the Government,
teachers in the
schools, writers in their books,
ents in the homes.
ish.
In
and in
our
our
For lack of vision the
present stress
our economy
people
educational starvation that threatens
saving.
the children
fellow-
ing
or
But,
(and
unanimity of the Supreme Court, on May 16,
sustaining the last point contested, or probably
to be
contested, in the Eighteenth Amendment,
somewhat
of
a
surprise, but that the amendment
would be sustained
doubted.
hibition
and
one
there
are
The
are
at
by
some
intrinsic
a
division hardly anybody
merits
of
nation-wide pro¬
topic almost bitterly controversial,
present wholly futile to discuss;
such
was
yet
peculiarities in the argument offered
in this decision and
they
so
illustrate the present
trend in the treatment of written constitutions that
some
consideration may be
profitably given to them.
It is
customary to insert in amendments
power
a
clause
of enforcement by appro¬
priate legislation; thig amendment
singularly
very
time,
nor
manner
changes
of mak-'
hereafter.
of legal
documents
the universal, every-day rule that lan¬
upon
guage means what it
says) it is impossible to deny
good grounds for their posi¬
that the Wets had
very
A
clause
must
be
providing that all future proposi¬
ratified
would
have been
a
within
seven
years
or
fail
unobjectionable in form; but to
time limit to this proposition contradicted
existing Article V.
Yet both Wets and
Drys
were
plainly
cerned about the results than about the
ner
or
the
more con-f
legal
man¬
consistency of the treatment of the issue
raised, and perhaps both sides would have
been
ready to shift positions according to circumstances.
Two
suppositions which
may well
needed number of States
seven
ed
with its
own
afterwards
be
"when" of Article V.r
some
have concurrent power" for enforcement.
or
conceivable
more
of the
or
might have contend¬
had failed
by non-compli¬
condition and could not
valid, while the Drys would
have taken their stand
provided that "Congress and the several States shall
one
hung back until after the
express
made
entirely
Had
the Wets would
years,
that the amendment
ance
are
illustrate this.
•
giving Congress
modifying the
strict construction
attach
CONSTITUTIONS.
The
in
clause
a
ratifying constitutional
upon
tion.
INFERENTIAL AND EMERGENCY INTERPRE¬
OF
A proposed change in
course, germane at any
is, there anything which restricts a
proposition to a
tions
TATION
is, of
square
defective and consti¬
was
tutionally invalid in form/
that Article
in
was
single topic; hence this proposition could doubtless
the supreme need.
men, are
V, it
condition
have added
A better intelligence
our
conflict with Article
per¬
in the State
larger, kinder heart turned toward
a
time, while the Wets urged that,
the inserted
as
par¬
personal lives needs to be shifted from the
to other less harmful
and
well within the
inasmuch
securing it must be sought in the
and
if the task is
accomplished.
on
the
literally unlimited
Again, had Mr. Harding
or
or
This, of
raised questions, which the Court disposed
of by holding that this
language "does not enable
course,
Congress
the
ate
or
the several States to defeat
thwart
prohibition, but only to enforce it by appropri¬
means"—that
"joint,"
on
or
the
"concurrent"
does
not
mean
nor require that Congressional legislation
subject need be taken up at all by any State,
other
Senator, in hesitation
over
the fairness
legality of forcing prohibition upon unwilling
States, inserted a condition requiring unanimity or
the assent of
some
larger fraction than three-fourths,
the Wets would have contended that this
condition
had
not
still
incomplete, while the Drys would have stoutly
been
stood upon
met
and
ratification
was
therefore
the "when" and the proviso that three-
fourths must be held
sufficient and the
language
must be construed
thus not
and
merely "alter cases," but modify arguments
indisputable conflict in terms
smoothes out this
or
this
between
what
Article V is
and
amendment
Delivering the opinion, Justice
chiefly interests us.
Van Devanter
Court evades
in which the Supreme
manner
give
proposing
regards the Article as meant to
Congress a wide range
other
as
of
in
power
Article which
amendment once prqposed to be open
time, or that ratification in
of the States may be separated from that in
an
for ratification for all
some
others
by
do
and still be effective; we
strongly suggests the contrary."
many years
find that which
first
it must be said that nothing
Ar¬
ticle, but that it is iread into it by implication, and
to "the
the
contrary" is contained in the text of the
reading-in is thus explained:
.
be
This
discovered?
is, of
like
seems
the final court of this
State sustained the
passing
Constitution
recent
a very
Legisla¬
kind of statute which the Federal
a
State shall pass,
the Supreme Court reaffirmed
it, and while shrinking from plainly saying that
the fundamental law must stand aside when
to
"within
The
framers
have
from
used
meant
constitutional
the
the
State
a
in effect said
an emergency,
"when," and they
implication being that they are to be
of presently. Thirdly, as
ratification is but the expression of the approbation
when
one,
unmistakably and unqualifiedly says
unlimited word
necessity
courts
our
For
gle endeavor, the natural inference being that they
are not to be widely separated in time.
Secondly,
proposed, the
judicial sole¬
given instances of it?
by turning away
only when there is deemed to be a
a
Have not
"First, proposal and ratification are not treated
as unrelated acts, but as succeeding steps in a sin¬
therefor that amendments are to be
to
course,
conclusion and then seek grounds for
a
cism, is it without precedent?
no
that
and
present,
grounds for sustaining the amend
legislature discovers
it is
have set out
the whole it would not
on
sustaining it; and if this
ture in
With all due respect,
some
adopt
final
our
.
(however they
may
popular emotion at
must
of
movement which has in its favor such
a
of
rush
a
members
the
the subject)
on
proposition that
do to halt
not sure,
Some members
tice to infer that all
with the
be not always sure,
of their own
may
are
be among the Drys, and is it an injus¬
personally feel
ment
"We do not find anything in the
suggests
sometimes
tribunal may
therefore
amendments, but adds :
f
human, and
are
men
controlling motives.
judicial interpretations.
The
Judges
Circumstances may
just as it is.
[Vol. 112.
CHRONICLE
THE
3242
so
issue.
perfectly understood and
a
length of that time being
as one
assumed
are now
reasonable
time,"
the
chooses to take it.
reasonable
The
considered and disposed
terms, for "regulation" of inter-State commerce, in
people and is to be effective when had in
three-fourths of the States, therp is fair implication
that it must be sufficiently cotemporaneous in that
number of States to reflect the will of the people of
of
the
relatively the same period, which, of
all sections at
ratification scattered through a long period
of years would not do. . . . Whether a definite pe¬
riod for ratification shall be fixed, so that all may
know what it is and speculation on what is a rea¬
sonable time may be avoided is, in our opinion,
merely a matter of detail which Congress may de¬
termine as an incident of Us power to designate the
mode of ratification "
course,
framers
also
provided,
circumstances which
in their
Now, if
to discuss "implications," and to
we are
have
that
document, is it not a fair implication
they deliberately
"when" because
time limit
in
feel
on
quite
changes in
needless
sure
unlimited
word
they did not deem it best to put
a
a
charter whose workings
utterly unprecedented
so
the
used
structure they dared
a
of, and also deemed such
because, in the nature of things,
a
limit
any pro¬
merely control of such
brought within
If
the
is
it must be held
enforce
could make it?
ing it
tion
an
barred
Is not this
as
a
a
limit
of view¬
way
judicial interpreta¬
the inference—that when
unlimited word
time
any
sound
as
to infer —and to base
as
upon
used
and
the framers
they really meant
a
limited
one?
self-contradictory,
void; in.other
vanter's argument as
without remark.
power
above quoted should not
Congress has and
can
pass
have
until the
consequences
cation"
is
legislatures
States;
to
conferred
elect
or
any
over
whether
"the mode of ratifi¬
that
shall
obnoxious
our
a
by inferences and impli¬
v^'v
thing
now
by which to stand
far
or
larger and far
we are
we
to
be
can
accept
more
our
twist them to
whether
we
seem
the legal face
on
own
results,
fall before public opinion.
The
lasting question is whether
constitutions
regularly change them,
can
or
they
as
are,
whether
we
until
shall
try to fit seeming present necessities ;
shall rush to
"Has
the
a
greater evil to escape the
Constitution
suddenly
become
solemnly asked Justice McKenna, only
month ago.
over
established,
situation, and must work out its
The test of
when present
men
a
a
constitution is its control
inclinations,
seemingly
or
present emergencies, bring them into conflict with
it.
Shall
tion,
or
violate
we
shall
we
ours
by inference and implica¬
hold firmly to it until
people respecting it,
can
or
we
can
de¬
Are the Ameri¬
by unnoticed degrees
lqtting it slip?
There
are
but those
both
be
surface indications towards the latter,
are
not
safely conclusive, and there
opportunity and movement for
by conventions in three-fourths of
sions of Article Y must be
interpret and
fundamental law in order to
Prohibition is
of the
towards
cations.-
is it not estab¬
passing emergency ?
defense.
further modification of the provi¬
so
of procedure than to do
course
violence to
by the
be
word
if it is
or
to
are
to relieve
no
except as the Constitution confers it, and
the sole power
the
cases,
liberately and regularly modify it?
Moreover, the italicised clause in Justice Yan De.
elastic
may
statutes, and that it is far better to accept
weak?"
effectually ended
unfailingly
lished doctrine that the courts
point of acceptance within
as
but
commerce
badly phrased that the meaning is undiscoverable.
less.
few years would be
was
I
statute
a
posed change which did not commend itself to the
a
quite well illustrate what
"regulate."
supposed, instead of by what they actually
wrote into the
general
production of articles which enter into it
even
changed in regular
interpret the Constitution by what the framers may
the most
minds, and it has been since virtually deter¬
mined that not
be
in
It is for this
a
reason
are
a
rally to its
only, and
as an effort
serious consideration of whither
tending and what conservative thinking
we
we
may
should
cultivate, that this review of the late decision
the
fiighteehth Amendment may,have value.
on
May 28
THE
1921.]
THE
ATTITUDE
OF
CANADA
CHRONICLE
NEW
WITH REFER¬
and
instinct attributable to
com¬
danger, or from a canny reading of
politically expedient, it may be truly said
that the three
political parties represented in
Canadian House of Commons
common
were
never
policy of tariff protection
as
and the
the Government's
intention of
majority below twenty, have
going to the country
no
Free Trade
on
or
anything bearing seriously in that direction.
Canadian manufactured
on
in the
British
goods,
preferential tariff,
protective
an
and
increase
some
new
forms of domestic taxation
appears to be the gener¬
alized formula upon which the dual
Opposition par¬
ties
seek
municipal
stock and bond issues
as
represented
by the
brought out each month. '•
Owing to the magnitude of the offerings
during January
and February, the investment market
had become somewhat
congested with new issues and accordingly in March a
very
striking diminution in the new offerings occurred.
In
April however, the forward movement was
again resumed.
Altogether the
financing
on
on account
of
new
corporations and
behalf of industrial and other
States
and municipalities
foreign Governments aggregated no less than $518,369,344, against only $189,618,135 in March and
comparing
with $312,789,515 in
February and $418,757,962 in January.
There is also a large expansion as
compared with either
April 1920 or 1919, when the aggregates of the new flotations
and for
moderate and gradual reduction of the
duties
A
summary of corporate,
foreign Government financing
new
at pres¬
signs multiply that the Liberal Opposition
Agrarians, who on occasions have reduced
a
and
The
ent.
up
intended to furnish
are
the
close
so
kept
"
issue of March 26,
our
compilations
national
mon
what is
to a
a
FLOTATIONS DURING APRIL.
regularly since then, of presenting
monthly
showing the new capital flotations in the
United States, we give
to-day, in tables further below, the
figures for the month of April and the four months
ending
with April.
As explained at the time, these
compilations
Ottawa, Canada, May 27 1921.
an
CAPITAL
Continuing the practice begun in
ENCE TO PROTECTIVE TARIFF DUTIES.
Whether from
3243
popular support.
were
$398,125,809 and $319,616,001 respectively.
The total for the month the
present year was swollen in
unusual
Meantime, the Liberal-Conservative Government
degree by
Northern
the bringing
Pacific-Great
out
of
the
an
$230,000,000
Northern
Joint 6 XA% Convertible
mainly a refunding operation, its
being to provide for the taking up of the $215,-
is making excellent hay from the sunshine of
the proposed tariff increases
awaiting final action
bonds, and
of the United
227,000 43^% Chicago Burlington & Quincy collateral trust
bonds maturing
July 1 1921, the figures given greatly
group
ter
States Government.
Drayton frankly states that
Finance Minis¬
changes in the
no
Canadian tariff will be made until Uncle Sam
nounces
his intentions.
It
is, of
course,
probable that anything in the nature of
an¬
retalia¬
tory tariff would be considered by the Canadian
Government
The game
tolerated
or
by the Canadian people.
is quite too one-sided for that. Premier
Meighen, with
a number
of bye-elections on his
hands, candidly asks the electors whether Canada,
with many economic
handicaps, should be the first
to
experiment with lower tariffs and whether, with
the threat of further United States
Canada
would
not
sacrifice
without commensurate
cal memory may
gain.
present
potent appeal
same
platform of reciprocity. It bids fair
now to
effectually bolster the Meighen Government
in power for at least another term.
In 1911, the
attractions of "let well
certainties of tariff
enough alone," and the
experiments,
were
un¬
easily devel¬
hind
enough alone," has good material be¬
it, for the consideration of Canadian workmen.
firms
there
here,
were
manufacturing in Canada.
50
of about
one a
million dollars of American
these industries.
796
During 1920
American branch
plants established
an average
Nearly 500
money are invested in
In 1905 there
plants of all kinds, with
week.
a
were
in Canada
SUMMARY OF
dollars; in 1910, 19,000 plants, with
production value of 1,165 millions; in 1915, 21,000
plants, with a production value of 1,407 millions;
1918, 35,000 plants, with
3,182 millions.
PROPOSING
a
Corporate
Foreign Government
the
AND MUNICIPAL
..
$173,074,500
Refunding.
Total.
$222,158,500
$518,369,344
$687,232,576
79,000,000
40,000,000
Corporate
Foreign Government
Federal Land Bank
War Finance Corporation
Municipal
8.
81,817,844
2,750,000
$353,314,580 $1,040,547,156
79,000,000
4O7OO7666
2,750,000
Total..
4 MONTHS END.
APRIL 30—
U.
1,431,500
80,386^344
...
U. S. Possessions
do
$393,801,500
40,000,000
Municipal
do
$220,727,000
$296,210,844
Federal Land Bank
War Finance
Corporation.
272,770,108
3,250,000
Possessions
$1,082,252,684
Corporate
40.000,000
"*47103*595
276,873~703
3,250,000
$357,418,175 $1,439,670,850
$324,485,050
Municipal
do
U. S.
Total
BY
opposed to the bill introduced in Congress
by Representative
Appleby providing for a tax of two cents on every check or draft drawn.
Snch legislation is an unwise and unfair
burden on legitimate business
and tends to restrict free intercourse of
business through proper banking
$331,931,050
256,200
66,194,750
$7,702,200
$398,125,800
Possessions
_
.
v
4 MONTHS END. APRIL
30—
Corporate
50,000,000
Federal Land Bank
War Finance Corporation
Municipal
do
U. S.
$390,423,609
$1,106,351,391
Foreign Government
237,626,797
Possessions
Total.....
$1,393,978,188
$133,017,436 $1,239,368,827
50.000.000
""2.64L080
240,267,877
$135,658,516 $1,529,636,704
1919.
APRIL—
Corporate.
Foreign Government..
$52,383,517
$4,519,000
$56,902,517
200,000,000
51,390,225
10,000,000
"7,327259
200,000,000
52,713,484
10,000,000
Federal Land Bank
War Finance Corporation
Municipal
do
U.
S.
Possessions
Total
OPPOSED
$7,446,000
65,938,559
Foreign Government
Federal Land Bank.
War Finance Corporation
4 MONTHS BNDI APRIL
30—
Corporate
Foreign Government
adopted by the Missouri Bankers' Associa¬
tion in annual convention on
May 18 says:
and
the
New Capital.
Federal Land
War Finance Corporation
Total.
$313,773,742
$5,842,259
$319,616,001
$465,705,763
$160,473,600
28,179,000
$626,179,363
"67564",860
200,000/00
158,952,753
10,000,000
MK
26d,obb~666
Municipal
do
channels.
on
v
production value of
TAX
ON
CHECKS
MISSOURI BANKERS.
are
purposes
demand
CORPORATE, FOREIGN GOVERNMENT
1921.
A resolution
We
new
APRIL—
production value of
a
BILL
but merely
a
FINANCING.
15,-
718 millions of
in
constitute
APRIL—
well
At present there are about 650 branches of
Ameri¬
can
Some of the financing
always for refunding
not
markets,
circumstance, the month's
1920.
:
"Let
course
does
that
capital.
new
taking up of issues
already outstanding.
And the importance of distinguishing
between the financing which is for
refunding and that which
is for new
capital, as is done in our compilations, is made
clearly apparent by the case mentioned.
Allowing for such
refunding the new capital demands for April 1921 amount
to only
$296,210,844 against $390,423,609 for April 1920 and
$313,773,742 for April 1919.
oped into rampant "patriotism," which firmly de¬
cided the issue, somewhat
irrespective of economic
sense.
that extent
investment
of
reason
advantages
its
on
to
was
strictly
each month is of
Those with any politi¬
recognize the
for
this
discrimination,
which turned the Laurier Government out of office
in 1911
exaggerate, by
demand
highly im¬
a
purpose
as
152,387,893
10,000,000
U. S. Possessions
$828,093,656
.
28,179,000
$195,217,460 $1,023,311,116
For the four months to
capital flotations is
of
April 30 the grand aggregate of new
large dimensions but nevertheless the
amount does not come
up to
the
that of last year, even including
refunding operations, while when these are eliminated
;
•j'
€3 **•
■
i"
11-.
f'"*
[Vol.
.(f
CHRONICLE
2344
substantially below the exceptionally large corres¬
total falls
ponding figures of the previous year.
Including refunding,
the new financing for the four months of 1921 foots up $1,439,670,859, against $1,5^9,636,704 in the four months of
1921, but comparing with only $1,023,311,116 in the four
months of 1919.
Eliminating that portion of the new
financing which represented the retirement in one form or
another of outstanding security issues, the strictly new
demands upon the investment markets for the four months of
1921 are found to have been no more than $1,082,252,684,
against $1,393,978,188 for
against only $828,093,656
the four months of 1920, but as
in the corresponding period of
,In the case of corporate financing, the falling off
new capital demands has been very marked,
the
amount of this for the four months of 1921 having been only
1919-
the
in
$687,232,576, against
■
Bonds—
Railroads-
•
.
utilities—.—.
Public
—
Ac-.-..Equipment manufacturers-—------- - --- - - Iron, steel, coal, copper,
and accessories.—------—
Motors
Other Industrial
and manufacturing
companies
Oil
nothing (outside of refunding) in 1919.
The following
three year summary for April and the four months.
FLOTATIONS IN THE UNITED STATES.
Total.
New
New
Capital.
2,500,000
2,.500,000
"bb'o'bbb
"8*81*000
7,400,000
200,000
12,030,000
4,500,000
1,*2*5*0*,000
$2,285,000
1,609,000
$2,285,000
1,609,000
200,000
*3*0*0",000
Total.
Refunding
"225,600
$3.56,000
$60,000,000
4,112,000
1,000,000
6,400,000
200,000
10,780,000
$200,000
400,000
"bib'obo
1,800,000
625,000
4,500,000
6,185,000
625,000
6,185,000
30,000,000
30,000,000
4,550,000
4",550*,000
2,690,000
——4—■
2,990,000
2,690,000
$89,616,000
$2,606,000
$92,222,000
$16,510,000
$1,119,000
$17,629,000
$131,772,000 $218,227,000 $349,999,000
Total bonds
$36,725,000
39,896,000
$1,000* G00
$36,72.5,000
40,896,000
300,600
$450,000
$2","750",006
$3,200,000
300,000
2,300,000
4,346,000
4,346,000
"
2*.99*0* 000
2"2~5".666
—
Notes—
Railroads
mo,boo
utilities.
Public
Refunding
Capital.
$60,000,000
3,7.56,000
———------
Miscellaneous
1
1919.
Total.
.5,900,000
Shipping
"
$50,000,000 for 1920 and
is a
amounted to $79,000,000, against
1920.
Refunding
months of
5,900,000
Land, buildings, Ac
Rubber
$1,106,351,391 in the
borrowing by municipalities
was on a greatly increased scale, reaching $272,770,108 in
1921, against $237,626,797 in 1920, and only $152,387,893
in 1919, while the foreign government loans placed here
$18,453,000 $217,227,000 $235,680,000
22,324,000
1,000,000
21,324,000
1,000,000
1,000,000
4,945,000
4,945,000
10,000,000
10,000.000
9,600,000
9,600,000
26,000,000
26,000,000
———————
-
Capital.
less than
On the other hand the
1919.
1921.
APRIL.
New
no
months of 1920 and $465,705,763 in the four
four
OF NEW CAPITAL
COMPARATIVE STATEMENT
112:
coal, copper, Ac
Equipment manufacturers..
Motors and accessories
Other industrial and manufacturing
Iron, steel,
Oil
$2*.600", 000
$2",500",000
—
1,200*666
700,000
1,200.000
6,750,000
700,000
775",000
75,000
6,750,000
companies
—
-
1",bob",000
750.000
750,000
2,300,000
11,4.50,000
51,516,000
3,000,000
8,450,000
.51,516,000
2,300,000
30,*000,000
36,000,000
4.'350, C00
Land, buildings, &c—.——
Rubber
2,300,000
f,6*0*0",000
4,350,000
1,240,000
$4,000,000 $179,583,000
$8,640,000
$1,240,000
-
Shipping
-
-—- - - ------
...
Mlscellaneous
—
-——- - -
$2,500,000
$8,825,000
Total notes..—
$11,325,000 $175,583,000
1.240.000
$2,750,000
$11,390,000
Stocks—
'
Railroads- -
-- -- -- --
Public utilities
--
$5,500,000
200,000
$5,500,000
$500,000
$500,000
200,000
3,225,000
3,780*,000
3,780,000
31,594,700
21,450,000
1,210,000
21,450,000
1,210,000
7,762, .500
375,000
337,500
2,000,000
800,000
7.878,850
750,000
$32,477,500
$59,286,050
$840,000
$18,453,000 $217,227,000 $235,680,000
3,500,000 , 30,424,000
26.924,000
1,200,000
1,200,000
$96,725,000
44,1.52,000
Iron, steel, coal, copper, Ac
Equipment manufacturers.—-— — -—- - - - - Motors and accessories
Other industrial and manufacturing companies
Oil ---V
Rub ber
-
Shipping
-
Ac...-----i -----——
- .
—
—.
$32,477,500
Total stocks
Total—
*777777 ■.:
■
-------
Public utilities
------—-
-———- - - -- - - -
coal, copper, Ae-i.*i—^--A-A-^manufacturers
—---------accessories--—-—-----———
industrial and manufacturing companies
Iron, steel,
Oil
-----
-A.——
-
f
— — - -
Land, buildings, AC—
Rubber
MONTHS ENDED
APRIL 30.
Bonds—.
10 727,000
Ac_--—
— - — — — —— —— — - — — —
62 ,104,100
103 ,850,000
.........
,995,000
30 ,000,000
1 ,985,000
17 ,752,000
12
Rubber
---.-
—
3*.*361*,000
"9*19,666
"
75*0*600
6
,500,000
117,818,000
17,227,000
5,495,000
,435,900
,000,000
650,000
i*
Capital.
$30,38*2*,248
2,060.000
130,000
2,190,000
$52,383,517
$4,519,000
$56,902,517
"225,66b
""225*006
12,394,000
17","003",755
1,250,000
Oil
$16*."234", 500
7,961,000
32,845,000
42,700,000
200", 000
26 ,260,000
50 ,200,000
12,067,166
2,175,000
30,400,000
2,600,000
8,800,000
Shipping
$138,517,666
$24,534,500 $163,052,166
$10,667,490
3,125,000
$10,667,490
2,582,000
2,800,000
11,925,000;
10,005,000
14,500.000
10,005,000
27225*000
27225",000
14,500,000
$186,581,800
$37,01C.000
26,973,600
6,910,000
250,000
3,000,000
29,225,850
46,304,775
225,754,446
94,228,390
10,566,047
17,275,000
8,978,500
400,000
972,000
$61,125,000
98,050,000
2,950,000
4,346,000
7,100,000
31,775,000
105,066,000
$1,500,000
37,214,000
$14,247*,940
3,125,000
11,667,166
"919",000
$61,525,003 $369,962,000
$312,673,000
———
Miscellaneous
525,000
525.000
1.881,000
7,952,800
105.066,000
—
—
$34,490,000
108,497,000
40,300,000
$46,638,000 $233,219,800
4,346,000
7,100,000
28,775,000
100,000
7,500,000
100,000
1
buildings, Ac...
4,627,000
7,952,800
"495"; 000
2,950,000
1
400,000
31,050,000
10,9.53.000
2,025,000
71,040,000
5,920,000
47,634,500
7,961,000
33,340,000
"
60,836,000
40 ,000,000
1,20b",000
25,860,000
•
$9,070,000
100,000
100,000
27 ,569,000
Total.
Refunding.
•
2,625,000
..
Capital.
$25,420,000
77,447,000
35,673,000
39.91G.000
54,036,245
5,920,000
46,384,500
1,985,000
17,825,000
New
$80,340,000
79,066,500
$59,625,000
coal, copper, Ac
Equipment manufacturers
Motors and accessories—
—
Other Industrial and manufacturing companies
\
"
.
2,175,000
30,400,000
2,600,000
8,800,000
3,650,000
22,480,000
$31,750,000
64,725,600
$68,760,000
91,699,200
6,910,000
250,000
3,650,000
16,500,000
2,300,000
3S,980,00C
2,300,000
1,000,666
1,000,000
29,34*0*,000
297340,666
—
Total notes
—
$41,714,000 $354,387,000
$129,913,600 $112,975,600 $242,889,200
;
Stocks—
Railroads-...-...--
-
Public utilities
—
coal, copper, Ac...
Equipment manufacturers
—
Motors and accessories
Other Industrial and manufacturing
Iron, steel,
—
2","5*82".bbb
companies
Oil
Land, buildings,
Ac
-----
Rubber
18,637,400
77,700,000
1,510,000
$525,600
19,163,000
77,700,000
1,510,000
-
Shipping
Miscellaneous
38,660,446
6,837,500
$775,600 $121,584,990
$485,241,394
$71,649, 420 $283,531,580 $355,181,000
156,054,490
29,048,500
127,005, 990
$139,965,000
60,352,000
5,495,000
59,691,850
6,971,000
55,429,775
308,565,691
$120,809,390
Total stocks
250,000
6,587,500
----
"
Total—
Railroads
—
———————
Public utilities
—
—;
———
steel, coal, copper, Ac.—-——
Equipment manufacturers
---Motors and accessories.—
Other industrial and manufacturing companies
Oll'u.-'----1-------—'-f
Land, buildings, Ac
--Rubbera—-——A———-—»•> —aa A- - >
53,852, 000
Iron,
Shipping—
KSUaoellaneous
23,739,100
9,249,417
6,185,000
1919..
Total.
Refunding.
27,516,000
2,625,000
2,025,000
?
4*.2*8*0*,000
520,666
"
1920.
$80,340,000
■<48,684,252
12,000,000
68,540,000
121,850,000
13,645,000
30,000,000
73,000
:
$308,436,997
$5,656,000
11,334,500
40,000,000
Iron, steel,
'7
New
:
$5 ,656,000
"A':.
Railroads.
. A— —
Public utilities
T,"
$2,285,000
6,049,000
2,700,000
$7,446,000 $331,931,050
$427,905,520 $328,004,480 $755,910,000
"A——;
-J.
Total bonds..
Land,
200,000
_
Notes—
Rubber
12 ,814,000
12 ,000,000
Ac—-A—4-
Land', buildings,
Total
.
5 495,000
Equipment manufacturers. --------- - - --—
Motors and accessories-.
_———
Other industrial and manufacturing companies
-■— — —
Refunding.
105 004,000
-
—r
-
iron, steel, coal, copper,
'
2,*750,000
2,500,000
32,000,000
3,790,000
15,668,850
V
$65, 993,420 $283 ,531,580 $349,525,000
—------
Miscellaneous
3,299,000
59,478,500
12,405,000
$324,485,050
x-'i
a
A1;
Railroads
Shipping
$2,285,000
1,*2*5*0*,000
14,918,850
4,962,500
flew Capital.
or
-
$27,883,517
23,739.100
8,729,417
6,185,000
90^000
32,000,000
3,790,000
1921.
(J, —W'—
950,000
$650,000
59,478,500
11,1.55,000
30,000,000
VI
Oil
"lbO.bOO
$27,233,517
4,000,000
$1,3.56,000
.■AA;—
4,346,000
$173,074,500 $220,727,000 $393,801,500
securities..
corporate
utilities.
820,000
$60,126,050
800,000
----------------.
Public
8,628,850
2,449,417
375,000
$96,725,000
45,508,000
6,025,000
4,346,000
5,540,000
50,444,700
4,962*,500
------
-
Miscellaneous-—---
EOTJR
22,364,100
$520,000
5,450,000
46,444,700
-
"Total
7,110,000
30,000,000
--------r
—
Shipping
880,000
880,000
22,364,100
1,929,417
2,000,000
6,025,000
4,945,000
11,200,000
20,130,000
48,150,000
7,110,000
4,945,000
11,200,000
20,130,000
48,150,000
Eq uipment
Motors and
Other
5*,240", 000
31,594,700
7,762,500
$90,000
———-
a<!. aa. a/-;
'
Railroads
337,500
-4-• ** - -■* - -
Miscellaneous———- ''
5,"15*0*, 000
-
----- « -<r.
—
Land, buildings,
$1,240,000
3,225,000
* - -—- - - - - -
—
-
—
--
a-J - - A - - - - -A L -Ai
ti ll
Total corporate
securities..—.
■
-■a~
v.
-
6,500,000
5,495, 000
15,782,000
15,782, 0C0
106,601, ,500
7,361,500
113,953,000
224,250, ,000
25,50C,000
650,000
249,750,000
14,605, ,000
-30,000 000
:
3,000,000
59,87*5,425
94,228,390
10,.566.047
75*.000
17,350,000
2,090,000
3",4*1*0*,500
238,126,729
723,000
42,070,946
$62,430,000
115,660,600
45,583,000
13,57*0*,650
6,971,000
69,000,425
43,431,000
32,376,038
340,941,729
,
205,214,390
$b8?;232;5f(K$353,3l4;580
15,255,000
47,775,000
75,000
19,539,500
80,305,446
60,375,547
47,850,000
19,539,500
37905",500
84,210,946
$1040547456
1,250,000
1,500,000
2,300,000
130,000
$149,210,363
$1,500,000 $141,465,000
67,946,248 191.714,440
72,085,850
12,394,000
$1239368827
$1106351391 $133,017,436
775,000
80,759,250
57,259,113
11,505,000
3,090,000
2,225,000
42,987,800
47,326,250
40,979,113
2*1*0", 000
5,825,000
"
5,695,000
$29,778,433 $515,019,827
205,214,390
59,125,547
36,729,6616
"520",000
8,978,500
1,985,00p
!
37,900,000
37,900,000
47,326,250
40,459,113
1,500,000
13,570.650
12,372,283
,
*11,240.000
3,000,000
$11,240",000
30.000,000
1,985, 060
i 36,096, 668
123,768,192
$14,597,94b
29,225,850
"$~35"o",6bb
$860,000 $150,070,363
$40,820,000 $103,250,000
95,775,600 211,436,200
50,210,000
4,627,000
775,000
"919"6bb
44,350,000
98,231,250
17,472,000
57,779,113
520,000
11,505,000
"210", 000
3,300,000
2,225,000
,
"1*3*0" 000
43,117,800
$465,705,763 $160,473,600 $626,179^63
May 28 1921.]
THE J
DETAILS OP NEW
2245
CHRONICLE
w \
\
CAPITAL FLOTATIONS DURING APRIL 1921.
APRIL
\
1921 ~
BONDS.
~
'
-
-
,
"
.iniia.ritf
i.
To Yield
Amount.
Price.
Purpose of Issue.
About.
Railroads—
$
Company and Issue, and by Whom Offered.•
%
3,680,000 New equipment.
230,000,000 Refunding
:■
-fv'-:
Mr
Erie RR. Series "FF" Equip. Tr. 6s, 1921-28Offered by Drexel A Co. and White, Weld & Co.
Northern Pacific-Great Northern Jt. 6%% Conv. bonds, 1936;: Offered
by J. P. Morgan A Co.,
First National Bank, New York; The National City Co.,
Guaranty Co.. of New
,
To net 1%
0Q%
6H
York,
Bankers
Trust Co., Harris, Forbes & Co., Lee, Higginson A Co., Mechanics A Metals National
Bank,
National Bank of Commerce In New York, American Exchange National
Bank, Central Union
Trust Co. of New York, New York Trust Co., The Equitable Trust Co. of New
York, Brown
Brothers <fe Co., Kidder, Peabody A Co., Dillon, Read A Co., Halsey, Stuart A
Co., White, Weld
A Co., Spencer Trask & Co., J. A W. Seligman A Co., Blair &
Co., Inc., E. H. Rollins A Sons,
Clark, Dodge A Co., Hayden, Stone & Co., Lazard Freres, Kissel, Kinnicutt A Co.
!
103%
2,000,000 Refunding
Rensselaer & Saratoga RR. 1st M. 6s, 1941.
5.70
Placed privately by Kuhn, Loeb A Co.
„U
235,680,000
Public Utilities-
To yield 8.00
240,000 Equipment
2,750.000 Additions
•
88%
83
8.00
97 %
______
7.50
9 5H
1,600,000 Extensions; other corp. purposes.
1,500,000 Extensions and additions
13.734,000 Refunding
Annapolis Short Line RR. Car Trust 7s, 1922-31.
Offered by Alexander Brown A Sons.
Detroit Edison Co. 1st A Ref. M. 6e, 1940.
Offered by Coffin & Burr, Harris, Forbes & Co., Spencer \
Trask A Co., First National Co., Detroit; Security Trust Co., Detroit. ,:"r
:
7.10
7H
Hagerstown & Frederick Ry. 1st A Ref. M. S. F. 69, 1944.
Offered by Fidelity Trust Co., Bait.
Penn Public Service Corp. 1st A Ref. M. 7%B, 1935.
Offered by Harris, Forbes A Co.
v
Puget Sound Power & Light Co. Gen. & Ref. M. 7%s, 1941.
Offered by Leo, Higginson & Co.,
Harris, Forbes A Co., Estabrook A Co.
r
;
V<
,
,
1,500,000 Extensions
and Improvements...
97
t
94
Southern California Gas Co. 1st & Ref. M. 7s, 1951.
Offered by Cyrus Pelrce A Co., Blyth,
Witter A Co., Banks, Huntley & Co.
..."
"• v Southern Indiana Gas & Elec. Co. 1st Lien & Ref. M. 7%B, "A," 1941.
Offered by Nat'l City Co.
7%
1,000,000 Refunding
,
8.10
_
-C-i -"i -4
22,324,000
Iron, Steel, Coal, Copper, 8cc.
1,000.000 Change furnaces from coke to oil
burning;
To yield 8.50
tanker.
Compagnie du Boleo (Santa Rosalia French copper mines) Deb. 8s,
A Co., Girvln A
Miller, John Nickerson Jr., Stephens & Co.
1926-30.
Offered by Chandler
Equipment Manufacturers—
2,880,000 Reduce
■
current
debt;
sale
finance
:l of equipment
8.00
100
115,000 New equipment
400,000 Finance equipment leases.*
1,550,000 Finance equipment leases
General American Tank Car Corp. Eq. Tr.
D. Barney A Co.
':;v '
8.00
96.60
—
La
7%8, "GG," 1931.
Offered by Drexel A Co., Chas.
' !
" V
"Mm'W. Chapman & Co., New York.
by Freeman & Co.
>
"
Offered by Spitzer, Rorick A Co.
Salle Tank Car Co. Eq. Tr. 83, 1921-26.
Offered by P.
National Steel Car Lines Co. Eq. Tr. 8s, 1921-27. ! Offered
To yield 8.40
Standard Tank Car Co. Eq. Tr. 7%a (TD), 1921-31.
v
.'r -A-, • A 1
T> C
•
; ■; '' r
••.'1 ;,V;
,•
To yield 8.00
j.."• •„ :,
..
4,945,000
\ ''y.. - ^ • y >!
iu _ ;
y.- (-S _^. •„
Motors and Accessories—
10,000,000 Retire
'
100
current bank loans
Other Industrial & Mfg.—
2,000,000 New plant; working capital.-...
600,000 Reduce curr. liab.; add'l wkg. cap.
500,COO VVorking capital.
1,250,000 New rolling mill; working capital-750,000 Acquire assets of predecessor
650.000 Refunding
100
8.00
8.00
9914
8.00
96.60
8.Of?
100
8.00
97
8.45
98^
8.17
98
,
8.00
100
—
8.00
100
-
Corno Mills Co. 1st M. 8s, 1922*26.
8.07
100
City Co., Montgomery & Co.
Cleveland-Akron Bag Co. 1st M. S. F. 8s, 1936,
Offered by Union Trust Co., Cleveland.
Cplburn Machine Tool Co. 1st M. 8s, 1922-32. ' Offered by Stanley & Blssell.
Offered by Stlfel-Nicplaus Invest. Co., Liberty Cent. Tr. Co i
Driver-Harris & Co., Inc., 1st M. 8s, 1931.
Offerejd by A. B. Leach & Co., Inc.
Flannery Bolt Co. 1st M. S. F. 18s. 1936.
Offered by J. H. Holmes & Co., Redmond & Co.
n <
Miami Paper Co. Mtge.
7^8, 1931.
Offered by Haiyden, Miller & Co.
v
Phoenix Mfg. Co. 1st M. 8s, semi-ann. to 1930.
Offered by Stanley & Blssell.
i;
Ruberoid Co. 1st M. S. F. 8s, 1936.
Offered by Central Trust Co. of Illinois.
:
V'v
Standard Textile Products Co. 8s, 1931.
Offered by Guardian Savings & Trust Co., Tillotson &
Wolcott Co., Second Ward Securities Co.
;
8.00
100
100
__
350,000 Reduce liabilities; working capital
1,000,000 Reduce current debt..
2,500,000 Retire current debt.
Packard Motor Car Co. 8s, 19311 Offered by Guar. Co. of N. Y"., Nat.
8.00
8.30
9,600,000
'
;
''
'l
'
.
,
'
'
'
Oil-
4,000,000 Liquidate bank loans A tr. accept-
_
Marland Oil Co. of Del. S. F. Particip. 8ft, "A," 192(1.
Offered by Potter Bros. & Co., Hemphill,
Noyes & Co.. F. S. Smithers & Co., Merrill, Lynch & Co; t
a
Mexican Petroleum Co., Ltd., of Del. Conv; S. F.!8s, 1936.
Offered by Blair & Co.
> j
IjH „
New England Oil Refining CoJ 1st M. S. F.
8s, 1931.
Offered by E. H. Rollins & Sons.
Noble (Chas. F.) Oil & Gas C6. 1st M. ConVi 8s, ^923-31.' Offered by A. L. Jelley A Co., New
■
.,T.
-
!.V~ "f
r;
..
10,000,000 Additions, developments, Ao
3,000,000 Additions, improvements, &c
3,000,000 Acquire additional properties, &c_.
98.35-95.07-8.75
6,000,000 Reduce
Q5M
current
liabils.; work,
cap..
York; H. W. Noble & Co., Detroit.
Sun Co. S; F. 7s, 1931.
Offered by Drexel <fe Co;»
7.65
J
%
Ejarrls, Forbes & Co.
/
> r!
26,000,000
Land, Buildings, &c.—
-
.175,000 Corporate
500,000 Corporate
97.32
purposes
Baker Land Co. 1st M. S. F. 7s, 1928.
714
Offered by Fenton, Davis A Boyle, Chic., Gr. Rap., Detroit.
100
7.50
Bush Terminal Bldgs. Co. 1st M. S. F.
5s, 1960.
Offered by F. J. LIsman & Co.
i
wh
d
Commercial Station, St. Paul,? 1st M. 7s, 1923-31;
Offered by .Madison «fe Kedaie StateiBank,
The Investors Co., Chicago.
: ij ■ *.!
s
i
Garnett Ranches 1st M. 7Ms, 1922-31.
Offered by Carstens A Earles, Ryone A Co.
100
7.00
Harlow Park Co.
To net 6.87
purposes
■>■'.■ 750,000 Corporate
purposes
.
225,000 Retire current debt, additions, &c._
100,000 Corporate purposes
550,000 Finance new 15-story office bldg
1,800,000 Finance new theatre
1,650,000 Corporate purposes
60,000 Corporate
,
■,
.
•
6.00
:
8.00
7.50
.j
8.00
100
*.'.••
•••'
■
:
100
purposes
"Y.i '•••'
v-
100
100
90,000 Corporate purposes
•
100
(Cleveland) 1st M. Leasehold 7e, 1926..1 Offered by Stanley A Blssell.
.,
Loop Office Bldg. (8-16 No. Clark St.) 1st M. 6s, 1922-30.
Offered by Federal Bd. A M. Co., 'Detr.
New Broad Co., Inc., Guar. 1st M. R. E.
8s, 1922-31.
Offered by American Bond A Mtge. [Co.
Postal Station Bldg. 1st M. R.'E. 7Ks, 1922-31.
Offered by American Bond <fc Mortgage Co.
Stubbs (Frank P.) et al. (Monrpo, La.) 1st M. 8s, 1922-31. Offered by Canal-Comm. Tr. ASav.
Bank, Marine Bank A Trust Co., Interstate Tr, & Bkg. Co., Mtge. & Secur. Co., New Orleans
Virginia Planting Co. 1st M. Plantation 8s, 1926-3U
Offered by Wm, R. Compton Co.
8.00
.v
5,900,000
Rubber—
/
30,000,000 Pay current debt; working capital.
Goodyear Tire & Rubber Co. 1st M, S. F. 8s, 1941.
Offered by Dillon, Read A Co.,. Goldman,
Sachs A Co., The National City Co., Guaranty Co. of New York, Lee, Higginson A Co., White*"?
Weld & Co., Blair & Co., Inc., Kissel, Kinnicutt A Co., Hallgarten & Co., Lehman Bros., Conti¬
b
99
.
nental A
Commercial Trust A Savings Bank, Halsey,
The Union Trust
Stuart A Co., Inc., A. G. Becker A Co.,
Co., Cleveland.
Miscellaneous—
300,000 General corporate purposes
100
300,000 Acq. Am. Life Ins. Co. of Des Moin.
100
abt .200,000 Enlargement of facilities.-
8.0C
.
8-00
..
8.00
100c
750,000 Working capital
3,000,000 Red. curr. debt; add'ns, imp'ts, &c.
99 X
8.00
88 X
7.08
Miles Planting & Mfg. Co. 1st M. 8s, 1922-31.
Offered by Marino Bank& Trust Co.; Interstate
Trust A Banking Co.; Canal-Comm'l Tr. A Savs. Bank; Mortgage & Securities Co., all of New Orl,
Northern Co. 1st Coll. Tr. 8s, 1933.
Offered by Baker, Simonds A Co., Detroit; Langley, Hildner
A Co., Grand Rapids.
;
i
■#'"* 1
Platinum-Palladium Producing Corp. 1st M. Conv. 8s, 1931. Offered by Maguire &Burlelgh, N.Y.
Sears & Nichols Canning Co. 1st M. S. F. 8s, 1929. j Offered by Powell, Garard A Co., Otis & Co.
Wilson & Co., Inc., 1st M. S. F. 6s, 1941.
Offered by Guaranty Co. of N. Y., Hallgarten A Co.,
Blair A Co.,
Inc., 111. Trust A Savs. Bank, Cont< A Comm. Trust A Savings Bank.
4,550,000
NOTES.
Public Utilities-
$
2,000,000 Refunding
8.00
Monongahela Valley Tr. Co. 8s, 1922.
8.37
100
A Sons, Hambleton A Co.
;
f
Twin States Gas & Electric Co. Bond Secured 8s, 1931.
'
Offered by Fidelity Trust Co.,
Baltimore;
Robt, Garrett
4
600,000 Refunding, additions A improvem'ts
97H
Offered by A. H. BIckmore A Co.
2,600,000
Motors and Accessories—
7|
1,200,000 To retire bank loans, Ac
■
...
8.63
National Motor Car & Vehicle Corp. 8s,
8.00
07Vi
American Glue Co.
1926.
Offered by Ford, Lambert & Co., New York.
Other Industrial & Mfg.—
1,500,000 Working capital
3,500,000 Reduce current liabils.; add'ns, Ac-
100
7.85
07%
750,000
8.55-8.15
99
1,000,000 Additions to plant.
'
<•
6,750,000
'
No
■
i}
'
public offering
o
'
•
'
Deb. 8s, 1931.
Offered by Estabrook A Co., W. A. Harrlman A Co.
Kimberly-Clark Co. S. F. 7^s, 1931.
Offered by First Trust &l8avlngs Bank, Peabody, Houghteling A Co., Chicago.
Oliver Typewriter Co.
8s, 1923-31.
Offered by Merchants Loan & Trust Co., Emery, Peck_&
Rockwood, Taylor, Ewart & Co., Federal Securities Corp., Union Trust Co., Chicago.
Purchased by First Nat. Bk., Cincinnati; some placed privately .
U. S. Playing Card Co. 8s, 1922-27.
"
■
Oil—
700,000
To net 8 K
Sinclair Refining Co. Eq. Tr. "B" 6s,
1921-23.
Offered by Merrill, Lynch A Co., Freeman A Co
Miscellaneous—
,
75,000 Construction of
-
new
warehouse
8.00
100
Growers' Storage & Supply Co. 1st M. A Coll. Tr. 8s, 1922-23. Offered by Carstens &
Earles, Inc
.
STOCKS.
Par
or
No.
a
Purpose of Issue.
of Shares.
Price
per
Share.
To Yield
About.
Company and Issue, and by Whom Offered.
•.
•
,
500,000
5,000,000
100
%
7.00
100
8.00
Service Co. 7% Prior Lien stock.
Offered by company.
Philadelphia Electric Co. 8% Cum. Prcf.
Offered by Drexel A Co., Brown Bros. A
Co., National City Co.
200,000
Public Utilities—
$
Amount
Involved.
94
8.50
Wickwire Spencer Steel Corp. 8% Cum. Pref.
$
.
abt.500,000 To customers and employees.
5,000,000 To complete generat. station, Ac..
-
Interstate Public
5,500,000
Iron, Steel, Coal, Copper, &c.
200,000 Working capital.
a
Preferred stocks
of $750,000
are
taken at par, while in the case of common
per annum,
c
With a
.
stocks the amount is based on the offering price,
bonus of 5 shares of stock (par $10) with every $100 bond.
Offered by E. H. Rollins A Sons.
b Entire issue to be retired at 120 by lot at th
.
:
.
[VOL. 112.
CHRONICLE
THE
stockS—(Concluded).
Par
or
a
No.
per
Share.
%
1,500,000 New plant; working capital, Ac...
1,000,000 Fund temporary capital
8.20
$4.87H
1,000,000
205,000
1,500,000
1,000,000
.
205,000 Extension and developments
10.00
100
75,000
75,000 Retire obligations; working capital.
1,000,000 Additional working capital
Company and Issue, and by Whom Offered.
About.
$
Other Industrial & Mfg.—
$
To Yield
Price
Amount
Involved.
Purpose of Issue.
of Shares.
100
8.00
lOOd
8.00
7.00
25(par)
Bemidji Mfg. Co. 10% Cum. Pref., 1923-32. Offered by W. B. Foshay A Co.,
Minneapolis
Co. 8% Cum. Pref,
Offered by Farson, Son A Co.
8% Cum. Partlc. Pref. Offered by Central Secur. Co., Columbus, O.
Darco Corp. 8% Cum. Pref. "A."
Offered by Sutro & Co., San Francisco.
Oneida Community, Ltd., 7% Cum. Partic. Pref.
Offered by Utiea Investment Co.;
Car bo-Oxygen
Lillie (Walter L.) Co.
Utica Trust & Deposit Co.
•
.
.
.3,780,000
Oil—
Capital stock.
Texas Company
25 (par)
Offered by company to stockholders.
........
21,450,000
Land, Buildings, &c.— w
210,000 Erection of 3 apartment bldgs.
1,000,000 Working capital, &c_.........
210,000
100
7.50
Rodman Realty
1,000,000
100
8.00
Wade Park Manor Co. 8% Cum. Pref.
$225
WaiteTaxicab & Livery Co. 8% Cum. Pref.lOffered by W. O. Cooper
do
do
Common stock/
Building, Cleveland, O.
21,450,000 New capital.....
Co. 7% Cum. 1st Pref., 1923-37.
Offered by Breed, Elliott & Harrison*
Offered by Keipfel-Washburn-Berkley Co., Clev.
1,210,000
Miscellaneous-
350,0001 Additional
capital
/
*
Shares of
no
working
and
cabs
*1,750 8h.
par
value,
a
d With a bonus of one share
sh.
pref.
sh.
{?
337,500
.....
com.
Co.,
Guardian
while in the case of common stocks the amount Is based on the offering price,
"A."
»
Preferred stocks are taken at par,
with every two shares of Preferred
of no par value Common
LAND
BANK BONDS.
■
■
1
;
:
.V
.w
To Yield
Issue.
Amount.
Offered by
About.
Price.
'
Alex. Brown A Sons; Harris, Forbes A Co.; Brown Bros. A Co.; Lee,
%
Bonds
Federal Land Bank 5%
$40,000,000
Co.; Guaranty Co. of New York.
5.00
100
1941
.
Higginson A Co.; National City
<.
,
,
'
■#v;
additional issues for back months.
In the
following
we give
Issues not included In the summaries
time.
To Yield
JANUARY
Company and Issue, and by Whom Offered.
About.
Price,
Amount.
%
$
100.000
Additional
300,000
*
of previous months because certain missing facts could not be obtained at the
Refunding
101
improvements, Ac..
Acquire new trans, lines, Ac
Refunding; capital expenditures..
436,000
Extensions,
699,000
655,000
Fayette Home Telephone Co. 1st M. 7% bonds, 1941.
Ky.; J. J. B. Hilliard & Co., Louisville.
Nassau & Suffolk Ltg. Co. 9% Deb. bonds, 1925.
74
7.50
98
9.10-8.28
Offered by Security Trust Co., Lexington,
■
Stevens-Duryea, Inc., 7% Cum. Pref. stock.
Wrigley Pharmaceutical Co. capital stock.
Advertising and sales distribution
400,000
1926.
Offered by Mlnturn & Co., New York.
Niagara & Erie Power Co. 1st M. 5% bonds, 1941.
Offered by Blair A Co.
Ohio & Western Utilities Co. and Ohio Utilities Co. Joint 8% bonds.
Offered by P. W. Brooks
& Co., Inc.
On application
Reduce current debt; working cap
2,000,000
>
Concordia Electric Lt. Co. 8% notes,
7.20
8.70
97 H
J
Offered by A. E. Fitkin & Co.
8.40
9814
equipment, Ac......
Offered by H. W. Dublske A Co.
Offered by Geo. M. Davis & Co.
$4,590,000
FEBRUAR Y
1921.
300,000
Erect two additional plants
Extensions; working capital.--.
Soid to employees
yield 7.00
9.05-8.25
H. and H. Foundry & Machine Co., Inc.,
100
500,000
City Ice Delivery Co. capital stock.
Offered by company to stockholders.
Denny-Renton Clay & Coal Co. 1st M. 8% bonds, 1922-31.
Offered by Carstens & Earles, Inc.
Endicott-Johnson Corp. Common stock.
Offered by company to employees.
Garment Center Realty Co., Inc., 9% Mtge. bonds, 1922-26.
Offered by company.
Glendora Consol. Mutual IrrigatingCo. lstM.6% bonds, 1922-40. Offered by Wm. R.StaatsCo.;
100
382,000
General corporate purposes.
3,500,000
8.00
50 (par)
....
9.00
100
...-
To
500,000
Refunding; exts., betterm'ts, Ac
250,000
Retire floating debt; work'geap..
Frank & Lewis; Torrance, Marshall & Co.
98 M i
& Co., Inc.
Construction; working capital, Ac.
82,000
3,564,000
700,000
8.00
100
Working capital
100,000
100
New
-
equipment
8.00
Placed
_ _ _ _
privately
To yield
Working capital--
8-7%
;-:v:
~
1st M. 8% bonds, 1922-31.
■/-
Refunding; complete building....
100
7.00
Construction expendends-
Ac_.
100
8.00
500,000
Refund.; impts.; ret. curr. debt..
100
8.00
Rivoli Realty Co.
200,000
Finance paving impts. in Tulsa.
100
7.00
Tibbets & Pleasant, Inc.,
250,000
Additional working capital
275,000
Fund floating
debt
100
7.50
Vulcan Louisville Smelting Co. 1st M.
300,000
■
.
Complete
plant; work'g cap.
100
7.00
Weber Flour Mills Corp. 7% Cum.
8.00
Des Moines Electric Co.
8.00
Elwell-Parker Electric Co. 8% Cum. Pref. stock.
900,000
70,000
Offered by P. W. Brooks
Ward) Co. 1st M. 8% bonds, 1926-35.
Offered by Standard Tr. A Savs. Bk., Chicago.
Herring Motor Co. 8% 1st Pref. stock.
Offered by E. McGuire & Co., Des Moines, Iowa.
Illinois Central RR. Eq. Tr. 6J^s, "G," 1926-34.
Offered by Kuhn, Loeb & Co.
Knox Lumber Co. 1st Mtge. S. F. 7% bonds, 1921-29.
Offered by Baker, Fentriss & Co.
Masonic Temple Assn. of Cleveland 1st M. 7% bonds, 1924-41.
Offered by Guardian Savings A
Trust Co., Cleveland.
Moline Pressed Steel Co. 1st M. 8% S. F. bonds, 1923-28.
Offered by Reitman-Straus Co., Mllw.
Hamilton (S.
1st M. Leasehold 8% bonds, 1921-31.
Offered by Breed, Elliott & Harrison;
Tucker, Roblson & Co.
„
Offered by Kreiner, Young A Co. and
Coll. Trust 7% bonds, 1922-31.
Cronen, Taylor A Sullivan, Denver.
Troy Foundry & Machine Co. Common stock.
Offered by Thos. C. Perkins, Inc., Hartford;
Edle, Sweet A Richards; Frank A. Mahoney A Co., Concord; Clough, Thorpe A Co., Man¬
25 (par)
Mass.; Charles H. Terry A Co.; Bristol,
C. Greer, Troy, N. Y.
Offered by Straus Bros. Co., Chic.
Offered by Vernon H. Branch, Wichita, Kan.
chester, N. H.; Riley-Fitzgerald A Co., Worcester,
Conn.; Henry A. Dunbar, Pittsfield, Mass.; Wm.
new
7^% bond?, 1922-31.
Pref. stock.
$12,373,000
MARCH 19 21.
.
-
V
.
88 H
369,000
Extensions and additions...
600,000
Retire bank loans; add'l wkg. cap
100
600,000
To open a store
Working capital...
175,000
Impro vements................
750.000
Reorg. and add'ns to property..
.....
1921-25.1 Offered by Union Trust Co. of Pittsburgh.
1936.
Offered by C. D. Parker A Co.
stock.
Offered by company.
Co. 7% Cum. 1st Pref. stock.
Offered by Breed, Elliott A Harrison; Fletcher
Frank & Seder, Inc., 8% notes,
8.60
100
Fibreboard Co. 1st M. 8% S. F. notes,
Hercules
7.00
110
Indianapolis Water
Steel Casting Co. 7% Partic. Pref.
American
No
Co.; Borton A Borton.
6.36
95a
Acquire land & equip.; wkg. cap.
220,000
8.00
100
in Detroit......
160,000
,
public
Offered by Emery. Peck A Rockwood.
Offered by Union Trust Co., Cleveland; Tillotson
7)4% Coll. Conv. notes, 1925.
A Wolcott Co.; United Security
offering
Co.
Lake Shore Motor Bus Corp.
1st A Coll. Tr. 8% S. F. bonds, 1935.
Underwritten by Stanwood
Co., Chicago.
Ac
100
8.00
building_
100
7.50
Exts. & impts.; working cap.,
75,000
Finance
300,000
new
1,000.000
To net 7.00
Extensions and improvements..
2,500,000
Original capital..
7.00
100b
Offered by Breed, Elliott A Harrison.
Morehouse-Martens Co. 7H% Cum. Pref. stock.
Offered by Dean DeWitt, F. W. Freeman,
Stevenson A Vercoe, Eugene Gray A Co., E. A. Holton A Co., Fuller A Rounsevel, Claude
Meeker, Fred W. Herbst, Samuel Ungerleider A Co., all of Columbus, O.; Otis A Co.
Northern States Power Co. 1st A Ref. M. 6% bonds, 1941.
Offered by H. M. Byllesby A Co.;
Harris Trust A Savings Bank; Guaranty Co. of N. Y.; Bonbright A Co.
West Virginia Metal Products Corp. 7% Cum. Conv. Pref. stock.
Offered by J. D. Merriman
A Co.. Wheeling, W. Va.
\ =:/
//'"-V
Minnesota Elec. Distributing Co.
1st M. 8 % bonds, 1922-32.
$6,749,000
a
With
a
bonus of
one
share of Common stock with each $1,000 note,
b With a bonus of 50% in Common
sion to
(fwcxmt
gtuents and discussions
foreign trade and the best direction to
We give herewith the appeal as it
industry."
in a time of depression following a great war, the
presented to Parliament a memorable petition against
"Anti-Commercial Principles" of the restrictive system then in force.
A hundred years
TRADE
capital and
appeared in
Financial News" of May 13:
the "London
BRITISH BANKERS' DECLARATION AGAINST
stock.
ago,
merchants of London
RESTRICTIONS.
A
manifesto, protesting "against
tion of trade which
the
every
restrictive regula¬
tends to diminish the
To-day, moved by the same anxieties, weighed down by far heavier
face to face with proposals intended to renew the restrictive
and
resources
State," has been promulgated in London by
more
of the
than two
of the past,
we
of
the
leading
bankers. .Issued
in
the
form
of
an
legislative
no
or
"Appeal by Bankers of the United Kingdom," the manifesto
that
declares
"we
cannot
limit
imports into this country
without limiting our export trade and striking a grave blow
at the world-wide commerce 011 which this island
principally
needs
depends."
It also
recites
that
Kingdom
"British trade
nothing so much for its recovery as freedom to deal
with its
own
difficulties, to study and provide for its
interests, and to work out its own salvation."
clares it
as
dom from
true now,
as a
own
It also de¬
hundred years ago, "that free¬
restraint is calculated to give the utmost exten¬
minish
the
British
dozen
taxation,
methods
confidence that
should be taken which would di¬
submit that it is essential to the revival of
administrative measures
output of British industry or check the free exchange of
goods.
total
,
The burden of taxation
threatens to
In
our
more
the
The system of
ish
its
out
trade
own
Government regulating trade by licenses, controls, and De¬
its
without
needs
commercial community can bear,
than, were proper
the nation need be asked to sustain.
has,
unfortunate results.
commerce
public
capacity of the nation can afford, more
affected,
partmental orders,
cases
only be lightened if the necessity for
judgment it is more than the
than
economies
can
faced.
The present rate of national expenditure
cripple the country's resources and to impair its credit abroad.
resolutely
is
economy
however well intended, had in many
Political interference with the natural course of
admittedly,
regard to economic laws inyariably does mischief.
nothing so much for
own
salvation.
Brit¬
its recovery as freedom to deal with
difficulties, to study and provide for its own
interests, and to work
Mat 28
It is
true
as
duces to the
the
1921.]
and
which
in payment
hundred
a
was
wealth
commodities
export
it
as
THE
that foreign commerce con¬
country by enabling it to import
years ago
prosperity of
other
CHRONICLE
a
countries
best
are
able
those articles which from its
to
supply,
situation
own
and
it
is
According to the circular, the bonds, in the opinion of
counsel, are a legal investment for savings banks in Con¬
necticut, Vermont and California.
Amounts due on allot¬
to
best
adapted to produce; that freedom from restraint is calculated to
give the
utmost extension to foreign trade and the best direction to
capital and in¬
dustry ; and that the maximum of buying in the cheapest market and sell¬
ing in the dearest, which regulates every merchant in his individual deal¬
ments will be
the
or
total
volume
of
employment here.
compel the consumers, who form the bulk of
privations in the quality
tion of
But
it
J. P.
our
population, to submit to
quantity of the goods they buy.
The importa¬
or
foreign goods does not diminish the activities
of
our
iting
which this
on
Trade
is
goods.
and striking
nations
sistent demand for them
abroad.
commerce—due
to the
have
set
not the
too.
prosper
ready to manufacture
are
in
part
But
to pay for what
means
We
hold
can
is
large and
a
which
the
Chicago; Union Trust
Pittsburgh; Mellon National Bank, Pittsburgh; Union Trust Co.,
Cleveland, and First National Bank, Cincinnati.
Jean
States
new
would-be
buyers of our goods have
We have to build up the market
they want.
nature, while it may increase the profits of
dustries, cannot fail to check
of
production to
a
few selected
a
a
ment
The proceeds of this bond issue will be used to
retire obligations of the
in¬
increasingly difficult for Brit¬
successfully with others in the markets of the world.
bankers
as
ernment may be
In
not concerned.
are
industry and commerce,
O.
menaced
now
by
S.
Addis
R.
H.
Avebury
M.
S.
Walter Leaf
H.
Brand
James
E.
C.
Brown
F.
0.
R.
McKenna
Chalmers
L.
E.
Chalmers
Edward
Goodenough
J.
H.
C.
Hambro
Felix Schuster
M.
Holland-Martin
Paul
Beaumont
signatures attached
There
the
Hope Simpson
H.
R.
to
Y.
Yassar-Smith
foregoing manifesto in¬
them particularly the foremost representatives
of the so-called
"big" banks; Reginald McKenna, Chairman
of
City & Midland Bank,
formerly
was
Exchequer; Lord Inchcape is identified
with the National Provincial and Union Bank of
Frederick
Ltd.;
C.
Westminster
and
is
of
Chairman
Chairman
Parr's
of
Bank;
Lloyd's
Bank,
Schuster and other well-known
the
England;
London
Richard
Ltd.,
V.
County,
Yassar-Smith
besides
which
bonds
was
one
OFFERING
UNITED
OF
Felix
IN
Following the formal
on
THE
(1)
Reduction of the External Debt:
The external debt of France reached its maximum
figure on Sept. 30 1920It then totaled
35,320,000,000 gold francs.
reduced by 2,796,000,000 gold francs.
that payments of ex¬
means
gold have been made in the
seven months.
about
a
United
States
The franc has risen from
an
exchange value of
0M cents in October to about 8M cents at the present time.
an amount, on
balance, sufficient to permit the liquidation of about
$100,000,000 French
opened
were
on
May 25.
m
rumors
yesterday that 90% of the loan had
already been subscribed, but no official information of any
that
on
point has been given out.
offered at 95 and accrued
interest, to yield
dated June 1 1921 and
are
The
over
due June 1 1941.
subject to redemption prior to maturity.
regarding the offering says, however:
bonds
8%.
are
They
The bonds
The official
circular
In the loan contract under which these bonds
are to
France is here emphasized |
The domestic debt of France amounted to 149,496 million francs
by the end of the calendar
domestic debt
were
time, to improve the dollar
■
rapid reduction of the external debt of
cerned.
offering
same
because it is with external debt that the American investor is mainly con¬
at the end of the calendar year
There
In
other words, French credits in the markets of the world have been increas¬
twenty-year external gold loan 72A% bonds,
new
ac¬
period when the franc has been steadily rising in value;
by the dollar.
books for the
not
On April 30 1921 it had been
This
ternal debt equivalent to about $540,000,000
The
the
con¬
ways:
$540,000,000 of foreign debt, and, at the
in
was em¬
for the French Government to observe
exchange value of the franc by over 30%.
issue
basis.
degree improvement in the agricultural and industrial
Government
are
"when-issued"
a
ditions of France has been reflected in the financial condition of the
country.
This improvement has been made particularly noticeable in two
subscription
are
on
day—ten $1,000 bonds—at the
by J. P. Morgan &
to
kind
23,
that
May 21 that the French Government had authorized
on
them
sale
admitted to trading on the New York
May
It is notable that this reduction in France's external debt has been
STATES.
announcement
on
It is interesting at the present time to
prospective investors in the new
in what marked
ing to
Co.
full right to
part:
in the list.
$100,000,000
were
loan of $100,000,000 being issued
measured
LOAN
reserve
bodied in the circular announcing the
offering and said in
complished during
FRENCH
Syndicate managers
violations of syndicate agreement if adequate
the French Commission in the United States relative to the
past
names appear
as
reduction of the French Government's external debt
Goodenough is Chairman of Barclay's Bank,
Walter Leaf is
bonds
new
offering price of 95, and there have been sales each day since
at that figure and some at
953^.
A statement prepared by
Tritton
clude the names ®f many of the most eminent
British bank¬
Ltd.,
prices above market.
Exchange
Pease
J.
Jackson
of the
The telegram said:
new
Stock
J.
Huth
at
The
Algernon H. Mills
Currie
C.
Inchcape
May 23 J. P.
on
use
proof is forthcoming in any specific instance reported.
L.
R.
market.
consider such transactions
Marchant
F.
F.
against the
exchange for City of Paris bonds at prices above the
trade
Leigh-Wood
Le
Co. warned
Instances are reported of participants
offering to pay par and interest
for City of Paris bonds in exchange for new French 7
Ms.
This is directly
contrary to the terms of syndicate letter with respect to taking bonds in
Kinderlsey
King
Henry Bell
in
required to make in the United States.
telegram to syndicate members
a
Morgan &
a
R.
Chancellor of the
syndicate formed by J. P.
a
French Government maturing in the United States
during the current year
whole, and to increase the
as a
profound mistake to under-rate, we desire to
enter
a
respectful protest against every restrictive regulation of trade
which tends to diminish the resources of the State.
London
by
and for such purchases of foodstuffs and raw materials
as the French Gov¬
anxieties which it would be
the
be underwritten
costs
output
our
With party or political considerations
we,
But in the interests of British
ers, among
to
Morgan & Co. said:
level which may make it
ish traders to compete
The
June
21 that the French Government had
arranged for
public issue of $100,000,000 of bonds of the French Govern¬
on
pedients to control and hamper imports into this country, whether
by li¬
censes, tariffs, or any other means, can only retard
improvement in the
Continental exchanges and prevent the natural
recovery of trade.
Legisla¬
this
deSieyes, head of the French Republic's Financial
Agency in New York City, and Jean deRincquesen, In¬
spector of Finance of the French Government, in announcing
that we need by encouraging Continental nations to
export to us.
For it is
only by exports that they can re-establish their credit and provide funds
for the payment of their debts.
In such a situation we believe that all ex¬
tion of
in
Co.,
in¬
owing to the paralysis of continental
barriers
Co., New York; Lee,
Trust Co. of Illinois, Chicago; Northern Trust
Co.,
to-day great stocks
There
more.
restrictive
between themselves—the
up
com¬
kingdom principally depends.
No nation which lives by trading with others
other
We
blow at the world-wide
grave
a
island
exchange.
unless
prosper
of
export trade,
our
merce
are:
Company of New York; Bank¬
Higginson & Co.; Dillon, Read & Co.;
New York; New York Trust Co.; American
Exchange National
Bank; Central Union Trust Co. of New York; Mechanics' & Metals
National
Bank; Equitable Trust Co. of New York; First National Bank
of Boston;
National Shawmut Bank of Boston; Old Colony Trust
Co., Boston; Drexel
& Co., Philadelphia; Commercial Trust
Co., Philadelphia; First Trust &
Savings Bank, Chicago; Illinois Trust & Savings Bank,
Chicago; Central
merce
for them by producing
goods which the foreigner in
We cannot limit imports into this country without lim¬
his turn requires.
Tem¬
Kidder, Peabody & Co.; J. & W. Seligman & Co.; White, Weld &
Co.;
Spencer Trask & Co.; Kissel, Kinnicutt & Co.; Lazard
Freres; Blair & Co.,
Inc.; Bonbright & Co., Inc.; E. H. Rollins &
Sons; Clark Dodge & Co.;
Halsey, Stuart & Co., Inc.; Chase National Bank; National Bank of Com¬
only be paid for by the produce of British capital and labor.
The advocates of a restrictive system are too
apt to lose sight of the ele¬
mentary fact that nations, or rather individual members of nations,
buy
foreign goods because they need them, not to benefit others, but to benefit
and pay
Morgan & Co. in
about June 10.
or
Morgan & Co. in the offering
Trust
ers
people, because
such goods can
themselves,
or
First National Bank, New York; Brown
Brothers & Co.; National City
Company; Harris, Forbes & Co.; Guaranty
well
may
of J. P.
on
trust receipts will be delivered
pending the
preparation of the definitive bonds.
Those associated with
policy of trying to exclude the productions of other countries, with
design of encouraging our own, cannot increase the volume
commerce
bonds
porary
the well-meant
of
payable at the office
New York funds to their order
ings, is the best rule for the trade of the whole nation.
The
3247
1919 and it had risen to 181,399 million francs
year
1920.
during the current year.
There will be
further increase of
policy to re¬
productivity the agricultural and industrial plant destroyed by ttt
The carrying out of this policy has been made possible
store to
German invasion.
becasue of the great
their
constantly
thrift of the French people and their willingness to put
increasing savings
at
the service
through the absorption of domestic bond issues.
is
of their
Government
The French Government
fully alive to the necessity of controlling the domestic debt and, at the
earliest
possible date, beginning its reduction.
rapid restoration of the devastated
areas
The beneficial result of the
is indicated by the improved
position of France.
be issued, the French
a
This increase in domestic debt is
due to the fact that the French Government deems it sound
trade
'
Government covenants to pay to J. P.
Morgan & Co., during the first five
years, as a
annum,
sinking fund, the
at not
sum
in monthly installments of
July 1 1921, such
sums to
not less than
exceeding par and accrued interest;
$750,000 each, beginning
any
unexpended portion of
.
are
$500 and $100,
Interest
on
in coupon form, in denominations of
and
are
registerable
as
to
$1,000,
principal only.
the bonds is payable June 1 and Dec. 1 in New
York at the office of J. P.
Morgan & Co., in United States
gold coin of the present standard of weight and fineness
without deduction for any French taxes,
present or future.
TRADE
OF FRANCE.
Coincident with the official announcement of
a new
French
loan of
$100,000,000, the following figures of France's foreign
trade in the period from Jan. 1 to
April 30 1921, which have
any
such installment remaining in the
sinking fund at the end of any month to
be returned to the French Government.
I
The bonds
FOREIGN
of not less than $9,000,000 in cash per
be applied to the purchase of bonds, if obtainable,
|
just been received by cable from the French Ministry of
Finance by the French Commission in the United States,
are
of
interest.
French trade balance:
First 4 months 1920, a1
rse,
5,9
First 4 months 1921, favorable, 28
In connection with the above figure
trade balance of
129,000.000 frs.
wh
,661,000 frs.
•000,000 frs.
is noteworthy that the favora b Je
France
accumulated in
the fir Ft
"
"
The detailed figures are as
^
;
Foodstuffs
-
1921
•
753,930,000
2,714,933.000 1,961,000,000 —
Manufactured goods
"
.....10,654,557,000 7,118,000,000
Total........
v
,
Exports—
Postal
700,000,000
—
1,237,971,000 1,762,000,000
Total
—2,629,104,000
France's presumed
Furthermore,
producing
—
—1,658,638,000
—
220,959,000
4,770.896,000 7,400,000,000
parcels
hopelessly damaged coal mines
of pre-war output and much
16%
are
restoration work has been
speeding greater tonnage. The
coal shortage, which was detrimental to general industrial progress, is no
longer a serious, factor, because of growing general output and increased
reserve stocks. \In 1920 France had 52,320,000 tons of coal available from
all sources, of which 20,681,000 tons was net French production, compared
to 40,415,000 tons available in 1919 and net French production of 18,362,000
tons.
;>7':
V-J:~
s^: V
accomplished, which will be influential in
producing but 3% of the pre-war
French iron mines which in 1915 were
1920 producing 43%, and Alsace-Lorraine's
compared to 34% in 1919.
»..•••
Wheat production, which in 1917 was but 42% of the pre-war average,
had increased to 71% in 1920.
Oats in the same comparative periods
output was up to 46%
i
About 80% of
52% to 86%.
the industrial establishments in
the liberated regions have
forces, with 77,000
reconstruction.
additional workers employed in
contained
in
official statement
an
May 20 following a Cabinet
meeting .
of favoring exports and
the desira*
This .statement said:
The Cabinet discussed the problem
bility of the application of the proceeds of foreign loans
financial markets for
in
the purpose of
made in our own
exporting our commodities and
Washington correspondent of the Baltimore
dilating
upon
the
Administration
the
that
6teps
session is a feeling on the part
undue
be taken to prevent any
must
through foreign loans
may prove exceedingly attractive to American investors.
situation as it is understood in Washington to-night is this:
draining of the money
which
The
With the German
of the United States
resources
which are
American bankers for
reparations issue settled. European Powers
German bonds
to receive
are
making overtures to
These loans presumably are to be secured by German
large loans.
bonds,
it is said, and heavy investments
offered for American money,
is to
in all
A high rate of interest
endorsed by the Governments holding them.
be
"Sun"
the official announcement said in part:
Back of this brief report of the Cabinet
of
likelihood will be made.
There is no intention
the part of the
on
such loans as are now projected, but the
gold
now
Federal Government to discourage
Administration does not look with
the possibility of Europe taking possession of the
favor upon
in American banks through loans and shipping that
There is business depression in
until the United States begins selling
For that reason, as well as for
goods in foreign markets.
more
it is pointed
America as well as in Europe,
out, and this depression will continue
bulk of the
gold or its
abroad.
equivalent across the Atlantic to aid business
Administration feels that European borrowers in
to
operations, employing 46% of their pre-war
resumed
were
issued in Washington on
tonnage, were at the close of
had increased from
liabilities
our
The
Francs.
225,478,000
524,029,000
2,861,362,000 4,520,000,000
197,041,000
418,000,000
........
of
refunding of outstanding liabilities.
Francs.
474,522,000
materials
Manufactured goods.......
applied to the refunding
exports of the United States and
1921 *Difference
1920
Francs.
*
Foodstuffs.
Raw
—3,536,557,000
First 4 Months. First 4 Months.
v..1
y
foreign loans floated here should be used in financing
ceeds of
Difference
Francs.
—1,141,651,000
3,559,000,000 —1,640.976,000
;
5.199,976.000
materials...
Raw
'
Francs.
Francs.
2,739.651.000 1,598,000.000
Imports—
:
Indications of the Administration's views that the pro¬
1920v
■
IN
RETAINED
PROCEEDS
FOR¬
HAVE
WOULD
ADMINISTRATION
WAN
EIGN
■:
follows:
;•
HARDING
total trade improvement
First A Months. First 4 Months.
,
,;i-'
in the
the
of
compared with the returns for
When the figures are
first four months of 1920, it will be seen that a
6,165,661,000 frs. has taken place.
s-
increased to 282,000,000 frs.
three months of the current year has been
first four months.
?
[Vol. 112.
THE CHI
3248
■
expend a large part of the money so raised for
Then too, Europe already owes the
others, the
this country should arrange
American products
Government of the United States ap¬
This has not been refunded nor has any
proximately $10,000,000,000.
.
paid to date in cash.
in additional demand notes,
appreciable amount of the interest on that debt been
The interest has been paid, for the most part,
thereby compounding the debt itself.
'
Administration
The
WITH
PRESIDENT HARDING'S CONFERENCE
does
not
bankers, without taking steps to refund
seriesjof discussions on
What is said to be the first of a
problems affecting the financial and businessjworld took
place at Washington on May 25 when President Harding, at
a White House
dinner conferred with leading bankers on
The conference was unheralded as
was concerned,'fand it was not
taken place that general knowledge was
to
pointed out, the Government may find it has no power
other agencies it has
expect to resort to in the
until after it had
had of it..
Besides Secretary of the Treasury Mellon and
RETURN
ander
tork;
the National Bank of
A.
Commerce in New York,
Sabin of the Guaranty
Trust Company, New
Benjamin Strong, Governor of the Federal Reserve
Bank of New York;
New
York;
New
York, and
C. E. Mitchell, National City Bank,
I. Kent of the Bankers Trust
F.
,
what the press
dispatches from Washington May 26 had to
take
Europe must be relieved if American
situation in
products also were questions gone over in detail.
power to
They argued strongly that the surest
way
of the
of the
which dates the additional allowance
place foreign finances on a sound basis.
Southern RR. Pref.
and Omaha Ry. Common.
and Omaha 7% Non-Cumulative Pref.
Register in each case will close one calendar month before
Chicago St. Paul Minneapolis
Chicago St. Paul Minneapolis
the date
August 1—
This ques¬
visiting bankers, it
was
said, expressed
over
the
was
New York Central
ment Trust
'
pointed out in
some
'■ <
Refunding Mortgage Gold 4%, 1949.
.
New York
Administration quarters
"V:
Gold bonds, 1949, Series "C."
Egyptian 4% Unified bonds.
Montreal Tramway Co. First and Refunding Mtg
buy the produlpts of other foreign countries.
The belief was advanced
that use of American money in such a manner would result unfavorably
domestic industry, especially farming.
v:j' '
.
Central Pacific First
Cuba 4Yi%
concern
accepted.
specified, and no further transfers can then be
Bonds.
to
hand, it
Capital Stock.
Louisville and Nashville RR. Common.
Alabama Great
possibility of funds raised in this country by foreign bond issues being used
On the other
;* :*
Gazette"
August 20—
tion already has received much attention by hte Cabinet.
Some
B.)
give notice in the "London
August 10—
questions most seriously considered, with most
arguing that such extensions of credit presented the most
means to
^
29 1921, that the Treasury have decided to exercise the option,
returning the undermentioned Bonds and
The Treasury
Whether to encourage further loans of private American capital to foreign
practicable
/
August 1—
to further exports was to help
the financial situation in Europe.
of the financiers
Exchange
:
-
cease:
The bankers present were
pledges of co-operation and a desire to do all in their
was one
Stock
"London
the
from
Securities on the dates named, from
the relief of the agricultural situation • and the promotion of exports.
Governments
are
under Clause 3 of Scheme B, of
They feel that the vital tasks confronting the country to-day
aid.
securities which
British Treasury in August, we
(Loan of Securities to the Treasury, Scheme
of April
BY
Regulation of Foreign Exchanges.
Cuba Company
resumption of home industries and the exportation of our surplus
unanimous in their
SECURITIES
Capital Stock.
financial
the
American
The National Debt Commissioners
export trade is to flourish was agreed upon by those at the dinner.
to
following
V-...'-',:.
will
are
the
in the matter.
That
of
Weekly Official Intelligence."
H. C. McEldowney of the Union Trust
Company of Pittsburgh. Since there has been no official
concerning the dinner and its discussions, we quote
list
the
Regarding
scheduled for return by the
Company,
statement
The
DOLLAR
TREASURY.
BRITISH
J. P. Morgan, Paul M. Warburg, James A. Alex¬
of
Charles
say
effort to promote American export
AMERICAN
OF
his advisers
trade.
virtual control which the President and
Secretary of Commerce Hoover, the President had as his
guests:
under
here to spend their money
one way or another, but the Government does not regard itself as powerless
in this situation by any means.
Through the Federal Reserve Board and
existing law to compel international borrowers
questions of moment.
public information,
United States is ready and
export.
As already
far
as
outstanding liabilities or without
spending a part of the money for goods which the
eager
Europe
though private
feel, it was learned to-day, that
should continue to make loans in America, therefore, even
BANKERS.
.5%, 1941.
RR., New York Central Lines 4M% "G," Equip¬
of 1912.
Central RR., New York Central Lines 4H%
ment Trust
"G," Equip¬
of 1913.
to-day that purchase of Argentine wheat by foreign buyers with money
borrowed in this country, for example, would assist that country's business
and the money would eventually find its way back into the United States in
trade between the two nations.
Administration
money was to
officials,
discounted
reports
that
of the funds
retire
or
to
be raised here,
it
was
Harding is said to have laid before his guests
are
an
offer to do
every¬
said to have replied with expressions of willingness to work in
Most of those present are
understood to have argued emphatically that the
American products could be sold
American capital were invested
It is said to have been suggested that
The problem
in
many parts
of the Old World only if
abroad to enable the purchasers to
pay.
of promoting American investment abroad, particularly in
re-investment form, is said also to have been
brought forcibly to the front
and detailed ways and means discussed at great length.
DIRECTED
TO
CURTAIL
EXPENDITURE.
20% in the coming year's estimates on the
British Government departments is ordered by the
Treasury in a circular issued on May 25, which, its
British
is stated,
makes special reference to the necessity to provide
Great Britain's debt to the United States.
for the interest on
to promote export trade would be by helping actively in the re¬
habilitation of European finances.
A reduction of
OF
part of all
close conjunction with the Administration.
surest way
DEPARTMENTS
ESTIMATES
asserted, would be used to
fund existing Government indebtedness here.
thing practicable to co-operate for the relief of economic conditions, while the
bankers
BRITISH
American
be used to any extent in foreign markets by foreign borrowers.
Most
Mr.
however,
A
copyright cablegram to the New
York "Tribune" regard¬
ing the circular says:
Declaring its decision
taxation burdens,
out.
The letter
"What is
mere?
neither to borrow more nor to impose additional
is the only way
the Treasury insists that retrenchment
reads:
industry and cornemployment in the country is the re-
required in order to maintain and stimulate
and t9 secure full and regular
MAY 28
1921.]
THE
CHRONICLE
A
duction of taxation and the burden of the State's indebtedness
possible—a
which
process
as rapidly as
achieved through the continuous
only be
can
The
v-
departments have been instructed imperatively to
the estimates for next year's supply services 20%.
circular issued
that
far
as
now
as
Treasury to the various departments states|
be seen the ordinary revenue for 1922, even if no
can
taxation is remitted, is not likely to exceed £950,000,000.
The
current
.
for the latter
year's estimates
to "forthwith undertake any
A
next
fiscal
The
ing
procedure desirable" and to make
of
a
is stated, have
searching
or
A
dis¬
GERMANY'S REPARATIONS PAYMENT.
bills
/The
as
endorsed
are
which occurred
said:
big
the
banks.
German
Of
the
(page 2134)
in Paris and
Lima
the
German
only
on
llW.
.
currency,
now on
deposited against issues of
,
,
deposit in New York City
part
!
in Peru.
paper currency
£500,000.
proximately
as a
approved by the Vigilance Com¬
into pounds
because of present exchange rates of ap-
sterling would yield a profit,
;
••
,
PARTIAL
bills,
or
The
Associated Press accounts from Paris imparted
' ;
\
(
According to
up
cablegram dated May 16 from Acting Commercial Attache
Government decree has been issued stating that debts
collectible at maturity in installments of
owed banks and banking houses are
10, 20 and 30% at expiration of 30, 60
.
as
a
Daniel Waters, Peru, a
the following
follows:
learned that the legality
$11,675,000,
against.|)
'8,500,000, 22,000,000 French francs, 4,000,000 Swiss francs, 12,000,000
•
and 90 days, respectively, with re¬
(From sources in the United States it is
newal of remainder on like terms.
Germany's first payment of the equivalent of 150,000,000 gold marks to
Reparations Commission will be made
MORATORIUM IN PERU.
Department of Commerce issued the following on
May 18:
On May 18 the
dollars at New York.
>
.
This committee is charged with the administration of
It is estimated that the conversion of this money from dollars
treasury, endorsed by approved
additional information:
DEPOSIT IN
(Peru) advices to the daily papers May 25 stated:
approximately $12,000,000
the gold
and payable in pounds sterling at London,
the
A
sterling and franc exchange.
which must be forthcoming
approved foreign
German banks,
,
days ago, the drachma falling to 23 to the dollar.
mittee of Congress.
account of
francs at
Paris,
consortium
Reports" states:
of the currency guarantee fund has been
accepting the payment, made it
billion marks due May 31,
before that date in gold or
on
a
foreign exchange
Government proposals for the conversion into pounds sterling of a fund
of
that the Commission, in its reply
clear that this amount would be received
drafts
all
over
YORK INTO POUNDS STERLING.
NEW
referred to the announcement
we
to the German Government
or
bill to create
PROPOSED CONVERSION OF PERUVIAN
amount,
placed at its disposal 150,000,000 gold marks in gold
one
some
on
Economy introduced
suggested by the sudden drop of exchange,
was
similar decline occurred in the case of
required under the Treaty, by the end of May.
by
and foreign currency, and
the
"Commerce
Probably this action
May 17 by the Reparations Commission that Germany
had
FOREIGN
Saturday will send to the Reparation Com¬
on
$80,000,000 is payable in New York and $60,000,000 each
Last week
National
of
exercise absolute control
to
London.
on
Minister
the
12
transactions.
mission at Paris twenty Treasury bills of $10,000,000 each, equivalent to
840,000,000 gold marks,
CONTROL
cablegram from Athens, Greece, dated May 13, to the
and
to-day (May 28) in accordance with the
May 26
TO
into the Chamber of Deputies a
by the German Govern¬
reparations demands of the Allies, the Associated Press in
advices
it
Department of Commerce at Washington stated that
May
The German Government
Vienna banks,
EXCHANGE.
continuations.
Relative to the expected payment
CONSORTIUM
GREEK
of the
are part
Parliamentary sanction will be obtained authorizing the reductions
Berlin
May 16.
on
guaranteed payment of the loan.
debarred from reduc¬
are not
Government's policy or necessitated by statute, and says that in such cases
ment to be made
the 65,000,000-mark loan to the city
Vienna, which fell due
enable them to present for the
adds that the departments
discontinuing the services for the reason that they
or
cablegram May 19 stated that the Deutsche
extended for two years
adequately reduced requisitions.
year
circular
Vienna
.
aggregated £603,000,000.
instructs the departmental chiefs
examination of their expense bills so as to
.
Bank, which has its principal headquarters in Berlin, has
Therefore, the Government has decided that such expenditures must be
reduced to £490,000,000 and the circular
per'
LOAN TO VIENNA EXTENDED BY DEUTSCHE BANK.
Interest and
debt services will absorb £465,000,000, so that only £485,000,000 will be
left for all the ordinary supply services,
against,
,
now advocate reducing the number
employees by 75% in order that the remainder may be
;
• --
fed.
by the
as
Eighty-seven
year.
dispatch adds that economists
of the Government
All the Government
A
paper currency,
period of last
cent of the new budget is to be covered by the new issue.
the following report regarding
'■
same
that since January 1 there
says
1,168,000,000,000 rubles in
225,000,000,000 issued for the
the circular:
cut
dispatch received here from Moscow
have been issued
reduction of expenditure in the next few years."
The Associated Press gives
2219
and enforcement of this measure will be protested
'LmLmmmmmmmmL-mmmmmmmmmmmmmmmmmmmmm' '
'
Belgian francs, 2,600,000 Dutch florins, 6,500,000 Danish crowns, 3,000,000
PERU REFUSES TO REVOKE
Swedish crowns, 3,500,000 Norwegian crowns, 8,500,000 pesetas and 10,-
: 4
000,000 gold marks.
The 10,000,000 gold marks
possibly will be sent to the United States,
there the gold would have its greatest
'vaule.
Acting Commercial Attache Daniel Waters at Lima, Peru
as
it
The Germans have not yet
notified the Commission when they will deliver this first installment.
These amounts do not represent all cash or currency
but
guarded
announcement was made too
papers,
t
satisfaction
by
the
French
press.
but among the evening
papers
pledge the annual interest
which
ernment,
on
Germany
The
circles in
the "Temps" says:
before July
1
to
foreign banks
are
obliged to maintain
regard to this order and some change in it has been
expected but according to Mr. Waters the executive ruling
stands and the decree has been signed.
fund to
the first issue of bonds by the German Gov¬
must remit
that the Peruvian Government,
the decree of Mqy 2 which provides
capital and all deposits in their vaults or employ them
in
Peruvian
investments
or
loans."
The ,Department
states there has been some concern in Peruvian banking
late for editorial comment in the morning
"It is likely that the first billion will be applied as a aguarantee
May 25, has cabled the Department Of
their
disposal 150,000,000 gold marks and had promised to pay
somewhat
on
that all "national and
Commission that Germany
the balance of the 1,000,000,000 due before May 31 is greeted with undis¬
guised
announced
has refused to revpke
converted into
cash, and checks reckoned at the rate of exchange obtaining on May 13.
The official announcement by the Reparations
was
Commerce at Washington
but only in part, the
balance being bills of exchange which may immediately be
would place at its
BANK RULE.
:
the amount of
12,000,000,000 gold marks, and which thus might be offered immediately
to the international
public."
AMERICAN
,
EMBASSY'S
ITALIAN
13,000,000
PERU EXPECTS
.
STATEMENT
REGARDING
PAYMENT OF COUPONS ON GOVERNMENT LOANS.
Under the above head, "Commerce
In
denying
refused to pay
the
Italian
statement
reports
in cash
that the
Government
Italian
had
Italian loans due Jan. 1,
coupons on
Embassy at Washington issued
on
May 23
a
saying:
The Italian Treasury offered to pay
the Italian loans due
treasury
bonds.
ernment had
on
Jan. 1 to
thirty days in advance the coupons on
those who intended to invest the amount in
Some papers
abroad published that the
refused to pay the coupons in cash; the news
Italian Gov¬
'
•
Reports" of May 16
■'
v.:*: / *- ':'
•
••
_•
Acting Commercial Attache Daniel Waters, Lima, Peru, in a telegram
'•
'•
says:
_
"
LOAN BY
BANK,
*'"
//.' '
$3,00,000 is expected
to be granted by an American bank, and that if made a rise in Peruvian
exchange is predicted.
Deflation is occurring and speculation is decreasing.
The stocks of import merchandise on hand generally are wellrproportioned
dated
May 13, states that a
Government loan of
,
to the demand.
PERUVIAN
GOVERNMENT
seemed very
CHARGED
LIMITS
ON
THE
LOANS.
INTEREST
,
strange and such statement has been refuted by the fact that the coupons
have been
to
According to
1
paid in cash.
Some papers
abroad published also that the Italian Government intended
confiscate, through
a
heavy taxation,
the remittances of the Italian
This is absolutely groundless.
emigrants.
The taxation on the personal
property is for the past and not for the future.
which
was
It concerns the property
in Italy up to Jan. 1 1920.
from
Riga
(Letvia) to
May 22, stated that "the gold
estimated
Government has issued
charged
reserve
AT £50,000,000.
the
daily
on
with the Russian Soviet mission."
■'
DELIVERY.
The
papers
& Co. announced
on
and
after
Riga, May 26:
RUBLES IN
TRILLIONS.
.
/
on
May 25 that they would be prepared,
May 26 1921, to deliver at their respective
offices, 140 Broadway and
of yesterday printed the following from
.
Guaranty Trust Co. of New York and J. P. Morgan
the permanent
daily
decree limiting the annual interest
PERMANENT BELGIUM BONDS READY FOR
of Soviet Russia is
aj £50,000,000, according to the Kovno "Echo,"
close touch
RUSSIA PRINTING
a
industrial loans to 12% and to 10% on banking
papers,
which says its information comes from circles in
The
cablegram from Acting Commercial Attache
Lima, Peru, dated May 12, the Peruvian
loans.
SOVIET GOLD RESERVE ESTIMATED
Cablegrams
a
Daniel Waters,
23 Wall Street, New York City,
Kingdom of Belgium External Loan 7^%
Sinking Fund Redeemable Gold Bonds, due 1945, having
Coupon No. 2, due June 1 1921, and subsequent, attached,
in
exchange for the outstanding bankers'"receipts.
These.
offered a year
ago, and were referred to in our issue of June 5 1920, page
2341.
Announcement was made in these columns April 2
1921, page 1343, that $2,000,000 principal amount of the
issue, represented by trust receipts, had been drawn by lot
for redemption, and that the drawn bonds would be re¬
bonds, to the amount of $50,000,000, were
deemed
on
June 1 at 115% and
[VOL. 112.
CHRONICLE
THE
3250
accrued interest.
Operation of the Philippine Government in
this regard is to exchange
Philippine Treasury for Philippine cur¬
less than 10,000 pesos when such exchange is
drafts
on
New York deposits of the
rency
in
amounts of not
1 % for demand
the purpose of
The rate in normal times is nominal, about % of
for cables, the exchange being made for
requested.
drafts and 1H%
and United States currency.
Issue of currency in the Philippines rose from 51,000,000 pesos before
the war to 164,000,000 pesos last fall, and with the inflation which accom¬
maintaining the parity of Philippine
,
demand for New York drafts reached enormous
panied it
At that time the
Philippines
Jp the midst of an era
were
proportions.
of prosperity, and
favorable trade balance
of 55,000,000 pesos.
To check inflation and to reduce the demand for drafts
the Philippine Treasurer increased his rate from % of 1% to 1%.
At the
same time the discount rate of the Philippine National Bank was raised
during the first six months of 1920 had shown a
•v.
NORWAY.
PRICES AND WAGES IN
Reports of prices and wages in Norway
in 1920 have just
Norwegian Statistical Bureau. They
from the outbreak of the war up to March 1919
from
been published by the
indicate that
158%; to March 1920, 188%; to
September 1920, 235%.
From
the increase was 12%, to June
prices had increased about
202%,
1920,
June
and to
1919 to March 1920
March
increase of wages
to
level with or even
a
number of Government
a
to drop.
prices,
of prices for the same
prices began
recorded in retail
wholesale prices of practically all commodities de¬
During the latter months of the year
Although only a slight drop was
published by the Nor¬
"The Wholesale Price Index,"
clined.
Review," shows a figure of 339 as of
wegian "Economical
Jan. 11920.
1914)
of wages
officials and municipal office¬
holders has fallen below the increase
period.
surpassed the in¬
On the other hand, the increase
of prices.
crease
of
of the laboring classes
1920 has been on
the
for the period 1914
According to the reports
17%, and to September 30%.
was
The peak for
1920 (which is also the peak since
of 425. From
November, and
total decrease of about 11% since
reached in September with a figure
figure it fell to 419 in October, 403 in
this
377 in
December, or a
The greatest decrease since the peak
prices began to drop.
has been in coal and coke,
contracted
for
far
during the period
ahead
down
imports.
of prosperity
The distance of the
About January 1 last the demand for
into long contracts ahead.
New York exchange reached
SWEDEN—
PHILIPPINE NATIONAL BANK PLANS
(37 Liberty Street) of the Federal
The New York office
Reserve Board announced on April 25 the receipt
from the Skandinaviska Kreditaktiebolaget
of
a
cable
of Sweden, giv¬
ing as follows the wholesale and retail price level in March,
foreign
trade
in February,
of the
and the condition
Riksbank and the rediscounts of the
joint stock banks with
TO ASSIST IN
MARKETING OF SUGAR.
According to advices made public on
office
of
Philippine Islands, the Philippine
National Bank, which
of the sugar centrals in the
been financing a number
has
April 28 by the New
and Industry of
of Commerce
Bureau
the
southern islands of the Philippines, has
CONDITION OF RIKSBANK.
such
forced to suspend purchase and
exchange of New York drafts altogether, and the recent resumption of this
practice is regarded as one of the most favorable signs for Philippine re¬
covery.
The rate is now 10% for such exchanges, so as to check the influx
of all but the most necessary financing, but as conditions ease there will be
a
reduction downward.
The discount rate of the Philippine National
Bank has also shown an improvement, quotations on commercial bills now
ranging from 8 to 11%.
4
Two important factors militate against the quick re-establishment of the
Philippines on their former basis, the low price and lack of market for their
commodities and the continued influx of high-priced goods.
With this
unfavorable trade balance it has been found difficult to bring back exchange
to normal, for merchants have been forced to buy foreign exchange to pay
for bills that could not be met by exports.
Good crops have kept conditions
from becoming worse, and with strength in sugar, hemp and cocoanut oil
prices immediate improvement can be expected.
proportions that the Government was
there been no
IN
and inflation.
of 1920 amounted
of the Government's' efforts to keep
Philippines from American markets
had forced Philippine merchants to enter
the
PRICES
RETAIL
AND
chief
during the last half
53,000,000 pesos, and this in spite
to
York
WHOLESALE
fall in value of the
time that the
'
year.
the
same
The excess of imports over exports
throughout the
decrease, the rise having been maintained
1
hemp and cocoanut oil—
hit the islands, with the result that the last half of 1920 showed a tremendous
drop in exports, while imports continued to roll in, because they had been
In
iron and pulp mill timber.
only one commodity, namely petroleum, has
9% to 12%.
This check occurred at the
Philippine export commodities—sugar, Manila
the
take
to
of
establishment
the
supervisory
a
marketing and storing the sugar
initiative in
output of those centrals,
well as the purchase of their
as
It is stated that by centralizing
supplies.
a
supervision the
to introduce more efficiency in opera¬
bank officials expect
tion and
under consideration
organization designed
great improvement in marketing
Co¬
conditions.
centrals, it is
added, is calculated to result in marked economies,
operation in the purchase of supplies for the
the Riksbank at the end of March:
Wholesale Price Index,
Retail Price Index,
Compiled by Svensk Handelstinding
Compiled by Labor Department
(Base July 1914r—100).
(Base July 1914—100).
March
354
First quarter
354
Second quarter
295
361
July
366
August
July
363
September.
August
365
October
September
362
November
October
346
December
May
—
June
306
303
...
294
.
331
November
December
308
1921—
299
...
of Commerce and Industry of the
Estimates
307
on
COLLECTIONS.
New York office of the Bureau
Under date of April 28 the
297
,
TAX
INCOME
PHILIPPINE
293
April
Philippine Islands, says:
income tax in the Philippines
for the year 1920 place the
at double the total for 1919.
It is probable that
the figures will be over $1,000,000.
Individual returns so far reported show
a total of over $800,000, while the corporation returns amounted to $534,247.
In view of the necessity of requiring more persons to pay the income
aggregate collections
tax, the plan is being
January.
283
to
January
267 February
262
February
250 March
considered of reducing the exemption sum of $2,000
and $3,000 to $1,500 for married individ¬
uals.
253
1921—
$1,000 for unmarried persons
V
'
<
'
:•
4
237
March
Value of Foreign
Imports.
March
301.1
150.5
April
266.9
163.7
May
314.2
227.1
June
283.3
223.6
July
331.1
267.7
.307.6
229.8
324.
232.8
August
September
Exports.
1920—
Gold Holdings at
Home
Exports.
176.5
197.1
171.0
122.3
91.3
116.2
88.7
1921-
Opposition to the further issuance of tax-free
Note
are
opposed to the further issuance of tax-free
Federal Farm Loan
(Million Kronor).
the burdens
Rediscounts,
Loans and
Discounts.
bonds was
that is
bonds, whether by the
Board, the Joint Stock Land Banks or by the
United
class of favored citizens exempt from
They work a social and financial injustice
Such bonds tend to create a
States.
the Riksbank.
TO
May 18:
We
Joint Stock Bank
Abroad. Circulation,
OPPOSED
expressed by the Missouri Bankers' Association in a reso¬
lution adopted as follows at its annual meeting in St. Louis
on
February.
ASSOCIATION
TAX FREE SECURITIES.
217.8
(Million Kronor).
1920.
End of—
Imports.
—
-Riksbank
BANKERS'
MISSOURI
Trade (Million Kronor).
1920—
of government.
repugnant to the
The American
spirit of America.
Bankers' Association is performing a signal service for
the
741.6
507.4
5,877.4
April
718.3
497.7
5,969.4
May
708.3
473.5
5,998.6
736.5
531.1
5,982.9
724.8
514.2
6,028.9
of the United States.
This Association could
not function to the degree it has in the past except for the accomplish¬
ments of the American Bankers' Association.
We therefore urge upon
all bankers in the Association to join the American Bankers' Association
and thereby assist the national body in its great work of the banking pro¬
742.2
567.8
6,007.4
fession.
779.8
547.0
6,068.7
772.8
503.4
6,079.0
752.8
447.2
6,117.8
759.9
451.3
672.5
431.2
6,172.6
687.6
452.7
6,119.2
716.9
445.7
March
261.1
June
261.1
July
August
261.4
-
September
October
November
282.4
_.
December
'
February
March
281.7
•
Financial conditions in the Philippines are slowly improving,
pine Government after a suspension for the last three months.
as
is indi¬
York drafts by the Philip¬
FOR
TRANSFER
OF
DUTIES OF
BY
endorsing the McFadden
bill proposing tha£ the duties
Comptroller of the Currency be transferred to the
Federal Reserve Board, the Missouri Bankers' Association in
the
convention
May 4, the "Wall Street Journal" said:
cated by the resumption of the purchase of New
In
of
FINANCIAL CONDITIONS IN PHILIPPINES.
In its issue of
BILL
COMPTROLLER OF CURRENCY ENDORSED
MISSOURI BANKERS.
'
]
.______________—
McFADDEN
6,211.3
|
1921—
January
banking and economic life
at
St.
Louis
on
May 18 {adopted
a
solution
saying:
We
now
heartily approve
before Congress, to
functions now
of the proposal embodied in the McFadden bill,
amend the Federal Reserve Act by transferring the
exercised by the Comptroller of the Currency to
the Federal
Mat 28
1921.]
THE
CHRONICLE
3351
Reserve Board.
efficiency
We urge the
support of this measure
and economy in administration.
We believe
in
the interest of
ments which have been
that a centralizing
duty and administrative authority in
the Federal Reserve
Board, working in harmony with the
Treasury Department, will provide
adequate protection to the public.
Such centralization will
remove dupli¬
cation of effort and relieve member
banks of burdens
imposed by conflicting
authority and useless regulation.
of regulatory
their
is
wave
entirely
aftermath of* the World War, the National
Surety
legislation inflicting
penalties
severe
William B. Joyce,
for
burglaries
signed by
INSTITUTIONS.
At
can
you
will have great weight.
these crimes be
effectively curbed.
More than 200 national and State
banks
last year.
'
Banks
in
the
Central
West
were
were
either held up or
burglarized
particularly heavy
spread of these crimes in your and other States
sufferers.
The
be prevented by legisla¬
can
tion at once.
,
Many of these crimes were effected with a
shocking indifference to
human suffering and human life.
By example and suggestion, such acts
undermine and imperil our nation's
honesty and morality.
It is a serious error to attribute these
crimes
Unless
sternly repressed, they will continue
criminal element in
every community.
a
merely to the World War.
permanent expression of the
banks
was
of
and
act
REPUBLIC
JAMES
B.
FORGAN.
James B. Forgan, Chairman of the Board of
Directors of
the First National Bank of
Chicago, has been informed by
M. de Fontnouvelle, French Counsul in
Chicago, that the
President of
Cross of
an
France
has
conferred
Mr. Forgan the
Legion d'Honneur. A translation
officer of the
of the official communication reads
upon
as
trust
accept
sincere
my
and
Association
Trust
Company and H. B. Watt
With the assistance of
of the Bankers Trust Com¬
congratulations
standardization of requirements for the transfer of
securities.
Recently
States
bankers
and
brokers
to
"The Cross of the Officer
which is intended for you has been sent to
by the French Ambassador and I shall be
happy to hand it over to
personally, either here at the Consulate if it will be convenient for
Washington
the
to
transfer
bring it to
ten and one, or
me
if you prefer I
you
aiding the Allies and this country in
giving freely
his .time
of
and
actively interested in
was
every
frequently of assistance in settling the
possible
way
His counsel
money.
many
cial problems which
presented themselves
and he was also
untiring in his efforts to
sufferers of Europe.
by
was
difficult finan¬
during the
war,
help relieve the
Unfortunately, Mr. Forgan has been
confined to his house by a
slight indisposition, so that it has
been possible to fix the exact date when the formal
not
conferring of the decoration will take place.
SAVINGS
IN
NEW
YORK
INCREASING.
Despite the financial depression the small
York State put into the
of New
savers
savings banks $41,357,796
more
than
they withdrew during the first three months of 1921, ac¬
cording to figures issued by the Savings Banks Association
of the State of New York
Greater
New
on
May 22.
The Association
says:
York
City people, generally believed to be the greatest
spenders in the world, made notable gains in
savings during January,
February and March, while the only decreases in
deposits were recorded
in the industrial centers
unemployment is the
the
lying between Albany and Buffalo.
Widespread
for the'decrease
assigned by the savings bankers.
deposited in the 142 savings banks in the State during
reason
The actual amount
three-month period
drawn
was
was $279,461,256, while the total amount with¬
$238,103,460, making the excess of deposits over withdrawals
$41,357,796.
The
was
Committee
in,
came
to
an
understanding
might continue their
securities until further
now
Walter Shaw of the New York Trust
Company, Chairman.
Calvert Brewer of the U. S.
Mortgage & Trust Co., Treasurer.
Atterbury of J. P. Morgan & Company, Secretary.
J. E.
A. E. Bates of the
Equitable Trust
depositors on April 1 was $2,574,560,350 an increase
January 1 1921 of $41,907,839,
including some quarterly dividends.
According to John J. Pulleyn, President of the Savings
Association, "the orgy of spending which followed
Company.
H. B. Smith of the Bank of America.
H. B. Watt of Bankers Trust
Company.
ASSOCIATED DRESS INDUSTRIES URGES FRIENDLY
ADJUSTMENT OF THOSE FINANCIALLY
EMBARRASSED.
Friendly adjustment
the
affairs
of
a
as a means of
merchant
who
constructively settling
finds
himself financially
embarrassed, rather than placing him in bankruptcy with
the incidental expenses which absorb a
large proportion
of the debtor's financial
assets, has been determined by the
Associated Dress Industries of
America, as the most expedi¬
tious and profitable method of
the
to
settlement, with equity both
In announcing the
this end, the Association
says:
EJ
creditor
decision to
and
to
the
debtor.
The association will
urge the adjustment of all such cases in which
any
of its members
may be interested as creditors, and will lend the influence
of the organization in an effort to avoid
bankruptcy and to liquidate the
indebtedness of these merchants
on a basis which will not
only net the
creditors larger dividends but
will, at the same time, place the debtor in a
stronger position to continue in business and to reestablish himself as
.'a
safe credit risk.
'
David N. Mosessohn, Executive Director of the
Association, is taking a
personal interest in this new phase of the organizations'
activities, and in
announcing the intention of the Association to help build
up the businee®
embarrassed
retailers instead of aiding them to
destruction, cited a
wherein the retailer found it
necessary to plcae his affairs
in the hands of his creditors.
The retailer was about to be forced into
recent instance
bankruptcy and at the meeting, the debtor's attorney submitted an offer
of 20% in settlement of the claims
against him.
Mr. Mosessohn said the
matter was
practically in the hands of attorneys representing the debtor and
petitioning creditors.
Objection was raised to accepting the settlement.
The 20%
offer
was
opposed and through careful diagnosis of the situation
and proper assurance to the debtor and
in full settlement
Mr.
was
creditors,
made within three
a settlement of
a
number of fees
bankruptcy proceedings, the creditors
are
of dividends to the extent of these
fees.
ney
45% cash
days.
Mosessohn said it
necessarily follows, when
taken out of the assets in
are
deprived
Fees have to be paid to the attor¬
for the debtor, the attorney for the
petitioning creditors, the receiver,
the trustee,
the receiver's and trustee's
attorney,
bankruptcy, and such other incidental
fees
as
and the referee in the
frequently
creep
into the
association, Mr. Mosessohn said, to
helpT-he
expense account.
It
The amount due
over
The
special
practice of transferring
The Executive Committee of the Association is
composed of:
of
DEPOSITS
a
notice.
can
"Please accept, Mr. President,
together with expressions of my profound
gratitude for what you have done for
my country, the assurances of my
highest personal esteem."
Mr. Forgan
securities.
appointed
transfer agents
previous
the
"I shall not fail to transmit to
you the diploma for your decoration which
the Minister of
Foreign Affairs at Paris will send to me later.
war,
United
Chairman, which
as
Counsel.
Department of the United States
your residence or to your office.
During the
of
of the Association
with
whereby brokers and
you to
day between the hours of
the
conference with Solicitor General of the Internal
Revenue
occasion of the conferring of this
honor, by means of which my Government
has wished to
recognize the great services which you rendered the French
some
throughout
agitated by certain United States Government
were
eg ulations pertaining
rExecutive Committee
>
on
cause.
step in
of the other officers of
some
large financial institutions doing stock transfer work in New
York City, the Association has been
interesting itself in the
follows:
earnest
of
H.
'
to
you
outside
by J. F. Atterbury of J. P.
a year ago
pany.
"The French
beg
companies
Morgan & Company, H. A. Duncan of the
Guaranty Trust
Company of New York, H. Walter Shaw of the New York
Ambassador at Washington has just informed me
that the
President of the French
Republic has confeerrd upon you the Cross of an
Officer of the Legion d'Honneur.
"I
the
was
transfer agents and do stock
The New York Stock Transfer
organized about
sent
HONORS
amendment
as
committee, with H. Walter Shaw
FRENCH
an
of
Associate Members of the Association
City which
transfer work.
Only by
in
as
New York
'
meeting of the Executive Committee
adopted admitting
urge you to advo¬
the present serious
constant increase
recent
representatives
amendment to the penal code of your State
punishing bank burglary
hold-up by life imprisonment and residence
burglary by a 25-year
minimum sentence.
from
a
New York Stock Transfer Association
an
of interest
to
are
,
and bank
expression
the
of
NEW YORK STOCK TRANSFER
ASSOCIATION ADMITS
OUTSIDE BANKING
a great State, it is
proper that you should be
informed
burglaries and hold-ups cost the national and
State banks of the
United States, officially estimated, more than
$1,500,000 last year, and seem
certain to cost all financial
institutions more and more
every year in future
unless vigorously and
immediately checked.
An
few
enjoying war-time prosperity?
Those who saved for
"rainy day" now are cashing in on their
good
judgment."
'
'
As Governor of
drastic and prompt remedies
a
the proverbial
that
cate
from
of the State
were
an
bank
situation; I respectfully
having
by the
be expected.
But think what conditions
would be in the
homes of the
unemployed if they had not saved when
they
President, follows:
In view of this grave criminal
are
This is indicated
The withdrawals
savings banks in the industrial sections
Company
letter,
The
launched in the last
year
the public mind.
increases in savings banks
deposits in the face of the so-called
has appealed by letter to the
Governor of every State for
hold-ups and residence burglaries.
on
financial depression.
NATIONAL SURETY COMPANY
APPEALS FOR STATE
LEGISLATION PENALIZING BANK
BURGLARIES. ' ■
Combating the theory that the crime
effect
is
the purpose of the
debtor
get on his feet and to be reinstated as a
good customer.
The retailer
hould and will appreciate this assistance
and will stick by those creditors
who stuck to him
during his period of embarrassment.
Banks
on
the heels of the
war
is
Pulleyn "we have been called
believe
that
will evolve
a
the
new
time
is
and the
over
down to their pre-war
ways."
people
are
settling
THE PAR COLLECTION OF
CHECKS—SUPREME COURT
"Time and again" says Mr.
a
near
idea of thrift.
nation of
at
hand
spenders, but I
when
Americans
The various thrift
move¬
DECISION BROADER
The
following letter from
THAN
SUPPOSED.
Vice-President
Claiborne of the
Whitney-Central National
Orleans is
self-explanatory:
Chas.
de
B.
Bank of New
-
THE
"2252
[VOL. 112.
CHRONICLE
Advanced war loans.....
-
:
.
BANK.
WHITNEY-CENTRAL NATIONAL
,
Surplus war
New Orleans, La., May 19, 1921.
Commercial and financial Chronicle, New York City:
GerUlemen:-r-Asi Chairman of the Committee of Five on Par Collections
of the American Bankers' Association, and as President of the National &
State Bankers' Protective Association, I take the liberty to enclose herein
copy of the decision of Judge Holmes on this matter of Par Collections,
I
,
,
-Cv
reversing the Lower Court.
I do so, because
or more
the decision is of
banks of the
doubt aware, this subject
no
The conditions
the thirty
thousand
As you are
of discussion for a long
has been the source
order to
methods employed by the Federal Reserve Board in
force their policies, was really the greatest bone of contention.
My .severe criticisms of the methods employed by the Federal Reserve
Board and Banks to force Par Collections, is absolutely a|Wclearly vindi¬
time, and the
cated by the
lilcm mailing you
decision of the highest court in this land.
I feel that possibly biased interpretations
sentence, wherein
intend by
had to say.
I
am,
'
States did not
legitimate crea¬
,vcvr
States."
Thanking you for your
us,
called especially to the
decision is in the closing
stated that "The United
sanction this sort of warfare upon
Judge Holmes
the statute to
tures of the
.
what that Court
^ Underlined is, what in my opinion, should be
attention of your readers.
The crux of the whole
v
interest in this matter,
which so vitally affects
."V-
y';;" ='-'y V.
Yours very truly,
'
"
•
CIIA8.
deB.
v.-
text of the
The complete
as
follows:
CLAIBORNE,
opinion of the Court in
•
-
,
•
the case
,
fOn appeal from Fifth Cir1 cuit Court of Appeals.
Federal Reserve Bank of Atlanta, Ga., et al. I
1
Mr. Justice Holmes Delivered Opinion of the Court.
On the merits we are of the opinion that the Courts below went too far.
The question at this stage is not what the plaintiffs may be able to prove,
or what may be the reasonable interpretation of the defendants' acts, but
yhether the plaintiffs have shown a ground for relief if they can prove what
they allege.
We lay on one side as not necessary to our decision the ques¬
tion of the defendants' powers, and, assuming that they act within them,
consider only whether the use that according to the bill they intend to make
of them will infringe the plaintiffs' rights.
The defendants say that the
holder of the check has a right to present it to the bank upon which it was
drawn for payment over the counter, and that however many checks he
may hold, he had thesame right as to all of them and may present them all
at once, whatever his motive or intent. ' They ask whether a mortgage
would be prevented from foreclosing because he acted from disinterested
malevolence and not from a desire to get his money.
But the word "right"
is one of the most deceptive of pitfalls; it is so easy to slip from a qualified
meaning in the premises to an unqualified one in the conclusion.
Most
*
answer
gests the
surplus and to see that a surplus
than no surplus at all. It
takes up space and time and clogs the wheels of national progress.
Business
must go on from one end to the other if it i sto remain healthy.
We have a
surplus of products of various kinds, raw, partly finished, and finished, and
must continue
There
the
A man has a right to give advice,
for the sole purpose of injuring another's business and
but
and
Banks as we know
and lend a large part
of the money that they receive from their depositors on the assumption that not
more than a certain fraction of it will be demanded on any one day.
If without
a word of falsehood but setting from what we have called disinterested mal¬
evolence a man, by'persuasion, should organize and carry into effect a run
upon a bank and ruin it, we cannot doubt that an action would lie.
A sim¬
ilar result even if less complete in its effect is to be expected from the course
that the defendants are alleged to intend, and to determine whether they are
authorized to follow that course it is not enough to refer to the general right
of a holder of checks to present them, but it is necessary to consider whether
the collection of checks and presenting them in a body for the purpose of break¬
ing down petitioners' business as now conducted, is justified by the ulterior
on a
create a Cause of action.
large scale might
is no
be
get the meaning of a
disposed of profitably is worse
to have
such surplus unless we
True, we
other effective way.
operations of a part
against injury, to greater or less extent, and in case of conflict between
claims of business on the one side and of third persons on the other, lines
them could not exist if they
be
be treated.
It should be easy to
be drawn upon by checks of course
draw chedks against their accounts and holders
of such checks to present them for payment, v
- , > .,
When we think of the ordinary case the right of the holder is so unimpeded
that it seems to us absolute.* But looked at from another side, it cannot
be so.
The interests of the business also are recognized as rights, protected
limit both.
the
mistake to allow them to
possibility of danger, of disproportion, of things which must
removed.
It is a situation of this kind which confronts us now
and which must
of the act makes it a crime.
A bank that receives deposits to
effective
logical
overcome or
authorizes its depositors to
advice given
to
get away from each
details in the process of world
trade.
If we talk aoout export without reference to import, we are treating
only a part of the situation, seeing only a part of the picture.
The impor¬
tant thing is balance.
Any tendency away from a condition of balance sug¬
he had to demand money
have to be drawn that
'
.
must have, of course, and imports, too, because the
exportl is and will continue to be import. The one calls for
They celong together, are necessary
A man has at least as absolute a right to give his own
from a party that has made no promise
him; yet if he gives it to induce another to steal or murder the purpose
to
helpful.
be most directly
It would be a great
rights are qualified.
money as
exceedingly interesting to
interesting would be our
other.
V
vs.
back of these figures would be
other.
Company et al.
American Bank & Trust
J *
2,000,000,000
stock in foreign concerns.
Exports we
which cannot be
Vice-President.
is
can
man
might from
time to time appear in the publications of this country.
As I have no
desire to profit by any such misinterpretations, I merely ask that the
decision itself be correctly quoted and printed, and that the banks and the
public judge for themselves
3,000,000.000
governments
possible future policy concern¬
ing the tremendous problems suggested.
Loans from government to
government, investment in foreign enterprise, purchase of foreign securities,
invisible trade oalance, all of these must be treated, and fully.
But the
effort of the present discussion will not go beyond the development of the
simcle fundamentals of import and export, the purchase of foreign products
and the sale of domestic products in foreign fields.
This is the phase of the
situation which is presented to the average American business man most
directly, and it is in this connection that the average American business
the decision because
,
investors on bonds of foreign
discuss, and no less
business in general.
3,000,000,000
*
exporters and manufacturers.
sold here and on
-■//c.7^
vital interest to
United States and to
Due to American
$10,000,000,000
,f
material sold abroad.
Due to American
of our machinery of
find a market abroad for it.
might destroy or limit the
production, but to do
this would
stagnation with all the
plain absurdity, business suicide, would mean
evils, including dislocation of enterprise
with unemployment,
human suffering, and always the danger of social and political unrest.
And not only is surplus production an element which will remain in our
situation and which must be provided for, but from the very nature of
things it must increase with time.
For some years we have been producing
more than can be consumed in the domestic market.
True, our power of
consumption will increase.
New needs will become greater, standards of
living go up, ail with the logical effect of increasing domestic consumption.
The increase in production, however, almost certainly will outrun any
possible increase in domestic consumption.
The meaning then is obvious.
In the plain, ordinary everyday operation of existing forces, movement in
this country is headed irresistibly towards a continuing and increasing sur¬
plus of products which must be disposed of abroad.
^V
To curtail export—and remember the answer to export can only be
import—would mean the stopping of wheels which should go around.
Shall we stop them?
Can we afford to trifle with serious things? The
evils which come with suspended business activity are all too well known—
the long lines of men anxious to work soup kitchens, the bread line and all
the rest of it.
The conclusion is irresistible.
Prosperity means intelligent
activity, and this requires not only production but also a market for what
produce.
Shall we export or shall we scrap machinery? The choice is
squarely up to us.
Shall we try to turn the clock of progress back? Other
nations have tried it, but never with success.
Why not, instead, accept
the plain fact of a national prosperity, which can bo built only upon a trade
situation which is properly balanced, a situation in which buying and selling
and paying in both domestic and foreign fields will moet upon a basis in¬
telligently worked out and logically arranged instead of upon one lacking
important fundamentals and filled with dangerous fictions?
It is a question of payment; that's all.
The balancing of accounts.
There is nothing mysterious about it.
The principle involved is common in
everyday life.
Our products sold in foreign fields must be paid for in the
products of foreign fields.
The course followed by the transaction may be
long and tortuous. It may include various periods of time, may pass through
attendant
we
could not rely upon averages
expressed in strange tongues, may involve the use of,
The identity of the original product may be com¬
pletely lost sight of, but the essentials of the transaction remain unchanged.
Product pays for product.
Product replaces product, not necessarily im¬
mediately, but ultimately.
If I deliver to a person abroad something which
he can eat or drink or wear or enjoy, my ultimate, usable return must be
expressed in something which has a value of its own and which can be put
to the same general uses.
And this will be so until some one invents a
kind of money or paper or exchange which can be eaten or drunk or worn
many
lands, may be
money,
credit exchange.
Until then the selling of my products and the
foreigner essentially must remain in the "swapping"
of products, a true exchange. Only the products
are important.
All the other elements employed are facilities in between.
purpose in view.
,■
,
,
"We have been hearing a great deal about barter in these days.
It has
If this were a case of competition in private business, it would be hard to
been mentioned particularly in connection with the nossibility of trading
admit the justification of self interest, considering the now current opinion
with certain countries whose regular relations with the United States and
as to public policy expressed in statutes and decisions.
But this is not pri¬
other countries have been so seriously disturbed as to render practically
vate business.
The policy of the Federal Reserve banks is governed by
impossible operation upon a modern basis; that is. a basis in which money,
the policy of the United States with regard to them and to these relatively
credit, exchange, &c., are employed.
Under such conditions there natur¬
feeble competitors.
We do not need aid from the debates upon the statute
ally is suggested the possibility that by actually carrying to some country
under which the Reserve banks exist to assume that the United States did
things i/he people of that country need, and taking in return things they
not intend by the statute to sanction this sort of warfare upon legitimate creatures
have and which we need, our interests and theirs may be served.
It has
of the States.
Decree reversed.
worked fairly well on a small sacle in some cases.
It is doubtful, though,
whether it will affect the general situation in any important way.
The
same elements of war disturbance which make it difficult to trade on a
SETTLEMENT OF OUR EXPORT BALANCE.
modern basis also make it difficult to carry out barter on any considerable
At the Eighth National Foreign Trade Convention,. at
scale.
The close logical connection between export and import is easy to under¬
Cleveland, Ohio, May 5, Lewis E. Pierson, Chairman of the
stand if we realize that the fundamental thing in all trading is barter,,
Board of Irving National Bank, New York, delivered an
"swapping," an exenange of products.
The distance involved is purely
incidental.
The essence of the transaction is to be found in tne exchange.
address on the above subject, from which we quote as follows:
We might call foreign trade long range bartering, or might call barter short
How are we to be paid for our exports?
This question cannot be put off
range trading.
Botn are forms of the same tilings, a "swap."
We employ
much longer if loss and further wandering in the wrong direction are to be
the one or the other, depending upon the circumstances of the particular
avoided.
I am not talking about past transactions or trying to devise a
case.
If the products of the two countries can be actually brought to¬
means whereby debts now on the Nation's books may be liquidated, but
about our regular
This sort of
everyday present and future bread-and-butter
business we all are
familiar with.
business.
It consists in selling our
and receiving payment through the purchase of foreign
understood of course that this is not nearly ail of the
elements which enter into the case but it is assumed
that tnose will be fully covered in other addresses delivered before this
Convention.
Some idea of the importance of these elements comes to us
products abroad
1
products.
story.
It will be
There are other
involved—a total foreign indebtedness to this
$18,000,000,000, increasing from day to day, counting
and foreign trade balance. Itemized and ex¬
pressed in round figures it looks something like this;
When we run over
the figures
'country of about
deferred interest payments
or
enjoyed as products are.
paying for them by the
class.
It is a trading
are interested each in what the other possesses,
If, however, the products of the two countries
cannot or need not be brought together, and if their owners are interested
only, or principally, in disposing of their respective products and being-
gether, and if tne owners
then barter may serve.
paid for them, then
pose,
and money,
will serve every proper pur¬
credit enter into the transaction as re
modern trading methods
exchange and
the principle involved is the same. The differ¬
ence is in the conditions under which the transaction is carried on.
Our
forefathers employed short range barter because it worked—because it
served their purpose.
We employ more complicated methods because
barter ordinarily will not work. will not serve our purpose.
Our forefathers
quired.
But in both cases
MAY
281921.]
THE
CHRONICLE
3353
i
■
'
v
-
.
had just as good sense as we.
of least resistance
evidence of
an
methods
intelligently
as
low
a
They, in their operations, followed the line
do
as
intelligence,
in
we
evidence of high intelligence.
an
The
ours.
is the
nor
of
use
both
"swapping."
it is trading,
cases
of each
and at the same time
Our forefathers traded under the
We trade under the conditions
find.
we
Simply because it serves our interest to do
But in
cheese in this country?
The difference is in the conditions
balancing import and export.
they might find more profitable
it may be that our reason
Export is falling off rapidly, and the figures
much that is unsatisfactory.
But
below
$130,000,000
beginning to
are
situation like this.
regarded
was
There
as
time when
a
the general belief.
balance of this kind.
in the fact of too large a
academic,
was
It
Now
reasonable
trade
of balance
We see that
entire
bur
machinery is in danger and much of our general prosperity, too.
selling goods in the markets of the world, and of
to continue
work better than the method at present
employed.
And unelss
we
serious.
comes
We
vantage in the interest of permanent benefit.
from
The profit which
wiped out by losses which come through the development of
do not like
attitude itself out of balance.
our
Selling
import.
desirable,
having
something
undesirable.
our
foreigners
should be kept intact.
everybody
says
come
"Fine,
down at
their
goods
in
defensive.
We
is
splitting
are
When
It is almost amusing.
go
markets
our
attitude
our
We
to it," etc.
speak of export,
we
The
its
we
import and let it
import leaves
experience to color
to
our
particular contact
our
attitude upon the entire
We lose sight of the fact that foreign products are sold to us
only because we wish to buy them and that
not
If
that.
go at
unfavorable impression, that of direct competition
an
for instance, we allow this
institution.
and treat each part according to its
parts
help the foreigner who sells to
right idea.
intention in buying them is
our
us,
but rather to help ourselves.
If only we would follow through in the process
of import
would get the
we
We would see that the true basis for possible objection on our
This is just
They
true of nations
as
import machinery becomes too firmly fixed, let
the whole case, and find out where
either, to
to have been
have
so
of mutual respect and
And in any. event, we need not worry about the
fearful.
buy his goods and of wliom
He'll take ,care
of nimself and look after
as
It works in domestic
continuing pleasant relations.
Then, too, we must realize that our foreign
customer's situation in normal tinies is practically the same as ours.
This is just as much his question as ours.
ours—"import."
great
a
And
<
load
so
on
we
world-size.
No
;
Just
now,
And his
the other.
his scalps happen to be tipped one way—purs,,
sideration
are
all in it.
of
measure
of
absorption into
business situation been desirable
our
import the things we need, the things we
Let
continue to do this.
us
the
import
whether
herd.
we
do
to prosper.
are
Doe
we
need
products?
Possibly, possibly not.
And
do not should be treated as a question of intelligent
or
as
we
We
advantage.
an
foreign
of certain
economics, not
We must if
otherwise?
or
utilize to
can
one
of blind prejudice or of stupidly running with the
Study the case, evaluate its elements, then act, and
we
will find
ourselves not far from right.
"Beware of false prophets."
who may be strongest in his
They themselves
may
would be impossible
The man
production of which
merino wool with the coarser grades
produced in this country.
The man
sufficiency of domestic trade, and who would build
wall of some sort about himself just because he is fond of walls and doesn't
like people anyway, should be
cautioned
The
against
interfering
permitted to build his wall, but should be
with other
people's rights in
the
process.
absolute protectionist who comes by his economics and politics and
religion
as a matter
have
Our particular part
of heredity may be a very valuable citizen, but his value
After the unmistakable lessons of the war,
the patriotic note
in
a
It is important, of
be able to seil his cotton and be
his wheat at
a
paid, for it;, that the farmer be able to
machinery find markets to which the roads are reasonably good, and
which may be drawn
a
unless
they
taken
are,
too
seriously.
but his views
omic movements of
the
really does
no
harm
The whiskers may be very commendable as
upon
the live, important, perhaps dangerous econ¬
times certainly are not
entitled to
any
real serious
consideration.
or
than all of them put together, is the need for a trading
be allowed to interfere.
.
immediate personal
this is
and export but not of importers and exporters, and
it should not be borne by them unaided.
man
a
question of import
the burden of settling
We are all in it—all Americans.
and woman and child in the country is concerned.
of national prosperity is not be left to classes or sections.
ested, laborers, producers, manufacturers,
The question
We are all inter¬
distributors, bankers, just as
seriously as are those who trade in foreign fields.
It is a question of good
business versus bad business, of rational living costs, fair prices for the things
we
must buy,
of reasonable rates of taxation—all of these and more, as
opposed to undesirable conditions such
as
surround
us at
the present time.
Let us, just- for purposes of discussion, take the position that the importa¬
The
ness.
war
of any mere
tion and
important than
or
this point.
upon
The
a
in official position must loPk beyond the clamors*
man
constituency and see back of both them and himself an obliga¬
representation which, in their essence, mean the nation, and not
a
necessarily
matter of patriotism, but as a matter of
as a
business sense, the sort
They will be worth while in dollars and cents,
during the past three or four ycers,
deceived by appearances.
and deluded
came
us
with
a
false
sense
of prosperity and then
apparently, but dollars and cents which will be safe and real'
because they will reflect a part of the larger and continuing prosperity of
a
nation.
•'
But ail the arguments for a properly developed Import are not to be found
in the past.
trade.
The future speaks even more powerfully for a better balanced
debtor nation.
Now we are the great
Until the present we were a
creditor.
Then
we
owed
others.
Now
desirable under certain conditions and un¬
desirable under others, or desirable from
point of view and undesirable
But there would be still another class of imports which
would be not only merely desirable
Australian merino wool is
a
case
in
one
but practically
point.
this country, cannot be produced here.
American
varieties,
any
produces
The
The sheep producing it cannot get
along properly in any United States climate.
popular in its use than
indispensable.
This wool is not produced in
a
Australian wool, when mixed
fabric which perhaps
other suiting fabric
on
the market.
is more
Is this kind
undesirable?
cases
of this kind could be cited.
owe
We sell soft wood to cer¬
We find it
only good business to make this exchange, but find it absolutely neces¬
us.
Clearly,
this
account, namely, the well recognized creditor obligation of
creating condi¬
tions/under. which well intentioned debtors
without undue
Another fact
ping for
our
cafi
world
them ourselves and
still
to our
more
us
suggesting the increasing importance of balancing exports
the past we had to depend largely upon foreign ship¬
commerce.
Now
we
have shipping of our own.
paid other nations tp carry our products.
more
pay
'
even
Then
In the future we can carry
help other nations carry theirs.
This will add stil 1
already too large so-called "favorable trade balance," and make
Important the part Import must play in future prosperity.
The heart of the whole question is to be found in the fact
like most man-made institutions, is mixed in its merits.
that Import,
Viewed from the
standpoint of self-protection—and this is a pretty respectable and sensible
standpoint, too, in these days—imports may be good, Indifferent or bad.
Some unquestionably we need.
Others
we may or may
still others, those directly competitive, our domestic
tain Latin American countries and buy hard wood from them.
they
changing of places has brought to us a new obligation ih the balance of the
we
or
,
disappeared
in thin air
class, somewhere in between,
not
benefit when he sees his
And these things may be done, too,
plain ordinary
of business sense which follows through and is not
obligation to the nation most clearly.
not
with imports is that in
Innumerable
He must realize that he will
his constituents best and to their greatest
Not necessarily.
Imports, considered in terms of com¬
petition, may be undesirable, desirable, or in what we might call the shaded
the
noth'ngt
few entries upon the books of his busi¬
and since have furnished a number of striking object lessons,
satisfying
more
position like this?
of import
r
profits and see the benefits which will come from a
injury to themselves.
with
-
,
general prosperity, without which his apparent profits may meah
tion of goods to be sold here in direct competition with domestic products
is not desirable.
What then?
Are we attacking imports generally in a
from another.
*
*
The individual must look beyond^
None but the broad view will serve.
not the sort of dollars and cents which,
Another thing we should understand clearly;
Every
from'
But more important than any of
profitable retdrn.
situatioq
in which American products of all kinds and from all sections of the country
can be disposed of profitably.
It is a nation-size problem we must solve,
a nation-size job we are working on.
Whims, prejudices,.fictions must not
these,
serve
not to trim his whiskers until
sell
profit; that the producers of,coal and oil and wood and
merely the voters who put him in office.
a vow
We
big thing, the truly worth-while
The
anti-protectionist who has taken
j
which will he truly
we can consistently
cbdrse, that the cotton producer
will not be found in his usefulness in the workout of a national trading policy.
the country goes on a free trade basis pure and simply,
No .con-r^
purely business connection like this.
that in business, as in war, the
seen
is
is at least natiomsize.
should; bo recognized.
responsibility
purely personal or sectional Interest should be allowed to
thing, is the nation.
unless through the mixture of imported Australian
who is convinced of the
a
be blind.
opposition to the idea of import generally, may
be making his living from the sale of woolen goods, the
sound
side—we with too
But we are striving for the same, ting—"balaqpe.. V
that this problem in which we must play a part
see
can
-We
smaller
is the sanae as
answer
He is troubled with too great a,loan oq one
the other.
He,
"How are we ,to be paid for our .experts?",.
too, must balance his trade.
national.
The question is not,
but rather, Has the nature of their
It will
long as we act, intelligently and play fair, hie will
Good business on both ,sides is the best assurance,
And
fault to find.
no
seriously study the
us
sold, but rather in the
that is made of them.
Again, remember
''
best interests really lie.
our
interfere with the development of a world-trade policy
use
it is
as
beyond considerations of self interest—our
go
part, is not to be found in the mere fact that products are imported and
Have they been sold in this country?
They
their own affairs
manage
'
his own interests.
When we speak of import, the blue
do not analyze the situation properly, do not
de¬
more
Their judgment is what controls, not the judgment of
trade—why not in foreign?
component
We call it
merit.
with
into
If
But they do not wish
convenient, or
possibly better qualified to decide for them.
•
difficulty is that
divide it
conditions.
they have been going on.
on as
reasonable.
as
national interest, I mean.
The plain English of it is that we are prejudiced
once.
without knowing it.
the out-,
produce something which
or more
other fellow, this foreigner who would haye us
open.
situation which
a
and just
not be necessary,
suggests
least
at
to
as
general grade
same
Therefore, before the habit of discounting the importance of fully rounded
out
we seem
Toward imports it is clearly
shades
sell
profitable,
Kaiser.'
case,
goods in foreign markets suggests something
Toward exports
more
point of view to go
to suit themselves.
general
We like export.
else or not.
it is embroidery, in another
machine product, and as far
of these communities wished
They find it
some one
This element, which we might call prejudice, for that is what is it,
actually throws
a
possibilities of their own production.
attitude towards export and import, or perhaps more particularly towards
import.
one contre
particular kind; in another toys; in another ribbons.
handicraft and there
of communities,
disturbed
our
In
way.
and industry and live under practically tie same
do so.
the
frequently gets into
it that
The
produce what they wish to produce and buy what is needed beyond the
general business situation such as that of the present time.
There is another element which all too
one or
to whether they should produce something
sirable from some
may come
a
logical
line of articles without any,
a
to
ad¬
of
or
right away, perhaps, but almost certainly in time.
serve
satisfactory export transaction is pleasing, naturally, but is easily
a
particular
a
Whole populations of industrial
particular article
a
a
judge, those people all represent about the
almost any one
must learn that it frequently be¬
desirable to sacrifice the immediate point
and
necessary
greater vision,
use
them.
may eat
would compete with the product of another community, it could do so, hot
question is not academic but intensely practical and rather
must
We
question of the people of
contend with.
must
we
Europe produce
can
of skill
continue
be stating the case too mildly, but it at least will
the
case
Here it is
prosperity cf the entire nation will be put upon an exceedingly doubtful
This may
tne
sider
course
goods in the markets of the world and upon an increasingly scale, the
basis.
Or
California fruit—
hot.
what
are
They Would have
will, we must evolve a method of payment for those goods which will
to show that the
enters
lace, and lace of a
If
we
to sell
there
centres in
un¬
are
good perhaps.
as
It Is of no
facts
foreign
we
pleasurable than the Italian thing.
same one that makes us eat
affair.
own
Then
Their views, however, were
is restored,
number of
a
do something
other occupation
the California fruit, too.
we eat
our
special reference
measure
some
country or section requiring things which they do not nroduce.
not to be taken seriously by
have been shown that the theorists were right.
we
some
in
particular importance whether their attitude is
danger
"practical business folk."
less
or
or engage
it and had a great deal of trouble before he got through.
large
Such, at least,
Some of our theorists argued that there
relegated to the class of things
a
and simple.
pure
it's
clearly the
more
see
was
blessing
a
advantage in our trading with other countries.
gave us an
was
We
exports.
a
favorable trade balance
is the
other fruits just
are
Oh, for
We prefer it that way.
And after all,
People need not be logical when personal choice is in
question, and you can't hammer logic Into them either. The Kaiser tried
for the month of March of this year show that imports are still more than
undesira' le side of
There
like it.
we
make Italian type
we
we prefer to have our people
else, say, make some other type of cheese
Nearly everyone interested in foreign trade nowadays is finding fault with
the business situation or at least recognizing in the foreign trading situation
Could
so.
Possibly—then why not?
It may be that
perhaps.
reasons
particular "swap."
This whole question is one of balancing,
We import
need,
we
quantities of cheese from the Argentine—Italian type cheese, by-the-way—
produce cheese on a very considerable scale.
Why ?
complicated modern
conditions they fourd.
if we are to have the particular kind of hard wood
sary
of barter is not
use
-f
■
,
protected from In some intelligent way.
nature of the
not need.
And
industries should be
But in any case and whatever the
import, there should be brought to bear upon the question
of its desirability or undesirabillty, the same
good sense for.
$ hich
;
our '"
3254
CHRONICLE
THE
American people nave become
well known in their treatment of their
so
domestic business problems.
But this is
looking at it entirely from the standpoint of self-protection,
We might go a bit beyond this and include some measure
self-interest.
of consideration for the interests of the customer abroad with whom we have
dealt
pleasantly and
so
due to
profitably for
fault of his own, finds it
no
in
balance
the
unless
seem,
so
trading
relations.
forget the
we are to
so
We
trading situation is undesirable.
our
the
little
Lack of balance in
The lack of balance in his, in many
has destroyed business altogether.
things
need is only
we
produce thfese things is
the
suggests
should
even more
possibility that
important, and
our
side of the
we are to have
business in government.
Npw, it we can only get more business
and prejudice and shortsightedness, and can
worked
Our
out
just
then the balancing of our export
surely
as
trade
have other problems to which our
as
people have really set themselves.
B.
COMMITTEE
A.
and
for
understanding of these
the
BILL
McFADDEN
ENDORSES
.CURRENCY.
OF
Under-Secretary
approved in the report of the Economic
was
Policy Commission of the American Bankers' Association
under proper
auspices, to aid in immediate and future
the institutions which
In addition,
Mr.
The report of the Commission, the
Chairman of which is Paul M. Warburg,
We
said:
elected by the Board, instead of being named, with the
Vice-Governor, by
The latter, being rarely able to attend
the presiding officer.
the meetings, cannot be closely in touch with pending
account
business.
play
Secretary of the Treasury make upon that official, we view with favor the
Under-Secretary
suggestion that the position of
ing to
the
of the Treasury, correspond¬
of the Department of State, be
position of Under-Secretary
created, and that this official represent the Treasury on the board.
Under the
development of American
the
Meyer emphasized the fact that
and finance which
which the
one
must be broad
that the policy must be
understand and support and that it
can
enough to indicate
industry and finance.
must develop a
we
conditions of foreign trade
new
confront us;
now
people
interest of their
foreign securities.
national policy to meet the
general direction for
a
"It must
be honest
and
our
generous
Meyer, "but it must firmly pro¬
rights and American purposes.
It cannot be
narrowly selfish and succeed."
that
He added:
develop policies, but
need to create organ¬
we
Discussing the extent to which Germany and
England have related business
he said
to government
in the conduct of foreign trade,
should study carefully the organizations thathave
we
that
should
we
not
countries with
those
attempt to imitate them, because they
suited to
are
geographical and political conditions quite different from
obtaining in this country.
"Though
do not intend to imitate European methods, their pre-war
we
financial structure, nevertheless, offers one suggestion which I consider of
reconstruction program.
our
either
governmental
ment
industrial,
or
in
foreign
and,
in my opinion,
commercial
situation
more
no
A
be
could
provided
than
through
a
No machinery would
large way, more automatically, more smoothly, or more effective¬
a
broad
investment
syndicate of bankers.
not make
World
important adjunct to the
properly established international security market.
ly.
countries,
terms.
currency
operate freely only through world-wide markets for invest¬
can
securities
work, in
I refer
safeguarded
broad, public markets for sound internal securities of foreign
financing
emoluments,
view to having the position filled by a trained man, who
been
created in these countries and decide what they contain of value to us, but
tions of the foreign
provisions of the pending bill, as a member of the Federal
Reserve Board this Under-Secretary would receive additional
with
sound
acceptances of
foreign commerce.
interest and in the
own
important part in
an
markets for
international
imperative demands that the regular duties of the
of the
commerce
international finan¬
directly the burden of
to the establishment in American financial centres of properly
the President, and that the Governor, instead of the Secretary of the Treas¬
On
carry
immediate and permanent value to
believe that the Governor of the Federal Reserve Board should be
ury, should be
now
they must, in their
communities,
presented at the meeting of the Executive Council at Pinehurst early this month.
will support
maintain it.
to
necessary
cing; and they may assist also by becoming purchasers of
izations to carry them out,"
Treasury and abolishing the office of the Comptroller
Currency,
the people
They are
properly expected to support special agencies, such as Edge Law foreign
trade financing corporations, or other institutions that may be formed,
"Not only do we need to
-
The MeFadden bill creating the post of
of the
before
matters
financing that will be
towards others," said Mr.
ABOLISHING OFFICE OF COMPTROLLER
of the
Continuing, Mr. Meyer said:
sound, progressive policies for the development of our foreign
tect American
A.
City.
domestic bankers must educate themselves and their communities
clear
to a
national imports is
that the question of properly developing
the most serious kind of business,
be
and more
Good!
into business, and less fiction
see
They tell us in Washington, and we
less government in business
May 26 before the Pennsylvania Bankers' Asso¬
on
investment
glad to hear it, tnat
to
address
ciation at Atlantic
All we need is to under¬
this problem will be worked out.
stand It and recognize its seriousness.'
will
during the war,
as
now
.
In any event,
come
liberal view of the case
a
responsibility,
him
His ability to
is necessary.
be confined altogether to what we can do on this
not
water.
are
Our intention to buy from
part of what
a
it would
might, and consistently
thought to the problem with which he is confronted.
cases,
preserving
and its lessons altogether, give a
war
Government policies,was made by Eugene Meyer, Jr.,
Managing Director of the War Finance Corporation, in an
and who at present,
many years
difficult to do his part in
[Vol. 112.
an
is
market
And let
borrowers,
than
greater
banking
any
firm
or
remember that merely the dollar obliga¬
us
no
matter what the quantity may be, will
American international security market.
"I make bold to say that if the European financiers, in cooperation
with
would be
American bankers, had taken steps to foster the marketing of their internal
expert in finance, taxation and similar matters within jurisdiction of the
governmental obligations, as well as the obligations of municipalities and of
Treasury, and who thus might become a permanent official upon a non-
industrial companies, exchange fluctuations would have been very much less
an
a
political basis.
'
"
*
\
violent.
I also believe it to be true that the entire level of the international
exchanges would
VISIT OF GOVERNOR HARDING OF FEDERAL RESERVE
TO
BOARD
Mr.
Governor
Harding
Washington
the
of
Federal
Reserve
Board
May 17 to spend two weeks visiting
on
left
some
of
the principal agricultural and industrial centres of the Middle
West
to
South.
and
The purpose of the
Governor's visit is
fully acquaint himself with the individual problems
more
of those sections and to discuss them from
of view with
bankers'
Harding
associations.
Among the cities which Governor
to include in his itinerary
Decatur, HI.;
were
Mo.; Topeka, Kan.; Kansas City, Mo.; Oklahoma
City; Little Rock, Ark., Nashville, Tenn., and Birmingham,
Ala.
now,
it
of
foreign
national
of
ume
national progress, from
our
is dependent
commerce,
upon
seems to me,
the point of view
the aggregate vol¬
savings, because, in the long
run,
foreign
trade must be financed with the funds which the country
for
for the purpose over
save
internal needs.
our
and above the
"Some of
our
sums
States
required
already have
highly developed institutions for promotion of thrift and of
the habit of
as
a
whole,
for the
saving," he continued, "but, taking the country
we
cannot be satisfied with present conditions,
large part of
our
population is without adequate
ings facilities and without stimulus to thrift."
"
.
Even
Meyer also discussed the question of savings and slated
that the rate of
can
point
representatives of farmers,' business men's and
was
St. Louis,
national
a
be quite different and much more favorable to the
action along this line would be decidedly helpful."
CENTRES.
AGRICULTURAL
now
European nations if such steps had been taken.
pointed out that the Postal Savings System, hampered
STATE
INSTITUTIONS
ADMITTED
TO
FEDERAL
following institutions
Reserve System in the week
were
admitted to the Federal
ending May 20 1921:
Capital.
Surplus. Resources.
$200,000
$50,569
impossible to allow interest
year, or
55,826
256,271
50,000
8,000
306,760
Josephine State Bank, Josephine, Tex
30,000
6,000
118,203
The First State Bank of Streetman, Tex
25,000
20,000
161,342
He
District No. 3—
District No. 8—
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
The
the
Federal
TO
EXERCISE
Reserve
Board
TRUST POWERS.
has
following institutions to exercise
The Sussex National Bank of
Carlinville
of
granted permission to
trust powers:
declaration that "international finance must be the
otherwise,
we
of the great body of
our
domestic bankers;
cannot play our proper role in international
trade and finance, for international business demands bank¬
ing support
on a
national scalej
as
well
as
one
fails to
ac¬
paying out monthly
now
on
a
bal¬
savings certificates.
be of tremendous value not
of
equal benefit to banking institutions.
domestic banker," he
matter of
if,
as
a
said, "is
a
"The
determining factor in the
creating the savings funds which must be provided
nation,
we
VERNE M. BOVIE
to progress nationally and interna¬
are
tionally in the future
as we
have in the past."
TO RESIGN AS SUPERINTENDENT
OF ASSAY OFFICE—I. H. SMITH NAMED AS
SUCCESSOR.
INTERNATIONAL FINANCE.
concern
purposes
general education of the people to habits of thrift, which
would be
Carlinville, 111.
EUGENE MEYER, JR., ON DOMESTIC BA NKERS AND
intelligent
is
$10,000,000 to $15,000,000
Isaac H. Smith
The
deposits for less than
only in connection with Government financing, but also in
Newton, Newton, N. J.
National Bank,
on
for practical
expressed the opinion that the stimulation of thrift by
Florida National Bank of Jacksonville, Jacksonville, Fla.
The
a year,
the Government would prove to
the
District No. 11—
BOARD
for part of
Division of the Treasury
ance
$1,064,638
Northeast-Tacony Bank, Philadelphia, Pa__200,000
Bank of Marvell, Marvell, Ark_
it
by its interest rate of 2% and the restriction which makes
complish anything of national value, and that the Savings
Total
District No. 1—
Inman Trust Co., Cambridge, Mass
as
is
it
RESERVE SYSTEM.
The
sav¬
Mr. Meyer
wise and intelligent
as
was
this week named by President Harding
Superintendent of the United States Assay Office at New
York
to
succeed
Verne
resignation to take effect
Mr.
Bo vie,
years,
to
M.
Bo vie,
as soon as
who has tendered his
his
successor
qualifies.
who has been Superintendent for the past six
has accepted the presidency of the Metropolitan Five
Fifty-Cent Stores, operating
the country.
a
chain of stores throughout
During Mr. Bovie's incumbency the work of
May 28
1921.]
THE
the Assay Office has materially expanded, the
CHRONICLE
deposits having
from inflation of currency and credit and of the
pubilc debt/
Government
expenditure takes the fruits of the earth and the labor of the people and
diverts them from the productive and reproductive
enterprises of men, from
increased from $45,000,000 in 1914 to more than
$1,500,000000 at the present time.
v
:
i
•
3255
the natural
enjoyment of the
fort created the wealth
.WHAT
TAXES
MAKES
HIGH—R.
C
and
LEFFINGWELL
sometimes
/'Retrenchment in National Expenditure"
under which R.
of the
caption
effort
May 23.
In enumerating the
expenditure Mr. Leffingwell cited
The Allies
and
of high Government
causes
of
broken
aspirations of
vague,
its
nor
ever-increasing burdens in
organized minorities.;
Britain's
Great
the fray,
entered
splendid armies
losses from the operation of the merchant marine, and the
and
by the
won
us
the
•
men and the resources of the new world.
able, with the aid of the untaxed and untrained manhood
were
wealth
America
other things the
among
benefit vociferous
to
The great war was
Monday of this week—
on
Yielding to the
us.
better world, or a better distribution of the good
things of this
a
Government imposes upon all of
earth,
C. Leffingwell, former Assistant Secretary
Astor, New York,
for
men
the
Treasury, addressed the Academy of Political Science
at the Hotel
■
was
but almost always economically wasteful,
Government exploits all of us for the
benefit,
supposed benefit, of some of
or
who by their prudence, foresight and ef¬
belligerent,
cf Government.
purposes
ON GOVERNMENT EXPENDITURES.
men
made it available, to the sometimes
benevolent
or
created from
we
physique
broke the deadlock.
empire,
overseas
and then
a
our
to hoid
unmortgaged
the
field
citizenship whose spirit had
undermined
by
military
or
until
and the
resources
been
not
economic servitude
The victory left both victor and vanquished in
'
con¬
payment of high wages to railroad employees and the furnish¬
tinental Europe in acute distress, impaired the power for good or ill of
ing of transportation
other associates in the war, Great Britain and Japan, and made the
United
States though absolutely poorer no doubt, yet relatively richer and
the railroads at less than
on
Ac-
cost.
cording to Mr. Leffingwell the Government expenditure of
billions
some
ships and shipyards has resulted in
on,
return whatever to the
costs
them
man
with
ships cannot be
at
loss."
a
asked "do
to be
Americans.
making
want
our own
Turning
taxpayers ?"
not
American-built
and
Mr.
statement
merchant marine
the
to
no
was
have,been made to
control."
pay
railroads
Mr. Leffingwell
why the railroads should
reason
for themselves under Government
a
inordinate demands for transportation
through the period of post-armistice inflation. Artificially
low rates
upon
exaggerated the congestion
on the railroads during
It was," he said, "characteristic of
that inflation
period.
Government's
muddling in business that the Government
k
waited until the inflation boom
1920
was
in the
summer
of
Higher rates during the
inflation period would have been a source of
profit to the
railroads, would have saved the Federal Treasury from all
outlay, and would have exercised
inflation itself."
have
of
The
now
set
healthy check
soon,
as
in conference is
though
Mr. Leffingwell said:
help and it is important that
Budget bill which Congress
grave
a
Noting that "it looks
budget pretty
a
some
once
the
upon
should
we
"It will be
should have it.
we
passed and which is
A budget to be really effective should
oi^t all the expenditures to be made by the Government
for the
ensuing
year
and the
revenues
point is to concentrate attention at
one
to meet them.
The
time each year upon
the aggregate of expenditure and the
means of meeting it.
budget legislation does not accomplish this,
because it leaves' Congress free, and through Congress tne
The proposed
Executive,
initiate
to
appropriations
outside
the
budget
> at
intervals during the year, and to authorize expenditures
which need never appear in the budget."
Mr.
Leffingwell while admitting that the pending bill is
better than nothing sets out certain fundamental
principles
necessary
is made
insure
to sound budget and audit legislation.
by Mr. Leffingwell
Germany's economic
on
Comment
the action by the Allies "to
recovery
by insisting
upon
her
and in
the fiscal year
include interest
the public debt, in the fiscal year ended
on
sion, "accept the responsibilities of the position of leadership
which is ours, show the world how to beat swords into
plow¬
shares, relieve the peoples of the world of apprehension
and lead them back into the ways of peace and
we
for
prepare
war we
preparation for
peace
shall have it.
we
well's address follows, in
may
If
we
plenty.
If
lead the world in
have that."
These figures
nothing for sinking fund or other debt redemption.
This
that, excluding charges for the service of the debt, the Government
means
will
spend
should
than four times
more
times
three
much
as
as
much this fiscal
fiscal year,
next
as
Leffing-
large part:
of the Committee
on
Ways and Means of the House of Representatives,
said:
.
.
of the
and
Departments is concerned to improve its service
The entire organization
Army, of the Navy, of each of the departments, independent offices
agencies of the Government, is devoted to
each
seems
important task.
an
of vital usefulness, even necessity.
Its
Experts in
alive to its defects and to the opportunities for usefulness which
are
have not been availed of.
The Secretary or other head of the
Department,
ignorant at the outset of the nature
drawn from private life, perhaps wholly
and extent of its problems
promptly becomes the advocate of the policies
and demands of his peramnent assistants
and bureau chiefs.
If he does not
become such advocate, he may break down the morale of his
organization
and possibly lose the confidence of his personnel.« If he vetoes their de¬
mands for appropriations, he must assume sole personal responsibility for
failure of his department to meet the needs of the situation.
any
If he
accepts their estimates and submits them to Congress, Congress must take
responsibility of granting
or
rejecting them.
.
In Congress the work is done in committees, and the only committees
familiar with the problem are those specially created for the purpose, the
Committee
on
Military Affairs for the War Department, the Committee
on
Naval Affairs for the Navy Department,
&c., &c.
These committees
become special advocates of the Departments whose affairs are com¬
soon
mitted
to
their
charge, following the natural human instinct to magnify
the importance of the work in which they are engaged.
Behind it all is the pressure of organized interests in the
which are the beneficiaries of specific
cians,
voice of greed is heard in the market place
of the people is barely audible.
constituencies;
expenditures, operating
executive departments, Senators and
Congressmen.
politi¬
upon
The strident
and in legislative halls: the voice
The glamour of
a
magnificent of beneficent
undertaking helps to silence the outcery which might otherwise be raised
on
behalf of the general public.
The fact that each project is considered
separately, without reference, either in executive departments
to ways
on
and
Congress,
or
means
of financing it, prevents concentration of popular opinion
the awful total.
All agree that there must be economy, but as each item
is presented all seemingly agree that that is not the proper
field for
economy.
There must be economy, but there must be a merchant marine, whatever
the cost.
There
must
be economy, but the
increased.
be
Government must pay high
railroad employees and furnish transportation on the railroads at
wages to
less than cost.
There must be
economy, but the world-war soldiers must
There must be economy, but Civil War pensions must
There
be
must
economy,
but we must
prepare
for
war;
V
1
The Budget.
It looks
as
though
we
should have
a
budget pretty
which
Congress once passed and which is
It will be
soon.
help, and it is important that we should have it.
some
o
The Budget Bill
now in conference is a step
right direction, but it has grave shortcomings.
in the
A budget to be really ef¬
fective should set out all the expenditures to be made by the Government
for the ensuing year and the revenues to meet them.
centrate attention at
means
one
The point is to con¬
time each year upon the aggregate of
of meeting
it.
expenditure
The proposed budget legislation does not
accomplish this, because it leaves Congress free, and through Congress the
the
year,
budget,
and to authorize expenditures which need
or
never
appear in
the
in any appropriation at ail, by the device of revolving funds,
appropriations,
indefinite
appropriations and
Government-
controlled corporations.
The Constitution of the United States provides that no money shall <be
drawn from the Treasury, but in consequence of appropriations made by
law; and that
tures of all
of
we are
discussing and what is its effect ?
Government expenditures must be met from taxes.
promptly from taxes and from honest
the incomes of the
To the extent that
taxes
directly laid upon
people, and in proportion to those incomes, exaggeration
of the evil of Government
expenditures is avoided.
But the evil itself
can¬
Government expenditure takes the money of all the peo¬
ple for the benefit of a portion of the people, honestly
unequally, by direct taxation
or
or
dishonestly, equally
by the indirect taxation which
resultg
regular statement and account of the receipts and expendi¬
In the desire
Congress to authorize the disbursement of Government funds and at the
same
time to make a record for economy, the devices mentioned have been
used to exploit the public treasury without making a record of appropria¬
requires that
What is the evil that
a
public money shall be published from time to time.
tion; and
or
,
,
Each of the Executive
shocking ?
not be avoided.
these
them?
clamor for it, yet there is no economy?
and to discover new and useful fields of service.
should there be retrenchment in public expenditures ? Why does the
Secretary of the Treasury speak of current and estimated expenditures as
are met
Are
curtail
.
?%Why
they
done to
Why
Presidents and Secretaries pf
the Treasury argue and plead for economy, even demand it, and the
people
reimbursable
4
"Ordinary expenditures for the first three quarters of the fiscal year ly^l
$3,783,771,998 74, or at the rate of about $5,000,000,000 for
the year.
According to the latest estimates of the spending de¬
partments,
.
ordinary expenditures' during the fiscal year 1922,
including interest on the public debt, will be over $4,000,000,000.
»*$"The nation can not continue to spend at this shocking rate.
As the
President said in his message, the burden is unbearable, and there are two
avenues of relief, 'One is rigid resistance in
appropriation and the other is
the utmost economy in administration.' "
.
the victor?
upon
What can.be
than
more
war.
How does it happen that though successive
have been
.
and
Executive, to initiate appropriations outside the budget at intervals during
Secretary Mellonin his letter of April 30 to Congressman Fordney, Chair¬
man
year,
it spent before the
victory impose these heavy charges
expenditures wise and necessary?
and the
Mr.
$5,000,000,OQO;
$1,000,000,000
regardless of expense.
the doubtful privilege of re¬
maining armed to the teeth."
Let us, he said in conclu¬
stopped, the Government
include
but
"for themselves
reserve
the
the public debt, which amounts to about
on
have their bonus.
they
war
1922 it "will spend $4,000,000,000.
disarmament and the payment of reparations which means
the development of a huge export balance," but, he
says,
Though before the
June 30 1920, the first full fiscal year after fighting
step in the right direction, but it has
a
None at all.
spent $6,400,000,000; in the fiscal year 1921 it will spend
the
shortcomings.
including interest
purposes,
particular function
increase railroad rates.
to
over
unique position ?
What advantages have
Government of the United States spent about $1,000,000,000 a year for all
badly enough
the
'N-'X-'y'
learned from European history?
we
taken of this
we
Leffingwell
Higher rates, he said, "would have exercised
healthy check
What have
manned
on
stronger
richest, strongest
V,/. What and Why We Spend.
to
more
willing to accept that loss and throw the burden
stated that "there
before the war, and indeed by all odds the
He pointed out that "it
ships and it costs
this
was
and most fortunate of the nations of the earth.
no
in competition with foreign ships except
run
In
we
Treasury.
build American
to
more
than she
our
in consequence of these devices it has been impossible for the
Treasury to make
a true statement
no money
of the accounts.
Since the Constitution
shall be drawn from the Treasury without
an app o-
priation, Congress authorizes spending departments and agencies to withhold
from the Treasury the proceeds of the sale and
and
to
use
of Government property
spend them again.
Though the Constitutional requirement that no money shall be d 'awn
from the Treasury without an appropriation is thus successfully
evaded, the
Constitutional requirement that a regular statement and account of receipts
and expenditures shall be published is at the same time
made impossible of
tONICLE
2256
[Vol.112.
i
/
the receipts or ex¬
for the reason that it
has no mjeans of obtaining correct current information concerning the
amount of receipts from the sale and use of Government property or the
disposition of such receipts.
I do not think any Government officer knows
what is the aggregate amount of the receipts from the sale and use of Gov¬
ernment property during and since the war, nor to what extent the Treasury
statements of receipts and expenditures have been unavoidably falsified
in consequence of the action of Congress in authorizing the withholding
The Treasury does not correctly state
performance.
penditures of the Government of the United States,
from the Treasury of these moneys
and
supplies,
and diverted to other purposes
appropriation.
This favorable balance was
post-armistice period. The
over-populated old world needs our goods.
Fertile America should produce
more than she consumes,
If we are to have a favorable trade balance,
without passing
in the
of by
banking
charges, immigrants' remittances, travellers' expenditures, &c., &c.
Now
America is a creditor, instead of a debtor, on international account, if we
would have a favorable balance, we must leave means to Europe to meet
means
be asked or estimates submitted by
examination,;approval and report as to ways
the
and
means by the Secretary of the Treasury, the member of the Administration
charged with the responsibility of financing them, or, if he disapproves, the
approval of the President after hearing his objections; and in the latter
case it should be the duty of the President himself to point out the ways and
•'.'■'cr-.y-.\vv' ":':'
•
be approved or appropriations made by Con¬
gress without examination and report as to ways and means by the Ways
and Means Committee of the House and the Finance Committee of the
Senate, the committees of those Houses severally charged with responsi¬
No estimates should
for
bills.
revenue
-v
spent.
The practices of
(5)
in the Trans¬
making indefinite appropriations as
granting subsidies without an appropriation,
exemption, as in the Merchant Marine Act, 1920.
portation Act, 1920, and of
by the device of tax
prohibited.
should be
field audit, not directed merely, as at
after the fact whether there has been actual
misppropriation of Government money, but directed also to discovering
There should be a prompt
(6)
present, to discovering long
whether
should be conducted by
permanent officials free from the
changing Administrations or
This audit
interference of
duplication or waste.
inefifciency,
has been
there
Congressional majorities or committees.
Where the Money Goes.
•
Government employees.
and a greater number
of supervisory employees.
The instinct of Congress, whenever the work of
a department falls so far behind as to receive their consideration, is to author¬
ize the addition of a large number of low-paid employees.
This is very
much more expensive for the Government, both in the matter of pay¬
roll and also in the matter of providing space and materials and equipment
for them, than would be the employment of supervisory employees clever
enough to devise economies of time and method which would make addi¬
certainly does not go to overpaying
The money
On the contrary,
there is urgent need for higher pay
tional subordinate employees unnecessary.
The present method prevents
of one $10,000 man whose skill and ingenuity in effecting
economies and expediting the work under his direction might render unneces¬
the employment
the employment of five hundred
material
What
the principal items of
shipyards has resulted in no return whatever to
the Treasury.
The
proceeds of the sale and operation (including operations during the period
when there was a shortage of ships and freights were inordinately high)
have been devoted to
So the official figures
construction
new
or
1921,
deficits.
expenditures
to meeting operating
for the post-armistice period, which show
by the Shipping Board of only $530,000,000
000,000 in
in the fiscal year 1920, $100,$755,000,000,
and $125,000,000 in 1922, or a total of
grossly understate
them.
minds to have a merchant marine at any cost and to
We made up our
If
and
over
The business was not there, so the Government stepped
supply the need.
in
Ships were set sailing
not justified by business demand.
routes which were
the business had been there, private capital would have been found to
from ports
and
provided transportation for fortunate shippers over
routes and made
the
expense
seaports of places which had
of the taxpayers.
unprofitable
harbors but no business—at
After armistice the Government went on
using the taxpayers'
building ships at war costs of labor and materials,
money to
It created a vast tonnage in the effort to make a
with the result that, after
create tonnage.
well-balanced fleet, whatever that may mean,
the effect of
cannot
war
and post-armistice inflation had disappeared, the surplus
tonnage, created with the
taxpayers' money, greatly aggravated the de¬
pression in the shipping business, and tens of millions of dollars worth of
dollars worth of hulls are grinding themselves to pieces.
If we want a mer¬
chant marine, we
shall have it.
million people will not
A little matter of expense to a hundred
stand in their way.
And the voices of Senators and
Congressmen from the places where shipyards are owned by the Govern¬
ment, and from seaports
created by executive fiat, and from districts bene¬
fited by the maintenance
of artificial and uneconomic trade routes, are
sell
of
our
everything and buy nothing.
of payment.
The international
goods, then in services
surplus and Europe's deficiency
and remittances.
favorable trade balance, because
Because we have had and should have a
of this world's goods, because we have
inexorable logic of the situation
already become the world's creditor, the
her purchases in services.
So
of freights.
took over the railroads in wartime it
demands that Europe make payment for
Europe will be able to underbid us in the matter
Railroads.—When the Government
did
a very
good job in moving men and munitions,
private management failed to do.
which the railroads under
But after the armistice,
the Government
railroad problem.
In the fiscal
year 1920 including some $300,000,000 of Certificates of Indebtedness
issued towards the end of the fiscal year 1919 and paid in the fiscal year 1920,
blundered greatly in its handling of the
the Government spent on the
railroads upwards of
$1,000,000,000
fiscal year 1921 it will
800,000,000
550,000,000
spend
and in the fiscal year 1922
making
total of
a
-
$2,350,000,000
....
debt to-day, spent
on the railroads after armistice was signed.
There was no reason why the
railroads should not have been made to pay for themselves under Govern¬
ment
control.
Higher rates would have exercised a healthy check upon
inordinate demands for transportation through the period of post-armistice
inflation.
Artifically low rates exaggerated the congestion on the railroad
during that inflation period.
Goods were brought from more remote points
which should have been consumed at or nearer home.
Goods were moved
by rail which should have been moved by water or by truck.
The resulting
congestion on the railroads caused delay in the receipt of goods by the
consumer and consequently in payment.
Credit was inflated because of the
congestion on the railroads and inflated again by the increase in the public
debt to meet the railroad deficit.
This inflation was an important factor
in the rapid increase of prices in 1919 and early 1920.
^
.
It was characteristic of Government's muddling in business that the
nearly as much
or
as
the Governments entire floating
Government waited until the inflation
boom was over in the summer
of 1920
inflation period would
have been a source of profit to the railroads, would have saved the Federal
Treasury from all outlay, and would have exercised a healthy check upon
upon the inflation itself.
During the inflation period railroad transporta¬
tion was in under-supply and over-demand.
If the law of supply and
demand had been given free play railroad rates would have risen promptly,
and the very rise in rates would have tended to redress the balance.
The
heavy hand of government sought, effectively for a time, to prevent the
operation of that law.
It was not until the inflation boom was over and the
to increase railroad rates.
Higher rates during the
disappeared, that
with a lavish
hand.
The rates were unproductive of revenue because the business was
not there.
The wages had to be paid.
Now the market for transportation
is like the market for anything else.
You must take advantage promptly
of your opportunities, charge high rates when the demand exceeds the
supply and be in a position to reduce rates in the effort to stimulate or at
least sustain business when the demand falls off.
The Government's inter¬
ference in the railroad situation exaggerated the inflation of the postarmistice period and exaggerated the depression which set in during the
summer of 1920.
Railroads rates were too low when business was booming
railroads to make money out of high rates
the Government
increased rates.
But it increased wages too
and rates and wages both too high when
The credit of the
and trade routes where there were none.
create ports
We
account must be balanced, if not in
chance for the
Government expenditure?
Marine. The Government expenditure of some billions on ships
Merchant
and
$1,000 men, not to mention the space,
equipment which they use.
and
are
services.
of trade was taken care
old world, freight charges,
our customers some means
Secretary Mellon estimates that in the
,
should be authorized without an appropriation.
Executive departments and agencies of the Government should be required
to turn into the Treasury every dollar received from the sale or operation
of Governmot property and to obtain specific appropriations for every dol¬
lar to be
balance in
We must leave
No expenditures
(4)
sary
that
it by the "invisible" items
The pre-war balance
interest charges due from America to the
time.
No appropriations should
Administration without
bility
must be left to Europe to pay for
international balance.
authorized at one time, and the taxes to
be provided at the same
meet them should
(3)
.
"favorable" balance of trade, that is to say, our
.
(1) All expenditures should be
means,
a
greatly Increased during the war and the early
well into ten figures.
Though the pending budget bill is better than nothing, the following are
the fundamental principles of sound budget and audit legislation and should
(2)
had
we
visible exports exceeded our visible imports.
through the Treasury, did not run
not be forgotten:
Do we want our own mer¬
be willing to accept that loss and throw the
loss.
a
burden on the taxpayers?
and the Navy Department from
and property,
of ships
and their use without an
chant marine badly enough to
Before the war
to man
ships cannot be run in
build American ships and it costs more
American built and manned
competition with foreign ships except at
received by the
the sale of war munitions
&c., and by the Shipping Board from the sale and chartering
War Department
more to
them with Americans.
surprised if the aggregate amount
I should be very much
It costs
building.
a
loss.
The basis of railroad credit was
running them at
of course, their earning power.
The
of railroad deficits, in
Government's guaranty, which he knew must come to an end.
Con¬
investor found
the
business was falling.
railroads themselves was impaired by
small comfort, against the actuality
all, except from the Govern¬
exorbitant terms, and none
whatever could sell shares of stock.
The railroads of the country will not
again be in a sound financial position until they have earnings sufficient
to enable them to pay dividends at rates so high as to make their stocks
worth par or more.
When they can do that, and they can by the sale of
additional stock obtain a fair proportion of their capital requirements in
that manner the railroads will be in good shape.
Broadly speaking, the
railroads of the country are over-bonded and under-stocked.
What is the explanation of this almost unbelievable blunder in the
Government's management of the railroads?.
The Government's course
in the period in question was determined at one stage or another by the
Railroad Administration, Congress and the Interstate Commerce Commis¬
sequently the weaker roads could not borrow at
ment,
the stronger could borrow only upon
sion, by Democrats
and with the best
and by Republicans.
They proceeded in good faith
be found two
intentions. At the root of the mistake are to
where the cost of construction is lowest, they will be manned by seamen
of judgment as to the economic consequences of fur¬
nishing transportation at less than cost.
Undoubtedly the Government
believed that an increase in railroad rates would result in an increase in the
cost of living, though the reverse was the fact.
In the second place, the
highly organized shippers of the country were an enormously powerful
body and exerted their influence to keep rates down for their own profit.
When the consequences of this policy became apparent and the railroads
were about to be returned to private ownership, savings banks and other
railroad security holders, who were highly organized, presented their
drawn from the countries where opportunity for profitable employment at
demand
home is not ample.
line railroads were
things: first an error
lifted in support of the program of waste.
But in the long run, after
have its way.
which costs
billions have been wasted, economic law will
Uncle Sam will grow tired of maintaining a merchant marine
more
than it is worth.
American exporters are interested in
having their goods shipped as cheaply as possible to foreign ports, so that
they may compete as favorably as possible with foreign goods.
American
workmen will not sail the high seas if they can get good jobs at home for the
same
pay.
We had
Ships for serving foreign trade will be built in the countries
our
great day on the high seas before the Civil War.
compete with any in building wooden
ment of the nineteenth century
We could
ships, and, before the great develop¬
had opened up this vast continent for
ex¬
ploitation, the life of the pioneers on the eastern seaboard was not so easy
but what they were glad to take to the life of the sea.
Stern nature drove
our
American pioneers to the sea, drove Norsemen to the sea, and drove
Dutchmen
drove
and
to
the
sea.
Over-population and concentrated land-holdings
Englishmen to the sea.
ample facilities for its
Since the Civil War a rich continent to exploit
exploitation, have kept Americans at home,
while the substitution of steel
American product,
ship construction, and high prices for the
made possible by protection, have kept us out of ship-
and effectively. The trunk
presented to Congress their demand
that the railroads be returned in at least as good condition as that in which
they were taken over.
Both of these claims had merit. The trunk line
railroads having established their claim to be indemnified for the conse¬
quences of Government control during the war and after, the short line
railroads, also highly organized presented their claim to be indemnified
for not having been taken over during the war.
And the public pays in
inflation of the public debt, in congestion of traffic, in inflation of currency
for
and credit,
protection to Congress forcibly
highly organized and
and finally in taxes.
War.—Of the $4,000,000,000,
to be spent
exclusive of interest on the public
Department,
debt,
$1,025,000,000 will be spent by the War
$700,000,000 by the Navy Department, $800,000,000 on the
in the fiscal year 1921,
May 28
1921.]
THE
CHRONICLE
2257
'
*
railroads, $230,000,000 by the Bureau of War Risk Insurance, and $325,000,000 by the Interior Department, mostly, I take it, for Civil War and
CONFERENCE
REPORT
In the fiscal year 1920
the War Department spent.
the Navy Department
total of
a
740,000,000
.$2,350,000,000
—
Secretary Mellon estimates that in the fiscal
the War
_$1,610,000,000
___
year
1921
Department will spend
and the Navy
The
conference
700,000,000
ACCEPTED
CONGRESS.
on the bill providing a National
independent audit of public accounts
an
adopted by the Senate
was
on May 26, and by the House
The latter agreed to the report by a
yesterday (May 27).
__
BUDGET BILL
'
.
report
budget system and
.$1,025,000,000
Department
ON
BY
Spanish War pensions—a total of $3,080,000,000 under these heads.
■
of 327
vote
Representatives Yates (Republican) and
to 3,
Tyson and Steagall (Democrats) voting in opposition.
total of..
a
and the
$1,725,000,000
—
and that in the fiscal year
1922 the War Dept. will spend
Navy Department—
bill
passed by the Senate
as
$570,000,000
545,000,000
—
May 5
From
total of...
a
.$1,115,000,000
3 Years' Total
to realize on her investment in
war
The burden of universal military service,
and armies.
arms
expenditures
doles, became intolerable.
subsidies and
navy,
As
the army and
on
She thought she would
herself for the outlay of 40
to recoup
as
the
years
preparation.
The
"Times"
York
following regarding
of
page
on
1928.
yesterday (May 27)
the provisions agreed
conference:
on
we
in
'I,-'-
agreed to in conference the bill is practically the
same as passed by the
exception of two important features.
House and Senate, Avith the
The Senate bill
repeat the exploit of 1870 and make war so profitable in territory and in¬
demnities
the New
take
$5,190,000,000
Germany went to
referred to in these columns May 7,
was
The
April 26 and by the House
on
provides that the Bureau of the Budget shall be in the
The House agrees to this location of the bureau
Treasury Department.
bureau
shall
Avith
expeditionary force made the short war a futile dream.
President under such rules and regulations as he may prescribe, and that
manhood
British
and
The untrained
unmortgaged resources of the western world,
empire
and
of the
of America, determined the issue.
and finally
overseas,
Germany suffered economic collapse, though her armies, beaten but not
routed,
cause
still
were
for
making
To-day
and
So
soil.
enemy
on
war
Germany's preparedness
and little children are starving to death in Europe
men, women
years
of
after
under arms, eating
men are
the labor of
and wearing the produce of the fields and of
civilian population
a
inflation necessary
horrible
more
to
which must bear the load of taxes and
maintain those armies in economic idleness.
to the bureau under such rules
-.'O-"r'-v..
The Senate bill provides
of the Senate.
The
-FC'O:
j<•
by the President, Avith the advice and consent
House bill provides that they shall be appointed by
The
Senate bill
and regulations as the President may pre¬
■:
that the director of the budget and the assistant
the President, and this was
The
:::
agreed to by the conferees.
provides that the Controller General and the Assistant
Controller General shall hold office for seven years, but may be removed
at any
time for the causes named in the bill by joint resolution.
resolution of Congress for the causes named
far too great before the Avar and
upon
selves in power
their
on
covery
which
they
by subsidies and doles, by playing, noAv on their fears, again
avarice, still again
hatreds.
Their rulers hold them¬
now.
nationalistic ambitions
on
or
ancient racial
Allies haAre undertaken to insure Germany's economic re¬
The
by insisting upon her disarmament and the payment of reparations
means
reserve
the development of a huge export balance;
seas
Amer¬
from every formidable foe, rattles her sabre
the Prussians used to do, demands a navy second to none, talks of uni¬
as
versal
military training, asserts that she will have her rights, though
no
challenges them, thunders for the open door and plays dog in the manger
one
in South America in the
We have demonstrated
be done in
foreign
a
military
We have shoAvn what
power.
may
few short months to make an army and transport it to wage a
We have
war.
at home.
our
Let
us
need to be aggressors abroad, we
no
the Assistant Controller General at fifteen years,
are
invulnerable
the peoples of the world of apprehension
of peace and plenty.
The
If
we prepare
provision in the Senate bill making applicable to employees of the
as
accounts in the Post Office
istrative
MELLON
ON
process
and
reports
were
Liberty bonds
Italian
of accounts and
examination
DEAD—"IT MUST NOT BE AGAIN."
REPORTS
REGARDING
city
Hotioken,
on
in
May 25 that President Hard¬
maturity out of the proceeds of French,
Belgian
bonds
sold
thereby
Americans,
to
paying tribute to their
the depth of his feelings
thousand
in my
a
Washington dispatch May 25 said in part:
no
intention to work out in the immediate future
reports that the Administration already has decided upon such a plan
and that this is what President Harding had in mind
Allied loans in his speech at the anniversary dinner
in his reference to the
of the New York "Com¬
Monday.
scheme will be feasible under which
.the Allied securities could be
placed in the hands of American investors, thus establishing a direct obli¬
gation between the foreign governments and the holders of these securities
instead of continuing the present system by which the
ernment
holds
the obligations of the
investors in turn hold bonds based
So far
on
foreign governments and American
these ioans.
the negotiations which are now going on
as
United States Gov¬
obligations
are
concerned, Secretary Mellon said that there is no intention
form, there is
no
The present
and an agreement as to the
Congress during the present session.
certificates of indebtedness
Any arrangement relative to
transfer of Allied obligations from the United States Government to
investors would await action by Congress on the
the
Ameri¬
refunding plan, which
The refunding operation probably will take place
•
late in 1922 or early in
It will be necessary at that time to make provision for the
of the Victory notes which, through the operation
be reduced by that time to about $3,000,000,000.
outstanding total about $4,250,000,000$800,000,000 mature early in
1923.
refunding
of the sinking fund may
The Victory notes now
War Saving securities
totaling
None of the Liberty bonds mature
earlier than 1928.
When the refunding operation takes place it is
nection Avith the whole refunding operation it
for
transferring
the
Allied
expected that the floating
In
con¬
would be proper to consider
obligations
thus reducing Mby that amount the outstanding
States.
the
United States of America.
paid further tribute to the war dead in
President
following:
Officers and veterans of the American Army:
and friends, in relation to
I have come to-day thinking
to
investors,
American
public debt of the United
„
this extraordinary event.
the realization of the unusual character of this oc¬
before, it has asked and received the
casion.
Our Republic has been at war
supreme
sacrifices of its sons and daughters, and faith in America has been
justified.
many to
Many
and daughters made the supreme offering and went
sons
the nation's defenders.
battle under the flag in foreign lands.
But we never before sent so
Never before was there the
impressive spectacle of thousands of dead returned to find eternal resting
place in the beloved homeland.
tory, so far
as
The incident is without a parallel in his¬
I know.
These dead know
nothing of our ceremony to-day.
These poor
in
They sense nothing
and tenderness which brings their wasted bodies to the
homeland for burial, close to kin
flamed
and friends and cherished associations.
bodies are but the clay tenements once possessed of souls Avhich
patriotic devotion, lighted new hopes on the battlegrounds of
civilization, and in their sacrifices sped on to accuse autocracy before the
court
We
of eternal justice.
are
tribute.
debt remaining at that time will be absorbed in long term bonds.
schemes
of Michigan of the
of the sentiment
will be necessary prior to May 1923, when the Victory notes mature.
1923
Company I, of the 126th Infantry, a resident, patriot and hero of the State
to hallowed graves as
period of 15 years.
or
It is interesting to know this soldier
and the name is that of Private Joseph W. Guyton,
killed May 24 1919,
thing that is felt in the heart of kinspeople
presenting any general refunding
plans involving Victory notes, Liberty bonds
can
Avas
obligations in marketable
Mr. Mellon denies report that there is any intention
The Administration has no intention of
to
civilization went face forward, and the assault on our present
slight expression to that counterpart in the
negotiations, he said, merely will Avork out an arrangement
payment of interest.
our
day civilization knew it had failed.
There groAV upon me
of permitting all interest to go unpaid over a
This opportunity is
that perhaps I can give some
the market.
for definite maturities of the Allied obligations
the soil of the enemy.
the suggestion of hatred in the American heart, for
I am
hatred in the American heart, but I have chosen it because
heart of the Republic, to the
debt.
idea that any plans can be made in the early future for
on
soil, the President said:
Republic I bestOAV this tribute on the casket of the
Mr. Mellon,
to couple with them a scheme for such a transfer of the
said that while it is intended to place the foreign
actually placing them
enemy
of the
betAveen the Treasury
demand
were con¬
offering the tribute to one returned whose death on enemy soil marked the
day when
The
and the British Government relative to the funding of the present
The ceremonies
flag-draped caskets of 5,112 dead, and
the
not chosen to express
no
an
wreath On the coffin of the first American soldier
on
name
my
"I find
It must not be again."
again.
first soldier who perished on
there is
Secretary Mellon declared that the President merely has a hope that some
a
In the
a
gave
admonition eternal,
an
filled with tears.
eyes
placing
he
insistent call:
The Presi¬
broke, it is stated, while he uttered these words,
like
ducted before
who died
expression to
a hundred
heart, and there is ringing
memory
when he said:
touching
sorrows
ears
"It must not be.
in
their maturity.
Secretary of the Treasury Mellon made this clear to-day in commenting
N. J., during his visit to this
Monday last, President Harding participated, and
on
scheme by which Allied securities would be used to take up Liberty
day
the Budget such ir*-
and accounts as may be required from
At the exercises in honor of the nation's soldier dead at
of consummation plans for the payment
on
The Administration has
on
postal service is
PRESIDENT HARDING AND THE NATION'S SOLDIER
If ;we lead
dent's voice
mercial"
of the
time to time is also incorporated.
and his
on
vouchers
The provision in the Senate bill requesting the
formation relating to expenditures
"Commercial" in
bonds upon
Department to take over the duties of the admin¬
General Accounting Office to furnish the Bureau of
transferring the Allies' debts to the public, the New York
any
incorporated in the
The House provision for the creation of a bureau of
agreed upon.
the'army pier at
ing had in
civilian employees of
the Government during the fiscal years 1921 and 1922 is
and lead them back into the ways
for war we shall have it.
RETIRING OF LIBERTY BONDS.
of
provides for their removal,
Controller General shall serve more than one
Bureau of the Budget the additional compensation to
the world in preparation for peace we may have that.
While there
agreed
accept the responsibilities of the position of leadership
which is ours, show the world how to beat swords into plow-shares, relieve
SECRETARY
as
'..A\'•
term.
bill
The bill
time by joint resolution of Congress for the causes named in the bill
and further provides that no
incorporated in the bill.
of the President James Monroe.
name
in the bill.
in conference fixed the terms of office of the Controller General and
at any
but for themselves
the doubtful privilege of remaining armed to the teeth.
ica, protected by the high
The House
bill provides that the Controller General and his assistant shall hold office
during good behavior buy may be removed at any time by concurrent
peoples of continental Europe are staggering under the load of armaments,
intolerable
the budget for the
prepare
the director of the bureau shall perform the administrative duties personal
Two years and a half after armistice, nearly two
concluded between Germany and the Allies, millions
peace was
that
director shall be appointed
because of the war's horrible waste and because of the still
waste of after the war.
the
scribe.
her
was
the cause of her defeat.
was
modification
the
splendid resistance of the Belgians and the French and of the little British
not met for
1
them, though we love and honor and speak a grateful
It would be futile to speak to those
those who cannot
sense
it,
or
who do not hear or to sorrow for
to exalt those Avhb cannot know. \
But we can
sacrificed through
their service, who suffered through their giving, who glory with the Republic
through their heroic achievements, who rejoice in the civilization their
heroism preserved.
Every funeral, every memorial, 6Arery tribute is for the
living—an offering in compensation of sorrow.
When the light of life goes
speak for country.
We can reach those whc sorrowed and
THE
2358
in
there is a new radiance
out,
eternity, and, somehow,
relieves the darkness which is left
the glory of it
behind.
Never a sacrifice but some¬
where an atonement.
Never a service but somewhere and somehow an
achievement. *
/; -/V'V.
These had served, which is the supreme inspiration in living.
They have
Never a death but somewhere a new
earned everlasting gratitude,
life.
which is the supreme solace
in dying.
centring
on this priceless cargo of bodies—once living, fighting for and finally dying
for the Republic.
One's words fail, his understanding is halted, his emo¬
tions are stirred beyond control when contemplating these thousands of
No
the vast and varied
measure
one may
affection and sorrows
dead.
heroic
I find
a
hundred thousand sorrows touching my
in my ears
like
an
heart, and there
is ringing
call: "It must not
admonition eternal, an insistent
be
It must not be again."
again.
God grant that it
will not be, and let a practical
it shall not be. ,
people join in
co-operation
with God to the end that
willing to fight, and, if
need be, to die, but I do wish for a nation where it is not necessary to ask
that sacrifice.
I do not pretend that millenial days have come, but I can
believe in the possibility of a nation being so righteous as never to make a
war of conquest and a nation so powerful in righteousness that none will dare
to invoke her wrath.
I wish for us such an America.
These heroes were sacrificed in the supreme conflict of all human history.
They saw democracy challenged and defended it.
They saw civilization
threatened and rescued it.
They saw America affronted and resented it.
They saw our nation's rights imperilled and stamped those rights with a
I would not wish a nation for
which men are not
civilization and are still a well organized
no
,
matter wrhether they
lie amid the sweetness
and bloon of the home¬
crimsoned. Our mindfulness, our gratitude,
our reverence shall be in the preserved Republic and the maintained liberties
and the supreme justice for which they died.
land
sleep in the soil they
or
HOUSE REPUBLICANS
LONGWORTH
TARIFF
TO CAUCUS ON
MAKING PERMANENT
IMMEDIA TEL Y EFFECTIVE.
RESOLUTION
meeting to consider the
A
resolution of
Representative
immediate effect the duties
imposed in the permanent tariff bill, with the latter's
Somehow there has been
soldier dead.
that there shall be a nation so righteous
called upon to
hope
make
If you ever
ever
had
just that we shall never
as
it has in the past.
doubt of the righteousness of the
any
had any doubt about the wisdom of the
Republic, if you
founders, I ask you to
challenge, it may be true that some of these
one
be
rule together.
I
I should only ask that the
again to the picture of the afternoon and see the
turn
no
so
will never be called, but if you are,
you
have
a
and
long as God and man may
war so
Twenty-third serve in the future
Ah, let
children.
children are not pre¬
of America is that
alike.
standing before me
When I was making the inspection, I was not so much concerned
the shining arms and the way they were kept.
I was not quite so
pared to embrace opportunity, but the wonderful thing
opportunity beckons to all these young Americans
picture, find it in the men
And if you want another
now.
about
who served
blend of racial
the citizens and
defenders of the Republic, who, it seemed to me, came from origins across
the sea that represent almost every land in the civilized world.
Here is
the shoulders of the men
much concerned about the insignia on
faithfully during the
so
I
war.
was
rather caught by the
I saw in this regiment
origin in the faces of the men.
youthful, fighting America, which is the blend of the
World, standing in absolute equality here, ready to
citizenship of the Old
defend the Republic
and its affairs.
HARDING
PRESIDENT
GOVERNMENT
and woman can give.
We shall give our most
make certain that they did not die in vain.
We shall not for¬
and best if we
be called.
to-day.
I saw five thousand
prayer in my heart ever since
Somehow, there is a new feeling in my heart
They gave all which man
get
ready to serve your
unit to-day,
I hope you will never
occasion demands.
country when
sanctity and renewed security.
new
[Vol. 112.
CHRONICLE
FOR
EFFICIENCY.
DECLARES
AGAIN
ECONOMY
AND
Economy and efficiency in Government was
the address delivered
of
the theme
the
by President Harding before
Academy of Political Science at the Hotel Astor on
Monday
President during the
day are separately mentioned elsewhere. At the Hotel Astor
luncheon the President made the assertion that 4'Govern¬
last.
Other
ment
to
a
the
speeches made by
than
greater extent now
before, is under
ever
obligation to give the greatest service for the lowest possible
cost..
He also declared that "every principle and device
efficiency in
private business should be
Longworth, which would put into
which
to be
adapted and applied in Government
introduction, will be held by House
Republicans on Wednes¬
Representative Longworth's
day next, June 1.
resolution
presented to the House on May 18. The decision to
refer the resolution to caucus of Republican members was
was
agreed that the question
the resloution
was too important to be determined by the House Republican
Steering Committee of seven members.
Representative
Young (Republican) of the Ways and Means Committee
voted against reporting the resolution.
In presenting the
resolution, Mr. Longworth, speaking for the committee, de¬
clared that as it would take considerable time to pass the
tariff bill, the country meanwhile would be flooded with
foreign products, eager to slip in before higher rates were
made effective. Secretary of Commerce Hoover has endorsed
the proposal in a letter to Chairman Fordney of the Ways
reached
as
May 24, it having been
on
to the course to
be pursued with regard to
Committee, in which he says:
and Means
legislation which you
like to offer my views.
It seems to me desirable that the new tariff should be made legally
effective upon the introduction of the bill to Congress.
This is the custom
in many other countries.
It prevents a large amount of speculation.
Of
even more importance, however, is the fact that during the period of legis¬
lation there is always a flood of goods in anticipation of the tariff.
This
decreases the revenue and renders the position of our commercial com¬
munity extremely difficult and the presence of these goods and their sub¬
sequent realization handicaps the effect of the tariff for many months, or
There
years,
The
considering present tariff
consideration to which I would
have under
even
two matters
are
after its passage.
objection to the tariff being made
of course,
that the subsequent changes
porters in case
this is an
proved
effective upon its introduction is,
might necessitate refunds to im¬
of reduction from the initial
tariff.
insuperable administrative problem,
so
I do not believe that
and, in any event, it has not
affairs." To bring
he said, 4'is a
task second to none in difficulty."
Fortunately he contend¬
ed, "the prospect is not so hopeless as might appear, because
the present organization is so bad that the insistent applica¬
tion of a few established principles of sound business organiza¬
tion will result in immediate economies and provide a margin
efficiency and economy into Government,
of available means to meet new
address
the suggestion of an early passage
codification of the existing customs administrative laws prepared by
It would indeed greatly facilitate
of a
the
business and sim¬
plify the administration.
The preparation of the revision by the Tariff
Commission in co-operating with the Treasury assures that there can be no
great contention as to
The bill is not
I
here,
see
great
questions of government
tions
with
constitute the assurance
one
who in an immediate
accomplished through the exertion of the
SURVIVING DEFENDERS.
.
his visit to New York
Monday last, President Harding extolled the living war
heroes, at a review of the Twenty-third New York Infantry,
at its armory in Brooklyn.
The President's remarks, upon
the latter occasion, which were extemporaneous, are given
as follows in the 14Times" of the 24th inst.:
Besides honoring the
soldier dead
on
on
witnessing the makeup and
I cannot quite tell
you of the impressions that I have been having while watching your
maneuvres.
Somehow, in the wondeful impress you left, I felt a new
I
am very
glad to have had the experience of
something of the training of
security for the
which can be perfected as yours has
resident of
present
condition
is that you
Brooklyn—indeed as a
achievement of the
of the Twenty-third Regiment.
The great boast that is
made a very great offering in the conflict, preserved
Republic I join with you
yours
of a volunteer
been.
resident and citizen of the
republic in that assurance which comes
military organization
If I were a
this wonderful organization.
in pride in the history, in the
utmost powers of government.
exerted to the extreme limit, and stupendously important
attained.
As a result of that demonstration of government's
Those powers were
results
were
emergencies, there has grown up a school
of peace the same autocratic
interest. Many men
thoughtlessly urge that "governments took over control, even the conduct,
of many industries and facilities during the war; there followed a great in¬
crease in wages, a vast expansion of business activity; therefore why not
assume that continuance of such control and management in time of peace
would enable continuance of the same liberality in compensation and profits,
capacity to force great results in
of thought
which assumes that even in time
be exercised in the general
authority
might well
the
intense business
same
ments
activity?"
things which govern¬
accomplished at a staggering
the surface know that the
accomplished during the war were
society could not bear for long; a cost that has left
with debts which mortgage generations of the future.
cost; a cost which
burdened
know that the
feverish seeming of prosperity Was
society
They
not genuine, but was
literally burning up its stocks of capital,
destruction of capital was responsible for the reaction and
possible only because society was
that
this
universally. In this process the burdens of
immensely increased, and it is for us now to find means
depression which are now felt
lightening those burdens.
Government, to a greater
NATION'S
grappling with these
with the affairs of great organiza¬
tions; you know the power of intrenched tradition and long-established
custom; you do not need to be told that general, inclusive plans are neces¬
sary as a preliminary to accomplishment in such matters.
Everywhere we turn we note that government has in recent time assumed
a more complex relationship to the public than it ever sustained before.
The mobilization of man power, industrial forces and financial resources
which was made necessary in the war's exigencies could only have been
of
PRESIDENT HARDING IN TRIBUTE TO THE
relation finds himself
You have studied and dealt
problems.
government were
of June.
peculiarly equipped to deal with
organization, reorganization and re¬
faces I feel that your special qualifica¬
that you will understand and sympathize
trenchment; and as I look into your
and
its details.
expected to be reported before the middle
gathering of
that animates
gratifying it is to greet a
brought together for the purpose
I recognize among you many men
you.
the
as
Those who look below
add my support to
Tariff Commission.
men
The President's
demands."
follows:
was as
Gentlemen:—I cannot tell you how
such
in other countries.
wish to
I
promotes
to
give the greatest service
obvious reasons
extent now than ever before,
is under obligation
for the lowest possible cost. But it is
government is not
difficult to do this because
for certain
under the
business.
profits nor to obey laws which regulate competition.
the prime guaranties of efficiency and fair dealing in private
They do not apply to government; and therefore government
should be
placed, so far as
which
applied in private
necessity to
These
are
are
earn
should be broad,
possible, under a strict sway of the
methods
business to secure these ends. Government
conscientious and intelligent enough to subject itself to
of sovereignty would place it beyond them
Every principle and device which pro¬
motes efficiency in private business should be adapted and applied in gov¬
ernment affairs.
I will trust the public official who decides his public
these rules,
despite that its quality
if it chose to assume
that position.
his very own.
and efficiency into government is a task second to
none in difficulty.
Few people, in or out of the government, have any
conception of the growth of government business in the last decade before
the World War; still fewer at all realize the pace to which that growth has
problem as though it were
To
bring economy
been speeded up
since the war started.
The multiplication of departments
functions, has resulted in a sort of geometrical increase
in the tasks which confront the heads of executive departments when they
face reconstruction problems.
They fin J that with their time already
bureaus, divisions,
Mat 28
1921.]
THE
EtONICLE
mortgaged in favor of tasks which demand more hours than the day pro¬
vides they must devise means for doing yet more
work, with less money.
Fortunately, the prospect is not
hopeless
so
might
as
The party in power is pledged to economy and
assured that every energy is
demands.
new
efficiency, and
America,
to
be
you may
being directed to redeem that pledge to the last
it
At the beginning of his Administration President Taft secured from Con¬
the establishment of
gress
comprehensive
and efficiency commission.
an economy
The report on that survey
government establishment.
But it is available and
can
lar suggestions as
established, and much money saved.
The problem has been
the war.
The present Congrass has already provided for
representative of the Executive will
Is
in
now
as
will require some
demand
resolute
a
courage
But meanwhile
the law
before
we
the
with this
serve
./'
■ v
shall, I trust, have
the
committee,
A
of their
to hold the
(
anomalous
number
great
situation
of spending
without
purposes
any
a
the revenue in
be thus
This is
year.
a
long
step
of the
Government heretofore in
committees,
apportioning
be
must
No business,
a
the
not
humblest
budget system is the foundation
based.
It
is
household,
time without forcing attention to the evils and
deficiencies in the present system.
There
still
must
for
on
Government
a
considerable
any
many
be much
and
spends.
vigilance is the price of
economy
continuing effort to keep
t
and efficiency.
on
the fact that
Nothing is easier,
Government establishment, than to continue in existence offices, posi¬
tions, employments,
they
once
are
created.
It requires persistent, deter¬
mined, stony-hearted devotion to the public interest
There must be utter
.
sacrifice of all sympathy for the place-holder whose real reason for
his position is that he wants the salary.
keeping
may
be
reduced
and
To
duplications
work
of
have been done in
thing has existed for
a
Inertia,
eliminated.
accepted
exchanges which
the
protection of the
tration
office-holders
which
devotes
that it will lose
class
a
with the liberal
or
itself relentlessly
such
of politicians,
work
gold standard is
of the
one
of
ex¬
I
feel
strongly that
great obligations which
J''
us.
The President remarked that "in
industrial
served
justice
;
placed in
.,7 ,*"V.V.
"on
that,
to
"it
for
is
effort at
our
:;
that
see
the
stabilizing
wage-earner
is
economically sound position," but he also ob¬
an
value
must
we
the other side the wage-earner must do
justice to society.
the
He must render services fully equal in
compensation
all
us
to
he is paid."
back
get
clared "that is what made
our
In advising that
to work,"
the
President de¬
country great, it is what will
put the whole world back on the right track."
In conclud¬
ing his prepared speech the President said:
We
coming to understand the elements of the problem
are
that is
a
as
I
ered
to
right
long step toward solution.
gathered here, of such
see
acclaim,
and
organs
face, and
we
the earnest support of such
us
of sound policy
shall not be long in putting
we
ready for the signal,
course,
Give
as we
gath¬
are
country
our
on
the
"full speed ahead."
The following is the President's speech in full :
understand
must
Mr.
the part of a certain
on
which will not be compensated to it at once in the
Toastmaster
of
memoration
and Gentlemen:
It is a pleasure to join in the com¬
anniversary of business, for business is the most engross¬
an
appreciation of the public; for the public will not have the deep, immediate
interest, or the active concern, which will animate the person who finds
ing affair of |the world.
himself being pried loose from the purse-strings.
terial
Nevertheless, thankless and ungracious
as
It is no confession of unworthy vanity to say it
especially engrossing in America, because it is the very life-blood of ma¬
is
So
the task will be for most of
existence.
I
have
and the splendid
the effective
of American
pending
inauguration of the budget and the
survey
by the joint com¬
In all the departments, I may say to
this sort of work is already progressing under Executive orders within
you,
the power of the Executive.
am
glad that such bodies
as
realizing
the Academy of Political Science, the
United States Chamber of Commerce, the
engineering societies and business
organizations generally
of such counsels will
studying and discussing these questions.
are
come
truer
Out
appreciation of the difficulties and magni¬
tude of government
business, a larger sense of public respousibility and a
highly desirable co-operation between public and private business for the.
common good.
you are
CIAL"
AT
"NEW'
COMMER¬
YORK
be
the
whom
President Harding crowded four
visit to this city on
first
claim
to
his
speeches into a one-day
receive honors
from the
What constituted the most impor¬
held in
the
evening at the Hotel
celebration of the 125th
"New
York
which
the
Commodore
was
The
heard
other
at
was
occasions
two
of the
luncheon
a
upon
Academy of Political Science, at the Hotel Astor, and at
review
dinner
of
the
in
anniversary of the founding of the
Commercial."
President
at the
be
achieved
Twenty-third
commemorating the
Regiment
Brooklyn.
in
"Commercial's"
125th
The
anniver¬
sincere,
a
sary
brought
together
a
notable
Coolidge,
Secretary
of
Secretary of War Weeks and
Senators
Commerce
Government
representatives.
besides
Vice-Presi¬
Herbert
Hoover,
of New Jersey,
Indiana,
were
Knox
also among the
One of the marked passages
President Harding's address at the
and
were
Secretary of the Interior Fall.
Calder of New York, Edge
of Pennsylvania, and New of
in
assemblage,
President, others at the speakers' table
dent
organizers,
producers,
useful
"Commercial's"
ban-
we
have
eloquently
more
who
men
cause
which
are
directors
business
of
proud
life,
and'
tion
are
affording
of high ideals and
business-
proof of what
us
may
continuing policy of
a
service.
well
down
comes
You
efforts.
the guidance
moment to consider what such
pause a
commercial business,
to
such
through
us
a
a
background
a
seems*
The New York "Commercial"'
as your own.
century and
quarter of splendid traditions..
good to think that almost the only thing that has remained constant,
in
since this
paper
founded,
was
is the
of sound principle and high purpose, which have been its inspira¬
the
which guide it> to-day, and
past,
which
constitute
heritage
a
distinguished merit.
If
we
issued
first
progenitor
their
have summoned for this occasion the
could
the
numbers
"The
of
satisfaction
testimony.
knew
the
here
the
is
old
Commercial,"
in
see
New
York
"Price
of
a
marvels
of
business
and
and
science
as
welfare—these
human
last;
steam
"Has
nothing
and
lineal
re-made world, where they
They would count
financial
lodestone
twice
near
they knew in the entire country.
as
Current,"
amazement at material changes,
right policies, would offer eloquent
the magic city of
as
many
They would learn
of
a
revolution in methods of production, the introduction of
the
who prepared
men
their
the vindication
They would
people in that city
that
of
straggling colonial port.
a
World.
new
The
the factory system,
electricity, the railroad and the steamship, the
the handmaiden to
things
been
they would
left
unchanged
and the minister to
progress
see
and
in
they would
this
magic
exclaim at
century
of
an
Aladdin's world?"
And
the
on
The high place which
It has brought together
my own
under
summoning of
a
pleasure to acknowledge, and
the firm hold in public regard, of the particular
engaged
supremacy
of his addresses of the day was that delivered
banquet
a
gathering.
workers,
the permanence,
that has
of
attention, and
in this
You and your
community has recognized as its leaders in the most diversified"
realms.
Perhaps a morsel of special satisfaction may be permitted to me,,
because, as a newspaperman myself, I find here the evidence of the stability,,
Monday last, the soldier dead being the
nation's executive head.
tant
business, which it is
unchanging in the business world,
GOVERNMENT.
staff, your associates
your
continuing work of generations for the
the
to
It is
ANNIVERSARY—BUSINESS AND
you,
friends, here assembled.
your
a
entitled to be highly complimented.
We may
HARDING
of
given to business in the modern community could not be
to
PRESIDENT
Whitman, to greet
company
predecessors, sir, have done
attested than
We shall need the full support of enlightened
public opinion, and,
this, I
Mr.
come,
those who devote their efforts to it, it must and will be attacked; it is being
attacked with all determination.
Something can be done even
mittee toward bettering conditions.
■)'
Even the Adminis¬
spenders.
to
good deal of immediate loyalty
learn-
are
country is
facilities
as
vital in international trade.
are
peculiarly appeals to
as
The men who conscientiously
way.
intelligently do this work must not expect to popularize themselves
with the
production
own
circulation, gold would be more useful to us in the vaults of great banks
abroad, where it would be the guarantee of the gold standard and of those
men
century—that things
or a
certain way for a generation—must not be
proving that it ought to continue that
and
decade
a
our
tendency of the world's gold to gravi¬
Beyond the point of insuring security to our
might be checked.
us
fair
combated at every point.
a
much
so
as
that end I could wish that the
tate to
which is easily the greatest force in Governmental organizations, must be
The fact that
all the people."
among
There must be constant examina¬
tions to determine how, in the processes of evolving functions and methods,
forces
reasonable
a
will not do
program
'
,
good form in which
a
people to another people," he
one
Continuing he said: I
change."
fiscal and efficiency panacea, for
a
At this point, let me say, too much stress cannot be laid
in
proper
a
down, to insure full value for every dollar of the taxpayers' money
expenses
eternal
that
them
people,
our
Adding that "this is the basis
altogether to be hoped that in
concerned, is not
a
could
effecting the reform of
But the budget
It must not be accounted
it will not be.
largest co-operation
The President referred
ing that the immediate need, i so far
pur¬
which reorgani¬
on
hardly conceivable, indeed,
budget system could be established and carried
everything.
the
The President also made the statement that "we
various
conducted without leading into disaster.
"Establishment of
zation
the
having
to
moneys
study of the relationship between these various
sight,
speak
change the form of these obligations and dis¬
we may
tribute
budget system in operation under
fiscal
new
and regardless of the relationship of these aggregated spendings to
poses
outside*
I
Government interference-
and it is not
us,
obligations of
stated that "it is
period
■,V''V,;■?/;
■
introducing into Government the sound methods that great private
business establishments have adopted.
I need not emphasize to you gentle¬
the
Further
account.
own
"but for
Allies."
our
obligation to
there
that
so
toward
men
its
on
take, by taxation, much wealth from
be loaned to
to
joint committee
a
to effect the abolition of the useless and the
opening of
service*
first
fact that "the exigencies of war compelled the Gov¬
to the
a
coorrdination of the useful.
is for our
now
our
policy must be to give-
our
properly conducted business."
ernment to
result of
a
thorough study of the whole problem.
The task
time, and ultimate results must await it.
More, it will
progress
is
•••
vastly complicated and increased
the reorganization of the administrative branch of the Government.
on
restoration
least possible measure of
business," he said,
with
are.
just concern
our
own
facility possible, but to keep Government
the
with
be consulted to determine where
wastages
and
That commission further presented particu¬
to how specific economies could be effected, efficiency
overlappings of function
our
participation in business
for
printed.
was never
regret, but
he said, "turning to industry,
every
of
It made
of activities, organization and personnel of the whole
survey
no
because
have done all that
we
in carrying the burdens of othersr
us
world turning to us for aid and inspiration."
a
on,
degree and with all promptness.
a
expected of
and there is
few estab¬
a
principles of sound business organization will result in immediate
economies and provide a margin of available means to meet
his assertion that "surely
was
could be
because the
appear,
present organization is so bad that the insistent application of
lished
quet
2259
changed.
sede
it.
earlier
would
we
The
reply
day
of
to
them
to-night;
"Yes,
generations do not outgrow it.
Mankind
can
simple
no
more
manners
prosper
and
methods.
its
monuments.
Here, you
built with conscience
will
as
see
how
its architect
thing remains
stone, is destined to stand, four square and firm.
Here
implanted
and
in
grown
the
in three centuries,
un¬
super¬
the
continuing,
un¬
view
one
mutations
the
you
all
could
may
as
its
corner¬
Here you see the business
but it has the
days of humble beginnings."
not
in
character
growth from those seeds of character and integrity which
has lived
it
one
through
and
does
than
That
changing and unchangeable thing is character.
of
structure
one
Invention
without it
you
same
planted.
soul
It
that yoi*
.
On
to consider for a
is entitled
and
of such an inspiration,
moment the position, duties
and in the presence
occasion such as this,
an
will not be inappropriate
it
[Vol. 112.
CHRONICLE
THE
3360
these.
.■
to have facilities placed at
rv.':
•
■
when the young
concerning our relations
with Europe.
The noble Washington was being lampooned and traduced
because his administration was committed to the Jay treaty with Great
Britain, first of the nation's commercial covenants.
It represented an
effort to escape embroilment with the old world system, and in the period
when
were too weak to sustain a foreign conflict, it served to postpone
that disaster.
But only to postpone it; for with every wish to preserve
the peace, it was impossible.
We fought wars with France and England,
incidents to the French revolutionary and Napoleonic upheaval.
It has
been too often assumed that our recent involvement in the troubles of
Europe marked a new development in our affairs.
In fact, it was an
old story.
We never were and never will be able to maintain isolation.
But
part and our place in international affairs are strikingly changed.
It is
far call from those days to these; from weakness to power, from
poverty to affluence, from the minor to the major participation.
For the
strides we have taken in every phase of national importance, we are in¬
debted in great part to the vision, the energy, the unbounded confidence
and unfailing optimism of the American business community, and to the
far-seeing leadership of men like those who have directed the great com¬
give it every facility possible,
participation in business on its own ac¬
count.
It is not necessary for the Government to intrude itself in the busi¬
ness activities which are better conducted through private instrumentalities,
Turning to industry,
division of opinion
group
how
to-night.
They have seen the country go
that made such avoid¬
strength imposed an obligation
equally impossible.
our
realm of this newspaper, we face a like condi¬
tion.
Our strength in the industrial, financial and commercial world, our
capacity to produce, our ability to extend credits which others cannot give
and which brave, but unfortunate, peoples sorely need—all these make it
necessary that we shall adopt new commercial methods whereby to insure
To-day, in the particular
of intelligent,
organ
demands.
these
/
V
;
V
:
said
been
has
;
:.
.
Epochs Change, Not Principles.
v
.
It
civilization.
I bespeak the help of every
understanding business, to enable the nation to meet
possible service to
fullest
the
and
seizing
too often repeated and
alike discharging a duty to others
times, but it cannot be
many
emphasized, that in doing this we will be
principles.
alter everlasting
prise and even adventure, are needed.
some who viewed the future gloomily; but those who looked to it
vision, with assurance in the basic things of civilization, at
the satisfaction of duty performed and the substantial
ful
expanded,
industry
rewards of
Our
'
trial.
and
storm
of
extended, and enterprise firmly established.
is dawning after the night
commerce
day of like opportunity for our generation
The
•
with hope¬
last enjoyed
both
duty
is pressing, but we will equip ourhelpfully if we are unwaveringly loyal to ourselves.
world at large
the
to
selves best to perform
The
;*■r.
:
'■
y.
important thing to Americans is America, and the most impor¬
most
Our Constitution was
adopted in order to perfect a more perfect union, and as the national life
has developed under it, that union has been so perfected that State lines
have well-nigh ceased to have more than geographical and political signifi¬
thing to America is our constitutional system.
tant
cance.
sectionalism.
the triumph of reunion, and now the
We have the test of disunion,
end
of
the
On
side,
social
have
we
naturally
fallen
into
community of interests—agricultural and industrial—and
incidentally social.
These groupings have drawn us as a community still
closer together.
The great war effaced the last vestige of sectionalism,
and we stand to-day more firmly unified than ever before.
with
groupings
the public can fairly pay.
Would Co-operate
war.
True, we have not attained the perfection of
ideals
our
is
the
of
proof
satisfied,
the
in this regard,
and
nor
national
our
therefore
has
any
righteousness
always
are
other human society done
have become a greater creditor nation in the
near
future had there been no war.
The exigencies of war compelled the
Government to take, by taxation, much wealth from our people, to be
loaned to our allies.
This is the basis of their obligation to us, and it is
would
We
imposed.
war
trying
that
of purpose
maintain
to
It is altogether to be hoped that in a
obligations, and distribute them among all the
people.
We hope that this may be accomplished, and also that there may
be effective reduction of the cost of Government.
In these ways we hope
change the form of these
to
release
great volume of wealth and credit from the burden that Gov¬
imposing, and make it available for the development of
a
has been
ernment
of foreign trade.
We ask the co¬
of business leaders, and we assure them that
limitations the Government will meet them half-way.
within its proper
domestic
the
and
industry
expansion
operation
of
By this process we shall aim to create renewed demand for the product
our
industries, to establish permanent markets abroad for surpluses.
own country is
exchange.
To that
end, I could wish that the tendency of the world's gold to gravitate to us
might be checked.
Beyond the point of insuring security to our circula¬
tion, gold would be more useful to us in the vaults of great banks abroad,
We
learning that
are
would
it
where
immediate need, so far as
the
as
the
be
guarantee
of
our
than
fair share;
to
a
own,
appeals to us. v
coming to understand the elements of the problem we face, and
culiarly
We
are
that to ourselves and
preserve
things in the world, and
In
our
well to
There,
efforts
cling to
we
that later
and
to
will
do
tance of
posterity.
our
now
seeking'
The
firm foundations.
that
national
and then
sadly disjointed
balance.
proper
we
will do
I believe in the inspired beginning.
greatness
founded
was
developed industry, and ultimately
we
war
to restore the
this, to achieve justice without selfishness,
our
find
commerce,
in
well to
agriculture,
both domestic
keep in mind, at this time, the fundamental impor¬
agriculture, and in every possible
others, and there is
because
our
aid
and
no
could, be
regret1,
way
expected of
but
our
just
insure justice to it.
us
Surely
in carrying the burdens
concern
now
is for
our
of
America,
is our first service to a world turning to us
The country has emerged from the hectic pros¬
restoration
own
inspiration.
and is suffering from depression.
We are con¬
by the need to place our own house in order, and no more important
perity following the war,
fronted
feature
of
that
effort
can
be visioned
than
to
place
our
agricultural
in¬
dustry on a sound basis, and provide machinery and facilities for financing
and
distributing
farmer
crops.
'If we do this, we merely will be providing the
to those enjoyed by the business community
with facilities similar
The farmer is entitled to all the help that the Government can
without injustice to others, because it is of the utmost impor¬
that the agricultural community be contented and prosperous.
This
be accomplished, not at the expense of any other section of the com¬
generally.
give him,
tance
must
munity, but by processes which will insure real justice among all elements
in
long step toward solution.
I
see
the community.
Agriculture has been laboring under several handicaps
Give
the earnest support of such
us
gathered here, of such organs of sound policy as we are gath¬
and
acclaim,
we
right course, ready for
shall not be long in putting
our
country on the
the signal, "full speed ahead."
<
ing to say :
And
for
I
an
before
I
close,
my
fellow Americans,
I sometimes think it is
fair
Administration to speak in confidence to the people it seeks to serve.
would
like you
captains of industry, you leaders of commerce, you com¬
manding figures in finance, to know the aspiration of the present Adminis¬
tration.
I
have
one
outstanding wish for the Administration,
and that is to in¬
augurate the era of understanding.
I want understanding between the Government and the people.
I
do
have done all that
for
are
own,
a
to
more
foreign.
We will
we
we
our
is
as
ered
Departing from his prepared remarks, the President, fol¬
We must be just to ourselves
seek only that which is rightfully
we
of those fair
lowing the conclusion of the above address had the follow¬
This is not selfish, for selfishness seeks
first of all.
the gold standard and
in international trade.
I feel strongly that the
protection of the gold standard is one of the great obligations which pe¬
exchanges which are vital
never
equilibrium of precise justice.
Justice, like charity, must begin at home.
and to
our
is not so much production as facilities of
concerned,
possible
are
we
far
as
people to another
reasonable period we may
good form in which to hold the obligations of one
a
people.
but it
so,
r.y
about under the conditions which
the change was brought
that
fortunate
men
Inseparable from the formation of a more perfect union the Constitution
sought to establish justice.
With Business,
position in the world has been greatly changed as a result of the
We have become creditor rather than a debtor.
It is doubtless un¬
Our
that
1V
America's High Ideal.
...
laid down as fundamentals, it is for
us all to get back to work.
That is what made our country great; it is what
will put the whole world back on the right track.
We must have, the
world must have, confidence that things will come out right.
We have
dealt with the greatest problem that humanity ever confronted, in carrying
on
the war.
We will have no problem hereafter greater or more difficult
than that was.
Therefore, we are entitled to every confidence that we
will cope successfully with the problems which yet lie ahead of us.
not
of enter¬
After the Napoleonic area there were
confidence and wisdom, along with a fitting measure
Courage,
honesty, and to establish regulations
There has been some tendency to
Assuming that these things may be
tial
not
common
safe course.
duction shall not be higher than
convincing proofs than we see all
more
a
itself honest, and to re¬
all business to-day is con¬
to regard it as common¬
place, would have made our forefathers gasp; and I prefer to assume it is
honest until proven dishonest.
If they had attempted to limit business in
size and scope, they would have prevented even the little business of to-day
being as great as it is.
So, I speak for the least possible measure of Gov¬
ernment interference with business, but for the largest co-operation with
properly conducted business, and the most effective measures to insure
that, whether it be big or little, business shall be honest and fair.
In our effort at establishing industrial justice, we must see that the wageearner is placed in an economically sound position.
His lowest wage must
be enough for comfort, enough to make his house a home, enough to insure
that the struggle for existence shall not crowd out the things truly worth
existing for.
There must be provision for education, for recreation, and a
margin for savings.
There must be such freedom of action as will insure
full play to the individual's abilities.
On the other side, the wage-earner
must do justice to society.
He must render services fully equal in value to
the compensation he is paid.
And finally, both employer and employee
owe to the public such efficiency as will insure that cost of service or pro¬
There have seldom
opportunity for our own advancement.
an
around us now, of the essen¬
interdependence of all parts of the world.
No people, no race, no
continent, can live within itself alone.
He who displays the broadest spirit
of brotherhood, helpfulness and true charity will most surely be casting his
breajd upon the waters.
The instruments of sound, safe business must be
adapted, it is true, to the conditions which face us; conditions unlike any
that our times have known, though not greatly different, in their economic
fundamentals, from those of some other epochs.
But changing epochs do
been
it to sail
gard bigness in business as a crime.
But almost
ducted on a scale which, though we have come
times of stress and crisis, and their institution has gone
wiser for the experience, stronger for the tests.
They
have seen the time when our weakness as a nation made it impossible for
us
to avoid involvement in the troubles of the old world, and again they
seen
deplete the Treasury.
than to insure ad¬
regard business as dishonest until it should prove
it;
ance
in business to
engage
business should be no more
principles of
that will enable
through many
have
Government to
the
to
herence
problems. Our rise in power and inflence has
imposed new responsibilities.
Those who for more than a dozen decades
have
determined the course of this pioneer of the business press, have
well worth attention.
the
for
Government's part in
The
Nor is there
dealing in business.
in order to enforce justice and fair
need
Every generation has its
through with
busi¬
of men are likely to indulge the idea of being more powerful
Government.
There is no need for the Government to engage in
ness,
a
given us a lesson
than
the
our
whose guests we are
passed when any man or
The time has
in this country.
else
anything
powerful than
Government is more
merely in order to demonstrate that the
as
newspaper
policy must be to
our
but tb keep Government outside of
we
mercial
.i'V.-'-'
Big Business Not a Crime.
responsibilities of men who are leaders of business.
The New York "Commercial" was founded in the time
•and
Republic was distracted by a
which will remove
its disposal
v;V:
have
and
I
among
want
want
nations
understanding between the
and
residence in America.
ing that there are obligations as
and I want it understood that a
I
want
our
America
to
come
to
industry and
our
those
who
shores to participate
I want them to
come
understand¬
well as privileges of American citizenship
man
must give as well as receive from the
which shields him.
Government
I want an understanding between those who would preserve
Government and those who would destroy it; and I want the
Nay more,
form
captains of
the toiling forces.
understanding with those who
in the benefits of
our
the
nothing to do with any nation that is not willing to sit at the table
come
to an understanding.
make up
I
understanding
want
of
destroyer or would-be destroyer to know that he is made to destroy the thing
that makes his existence possible; and I want him who would preserve
our
understand his obligation in teaching him his place in
Government to
Government
I want it
under
the laws.
understood that
a
nation that
goes on
to the supreme fulfillment
righteous people, and in the strength of righteousness I
must be
a
America
will
go
on
to the supreme fulfillment of its destiny.
know
May 28
THE
1921.]
COOLIDGE
VICE-PRESIDENT
COUNTRY
In
SEES
OBEDIENCE
IN
TO
•
SAFEGUARD
TO
CONSTITUTION.
speaking at the dinner on Monday last in celebration
anniversary of the founding of the "New York
of the 125th
Vice-President of the United
Commercial" Calvin Coolidge,
for here the
their destinies to
toils
service
ment
at
in'
loyalty to our Government, in our obedi¬
constituted authority, that our own country, strong,
remedy lies
to
ence
and disorders abroad, stated that "their
home,
well ordered,
our
resolute,
abiding place of such
tion
ment
follows:
was as
Respect for law is a fundamental American principle.
Not that there are
law-breakers in our land.
There are.
But, even among those, there is
no
lacking some respect for the administration of the law.
Those who
deny its binding obligation, especially where their own rights are concerned,
not
few, and their counsels for the most part go
are
be swayed, momentarily, by strange doctrines
Some of them may
trusted.
lack of information and discussion, but in the end good sense
taken through
but among them there are conspicuous
new
There is need to resist radicalism, not because it may overthrow the
This does not
mean
resistance to the growth and expansion of our
an
Consti¬
principles.
and the pursuit
revolution ever
What more can be required?
All that any
sought to accomplish was a life guarantee.
What the op¬
of happiness.
eternal obligation to remember the meaning
an
It is not license.
It is far
from the privilege of disregarding the rights of others.
It is the fullest free¬
dom of individual thought and action, limited by a like freedom of thought
others.
April
The firm foundation of all liberty is the protection of the
individual against the
or
undertaking to secure for itself privileges not open to any other class
organization is hostile to American institutions and a menace to Ameri¬
liberty.
can
There is
+
'
--
right of contract, of agreement, and association among in¬
a
sought is equal justice;
dividuals which is to be protected so long as the end
but,
effort which contemplates coercion and force is an interference
any
with
our
conception of American liberty and is justly denounced by American
law.
It is true that
hold to the theory of equality, not of
we
stores,"
that the Government guarantees any standard of
mean
its citizens, but that in its dealings
tunity to be heard and the right to
Conditions"
that he creates
Sales
The
not self-existent.
our
an
among
were
that effort and courage
tion will be at hand.
are not
and that under
they
are
day life of the great body of
as
our
it has triumphed in
plains
the heirtage of our forefathers;
citizenship in
war
Hosiery
Silks and
of progress.
lead.
Our institutions provide for
public opinion.
This
an
a
duly ascertained and
process goes on at every
ballot box and in the
wise,
from the Con¬
some
other party, some other
which is delegated to interpret the will of the -people
of the land.
This is the rule not of force, not of a
justice and of
There
are
It acts under
Whenever its action becomes unwise and
public opinion.
who
of
Domestic Rugs_____
overthrowing
the
36
24
—
_
16
Board estimates the decline in the
May 1920 and May 1921, at 41%.
the month of April were as follows:
Second
York
Elsewhere
and
in Second
Dis-
Brooklyn.
District.
trict.
—2.8
+5.8
—0.5
+16.9
+10.0
+15.8
—3.8
-j-2.2
—2.1
—22.0
—20.7
—21.6
+5.1
+5.1
+4.0
322.3
394.4
342.5
New
■'■A
City
of April, 1921—
of Firms Reporting—
changein net sales during April
compared with
net
during
sales
April 1920.
_______
Per cent, change in
number of transactions
during April 1921 compared with number
during April
of transactions
stores
reporting)
30
April
compared
1921
(19
1920
—;___
from Jan. 1 to
Per cent, change in net sales
with
net sales
in stocks at close of April
Per cent, change
with stocks at close of
compared
1921,
April 1920
____________
Per cent, change in stocks at close
compared with
1921,
March
of April
stocks at close of
1921
—
Percentage of average stocks at close
of Jan..
Feb., March and April 1921, to net sales
during those months.
Percentage of outstanding orders at close
1921,
April
total
to
calendar year
of
during
purchases
6.7
1920--
10 0
6.5
organization,
Government.
In
the.absurdity of overthrowing the people,
WHOLESALE PRICES OF
COMMODITIES IN APRIL.
A
was
furlherjjecline in the general level of wholesale prices
witnessed in April
information
of
the present
year,
according to
gather in representative markets by the United
Department of Labor through the Bureau of Labor
In its announcement to this effect made public
States
Statistics.
May 17, the Bureau also says:
The
Bureau's weighted index number,
influence equal to its importance
which gives to each commodity
in the country's markets, dropped from
162 in March to 154 in April, a fall of approximately 5%.
is nearly
42% below that of April, 1920,
The April figure
aqd nearly 43H% below the higb
peak of last May.
Farm
to
a
speak
48
China and Glassware
■
Month
and execute the laws
minority, but the rule of
reason.
those
this reduces itself to
41
Furs
Pianos
Industrial Conference
Actual reports for
an
No parts', no organization, holds any guarantee of power.
the direction of
National
retail price of clothing between
The Gov¬
recognizes the binding force of all such actions.
unwelcome, it is changed for
America
foundation
orderly process of change, not
a
36
(children's)..
36
*
43
38
(men's)
unweighted average of the declines shown by all articles is 37%.
The
When con¬
of the United States to the New England town meeting.
ernment
Furniture
______
It has won
|
deliberations and conclusions of every legislative assembly,
gress
Women's
(women's)
43
DECREASES IN
appeal to the past, it is the sure
through revolution but through the action of
mature
Shoes
48
.
Woolen Dress Goods
The
Shoes
|33
Satins
marked our progress
failed, American faith must not fail.
a mere
Decline.
Shoes
27
___
(silk)
Cotton Dress G oods.___
ashes.
They will not disappear.
can
of decline
percentages
Per Cent
32
Millinery,
Women's
but, what¬
American resources have not
Obedience to law is not
average
30
_____
__
It has made a garden place of
our peace.
who
The
store.
in the every¬
ship there
appear
May 1920 of 117 typical articles selected
34
Women's Hosiery (cotton)
When there is need for leader¬
men
the
Suits..
Women's
They may study
and in peace.
It has raised up cities from their
have not disappeared.
or our
ditions call for them, they come surging on.
are
throughout
stabilization.
in this district has furnished this bank figures for
by different major classifications are as follows:
Men's Suits
We may not know
courage.
That courage, and effort, and confidence, which has
in the past,
random
Women's
been in the display of
breaking away from old-
it is, it has been the mark of American achievement.
wars,
believe prices have approached
Decline.
required, the decline and fall of civiliza¬
The glory of our history has
ascribe it
between April 1 and
Retailers continue to buy cautiously, but are placing
during corresponding period in 1920
it in the character of Washington, in Lincoln, in Roosevelt, or
our
at
It is equally true that they are
France, all have been examples of effort and
the wilderness.
they
shown
the people.
its source, we may attribute it to our contact with our broad
or
Merchants attribute this ten¬
department stores increased 4%
the selling price this month and in
traditions, the prosecution of the Revolution down to the Fields of
lofty mountains,
by apparel departments continues to surpass
in spite of the reductions in price, but sales of house
of the year.
which
investigation to demon¬
the time arrives that existence becomes so
ever
This decline is prob¬
fairly large orders for their fall requirements, especially in those lines in
will do well to in¬
established long ago, that
these qualities, from the clearing of the forests, the
ever
This does
achievement to
these accomplishments.
no long
The
May 1 because of the receipt of the usual shipments of merchandise at this
season
Their defense and perpetuation requires constant effort
If
year.
fell from S3.68 in
district.
accumulation Of property and the
and by experience.
than last
dency to the limited construction of new houses and apartments in this
destruction of property and a general increase
institutions
reason
and constant courage.
world
dollar value of sales
furnishings are falling somewhat behind.
1921
a
be much larger
to
April 1920 to S3.24 in April 1921, a decline of 12%.
Per cent,
misery and destitution
It is true that
justified alike by
continues
ably considerably less than the average decline in price of the articles sold.
accomplishments.
It needs
2.$%
..V„ 'p
;
increased 15.6%, indicating that the volume
of each sale, as compiled from reports of about 4,200,000
Nation has been the marvel of history.
reign of law there is
Brooklyn were
by the stores that keep such records,
of the Declaration
reign of disorder there is
City and
sales submitted
signing
have intervened since the
quire what substitute is proposed.
of want,
sold
York
New
The number of transactions
Number
distribution of the rewards of industry among all the people,
easy
1
in the
but elsewhere in this district they were 5.8%
It is the belief of an American
Those who wish to join in any enterprise of destruction
a
in
of last year,
decision based on the evidence and the
Those who desire to destroy, will do well to study
strate that under
appear
continues:
located
stores
of merchandise
law has been justified by American
This respect for
retail trade which will
on
"Monthly Review of Credit and Business
greater.
lies not in others but in himself.
In the 145 years, which
a
of
those
below
opportunity, that his achievement, his destiny, his great¬
of Independence, the success of our
cent below that of
one per
by the Federal Reserve Agent at New York*
"Review"
The
with them it will grant to all an oppor¬
a
law, without favor and without prejudice.
ness,
item
says an
June 1 issue of the
character or posses¬
sions, but equality of opportunity and equality before the law.
not
evening
Per Cent
Any class, any organi¬
Its basis is equality.
well
retail sales in this district during
of
The fair dealing between man and man.
justice.
in our
strong,
country,
enlightened liberty, the supporter
an
less than one-half of
was
wrong-doing of others.
All liberty is based on
It is the law of unselfishness.
disorders
are
SALES CONTINUE LARGE.
One of the large stores
they
will, provided thereby they do not trespass on the like privileges or do
injury to others.
there
Government,
our
April 1920, according to reports submitted by 42 department
«
Men are free to think as they will, to speak as they will, to write as
to
that our own
the stronghold of
RETAIL
Stocks held by
of liberty, that
liberty which goes with American citizenship.
and action on the part of
authority,
"The dollar value
pressed of other lands may seek, every American holds as his birthright.
There is
at home,
loyalty
our
civilization.
of an advancing
those of last year,
guarantee to American citizens the right of life, liberty
Those principles
in
institution of publicity and education as we have met here this
to honor and acclaim,
underlying
tution, but it does represent resistance to any change in its
zation
constituted
to
unemployment
lies
average amount
Gov¬
but because it is a disturbing and wasteful element in society.
ernment,
and
remedy
Their
ordered, resolute, may continue to be the prosperous abiding place of such
arrivals,
examples of a sturdy American spirit,
generations of American training.
outrivaled by the inheritors of
not
the part of
There may be a lack of appreciation on
prevails.
discontent
is
obedience
confidence, and whenever their attention can be gained, always to be
every
Constitution, not on parch¬
That is our guarantee.
That is our security.
unheeded.
which makes the American people worthy of
It is this respect for law
from day to day, seeking not his own but the public welfare.
on
alone, nor yet on bronze, but into the everlasting soul of the nation.
abroad.
the stronghold of an
enlightened liberty, the supporter of an
advancing civilization."
Vice-President Coolidge's speech
the last election when the people entrusted
as at
wise and clear-visioned.man from Ohio, who in their
a
More than six score years have written our
evening to honor and acclaim,
have met here this
we
as
continue to be the prosperous
institution of publicity and educa¬
may
an
Administrations and offices may
people are the Government.
change, have changed,
There
there is discontent and unemploy¬
while observing
States-
2261
CHRONICLE
products again showed large price decreases, the decline from
April being 8%.
little
over
March
Food articles decreased 6% and cloths and clothing
3%, in the same time.
In the group of fuel and lighting
about 3%%.
Building materials were about
materials the decrease was
2XA% lower in April than in March, while metals were oniy
imnt %%
reported. House
decline of
7 %% took place in the group of miscellaneous commodities, including such
important articles as cottonseed meal and oil, lubricating oil, jute, rubber,
newsprint and warpping paper, soap, tobacco, and wood pulp.
Of 326 commodities, or series of quotations, for which comparable data
chemicals and drugs a drop
For
lower.
furnishing goods showed practically
for March and
of IH%
In 108 cases no
173 commodities and increases for 45 commodities.
for
change in price took place in the two months.
Below
shown the index
are
occurred
April were obtained, decreases were found to have
for
the
months
Index Numbers of Wholesale Prices, by
for the last
figures
The
named.
Groups of
Commodities
Farm products_
1921
_______
Cloths and clothing
Metals and metal products
Building materials
....A—'
.
...
CvAA
139
205
245
371
353
187
195
245
220
208
318
324
165
132
196
188
198
24.5
217
210
353
342
165
131
200
March-—
194
187
200
242
217
211
400
340
165
135
200
April
194
183
200
245
217
214
535
367
165
135
211
200
Commodities
194
182
205
264
223
215
565
462
165
136
215
189
182
211
267
230
215
606
485
165
136
219
July-
186
188
213
264
233
214
524
482
165
137
219
August
183
191
213
255
230
210
294
416
162
137
207
September
184
193
213
252
227
202
229
333
153
137
203
October
184
194
211
236
213
185
200
253
146
133
198
November
180
194
207
221
197
163
194
235
139
135
193
176
189
193
200
183
152
188
191
133
133
178
203
133
172
.....
...
183
193
173
137
176
176
129
171
173
189
197
167
121
153
162
126
131
176
171
188
194
160
113
147
176
125
131
156
169
167
184
179
153
106
135
176
123
129
152
203
,
175
.
OF
168
274
167
154
employed in identical establishments shows
162
154
the
While
measured by changes
have
47% and farm products over 53%.
Building materials,
measured in the same way, show a decrease of 40# % and metals and metal
products a decrease of 29#%.
Fuel and lighting materials were 6#%
cheaper in April than in the same month of last year, house-furnishing goods
were 17#% cheaper, and chemicals and drugs were 20#% cheaper.
In
Comparing prices in April with those of a year ago, as
and cloths and clothing
month of this year,
same
March 1921 figures reveals that in
as
eight industries there was
increase in the number of persons on
an
compared with March, and in six
public
a
the pay-roll in April
In making
decrease.
May 17 the figures for April of this year, the Bu¬
on
said:
The U. S.
Department of Labor, through the Bureau of Labor Statistics,
of employment in
dustries and in bituminous coal mining.
A decline of 2.7% in the retail cost of food to the average
Comparing the figures of April, 1921, with those for identical establish¬
April, 1920, it appears that in all industries there were decreases
ments for
as
compared with March is shown in the retail
in
food index issued
by the United States Department of Labor
40-9%, are shown in automobiles and leather.
through
the
Bureau
details of the retail price
In furnishing
Statistics.
Labor
of
changes the Bureau on May 17
Prices of 43 food articles
month
reported to the Bureau of Labor Statistics
are
From these prices
important cities.
by retail dealers in 51
These average prices are then
prices are made for each article.
average
"weighted" according to the quantity of each article consumed in the aver¬
workingman's
age
articles of food
are
number
the
family.
were
January
From
1913
to
1920
December
22
of persons
of 36.2%
crease
automobile
industries.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS IN
APRIL 1920 AND APRIL 1921.
43 articles
used in this index, but from January 1921
Number on PayEsloJb-
the month from March 15 1921 to April 15 1921 31
which monthly prices are
on
18%; flour
and rice,
and
of
lishments,
Roll.
7%; nut margarine, lard,
prunes,
6%; butter, 5%; cheese, cornmeal and navy beans, 4%;
cornflakes and canned tomatoes, 3%; plate beef, fresh milk, bread,
rolled
oats, canned corn and bananas, 2%; canned salmon, oleomargarine,
baked
beans, canned peas, tea, coffee and raisins, 1%.
The price of chuck roast,
hens, cream of wheat and macaroni decreased less than .5 of 1%.
Ten
articles
April 15
as
increased
in
15 to
oranges,
2%; rib roast, ham and lamb, 1 %
Prices remained unchanged for evaporated milk and sugar.
crease
prices
75%; onions,
were
61%;
secured
sugar,
crisco, 38%; strictly fresh
!crease
120,641;
1921.
1920.
-36.2 $13,870,483
De¬
crease.
$6,406,764—53.8
147,582
85,802 -41.9
4,936,309
2,716,208—45.0
43,438 -30.0
3,899,467
1 week
62,071
58,201
57,968
—0.4
12,564
11,728
—6.7
1,229,967
296,494
2,895,972
1,000.340
1 week
59
# mo
58
Cotton
16
finishing
Hosiery and un¬
'week
34,106
23,137 -32.2
52
1 week
52,290
47,506
—9.1
1,320,274
Silk...
45
2 wks.
17,985 —10.2
972,293
28,400
■22.2
10,280
40.9
1,278,315
458,804
56,171
23.0
1,801,826
1
62
47
1 week
Leather^
34
1 week
20,036
36,524
17,398
86
1 week
72,962
56
1 week
31,362
23,702
■24.4
56
1 week
17,681
16,341
-7.6
24.714
22,478
-9.0
1,657.268
clothing-
making.
_
Cigar manufac'g
(bitumin's)
100
mo.
18.7
381, 392
46.1
1,075, 626 —18.5
15.7
819, 231
362,403
V>
Men's
25.7
261,280 —11.9
707,266
Woolen
on
52%;
eggs,
was
Forty of the 43
28%.
both dates decreased
rice,
35%;
51%;
navy
as
cabbage,
articles
follows: Potatoes.
27.3
929, 882
238, 275 —48.1
1,311 456 —27.2
31.0
586, 233
849,170
305 07 5
—
15.8
1.276 ,620 —23.0
45%;
lard,
39%;
beans, prunes and oranges, 31 %;
Comparative data for April, 1921, and March, 1921, appear in the fol¬
The figures show that in 8 industries there was an increase
lowing table.
in the number of persons on
and in 6
a
22.3% in woolen.
pear
In
12%; round steak and baked beans, 11%; hens, 10%; rib roast, fresh milk
and cornflakes, 9%; ham and bread,
8%; sirloin steak, 7%; canned peas,
6%; rolled oats and tea, 4%; canned salmon and bananas, 2%.
of wheat decreased less than .5 of
articles which
The price
1%.
Respective decreases of 12.3%, 11.4% and 11.3% ap¬
in car building and repairing, paper making and the leather
industry.
comparing April with March of this year, 7 industries show an increase
in the amount of money
paid to employees and 7 show a decrease.
important increase is 55.7% in automobiles.
most
shows
an
increase of 23.4%.
in iron and steel and
increased in price during the year were:
the pay roll in April as compared with March,
The largest increases are 25.5% in automobiles and
decrease.
chuck roast, 16%; pork chops and bacon, 14%; cheese, 13%; canned corn,
cream
# mo. 189,170
repairing.....
Cotton mfg
24%; oleomargarine, 22%; lamb, 20%; plate beef and nut margarine, 19%;
The 3
1921.
1920.
1 week
cornmeal, 29%; butter, 28%; flour, 27%; coffee, 25%; canned tomatoes,
of
or
period, April 15 1920 to April 15 1921, the percentage de~
in all articles of food combined
for which
crease
1or De
47
Coal
For the year
% of
In¬
Roll in April.
In-
crease
Car building and
Paper
Changes in One Year.
,,
Amount of Pay-
% of
I
—
Boots and shoes
follows: Cabbage, 21%; bacon, 6%; pork chops, 5%; onions,
3%; sirloin steak, round steak and
113
.
Automobiles
derwear
month from March
price during the
Iron and steel.
in April.
Pay¬
of the 43
secured desreased in price as follows:
8%;
potatoes,
Respective decreases of
centage decrease, 53.8, is shown in iron and steel.
Industry.
crisco
roll
The most important per¬
48.1%, 46.1% and 45% appear in the leather, hosiery and underwear, and
No.of Period Roll
Eggs,
The
Q.4%, appears in cotton manufacturing.
1921, as compared with April, 1920.
Changes in One Month.
articles
Iron and steel shows a de¬
All of the 14 industries show decreases in the total amount of the pay
included in the index number.
^During
The largest decreases, 41.9% and
employed.
and hosiery and underwear a decrease of 32.2%.
smallest decrease,
for April,
says:
each
13 manufacturing in¬
1921, from representative establishments in
April,
DECREASE IN RETAIL PRICES OF FOOD.
decrease in
Washington reports that comparison of the April 1921 and
at
reau
decrease was 35#%.
a
the Bureau of Labor Statistics
over
family in April
IN
compared with April last year, the number of
as
received and tabulated reports concerning the volume
j
WAGES
AND
EMPLOYMENT
171
the group of miscellaneous commodities, the
158
SELECTED INDUSTRIES IN APRIL 1921 AND 1920.
275
In the index numbers, it is seen that foods
201
June
265
Miscellaneous
declined
.
217
212
...A.....
203
188
196
.
COMPARISON
138
208
195
goods
135
188
..
238
House-furnishing
bined
186
199
,
341
.....
158
icles com
January
February
331
Chemicals and drugs-_____
All
192
207
A
213
_■
fee
April,....
141
AA:A-
353
.
Fuel and lighting
Tea
Cof¬
March....
115
150
270 AA
L
Su¬
gar
Av. for yr.
..
125
246
Food, &c_„,..._
Riee
meal
January
February
April.
March.
April.
_
_
Pota¬
toes
Corn¬
1921
1920
A+
Flour
1920
(1913 equals 100.)
A
Milk Bread
December.
by groups of
named
month are preliminary and subject to revision.
The base used in comput¬
ing these index numbers is the average for the calendar year 1913.
commodities,
Che'se
and
Month
May
„
numbers of wholesale prices,
All Art¬
Year
was
change in price, while a
no
[Vol. 112.
CHRONICLE
THE
2262
The
The woolen industry
Percentage decreases of 20.4 and 15.9 appear
bituminous coal mining.
Raisins,
COMPARISON
16%; macaroni, 3%, and evaporated milk, 1%.
EMPLOYMENT
OF
IN
IDENTICAL ESTABLISHMENTS
MARCH 1921 AND APRIL 1921.
Changes Since April 1913.
Amount
Number on Pay-
For the
8-year period, April 15
increase in
all
show increases
articles
as
1913 to April 15 1921, the percentage
of food combined
follows:
was
55%.
The articles named
No. of Period
Estab¬
of
Industry.
66%; round steak, 60%; cornmeal, 59%; sirloin steak, 57%; potatoes,
53%; rib roast, 52%; chuck roast, 38%; strictly fresh eggs, 36%; butter,
35%; tea, 30%; plate beef, 26%; coffee, 23%; lard, 16%, and rice, 7%.
Year &
iSirl'n Ro'nd
Month.
steak
steak
Rib
Chuck Plate
roast
roast
beef
Pork
chops
Baan
But¬
Ham Lard Hens Eggs
ter
Iron
and steel.
112
47
Automobiles
January
April..
May
168
164
151
201
194
206
187
210
197
166
159
158
152
178
186
187
215
197
240
194
167
159
157
152
180
186
188
204
210
199
190
168
161
157
150
186
186
190
192
215
161
196
170
March
177
169
161
__
172
160
Av. for yr.
179
169
166
157
171
179
169
166
155
206
202
191
195
199
206
191
224
153
183
Inc.
April
or
March
April
or
1921.
1921.
Dec.
1921.
1921.
Dec.
Yx mo. 131,965 119,165 —9.7
68,367 85,802 + 25.5
$8,016,149
1,744,588
$6,384,265 —20.4
2,716,208 + 55.7
3,032,022 —11.3
1 week
60
# mo.
51,479
45,150 —12.3
3,418,414
57
1 week
—0.9
988,568
980,065
—0.9
1 week
57,003
11,148
56,508
15
11,333
+ 1.7
245,729
251,749
+ 2.4
61
1 week
22,891
24,642
+ 7.6
378,621
407, 502
38,831
16,998
47,506 + 22.3
871,666
773,411
867,051
Hosiery and un¬
Woolen
February
% Of
in
March
Car building and
repairing
Cotton mfg
Cotton finishing
derwear
1920
of Pay-
Inc.
Roll.
ments
flour, 79%; pork chops, 72%; lamb. 71%; cheese. 70%; milk, 67%; bacon,
Roil
% of
Pay-
lish¬
Hens, 94%; ham, 86%; bread, 84%; sugar, 80%;
Roil in
52
1 week
Silk
45
2
»_
w'ks
17,881
+ 5.2
+ 7.6
1,075, 626 + 23.4
816, 525 + 5.6
937, 023 + 8.1
Leather
35
1 week
26,727
10,555
28,603 + 7.0
9,365 —11.3
Boots and shoes.
85
1 week
55,590
59
1 week
27,670
Cigar manufac'g
58
1 week
15,738
56,042 + 0.8
24,512 —11.4
16,612 + 5.6
1,324,674
686,084
199
Paper making..
303,816
609, 778 I—11.1
309, 401 + 1.8
Coal
96
Yi mo
24.319
21,810
—0.3
1,471.413
1.237, 713 —15.9
189
221
153
187
June
182
191
176
174
157
194
200
215
185
216
155
175
July
192
202
181
179
158
208
203
222
184
211
166
224
177
51
clothing-
1 week
225,680
209, 892
1,305, 620
—7.0
—1.4
177
203
Men's
..
186
196
184
175
September
185
193
175
170
152
238
202
224
177
214
206
179
October
177
188
168
162
147
238
202
222
185
207
234
180
(bitumin's)
August..
..
176
172
154
219
212
Changes in Wage Rates
and Per Capita Eearnings.
During the period March 15 to April 15
there were wage rate changes
establishments reporting to the Bureau in 10 of the 14 industries.
reported in the hosiery and underwear
November
171
178
165
158
146
210
196
212
183
201
250
181
made by
December.
166
160
152
145
136
157
176
186
162
189
268
162
One increase in rates of wages was
141
200
229
159
industry, and in the boot and shoe industry two
1921
January
159
163
157
148
140
171
171
180
February
151
153
148
138
129
156
166
179
131
201
139
141
130
168
155
181
124
203
121
150
140
127
177
164
183
116
202
99
143
_
March
154
157
152
April
157
160
154
'
148
AH other wage
Iron
men
and
Steel:
Four plants reported a decrease
Tnan were
of 20%, affecting all
and 95% of the men in the fourth.
In one concern all
reduced 20% in wages, while all 8-hour men were reduced
in three plants
10-hour
increases were reported.
changes were decreases.
THE
In another concern the wages of
15%.
all employees
CHRONICLE
decreased: one-
were
decreased 19%, one-fourth of the force 19.2%, and
half of the force being
A reduction of 18% was made to all em¬
ployees in one concern.
Two mills reported a wage rate decrease of 13%,
affecting all employees in the first mill and 3% of the employees in the
second mill.
A decrease of 10% to 46% of the force was reported by one
the remaining
fourth 113^%.
reduced 60 cents per day.
Irregular operation, caused by lack of orders and general business depres¬
sion, was reported throughout the industry.
The per capita earnings for
April are 11.8% less than for March.
Automobiles: In one shop a 20% decrease was made to 80% of the force.
All employees in another plant were
plant.
reported for this industry and the per
increase of 24.1% when comparing April with
Improved business conditions were
capita earnings show an
March,
_
changes were reported for this
1.1% higher for the pay-roll period
corresponding period in March.
repairing: No wage rate
Car building and
industry, but the per capita earnings are
in
April than for the
Cotton manufacturing:
The entire forces of five establishments were re¬
of 20% for full-time service and
one of 15% for less than full-time seivice were discontinued.
Decreases
ranging from 15 to 20% were made in one concern to all employees.
Prac¬
tically the entire force in two plants had respective wage rate decreases of
16 2-3% and 13%.
A decrease of 10%, affecting approximately all em¬
ployees, was reported by five establishments.
Although slight curtailment
of production was reported, the per capita earnings show no change from
In one plant a bonus
duced 20% in wages.
those of last month.
Five establishments
Cotton finishing:
reported
rate decrease of
a wage
More time was worked during this
0.8% higher for April than for March.
Hosiery and underwear: Sixty per cent of the employees in one concern
were granted an increase of 10%.
A decrease of 20% to 95% of the men
was
reported by one establishment.
One-half of the men in another
establishment ware cut 18 2-3% in wages.
The entire force of one mill had
a wage reduction of 10%.
Employment throughout this industry remained
practically the same as during the preceding month.
The per capita earn¬
ings show no change when comparing April with March figures.
Woolen: When comparing per capita earnings for April with those for
10%, affecting 5% of the employees.
period and the per capita earnings are
March,
an
increase of 0.8% is shown.
decreased 10% in wages.
Prevail¬
those of March. The per capita earn¬
ings show an increase of 0.4% when April and March figures are compared.
Men's ready-made clothing: For the month of April the per capita earn¬
ings were one per cent more than for the month of March.
Leather: The entire force of one tannery was reduced 10% in wages.
Silk:
The entire force of one mill were
Journal," the statements printedjtherein serving to indicate
that the Government report was
either section—only a
has
better than at any
earnings reported show an increase
with the preceding
Boots and shoes:
in one factory,
An increase of 10% was
granted to 6% of the employees
reported an increase but did not state
The entire force of one plant was re¬
When compared with March, the per capita earn¬
whiie another factory
the number of employees
duced
of 4.8% when compared
month.
10% in wages.
affected.
ings for April show a decrease
of 2.2%.
reported, affecting practically
other mill. The
entire force of four plants had wage rate reductions of 15%.
Decreases
ranging from 10 to 20% were made to 834 % of the men in one establishment,
while all employees in another establishment had reductions ranging from
10 to 18%.
A decrease of 10%, affecting the entire force, was reported by
Paper: In two mills a decrease of 20% was
mill and 10% of the employees in the
all employees in one
one concern.
ume
Due to lack of orders, and part-time employment,
of employment for
but the per cap¬
April was less than that for March,
ita earnings show a slight
increase—0.3%
the vol¬
•
was
^
compared with those for March, show a decrease of 3.5%.
Bituminous coal:
for their
product.
Many mines are partially idle, as there
is little demand
The per capita earnings for the period in
April are 6.2%
lower than for the March pay-roll
epriod.
AMERI¬
FEDERATION OF LABOR.
According to compilations of Frank Morrison, Secretary of
the American Federation of Labor,
the present number of
unemployed in 210 cities aggregates 1,325,061—both union
and non-union workers—as
end of March.
compared with 1,391,396 at the
The figures given out
by Mr. Morrison on
May 20 do not include those of Chicago, as these have not
yet been tabulated.
time in
years.
selling by innocent stockholders of their
the
caused
and
Editorially the "Journal" has the following to
holdings.
regarding the Government reports:
say
There
this
good prospects that Connecticut will grow
are
a
fine tobacco crop
The stories that have been circulating in the public prints,
year.
carrying more or less approval from experts of the Bureau of Plant Pathol¬
the effect that the tobacco beds in that State have been attacked
ogy, to
imported disease that has been playing havoc have been found, by a
a new
representative of the "United States Tobacco Journal" who made a two
days'
of the tobacco district, to be without substantial foundation.
survey
By calculation, there are actually enough healthy plants in the County
of Hartford to set out the entire State of Connecticut in tobacco.
plant-beds have suffered from
It is true that in one or two sections the
Greater New York and vicinity, ac¬
cording to the report, have 400,000 unemployed, or the same
number as on the last of March.
Cleveland has 125,000,
against 108,017 in March; Boston 40,000, against 35,000;
Milwaukee 34,500, against 40,000; St.
Louis 50,000, against
Every
mildew, but this is neither a new experience nor a new disease.
cold, damp spring that lingers into the lap of summer witnesses more or less
same
trouble, according to veteran tobacco growers, some of whom
have grown
rich through their knowledge of how to grow tobacco in Con¬
of the
necticut.
Furthermore,
head
of
a
tobacco of experience, whether an individual farmer or
no
corporation, makes plant-beds to furnish just the quantity
plants he will need to set out his acreage.
the most hazardous occupation in the
of
He has learned that farming is
world, and he invariably provides for
will be required.
When
puts a crop
many
times
in the
ground, whether it be of corn, cotton or anything else, he is taking a
plants
as many
as
He is dependent upon the weather
gambler's chance of making a harvest.
and
thousand other
a
a man
The prudent farmer minimizes these
contingencies.
difficulties in every possible way.
As
an
2,400
illustration, the American Sumatra Tobacco Co. will grow
The management of the company
of tobacco under shade this year.
acres
has provided plants
Their beds, laid end
sufficient to set out 10,000 acres.
miles.
In a
Connecticut Valley
end, would extend, eight feet wide, for a distance of twelve
to
greater or less degree every other tobacco farmer in the
has
similar
taken
farmers and
plantation
is that never has Connecticut been in a
managers
better condition to grow a
Nobody
The general feeling among the tobacco
precautions."
fine crop of tobacco.
guarantee that she will, but we repeat,
can
lack of young plants.
Recent advices received from Florida indicate that
in that State has about the same basis as that in
situation is fully covered by
if there is a crop
it will be due to some other cause than a
failure in Connecticut this year
V
the "mildew" trouble
Connecticut.
The Florida
special reports written for the "United
States
Tobacco Journal."
President of the American Sumatra
Julius Lichtenstein,
Tobacco
Co., is quoted
a
I have been farming for a great
scared some of the farmers because it was new, but
it gave us no trouble
always making
always count upon something happening and
because we
seed beds capable of producing
for
everybody said
that
This plant bed trouble is just a little matter
just right.
was
cold,
or too
Every year
will notice that generally
but I can never remember the time when
years,
that it
hot
you
Sometimes it is too wet; some times
is produced just the same.
crop
many
follows by the "Tobacco Journal"'
but nevertheless
calamity,
some
as
trouble in the practice of farming.
There is always some
there is
twice
as many
plants as we actually require
tobacco fields.
our
We
caused by plant
shortage by providing for more plants than we can possibly need.
This
year it came in handy, and with plenty of good, strong plants that were
healthy and vigorous we got the crop started early and in fine shape.
We had good weather during the planting season, and the young, healthy
plants quickly took root and started to grow.
We have a very even
growth in our fields, and some of the fields contain plants that are ready
for harvest.
Mr. Arguimbau, our Vice-President, just returned from a
visit to our Florida plantations and he reports that the crop shows to much
better advantage than usual at this time of the year.
The whole thing
resolves itself into the fact that the Department experts become unduly
A successful farmer must always
be ready to meet an emergency.
have year
FIGURES OF UNEMPLOYMENT COMPILED BY
CAN
which
looking
Theloriginal publicity
brought about a sharp
season
decline in the stock of the American Sumatra Tobacco Co.,
it is too dry, or it's too
reported by one plant.
A decrease of 10% to 8% of the force was made in one establishment.
Seventy-five per cent of the employees in two concerns had respective wage
rate decreases of 6% and 5%.
The per capita earnings for April, when
Cigars: A general wage reduction of 12%
disease in
no
and that thejcropslarelnow
given the matter in the daily papers
ing business conditions are similar to
The per capita
is
slight mildew early in the
been eliminated,
From
entirely unjustified.
the "Journal's" advices it appears that there
after year been ready to meet an emergency
alarmed.
There is
came
We
have
no reason
why we should not have as fine a crop as ever
Florida.
out of
Department of
the experts of the
with
co-operated
always
organization in the study of
These men feel a pride in
their work, and in their reports they naturally make the importance of
what they are doing as strong as possible.
Their report upon this so-called
new plant disease was somewhat exaggerated and gave a wrong idea of just
Agriculture, giving them all the facilities of our
soils, plants diseases and better
how much damage it
I feel that not
methods, &c.
had caused
or
could cause.
only are the prospects of the new Florida crop
Indianapolis
25,000, against 2,000; Cincinnati 20,000, against 35,000, and
Los Angeles 18,000, against a similar number in March.
Other cities included in the report are:
|
from
good, but
production than they ever were before.
37,500;
Pittsburgh
60,000,
against
20,000;
Grand Rapids, Mich., with 2,500, against 7,500
W.
Va.,
200,
against
1,100;
Providence,
R.
in March; Huntington,
I., 10,000, against 23,000;
Reading, Pa., 10,000, against 4,500; Schenectady, N. Y.,
15,000, against
Del., 13,500,
15,000,
against 2,500; St. Joseph, Mo., 4,500, against 6,500; Salt Lake City, and
5,000; Waterbury, Conn., 22,500, against 18,000; Wilmington,
against 9,870; Akron, Ohio, 20,000, against 12,000; Altoona, Pa.,
vicinity, 3,000, against 3,780; Portland, Ore., 500, against
Pa., 3,500, against 11,000; Tacoma, Wash., 6,500, against
Texas,
N.
J.,
3,325, against 3,000; Salem, Ore.,
12,500,
10,000;Scranton,
6,000; Houston,
1,500, against 2,275; Camden,
against 25,000; Fort Wayne,
Ind., 5,500, against 4,000;
Bethlehem, Pa., 9,500, against 10,000; Oshkosh, Wis.,
700, against 4,000;
10,000,
against 25,000; Flint, Mich., 12,000, against 19,000. and Pawtucket, R. I.,
Wheeling, W. Va. and vicinity, 4,000, against 7,000; Butte, Mont.,
4,000,
I feel that Florida wrappers are a more
The
"Journal"
also prints the following special
The report
of destruction of seedbeds in
DISEASE
TOBACCO
UNJUSTIFIED.
Recent Government reports
were
regarding tobacco disease in
given considerable attention in
Saturday's issue (May 21) of the "United States Tobacco
Georgia and Florida from a so-
enormously exaggerated.
Some damage has been done to
locally, but the loss is not a great deal heavier than usual, and there are
called pest are
beds
plenty of healthy plants to set out all
farmers have planned to plant.
One of the best known growers
the tobacco that the Florida-Georgia
of this section, a veteran
of many years
experience in both Florida and New England, and a man who is eminent in
the scientific feature of growing tobacco, had the following to say to the
"United
States
Journal's"
Tobacco
"The theory that
representative:
this trouble was imported into this country and that it
represents a new type of plant
disease is all tommyrot.
We have had out¬
breaks of trouble from mildew and mold ever since I can remember.
"The entire trouble was due to the fact that February
The cold weather of early
GOVERNMENT REPORTS REGARDING
last
advices
Quincy, Fla.:
and March were
extremely warm, causing the plants to grow rapidly and become very tender.
against 3,500.
Florida and Connecticut
important part of American tobacco
April caused the trouble.
find that the stalks and roots
are
Upon investigation I
perfect and only the leaves have been
affected, whih proves conclusively to my mind that
the extreme heat of
February and March, followed by the cold of April, caused all the trouble;
and all this talk about Australian Blue Mold is foolish.
"This same trouble in
a
less degree I have seen before.
weather is favorable the plants are
we
should not make
a
good
crop
Now that the
looking fine, and there is no reason why
this year."
,i
does
will be just
this year
as
There will be
beds.
large as if there had been no
own
SHOP
McKenney,
which we are
.7.
May 22,
best in
State
are
substantial price reductions they are
tion of early
of
the
ment
000
miners
unemployed,
are
present
it is observed that the
1922, and that
likely to come too
The following is Sena¬
scale will stand until April,
wage
reduction in freight rates on coal is
any
late to correct the present
situation.
statement, issued May 8:
How to break the "buyers' strike," if such it may be called, affecting
the coal industry, is one of the grave and immediate problems confronting
the Government in its executive and legislative branches.
It has been the
subject of discussion at Cabinet meetings and is now before Congress.
The reason for official concern over the condition of the coal industry
three factors,
anc| primarily connects itself obviously with
immediately
namely:
employment and their dependents
(1) Upward of 200,000 miners out of
in
bins.
laying in its supply as
fall and winter will find it with empty coal
of
v:v.'-'• \
v.
(3) Sudden restoration of a market, and an attempt to crowd the hauling
the bulk of the nation's coal into the fall and winter months, will place
admittedly unable to adequately
discharge.
That will simply mean a repetition of the so-called "coal fam¬
ine" of last year, which was, per se, a car famine.
It is proposed in bills before Congress to induce the public to lay in its
fuel supply in ample season by authorizing and directing a reduction of
freight rates on coal.
That idea put into practice might prove effective.
If it should, it is hardly likely to meet the present critical situation with
the desired promptness.
That help would be likely to come rather late.
the railroads a burden which they are
upon
Under
are
established
Dr.
scale of miners' wages, the prices for
likely to be. They are less than those
existing freight rates and
soft coal
low
as
they
as
now
are
by the late Fuel Administration, which allowed, according to
Garfield,
an
was
profit of
average
1920, the miners
increase
secured
16 cents the ton.
Since then, during
47%, which
increase in two installments of
an
the present wage
written into
scale under Government super¬
It is, therefore, use¬
vision, and which scale has until April, 1922, to run.
less to
hope for
year.
Wages and freight rates
reduction in
a
orders and contracts
they
soon,
they
the main supports of the present market
are
consumers
expecting
any
withholding
substantial reductions in prices
They
ignorant of the true conditions.
are
are
taking
are
a
the
1914
in
soft
anyway
risk that
industry has had to sustain six successive in¬
These increases
wages.
the cost of each ton.
On
represent an increase of
a
it is
have added,
estimated,
$1.70
to
yearly production of 550,000,000 tons this would
$935,000,000 in
produce soft coal before the
wages
alone
what it cost to
over
Freight rates have approximately doubled since 1914.
Where the aver¬
freight rate was about $1.50 a ton in pre-war days, the average rate
is
rates
about $3.00
much
run
The
to
tons, represents
Taken
it
is
over,
on
applied
advance in the
an
a
yearly
cost of
wage
production
of
soft coal to the
account of freight charges,
together, advances in
estimated,
The
scale
of
consumers
whole-hearted
late
to
coal bill
of
the
until
be
April,
drawn
1922,
the
from
a
foregoing
scale written
on
correct
coal is likely,
the
if it
comes
present situation
are
under
(2)
that (1)
the
Government
wage
super¬
that any reduction in
and when it
comes,
to
before the damage has been
be too
done
•
over
coaling the country for next fall and winter is abundantly justified.
What
public's interest and concern in this matter are second to
the
public
no
other.
needs is to clearly understand that by holding off it is
assuming too great a risk on its own account; is unwittingly contributing
to the vexations and burdens of the railroads, already weighted down with
vexations
and
employees,
troubles;
is
can
be shown best in the con¬
ment for
envelopes.
such
Furthermore,
proposal is to encourage the disorganization of the
a
organized and prevent organization of the yet unorganized.
The humiliat-
>
ing confession of defeat of the "open shop" campaign officially corroborates
by labor that, as the "open shop" campaign
the statements heretofore made
illogical campaign, conducted to serve greed and
un-American and
an
was
special interests, it was impossible for it to succeed.
This position has been
maintained by labor since the profiteering interests first launched their
agitation to enslave labor.
^
'
.y
The hue and cry for the "open shop" also was intended as propaganda
men
legislation in the States similar to that adopted in Kansas to
influence
tie
to their
defeat for
unworthy
the Committee
of
But the propaganda proved! unavailing. Not a single
disgraced Kansas.
No more abject admission of
jobs.
the lead of
State followed
cause
on
It is
Manufacturers.
could be made than that contained in the report
Industrial Betterment to the National Association of
a
cry
for help.
has been made by
that which
But the
answer
will be the
same as
the people to the unfair employers since the
campaign began.
The failure of the
which
are:
campaign to destroy trade unionism proves two things,
\
y
.
.■
7
":--v
that the working people want trade union organization and
will
.>'d;:Second, that trade unionism is fundamentally right that it is a vital
part of American democracy in action, and that the logic and strength of
its position are proof against successful attack.
7
,
The opportunity seems fitting to say to the workers of America and to
the employers that the American Federation of Labor is about to begin a
great organizing campaign.
Organization work continues at all times, but
First,
and,
be driven from its protection,
not
work
this
is
be
to
The
intensified.
carried to every corner
-y
message
trade unionism
of
of the land, to the limit of our power.
will
be
Its encour¬
offered to the workers everywhere.
agement and protection will be
Immediately following the Denver convention next month it is my pur¬
pose
to visit a number of cities to encourage
.7:
American
labor wants
the country, for
of the value of
of
The
the unorganized to join
.•
.
our
...
the value of organization to be at the service of
the sake of the protection of the workers and for the sake
organization in the stimulation, encouragement and facilita- J
production.
confession
of
the
National Association of Manufacturers should be
good news to all thinking persons.
Of no less value will be the redoubledefforts to broaden and strengthen the great, democratic, constructive, lib¬
of American working people.
erty-loving organization
END
OF
STRIKE IN NEW
keeping
many
thousands
of
miners
idle,
and
causing distress to the dependents of these men; and doing that which it
forecast
between
and the
this
week by the resumption
of negotiations
Clothing Workers of America
Clothing Manufacturers' Association of New York,
reorganization of the latter body and
Bandler, its president. The
appear to have won their chief demands,
resignation of William A.
manufacturers
by each worker will be
on
a
nearly what
of wages.
How
be settled, it is not possible definitely
ascertain, but the fact
very
of production stahdards, where¬
responsible for a certain definite out¬
piece-work basis, and a reduction
these two issues are to
to
York, which began Dec. 6, 1920,
Amalgamated
namely the establishment
put
■
following the
Inc.,
the
the
."7.77
strike and lockout in the men'&
Early termination of the
was
YORK CLOTHING TRADE
NEAR.
clothing industry of New
(3) that the grave concern felt by the officials of the Government
The
their
in
interest
,
When that is lacking there can be no encourage¬
the workers in having representatives on boards of directors.
of pay
tents
the
scales and in freight rates since 1914,
if, indeed, not by Government direction;
freight rates
....
in industry upon theto silence
thein by promising a few of their representatives seats on boards of directors of the corporations.
This would be empty honor, indeed.
The hopesand aspirations of labor cannot be satisfied by the patronizing act of pat¬
ting the workers on the back.
Sincerity of purpose of employers, their
550,000,000
$825,000,000.
have added $1,750,000,000 to the yearly
conclusions to
stands
vision
employed."
are
Having failed by coercive tactics to force autocracy
ton.
nation.
and
workers
•.
a
$1.50,
representation should become
dealing with
approved method of
For long distances from the mines the freight
ton.
higher than $3.00
of
increase
country
a
campaign be inaugurated, and
plans for industrial repre¬
the following results:
"If plans for
offensive
an
war.
age
now
that
would bring about
labor.
Such plans could be
inaugurated where members of labor organizations as well as independent
most
tion
coal
losing battle."
a
urged
movement.
V
bituminous coal
of
ill afford to take.
can
Since
creases
the
:
\
v
point is that if
aid to lower soft coal prices this
wages as an
prices.
The
which
to
distress.
(2) Certainty that unless the public soon starts
usual at this time of the year,
is
into
"A
against the defensive position
labor and plaintively declared:
adoption are wisely introduced, industrial
its
Elkins's
tor
protested
workers, the National Association of Manufacturers now proposes
is
of the contentions that there
In support
supply.
unlikely to be a decrease in prices,
has proved a failure was
"open shop" movement be stimulated by
sentation
the
public soon starts to lay in
coal bins is forecast unless the
its
ignorant
the likelihood of empty
and
campaign
shop"
"open
organization
committee
The
that the
which more than 200,-
"buyers' strike" as a result of
at the
that
of
defensive battle
Senator Elkins indicates concern
conditions.
true
the
that
Manufacturers held in New York.
which the members had been forced by
if consumers of bituminous
withholding orders and contracts with the expecta¬
American Feder¬
great organizing cam¬
a
public May 16 at the annual convention of the National Association'
The Committee on Industrial Better¬
made
of
dustry, in which he says that
coal
begin
to
His statement in full follows:
Confession
bearing on the situation
Commerce,
Labor is about
of
paign."
Senate Committee on Interin the coal ip-
statement, as a member of the
employers, that the
of America and to the
has issued a
"The opportunity
envelopes."
of pay
contents
the
fitting," Mr. Gompers added, "to say to the workers
seems
EARLY GOAL PRICE
of West Virginia,
Elkins,
Davis
expressed the
"sincerity of purpose of employers, their
whole-hearted interest in their employees, can be shown
REDUCTIONS UNLIKELY.
Senator
suggestion of representation
that the
that the
opinion
ation
SENATOR ELKINS SAY,8
a
management did not appeal to labor, and
in
consequently suffering losses
alarmed and sacrificed their stock,
Federa¬
statement at Washington, on
issued
in which he declared
::
took exception
to the opinion of the Government's expert.
While I am not a pathologist,
yet my whole life's experience as a practical tobacco man has taught me not
to become alarmed over these reports.
I am very sorry that these reports
emanating from the Department of Agriculture were apparently used to
depress our stock, thereby disturbing innocent stockholders who become
of the National
"confessed" fail¬
Samuel Gompers, President of the American
ure,
tion of Labor,
statement in which I
telegram confirms my previous
shop campaign
open
OPEN
FAILURE.
Association of Manufacturers had been a
districts appears to have
loss whatever.
no
This
time its duty to its
BELIEVE
TO
AFFECTS
CAMPAIGN A
Charging that the
Washington, D. C.
been checked.
Damage to crop not exceeding an average of 5% confined chiefly to the sand
leaves.
You are authorized to publish this statement by the Department.
The damage to the sand leaves is no loss to the company, as the sand leaves
are worthless and are always left in the field, therefore, the company will
Department of Agriculture,
"Disease in Florida and Georgia
sustain
GOMPERS
SAMUEL
give to the press, from R. E. B.
Plant Pathology,
economic life.
industrial and
our
following
authorized
Pathologist, Laboratory of
received the following telegram,
We have just
to
May 25 issued the
in
public's duty to the country, and at the same
best interest, is to lend a hand and co-operate.
plentyjof youngTplants.
on
optimism
The
V;
1
and
rebirth of prosperity,
do—helping to retard a
heart want to
at
not
confidence
The acreage of tobacco
exception.
President Lichtenstein
statement:
contingency,
in Florida
trouble with the seed¬
plants to meet almost any
Local farmers always grow enough
and this year has been no
[Vol. 112.
CHRONICLE
THE
2264
that the manufacturers will secure
they asked for originally,
seems to be
:
May 28
THE CHRONICLE
1921.]
indicated by
the statement on May 21 of Sidney Hillman,
president of the Amalgamated Clothing Workers, that the
of the dispute would provide for a
settlement
in
duction
sufficient
cost
labor
to
allow
"marked
re¬
competition
in
manufacturers
On the other hand, the
are
having internal
A split has occurred in the
dissenions to contend against.
Manufacturers' Association, and some of the members have
withdrawn from it and have
affiliated themselves with
any
organization. In brief, on May 20, William A. Bandler,
of
one
of influential
number
a
and Germany.
a
members
of the
Clothing
Association of New York,
Manufacturers'
refused to
in the association known as "ir-
others of the group
with
who
negotiations with the clothing workers' union, met
reconcilables" and reorganized the old New York
Clothing
and the
this
That
trade
clothing
will continue
group
its fight
against the Amalgamated Clothing Workers' Union is indi¬
shall not be entered into
association or union of a revolu¬
organization,
any
or
which advocates the destruction or
radical change of our
existing industrial, political or social
tionary character,
structures, or the substitution for the present
of
of the United States of America
of
government."
Association
Section
^
the interests
of
manufacture
and
or
form
sale
of
association shall be to promote a
relationship among and to foster
firms and corporations which are engaged in the
clothing in the City of New York and vicinity,
this
•
V\:.' v
the industry.
in
from unjust and illegal exactions and de¬
The securing of freedom
(b)
mands of every
nature and kind.
and the
The settlement of differences between the members of the association.
The establishment of uniformity and certainty
in the customs and
of the business.
of
union
or
the
in
workers
industry,
the
provided and
upon
condition, however,
fourths
all
of
-
of the
members
the
of
the
into with
organization, association or union of a revolutionary character or which
advocates the destruction or radical change of our existing industrial, po¬
any
social
litical
or
of the
United
denies
States of America of any
That
Third.
to
any
such
no
.
That
the
to
right
no
members
dispense
to
employment
association, organization or union of
v
such collective
the
of
and control of
management
shall be entered into which
worker equal opportunities and advantages for
workers.
Fourth.
Government
other rule or form of Government.
collective agreement
of non-membership in any
reason
denies
the substitution for the present
structures, or
with
ployees.
the
agreement shall be entered into which
association
the
power
of discipline in the
or denies, to the members the
inefficient and incompetent em¬
Committee
tee is
Clothing Trade Association, which was organized in 1883,
1901
factories
as
and
those manufacturers who operate
comprised of
distinguished from those who have their work made
unanimously
Harry A.
Gordon, counsel, and Archibald Stevenson, associate counsel.
The revitalization of the New York Clothing Trade Association is the result of the
withdrawal from the Clothing Manufacturers' Association of New York,
Inc., of certain members who refused to embark upon the new policies
which that association has adopted, notwithstanding that on the day pre¬
vious the membership of that association had by a majority vote disap¬
through
chosen
is
contractors,
President
of
the
actively
again
New
York
functioning.
I
was
Clothing Trade Association,
proved those policies.
Announcement
/
was
made
on
Manufacturers'
•close its factory
there yesterday
in the plant of
of New York
(Friday)
would
and resume op¬
The factory was started in Feb¬
eration^ in New York.
ruary
Association
the former
Bauman
Clothing Cor¬
'
JERSEY
passed by the Senate on April 26 without a record vote.4
Under the bill cable companies would be prohibited from
landing
operating cables connecting the United States
or
foreign country, or connecting one portion of the
United States with any other, without a license issued by
with any
Charles
mittee
and the President is authorized to withhold
the President,
revoke
or
license when it would be in the Government's
a
MANUFACTURER
CRITICISES
OPEN
prevent the unauthorized landing
by the Senate and House of Representatives
of America in Congress
the
United
States
any
of the United States'
assembled, That no person shall land or operate in
submarine cable directly or indirectly connecting
foreign country, or connecting one portion of
thereof, unless a written license
States with any other portion
the United
the President of the United
United States
without a license granted by the President may continue to operate without
such license for a period of ninety days from the date of the approval of
operate such cable has been issued by
to land or
States: Provided, however,
this Act.
Sec. 2.
That any cable now laid within the
•
That the President may
shall be satisfied that such action
withhold or revoke such license when he
will assist in securing rights for the landing
operation of cables in foreign countries, or
interests of the United States or
promote the security of the
in maintaining the rights or
will
of its citizens in foreign countries, or
United States, or may grant such iicense upon
just and reasonable rates and serv¬
such terms as shall be necessary to assure
and use of cables so licensed: Provided, That the license
ice in the operation
granting to the licensee exclusive rights
shall not contain terms or conditions
of operation in the United States: And
of landing or
provided further, That
construed to limit the power and juris¬
granted the Inter-State Commerce Commission with
nothing herein contained shall be
diction
heretofore
respect to the transmission of messages.
cable
That the President is
3.
Sec.
'
-
If
2ourt
a
jurisdiction in the district in which any
shall have jurisdiction to enjoin the
by injunction the removal
granted under this Act,
shall not be complied with, any district
of the United States exercising jurisdiction
Sec.
That whoever knowingly
4.
the removal thereof.
commits, instigates or assists in any
section I of this Act shall be guilty of a
shall be fined not more than $5,000, or
year,
Sec.
or
both.
•
used in this Act includes the
Philippine Islands and all territory, continental or
Canal Zone, the
subject to the jurisdiction of the United States
Sec.
That no right shall accrue to any
6.
modified
amended by the Congress.
or
Passed the Senate April 25
In
misdemeanor and
imprisoned for not more than one
That the term "United States" as
5.
in the district in which
landed shall have jurisdiction by injunction to
prevent the operation of such cable or cause
J
cable
his
being operated in violation of this Act, or
license to land a cable shall be
such cable shall have been
act forbidden by
Any district court of
landed in violation of this Act.
about to be
<
'
empowered to prevent the landing of any
landing or operation of such cable, or to compel
.
insular,
of America.
Government, person or cor¬
be rescinded, changed,
.y
\
(calendar day, April 26) 1921.
explaining his bill in the Senate on April 26, Senator
Kellogg said in part:
This is
a
bill to prevent the
unauthorized landing of cables in the
the possessions of the United States, to authorize
States or any of
dent to issue licenses for such cable landings or to
The bill
Industrial
Relations
of
the
State
Chamber,
according to the New York "Evening Post," has left for a
a
was
United
the Presi¬
issue such licenses upon
introduced in the spring of 1920, and at the
subcommittee to
and to report a
I can
D./Freeman, Vice-President of the New Jersey
the Com¬
of submarine cables in the
United States.
have been
CAMPAIGN.
Chamber of Commerce and Chairman of
on
passed by the Senate:
The following is the bill as
AN ACT to
begin¬
Inter-State Commerce Committee
hold hearings and investigate the subject
ning of the last session of Congress the
SHOP
State
STATES."
UNITED
IN
submarine cables in the United States, was
ized landing of
authorized
NEW
CABLES
OF
Kellogg's bill, designed to prevent the unauthor¬
Senator
conditions.
poration.
>
.
SENATE PASSES BILL TO PREVENT UNAUTHORIZED
poration under the terms of this Act that may not
May 25 at Springfield, Mass.,
that, owing to the settlement of the New York strike, the
Olothing
American
programme on
>
ind if the conditions of such license
The New York
America from
A speical sub-commit¬
industrial relations.
been landed in violation of this Act,
statement on May 22 Mr. Band¬
a
the
save
tentative constructive
a
the United States exercising
in
can
Chairman of the State Chamber's
as
working out
of such cable.
incorporated in
own
act
Industrial Relations.
on
is about to be landed or is
of
ler said:
their
will
industry,
services
'
move
of the personnel
industrial house and
During the absence of Mr. Freeman, L. K. Comstock,
the factories,
.
Explaining the
through systems
the fortunes that have befallen some European nations.
association;
agreement shall not be entered
collective
or
administration,
expert
employers hope to build a stable
or
That such
Second.
particularly needed
industry—employers, employees
organizations, where such are in operation,
developing
.
shall be approved by at least three-
The such collective agreement
First.
in
representation, where the employees are unorganized, and only by
the United States with any
tending to uplift condi¬
tions in the business, and tending to foster, enlarge and encourage a friendly
intercourse among the members and between the members and their em¬
ployees, and those with whom they have dealings.
(h) The making of any collective agreement with any organization, asso¬
(g) The co-operation, generally, in all matters
ciation
endeavors
that only by securing the cooperation of the employees through
Be it enacted
(f)
usages
are
public—is needed.
their labor
and return of merchandise.
(e)
by
feel
participants
the
between
confidence
business
interchange
constructive
industry is lagging and when the reestablishment of.
at this moment when
I
those
of industrial relations in which they have
conspicuous during recent years, and which
interest.
employment and sanitary conditions.
The exchange of information and the establishment of uniform rules,
methods in relation to credits, and in relation to the sale,
(d)
and
continue
employers
American
the
so
y.v
(c) The establishment of uniformity in relation to employment, wage,
hours of
The "Evening Post"
Vi
y,.";-.-.1
towards the solution of the problem
LANDING
The regulation and correction of such abuses as are current or may
(a)
employers, organized labor
special attention to the operation in
My sincerest wish and hope is that instead of participating in the militant
tive,
'
part:
of
of
so-called "open shop" campaigns, the purpose of which is primarily destruc¬
by the New York Clothing Trades
purposes
persons,
including:
arise
other rule
friendly intercourse and
more
sponsor
Joint Indus¬
Government
,";V
in
are
The
1.
broader and
any
.
articles adopted
The
pay
a
a
Chairman of the National Industrial Council in the electrical
bargaining, state:
such collective agreement
.
.
with
public, will
quotes him as saying:
Association which, with respect
cated in the articles of the
to collective
Mr. Freeman, who has been
England of the Whitley Councils.
of plant
Trades Association/
of which he wi
course
plan for the establishment in New Jersey of
been
reopen
trip through Europe, in the
study particularly the labor situation in England, France
trial Council between organized
other markets."
other
six weeks
bill to the Senate.
printed.
make
an
ask questions
Extensive hearings were held, which
in a very few moments
then desire to
The facts are simple, and I think
explanation of the bill, and if any Senators
I shall be very glad to answer to the extent
of my ability.
cables has been exercised
by the President for more than 50 years, through the Secretary of State or
Attorney-General.
It was exercised by Secretaries of State Fish, Evarts,
Blaine, Bayard and Root, and by Attorneys-General Griggs, Knox, WickerThe power to
issue licenses for the landing of
»
.
During the Administration of President
sham and McReynolds.
Cleveland
declined to issue
licenses for want of power, claiming that the President had no Implied
power as the Chief Executive of the Nation to issue such licenses or to pre¬
Secretaries, Secretary Gresham and Secretary Olney,
two
landings, but since that time the power has been
vent cable
[Voij. 112.
CHRONICLE
THE
2266
exercised by
agency
testified that it wanted facilities for four
The
nothing.
I will say this for the American press
are
cannot be exercised by any officer of the
the near future to pass a radio bill,
deal of attention.
grounds: First, that the power to regulate commerce
United States.
Second, that the Western Union Co. having accepted
the Act of 1866—
I believe Senators generally
which I shall not stop to explain, as
we
have such a deep
interest
associations: They are the most
as we
especially those countries
have in the South American
and they need all the cable and radio facilities and all
the Government can give them.
It does
understand
seem
to me,
American
making great strides and great efforts to ex¬
Telegraph Co. on
is by the Consti¬
tution conferred upon the Congress, and that until the Congress acts and
confers that power upon some administrative board or executive the power
is now questioned by the Western Union
The power
could practically get
associations in the world In sending
any
They
any news.
tend their service to other countries,
two
five thousand words a
situation exists in China and Japan.
same
independent and fairest of
news or
acquiescence of cable companies and other officials.
or
day for the daily newspapers in South America, and
however,
in which
countries,
the encouragement
I hope that the Congress will see
as
a
subject to which I have given a
fit in
good
questioned, that
that power is now being
I know of no place
wires along the
post roads of the United States and under the waters of the United States,
the Congress had acted, and therefore the Western Union, until Congress
it must rest in some department of the Government, and
should otherwise provide, had a right to lay
retary of State—who would be the most likely officer to
exercise the power
under the President—and
in the past, upon
and the American
it—granting the right to telegraph companies to lay their
its cables.
implied power, because
It is also claimed that the President has no such
the Congress has conferred
various powers
Commission
telegraphs and tele¬
the Inter-State Commerce
upon
in relation to the regulation of cables,
phones, and therefore it is
which excludes any pre¬
independent power as the Chief Execu¬
tive of the Nation.
held that while the
officers of the Government have exercised the power
executive
for many years,
people and the news service of this country.
of the cable companies,
Union, Mr. Mackay
and
and Mr. Root and other
Co., which has lines
officials of the Commercial Cable Co.,
the All-American Cable
as
They all
They were all heard.
of cable to South America.
admitted the
legislation. The Western
that the power be conferred upon the Inter-State
The committee did not see fit to do so, for this
necessity for—in fact, recommended—some such
Union Co. recommended
Commerce Commission.
been
in all countries, so far as I know, an executive power,
Great Britain, France and other countries;
exercised by
exercised here; third, it is
necessary In nearly all cases, especially of the landing of cables running to
foreign countries, that negotiations take place between this Government
and foreign Governments as to conditions upon which such cables will be
second, It is
an
executive power which has been
allowed to land In foreign countries
be
allowed
operate.• It
to
MAILING
which they will
confer this
and the conditions upon
reported to the bill the Senate will see
Inter-State Commerce Commission
by the amendments
that we have not taken from the
any
of the powers heretofore
granted
to it.
situation: The Western Union Co. is
Britain through the Azores to
a
British company running from
The Western Co. has
Argentina and
Brazil, and from Brazil into
because
a
is, a monopoly
necessarily a monopoly,
afford to build an independent line
monopoly in Brazil until 1933; that
cables between all ports in Brazil, which is
other
no
foreign company can
to each separate port
in Brazil.
from Miami, Fla., to
The Western Union Co. undertook to lay a cable
the line of the British company,
the Barbados Islands, where it was to meet
which
Great
the continent to Chile.
in laying
Because the Western
from the United States to Brazil.
had
company,
making a through line
Co., the British
lay a cable from Brazil to the Barbados,
was to
a
the monopoly,
monopoly in Brazil and would not give up
therefore the State
Department refused a license to the Western
Union Co.
to connect with them.
I
am
although it will be seen by the testimony that we have not
licenses to American companies because
they connected with other com¬
panies which had monopolies in foreign countries over
companies and
our
Government had no control.
Cable Co., which reaches China and Japan, were
with
a
company
runs
a
British
The All-American Cable
monopoly in China.
Colon and Panama,
America, and then across to Buenos Aires,
from New York to Cuba, from Cuba to
down the west coast of South
with
running from 3 to 10 years in various
of South America.
The All-American Cable
line up to Brazil, has a monopoly
countries
on
the western coast
Co. also has
a
line crossing Mexico to the
Pacific and connecting with its
permitted to land.
There have been several American lines, and perhaps some foreign lines,
which have cables in this country which have not heretofore taken out a
license, but which are operating under permissive grants, and so forth,
and not regular licenses fixing any terms or conditions.
The French company has two lines of cable to New York.
It also bodily
took one of the German lines, cut the end connecting with New York, and
That company was
lines in South America.
attached it to its line to New York, and is now operating its line between
France does not grant to the American com¬
the United States and France.
For instance, an American cable running to France can
the shore with the French post office
those lines
lease to
our
as
a
This
the officers of the American companies to run
use
while the British
London and permit
the offices, to have exclusive
of land lines, and to treat them as their own; so one may
an
American cable company
We
take a message
and send it to the United States
believe
the
Government
here
That is not permitted in France.
should have the
American cable companies shall have the same
power
to insist that
rights in foreign countries
foreign cable companies have in the United States.
as
application was filed
One more word about the
subject of news, and it will show the great
SECOND CLASS
"LIBERATOR
TO
announcing on May 25
Liberator" (a monthly magazine
mails
said:
the magazine was
taken by the former
that every
monthly for mailing, has been accepted
pending action on the application for
Feb. 11 1918, at the time
on
The records of the Department show, however,
issue since its founding, as offered
the third-class rate of postage,
at
second-class entry.
with the other statutory
decided is whether the "Liberator"
is publishing mailable matter.
If it is, then the publication is entitled
under the law to entry to the second-class mails and it is mandatory upon
Inasmuch
the application shows compliance
as
requirements, the only question to be
the Postmaster-General to issue a permit.
The question
of the mailability of the publication has
been considered
monthly for the past three years and in
has been treated as mailable and the application
by the Post Office Department
each instance each issue
been denied.
To deny it at this time would
effect of declaring non-mailable,
when there is now less reason
for second-class entry has not
accepted as mailable
only the present perma¬
provisions, which have since been
formerly, the very issues which were
for doing so than
during the war period when there were in force not
but also the temporary war
nent laws
repealed.
Act is that to
must be originated
of a public character,
or devoted to literature, the sciences, arts or some special industry."
It
has been suggested that it was the intent of Congress in the passage of this
provision that the privilege of second-class Tate should only go to publica¬
tions disseminating information of a public benefit.
If this is true, then
the responsibility is lodged somewhere to determine what is and what is
not information of public benefit.
There is a vast difference between
what is "information of a public character," and what is information of
public benefit.
Much of the news in any daily might be barred if public
benefit were essential.
It is easy to decide what is and what is not "infor¬
mation of a public character."
The arbitrary power to decide what is
and what is not a public benefit was never intended to be lodged in the
The fourth requirement
entitle matter to the
and
of Section 14 of the Classification
second-class mailing privilege "it
published for the dissemination of information
Postmaster-General.
shall
It
not
The Post Office Department
be
assumed.
holds no brief for "The Liberator" or any
If there is on foot a conspiracy to destroy our estab¬
force and violence, claimed by the Depart¬
other publication.
lished form of Government by
ment heretofore as a reason
is involved in
for not granting this permit,
it, then the Department
and if this publication
of Justice will deal promptly and
in the manner prescribed by law.
The
organized can be depended upon absolutely
effectively with the conspirators
Department of Justice as now
to do that.
The
war
is over.
We must return to the
ordered freedom.
Our method
while at the same time maintaining free¬
dom of the press, has been found through a long period of stable civil
liberty better for the public welfare and personal security of citizens than
to establish a bureaucratic censorship which in its nature becomes a matter
of individual opinion, prejudice or caprice.
There is a certain cost in free
institutions in which the institution of freedom of the press shares, but we
in this country have preferred to pay such costs from time to time rather
than to seek protection through the historical discredited devices of bureau¬
of
safeguarding the public welfare,
cratic governments.
publications should be entirely suppressed
Either these
procecuted or they should be
the other
and their publish¬
given equal mailing rights in common with
periodicals of the country.
will be vigorously enforced by
The mail exclusion statutes
Department, but in so
the Post Office
doing we will carry out the purpose
of such non-
This purpose is to bar the prohibited matter entirely from
and not simply exclude it from the particular class of mail which
mailability law.
the mails
carries
a
without handling by a foreign company.
PRIVILGES
City) for admission to the second-class
Administration.
ers
only connect at
telegraph lines and must do business
separate and independent concern,
cable companies the lines from the shore to
in London to
been changed.
established, and has since been pending with no action
panies the same rights which French companies enjoy in the United States.
over
amendments,
suggested some
of which has since
Office Department in
of New York
which our cable
Notably the Commercial
compelled to make terms
organized in Holland, I believe, but owned by the
and the Dutch and having a
line, which
which arose,
refused landing
going to discuss the merits of the controversy
not
one
had been granted on that day
have the
into the origin of the contest
between the Government and the Western Union Co.
It grew out of this
I do not think it is necessary for me to go
across
Mr. Hughes
that the application of "The
seemed impossible, therefore, to
the Inter-State Commerce Commission, but
power upon
to it.
adopted,
POST OFFICE DEPARTMENT GRANTS
The Post
Mr. Carlton and other officials of the Western
officials of what is known
This power is
consideration
which the committee
/
also had given very
the Midwest Oil decision, that
as
We invited before the committee the chief officers
which has
■
further hearing was asked by
certain cable company, and the Secretary of State
fore the President has no such power.
reason:
:
After the bill was reported to the Senate a
a
based
it may be, in the
absence of any action by Congress at all, the President would have that
implied power at least as to foreign cables.
But the court concludes that
the Congress having assumed jurisdiction over the subject of cables, there¬
some other
grant licenses, as he has
can
conditions which will protect the American Government
careful
v
The United States Court in New York has
what is known
He can then call upon the Inter-
Attorney-General or upon the Sec¬
exercise of power
an
sumption that the President has an
upon
appropriate than in the President.
State Commerce Commission, upon the
more
a
and then admit it to that class which requires
lower rate of postage
higher rate, for the same laws govern the mailability of matter in each case.
no hesitancy in suppressing any publications that fall within
There shall be
the
prohibitions of the public
law, but there are also laws in this country
of the press, and these laws must
safeguarding the integrity of the freedom
and shall be also scrupulously observed.
importance of this Government exercising the greatest possible power to
encourage
American cable and American radio companies to extend their
facilities to foreign countries.
The press associations of the
United States are practically the only inde¬
pendent, unsubsidized associations in the world.
The Reuter, which is a
British concern, is said to be subsidized, and the testimony shows that the
Havas of France is also.
Formerly the Wolff of Germany, as everybody
knows, was a subsidized association, and after the news
send to South America had gone
which we had to
through the Reuter or the Havas or the
Wolff agency one would never know
that it originated in the United States.
countries may know
its commercial associ¬
It is of the utmost importance not only that these
the
United
States, Its
institutions, its commerce,
ations, but that they may know its
agerfcies
that give them
Government, that we should have news
what they demand in South America.
Every
RAILROAD
BROTHERHOODS CALL
CONSIDER
A call for
a
CONFERENCE* TO
WAGE REDUCTIONS.
joint conference of the
general Chairmen (ap¬
proximately 600) of the four railroad brotherhoods and the
Switchmen's Union, to consider the wage award of the
United States Railroad
The conference wiH be
The decision to call
ference of railroad
Labor Board, was issued on May 21.
held at Chicago on Friday July 1.
the meeting followed a
two-days' con¬
brotherhood chiefs in Cleveland, at which
May 28
1921.]
the Labor Board's announcement of
to revise downward the wages
sidered.
May 17 of its intention
of railroad workers
the joint conference
The call for
Warren S. Stone,
W. S. Carter, president of the
L. E.
Sheppard, president of the Order of Railway Conductors;
W. G. Lee,
president of the Brotherhood of Railroad Train¬
Switchmen's
Cashen, newly elected president of the
C.
and T.
The
the
call for
says:
the
This is authority for general
Chairmen to immediately make request upon
for transportation to Chicago and return in
For the information of all concerned this meeting has been called as a
resolution adopted by the
United States Railroad Labor Board,
reported in the public press, and which in part is as follows:
That this Board will on June 1 1921 announce its decision
between carriers and their employees who have been
heard by the Board, to become effective July 1 1921.
That Monday, June 6 1921, be set as
2.
which may yet be filed and
or
the date when this Board will
of the parties to disputes filed since April 18 1921,
hear the representatives
docketed prior to June 6, it being the purpose
decision of the dispute heard June 6
of the Railroad Labor Board to make its
1921, effective July 1 1921.
Railroad
what has
Co., reviewed the conditions
1987
happened to the railroads since 1916."
was
given in
As illustrating
Mr. Willard submitted the following statement:
revenue,
Net Ton
440,001,713,665
395,679,051,729
_
1920.......... 449,292,355,000
Increase 1Q20
■'
1916.i
Percent increase.
*
1,224,168,566
1,237,137,632
1,175,782,791
1,117,547,908
1,205,626,175
$3,596,865,766
4,014,142,748
4,880,953,480
12,138,927,974
35.09%
1917.____._... 430,319,014,635
..
d*18,542,391
d*1.51%
2,574,627,535
71.58%
,•
72,926,437,918
19.38%
d Decrease.
>
of Service.
;
5,768,720,013
3,411,321,601
141.71%
INCIDENT
continued:
July 1920 will be used
Board hands down its
as
and classifications
decision of June 1.
dispatches from Chicago, May 24, which
When
the
the
some
it will follow
decision is made next week
reduction
both
circles place the
cut
....$3,596,865,766
applicable to interest
1.040,084,517
...
increased
and
charges aggregated
$2,574,627,535
,
increased._.___$2,229,639,957
Total wages
452,229,229
total reduc¬
Board, but figures
Total increased cost of wages
.$2,681,869,186
and fuel
between $350,000,000 and
at
traffic
increased
to
rates and
Cost of fuel increased
slight changes being made in certain clerical divisions.
No estimate of the number of employees affected or of the
in railroad
.
and other corporate purposes was
tion in the railroads' payroll has yet been made by the
discussed
period, while total expenses increased 141.71%."
following table:
::, t:
The increase in revenue 1920 over 1916, due
The classifications of employees will remain nearly the same,
year ago.
same
Mr. Willard submitted the
For 1916 the total operating revenue was.-...,
closely the form of Decision No. 2, which granted the $600,000,000 increase
a
151.82% greater than in 1916.
was
which will cut the present
15%, according to the class of employees affected.
wage
paid in 1920
"Taking the business as a whole, revenues increased only 71.58%during
,
The Board has arrived at tentative percentages
10 to
of all employees in 1920 was 7.68% larger than
"The total hours on duty
In 1916, while total wages
Press
authority for
are
indicating increased efficiency.
And the net railway operating income
this statement, said:
rates from
award
the basis of reductions when the
new wage
miles increased 35% and the net ton miles increased
handled, there was an actual decrease in the total train mileage of 1.51%;
pay
established by the U.S. Railroad Labor Board's wrage
of
7
Notwithstanding the increase in passenger and net ton miles
19.38%.
REDUCTIONS.
reported that the rates of
$1,468,576,394
1,739,482,142
2,613,813,351
2,843,128,432
3,698,216,351
2,229,639,957
151.82%
"Comparing the year ended Dec. 31 1920, with the year 1916, it will be
noted that the passenger
WAGE CHANGES—OVER 100 ROADS SEEK
!
Pay Rolls.
Duty.
on
5,078,558,094
5,075,558,084
5,557,080,075
5,032,493,422
5,465,235,071
389,675,987
7.68%
$2,357,398,412
2,829,325,124
3,982,068,197
4,399,715,515
......
Total
Hours
Total Expense
Year—
Mr. Willard
LABOR
5,144,795,154
6,171,493,301
*
*
1920.
CLASSIFICATIONS OF RAILROAD
Service.
34,585,952,026
39,476,858,549
42,676,579,199
46,358,303,740
46,724,880,000
1916.......... 396,365,917,082
1919
Transportation
Operating
Serv.Train Miles. Revenues Transp.
Passenger
Miles
Miles.
Year—
over
i
how the upward trend in expenses exceeded the increase in
Increase 1920 over 1916..
It is
the part of the railroads
mission failed to correctly forecast the results.
Percent increase....
1
on
anticipated net returns incident to the increases in rates and
1919........
issue of Saturday last, page 2143.
TO
Mr. Wil¬
lard said in part:
1916..
The Railroad Labor Board's announcement
our
Inter-
confronting the railroads during and immediately following
Federal control, and submitted extensive data "showing
1918...
covering the
as to wages
heretofore
on
Ex Parte 74, and whether the railroads in their presentation to the Com¬
their respective managements
disputes
Ohio
&
Baltimore
Senate Committee
Daniel Willard, President of the
charges approved by the Commission under its decision in what is known as
order to attend this meeting.
1.
Commerce to-day,
State
all general Chairmen of the big four
Chicago Friday, July 1 next, to consider and pass upon the award made by
the United States Railroad Labor Board.
as
NOT BENEFIT ROADS.
before the
Switchmen's Union of North America in
convene
and
brotherhoods
a
statement
a
to realize the
It has been decided to
result of
In
Question has been raised concerning the failure
joint conference
railroad
America.
North
Union of
WILLARDJSHOWS WHY INCREASED RATES
DID
signed by
was
Brotherhood of Locomotive Firemen and Enginemen;
men,
DANIEL
2267
was con¬
grand chief engineer of the Brotherhood
Locomotive Engineers;
of
CHRONICLE
THE
Other expenses
$400,000,000.
729,452,415
increased.
Employees of nearly 100 roads will be included in the Board's decision of
June 1, and it was said
that the percentage of reduction for each class of
would be uniform for all roads.
labor
A total increase in expenses
Or
an
100 new wage disputes, submitted by railroads
it
was
all
the
over
Every submission asks a reduction of
learned to-day.
crafts divisions to common laborers.
board beginning
Recent
would be made
wages
for wage cuts to every
on
June 1, effective July 1, has opened the door
road in the country.
As
a
which have filed
as
ment of
classification
railroad
of
est and other
As compared
disputes which
The
and within the
separate
nounced,
which it
labor,
may come
services
are
been
was
will
as
into
subdivided
The
classification,
new
119
the
The Board's
to rates of pay,
is
now
before the Labor Board.
Lower Costs
"It is
fuel for
as
(occupational classification is not considered by the Board, nor should
by
railroads
or
other
or
as
interested parties,
as
setting
up
of April 1st
much under last year's prices.
"Other material prices are showing a
and
supplies now
materials
penses
on
in stock
are
purchased at lower figures, there will be reduced charges to ex¬
this account—all of which will be reflected in lower operating
the
railroad
representatives in conference with the Inter-
to time as are found necessary
lish proper
to group positions that the wage and other
reported by the railroads to the Inter-State Commerce Commission
and to the United States Railroad Labor Board may be
used for adminis¬
trative and public purposes.
Cause of Present
use
homogeneous
of positions will give the Inter-State Commerce Commission and
States Labor Board uniform, definite and usable data.
The
United
of standardized nomenclature based
to make
on
duties will also enable the Board
comparisons with similar occupations outside of the railroad service
and to detect and measure inequalities in wages between
railroads and outside organizations.
"The railroad
positions in the
Maladjustment.
problem to-day is largely one of misunderstanding, and
I think it may be fairly said that the
misunderstanding has been caused
chiefly by the fact that during the period of 26 months of Federal control
a
great economic problem was dealt with in an uneconomic way.
This
policy resulted in serious maladjustment between the revenues and ex¬
penses
The submission of wage statistics and other information for
the
relationships.
In pre¬
employees, and nothing in the classification could be construed in this
groups
making such rate adjustments from time
in order to remove inequalities and re-estab¬
limiting the kind of work which
paring the classification the Board has not aimed to standardize for any
performed by,
so
gradual decline, and as materials
consumed and gradually replaced with
costs.
railroad occupational duties assigned to, or the kinds of work
Its purpose is solely
Expected.
expected that substantial reduction will be secured in the price'of
1921, in fact a number of contracts have already been made effective
"Meantime
employees may perform, or the duties which they may assume.
data
situation
failed of their purpose because of the severe dejcline in traffic.
not only with respect to working conditions, but also
situation,
"The
Board an¬
has been filed with the Inter-State Commerce
grades.
considered
light.
clearly that the increases
and prices of fuel, materials and miscellaneous items, have
greatly in excess of the increase in the basis of charges for transporta¬
have in part
distinctive class titles and
groups are
jurisdictional lines for occupations
its
61,928,626
$1,040,084,517
"A careful review of the situation shows very
State Commerce Commission are
be
_$
Continuing, Mr. Willard, said:
announcement says:
it
141.461,825
......—...
corporate purposes
before the Board in the
Commission, and became effective April 18.
The
203,390,451
the basis for the collection of data for the settle¬
services.
major
and rents, &c
with tht earned in 1916 of
in rates of pay
future, the positions on steam railroads are grouped in 17
groups
|.;
,
tion, and that the adjustments made with a view to correcting this
announced by the Railroad Labor Board on May 17,
be used
operating income,
$
hire of equipment
result many roads which
The new hearing on June 6 will include all roads
a
'
net
which becomes
decision ordering reduced
a
submissions since April 18 when the first wage hearing was begun.
Under
correspondingly reduced the
Leaving the net operating income in 3 920 available for inter¬
by the Board that
previously asked reductions for but a few classes of employees are now
asking cuts in other classes, and in some cases, for all employees on their
lines.
836,694,066
.i1(.v.
heard by the
The disputes will be
June 6.
announcement
•
From this there is to be further deducted increases in taxes,
in i various classes of employees from the train service and shop
wages
$
...
*
■'.
the Railroad Labor Board within the last
country, have been filed with
five weeks,
in revenues of
advices from Chicago, May 25, stated:
And
1916 in excess of in¬
increase in expenses in 1920 over
crease
Further press
More than
3,411,321,601
of
of the carriers which still existed at the end of Federal control.
under such
"Deficits during Federal Control growing out of operations
conditions could be and were met by drafts upon the Federal Treasury.
is doubtful if such a
stances.
In any
policy
event,
was a
It
wise one at any time or under any circum¬
it cannot be followed under existing conditions.
As soon as the revenues and operating costs
of the railroads can again be
brought to a proper relationship, the railroad problem as it presents itself
to-day will have been largely, if not entirely, solved."
.
"The
TESTIMONY IN THE CASE
ELLIOTTS
HOWARD
amount
the
Northern
of
organizations co-operate to
help those who are administering the Transportation Act,
passed last year.
"The Act," Mr. Elliott said, "was to ap¬
ply to something like normal conditions, and was not in¬
tended to be a 'cure-all' for a world-wide depression of un¬
public, the railroads and labor
.A
':
say;
"The
^ ;V'%
■rC/.sX;:;
\
■■
transportation, and to this end se¬
to protect the existing
its development to meet the needs
of the country; to regulate the transportation of commerce by railroads
in such a way that those engaged in that business, either owners or em¬
ployees, should, if possible, have a fair return for services rendered to the
the
cure
public adequate means of
the
to
sure
of sound railroads;
of securities
safety
transportation machine and to encourage
public.
6%
or
This
ness
x,
1922, the rates
such return."
business necessary to earn
guaranty as alleged by
that under reasonable busi¬
entitled to a fair return,"
fixed in order to accomplish that.
■ ' .&
of extreme regulation of the railroads by the Government
said Mr. Elliott, "as against the policy of greater free¬
initiative and management, then this particular provision
Elliott continued, is not a
provision, Mr.
being
rates
the policy
"If
continue,"
to
for
dom
private
great importance.
know that it is the earnest desire of the officers
the Act is of
of
"I
v
of the railroads to
their ability, both individually and collectively,
with the Commerce Commission and the Labor Board, to make the ad¬
ministration of the Act effective and to obtain the results intended when
co-operate to the best of
became
the Act
managainents of each road are
"The
home
law.
a
and
officers,
working
and
together
with
Much has been done along this line
tion.'
and
devices
terest
men
in the last ten years and further
because capital is needed for labor-saving
but there is no lack of in¬
obtain better results each month and each year.
must be trained to use them,
to
effort
or
complicated and delicately adjusted manufacturing plant,
"A railroad is a
transportation, manufactured daily and in countless
varying conditions.
Its product, however, must
be used as produced; it cannot be stored up for the future.
"Other people are manufacturing other commodities; generally they can
raise their prices in prosperous times and can store their products in poor
times for future delivery, or close their plants entirely; the railroad has
not been allowed to raise its prices to the extent that the manufacturers
"ghd
its
and under widely
forms,
have and it has nothing accumulated from the large business
and producers
the
of
past few years to
its
down
"It
not,
plant.
on
,
railroad, manufacturing transportation,
long continue to be a solvent
other manufacturers
as
;
>
,
,
the
falling business,
a
for the present period, and it cannot close
care
that
self-evident
is
cannot,
•
is
product
do,
have some control
can¬
enterprise if it
its income and
of
outgo and pay wages substantially on the same basis as may be paid by
other
This is not the
employers in similar territory.
inability
business
of
the
railroad
conditions is the
Mr.
adjust promptly its
to
chief
testified
Elliott
Northern Pacific
had
cause
that
to
make
better
a
22.34%
with
costs to meet
depressed
of the present situation."
9.70% in 1920.
24.90%
.
in
the
past
twenty
the
years
spent $430,000,000 for additions, im¬
the develop¬
service to the people, and better work¬
employees."
Of
the
779
locomotives
superheaters, while installations are also being made
to
in
plants
have
are
also
also
where
possible.
on many
company
said,
studies
are
and
made
table
a
In addition, he
constantly with
of handling
checking expenditures.
mittee
ern
being
method
officials
other improvements designed to
increase efficiency and promote economy.
bettering the
softening
.Water
while
installed,
been
working
materials
a
and
view
of
supplies
Mr. Elliott filed with the Com¬
showing the financial condition of the North¬
Pacific in 1919 and 1920, compared
as
under
the basis for compensation
Federal
According to
for the railroads while
table,
revenues
crease
Northern
from
55.56
Pacific for
and
a
during the test period to 90.26 last
the test
period paid all
expenses,
of
more
7% dividend and had $6,854,944 left, the table showed
than
$37,000,000 in gross revenues, it failed to meet
taxes and dividend charges by
1920," continued
obtained from rents of property
was
income derived from invest¬
representing savings of the past 20 years, and it took
9.7%
of
income
total
the
these two
to
the
fixed
there
from the operation of
Government guaranty)
(without the
property
the
therefore,
If,
interest.
pay
of income had not been available,
sources
would not have been enough derived
to pay
charges on the property."
EXCHANGE OF NOTES BETWEEN U. S. AND
NETHER¬
LANDS ON OIL RIGHTS.
the part of the United States for the ex¬
The request on
tension
corded
American
to
by
interests
of
the
privileges
same
Government
Netherlands
the
ac¬
other foreign
to
capital in the Djambi oil fields of the Dutch East Indies
the Dutch Government a reply to the ef¬
has brought from
fect
does not draw any dis¬
"Netherlands legislation
that
tinction between Dutch and foreign capital in the
The note of the United
tion of oil fields."
exploita¬
States Govern¬
ment, to which this comes as an answer, was handed to
Minister of Foreign
the Second
Hague announced the adoption
The
from
Chamber of Parliament
of the Djambi oil fields
of
bid
(by
a
bill, the effect of which was to bar
a
concession in
The dispatches (Associated Press)
region.
*
stated at the same time:
bill
The
the
and
will
Batavia
of the valuable oil lands for a
by a combination of the Dutch Indian Government
Company, the latter belonging to the Shell group.
for the exploitation
provides
period of forty years
The
Oil
capital of 10,000,000 guilders will be equally divided, but the company
be under control of the Dutch Government.
The board of directors
all
be
Dutchmen.
Its
president,
ber of the board of directors are to
Colonies
the
by
vote of 49 to 30)
the Standard Oil Company for
the Sumatra oil
not made
Coincident with its publication, press
public until April 30.
cablegrams
the
Affairs of the Netherlands on April 19
by the American Minister at The Hague, but was
In
under
vice-president and
replying to
one
other mem¬
be nominated by the Dutch Minister of
the provisions of the
bill.
the representations of the United
States
Government, the note from Holland points out that when
William Phillips, the
American Minister at The Hague, re¬
quested last January that American companies be
has since been
been drafted,
passed by the Second Chamber had already
and that the question, pending the approval
Parliament had
of
permit¬
participate in the Djambi concession, the law which
ted to
of last month,
been settled.
In transmitting the note
Minister Phillips said:
"My Government finds no alternative than
tlie
adoption of the principle
capital may
similar or like privi¬
equally good opportunity, with the proviso that no foreign
of
operate in public lands unless its Government accords
The text of the note is as follows:
Excellency:—During the last twelve months I have, on several occasions,
presented to your excellency the very great interest of my
the
ex¬
expenses,
$15,741,260.
Mr. Elliott also read into the record another
efficiency than in 1919 or in the test period.
-
participation by
oil
subject.
table, show¬
Government in
American capital in the development of the
mineral
East Indies.
With your approval I have
frequent interviews with the Minister of the Colonies on this same
deposits of
also had
the Netherlands
On every occasion I have sought to impress upon the
the Netherlands
Government
that the real interest of the Government of the
States in these matters lies in the
United
recognition of the principle of mutual or
nationals of the
United States and by those of foreign countries, and the belief that the
recognition of the principle of equal opportunity is the solution of the
reciprocal accessibility to vital and natural resources by the
future
ing that the Northern Pacific in 1920 operated with greater
"10.6%
Elliott,
year.
taxes,
increased during the succeeding years so that in 1920, with an in¬
interest,
1920, $1,618,741.
ments
of
interest
penses
increased
the
1919,
;
dividends in 1917
income available for improvements and
$24,117,050; 1919, $10,762,593 ;
owned and from non-operating
$74,860,000, compared with $101,474,000 in 1919
While
$31,658,202
was
"Of the total income of the company in
in 1920.
to
1917
income used for payroll in
1920, $60,351,627.
The amount of
Mr.
had been increased
1920, according to Mr. "
increase was shown in
A further
The amount of
operating revenues during the test period to¬
and $111,872,000
Expenses for the three periods increased from $41,599,000 during
the test period to $78,672,000 in 1919 and $100,982,000 in 1920.
The net
operating income decreased from $30,196,000 in the test period to $15,104,113 in 1919 and $6,737,000 in 1920, while the ratio of operating expenses
taled
the property and
additions to
lege to American citizens:
control.
this
for
available
when it reached 53.96 cents.
$47,616,438;
with the test period
extending from June 1914 to June 1917, inclusive, which was
used
income
Pacific to labor, while in 1919 this ratio
cents.
46.94
He also said that brick arches had been
locomotives
placed
total
of
the Northern
the
by the company, he said 613 were already equipped
in the remainder.
miscellaneous ex¬
materials and
fuel,
for
paid
payments to stockholders in 1917; 9.55% in 1919, and only 1.29% in 1920.
In 1917, 35.89 cents out of every dollar of expenses was paid out by
must
owned
of all income
(most of the cost of which is labor) in 1917; 27.57% in 1919, and
32.48% in 1920.
■■■;.- - V-.,
: ...
/V'
12.65% of all income paid for interest in 1917; 10.80% in 1919, and
penses
to-day, and the
case
transportation machine for
ing conditions for
> o
;.V.';
42.27% in 1919,
,
32.68% of all income paid direct to labor in 1917;
48.24% in 1920.
and
provements and betterments, as well as extensions, "so as
ment of the country,
in the years 1917, 1919
1920.;; This showed that:
operating and
Commission and Labor
the
improve results and obtain, to as great degree as practicable, for
all roads what the law calls for—'honest, efficient and economical opera¬
Board to
economies will be obtained slowly
May 24 filed
on
showing the distribution of
all the time hard at work on the
various associations of executives,
through
road,
traffic
Elliott,
Mr.
the Northern Pacific Railway dollar
and
,
period."
Continuing his testimony,
was
but is merely "a declaration of principle
conditions railroad property in groups is
with
is
-
carry
with the Committee a diagram
Elliott,
return of 5y2%
the railroads, but the Act did not and could
the fair valuation of
on
not insure the
some,
'.V;
■
provision of the Act provides that until March,
such that, as nearly as may be, there will be a
"One
shall be
the test
in
as
in the test
than
in the test
working rules and prices of coal
on the business had been on the
period, the costs would have been lower in 1920
wages,
.
its object was to in¬
to create commerce;
not undertake
did
Act
He went on to
business."
expected severity in all kinds of
bases
same
"over each mile of track
Elliott,
Mr.
loadings of engines and cars and the move¬
the
materials necessary to
other
and
said
tonnage,"
Pacific,
showing that if
clearly
period,
the! Board of the Northern
Pacific Bail way Company, in testifying before the Senate
Inter-State Commerce Committee, urged that Congress, the
of
of
day of cars were better in 1920 than in 1919, or than
ment per
RAILROADS.
OF THE
Howard Elliott, Chairman
[Vol. 112.
CHRONICLE
THE
2268
I
of
oil problems
throughout the world.
have pointed out
supplying
a
burden
other countries,
that the United States has for years carried a
large part of the petroleum consumed by
May 28
1921.]
that the petroleum resources
and
drawn upon to meet foreign
States.
of
needs
the future ample supplies of petroleum
„have become indispensable to the life and prosperity of
whole, because of the fact that the United States is
which
distance
largely
adoption
that
transportation
difficult
country
my
circumstances
the
of
Government
my
principle
equally
of
finds
good
similar
like
or
agriculture
depends
opportunity
with
privileges to American citizens,
in
the
should
inadequate
recognized
than
the
the
proviso
foreign
principle
of
of
Prior
that
in my
be
not
the
an opportunity to dis¬
this occasion I advised you
on
participation
fields; at the
made to my
American
of
capital
time I advised
same
the
in
development
of
the
Djambi
of the nature of the reports which 1
upon the favorable attitude
you
Government, in which I had dwelt
of
the
Colonial
Department and, furthermore, I asked whether the attitude
of
the
Minister
of
that
me
impressions had been accurately reported to
my
that I
■and
had
partment which
"
I
have
represented that of
the
now
my Government,
exaggerated the favorable attitude of the Colonial De¬
not
honor to
Your
inform
your
to the
answer
The
tion,
resources
cession
Dutch
in
Sumatra
the
Her
of the
Djambi
fields.
While
particular American company, I
months
American
'
lands
furnish
interests
in
acting
on
behalf
of
any
am
sufficient
evidence that
made
In
far
a
it
1915,
tion
oil
developments
It is perhaps needless to
that
in
the Netherlands
Indies.
that
company,
more
the other hand,
my
Government is very greatly concerned when it becomes
my
other
is about to bestowed upon a company in which
oil
than
In
American
this connection
tention
to the
is
I
desire most
that
fact
foreign capital
largely interested.
so
earnestly to direct your excellency's at¬
capital stands ready to assist in the de¬
other oil deposits in the Netherlands
American
velopment of the Djambi fields and
Indies.
In conclusion
I venture to say once more that
my Government at¬
highest importance to the recognition of the principles of the
reciprocity and equal opportunity in the solution of the oil problems, as
well as the extension to American
capital organized under Dutch law of
taches the
the
privileges and benefits which
same
similarly
organized
the
under
laws
are
of
the
Netherlands.
through
or
the
State
interest
A
May 12
on
following statement relative to the reply of the Dutch
The
Department
American
makes
the
between
The
its
has
last
in
received
a
of
summary
communication
the
Djambi
with
oil
the
reply
of
the
Dutch
regard to the participation of
fields.
The
Dutch
Foreign
and
desire
foreign
to
capital
in
American
see
the
exploitation
capital take
oil
of
fields
and
in this exploitation.
part
ment
in
law which
been
has
and
since been
that
the
to
participate in
the
Djambi concession,
the
passed by the Second Chamber had already been
question
pending the
of
approval
Parliament
had
settled.
On
note
June
to
30,
the
1920,
the Netherlands
legation at Washington addressed
a
Department of
State setting forth that Dutch-controlled com¬
panies should not be excluded from leases on American public lands, since,
it was represented, American citizens were treated on an
equality with
Dutch
citizens
in
the
Netherlands
East
Indies.
The
Netherlands
legation
at
Washington addressed another note to the Department of State on Sept.
1920, submitting additional information regarding the Netherlands
East Indian mining laws.
27,
To
these
communications
the
Department replied
it did not appear that American citizens
erlands
East
The occasion
that
Indies
was
American
tions for
a
similar
taken
to
those
to refer to
companies had
Nov.
2,
1920,
that
general leasing law.
pending Djambi bill and to the fact
far
It
on
given privileges in the Neth¬
provided by the
the
thus
share in the concession.
were
been
was
Djambi field at the present time in the
unsuccessful
stated that the
manner
their
in
applica¬
disposition of the
stipulated in the proposed
agreement impressed the Government of the United States
as
an
indication
policy to exclude companies controlled by American citizens from the
industry of the Netherlands East Indies.
a
petroleum
The interest of this Government in the matter
erlands
was
Government
known
that
was
expressed to the Neth¬
by the American Legation at The Hague
as
soon
as
it
the
present bill was under consideration by the Nether¬
State Council and before the introduction of the bill into the
Second
Chamber of the Parliament.
On June
side
the
Djambi
allowing exploita-'
1918, when it
reached
the
that the
"The
Dutch
primary
productive
product
object,
fields
soon
as
Government
until
Company
was
after
the
signed and
were
still many valuable oil fields
Government
would welcome
Ameri¬
Washington May 5 to the New
the
proposed
declaration
of
as
is
therefore,
of the
policy
toward
an
the
tions
are
concessions
Netherlands
do
East
will
the
be given
Indian
is
consumer
so-
be
to
followed.
actual mining operations the
considerable
a
nature of the
amount
of
control.
country, where condi¬
the Netherlands
will
either develop the oil fields
private companies having pre¬
These companies must
be, incorporated
persons
so.
or
in the Netherlands East
or
Indies.
No limitation
the ownership, the holding or the control of the stock of such
The managing and directing boards are to be Netherlands
subjects of
or
residenceship
reference
that
for the exploitation of oil fields, but
Government
by contract with
so
viously been authorized to do
either in
With
the
States.
more
subjects
opening
vastly different than in other oil producing countries, for instance,
the United
else
in
door policy both in the mother
open
With regard to
account of
on
Netherlands
the island of Sumatra is to make these actively
possible.
In the matter of marketing the finished
consistently maintained
imperative
situation
the
policy of expulsion:
Netherlands Government has to maintain
This
explaining
the
state¬
on
the most liberal
Holland has
seen
,
in exploitation.
Government,
country and in her colonies.
claim
a
stated, the Batavia Company
whereas no serious offer
Dutch
Dutch
interested
cognizance of
called Djambi oil
No
de¬
was
fields,
Government and the Batavia
were
the
the
soon
the
to
Netherlands East
after
arrival
obtaining of
in
a
Indies.
the
East
Every foreigner
can
Indies.
contract of exploitation it
is thus
the regulations
ownership
do not prejudice in favor of companies of Dutch
against companies which derive their capital from the United
as
States.
•
which the
drafted
of
by
out that the
be permitted
altered in
was
the Foreign Office
in
Sumatra and denying a
companies
can
adopted
impossible for the Government.
was
taken
Minister of Foreign Affairs says once more that, when last
January
Philips requested on behalf of the American Government, that Ameri¬
Mr.
the
other company.
any
was
United States to retaliate, gave in part, as follows, a
Office
point that Netherlands legislation does not draw any distinction
Dutch
its
asserts
to
interests
con¬
"Herald," in stating that the Netherlands Government
companies.
Government
measure
special dispatch from
York
is put on
Government:
a
emphasized, however, that there
was
capital if it
can
the
Department at Washington issued
a
at
permissible either by the State itself or by
combination of the State with a private company.
a
American
out,
This rule
the East Indies and
or
The
Company for
was
during this time,
the
It
in
granted to other foreign capital
ques¬
Parlia¬
explained to-day
was
advantageous offer than
exploitation
backing out
apparent that the monopoly of such far-reaching importance in the develop¬
ment of
region is barred,
pointed
was
displaying
was
had
Government is fully aware of the
laws and regulations in the Indies which prohibit
foreign companies as
such from entering the Colonies for the development of mineral oils.
On
say
oil
by the State.
only
cided
responsible and experienced
ready and desirous to co-operate with the Nether-
are
Government
not
am
glad of this opportune moment to point
propositions which have been made during the last
out that certain definite
twelve
I
Chamber of
Company
had
Majesty's Government toward American participation in the devel¬
opment
Government in the Djambi oil field
The main point emphasized was the lack of interest on the American side
a time
when competition was free, and when the Royal Dutch
at
from
States is still mindful of the assurances that have been
given
and by the Minister of Colonies relative to the favorable attitude
note
Foreign Office.
contract between the
United
of
above, the Associated Press
bill under which the bid of the Standard Oil
a
the
you
United
Washington within a few days
protesting against the granting of a mo¬
in the Dutch East Indies to British companies.
American
telegram from the Secretary of State to the effect that the Government of
by
the
affected by the recent passage by the Second
Even
a
It must
the
in advices from The Hague May 3:
say
standpoint of the Dutch
as
ment of
Excellency's Government.
excellency that I have received
of
The Netherlands Government will send to
its
Colonies
represented in fact that of Her Majesty's Gov¬
will recollect that on Jan. 31 you were good enough to advise
ernment, you
issuance of
following to
nopoly of oil
excellency, and
interviews with the Minister of the Colonies' I had gained the
that the Colonial Department at least was inclined to favor
impression
to the
had the
might be¬
opportunity
countries.
the situation with your
privileges to American citizens
very
furthermore,
and,
the above
as
equality
like
or
that in the light of the future needs
limited and purely defensive provisions might become in¬
adequate should the principle of equality of opportunity not be
recognized
in foreign countries.
During the month of January, 1921, I again had
cuss
apparent, he said,
States such
alternative
no
limited and purely defensive provisions
very
foreign national operates in American public lands unless his
no
be
\I have submitted that in the light of the future needs of the United States
come
present
Government accords similar
foreign capital may operate in public lands unless its Government
no
accords
such
at
a
as
industrial nation in
an
and
labor-saving devices using petroleum products.
on
these
In
renders
2269
He also pointed out that until
recently nationals of other countries had
enjoyed complete and equal freedom of access to petroleum deposits in the
United States a privilege which had been
increasingly availed of, but that
other country have been so heavily
the petroleum resources of the United
no
as
have pointed out that in
I
CHRONICLE
THE
With
regard to the present Djambi
decision
contract it may
be useful to point
Djambi oil fields through a company in
to work the
Dutch East Indian Government and the Bataafshe
together does not in any
way
East Indian oil
fields
either
Minister
Colonies has strongly
to
Company work
the granting of a monopoly in
mean
the
all the
Bataafshe
or to the
purely Dutch cor¬
poration which controls this latter company, the Royal Dutch.
In defend¬
ing the bill concerning the Djambi fields in the States General the Dutch
of
has pointed
importance
The
the
out
that
within
be opened
may
Netherlands
spoken against such
short time
a
other
oil
monopoly and
a
fields
of
even
greater
up.
Government
has
openly declared to be in favor of an
door policy and considers that the interest which foreign capital takes
of the East Indies can only work to the advancement
of the colony.
It must, moreover, not be overlooked that the Djambi con¬
open
in
the development
has
tract
a
been the subject of negotiations with the
considerable
only
after
these offers
Chamber
action
and
of
Serious
the
made
offers
with
contract
were
few
a
the
from
other
Bataafshe
Bataafshe
companies
had
Company for
were
received
been
signed.
Some of
days before the public discussion in the Second
States
General of the bill—i.e., at a time when the
only
the rejection of the bill approving the Djambi contract
subsequent holding up of the bringing into active production of
possible
the
these
time.
the
was
important fields until
new
contracts
could
be
negotiated, signed and
approved.
There
seems
to
be,
therefore,
for
complaint at present in re¬
gard to the oil situation in the Dutch East Indies, as the fields wiU now
soon be on
the point of
actively contributing to the world's supply.
no
reason
lands
5, 1920, the American Minister at
Hague addressed an inquiry to the Netherlands Government regarding
mining laws of the Netherlands East Indies, in order that he might be
a position to assure American
interests that they were welcome in that
The
the
in
region.
company
sion.
In August, 1920, the representative of a responsible American oil
at The Hague made application for participation in the conces¬
The
Parliament
bill
was
on
Nov.
introduced
22,
in
the
Second
Chamber of
the
Netherlands
1920.
On Sept. 3, 1920, the American Minister
at The Hague stated to the
Netherlands Government that "the interest of the Government of the
United
States lies in the recognition of the
principle of mutual
to
_
vital
natural
resources
those of foreign countries."
by
the nationals of
the
or
reciprocal
United
States
access
and
by
He pointed out that the American Government
REPORT
TO
SENATE
ON
OIL
RESTRICTIONS
A message
regarding restrictions
prospectors in foreign countries
on
May 16 by President Harding, in response to
lution of March 10, last year.
transmitted to the
tary
of
Senate
State Hughes,
a
a
information
Secretary Hughes
would
seem
to compromise, at least in that
region, the principle of equal
opportunity, which it was hoped might be a solution of the future oil prob¬
lems throughout the world.
Netherlands
fields
of
the
supplemen¬
in
the
report
copies
of
com¬
United States and the
Government with reference to the Djambi
Dutch
East
on
reso¬
report submitted May 14, 1920.
munications exchanged between the
included
Senate
Senate
In his message the President
furnishing
tary to that embodied in
tlie
a
report in the matter by Secre¬
frankly
took the ground that it believed that the granting to a
single
covering all the vast areas of the Dutch East Indies
hardly fail to be construed as a measure of exclusion and that it
American petroleum
sent to
was
company of concessions
could
IN
FOREIGN COUNTRIES.
Indies,
and summaries of
Department actions taken in Mexico.
In the Djambi
oil
State
mat-
/:
THE
2270
ter, the statement said it was hoped that
the concessions
recently passed "might be modified so as to
citizens and American capital
CHRONICLE
bill
admit American
in the pro¬
to participation
possessions the report
said an agreement had been concluded during the year by
which the Papuan oil fields are to be exploited under di¬
rection of the Anglo-Persion Oil Company.
In India, it
As to British
jected development."
regulations now
adds,
In Canada, the only new
the
prospect for oil
controlled by them.
refuse permits to
except to British subjects, or companies
restrictions noted was one
denying
within the Dominion to
discriminate against Canadian
right to prospect or develop
countries
citizens of
which
petroleum agreement,
French polonies, is in¬
corporated in the report; under this agreement, oil opera¬
tions hereafter are to be open only to French nationals and
The text of the San Remo
subjects.
affecting North African and other
corporations in which stock is
the extent of
held by French citizens
to
The report says in part:
67%.
Section 2.—The action taken
by the Department of
State looking to the
directly or indirectly upon citizens of the
States with respect to petroleum development in foreign countries
removal of restrictions operating
'United
so
The third
To
I beg to
Time will not
We
Most of us,
the
the
At
a
this
commodities sales tax and to meet some of
advanced against it before the Committee.
follows:
meeting on Oct. 13 1920, the New York
portation unanimously adopted a so-called tax platform.
That platform
it contains a number of preambles and three specific
The first proposition is as follows:
Resolved, That we urge the prompt repeal of the excess profits tax
substantial elimination of the equivalent so-called surtaxes resting
the income
That
and the
against
derived from effort or risk.
proposition was later
embodied in a referendum of the National
which over 8,000 members voted; 96%
Association of Manufacturers, on
yes,
2% no, 2% not voting.
resolution was:
The second
Resolved, That as a substitute for these taxes we recommend that there be
levied upon each and every business involving the sale of any commodities
or merchandise produced, manufactured, or purchased by the vendor for
sale a tax equal to 1 % of the gross sales of such business, and that such tax
be collectible monthly from the vendor, who should be compelled under
penalty to keep a true
record of sales.
proposition was also specifically embodied in a referendum of the
National Association of Manufacturers.
There was a vote of over 8,000
That
representatives of labor
and we believe that they have
What this Committee is
how the Government
We
priations.
agree can
have
and have no interest
practical necessity at this time.
I believe, if we study it through,
going to do, is to sit down at a
is to raise the money
with
start
table and decide
which it needs to meet its appro¬
approximately $2,500,000,000,
be raised by a revision and
opposed
which we all
We
continuance of present taxes.
produce the additional $1,500,000,000,
even approach the point where we can con-
variety of alternatives to
a
which most be raised before we
reduction of war debt, &c.
We have-Mr. Mellon's
We learn that income and excess profits
have fallen off $850,000,000, that the surtaxes are producing
aider extra expenditures,
letter to Mr. Fordney
tax estimate®
before us.
of the
reduc¬
off the rich men
and put them on the poor man.
There is the official answer,.that you are
getting only $100,000,000 above the 32%.
We see deflation relieving con¬
sumption and reducing to the vanishing point the vast revenue that by
only $500,000,000, and those
above 32% only $100,000,000One
witness here yesterday whether in
members of the committee asked a
ing these surtaxes to
Inflation
was
30% you were going to take the-taxes
taken out of
And yet you gentlemen must
consumption.
suspend, to meet
perhaps ought not
need another halfbillion to avoid a deficit.
And you want to see business revive and labor
re-employed.
You want to renew the active demand for the products
of the farm, and to see those products move with a minimum of tax hind¬
rance to the consumer.
All of us, I hope, want to see a contented people,
find' the revenue to support a
government which cannot
appropriation, that have to be made and some which
to be made.
You must find $4,000,000,000 and may
a
contended electorate next year.
practical question is simply that of getting at least $1,500,000,000
avoid the deficit now threatened in Federal revenue.
If those who talk
to
of retaining the excess
profits taxes and higher surtaxes and of getting the
the rich man will discover some way to put their
Federal revenue out of
purpose
into legislative form and practical operation,, if they can make
rich man and the so-called monopolies, who are now
these taxes rest on the
as a
class relatively immune
this way, we may
sales tax would be
out of
from them, and if they can
special taxes on articles of
general use will tell1 us in detail
going to tax, what the rates are to
articles they are
raise the revenue in
concede at least for argument that the proposal of the
futile.
If those who talk of raising additional money
going to tax them, and if their proposal when
Committee and to Congress and to the farmer
just what
bev and how they are
presented appeals to the
and the workingman, as
and if it will raise the revenue, we may
again concede for argument that the proposed sales tax will not prevail.
Nor would we, I think, he serously urging such a tax if the Government
appropriations could be reduced to, say, $3,000,000,000.
But if none of
these things can be done, and so far no one has shown us how they can be
done, the question of a sales tax becomes urgent and its enactment in some
preferable to the general sales tax,
apparently inevitable.
The
present
situation is remarkable.
Our diminishing revenues are
business, and the taxes are keeping and driving capital
of
business,
drying the stream of
"swollen fortunes"
production and enterprise. The
of these taxes are pe¬
which are the intended victims
culiarly safe from them.
Senator Calder.
Right there; it has always
seemed to me that the present
the worker and the doer.
They take their money out of
business and put it into tax-exempt securities and do not pay any interest,
while the worker and the doer contribute to the part that they should pay.
system is a tax on
Mr. Reed.
That is exactly the
situation.
There is another factor that
beginning to be realized.
I was talking yesterday with Mr. Harris,
chairman of the taxation committee of the Investment Bankers Asso¬
is only
the
verified an impression
He says that in Detroit
there are a great number of active business men in middle life who are
quitting business, retiring.
He says out in California there are a number
of relatively young men from the East and Middle West who have quit
business, because, taking it all in all, it is evident that a man is better off
financially if he can withdraw his money from business and invest it in
absolutely tax-free or relatively tax-free investment and enjoy himself.
Senator McCumber. I have heard a great deal of argument along the line
of these rather large sums of money being diverted from business and going
into these tax-free securities, but I have never found anyone yet who could
give me any figures to show to what extent they have been withdrawn from
business and to what extent that same money has gone into the purchase
ciation, who appeared
Board of Trade and Trans¬
is somewhat long;
propositions.
certain amount of opposition from
derived from active
TAX.
Finance Committee on
York Board of Trade and Trans¬
portation, to present the Tax Platform of the latter as
adopted at a meeting held Oct. 13 "1920, and to emphasize
as
expressions of business sentiment.
something of the futile
I believe that these
,
The
May 21, on behalf of the New
spoke
review of other
it, will come to recognize its
to
and also
^bity, appeared before the Senate
Mr. Reed
a
and agriculture
out
the need of the
experimentation with
been honestly misled into
opposing the least burdensome form of a consumption tax, in the belief
which members of this Committee know is unfounded that the present
taxes rest on the very rich.
This first impression of the- tax situation is
very rapidly being corrected,
a fact evidenced by press comments and
correspondence from all parts of the country.
I think we all started—I
know H did myself several years ago—with a prejudice against the sales tax.
COMMODI¬
Reed, of Reed, Dougherty & Hoyt, of
the. arguments
against farther
;.V
recognize
form
R.
my
sales tax.
to what restrictions, if any, are imposed either directly or in¬
by France, Great Britain, Holland Japan or any other foreign
country or the dependencies thereof, upon the citizens of the United States
in the matter of prospecting for petroleum, or in the acquisition and devel¬
opment of lands containing the same within the territory subject to the
jurisdiction and influence of such countries.
Second, if such restrictions exist, what steps have been taken by the
Government of the United States to secure their removal and equality of
treatment in respect of citizens of the United States.
Third, if any restrictions are imposed by the Government of Mexico upon
citizens of the United States in regard to the acquisition or development
of petroleum-bearing lands within its jurisdiction which are not imposed
upon nationals of other foreign countries.
r
Fourth, if any such discriminating restrictions are imposed by the Gov¬
ernment of Mexico upon citizens of the United States, what steps have been
taken by the Government to secure removal of such restrictions and the
equality of treatment in respect to citizens of the United States.
Robert
referendum of the National
6% ao, and
received a rote of 89% yes,
efforts made to
propositions as sub¬
mitted, without any effort to influence or mislead, adopted by such a vote
by such representative organizations constitute in fact a definite test of the
business opinion of the country.
I do not say that that opinion shonld
govern, but I do.say that there is no question whatever as to what it is.
The commodities sales tax proposal embodied in this tax platform represents
what is known as the Galey & Lord proposal, which was proposed to the
New York Board of Trade by Mr. CharlesE. Lord, who feas already appeared
before the Committee.
The advocacy of a sales tax comes from the general
business interests of the country, from active competitive business of a
representative character.
It is in no sense a move of rich men to saddle
their taxes on the consumer, but of business men to obtain an honest, de¬
pendable and productive revenue system' that will not hamper and in the
end destroy the freedom of enterprise and of competitive production.
We recognize, however, a minority business sentiment opposed to the
as
TIES SALES
permit
misrepresent that sentiment.
the report said:
ROBERT R. REED IN ADVOCACY OF THE
also submitted in a
You have heard them and kiwr
Senate—
First,
directly,
was
what at present seems
profits taxation should
discriminatory profits taxation.
information called for under the Senate
refer to the Senate's resolution of March 10, 1920, requesting
if not incompatible with the public interests, to inform
proposition
That
5% not voting, practically 15 to 1
the Senate:
President,
was:
Association of Manufacturers and
,
In indicating the
resolution
Resolved, That any further experimentation with
dangerous fallacy of discriminatory
be abandoned at this time.
to be the very
far as it has assumed a
resolution, the President in transmitting
voting—fracticaffy 7 to 1
commodities sales tax.
for the
diplomatic character, proceeded since May
'14, 1920, along the lines indicated in the previous report.
In addition to making inquiries with respect to existing or proposed
{petroleum legislation of foreign Governments which might exclude Ameri¬
can
citizens, discriminate against them, or impair their vested rights,
the Department of State has made representations to foreign Governments
wherever it appeared that monopolistic concessions had been or might be
granted to the possible detriment of citizens of the United States.
In
.making such representations, the Department has emphasized the fact that
under the laws of the United States foreign nationals and foreign-controlled
companies have enjoyed with respect to petroleum development in this
country the same treatment as that accorded citizens of the United States.
The Department has also on appropriate occasions emphasized the desira¬
bility of the general adoption of the principle of equal opportunity with
respect to access to petroleum supplies and has pointed out that this
Government, while insisting upon the protection of the rights and the
legitimate interests of American citizens abroad, does not cherish for itself
or encourage on the part of its nationals any monopolistic or exclusionist
purposes.
v;.,~1
"■ ,,V;■
The petroleum question has been touched upon in the correspondence
which the Department has recently exchanged with the British Government
in regard to the application of the principle of equality of treatment to
the territories of the Near East to be placed under mandates.
In this
correspondence, however, the question of petroleum restrictions, although
pertinent and practical, has necessarily been secondary to the general prin¬
ciple under discussion.
•
The correspondnce with the Netherlands Government, reproduced above
as showing the policy, laws, and regulations of that Government applicable
to petroleum development in the Netherlands East Indies, indicates also
the attitude assumed and the action taken by the Government of the United
•States in regard to such policy, laws, and regulations.
/
lias,
82% voted yes, 12% no, aai 6% not
members;
[Vol. 112.
;•
that I had
before you yesterday, and he
received in New York, which is
of tax-free securities.
this:
Have you any data on that subject?
which I know from my
professional
bonds.
There are only a relatively few firms that do it, so we are in touch with that
limited situation.
It is true that since these taxes have been operating, and
particularly since the war spirit has declined somewhat, a very large part
of the business of the investment banker dealing in municipal bonds has been
Mr. Reed.
connections.
I can tell you one thing
My firm specializes the
legal approval of municipal
Mat 28
THE
1921.]
taking municipal bonds out of the savings banks and selling them to rich
That is
investors.
have
recognized market fact.
Millions, I
suppose
billions,
savings institutions in all parts of the country, have come
out of
come
a
place where they ought to be, where the savings of the poor
out of every
Senator Calder.
State
In New York
our
deposits total something like
$5,000,000,000 in the Mutual savings banks.
"We have been large holders
of State securities.
I know those securities are leaving the savings banks
and
taking the railroad securities, the profits of which are also exempt
we are
when in a savings bank, and the rich men of the country
from taxation
who
trying to escape taxation are
are
buying out of savings banks those
thing for
men to
invest tHeir money
according to investment principles.
•
;
;Senator Calder. But we have passed laws for the benefit of the idle rich.
We have and for the
Mr. Reed.
destruction of business of the country
But I intended to include, and I think I did, in my state¬
if it continues.
only savings banks but the great insurance
companies.
The invested capital features have had something to do with
that, because a bank subject to the excess-profits tax is penalized on the
ment, all large institutions, not
referred
is
I want to state without comment.
further fact that
one
moment ago to the investment
a
I
A corporation
tax-free securities.
The fact that I want to state is this.
investment basis, say, $8,000,000 a year on a capital
on a secure
owned possibly by one stockholder or a family, escapes
of 10%, and you do not get any more out of it.
The sur¬
of $100,000,000,
with
a
total tax
only touch it apparently by a scheme of
not touch it and can
taxes do
Unfortunately
we cannot in a period of reduced incomes
We must seek articles of
general use, if we are going to have special sales taxes, and we must get
them more or less
total
specifically according to
and not generally according to
These are the kinds of taxes that the ill-ad¬
misinformed farming and labor leaders
or
reach lies in
we want to
expenditures, not in the kinds or number of specific articles pur¬
chased by the average man.
vised
use
The real extravagance which
expenditure.
the total
committing themselves
are
hasty denunciation of a general sales tax, as
an
effort to shift the
We who advocate that tax honestly want to lift or lighten the
burden.
burden that is threatened to be imposed on the general public.
We believe
of all these special taxes will show that in addition to putting
that an analysis
unfair discriminatory burdens on particular industries, with danger to both
and
capital
labor
in
those
industries,
they impose
a
disproportionate
And
consumption, disproportionate to the revenue produced.
burden on
this for two reasons: first because many of them enter into costs at high
figures and are loaded in their transmission; and second, because some of
constitute deductions from gross income and cause a reduction in
yield of other taxes.
'
v
There is one other alternative that is very often mentioned in private
of capital in .tax-free or relatively
earning
goods,
motion pictures, small jewelry and other similar articles
yet untaxed.
them
holdings of its municipals.
There
as
.
I think it is a normal
Mr. Reed.
articles,
toilet
to in their
municipal bonds.
but not of first necessity" which pay these taxes,
"articles of wide use
articles such as musical instruments, proprietary medicines, sporting
consider real luxury taxes a source of revenue.
so-called, rest.
man,
2271
CHRONICLE
conversation—I do not know that any gentleman has gotten to the point
publicly on the floor of Congress—and that is as your rev¬
the
of mentioning it
enue
under the existing system declines you raise the rates to maintain
yield.
on an
Logically that is what you have to have if you are going to continue
exclusive income tax basis; as the yield from the higher rates declines
have to raise the rates on the
you
taxation, which would play havoc with
active corporate business and send more capital into tax-free investment.
Senator Calder. Still, in connection with this concern you have cited,
it on salaries, on
the individual stockholders must pay a return.
moderate income.
That means to raise ~
refuse to believe the
graduated undistributed profits
If they receive
Mr. Reed.
.
Senator Calder.
:
it.
How do they avoid
They do not have to
Mr. Reed.
great many
a
If
one man owns
that large
It passes by death free of income tax.
instances that is being done without any attempt to avoid
There are families who have had
the tax.
form for
a
buted it.
their money invested in corporate
generation or two and it is still there.
The stock represents
produce, if we survive, a greater revenue.
We can
demonstrated fact of shifting, and get a higher rate
do not think that Congress
They have never distri¬
This
proposal to get this needed new revenue out of higher rates on mod¬
the fundamental issue between income and expendi¬
ture as a source of an
discrimination in favor of saved income, or of
low exemptions, with
a
sales tax here to get
getting them.
the revenue because these things are not
We cannot ever continue
these taxes at confiscatory rates, as a quasi-
productive or to apply them
they fall. That they are
real income, that they do not
appy equally to secure periodic or unearned income on the one hand, and to
insecure, varying or earned income on the other, and that they do not rest
where they fall, are demonstrable propositions.
These considerations,
briefly stated, place a limit on the productivity of these taxes, and make it
useless and dangerous to maintain them above the point of maximum pro¬
ductivity.
I think probably the maximum is around $2,000,000,000 in
normal times, and if you want to put them where they really rest and not
be shifted, I should say that the maximum is probably $1,500,000,000
Practically all you are getting, the great majority of it, you are getting from
the business and from the occasional transactions in a given year.
A lot
of these estimates of the incomes of certain estates, &c., as appears by the
income-tax returns, are simply the case of one man who made a killing
in one year.
He is not half as rich as thousands of other men.
Relatively
little of this tax comes from secure income or from the so-called swollen
capital tax, when we are unable to make them
equally to all income and have them rest where
not
productive, that they do not apply to all
fortunes.
How is
these
more money
on
to be raised from these
sources?
business has many effects, including at
The incidence of
the present time
expenditure, with
What is in fact
several million tax returns and higher taxes paid
out
all the dif¬
ficulties, monstrosities and actual burden of collection and payment, for
the tax collector and taxpayer, with which we are familiar; with hundreds
of thousands of tax dodgers, an increasing cost of collection, increasing de¬
linquencies and avoidances, probably an ultimate breakdown in the whole
endeavor.
Qn the other hand, with an increase in the normal exemptions
as proposed, we have this same class bearing the same burden through its
expenditures, enjoying immunity from income tax returns but not from
taxes; we have partial exemption to the frugal but none to the dishonest.
In the last analysis the so-called shifting involved in increased taxes on
expenditure is not really from the very rich to the very poor, but from the
average, more prudent and more thrifty citizen to the average less prudent
of incomes which are practically spent
and less thrifty or more extravagant
before they are paid;
citizen.
Finally, we come to the sales-tax plan itself, which is
simply a business
covering the turnover of commodities in
their transmission from the producer to the consumer.
It involves all
commodities and nothing more as we propose it, and I think that is a con¬
conception of a general sales tax
ception of it now that is practically
Mr.
universal.
Rothschild, who appeared here yesterday and who has done a
great
with us in principle, does talk
about an inclusive-sales tax, but we feel that the principle of the sales tax
is concerned with those things that move from the producer to the con¬
deal of very good work and really
agrees
in the nature of capital assets or
and things of that kind, but to the
producer to meet the demand of
It cannot apply at all, to things
sumer.
gross
It comes out of business.
taxes
on
thrift.
On the one side is the continuance of the present
both sides?
proposed
untouched, and the development and use
land and natural resources
of these resources is prevented
by these taxes.
It is not a question of substituting or changing anything.
You are not getting revenue.
You cannot get it.
I am emphasizing this
simply on the question of the possibility of getting the revenue by increasing
these taxes.
I am not even urging the elimination of them.
We are urging
This is hot an issue between the rich
additional tax.
It is the direct issue between income and
and the poor.
Again, the great increase of wealth lying in
is
I
erate incomes presents
a
the ownership.
We can go on a while longer that way.
is going to accept this alternative, because it is
plain a confession of the fact that the higher surtaxes do not pay.,
too
corporation he can keep it forever.
In
to
as
so
of the lowered profits.
out
.!
that?
receive it.
incomes,
reduced corporate and business incomes, on small invested
income, as in the case of services
gross
sales of things that move from the
the
When
consumer.
it
rests
consumption.
If it
and we have to assume
loading or in practice with
that it rests
on
on
the line under competitive conditions,
Business cannot pay both high taxes and
high wages when these is little buying.
Let us look ahead.
Five million
men, we are told, are out of employment.
We do not profess to represent
these men.
But we do represent the business which give them employment,
passes down
operations, and which under
improved conditions will be able to give these men employment.
Taxes are
not the sole cause of these conditions.
They are a large factor in causing
them and may be a larger factor in correcting them.
In a very real sense,
despite inequalities of fortune, the prosperity of business means prosperity of
all of our whole United States.
I might put it graphically.
If you starve
necessarily loaded.
suspension and unemployment.
many
of which have had to suspend or reduce
The present
taxes, because of their unavoidable arbitrary effects, have shut off the
stream of capital into production and have taken from active business, not
from idle wealth, the profits which should go into production.
The effect
is more serious on the workingman and small farmer simply because he has
the capital out
less
of business you starve the bodies of the
people.
with which to meet it.
reserves
and children and
strengthen the home market for our farm products by telling them that it
has^imposed the tax burden on the rich.
It cannot allay popular unrest
by confessing that the rich man is so unconscionable that after all he hasn't
paid the taxes and won't put his capital into production because of the
taxes.
To restore normality and business freedom, we must have honest
taxation.
We have got to fit our scheme of taxation to the powers of
government and the principles or economics, if we find that these powers
and principles do not fit the scheme of graduated profits taxation.
The
time to do this is now.
I venture to predict that if it is done now, if the
income tax is adjusted to produce its maximum without shifting, and
supplement it by a commodities sales tax running straight to the consumer,
the country a year from now will voice the general approval which in the
Philippines and Canada has followed the sales tax experiment.
We all
hear that there is a political and possibly partisan aspect to the matter.
Personally I believe that members of both parties will be found on each side
of the question.
Although I can realize that the party now in power will
wish to face a contented electorate in 1922, and also to avoid a deficit, I
do not believe that members of the other party will wish by their voice or
votes to imperil the welfare of the country or the fiscal operations of the
Congress cannot fill the stomachs of men,
women
Government.
What are some of the proposals before
the Committee?
To raise $330,-
superimposed on railroad rates that block
Here is one item that both penalizes production,
000,000 by a transportation tax,
the
arteries of trade.
trade and wages and rests on
its revenue
on
yield.
sugar, or
the
wage—yet none of you
the
pyramided cost far beyond
of a specific pound tax
equally with
according to con¬
To continue the various excixe taxes on the living
will face his constituents to-day with the proposition
or farmer and his children should go without the
rich, not according to
sumption in pounds.
that
consumption at a
To raise $200,000,000 plus out
possibly on tea and coffee, on the poor consumer
workingman
expenditure in dollars but
those conditions, it is
an
almost
going to pass without any
negligible amount of loading.
I spoke a moment ago
means
that
of those other taxes which rest at the base
does not involve any outlay of
tend to pass it down the
capital or other expense, and competition
line without loading.
Its amount, relative to the final cost of
loaded.
and are
Assuming that a 1% sales tax at the base of an article
amount as an addition to the cost of the raw material.
That 1%
that the loading
is almost negligible.
This tax has been in force in the
will
But assuming that it is
the article, is so small,
|
Philippines for some years, and I
think
I have never heard anything
approaching a representative statement questioning its success in the
Philippines from the point of view of administration and from the point
you are
fully familiar with its success there.
of view of the consumer.
"interested opposi¬
Saturday, "When
small and theo¬
retical is the remnant."
It is this interested opposition that it has been
hardest to understand.
Disinterested opposition expresses itself fairly.
It does not say, as was said in the report of Mr. Plumb's Committee, that
the sales tax is designed to shift two billions of taxes from business and per¬
sonal incomes upon consumption, while admitting in the same report that
the business income taxes are largely shifted and also urging special taxes
The New York "Times" not
long ago referred to the
The "Times" said editorially last
tion" to a sales tax.
opposition is separated from the rest, how
the interested
which rest on the same consumption.
Disinterested opposition
doubt
as
to the
that there is
the referendum
does not tell the business man
constitutionality of a sales tax, as was done in
Commerce, and it does not con¬
struct a referendum so as to ask votes on two alternatives, one for a sales
tax in substitution and one for a sales tax in addition to other taxes, and then
count the negative votes on each as hostile to the sales tax.
That is not
submitted by the United States Chamber of
disinterested opposition,
in
my
opinion.
and the reaction is
member of
the lower House on some of the proponents of the sales tax.
This attack
has also re-acted, and if there is one matter now established it is that there
is one matter now established it is that there is no large financial interest or
so-called Wall Street organization back of the sales tax proposal.
In fact,
there is neither organization nor effective co-operation between the various
advocates of a sales tax, which to date represents the effort of individual
business men and separate associations, the clearly competitive type of
business men, to express the desire and interest of active enterprise to have
the Government levy a practicable and dependable Itax on business.
It is generally said that thb sales tax is proposed as a substitute for the
excess profits tax and the higher surtaxes on business profits.
In a very
This kind of
opposition has plainly overreached itself
in favor of the tax.
limited
sense
You have noted the unfounded attack by a
this is true.
minimum of burden,
It is an honest consumption tax,
in lieu of a disguised and
producing a
loaded consumption tax
THE
3272
[Vol. 112.
CHRONICLE
—
■
producing a maximum burden.
But as the matter stands to-day, it is no
longer the fact that the sales tax is a substitute for the excess profits tax or
Board,
The Treasury substitute for the excess profits tax is the
increased corporation tax and recognizes the fact that the higher surtaxes
of
higher surtaxes.
have been
eliminated as a source of any great revenue.
additional tax necessary to produce the
sales tax is an
to
The fact is that the
required revenue and
the excess of appropriations over
in sight from either the existing or proposed income taxes.
It is
avoid the deficit now threatened by
revenues
the more
objectionable special sales taxes, the proposed sugar tax, and for other sug¬
gested alternatives designed to raise about $1,500,000,000 that is wanted
to prevent a deficit in the revenue.
Approximately $2,500,000,000 to
$3,000,000,000 represents the maximum revenue in sight from other taxes.
The bulk of it is derived from normal and corporation income tax, less than
$1,000,000,000 from the graduated taxes, including excess profits tax or
a
substitute, if such a word may be
used, for the transportation tax,
distinct proposal to raise revenue and avoid a
deficit, that the sales tax must be considered and the arguments of the op¬
position, interested or disinterested, must be weighed.
A part of this opposition rests on the assumption that the sales tax will
or may not be shifted.
Every recognized authority refutes this assumption.
Professors Bullock, Seligman and Fairchild, I believe, agree fully on this.
Professor Adams concedes it, perhaps grudgingly, as he lends his name, I
believe, to the sales tax ghosts that see a sales tax as a possible 20% to 50%
tax on the net profits of business.
He does not, I take it, question the econ¬
omic principle that the sales tax will shift.
One point, however, I wish to
emphasize as to the nature of the shifting.
I believe it was Mr. Plumb's
report that used the statement that even rent may not be shifted in some
cases, with the intended inference that when rent cannot be shifted, a sales
tax must be absorbed.
Rent is an overhead, and it must be clear to you as
intelligent men that even when rent and other overhead and relatively high
costs cannot be shifted, even when gods are sold at a loss,|it is still true that
a cost incident to the sale itself, a cost running with the goods and which
must be paid by all competitors selling similar goods, will be shifted.
If
we will assume first a single purchaser standing in the market place and
swearing that he will not pay over $19 for a certain commodity, and second
a single vendor who is finally willing to sell at that price at a loss to himself,
and then you impose a 1% sales tax on that sale, one of two things is true,
either the purchaser will raise his price to $19 19 or the seller, without the
sales tax, is really willing to sell at $18 81.
When every competitor is
bound to pay the same tax on the goods and the goods are objects of con¬
sumption, which sellers must sell and purchasers normally must and will
have for their use, the buyers and users of that commodity will pay enough
to bring it to them, and the one thing that they must pay is a selling cost
which cannot be avoided by any seller.
The head of a farm organization
It, is In this aspect, as a
recently said that if it was adopted, the farmers
would stop growing cattle.
He answered himself—Long before the farmer
stopped raising cattle, long before the tendency to do so manifested itself,
in fact as soon as the tax is imposed, the burden of the tax will shift and
be paid by the buyer who will pass it on, if he sells competitively, to the
opposing the sales tax
ultimate consumer..
be able to shift the tax.
monopolist, whether the monopoly
be due to patent rights or to control of markets, and particularly where it is
in part affected by the use of intermediate controlled sales agencies.
I do
not allege the existence of any particular monopoly or its opposition to
the sales tax
The heads of some very large organizations, popularly classed
as trusts, are said not to oppose it, while others seem to oppose it.
One important case in which it is claimed, that the tax could not be shifted
is that of the single process manufacturer or middleman competing with the
integrated industry or mail order distributor or chain store manufacturer.
We cannot but admit the principle back of this claim.
Certainly the tax
gives an advantage which may amount to five to ten cents on a pair of shoes.
My own reaction to this argument may be a little bit colored from the fact
that I first got it from my good friend, Professor Adams, and it Seemed to
me very funny that gentlemen who had been or were apologists for the excess
profits tax that spells relative confiscation and immunity throughout the
business world, taxes one competitor to confiscation and another not at all,
should be worried over a possible 1 % selling advantage in a relatively few
instances.
v\ .>
-K;
I had also read something of sales tax proposals and their defects in other
countries and did not recall ever hearing of this as a practical objection to a
sales tax in operation.
It is not, I believe, suggested in France, Canada or
the Philippines to-day.
And I thought of the large trust organization with
its multiple inter-company saie,s, and I wondered whether the objection was
sincere, whether the so-called trust was not really hostile to the sales tax
rather than an object of its intended favor.
I knew that Mr. Lord, who had
consulted me in the matter, was a single process manufacturer, and he told
me that he could give any multiple process competitor a 1 % tax advantage
without any fear.
The whole thing seemed exaggerated and played upon
by men not really interested in it except as a means of defeating the sales
There is only one
That class, to use a
conceivable class who may not
popular term, is the
Reserve?"
C.
David
by
Change, if Any, Should Be Made in the
'
•
Wills, Chairman of the
Bank
"Conversion
by J. H.
Trust
National
Kraus, Vice-President, Union Trust Company, Cleveland.
or Contemplated
Changes in the Federal Reserve System,"
Joseph R.
"Recent
W.
Walter
of
and
Distribution of Earnings
Herzog, Vice-President, National
Company, Albany.
Banks into State Banks and Vice Versa," by
Reserve Bank?"
Federal
the
Commercial
A
Federal
Federal Reserve Bank of Cleveland.
"What
golf tournament is among the
by
Omaha.
President, Omaha National Bank,
Head,
diversions planned.
BANKERS AND TRUST COS.
ITEMS ABOUT BANKS,
only public transaction in bank stock this week was
sale at auction of ten shares of stock of the National City
The
a
surtaxes.
the
It
"Was
Bank at $335 per share, $26 per
share increase over the price
paid at the last previous sale of the stock, in
No trust company
stocks
Low.
High.
335
BANK—New York.
Shares.
Last previous sale.
Jan. 1921— 309
Close.
335
10 National City Bank.
January 1921.
sold.
were
335
♦
—Louis
W.
Trust
York
National Bank, Reno,
the Reno
ted institutions,
of The New
elected Vice-President of
Nevada, and of its affilia¬
Savings & Trust Co.,
the Bank of Nevada
Tonopah; First Na¬
Sparks; Car¬
Bank, Carson City; Churchill Valley Bank;
John S. Cook & Co., Goldfield.
Mr. Knowles
Tonopah Banking Corporation,
Reno;
Bank of Sparks,
Bank, Winnemucca;
tional
Valley
son
Assistant Treasurer
Knowles,
Company, has been
and
Fallon
entered
the
of the old
employ
Liberty National Bank in
of service with
merged with the
He began his banking
1901, and has thus completed twenty years
institution,
one
that bank having been
April 1 last.
New York Trust Co. on
as
career
a
stenographer and was in fact, the
first steno¬
National Bank. He was
promoted to Manager of the Credit Department and in
was made Assistant
Cashier of the bank, becoming
grapher employed by the Liberty
later
1914
New York Trust Co. at the time
Assistant Treasurer of the
A dinner was tendered to Mr.
of the merger.
President of the New York Trust
son,
tended by the
which Mr.
at
as
cup
a
Knowles at
D. Gib¬
Club, Thursday night, by Harvey
the Union League
Co., which was at¬
official staff of the old Liberty National Bank
Knowles was presented with a silver
token
loving
of esteem from his fellow oficers.
Knowles will take up his
Mr.
duties in his new field following
•
tax
his departure
growing popularity of Madison Avenue as a centre
institutions is emphasized by the announcement
The
for financial
of
an
plans of the United States Mortgage & Trust Co. to erect
individual bank building at the northwest corner of Madi¬
The structure, which will house
son
Avenue and 74th Street.
the
company's Madison Avenue branch now
Street,
was
decided upon in order to meet
that office.
style of the late English Renais¬
the exterior of limestone, with Knoxville marble en¬
and base.
The plans are designed to give the maxi¬
building will be in the
The
sance,
trance
light and air, and in every way conform to modern
architecture.
The site of the new build¬
of
mum
standards of bank
ing is 100 feet by 50 feet,
facing the avenue.
that
♦
CONVENTION OF
SERVE
CITY BANKERS.
An interesting program has
Annual
ASSOCIATION OF RE¬
Bankers,
which will be held in
Ninth
of
Buffalo at the Hotel La¬
in
Fred W.
Ellsworth, President of the Association, and Vice-President
of the Hibernia Bank & Trust Company of New Orleans,
will be toastmaster at the
annual banquet held in the eve¬
The speakers
Vice-President of
of Milwaukee, who will speak on
opening day of the convention.
ning of the
at the banquet
will be John H. Puelicher,
the Marshall &
Isley Bank
"Dollars vs.
the
Buffalo
dresses are
Citizens," and John D. Wells, City
"Times," of Buffalo, N. Y.
"Present
Bank,
Editor of
The following ad¬
Thursday:
for Financing Exports," by J. T. HoldsPittsburgh, N. A., Pittsburgh.
scheduled for the business session on
Plan
worth, Vice-President, Bank of
"Acceptance
Syndicate
Conditions in Cuba,"
by Oscar Wells, President, First National
Birmingham.
For
contains the following
addresses:
"Commercial Letters of
ters of
It is pointed out that the care of wealth
of corporate securities is an ever-increasing
trust company.
the
form
problem not only to
in business matters,
not take
Vice-President, Seaboard National
the widow or the person inexperienced
but also to the man of affairs, who can¬
the time from
his business to attend to the cutting
looking out for called bonds, collecting principal
at maturity or any of the thousand 4nd one details which
arise in connection with the management of his personal es¬
of coupons,
tate.
may
any
details
the shoulders of the owner without in
limiting his control of his property or his enjoy¬
The booklet
is intended to show how all these
be removed from
respect
ment of the income
therefrom.
»
The Corn Exchange
floor of the newly
Bank of this city has leased the ground
acquired Telegram Building, at 16th St.
and will establish a new branch there,
number of its branches up to forty-four.
fitted out with all modern bankequipment and will open about June 15.
bringing the total
The
Credit and Repudiation of Contract Under Let¬
Credit," by Charles H. Marfield,
Bank, New York.
a
and Seventh Ave.,
Friday, June 3, the program
entitled "The Safe-Keeping Account
Investments," in which is dis¬
of placing your securities in the care
cussed the advantages
of the Reserve City
Friday, June'2 and 3.
fayette, on Thursday and
■
—Custody and Charge of
been prepared for the
Convention of the Association
.
Equitable Trust Co. of New York, 37 Wall Street,
just issued a booklet
has
The plans have
prepared by Henry O. Chapman, and it is expected
contracts for constructions will be let immediately.
been
proposal.
ANNUAL
located at 75th
thd requirements
company's rapidly increasing clientele of
of the
The
...
from New York June 1st.
proposed branch will be
—-•
May 28
1921.]
THE
Henry Block, Vice-President
nental Bank of this
city, died
and
on
director
May 19.
the
of
CHBONICLE
Conti¬
Mr. Block
A press
years of age.
He was formerly senior member of
brokerage firm of Henry Block & Co., which was
dissolved in 1918.
Mr.
Block had
Continental Bank for eight
been
and
years
dent for three
years.
a
elected:
Luigi
$416,471
as
and
the
total resources-of
$24,000,000.
Its main office is at
20 Milk Street and branch
office at 3 South Market
Street.
The price paid
by the Beacon Trust Co, for the stock of
the
George
Equitable Trust Co.
was
$135
a
of
the
ratified.
The
The
of stock
a
(par $100),
Reference to this meeting appeared in
The increased capital will
go into effect
our
Chestnut Hill Title & Trust Co.
of
Philadelphia—
of 81.3 ft. and
new
a capital of
$125,000 and surplus of
Its stock is in shares of
$50 each,
The company
to begin business Oct. 1.
The permanent
$12,-
a
plans
officials have not
yet been elected.
,
At a meeting of the Board of
Directors of the
Montgomery
County National Bank of Rockville, Md. on
May 17,
George P. Henderson, Assistant Cashier of the bank for
the
frontage
The estimated cost of
The bank is situated at 44 Wall
last three years and for
twenty-one years connected with the
elected Cashier to succeed W. Russell
Brewer,
who resigned
recently to become Third Vice-President and
institution,
The New York
Agency of the Anglo-South American Bank,
Lts., has received cable advices from its head office in London
to the effect that
banking quarters at GermanLane, that city.
The institution has
Gravers
500.
building will have
depth of 195.4 feet.
a
construction is $2,500,000.
St.
and
been formed with
Aug. 1.
The Bank
The
newly organized institution—has purchased
property for
town
issue of May 21.
of America of this
city has filed plans with the
Manhattan Bureau of Bldgs. for the construction
of a
twentythree story
building at 44 and 46 Wall St., 43-53 William St.
and 41-45 Pine St.
stated in
the location of its
permanent
stock will be sold at $200
per share.
new
as
Twenty-
Third Ward Bank of this
city, on May 24, the proposal to
the capital of the institution
from 8200,000 to
was
share, not $155
issue of May 14.
increase
$250,000 by issuing 500 additional shares
iv
capital and surplus of $2,300,000;
deposits of $20,000,000
our
special meeting of the stockholders
The
and
»
a
$356,442.
a^s
was
Trust Officer of the Cumberland
Trust Co. of Rockville.
,
a
controlling interest in the Banque Generale Beige of
Antwerp, Belgium, has jointly been acquired
by the Anglo-South American Bank, Ltd., and the Sociedad
Anon Bunge of
Antwerp, Belgium—the Anglo-South Ameri¬
";,V
/
~~—»—
v
The Union Trust Co. of
Chicago announces the
appoint¬
ment of Charles C. Porter
as
Manager and Michael D.
Lawler as Sales Manager of their
investment
department.
can
Bank, and the Sociedad Anon Bunge
contributing in
equal parts 25,000,000 francs additional capital.
The ad¬
ditional-capital together with
Sociedad
Anon
that
already held
Bunge will give it and
the
American Bank,
by
William
H.
Tholen,
Union Bank of
the
the
Anglo-South
State
Bank
Tholen has
a controlling interest in the
Banque GenBeige.
The Banque Generale Beige has a
capital of
25,000,000 francs, reserve fund of 10,450,000 francs and on
formerly Assistant
Chicago,
of
was
West
Pullman
already entered
Cashier of
the
recently appointed Cashier
(Chicago),
his
upon
new
ip.
of
Mr.
duties.
erale
A
press
stated
Dec. 31
1920, had deposits of 205,069,000 francs, cash in
hand 33,249,000
francs, bills receivable 30,513,000 francs.
dispatch from
that
the
Lincoln, Neb.,
People's
(capital $15,000)
State
closed
was
partment of Trade & Commerce
tors.
Nathan S. Jonas, President of the
Manufacturers Trust
were
Company of Brooklyn stated on May 26 that at a
meeting of
Directors of the Ridge wood National Bank
on the 25
th, he
been
elected
associated
with
a
director
the
thereof.
Also
that
interests
of the
when the
Trust Company had
Ridgewood National Bank and that
are
details
compeleted the Ridgewood National
merged into the Manufacturers Trust Com¬
Bank will be
pany
the
and be operated
officers,
branch of that institution.
as a
directors
and
employees
of
the
All of
Ridgewood
National Bank will become associated
with the Manufac¬
turers Trust
Company, which will then bring to Ridgewood
and
Queens Borough the
institution.
resources
of
a
large and powerful
When the merger shall have been
consummated
the Manufacturers Trust
largest and
most
Company will become one of the
important business banking institutions in
Borough of Brooklyn with capital and surplus of over
$4,500,000 deposits of over $40,000,000, and total resources
approximating $50,000,000.
Negotiations for the combina¬
tion
of the two
of Jonas
pany
&
and
institutions
were
Michael
Helfgott
representing
the
Trust
building will be occupied at the end
of;June, forms the
points of interest in the preparation for revived
com¬
mercial
activity forecast in
Giannini, President of the
open a new
centre.
some
time, and
are
large
area
more
of San
a
popu¬
people.
already started operations, where
Savings Bank & Trust Co. and the
was
accomplished to form the
the Visalia banks
meihbers
of
the
plished
immediately
were
assets
were
new
added
who have been identified
retained, with the addition
staff
of
Sunnyvale
and
in
Italy through this consolida¬
The officers and directors
the Bank of
as a
operation
'Italy.
branch will be
under
Italy's jurisdiction commenced.
the
of
Con¬
accom¬
Bank
of
-
4
Darwin G. Sabin, Jr., the
Lee E. Timbers, Cashier of the
burg, Colo.,
a
warrant
was
Valley Bank of KeenesPortland, Ore'.,.on May 5 on
Greeley, Colo., charging him with the
arrested in
issued from
embezzlement and
misappropriation of
•
4
Francisco, with
than 200,000
Approximately. $5,000,000
version of the Bank of
of
well qualified to take charge of this
branch.
a
merger of the Visalia
several
Manager of this branch, and Elmer L. Stradtman, Assistant
Manager, have both been at the main office of the Fidelity
for
to
branch in the Mission
to the resources of the Bank of
Delaware Avenue and
Chippewa Street in a section that is
close to Buffalo's main
shopping district and which is develop¬
business
by A. P.
Permission
District, one in
Visalia and a fourth in
Sunnyvale.
The Mission branch will
be opened about
July 1.
The territory served by this
branch.
Rigdewood
corner
Italy.
Banks
a
4
This office will be located at the
of
Polk
National Bank of Visalia
Com¬
Fidelity Trust Company of Buffalo will
its second branch, which will be called the Delaware
as a
Bank
The bank at Visalia has
On June 1st, the
ing rapidly
on
Chas. F. Stern, for
tion.
Avenue branch.-
branch
announcements made
St., San Francisco, in the heart of
a
rapidly developing district, has been followed
immediately
by official sanction from State Superintendent of
with
open
direc¬
report the deposits of the bank
central
a
National Bank.
—
day by the State De¬
at the
request of the
The establishment of four additional
branches of the Bank
Italy—two in San Francisco, one in Visalia and
one in
Sunnyvale—with the assurance that the new head
office
lation estimated at
conducted by Ralph Jonas
Neuburger for the Manufacturers
May -24,
Anselmo, Neb.
$135,000 and loans and discounts
$175,000.
branch includes
the
that
dated
at
of
Manufacturers
purchased control
According to its last
Bank
on
•
had
j
I
'
Effective Tuesday of this week
(May 24) the Beacon Trust
Co. of Boston took over the
business of the
Equitable Trust
Co. of that city.
The Beacon Trust Co. has now a
combined
the following
Berizzi of Berizzi Brothers;
Smith, President of the Royal Typewriter Co."
At
assets
\Y.-••VV
Vincenzo De Luca of V. De Luca &
Co., Bankers:
Ed.
and Federal
♦
Secretary of the
Company,
were
given
are
special meeting last week of the Board of Directors
Italian Discount and Trust
directors
Honeoye Falls
bankruptcy
capital of the bank is $40,000.
Wood Kahler has been elected
Assistant
At
the Bank of
petition in
total liabilities
honorary Vice-Presi¬
American Trust Co. of this
city.
of the
of
owner
Judge Hazel has named F. G. Pierson of Rochester
and C. A.
Shuart, of Honeoye Falls, receivers.; The
director of the
a
dispatch from Buffalo, dated
May 24, reports that
Alexander Holden, as
has filed a
voluntary
was
sixty-three
the stock
2373
of the bank's funds.
closed
on
more
than $14,000
The Valley Bank of Keenesburg
Monday, May 2,/fey State Bank Examiners
was
fol-
THE
2274
CHRONICLE
accused
disappearance a week before of the
Cashier.
On the day of the closing the directors of the
bank announced that the institution was unable to meet
its current obligations because of low reserve and slow farm
lowing
the
[Vol.112.
,
ing the statutory and agreed fees per K.362,218
The general meeting was held on
carried forward.
paid-up capital of
The bank has a
52 to be
April 28.
K.75,000,000.
prosperity
evidenced in
a the annual report of the institution, presented at the ordinary
alleged, general meeting held on April 22, which has just come to
by false bookkeeping and forged papers. Barton E. Tim¬ hand.
Net profits for the period the report shows, amounted
bers, father of the accused Cashier, is President of the bank.
to 25,582,704 francs or an increase of 11,225,535 francs over
the
Later, however, an audit made by
State Bank Examiners revealed the fact that there was
deficit of $14,000, which had been concealed, it was
loan
collections.
That the year 1920 was one
in the soundness of
was
assumed for
the bank was
disturbance
Governments during
able to meet such a
to'its
the war period.
development and
To this sum was
added
the balance carried forward from the
preceding year, making a total of 27,232,441 francs; from
this amount there was deducted 1,199,810 for the legal
reserve fund of the bank and to the balance
(26,032,630)
was added the sum of 4,000,000 francs (representing premium
1,649,737 francs,
on
That
condition with so small
general business draws attention to the
general statement
The
twelve months.
preceding
the
Canada's position
is inspired by the half-yearly statement of the Bank of
Montreal presented to the shareholders the current week.
As
to be expected in the fiscal years following the war,
there is a marked change in some of the large special de¬
posits. This change is also reflected in the total assets and
evidently represents the settlement of special business
Increased confidence
of
Credit of Paris, is
Banque Nationale de
for the
30,032,630 francs
the
this
amount,
the
following
to
liquid assets total
55.38% of liabilities to the public.
Of the liquid assets gold and silver coin and Dominion
notes represent a total of $70,971,332, which is equivalent
to 15.57% of public liabilities.
Total current loans and dis¬
of dividend), making a
available for distribution. From
report states, it is proposed to make
capital for unification
increase of
total of
appropriations:
the Board of
7,500,000 francs to pay a
Directors (10% on
13,592,868 francs) and
of 10% pn the
compared with
14% for the previous year) leaving a balance of 2,233,319 to
be carried forward to 1921 profit and loss account.
The
dividend the report states, represents 20 francs for the shares
with 25% paid up, and 42,50 francs for the shares paid in
counts, as well as loans to cities, towns, municipalities, &c.,
amount to $244,301,772.
Of this current loans and discounts full, 6% having been paid in advance in January last, the
remainder represents for both class of shares francs 12,50 to
in Canada amount to $206,049,887, loans to cities, towns
be paid from April 23 1921.
and municipalities $21,738,554, and current loans and dis¬
<
The report further states that quick assets, represented by
counts
elsewhere than in Canada $15,988,754. Total
deposits stand at $416,600,938, which includes deposits money on hand, accounts with other banks and bills receiv¬
bearing interest of $310,846,487, and deposits not bearing
able, at the close of the year had reached almost 2 billion
interest $105,754,451.
The capital of the bank has been francs and deposits and current accounts had increased
increased to $22,000,000, and the reserve has also been from 2,157 million francs for the previous year to 2,419
brought up to the same amount and stands at $22,000,000. million francs; also that the general reserve fund had been
The profit and loss account reflects the larger capital which
increased by the premium on the issue of new capital, which
available. As a result, for the half year ending April 30 will make this fund in excess of 92 million francs.
Owing
1921 profits amounted to $1,910,077, as compared with
to the growth in operations it was necessary in July to
$1,802,586 for the corresponding period last year. The piof- increase the capital of the bank from 300 million to 500 mil¬
its added to the balance carried forward at the end of the
lion francs, its present figure.
The bank's branches and
last fiscal year made the total amount available for distri¬
agencies now number 316, the report states, and it is probable
bution $3,161,927.
This was distributed as follows:
that
group of branches will be opened during 1921 in Nice
$507,199,946.
$252,377,569, equal to
assets of
Of this amount
12,500,000 francs to cover a second dividend
share capital (making 16% for the year as
was
a
of 3 % - - - -1 - -; -- Reservation for bank premises
V—
War tax on bank note circulation_. .L — 1 --. - _ -
Two
quarterly dividends
$1,320,000
200,000
110,000
The Directors draw
Monte Carlo.
Cannes and
attention
1920, which began under the most
leaving a balance to be carried forward to profit and loss favorable auspices, was affected during the last months by
the "severe crisis which, coming from Ameiria and Japan,
of $1,531,927, as against $1,251,850 at the end of the last
came
over
Europe and France.
They feel confident,
fiscal year
r
•
\
nevertheless, that a better period is to be expected, perhaps
The annual report for the year ended Dec. 31 1920 pre¬
in a short time."
Eugene Raval is Chairman of the Board
sented to the-stockholders of the Comptoir National d'Es- of Directors of the Banque National de Credit and Emile
Paris bn Aprd 28 1921 shows very gratifying re¬
universal business depression prevailing
duriDg the greater part of the past year, net profits, after
providing for all bad and doubtful debts, reached 28,586,741 88 francs against 18,115,754 53 francs in 1919.
The
annual dividend-rate was rated to 10% on the increased
compte de
sults.
that the year
to the fact
Level its
General Manager.
In spitefof
paid-up capital of
250,000,000 francs, against the rate of
1$19 on a capital of 200,000,000 francs. Total
resources as. of Dec. 31 1920 were 4,212,061,053 44 francs
and deposit" and current accounts aggregated 3,531,521,144 95 francs.
The cash on hand and at Bank of France
amounted*' to 386,520,584 3 L francs and bills receivable
THE
ENGLISH GOLD AND
SILVER MARKETS.
the following from the weekly circular
Samuel Montagu & Co. of London, written under date
reprint
We
May 12 1921:
8% paid in
The Bank
of
of
GOLD.
of England
gold reserve against its note
issue is £126,540,230-
£126,540,160 last week. A fair amount of gold came
into the market and was taken for New York.
It is reported that gold to
the value of $24,000,000 has been received in New York—$13,000,000 from
as
compared with
London
and
$11,000,000 from Sweden.
The ''Times" New York corre,
(eligible ;fOr
under date of May 10 that gold to the value of $5,000,000
(£1,250,000) had arrived there consigned to Messrs. Morgan's from the
Bank of England.
The shipment is reported to be part of an arrangement
031,385 73 francs,
for
rediscount at the Bank of France) to 2,654,indicating a strong and liquid condition.
Paul Bayer is Chairman of t^ie board and Georges Labrousse,
MauriceiLeWandowski and Edgar Llewellyn are managers.
Copies of- the full report, which affords interesting reading
on present day economic problehis, may be obtained from
the Bank's representative for the United States and Canada,
Maurice'Silvester, 46 Cedar Street, New York.
spondent cabled
blA% notes, of
retired already.
The quotation for gold of yesterday—102s. lid. per fine ounce—is the
lowest since April 9 1920, when it was fixed at 102s. 7d.
The following
the United Kingdom imports and exports of gold during the month
November $150,000,000 United Kingdom
$45,000,000 are understood to have been
meeting in
which
about
were
of
April:
Bank (Prazska Uverni Banka), head
the year ended
Dec. 31 1920.
The net profit for the year 1920, including
the amount-^'-ought forward from the year 1919, amounts
to
K.23,2#4,910 36, which has been recommended for
appropriation'as follows: A dividend of 12 >2% on the share
capital, Kc50;per share; transferred to reserve fund, K.l,000,000; transferred to pension fund, K.3,000,000; placed
to fund forAevy on property, K.3,000,000; to the officers'
The
Prague Credit
buildings
recently issued its report for
fund;v^.3,000,000-';And the balance, after deduct1
,
~
.
j1
** -
Imports.
United States
Exports.
£50,387
West Africa
of America.
Central America
office Prague,
i
,
£5,333,497
— __—
3,790
134,189
2,630,022
560,360
and West Indies
Rhodesia
Transvaal
10,839
Straits
8,569
1,886
93,232
£3,389,587
British India
£5,437,184
Settlements
...
Other countries
SILVER.
The market
remains somewhat
condition of China
The
posed of some of
Indian
free.
inactive, corresponding in tone with the
exchange, which is still upheld by speculative influences,
have abstained from purchases and have even dis¬
Indiana bazaars
their recent
acquisitions.
The prospect of renewed active
sales have been rather more
week by the needs of bears.
demand seems receding.
Continental
Prices have been sustained during the
Mat 28
1921.]
THE
who have prolonged their operations by
buying
CHRONICLE
to cover their immediate
commitments and selling similar amounts for 2 months'
delivery.
10th inst. the premium on cash delivery rose as high as one
penny
The effect of
a
On the
the
necessitous demand for
arise in one particular centre where large commitments may
contracted, nevertheless other important markets often may,
gency may
have
been
and at the
to
present time do,
possess ample stocks of the metal.
China, San Francisco and to a lesser extent India.
really by
no
short of stock, but
means
held firmly with a view to
any unexpected and favor¬
The ratio between the value of silver
able turn in affairs that may arise.
and
gold
The market here is
considerable amount of silver is
a
(calculated in sterling at different periods)
parison.
During the five years preceding the great
is worthy
war
the
com¬
price for those
of silver
(quoted
and gold at
that
10%d.
the
Feb.
on
Based
ounce
per
at
4d.
43.49, based
On Feb. 5 1920 gold reached its
the ratio with silver at 86%d.
ounce;
16.25.
per
Yesterday the ratio
acme
standard
was
price of silver to be 10% dearer than in
;
.Apr. 15 Apr. 22
,
Apr. 30,
16732
16695
6610
6633
6665
2416
.....
2420
2426
6806
Silver coin and bullion out of India
~
Gold coin and bullion in India
Gold coin and bullion out of India
(Indian
Government)
6807
6807
Securities
(British Government)
835
835
The
coinage during the week ending 30th. ult.
of rupees.
amounted
;
The stock in
Shanghai
835
to
lac
one
•
the 30th ult., consisted of about 44,900,000
on
in sycee, and 37,500,000 dollars, as compared with about
45,500,000
ounces
in sycee, and 37,500,000 dollars
ounces
the 23rd ult.
on
(No holding of
silver bars
was reported on either of these
dates.)
Shanghai exchange is quoted at 3s. 3d. the tael,
The
Statistics for the month of April are
appended:,
-Silver
Cash
Gold.
Delivery. Forward Delivery.
Highest price
36%d.
36—d.
105s.
5d.
Lowest
32%d.
.32—d.
104s.
Id.
price
Average
price
34.250d.
■.
33.11
the pre-war
33.817d.
Bar Silver
\
Quotations—
104s.8.6d.
Std.
per oz.
Bar Gold per
Cash.
2 Mos.
oz.
April 29
34%d.
34%d.
104s.
April 30
quinquennium.
34%d.
34%d,-
Fine•
■
INDIAN
CURRENCY
In Lacs of Rupees—
RETURNS.
April 22.
April 30.
May 7.
16695
16732
16682
6633
6665
6612
Notes in circulation.
May 2
Id.
M
•
34%d.
May 3
103s.
8d.
8d.
Gold coin and bullion in India
34%d.
34 %d.-
103s.
May 4
35
34%d.
103s.'
3d.
May 5
Silver coin and bullion in India
Silver coin and bullion out of India
35 %d.
34%d.
103s.
4d.
34.895d.
34.541d.
__
2420
2426
2429
Average
6807
6806
6806
above those fixed
835
_.
835
The
Securities (Indian Government)..-
(British Government)
d.
835
Gold coin and bullion out of India
Securities
RETURNS;
,
16668
■
to 1, showing the gold
; y,
on
standard ounce of gold; whilst the lowest silver quotation
5 1921—works out at 38.15 with gold
the fine
i
circulation
Silver coin and bullion in India
The lowest recorded price of silver
war—30%d. on March
(the price of that day) was
ounce
standard
highest recorded price,
(touched in November 1902)—works out
quoted 105s. 3d. per fine ounce.
—127s.
was the
and
of gold (coinage
per
in
been
If this report be well-founded
CURRENCY
(In Lacs of Rupees)—
Notes
Germany.
ounces of silver has
sign of the times.
a
INDIAN
the average
ounce,
ounce
89%d.
upon
11 1920), which
by the Latin Union.
adopted
77s.
36.72 to 1.
was
be considered
may
123s. per fine ounce, the ratio is 15.25, approximating closely
—21 ll-16d.
since
and 77s. 10%d. per standard
years,
value), the ratio
made to the United States from
it
price of silver
currency
Based upon about 25 ll-16d. per standard
shipment of about 200,000
Securities
of
seemed to have stabilized in correspondence with normal conditions—that
is to say, a favorable output and an
ordinary demand for
industry.
It is reported that a
We refer
taking advantage of
against
Germany.
ounce.
prompt delivery, failing a large and
expansive market, always gives an appearance of strength—which
may or
may not be justified by the world position of silver.
Though some strin¬
3275
ental sales in the event of any
settlement of the reparation claims
silver
quotations
to-day for
week ago
a
and
cash
forward
'
103s.7.2d.
delivery
%d.
are
.
No rupees were coined during the week ending May 7.
The stock
in
ounces
in
sycee,
Shanghai on the 7th inst. consisted of about 44,250,000
$38,000,000, as compared with about 44,900,000 ounces
in sycee and $37,500,000 on the 30th ult.
3s. 3d.
at
the
tael.
Quotations—
Bar Gold
Cash.
34%d.
6...
Two Months.
34%d.
per oz.
London,
fine.
103s.
4d.
3d-
May
7
...35%d.
34%d.
May
9
35 %d.
34%d.
103s.
35—d.
34—d.
103s.
2d.
34%d.
33%d.
102s.
lid.
May
10.
May
11.
May
-
12
34—d.
103s.
34.896d.
34.187d.
103s.
The silver quotations to-day for cash and forward
%d. below those fixed
Week ending May 27—
Silver,
d. 33%
per oz
delivery
are
1.6d.
33%
•
47
33^
33%
33%
(
105s.Id.
47
47'V
88%
88%
88%
80%
80%
80%
80%
80%
81
57.50
57.15
57.35
57.10
...
French War Loan (lnParls),fr.
Holiday 82.70
82.70
The price of silver in New York
'*
Silver In N. Y., per oz. (cts.):
-
..
46%
82.70
.-'m
99%
99%
58%.
59%
58
82.70
99%
99%
58
„58%
.
*
/
99%
;;
88%
days has been:
same
\
99%]
Foreign
46%
88%
-
82.70
the
on
Domestic
date of
33%;
;
.
Frl.
104s.2d. 103s.4d. 104s.8d.
Holiday 66.80
We have also received this week the circular written under
Thurs.
May 26. May 27.
47
Paris), fr.
%d. and
Wed.
-.88%
per cents
French Rentes (in
Tues.
____102s.8d. 103s.
British, 5 per cents
British, 4%
follows the past week:
as
Mon.
May 21. May 23. May 24. May 25.
Consols, 2% per cents
week ago.
a
Set,
Gold, per fine ounce
34%d.
Average
closing quotations for securities, &c., at London,
reported by cable, have been
as
Bar Silver per oz. std.
May
ENGLISH FINANCIAL MARKETS—PER CABLE.
The daily
The Shanghai exchange is quoted
58
May 5 1921:
GOLD.
The Bank of England gold reserve against its note issue is £126,540,160,
as
compared with £126,535,615 last week.
A moderate amount of
gold came
on
offer, and
was
©oraracrcial aMBI tsccllanccuts ||jem®.
taken for New York.
Auctions
It Is reported that gold to the value of $3,295,000 has been received in
New York: $2,945,000 from
London, $200,000 from Holland, and $150,000
from the West Indies.
The last
census
Sales.—Among other securities, the following,
usually dealt in at the Stock Exchange, were recently sold
York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
not
at auction in New
of India reveals
a
falling off in the rate at which the
.
population has increased.
In the first decade of the century the gain wag
In the second only 1.2%, bringing the total of the inhabitants in
7.1%.
1910 to 319,075,132.
Shares.
The latter percentage is less than half the increase
in the last decade of the 19th century
during which the country
was
scourge
preferred
of influenze,
which
took
terrible
toll of 6,000,000
live®
earning capacity of the people on the score of numbers is more than set off
by the financial gains arising from the higher export value of Indian com.
modities during and immediately following the Great War.
A
population of such
a
as
say
1917-18
1918-19.
Gross exports—private mdse
..2,48,88
2,42,56
2,53,88
1,83,25
1,50,42
1,69,03
65,63
92,14
84,85
Net exports—private mdse
..
$50,000 lot
tr.
.$18 persh.
$ per share.
195%
Hamilton Mfg....
41%
Mfg., ex-div
Eastern Mass. St. Ry.
136
1st pref 32%
$80 each
Net imports of silver..
6,25
imports of treasure
6
1,46
25
Stocks.
$ per sh.
29,57
22,92
8
1 O'Bannon
15
1,48
1,11
44
1,62
Net imports of Council drafts.
46,60
50,72
23,83
18,23
Shares.
50
Rights
wark
77,65
74,75
23,47
30,67
17,39
Balance of trade in favor of India
Balance of trade against India
Stocks.
61,38
$ per share.
.
15 West States Gas & Elec. pf.
65%
58 2nd & 3d Streets Pass. Ry._160
imports of treasure
and funds
95,33
to
subscrlb SouthBank @$200. 10
Nat.
1 Drovers & Merch. Nat. Bk.,
$50 each
60%
2 Pa. C. S. <fc Market $50 each 15
12,02
12 Quaker City Apt.
House...$4 lot
388 Chespeake Land Impt
$30 lot
4 Bank of North America
300%
SILVER.
The
States
market
has continued to
an
inactive
condition—the United
1 Moorestown (N. J.) Nat. Bk340
of America has refrained from selling with any freedom, notwith¬
standing the firmer tendency of
A
be in
few Indian
our
4 Corn
exchange with that country.
Bazaar orders for prompt shipment, coming upon an ill-
$5
to
be
each
10 Commercial Trust
$50
blunted—and that this
reluctance to put out silver for sale may indicate that the steadiness is or
Somewhat artificial creation.
We may expect a recrudescence of Contin-
.....
Trust..
10 North. Cent. Trust., $50 ea.
10 Continental-Equit. T. & T.
noted that absence of selling is the cause—not any eagerness to buy,
the
now
each
3 Northern
from day to day the steadiness which has been apparent, but it should be
Bazaar demand seeming
Exchange Nat. Bank.370
lOPenn National Bank...326-329%
10 Northeast
Tacony
Bank,
supplied market—as from the Continent and elsewhere—have maintained
edge of the
'
1
■' •
$5,000 Denv.
&
parj
■: j
■
Salt
Lake
RR.
ctfS., dep.
$325 lot
$10,000 marks German War Loan,
2nd series, 5s
$13 per 1,000 mks.
Shares.
Slocks
1 Hood
$ per share.
Rubber, pref
88%
Typewriter, Inc., pref. 50
25 Corona
5 Fall River'Gas Works
153%
148%
1 Lowell Gas Light
L
Per Cent.
$5,000 Roswell Gas & Elec. 6s, 1918
Certfs. of dep..-.
L_
60 flat
Shares.
Slocks.
10 American
»'
Glue,
5 J. I. Case Plow
$ per sh.
,
com
..115
7% pref
80
1 Plymouth Cordage
2 Adirondack Pow &
200
Lt.,
com...
11
By Messrs. Barnes.Lofland,*Philadelphia:
10,82
Net imports of Govt, securities.
(d)
Mills
-A 150
Corp., com
50
3 East. Mass. St. Ry. adj. stk--. 12%
10,97
(c)
Corp.,)
)$10,000 lot
Co.r no
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares.
1 Acushnet
2
21,46
Gasket
$10each.i.._.
Bonds—
16%
10 Federal Bearings, pref
(private account)—
23,32
City Bank..$335 per sh.
lsts,
50 Old Colony Woolen Mills, com.
3>
5 U. S. Worsted, common
.101
Net imports of gold
1,000 Glass
Bonds—
•
7 Worcester Cons. St. Ry., pref.,
1919-20.
Imports of treasure and funds
Total net
Stocks.
2 Great Falls
1,26,00
>
10 National
50Churchman Co
....$51 lot
50 Animated Picture Prod., Inc.,
$10 each
$50 lot
50 Servldor
1 Bates Manufacturing.
2,00,80
Net
Trust,
ctfs
25 Rights
3,26,80
Gross imports—private mdse
(б)
25 Yukon-Alaska
1
1913-14
(а)
Sale-Guard R. E. Assn
Shares.
war:
(In Lacs of Rupees)—
i
.$6 lot
50 Hudson Realty
2,000 Einstein-Wolff, com..
1,621 Einstein-Wolff, pref
Price.
$30 lot
By Messrs. R. L. Day & Co., Bostoh:
regards both gold and silver.
since the outbreak of
81 %
the most important—individual factor in
The following official statement as to the trade of India
during 1919-20
well worth consideration, in view of the remarkable reversal of the balance
is
Products Corp.,
Pine
each
$1
Stocks.
2,500 Tularosa Copper
100 Briquette Coal, $25 each.,.$21 lot
size advancing in prosperity obviously has been a
important—we might
the bullion market
...$62 per sh..
^00 Alaska Mines Secur., $5 each.$5 lot
1,900 Arner.
Shares.
12 Cent. Cons'rs Ice,
pref_$U per sh.
$34% persh
Commonwealth Finance Corp
4
visited
a
singularly large proportion of these were in their prime) and left millions
enfeebled, partially explains the lessened ratio of increase.
So far as the
industrial prosperity of India is concerned, the lessened increase in the
very
Price.
common
by two great famines.
The
Stocks.
2 Commonwealth Finance Corp
!
70
500:
55
A
103.
275
9 Fidelity Union Tr., Newark. 195
66 Fidelity Title & T., Pitts...273
Shares.,
Slocks.
$ per share.
7 Moorestown IN.
18 Peoples
Nat.
J.) Trust..152%
Fire
Ins.,
$25 each
12 Phil. City Pass. Ry
53,000 Lane-Rincon Mines
18%-19%
97%
..
2%c.
100 Edw. G. BGdd Mfg. pref...
13 Bakers Baklng.i
5 Bahls Ice
Bonds.—
Gream & Bak., pf.
k
$1,000 Easton
2
6%
Per Ceru_
qons. Elec. coll. 5s,
?.
1949
85
^
63
$8,000 Steubenville & E. Llv. Ry. &
Lt. 5s 1927. "Ctf. benef.
Int..$220 lot
$4,000 Ohio River Pass. Ry. 1st 5s,
1957.
Certf. of dep
$100 lot
$4,000 Empire Gas & Fuel cons. s.
f. 6s, 1924..3
79
$3,100 Lane Rfncon Mines 1st 6s '14
5
$5,000 Devop Jdanor Corp. gen. 6s
1947
•
$1,000 Am. Pipe & Constr. coll. 5s
series A, 1927
60
60%,
Per
regarding
following information
National Banks.—The
[Vol. 112.
CHRONICLE
THE
3376
Miscellaneous
Department:
Treasury
APPLICATIONS
RECEIVED.
.
IX
June
15
Holders °f rec. June
2
June
1C
May 29
to
IX
June
10
May 29
to
June
15
Holders of rec.
July
(quar.)
(quar.)—Computing-Tabulatlng-Record. (qu.)
Cons.
25,000
May 17—The Citizens National Bank of RosevilJe, Cal
Correspondent: L. P. Dodson, Roseville, Cal.
CHARTERS ISSUED.
50,000
National Bank of Proctor,
50,000
-----
EXISTENCE RE-EXTENDED.
ig
17
19
19
20
21
2
IX
IX
*2
July
IX
*S2
15
p75c. June
1
June
15
■Holders of rec. June
'Holders of rec. June
IX
3,610,112
1,840,826
1,286,611
—22.8
4,253,854
2,964,983
3,467,118
1,945,774
1,486,898
661,974
895,531
—26.1
730,063
1,249,727
Winnipeg
1,721,209
737,034
794,646
—7.2
804,698
841,393
—4.4
645,446
448,539
918,301
723,093
506,296
—10.8
590,815
—11.6
498,467
1,061,438
—13.5
493,069
1,213,033
L,093,001
3,668,006
1,519,216
1,411,079
3,436,552
—20.2
427,645
—29.8
1,010,916
880,195
1,867,308
326,159
13,445,304
10,992,647
2,404,047
6,608,691
Vancouver
Ottawa
Victoria
Calgary
6,582,566
5,643,993
Hamilton
Edmonton
Quebec
5,234,159
St. John.
3,117,285
3,310,278
3,626,898
Halifax
London
Regina
...
Saskatoon
•
Moose Jaw
Lethbrldge
.
Brant ford..
....
'
Brandon
;
Fort William
New Westminster
Medicine
.
i.
Hat...
Peterborougn
.
Sherbrooke
Kitchener
Windsor
1,178,420 Not Included
883,852 Not Included
Moncton
Kingston
•7,
—16.4
—10.6
.
\
—17.3
2,097,533
5,965,071
5,625,917
—13.9
—19.5
3,385,421
4,181,190
2,218,922
3,980,303
2,244,681
3,175,619
1,621,654
1,356,981
727,236
1,063,494
4,502,874
5,454,645
3,094,898
—9.0
—37.4
—18.6
—40.4
—17.5
—16.2
—20.4
—27.4
1,077,109
512,097
476,443
723,025
—22.5
+ 6.8
563,830
422,875
413,831
745,948
994,392
671,667
1,473,724
250,000
in total
'
£
314,771,148
—12.5
251,394,852
In the
first we 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
<
The
grouped in two separate tables.
Payable.
June 30 ♦Holders of rec. May
*\x
June
Holders of rec. May
July
1
'Holders of rec. June
June
1
Holders of rec. May
1
1
Holders of rec. June
July
*3
July
*2
July
25c.
June
1
Holders of rec. May
X
July
IX
...
...
Holders of rec. June
11 ♦Holders of
1 ♦Holders of
tec.
June
rec.
June
Extra.
New York Dock, pref..,
New York Transit (quar.).__
1
Holders of rec. May
June
1
Holders of rec. May
*2H
...
June
50c.
;
1
1
Holders of rec. June
July
50c.
Montana Power, com. (quar.)...
.Preferred (quar.)
National Transit........
July
4
......
Holders of rec. June
15 ♦Holders of
15 ♦Holders of
1 ♦Holders of
July
nx
July
Holders of
1
*50c. June 30 ♦Holders of
July
3
....
.....
July
rec.
rec.
June 21
rec.
June 16
rec.
June 24
rec.
May 31
♦SI.25 June 30 ♦Holders of
rec.
May 28
♦SI.25 June 30 ♦Holders of
...
rec.
May 28
IX
;.
June
♦SI.50 July
Common class B (quar.)
Holders of rec. May 31a
15
11 ♦Holders of
11 ♦Holders of
(qu.). ♦$1.50 July
Pan Amer. Petrol. & Trans., com.
rec.
June 15
rec.
June 15
♦SI
Extra..
June
30 ♦Holders of rec. June 20
*50c.
Parke, Davis <fc Co. (quar.)
June
30 ♦Holders of rec. June 20
*90c. July
1 ♦Holders of
rec.
June 10
Pennsylvania Water & Power (quar.)...
nx
July
1 ♦Holders of
rec.
June 17
Railway Steel-Spring, common (quar.)..
*2
June 30 ♦Holders of rec. June
nx
June 20 ♦Holders of rec. June
Penn Central Light & Pow., pref.
(quar.)
Preferred (quar.)
Production
IX
July
Holders of
rec.
May 31a
Holders of rec. June
June
July
June
*3
(quar.)
rec.
1
1
IX
Sears, Roebuck & Co., pref. (quar.)
Settled
5
15 ♦Holders of
July
*3
Robblns Body Corp., pref. (quar.)
17
7
Holders of rec. May 25a
1
June
2
Rainier Motor Corp., pref. (quar.)
Rea Ity Associates
15 ♦Holders of
rec.
15
3
June
(qu.)
IX
June 30
Holders of rec. June 15
(quar.)
Sloss-Sheffield Steel & Iron, pref. (quar.)
IX
June 30
Holders of rec. June
Sherwin-Williams Co. of Can., com.
Preferred
...
1 ♦Holders of
16
June 18
rec.
nx
(qu.)
Standard Oil (Kentucky) (quar.)_____..
July
*3
South Penn Oil (quar.)..
Southwest Pennsylvania Pipe Lines
June 30 ♦Holders of rec. June
30
Holders of rec. June
15
2
July
1
*3
July
1 ♦June 16
July
to
1
29
May 14a
June 10
Standard Oil (Ohio), pref. (quar.)_____.
IX
June
1
Holders of rec. Apr.
Steel Products Co.,
IX
June
1
Holders of rec.
2
July
1
Holders of rec.
preferred (quar.)
Swift & Co. (quar.)....
Texas Pacific Coal & Oil (quar.)
IX
Union Carbide & Carbon (quar.)
United Dyewood, common (quar.)
2
nx
-
we
not
6
20
Holders of rec. May
31
rec.
June
8
rec.
June 15
to
May 31
June 20
15
IX
1 ♦Holders of
July
1 ♦Holders of
June
nx
pref. (quar.)
Wortliington Pump & Macli., com. (qu.)
Class A (quar.)
Class B (quar.).....
oWrigley (Wm.) Jr., Co., com. (mthly.)
o Preferred (quar.)
Yale & Towne Mfg. (quar.)
June
July
♦SI
;
Mfg., pref. (quar.)
Below
July
*$4
Tooke Bros., preferred (quar.)..,
and
Holders of rec. June
1 ♦Holders of rec. June
25c. June 30
Thompson-Starrett Co., com
1
May 22
June 30 ♦Holders of rec.
May
May 21
to
May 31
5
15 ♦Holders of rec. July
1 ♦Holders of rec. June 20
31
nx
July
nx
July
nx
July
1 ♦Holders of
June
1
♦Holders of
rec.
June 25
July
1 ♦Holders of
rec.
June 25
July
1
*50c
nx
5
rec
.June 20
Holders of rec. June
18
give the dividends announced in previous weeks
yet
paid.
This list
does
include dividends
not
announced this week.
30 ♦Holders of
-
rec.
June 15
June 25 ♦Holders of rec, June 20
preferred
Fonda Johnstown n& Gloversv., pf. <qu.)_
*2
June 30
June
JUne
Holders of rec. June 10a
$1.50
IX
*1
(quar.)
IX
Wisconsin-Minn. L.&P. pref. (qu.)
to
June 30
June
June
June
15
1
Holders of
rec.
May 20a
15 ♦Holders of rec. June
1
Holders of
rec.
1
May 20a
Miscellaneous.
*1X
(quar.).
Advance-Rumely Cq„ preferred
1
Laundry Machinery com. (qu.)._
July
1
June
1
July
1
Amer. Tobacco,
IX
July
1
Autocar Co.,
IX
June
*75c.
(quar.)
pref,.£quar.)___
(quar.f^-
3
Preferred
June
June
rec.
May 31
Holders of
rec.
July
June
1
Holders of
rec.
May
2X
June 30
Holders of
rec.
June
75c. June
4
May 21
to
June
Cleveland & Pittsburgh guar. (quar.)...
IX
June
1
Holders of rec. May
Special guaranteed (quar.)
Cin. N. O. & Texas Pacific, common
1
June
1
Holders of
rec.
May 10a
June
1
June
1
15
1
July
3
6
June
27
Holders of
rec.
June
June 27
Holders of
rec.
June
IX
June
1
Holders of
rec.
May 21
1
June
1
Holders of
rec.
May
2X
June 20
Cripple Creek Central, pref. (quar.)
Holders of
rec.
May 28a
Holders of
rec.
Mayd31a
June
1
Holders of
rec.
2
July
1
June
IX
June
1
Holders of
IX
June
rec.
New Orleans Texas & Mexico (quar.)
Phi la.
Holders of rec. May 21a
Holders of
IX
Norfolk & Western, com.
(quar.)
May 21a
(qu.)
Pittsb. Bessemer & Lake Erie, pref
Pittsburgh <fc West Virginia, pref. (quar.)
Pittsb. Youngst. & Ashtabula, pref. (qu.)
Reading Company, 1st. pref. (quar.)
Reading Co., 2d pref. (quar.)
June
1
Southern
Holders of rec
June
la
Union Pacific, common
May 22
June
2
to
May
June
6a
30
rec.
May 25a
rec.
May 31a
rec.
May
18
Holders of
May 31
Holders of
$1.50
June
4
May 21
June
3
$1.50
June
1
Holders of
rec.
May
14
May 31
Holders of
rec.
May
50c.
Germantown & Norristown
6
14a
87^c June 10
Delaware & Hudson Co. (quar.)
Erie & Pittsburgh (quar.)
Pennsylvania (quar.)
IX
to
2a
6a
IX
June
1
Holdere of
rec.
May 20
50c.
June
9
Holders of
rec.
May 24a
June 27a
50c. July
14
IX
July
1
Holders of
rec.
May 31a
2X
July
1
Holders of
Holders of
rec.
June
la
4
June
1
Holders of rec. May
3
June
1
Holders of rec. May
14a
14a
IX
June
1
Holders of
rec.
1
2
May 22
to
to
July
2 ♦Holders of rec. June
and
(quar.)
(quar.)
Electric Railways.
Baton Rouge Elec. Co., common
2
July
Pacific Co.
Street
2
July
*1H
*10
-
1
Holders of rec. May 24a
nx
(quar.)
la
10a.
2X
10
16
June
:*2X
(quar.)
14
6a
3
15a
1 ♦Holders of rec. June
IX
(quar.).;
Co., com. (quar.)
Common (extra)
Burt (F. N.)
rec.
1
June
-
-
to
June
1
IX
& pref. (quar.)
Holders of
July
*1X
(qu.)--.
May 22
♦Holders of rec. June
4
July
$1
pref. (quar.).,
Blackstone Val. Gas &E1. com.
10
♦Holders of rec. June 15
♦Holders of rec. June
*3X
Locomotive, common and pref.
Canada S. S. Lines, pref.
Holders of
Aug. 18
IX
Illinois Central (quar.)
Mobile & Birmingham, pref
>!>
(quar;)
June 29
$1.50
(quar.).
Preferred (quar.)
Electric Railways.
El. Co. pref. (qu.).--
Amer. Bank Note, pref.
Days Inclusive.
Common (extra)
IX
Eastern WlsconsL
Rochester & Syracuse RR., pref.
19
Books Closed.
Payable.
Canadian Pacific, common (quar.)
Chestnut Hill RR. (quar.).
31
*5
Colorado & Southern, first
When
Cent.
(Steam).
Atch. Topeka & Santa Fe. com.
30 ♦Holders of rec. June 15
June
(quar.)
-
Preferred
1
July
Railroads
*2X
Preferred
Buda Co., pref.
June
Holders of rec. June
1
Days Inclusive.
Chicago Burlington & Qulncy..
Borden Co., pref.
'Holders of rec. June
IX
(quar.)
Mexican Petroleum, common (quar.)...
Preferred
(quar.)
Boott Mills, com
1
Per
(Steam).
Buffalo & Susquehanna, common
Barnet Leather,
Holders of rec. May
July
Mackay Companies, com. (quar.)
Alabama Great Southern, ordinary
Baldwin
1
Closed.
Books
When
Cent.
Name of Company.
Railroads
Amer.
June
IX
Name of Company.
and
15
Louisville Gas & Elec. of Del. pf. (qu.)..
announced this week are:
Per
Street
Holders of rec. May
June
4
Preferred
1
31
8r
8
15
5
25a
25a
la
20a
16
21a
15
20a
4a
4a
15
15
14a
14
14
31a
31a
5
been paid.
dividends
Boston & Albany
1
2X
....
are now
Holders of rec. May
June
Welch Grape Juice,
!
DIVIDENDS.
Dividends
1
*S2
Lehigh Valley Coal Sales (quar.)
IX
Libbev-Owens Sheet Glass, pref. (quar.)
nx
Liggett & Myers, Tobacco, pref. (quar.).
Walworth
in total
416,574,110
Holders of rec. May
June
Victor-Monaghan Co., com. (quar.)
*
..364,602,424
Canada.
Total
>
300,000
Prince Albert
—0.6
66,190,521
39,349,428
10,156,268
6,078,984
1,847,490
5,777,491
5,319,316
1
2
...
June.
2X
.......
Packard Motor Car, pref. (quar.).
$
86,671,489
126,194,719
83,594,898
35.354,447
11,612,026
8,480,924
June
to
Holders of rec. May
Holders of coupon No.
*62^c June 30
_..
O leOil (quar.)
Extra
1918.
$
%
May 21
1
June
Nunnally Co. (quar.)..L._.-.;
Inc. or
—11.8
1
1
Northwestern Power, pref
—13.5
1
June
North American Co. (quar.)..
Clearings at—
$
Holders of rec. May 26
June
nx
8
June 15
"Holders of rec. June 15
IX
Preferred
Week ending May 19.
June
Holders of rec. May 20a
1
*$1.50 June
(quar
Laclede Gas Light pref
rec.
to
6
15 "Holders of rec. June
1 "Holders of rec. June 15
July
*$1
rec.
31
June
8
1
June
June
Lawrence Mfg.
150,037,284
116,783,734
52,776,919
16,080,699
12,298,231
2,906,578
7,680,780
8,159,860
6,200,000
8,363,498
3,828,207
5,559,639
4,276,323
4,306,897
2,311,600
1,665,763
1
July
(extra).
1
June
15
June
IX
Jones, McDuffee & Stratton, el A. (qu.)
ending May 19 at Canadian cities, in comparison with the
same week in 1920, show a decrease in the aggregate of 12.5%.
$
June
*2
1
Holders of rec. May 24a
"Holders of rec. May
15 "Holders of
15 "Holders of
July
International Cement Corp. (quar.)._.
Interstate Iron & Steel, pref. (quar.)
Clearings.—The clearings for the week
129,789,159
103,029,530
52,440,659
30
H2
Michigan Drop Forge com. (mthly.)
Canada—
1
June
Holders of rec. June
6
Preferred (quar.)
Montreal
June
May 31
to
"Holders of rec. May 31
*2
Imperial Oil, Ltd. (Canada)
Indian Refining, preferred (quar.).....
S.
Toronto
15
Imperial Oil (monthly).
21 1941
22 1941
Bank of Checotah, Olcla
$50,000
Effective April 28 1921.
Liquidating agent, J. O. Price,
Checotah, Okla.
Absorbed by the Commercial National
Bank in Checotah, Okla., No. 11,920.
Liability for cir¬
culation assumed under provisions of Section 5223, U. 8.
.<'1921.
1
June
Hood Rubber Products, Inc.pf. (qu.)__.
Until Close
1919.
May 29
June
*ix
Common
..May 22 1941
Dec.
1
1
July
2
2
Holders of rec. June
15
June
,v,
*2
Heywood Wakefield Co., com
10,063 The Commercial National
1920.
Holders of rec. June 20
*50c. July
Haskell & Barker Car (quar.)
Capital.
Canadian Bank
1
Hanna Furnace pref. (quar,)..
VOLUNTARY LIQUIDATION.
R.
15
*1X
...
1
July
"Holders of rec. June 30
July
IX
Guffev Gillespie OH, pref: (quar.)..
3a
Holders of rec. June
15
Gulf States Steel, first preferred (quar.)
of Business. :
Hastings, Neb
June
Holders of rec. June
15
*2
Great Falls Mfg.
1941
1941
1941
1941
1941
1941
"Holders of rec. June 15
June
$1
(payable In stock)...
Globe Soap, 1st, 2d & special pref. (qu.).
Business.
The First National Bank of Waldron, Ark
------May
The First National Bank of Warren, Minn___
May
The First National Bank of Pitcairn, Pa
_._.May
The Chelsea National Bank of Atlantic City, N. J__May
The Paulding National Bank, Paulding, Ohio
May
The Citizens National Bank of Monaca, Pa
.--May
The Farmers & Merchants National Bank of Cambridge, Md
-May
5,921 The Hackensack National Bank, Hackensack, N. J_.May
2,528 The First National Bank of
June 30
IX
Freeport Gas, pref. (quar.).
Galena-Sienal Oil, pref., (quar.)
General Electric (quar.)
Until Close
5,849
5,866
5,848
5,884
5,862
5.879
5.880
'
July
*1
Extra
of
1
♦2
Emery & Beers Co., Inc., 2d pref. (quar.)
partic. pref. (quar.).
Son, Inc. pf. (qu.)..
Fastfeed Drill & Tool, pref. (quar.)
Fisher Body Ohio Corp., pref...
Flsk Rubber 2nd pref. (quar.)
25,000
June 10
June 10
May 31
Bait.—
Erie Lighting, cum.
Farrell (William) &
Minn25,000
EXISTENCE EXTENDED.
...
Pwr„
Elsenlohr (Otto) & Bros., pref. (quarO.¬
^
CORPORATE
&
L.
Crex Carpet
Davies (William) Co., Inc., cl. A (qu.)_.
Detroit Edison (quar.)..__
50,000
Minn.
President, J. H. Ingwersen; Cashier, H. W. Rice.
May 18—11,975 The First National Bank of Aurora, Ore
President, Louis Webert; Cashier, Frederick D. Elliott.
CORPORATE
El.
Gas
Common (quar.)..
Cramp (Wm.) & Sons S. & E. Bldg. (qu.)
Proctor,
Bank of
State
*$1
_-.
May 18—The First National Bank of Millport. Ala
—
Correspondent: R. F. Odum, Millport, Ala.
May 18—The First National Bank of Greer, So. Caro
Correspondent: C. H. Stokes, Greer, So. Caro.
May 20—The Valley National Bank of Harlingen, Tex..
Correspondent: R. B. Hamilton, Ilarlingen, Tex.
APPLICATION TO ORGANIZE APPROVED.
Mesaba
IX
Colorado Power, pref.
$50,000
10a
11
Preferred
,
Capital.
the
.(Concluded)
(quar.)
Childs Co., com. (quar.)
May 16—The Clarkston National Bank, Clarkston, Wash
Correspondent: J. II. Miller. Clarkston, Wash.
Succeeds
Days Inclusive.
Carter (William) Co., pref.
TO ORGANIZE
May 16—11.974 The Peoples
Books Closed.
Payable.
Comptroller of the
national banks is from the office of the
Currency,
When
Cent.
Name of Company.
Preferred
15
Central Arkansas Ry. & Lt., pref. (qu.).
rec.
May 16a
May 28
1921.]
THE
Per
and
When
Books Closed.
Cent.
Name of Company.
Street
Payable.
CHRONICLE
Days Inclusive.
Per
Miscellaneous
Detroit United Ry. (payable in
stock)..
El Paso Elec. Co., com.
(quar.)
e2K
2K
Norfolk Ry. & Light
June
1
June 15
75c. June
Northern Texas Elec. Co., com. (quar.
Rochester Gas& Elec. Corp. 5%
pf.(qu.)
Seven per cent pref. Ser. B
(quar.)...
West Penn Rys., pref. (quar.)
2
.
1
June
1
Holders of rec. May
rec.
June
Holders of
rec.
May 15a
Holders of
la
m
IK
June
1
Holders of
rec.
May
May
June
1
Holders dl
rec.
June 15
Holders of
rec.
June
16a
17a
Middle States Oil
Extra
1
Preferred
June
June 15
1
Holders of
rec.
June
10a
rec.
June
5
Common (extra) (pay. in pref. stock).
American Linseed, pref. (quar.)
.....
July
May 29
IK
May 16
June
1
Holders of-rec. May
1
Holders of
*1K
July
1 ♦Holders of
rec.
June 30
Holders of
rec.
June 30
Holders of
rec.
JunediSa
1
June
51
June 30
Holders of
1 K
J une
May 14
to
SI
—
July
June 21
to
July
1
Amer. Smelting & Refining, pref.
(quar.)
American Stores, com. (quar.)
1
1
1
rec.
Holders of
1
Holders of
rec.
May 31a
New York Transit
2H
July
15
Holders of
rec.
June 20a
Nlle3-Bement-Pond,
May 31
to
of rec. May
of rec.
of rec. May
July
rec.
of rec. Aug.
rec.
of
rec.
June
to
rec.
rec.
June
July
1
Holders of
rec.
June
15a
July
1
Holders of
rec.
June 15a
IK
July
1
Holders of
rec.
June
June
1
Holders of rec. May
la
Holders of coup. No. 86m
Holders of rec. May 20a
June
15
Holders of
7
June
15
May 16
June 15
rec.
May
July
1
Holders of
rec.
June
Holders of
rec.
rec.
June
1
June 15
to
♦3 K
June 30 ♦Holders of rec. June
13
K
July
1
Holders of rec. June
15
flK
July
July
1
Holders of rec. June
15
1
Holders of
rec.
June
15
rec.
May 15
k
35Kc
June
1
Holders of
June
1
Holders of rec. May
June
1
Holders of rec. May
K
June
1
Holders of
rec.
May
June
1
Holders of
rec.
May 10a
rec.
June 21
Holders of
rec.
June
5
July
1
Holders of
rec.
June
11
IK
IK
June
1
Holders of
rec.
May
19a
Aug. 15
Holders oi
rec.
July
30
Holders of
rec.
May
11a
of rec. May
—
/50
July
*2
June
/50
June
1
June 15
IK
Holders
1
8Kc June
Holders
June 15 ♦Holders
*1k
June 15 ♦Holders
*1k
75c.
1k
June
15
of
May 25
June
of
June
rec.
June
50c. June 30
Holders of
rec.
June
1
Holders of
rec.
June
1
Holders of rec. June
4
June
1
Holders of
IK
June
1
Holders of rec. May
IK
June 25
rec.
May
Holders of rec. Juno
IK
1
Holders of
June
1
2
June
15
Holders of rec. May
Holders of rec. May
2
Eastern Shore Gas & Elec.. pref.
(qu.)_
June
IK
Deere & Co., pref. (quar.)
Diamond Match (quar.)
June
1
June
15
IK
2K
Holders of
rec.
rec.
Holders of rec.
23.88c. June
15
9a
9a
50c.
lla
1
Holders of
1
Holders of rec. May
Holders of rec. May
10a
2a
Holders of rec. June
17a
May 10a
rec.
June
1
Holders of
rec.
May 21
2
May 28
Holders of
rec.
May 25
25c.
June 20
June 11
IK
IK
pref. (quar.)
*82
June 20
to
June
15
Holders of
June
15
Holders of rec. May
May 31 ♦Holders of
rec.
May 31
31
May
15
Juno
rec.
10
5
June 20
June
3
June
Holders of
rec.
IK
IK
J une
1
Holders of
rec.
June
1
2
June
1
Holders of reo. May 18a
Holders of rec. May 18a
15
...
2
1
to
May 16
May 18
May 31
Holders of
rec.
May 31
Holders of rec. May 21a
Holders of rec. May 21a
15 ♦Holders of rec. May 14
*81
June
SI
June
15
May
3
June
15
Holders of
rec
May 31a
3
June
15
Holders of
rec.
May 31a
..........—„
19
to
15
June
*5
June
20 ♦Holders of rec.
May 20
81.25
June
15
Holders of
rec.
May 27a
IK
Juno
15>
Holders of
rec.
May 27a
15
...J...
*4
June
<23
July
1
dl
1
IK
IK
July
July
June
1
Holders of
rec.
May 16a
IK
;
(quar.)
June
1
Holders of
rec.
May
10a
June
17a
1
Holders of
75c. June 30
IK
♦82
it.
15c
pref. (quar.)
♦1K
Underwood Typewriter, com. (quar.)
Preferred (q uar.).
♦Holders of rec.. May 16
Holders of rec .'May 27
Holders of rec. May 27
rec.
June
15a
*51.20 Aug. 23
*81.20 Feb .Sift
.....
Todd Shipyards Corporation (quar.)
Transatlantic Coal (quar.)
Truscon Steel,
June
May 31
IK
(quar.)
(quar.)
Texas Company
3la
1
2
Timken-Detrolt Axle. pref. (quar.)—i.
June
Holders of
1
Mnyd21
June 20
June
15
June
1
June
rec.
to
♦Holders of
1
rec.
to
♦Holders of
rec.
June
1
June
1
June
19
May 21
June
1
Holders of
rec.
Mar.
June
15
Holders of
rec.
May 27a
Holders of
June
June
2
Holders of
rec.
May
June
1
IK
87Kc June T6
Holders of
rec.
May 16a
Holders of
rec.
May 31a
IK
June
31a
Holders of rec. May
rec.
la
12
May 31
1
May 21
July
1
Holders of rec. June
June
15
Holders of
IK
IK
j une
1
Holders of
Juno
1
Holders of rec. May
IK
IK
June
1
July
1
United
Holders of rec. May 24a
Holders of rec. June 24a
to
Holders of
United
15a
United
rec.
May 26a
United
rec.
May
rec.
16
17a
a—
-
2
—
United Retail Stores (all classes)
Apr. 30
1
Holders of rec. June 30a
1
Holders of rec. June
2i
June
1
Holders of rec. May
18a
17
4a
June
4a
rec.
June
3a
5a
19a
Holders of rec. July
la
Holders of
rec.
May 24a
Holders of
rec.
May 24a
rec.
June
June 30
June
16
to
June 30
IK
com.
July
1
june
30
June
16
to
June
2
June
15
Holders of
IK
June 29
June 1
IK
(quar.)..
(quar.)...
U.S. Title Guaranty Co
1 ♦Holders of rec. May
June
rec.
Holders of
May 28
May 3
1
Holders of
15a
'
Preferred
July
rec.
Holders of
IK
United States Gypsum,com. (quar.)...
(quar.)..
U. S. Industrial Alcohol,
Holders of
1
IK
July 15
lKc. June 15
lKc. June 15
—--
Extra
1
13
July
'
(quar.)
(monthly)__
Drug, 2d pref. (quar.)—
Gas Improvement, pref. (quar.).
Paper Board, pref. (quar.)
Profit Sharing
July
June
June
/50c. June
IK
1
K
June 15
IK
10
2
Holders of rec. May lla
Holders of rec. May 25a
United Cigar Store3, pref.
United Cigar Stores, com.
June
*l
1
2
Swift International
14a
1
(qu.'
June
May 31a
June
1
May 18a
IK
IK
Holders of rec.
1
June
May 14a
roc.
Holders of rec.
1
IK
rec.
Holders of
June
July
83
Holders of
8
July
July
Goodrich (B. F.) Co., pref.
(quar.)
May 23a
1
June
2
IK
(quar.)
rec.
June
1
Standard Textile Prod., pf, A & B (qu.)_
pref. (quar.)
Studebaker Corp., com. & pref. (qu.)..'.
Swift International.
....t.
Holders of rec. Apr.
3
Federal Utilities, pref. (quar.)
General Asphalt, preferred
(quar.)
General Cigar, preferred
Holders of
IK
2
...
2K
IK
Holders of rec. May
$2
May 23a
Union Bag & Paper Corp. (quar.)
Union Tank Car, com. & pref. (quar.)j.
1
1
Fairbanks, Morse & Co., pref. (quar.)..
May 23a
rec.
30a
May 31a
July
IK
Co
rec.
Holders of
15
Stern Brothers,
May 23a
June
1
5
Common (extra)
Preferred (quar.)
1
Holders of
June
July
Extra
May 20a
June
10
1
Dec.
50c.
Standard Oil of New York (quar.)__2__.
Standard Oil (Ohio) (quar.)
aw—
15a
Mills
Sept.
IK
Preferred
15a
July
rec.
rec.
43%c June 15
Standard Oil (Nebraska)
...—-v
Standard Oil Co. of N. J., com. (quar.).
15a
30
50c. July
1
Holders of
May 31
15
ik
Preferred (quar.)
Dartmouth Mfg., common (quar.).
Preferred (quar.)
Holders of rec. June
Holders of
...
Standard Oil (Kansas)
Extra
1
June
to
Holders of rec. June X15
1 ♦Holders of rec. May 16
1
Holders of reo. May 16a
50c. Sept. 30
50c. Dec. 31
(quar.)—
....—Standard Oil (Calif.) (quar.)
Standard Oil (Indiana) (quar.)
1
rec.
1
IK
16a
June
la
Second preferred (quar.)
Standard Gas & Elec., pref. (quar.)
Standard Milling, com. (quar.)
16a
of rec. May
(quar.)
1
Southern Pipe Line (quar.)
Southwestern Power & Light, pref. (qu.)
Spalding (A. G.) & Bros., 1st pref. (qu.).
May 20a
IK
Grafton Co. Elec. L. & P., Pref.
May 21
rec.
Holders of
June 20
Sinclair Con3. Oil,
15
15
IK
Debenture preferred
(quar.)
Gillette Safety Razor (quar.)
Gold & Stock Telegraph (quar.)
rec.
Holders of
1
common
Solar Refining..
15
flK
Preferred B (monthly)
Essex
♦Holders of
15
Preferred
Connecticut Power, pref. (quar.)
Eastman Kodak, com. (quar,).
Common (extra)
1
July
San Joaquin Light & Power, pref. (qu.)
Prior preferred (quar.)__
June
1
Holders of rec. May 20a
June 30 ♦Holders of rec. June 13
♦1 k
11
rec. June 20a
Holders of rec. May 14
Holders of rec. July 30
Holders of rec. May 25a
Rockhill Coal & Iron, pref. (quar.)
May 31a
Common and preferred (monthly).
June
K
St. Maurice Paper, Ltd. (quar.)
St. Joseph Lead (quar.
13a
June 30
10
rec.
10a
4
(quar.)
(quar.)
Procter & Gamble, 6% pref. (quar.)
Pure Oil Co., com. (quar.)
Common (payable In common stock)
Quaker Oats.ipref. (quar.)
Republic Iron & Steel, pref. (quar.)
31a
IK
2
e
May 20a
1
Preferred
15a
IK
Holders of
June 10a
rec.
June
New preferred
Pittsburgh Steel, pref. (quar.)
Pressed Steel Car, com. (quar.)
la
15a
2
Cement Securities (quar.)
Stock dividend
Deo.
rec.
Holders of
June
....
June 20
June
82
reo.
Holders of
15
June
.....
Philadelphia Electric, com. (quar.)...
Preferred
(quar.)......
June 20
rec.
...
Shipbuilding (quar.)
Common (quar.)
Common (quar.).
9
rec.
1
Holders of
June
$1
May 21a
Holders of
June 30
Dec. 31
June 30
3K
*1K
Aug. 13a
Holders of
June
Sept. 10a
2
.....
Owens Bottle, common (quar.)
Common (payable in common stock). .
Peerless Truck & Motor, com. (quar.)-.
16a
13a
of
1
IK
reo.
Ogilvie Flour Mills, Ltd., pref. (quarO.¬
Ontario Steel Products, preferred (quar.)
Otis Elevator, com. (yay'le in com. stk.)
14a
14a
of rec. May
15
2
Holders of
Northern Pipe Line
8a
July
4
Nov. 10a
June 10a
Sept. 30
IK
IK
New Niquero Sugar, com. & pref
New River Co., pref. (quar.)..
10a
Apr.
H
iK
British-Amer. Tob., ordinary (interim)
Brooklyn Edison Co. (quar.)
reo.
reo.
Aug. 10
June
1 ♦Holders of
rec.
Holders of
Holders of
Holders of
1K
June
Holders of
Nov. 30
2
New York
i
Aug. 31
17a
June 30
Holders of
la
*1K
ik
May lla
Aug. lla
1
1
Bethlehem Steel, com. (quar.).
Common Class B (quar.)....
Mayd23a
rec.
1
June
1 ♦Holders of
rec.
2
July
July
July
Holders of
Holders of
June
June
Aug. 15a
*4
1
May 31
July
July
to
of
May
IK
rec.
American Thread, preferred
*12Kc July
1 ♦May 15
American Tobacco, com. & com. B (qu.)
3
June
1
Holders
Art Metal
10c. May 31
Construction, extra
Holders
Associated Dry Goods, 1st pref. (quar.).
June
1
IK
Holders
Second preferred (quar.)
June
1
1%
Holders
Associated Dry Goods, com. (quar.)
1
Aug.
1
Holders
First preferred (quar.).
IK Sept. 1 Holders
Second preferred (quar.)
IK
Sept. 1
Holders
Atlantic Refining, com. (quar.)....
5
June 15
Holders
Atlas Powder, com. (quar.)
3
June 10
June
1
rec.
3
rec.
(quar.)..
May 31
June 30a
IK
(quar.)
New Jersey Zinc (quar.).
Holders of
June 21
May 31
rec.
rec.
Holders of
National Surety (quar.)
Holders of
Davis
rec.
Holders of
Holders of
Nebraska Power, pref.
1
.
Holders of
June 15
May 22a
1
Crescent Pipe Line (quar.)
Crucible Steel, preferred (quar.)
June 15
rec.
July 15
May 31
May 18
2
...
June 20
June 15a
Sept.
Crane Co., com. (quar.)...
Preferred (quar.)
10a
rec.
rec.
July
Cosden & Co.. pref. (quar.)
June
"Holders of
July
rec.
July
Common and preferred (monthly)
Common (payable in common stock).
10a
rec.
1
M
IK
IK
IK
IK
(quar.)
Preferred
National Lead, com. (quar.)
National Lead, pref. (quar
National Sugar Refg. (quar.)
IK
Cities Service, Bankers shares (monthly)
Cities Service Co.—
June
Holders of
(quar.)
1 K
Preferred (quar.).......
Cities Service Co.—
Holders of
1
(quar.)
3.K
(quar.)....
rec.
1
IK
IK
IK
IK
IK
IK
.
com.
Holders of
30c. July
10c. July
(quar.)
Amer. Sugar Refg., com. & pref. (quar.)
Amer. Sumatra Tobacco, preferred
Chesebrough Mfg.,
15
May 13
May 31a
Preferred
Junedl3a
1K
Buckeye Pipe Line (quar.)
Caine Bros. Paper, inc., pref
California Packing (quar.)
Apr. 27
rec.
June
♦1
Common (quar.)
Common (quar.)..
18a
IK
Preferred (quar.)
JunedL4a
rec.
'Holders of
(quar.)
(quar.)
National Cloak & Suit, pref. (quar.)....
Nat. Enameling & Stamping, com. (qu.)
May 17a
June 15
(quar.)..
Amer. Teleg. & Cable (quar.)
Amer. Telephone & Telegraph
rec.
Holders of
1
__
Preferred
May 29
to
June
American Power & Light, com. (quar.)..
American Radiator, common (quar.)
First and second pref. (quar.)
Holders of
1
J une
15c.
National Biscuit, common (quar.)
15
115
(quar.)...
com.
June 30
June
Preferred
IK
1
Am.La France Fire Eng..Inc.—
Locomotive,
May 20a
Holders of
(quar.)
Preferred
rec.
o
American Art Works, com. & pref. (qu.)
Amer. Dist. Teleg. of N. J.
(quar.)
American Felt, preferred
(quar.)...
Amer.
Holders of
2K
2
10c.
Montgomery Ward & Co., pref. (quar.).
Montreal Cottons, Ltd., common (quar.)
Preferred
1H
2
(Concluded)
Michigan Sugar, com. (quar.)
Preferred
(quar.)
Miscellaneous.
Acme Tea, 1st pref.
(quar.)
American Acceptance Corp., common..
Days Inclusive.
Merrimac Mfg., com. (quar.)
May 17a
IK
rce.
Books Closed.
Payable.
Mergenthaler Linotype (quar.)
16a
Holders of
When
Cent.
Name of Company.
Electric Rys. (Concl,)
U. S. 8teel Corp., com. (quar.)
Preferred
3
June
15
Holders of
rec.
rec.
30
May 31a
May 31a
Vacuum Oil
3
May 31
Holders of
rec.
May
2a
87 Kc June
1
Holders of
rec.
May 27a
ValvolJne Oil. common (quar.)
June
14
Holders of
rec.
June
6
June
1
Holders of rec.
May 20a
Van Raalte Co., 1st & 2d pref. (quar.).
Wahle Co., com. (quar.).
2K
IK
June
1
Holders of
July
July
1
1
June 22
rec.
to
June 22
to
IK
Preferred
(quar.)
IK
Hart, Schaffner <fc Marx, com. (quar.).
Corporation (quar.)
1
Hart man
IK
July
20
Holders of rec. July
9a
May 31
Holders of
rec.
May 20a
June
Holders of
rec.
May
1
Preferred
18a
Illinois Pipe Line.
♦8
Inland Steel (quar.)
25c.
June
Internat. Cotton Mills, com.
Preferred
(quar.)..
50c.
June
1
1
Holders of
rec.
Holders of rce.
(quar.)
IK
June
1
Holders of
Internat. Harvester, pref.
(quar.)
Invader Oil & Refining
IK
June
1
Holders of rec.
(monthly)
rec,
May 10a
May 24
May 24
May
10a
Preferred (quar.)
1
June
1
Holders of rec.
May 10
3
July
1
Holders of
rec.
June
16a
rec.
June
16a
IK
(quar.)
Lancaster Mills, com. (quar.).
Lee Rubber & Tire Corp.
1
Holders of
June
1
Holders of rec.
IK
June
1
Holders of rec. May 21
2 K
June
IK
Preferred
July
3
May 31
(quar.).
50c. June
$1
3
Lindsay Light, preferred (quar.).
Ludlow Mfg. Associates (quar.)..
Special
)
Mackay Cos.,
Preferred
com.
1
1
May 21
Apr.
30a
June
Holders of rec. May
16a
rec.
Mahoning Investment (quar.)...
Manatl Sugar, common (quar.)..
Manchester Mills, common
Manhattan Shirt, com.
(quar.)..
Martin-Parry Corp. (quar.)
June 30
Holders of rec. May 31a
June
1
Holders of rec. May
$1
June
\1
rec.
May
July
1 ♦Holders of
rec.
June
4
July
1 ♦Holders of
rec.
June
4
1
Holders of
rec.
May 23
Holders of
rec.
May
*1K
81.50
81.50 June
Holders of
2K
June
1
*2K
June
1 ♦Holders of rec. May
43^c. June
50c. June
1
2
17a
24
June
1
Holders of rec. May 16a
Holders of rec. May 20a
2
June
1
May 17
1
to
May 31
2
June
1
Holders of rec. May
16a
Common (quar.)..
2
(quar.).
IK
Sept.
July
J
Preferred
Holdeis of rec. Aug.
Holdeis of rec. June
15a
Preferred
(quar.).
1
IK
McCrory Stores,
com.
(quar.)_v.
Oct.
1
IK
Second preferred (quar.)
1
Holders of
rec.
May 20a
15
1
20
June
Holders of
rec.
May 10a
IK
IK
2 K
June
Holders of
rec.
May 17
1
Holdfers of
rec.
May 25a
June 20
Holders of
rec.
May 20a
(quar.)
Wells, Fargo & Co
;—
June
•
West India Sugar Fin. Corp., com. (qu.)
Preferred (quar.)
a-.
1K
June
1
Holders of rec. May 16a
2
June
1
Holders of
rec.
Whit® (J. G.) Co., pr®f. (quar.)..;
IK
Jun®
1
IK
June
1
IK
June
1
G.) Engineering, pref. (quar.)
G.) Management, pref. (qu.)
May 16a
Holders of r®c. May 16
Holders of rec. May 16
Holders of
rec.
May 16
June 30
Holders of
rec.
June
2
June
1
Holders of
rec.
May 21
*1K
July
1 ♦Holders of
rec.
June
10a
June
1
May
May
18
50c. June
1
Holders of
reo.
1
Holders of
rec.
81
Woods Mfg.. common (quar.)
Woolworth IF. W.) Co., pref. fquar.)..
Woolworth (F. W.) Co., com. (quar.).
June
1
2
June
1
n
June 15
Wrlgley (Wm.) Jr., Co., com. (mthly.).
York Manufacturing
2
3
to
15a
15a
Holders of rec. Sept. 15a
Holders of rec. May 21
Holders of
rec.
Holders of rec.
May 21
Tune
6
June
May 25
May 20
♦
From unofficial sources.
X The New York Stock Exchange has ruled that stook
will not be quoted ex-dlvldend on this date and not until further
notice,
a Transfer
books not closed for this dividend,
b Less British
Income tax.
d Correction.
e
Payable In stock.
/Payable in
count of accumulated
dividends,
Holders of rec. Mar. 17a
IK
Massachusetts Gas Cos., pref-
June
2
*IK
June 20
2
Mills
White Motor (quar.)
Holders of
June
rec.
Wamsutta
May 24
May 31
rec.
1 ♦Holders of
Wayagamack Pulp <fc Paper (quar.)
Weber & Heilbronner. pref. (quar.)
May 21a
16a
June 30
1 ♦Holders of
*25c. July
3
Holders of rec.
rec.
June 30
Waltham Watch, preferred
Holders of
*1
(quar.)
(quar.)
IK
May 17a
*50c. July
Preferred and first preferred (quar.)..
White (J.
White (J.
Holders of rec. May
1
(quar.)..
Waldorf System, common (quar.)
June 30 ♦Holders of rec. May 31
$1
,
common
stock,
i Payable In
g
Payable in scrip,
Liberty
or
h On ac¬
Victory Loan bonds.
2 Payable in preferred stock,
m All transfers received in. order at London
before June 13 will be in time for payment of dividend to transferees,
n 1922.
o
Dividends of 50c.
a
month declared on common
of each month to holders of record
on
or
stocky payable on the first day
on the 25th day of the* month
preceding date of
Also three quarterly dividends of 1%% each on the preferred stock,
payable July 1, Oct. 1 and Jan. 1 1922 to holders of record June 25, Oct. 25 and
Dec. 25, respectively.
~
payment.
V
Payable In Canadian funds.
*
In
r
Transfer books close from May 26 to June 1, both inclusive.
Transactions at the New York
•
A Foreign
Bonds.
$20,838,000
38,965,100
55,970,100
53,532,500
35,127,500
39,044,175
3,552.831 $243,477,375
$18,402,100
'783,911
Tuesday
807,600
'
Wednesday
___
Thursday
•'i
Friday
■?. 535.070
539,845
$1,337,000
3,415,000
10,488,000
7,014,000
7,774,000
$898,000
$2,202,000
3,080,000
3,157,000
3,274,000
3,701,000
2,988,100
295,650
590,755
—
1,9.56,500
1,923,500
1,691,000
1,309,500
1,698,000
Week ending May
Sales at
New York Stock
Par value.....
...
Bank shares, par.
Individual deposits, lncl.
Due to banks
$1,400
$1,400
$74,302,700
5,675,500
14,179,000
$726,845,250
117,171,100
375,531,600
$1,308,377,700
$64,105,400
$94,157,200
$1,219,547,950
$1,737,023,000
Total bonds
THE
AT
TRANSACTIONS
BALTIMORE
—_
11,739
-
Tuesday
11,232
9,100
7,715
Wednesday
Thursday...
Friday
Total
Bond Sales
2,834;
$300,350
22,430!
$12,000
6,500
1,600
686
788
6,000
3,232
3,612
2,732
$209,950
34,000
$159,900
Trust Com¬
the Clearing House
non-member institutions which are not included
in the next column:
INSTITUTIONS OF NEW YORK
HOUSE.
1,619
Net
•
with
Demand
Cash
Nat'I
Bank
Time
in
Legal
De¬
De¬
Circu¬
Vault.
Deposi¬
posits.
posits.
lation.
tories.
Average Average
Average Average Average Average
$
$
$
$
$
$
'■
194
9,304
t 45
218
1,357
11,640
5,196
16,564
38
470
518
1,471
2,750
8,840
1,358
8,525
4,121
44,804
1,046
4,993
33,161
10,203
500
980
200
2,400
Total..
275
12,267
731
Co_
Yorkville Bank—
W. R.Grace A
1,695
11,404
790
194
State Banks.
Chemical Nat 1.
Atlantic Nat 1__
-
440
100
BankofWash.Hts.
1,589
600
Colonial Bank...-
495
230
1,278
18,852
Exch Nat
Nat Bk of Com
25,000 33,149
1,726
1,000
8,379
7,000
3,000 20,950
Hanover Nat 1.
4,281
2,500
Metropolitan
9,772
7,500
Corn Exchange.
8,848
1,500
Imp A Trad Nat
10,000 23,258
National Park.
Pnenix
Nat
1,000
1,000
700
2,030
2,694
21,400
1,508
30
22,726
Not Members of
4,814
35,434
11,089
10,000
12,500
1,000
National..
Irving National
NY County Nat
National
Fifth
Avenue.
472
772
1,000
15,000
500
Comm'l Exch..
700
20,133
2,374
1,022
Commonwealth
Garfield Nat'I..
Fifth National.
Seaboard Nat'I
400
828
1,000
1,000
3,000
1,500
1,585
Union Exch Nat
1,000
4,949
1,505
1,582
1,500
2,752
Peoples' Tr Co.
NY Trust Co-
527
200
Mechanics Tr, Bay
323
9,007
206
3,436
5,561
Grand aggregate.
14
May
7
Apr. 30
Apr. 23
Gr'd aggr. May
Gr'd aggr.
Gr'd aggr.
Gr'd aggr.
us
5,561
194
+ 15
+2
463,105
Avge. May 21.. 272,100
15,779
192
15,743
15,743
15,730
191
May 21 4,452,254
Totals, actual co ndltion
14 4 ,451,168
Totals, actual co ndition May
7 4,557,758
ndltion May
Totals, actual co
+363
—226
74,848
4,289
r
73,182
;
6,620
4,067
4,237
4,157
—63
+ 204
6,770 a59,119
6,849 a57,683
6,531 a57,667
6,743 a56,950
191
190
Columbia
Equitable Tr Co
State Banks.
U. S. deposits
and other liabilities,
ther,Wo 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 legsl reserve.
For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
figures for
100
961
1,016
6,690
734
2,118
5,396
10,574
1,107
50
106
897
5,010
29,460
2,838
1,330
1,004
426
307
1,281
2,392
1,825
514
478
737
1,139
641
40,936
2,382
2,536
362
9,335
3,546
14,954
3,113
2,869
1,346
11,654
3,415
18,631
1,041
1,227
937
423
629
479
1,587
668
1,866
1
21
51
623
83
18,200
133,826 81,689 7,199
1,783 2,488
180,425
197
922
13,421
100
5,666
9,874 r,076
221,653
19,316
8,382
9,155
392
37
15,904
246
326
13,545
67
805
41,728
405
347
11,650
20,123
326
27,095
390
3,419
*205,067
44,163
*426,528
17,841
72,078
35.085
113,490
8,095
10,082
20,441
680
2,439
1,312
2,444
21,356
22,013
13,270
429
*106,135
25,385
*166,258
16,593
719
352
50
340
8,469
31,955
78,279 478,532 c3,540,824 267,167
32,133
77,441 464,482 c3,519,322 291,953
31,769
78,782 475,370 c3,589,151 198,591
31,653
79,275 476,559 c3,601,511 202,427
1,495
18,572
50
689
333
2,500
18,009
5,678
75,500
2,932
839
3,389
2,087
5,551
30,297
44,524
3,750
5,491
99,187
7,010
3,915
54,420
44,574
May 21
Totals, actual co ndition
99,031
99,845
6,961
7,173
4,139
4,163
99,657
7, 51
4,057
54,391 44,630
55,533 44,514
55,125 44,340
Bank
Avge. May 21..
Philadelphia Banks.—The Philadelphia Clearing House
week ending May 21 with comparative
4,472
2,718
State
statement for the
"585
250
1,000
Bowery
$1,125,000.
45,522
Not Me mbers of F. R. Bk.:
Greenwich Bank
deducted; $380,000.
Bills payable, rediscounts) acceptances
Excess reserve. $253,340 decrease.
a
4,468,153
15,417
128,443
1,600
2,779
3,752
26,217
6,088
15,794
208
24.084
96,372
103,117
1,488
2,673
22,369
24,115
1,890
401
5,595
3,436
780
12,414
"986
2,966
1,176
*493,146 33,181 1^325
350
1,324
*97,739
232
862
13,685
291
77
4,378
3,965 4,789
79,013
2,432
232,683
96,562
139,675
48,762
16,732
1,229
505
a59,323
6,678
6,620
6,620
73,086
73,105
:
1.108
3,438
1,477
11,403
1,589
16,077
$
$
2,121!
15,083
659
252,632
57,255
436,335
18,221
73,629
36,321
155,619
21,196
27,865
16,151
109,534
23,494
153,271
Average Avge.
$
25,520
150,730
27,359
934
206
75,211
*
Co
1,844
1,112
4,788
18,366
34,841
6,707
._—■
649
10,461
31,171
3,486
13,322
885 13,502
6,478
2,718
6,054 21,093
734
3,582
1,238
16,335
323
6,678
week
3,300
.3,300
3,300
3,300
■
9,007
4,063
3,300
_
Comparison prevlo
527
200
—.
1,000
5,000
2,000
12,000
NassauNat ,Bkn
Farm L A Tr
Total
2,000
2,000
Metropol Tr Co
Fed'l Reserve Bank.
731
20,000 19,502
5,053
2,000
25,000 37,727
1,6 IS
1,500
7,610
5,000
1,814
1,500
gl 0,000 gl6,067
Lincoln Tr Co..
the
36,606
173,723
10,905
22,900
268,233
178,410
12,542
7,018
288,742
19.776
8,304
8,641
16,256
13,073
46,873
777
Second Nat'I..
Columbia Tr Co
Total.
96
184,670
55,038
476,287
126,149
17,839
4,879
112,611
308,325
22,543
114,760
116,030
43,050
161,816
Amer
FIdel-Int Tr Co
Trust Companies
384
1,700
k221
Average
3,514
12,972
19,180
6,447
50,418
12,896
1,859
645
8,764
1,763
8,781
1,527
7,990
First
Average Average
%
$
121,193
k500
tion.
tories.
17,135
10,000 16,812
6.107
5,500
40,000 65,507
4,500 15,331
1,129
1,000
la¬
posits.
Deposi¬ Deposits.
39,896
5,000
USMtgATrCo
Guaranty Tr Co
30
3,874
2,199
3,757
17,643
Vault.
Ac.
7,186
A Dr
Bankers Tr Co.
Not Members of the
Fed'l Reserve Bank.
ments,
5,000
Continental
272
200
Mutual Bank
Circu¬
2,000
Brooklyn Tr Co
$
.
Bank. ,■■$
1,500
Battery Park Nat-
Res.
Band
De¬
$
Coal A Iron
Members of
Fed'l
Time
Demand
Average
Chase
1921.
Net
Legal
$
$
Bank
Bk of N Y,NBA
Manhattan Co.
Mecb A Metals.
East River
counts,
Week ending
May 21
CLEARING
Net
Reserve
Nat.bks.Apr.28 Invest¬
8tatebks.Feb28 ments,
Ac.
Tr. cos. Feb. 28
with
in
Pacific Bank—
three ciphers [000 omitted.)
Dis¬
NON-MEMBERS
Cash
Apr. 28
Nat'I,
Members of
Nat Butch
RETURNS.
[000 omitted.)
Reserve
Loans,
..
Loans,
Net
Cdpilal Profits
CLEARING HOUSE
Invest¬
Fed. Res.
Chat A
of dollars—that is,
245,000
995,000
dollars—that is, three ciphers
Net
(,000 omitted.)
panies.—Following is the report made to
CLEARING
382,000
Feb. 28
Week ending State,
May 21 1921. Tr. cos.,Feb.28
11,100
12,650
Non-Member Banks apd
(Stated in thousands
166,000
523,000
90,300
+ ;.
7,000
NON-MEMBER
5,660,000
1,311,000
Inc.
Capital. Profits. Discount,
HOUSE
National City..
RETURN OF
199,000
Inc.
Inc.
MEMBERS.
$32,300
16,700
80,000
24,650
49,300
2,639!
2,789;
4,297!
5,078
4,793 i
by clearing
in the "Clearing House Returns"
Inc.
Inc.
YORK WEEKLY
Bank of Amer__
New York City
Inc.
Dec.
Baltimore
Shares
5,000
51,948
NEW
CLEARING
110,100
2,354,000
4,743,000
1,915,000
Inc.
957,000 Inc.
(Slated in thousands of
Bond Sales
Shares
$29,750
49,200
63,850
42,450
6,732
5,430
Saturday
175,673,800
252,971,500
Philadelphia
Bond Sales
Shares
$
2,579,000
2,595,000
545,354,000 546,522,000
385,134,000 379,524,000
91,325,000 88,461,000
20,263,000 20,501,000
11,771,000 14,277,000
16,939,000 12,480,000
52,743,000 47,883,000
42,281,000 41,622,000
9,000
York City Clearing House Banks
Companies.—The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending May 21.
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:
PHILADELPHIA AND
BOSTON.
Week ending
May 27 1921.
$
$
Dec.
Statement of New
EXCHANGES.
Boston
1921.
and Trust
$36,226,800
9,476,500
18,402,100
State, mun., Ac., bonds
RR. and misc. bonds..
Monday
1920.
deposits
deposits
Exchanges for Clearing House
Due from other banks
Cash in bank and F.R. Bank
Reserve excess in bank and
Federal Reserve Bank
75,838,592
$5,536,887,219 $10,250,304,875
Bonds.
DAILY
27.
U.S.
United States
-
Government bonds...
1921.
115,557,199
3,634,353
3,552,831
$243,477,375 $309,463,050
Stocks—No. shares-,.
A investments-
Loans, disc'ts
$9,476,500 $36,226,800
1921.
1920.
1921.
Exchange.
May 14
$
6.198,800
Jan. 1 to May
27.
Changes from
previous week.
2,603,000
545,321,000
394,256,000
88,169,999
20,573,000
14,642,000
15,939,000
53,320,000
42,891,000
Circulation
Time
Total
7
MdV
May 21
1921.
Par Value.
Shares.
Monday
series of weeks:
U. S.
Bonds.
May 27 1921.
Saturday
weekly statement for a
State, Mun.
Ac.,
Bonds.
Boston
the items in the
showing the totals for all
mary
Clearing House
Railroad,
-Blocks.
''A"
Week ending
Banks.—We give below a sum¬
Clearing House
Boston
daily,
Stock Exchange
forward from page 2282.
weekly and yearly.—Brought
[Vol. 112.
CHRONICLE
THE
2278
1,933
Totals, actual co ndltion May 14
May
7
Totals, actual co ndition
Not Miembers of F. R. Bk.:
Trust Cos.
6,000
12,314
1,507
3,118
4,000
6,157
884
1,607
30,828
16,460
Lawyers T1A Tr
46,890
25,240
823
Title Guar A Tr
10,000
18,472
72,130
2,391
4,725
47,288
1,326
May 21
Totals, actual co ndition
72,450
2,318
1,242
2,419
4,926
4,689
4,482
47,934
71,072
71,197
46,532
1,344
1,311
Avge. May 21..
Totals, actual co ndltion May 14
7
Totals, actual co ndition May
2,617
46,575
503
4,639,470 87,680 487,172
Gr'd aggr. avge. 285,850 487,069
■51,136 —3,727 —3,016
vious w eek____
3,642,532 313,067 31,955
—50,816 +65500 + 327
86,720 473,547
—1,650 -1,654 -10,675
3,621,647337,825 32,133
—69,569 + 93376 + 364
3,691,216 244,449 31,769
3,703,211 248,078 31,653
3,717,394 248,788 31,560
244,71831 ,309
Comparison, pre
Week ending May
21 1921.1,
May 14
1921.
Capital
Surplus and
$4,500,0
.If
93,860,0
profits
Loans, disc'ts &
investm'ta
Exchanges for Clear.
Due from
Trust
Companies
$33,225,0
(00) omitted.
Members of
F.R. System
Two ciphers
House
90,693,0
106,777,0
_f___
472,333,0
12,208,0
591,318,0
deposits
Total deposits
U. S. deposits
Reserve with
--*>*■-
(not incl.XU
in
F. R. Bank.
vault*
«,
49,421,0
11,456,0
60,877,0
and cash held!
46,860,0
Reserve required
- _ I'J,
Excess rec. A cash in vaulgl 14,017,0
Total reserve
*
Cash
in vaults not
counted as reserve for
1921.
Total.
$37,725,0 $37,725,0
106,850,0
13,080,0 106,940,0
34,102,0 697,541,0 694,868,0
21,764,0
23,728,0
252,0
86,747,0
90,703,0
10,0
274,0 107,051,0 108,693,0
18,857,0 491,190,0 490,767,0
12,531,0
12,452,0
244,0
19,375,0 610,693,0 661,991,0
18,791,0
12,491,0
2,538,0
2,117,0
2,117,0
48,841,0
49,421,0
12,625,0
12,235,0
779,0
63,773,0
64,004,0
2,896,0
50,482,0
49,702,0
2,8*2,0
13,522,0
14,071,0
5t4,0
~
legal deposirs
Reserve with
Cash
23,476,0
rt
banks
deposits
Individual deposits..
Bank
Time
663,439,0
May 7
$37,725
106,897
694,121
22,694
87,066
109,185
490,240
12,528
611,953
11,741
2,895
-Federal Reserve members.
49,793
12,312
65,000
50,345
14,655
Gr'd aggr., act'l cond'n
Comparison, pre vious
May 21
w eek
4,623,735
Gr d aggr., act 1 cond'n
Gr d aggr., act I cond'n
May
May
88,374 484,222
88,943 485,198
Gr'd aggr., act'l cond'n
Gr'd aggr., act'l cond'n
Apr.
88,376 480,160
144,622,085
7|4,728,612
304,759,365
Apr. 234,755,024
88,8041489,019 3,685,391
deducted from net demand deposits in the general totals
above were as follows: Average for week, $85,792,000; actual totals, $84,346,000;
May 14, $54,029,000; May 7, $76,227,000; April 30, $103,716,000; April 23, $111,268,000.
Bills payable, rediscounts, acceptances and other liabilities, average for
week, $798,976,000; actual totals, $757,810,000; May 14, $843,310,000; May 7,
Note.—U.
S. deposits
$914,891,000; April 30,
$899,583,000; April 23,
$928,064,000.
in foreign branches not included in total footing as follows
$107,501,000; Bankers Trust Co., $11,763,000; Guaranty Trust
Co., $117,517,000; Farmers Loan A Trust Co., $20,944,000; Equitable Trust Co.,
$27,573,000.
Balances carried in banks in foreign countries as reserve for such
*
Includes deposits
National City Bank,
deposits
were:
National City
Guaranty Trust Co.,
Bank, $37,618,000; Bankers
Co.,
Trust Co., $435,000;
$13,633,000; Farmers Loan A Trust Co., $2,457,000; Equitable
in foreign branches not included, g As of
$6,026,000.
c Deposits
April 1 1921.
k As of May 6 1921.
Trust
May 28
1921.]
THE
CHRONICLE
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
TRUST
AND
'
"
.
.
.
Loans and
Reserve
Reserve
in
Total
Reserve
Reserve.
Required.
Reserve.
$
$
Total May 21__,_
Total May 14..._
$
S
$
487,172,000 496,573,000 485,210,930
11,362,070
9,788,440
9,965,640
6,358,290
9,465,000 490,188 ,*000 499,653,000 489,864,560
9,486,000 495,923,000 505,409,000 495,443,360
Total May
7
Total April 30
9,381,000
1486,839,000 496,220,000 489,861,710
5,362,431,000
5.308,777,200
4.346,242,100
4,287,160,600
4,331,583,100
4,330,421,000
4,315.896,900
4,290,676,900
4,290,295,400
4,340,064,100
4,303,118,900
5,260,725,000
Mar. 26
10,209,870
1,129,400
22,800
9,401,00
Total Cash
IN
Reserve
in Vaults.
$
5,550,054,700
5,510,254,000
5,476,446,500
5,452,354,600
Mar. 19
478,532,000 478,532,000 468,322,130
3,915,000
10,925,000
9,795,600
4,725,000
2,391,000
7,116,000
7,093,200
7,010^000
Trust companies
*
-
$
Surplus
Depositaries
Reserve banks
Demand
Deposits.
COMPANIES
in
Depositaries.
a
in Vault.
Members Federal
AND
TRUST
NEW YORK.
Investments,
Week ended—
,
State banks*
BANKS
-
.
Cash
OF
GREATER
'
.
RESULTS
COMPANIES.
Averages.
:
COMBINED
2379
4,249,874,800
Apr.
2
Apr.
9
April 16
5,433,149,900
April 23.
5,385,905,300
April 30
May
7
May 14
May
*
5,346,189,000
....
...i
21..
This item includes
$
.r*
$
112,487,400
113.236,200
112,091,100
112,919,500
115,964,300
678,028,600
582,034.600
114,014,900
116,455,700
114,043,500
116,149,600
112,070,200
664,554,600
570,658,600
581,494,300
577,105,200
572,421,300
589,418.800
572,716.000
582,003,500
gold, silver, legal tenders, national bank notes
and
Federal
Reserve notes.
Actual
Figures.
Cash
Reserve
Reserve
in
Total
Reserve
Surplus
in Vault.
Depositaries
Reserve.
Required.
Reserve.
%
$
S
S
Members Federal
Reserve banks
State banks*
S
464,482,000 464,482,000 466,270,450
4,139,000
11,100,000
9,790,380
4,926,000
7,244,000
2,318,000
7,190,100
1,788,450
9,279,000 473,547,000 482,826,000
9,592,000 484,222,000 493,814,000
9,668,000 485,098,000 494,766,000
9,490,000 480,160,000 489,650,000
424,930
4,290,900
6,961,000
Trust companies
Total May 21.
Total May
b
14
Total May
7
Total April 30
*
comparison with the previous week and the corresponding
date last year:
■
May 25 1921. May 18 1921. May 28 1920.
1,309,620
Resources—
53,900
483,250,930
489,523,100
491,177,990
493,105,360
3,588,010
3,455,360
This Is the reserve required on net demand
$
Gold and gold certificates.
Gold settlement fund—F. R. Board
36,000,000
Bills discounted:
Secured by U.
ernment obligations—for
follows:
245,523,239
22,847,000
as
Total
bills on
YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
{Figures
Furnished
Slate
by
Banking
bonds
*$28,402,600
Deposits In banks and trust
7,035,700
cos
55,276,000
44,567,500
Bank premises
6% redemp. fund agst. F. R. bank notes
Uncollected Items..
$35,438,300
=====
=====
26,886,750
56,414,456
14,944,000
56,414,456
14,630,000
24,667,000
45,082,000
Reserved for Government Franchise Tax.
Inc.
Deposits:
571,300
4,679,600
Dec.
2,428,100
2,020,300
470,785
653,640,769
16,304,091
Total deposits
670,415,645
F. R. notes In actual circulation
14.55%
6.24%
Deferred availability Items
All other liabilities
$74,201,200
20.79%
of
$55,948,400.
The change began with the
return for
Sept. 25.
Banks and Trust Companies in New York City.—The
of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York
City outside of
averages
the
Clearing House,
are as
follows:
total
1,589,686,602
reserves
to
depost
and
circulation
reserves
after
to F.
setting
R.
19,359,000
633,656,670
15,805,091
760,577,000
42,130,000
649,932,715
718,909,460
822,066,000
22,707,200
95,686,922
7,212,347
7.275.633
854,827,000
37,969,000
107,551,000
24,811,000
1,592,443,137 1,916,973,000
========
note liabilities combined
Ratio of total
in
k The Equitable Trust Co. is no longer included in these
totals, it having become
member of the Clearing House and being now included in the statement of
the
j
Total liabilities
Ratio
470,954
707,349,780
24,301,200
82,162,423
>
F. R. bank notes In clrcul'n—net liability
22,265,200
—
.
Government........
MemberBanks—Reserve Account
Dec.
Includes deposits with the Federal Reserve Bank of New
York, which for the
State banks and trust companies combined on May 21 were
a
=
All Other
Dec.
*
Clearing House member banks.
■
26,886,750.
$51,936,000
20.96%
59,276,000
18,636,000
674,670,349 1,063,729,000
4,918,055
3,285,000
1,979,910
3,077,000
126,734,430
171,631,000
3,890,699
1,113,000
1,589,686,602 1,592.443,137 1,916,973,000
Liabilities—
F. R.
Total
resources
Total resources
55,276,000
82,855,000
663,198,868
5,089,453
2,058,860
115,346,603
3,488,333
1,457,000
50,000
Capital paid In
Surplus.
^
—Trust Companies—
16.81%
4.15%
179,372,000
984,310,000
$3,084,200
Inc.
111,600
Dec.
464,000
Inc.
RESERVE.
Cash In vaults
235,466,000
39,601,322
535,533,949
1,005,400
...
One-year Certificates (Plttman Act)..
previous week.
Loans and investments
——'State Banks-
240,007,573
562,349,968
1,005,400
All others
Differences from
$621,255,400
Gold
6,930,800
Currency and bank notes
17,459,400
Deposits with Federal Reserve Bank of New York..
55,948,400
Total deposits.
649,481,900
Deposits, eliminating amounts due from reserve dei
v
positaries, and from other banks and trust com¬
panies in N. Y. City, exchanges and.U-S. deposits 607,342,800
Reserve on deposits
109,639,500
Percentage of reserve, 20.8%.
209.271,000
26,195,000
U. 8. Victory notes
U. S. certificates of indebtedness—
All other
Department.)
k May 14.
238,007,573
2,000,000
249,131,604
44,848,125
Total earning assets
NEW
569,472,000
2,500,000
hand
U. S. Government
follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
510,942,000
58,530,000
255,925,054
246,631,604
All other—For members
-240,115,054
15,810,000
For other F. R. Banks
Bills bought in open market
com¬
568,261,000
105,877,000
674,138,000
268,370,239
$6,098,730.
weekly
96,804,991
780,249,693
S. Gov¬
members...
Reserve Bank
trust
683,444,702
800,544,483
For other F. R. Banks
figures showing the condition of State banks and
panies in New York City not in the Clearing House,
248,676,000
285,599,000
33,986,000
361,578,378
36,000,000
90,923,740
Total reserves
,
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports
285,866,323
709,620,743
b This is the reserve required on net demand deposits in the case of State
banks
and trust companies, but in the case of members of the Federal
was as
81,918,000
125,826,000
40,932,000
Total gold reserves
,
244,852,878
41,013,445
262,336,964
411,283,7781
Leg^l tender notes, silver, Ac
reserve required on net time deposits, which
May 21, 38,758,590; May 14, $5,957,733; May 7, $6,072,810; Apr. 30
$
197,227,861
65,109,103
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve banks
includes also amount of reserve required on net time deposits, which was as follows:
May 21, $8,015,010; May 14, $6,053,970; May 7, $6,079,800; Apr. 30 $6,049,980.
Includes also amount of
$
Gold with foreign agencies
Not members of Federal Reserve Bank,
a
Condition of the Federal Reserve Bank of New York.
—The following shows the condition of the Federal Reserve
Bank of New York at the close of business May 25
1921, in
=
58.1%
=======
57.0%
41.8%
Notes
aside
35%
against deposit liabilities
Contingent liability on bills purchased
for foreign correspondents
80.0%
76.9%
47.8%
12,076,948
12,093,737
16,212,933
>
Note.—In conformity with the practice of the Federal Reserve Board at
Washing¬
ton, method of 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
percentages entirely on the gross amount of the deposits.
For last year, however,
the computations are on the old basis; that is, reserve
percentages are calculated on
basis of net deposits 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 after setting aside
35% against the deposit liabilities.
Previously the practice, was to show the ratio
40% against the Reserve notes in circulation.
of reserves to deposits after setting aside
The Federal Reserve
Banks.—Following is the weekly statement issued by the Federal Reserve Board on May 26. 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.
In commenting upon the return for the latest week the Federal Reserve
Board says:
a
'
Continued gains of gold, offset in part by losses of other cash
reserves,
and further reductions in
deposit and note liabilities are indicated by the
Federal Reserve Board's weekly bank statement issued as at close of business
on May 25 1921.
The banks' reserve ratio shows a further rise for the week
from 56.8 to 57.6%.
Federal Reserve bank holdings of paper secured
by U. S. Government
obligations increased by 819,100,000, those of other discounted paper—
•by $8,600,000, and those of acceptances purchased in open market—by
$5,400,000.
Pittman certificates fell off $1,500,000, while other certi¬
ficates
on
hand because of the
redemption by the treasury of a special cer¬
by the Reserve banks to cover advances to the Government,
Sft decline of $82,100,000.
In consequence of the above changes,
total earning assets show a further decline of
$50,900,000 and on May 25
stood at $2,263,100,000, compared with
$3,244,000,000 onMay28oflast year.
Of the total holdings of $794,000,000 of
paper secured by Government war
obligations, $516,800,000, or 65.1%, werelsecured by Liberty and other
U. 8. bonds; $223,700,000, or 28.2%,
by Victory notes, and $53,400,000,
or
6.7%,—by Treasury certificates, compared with $511,600,000, $216,200,000 and $47,000,000 reported the week before.
Discounted paper held by the Boston, New York and Cleveland banks
includes about $30,000,000 of bills discounted for the
Richmond, Minnea¬
tificates held
show
Combined Resources
and
Liabilities
of the
RESOURCES.
and
gold
certificates
Gold settlement fund, F. R. Board
Gold with foreign agencies
Total gold held by banks
c
old with Federal Reserve agents
Gold redemption fund
Total
gold
reserve
$
279,261,000
474,952,000
$
325,391,000
454,105,000
*
ratios.
%
377,610,000
450,584,000
'
i
Federal Reserve note circulation shows a further decline for the week of
$32,600,000, the May 25 total of $2,734,800,000 being $670,100,000, or
nearly 20% below the peak figure of Dec. 23 1920, and about 12% below
the total reported on May 28 last year.
Federal Reserve bank liabilities
on
Federal
Reserve .bank notes in circulation show a reduction of
$3,000,000
$144,800,000, compared with $179,200,000 about a year ago.
reserves show a further
gain for the week of about $14,000,000,
while the banks' holdings of silver and
"legals" fell of $4,900,000.
to
Gold
Federal Reserve Banks
May 25 1921. May 18 1921. May 11 1921.
Gold
polis and Dallas banks, compared with $23,900,000 the week before.
Of
larger total, about 85%, or $25,300,000, as against $17,800,000 the week
before, is carried by New York for the Richmond and Minneapolis banks.
Government deposits show an increase for the week of
$1,700,000, while
reserve deposits decreased by
$9,900,000, and other deposits, composed
largely of non-members' clearing accounts and cashier's checks—by $2,400,000.
The "float" carried by the Reserve banks, as measured
by the dif¬
ference between the total of "uncollected items" on the resource side and
the total of "deferred availability items" on the
liability Side, shows a
decline of about $4,000,000 since the
previous Friday, its present volume,
$85,200,000 being $61,300,000 less than the amount shown on March 18
when it was first disregarded in
calculating deposit liabilities and reserve
the
if ay 4 1921.
$
364,244,000
482,200,000
at the
Close
of
Business May 25 1921.
Apr. 27 1921. Apr. 22 1921. Apr. 15 1921. April 8 1921. May 28 1920.
$
347,946,000
488,219,000
$
339,432,000
477,229,000
$
327,637,000
466,241,000
r
313,322,000
504,061,000
$
167,135,000
424,452,000
111,530,000
754,213,000
779,496,000
828,194,000
846,444,000
836,165,000
816,661,000 Jv'793,878,000
703,117,000
817,383,000
1,505,229,000 1,458,619,000 1,374,138,000 1,326,087,000 1,317,860,000 1,321,816,000 1,346,558,000
1,30# ,949,000 1,112,040,000
133,505,000
140,791,000
161,221,000
170,827,000
163,544,000
159,594,000 : 146,443,000
137,946,000
130,678,000
2,392,947,000 2,378.906.000 2,363.553,000 2.343,358,000 2,317,569,000 2,298,071,000 2.286.879,000
2,264,010,000 1,953,103,000
May
May 25 1921. May 18 1921. May 11 1921.
8
8
1921. May 28 1920.
$
S
198,198,000
194,733.000
187,194,000
176,540,000
Apr.
$
t
$
%
174,220,000
170,228,000
Apr. 15 1921.
1921. Apr. 27 1921. Apr. 22 1921.
4
$
$
165,285,000
Legal tender notes, silver, Ac
[Vol. 112.
CHRONICLE
THE
2280
139,393,000
217,824,000
1
2,485,077,000 2,481,834,000 2,092,496,000
2,519,898,000 2,504,763,000 2,492,804,000
2,558,232,000 2,549,134,000 2.537,773,000
936,021,000 1,447,962,000
929,186,000
Bills discounted.
942,665,000
920,537,000
892,366,000
917,697,000
774,869,000
793,951,000
1,175,368.000 1,218,731,000 1,071,469,000
Secured by U. S. Govt, obligations..
1,173,879,000 1,143,202.000 1,171,191,000
103,607,000
418,600,000
119,582,000
1,076,305,000 1,067,684,000 1,117,660,000
104,452,000
All other
103,609,000
94,302,000
76,637,000
81,667,000
87,138,000
Bills bought In open market...
2,258,359,000 2,938,031,000
2,167,348,000 2,218.308,000 2,224,136,000
2,160,547,000
25,547,000
26,794,000
25,914,000
1,957,394,000 1,924,220,000 2,111,994,000
Total bills on hand
25,691,000
25,690,000
25,689,000
25,685,000
19,000
69,000
19,000
25,924,000
25,574,000
19,000
U. 8. Government bonds
......
Total reserves
U. S. Victory
notes
23,000
...
All
...
other
23,000
19,000
234,875,000
128,936,000
237,875,000
239,375,000
1,009,000
23,000
.......
indebtedness:
One-year certificates (Pittman Act)
U. 8. certificates of
233,375,000
46,754,000
3.558JOOO
19,000
,•
2,708,000
259,375,000
20,156,000
247,375,000
6,303,000
245,875.000
7,824,000
240,875,000
5,827,000
239,375,000
2,537,603,000 3,244,425,000
2,490,720,000 2,503,768,000
2,379,135,000 2.426,639,000 2,435,140,000
21,002,000
12,668,000
21,514.000
2,263,120,000 2,313,978,000
21,782,000
21,832,000
21,908.000
23,007,000
11,647,000
11,862,000
23,192,000
12.166.000
23,396,000
11,562,000
11,339,000
10,886,000
11,374,000
544.255,000
746,077,000
11,476,000
618,107.000
11,174,000
650,950,000
519.828,000
5% redemp. fund agst. F. R. bank notes
524,651,000
532,776,000
11,454,000
6,812,000
11,892,000
580,270,000
510,175,000
12,310,000
11,578,000
Uncollected items
12,430,000
11,886,000
12,430,000
13,663,000
All other resources
..........
5,652,524,000 5,607,795,000 6,114,340,000
5.504,480,000 5,580,128,000
5,495,951,000 5,516,412,000
Total resources.......... .... ...... 5,379,760,000 5,490.480,000
Total earning assets
...
Bank premises...............
...
....
LIABILITIES.
Surplus
202,036,000
101,857,000
202,036,000
10^,033,000
202,036,000
32,528,000
13,799,000
102,116,000
202,036,000
34,014,000
15,632,000
102,173,000
Capital paid in
94,000,000
120,120,000
101,226,000
202,036,000
101.274,000
202,036,000
101,231,000
202,036,000
101,235,000
202,036,000
"48,053",000
36,433,000
3T,li*7"666
35,271,000
67,483,000
35,872^000
~2~3,509", 000
1,661,938,000 1,852,916,000
17,323,000
1,656,718,000 1,648,858,000 1,685,503,000
1,687,954,000 1,671,004,000
35.325,000
91,037,000
38.323,000
1,655,609,000 1,665,517,000
33,309,000
33,010,000
Member banks—reserve account.
34,428,000
31,660,000
35,493,000
33,024,000
All other
i.......
1,754,943.000 1,745,316.000 1,980,386,000
1,728,941,000 1,725,899,000 1,749,351,000
2,893,964,000 3,107,021,000
1,705,956,000 1.716,642,000 1,733,413,000
2,830,118,000 2,856,700,000 2,868,527.000
Total
2,804,933,000 2,828.586,000
167,152,000
179,185,000
163,187,000
2,734,804,000 2,767,415,000
159,590,000
156,249,000
P. R. notes in actual circulation.......
153,859,000
149,894,000
445,108,000
561,244,000
507,724.000
147,766,000
144,834,000
454,238,000
430,700,000
P. R. bank notes In circulation—net liab
441,069,000
441,981.000
52,993,000
72,384,000
491,004,000
54,833,000
424,929,000
56,982,000
58,243,000
Deferred availability Items
60,064,000
29,133:000
29,487.000
29,757,000
AH other liabilities.. .................
5,652,524,000 5,607,795,000 6,114,340,000
5,516,412,000 5,504,480,000 5,580,128,000
5,379,760,000 5,490,480,000 5,495,951,000
Total liabilities
48.8%
38.4%
49.4%
49.1%
50.9%
*51.4%
Ratio of gold reserves to deposit and
52 1%
-
Reserved for Govt franchise tax
Deposits—Government
.......
.....
_...
F.
53.9%
to F. R. notes in
setting aside 35%
55.0%
53.5%
41.1%
55.3%
53.7%
55.9%
54,1%
56.8%
64.7%
67.7%
65.2%
45 0%
68.8%
65.8%
70.4%
67.2%
71.7%
and
total reserves to deposit
F. R. note liabilities combined
of
*51.3%
57.6%
combined..
R. note liabilities
Ratio
Ratio of total reserves
after
circulation
against deposit
liabilities
...
....
$
S
$
S
$
S
3
35,245,000
117,630,000
5
S
57,335,000
50,389,000
58,175,000
Maturities—
54,067,000
48,740,000
51,006,000
56,289,000
1,231,807.000 1,246,667,000 1,460,744,000
1,243,261,000
1-16 days bills bought in open market.
1,230,466,000 1,226,865,000 1,229,368,000
6.425,000
18,098,000
14,758,000
1,108,808,000 1,090,790,000
6,860,000
4,000,000
1-15 days bill discounted
1,020,000
4,098,000
28,108,000
72,806,000
86,332,000
24,860,000
36,607,000
22,921,000
21,429,000
1-15 days U. S. eertif. of Indebtedness.
19,359,000
14,652,000
217,566.000
259,574,000
18,057,000
208,163.000
16,408,000
211,712,000
201,058,000
10-30 days bills bought in open market.
210,847,000
219,057,000
4,500.000
3,962,000
193,790,000
2,052,000
188,845,000
1,772,000
2,165,000
16-30 days bills discounted
3,568,000
2,108,000
31,135,000
182,153,000
15,206,000
28,626.000
4,769,000
24,743,000
18,060,000
10-30 days U. S. certlf. of Indebtedness.
15,873,000
9,982,000
402,366.000
473,116,000
10,014,000
410,801,000
12,148,000
412,075,000
364,964,000
81-60 days bills bought in open market.
357,156,000
328,419,000
4,563,000
13,385,000
316,268,000
10,625.000
322,907,000
7,097,000
7,040,000
81-00 days bills discounted.
18.940,000
9,926,000
9,119,000
46,011,000
10,320,000
8,761,000
9,227,000
6,398,000
5,945,000
81-00 days U. 8. certlf. of indebtedness.
5,003,000
3,257,000
248,446,000
264,006,000
2,590,000
207,684,000
2,293,000
199,475,000
218,399,000
01-90 days bills bought in open market.
215,658,000
199,032,000
8,945,000
13,106,000
178,111,000
9,125,000
179,564,000
7,604,000
7,605,000
01-90 days bills discounted
.'
12,674,000
13,857,000
39,707,000
61,991,000
25,640,000
46,099,000
26,197,000
47,733,000
49,950,000
01-90 days U. 8. certlf. of indebtedness.
55,719,000
58,383,000
229,245,000
230,980,000
63,594,000
217,139,000
70,132,000
223,256,000
221,273,000
Over 90 days bills discounted
204,182,000
211,444,000
226,313,000
203,329,000
Over 90 days certlf. of indebtedness
Distribution by
3,1^8,002,000 3,224,111,000 3,246,061,000 3,359,493,000
3,147,304,000 3,158,636,000 3,177,004,000
352,097,000
252,472,000
355,584,000
3,091,119,000 3,112,067,000
341,302,000
346,886,000
330,05t,000
342,371,000
344,652,000
356,315,000
2,868,527,000 2,893,964,000 3,107,021,000
2,828,586.000 2,830,118,000 2,856,700,000
2,804,933,000
2,734,804,000 2,767,415,000
Federal Reserve Notes—
Outstanding
......
Held by banks.
In
actual
circulation....
4,060.545,000 3,790,827,000
3,990,273,000 4,004,644,000 4,026,934,000
814,484,000
431,334,000
3,903,548,000 3,931,591,000 3,965,186,000
802,823,000
806,642,000
813,269,000
Fed. Res. agent 3,885,837,000
806,550,000
784,287,000
791,481,000
794,718,000
hands of Federal Reserve Agent
3,224,111,000 3,246,061,000 3,359,493,000
3,177,004,000 3,198,002,000
3,112,067,000 3.147,304,000 3,158,636,000
Amount chargeable to
In
Issued to Federal Reserve
3,091,119,000
banks
233,852,000
258,352,000
233,852,000
233,853,000
233,852,000
233,852,000
233,853,000
293,852,000
343,853,000
1,876,186,000 1,877,553,000 1,939,112,000 2,247,453,000
1,773,166,000 1,832,549,000 1,859,144,000
120,988,000
106,675,000
111,570,000
1,585,890,000 1,653,448,000
104,409,000
119,167,000
119,127,000
117,383,000
952,109,000
747,013,000
112,347,000
127,424,000
983,554,000 1,001,136,000
964,841,000
973,108,000
1,022,902,000
1,033,952,000 1,052,420,000
3,198,002,000 3.224.111,000 3,246,061,000 3,359,493,000
3,147,304,000 3,158,636,000 3,177,004,000
3,091,119,000 3,112,067,000
2,174,005,000 2,216,539,000 2,865,104,000
2,106,702,000 2,165,485,000
1,874.818.000 2,059,259.000 2,109,070,000
How Secured—
By gold and gold
By
certificates
eligible paper..
fund...
Board
Gold redemption
With Federal Reserve
Total
...........
Eligible paper delivered to
1,898,796,000
F. R. Agent
♦Revised figures.
WEEKLY STATEMENT
OF RESOURCES AND
(00) omitted.
Federal Reserve Bank of—
Two ciphers
Boston.
Gold settlement fund—F. R.
7,749,0
Total gold
38,085,0
B'd
45,834,0
held by banks
177,759,0
Gold with F. R. agents.
22,242,0
Gold redemption fund.....
245,835,0
17,555,0
Legal tender notes, silver, &c...
Total gold reserves
263,390,0
Total reserves..
a
'i U.
AH
Secured by
discounted:
Bills
other
Total bills
53,804,0
...
Bills bought In open
on
12,555,0
market
108,379,0
550,0
5,0
hand
U. 8. Government bonds
U. 8. Victory notes.
U. 8. certificates of
One-year ctfs.
All
42,020,0
8. Govt, obligations.....
PMla.
Cleveland. Richmond
18,936,0
614,0
Chicago.
St. Louis. Minneap. Kan.CUy.
$
%
128,484,0
Total earning assets
Bank
3,446,0
premises
5% redemption fund against
Fed¬
2,703,0
14,056,0
8,260,0
8,000,0
AH other resources
Total resources
LIABILITIES.
16,759,0
67,198,0
3,977,0
16,260,0
21,802,0
3,069,0
34,340,0
33,215,0
4,584,0
754,213,0
50,212,0
10,743,0
13,978,0 131,863,0 1,505,229,0
133,505,0
11,149,0
5,790,0
709,621,0 173,640,0 289,819,0
4,650,0
3,755,0
90,923,0
71,689,0
92,601,0 384,803,0
6,198,0 13,802,0
87,934,0
11,298,0
41,131,0
791,0
72,139,0
3,127,0
30,511,0 193,224,0 2,392,947,0
165,285,0
2,485,0
6,399,0
4,302,0
98,799,0 398,605,0
99,232,0
41,922,0
36,910,0 159,709,0 2,558,232,0
75,991,0
75,266,0
800,544,0 177,395,0 294,469,0
24,979,0
25,0
793,951,0
11,296,0 53,447,0
53,408.0 112,214,0 1,076,305,0
87,138,0
5,440,0
171,0
82,923.0
8,866,0
64,875,0 171,101,0 1,957,394,0
25,574,0
1,008,0
3,975,0
5,869,0
83,904,0
2,624,0
47,685,0 112,004,0
60,570,0 199,803,0
3,996,0
936,0
31,266,0
44,721,0
1,515,0
6,058,0
61,879,0
109,191,0 315,803,0
562,350,0 153.884,0 132,983,0 110,466,0
4,490,0
911,0
1,233,0
833,0
1,434,0
1,005,0
3,0
10,0
77,502,0
1,153,0
67,937,0
268,370,0 110,731,0
249,132,0 34,245,0
8,908,0
44,848,0
47,015,0
79,213,0
6,755,0
39,080,0
69,397,0
1,989,0
11,760,0
15,564,0
36,112,0
13,068,0
8,480,0
10,320,0
1,0
145,0
13,0
77,0
356,550,0
663,199,0 183,249,0 155,655,0 123,460,0 125,670,0
3,586,0
742,0
1,903,0
2,043,0
527,0
5,089,0
91,736,0
772,0
2,059,0
115,346,0
3,448,0
actual circulation.
In circulation-
All other
Items
liabilities.
Total liabilities.
601,0
621,0
48,435,0
40,991,0
18,690,0
664,0
1,960,0
61,134.0
2,298,0
607,0
523,0
278,0
916,0
361.0
27,631,0
14,298,0
38,883,0
638,0
208,0
533,0
22,164,0
1,162,0
/
544,0
34,374,0
2,204,0
11,174,0
510,175,0
13,663,0
694,0
520,0
564,0
40,922,0
61,769,0
72,620,0
83,447,0
109,410,0
254,485,0
46,974,0 120,497,0 1,705,956,0
50,144,0 234,895,0 2,734,804,0
6,897,0
6,310,0
11,903,0
1,335,0
12,084,0
35,593,0
1,594,0
5,079,0
21,160,0
2,089,0
5,395,0
10,561,0
8,615,0
17,010,0
11,046,0
20,305,0
2,193,0
1,026,0
2,064,0
1,321,0
95,388,0 135,579,0
769,0
1,069,0
54,226,0
635,0
12,289,0
net liability
1,239,0
21,0
73,254,0 183,010,0 2,263,120,0
23,396,0
549,0
1,839,0
65,080,0
97,092,0 138,412,0 55,342,0 46,138,0 243,054,0
670,415,0
456,793,0 105,849,0
707,350,0 228,229,0 266,951,0 127,109,0 157,783,0
471,0
F. R. bank notes
Deferred availability
1,300,0
45,565,0
76,610,0 102,243,0
2,446,0
599,0
233,375,0
46,754,0
102,173,0
7,287,0
202,036,0
14,194,0
35,271,0
1,805,0
17,323,0
3,122,0
1,209,0
45,339,0 108,608,0 1,655,609,0
33,024,0
8,767,0
426,0
16,303,0
F. R. notes in
4,400,0
10,880,0
492,0
827,0
621,0
568,0
5,379,760,0
133,915,0 220,287,0 135,690,0 416,390,0
243,438,0 245,186,0 824,133,0 220,387,0
439,324,0 1,589,685,0 408,657,0 502,668,0
773,0
Total deposits
23,0
4,0
133,0
1,0
653,641,0
other...
1.0
30,0
26,780,0
1,151,0
"
Deposits: Government
All
116,0
57,819,0
21,799,0
55,276,0
44,568,0
1,195,0
Member bank—reserve acc t._ 107,442,C
franchise tax.
279,261,0
474,952,0
72,328,0 233,908.0
16.575,0
5.122.0
26,887,0
56,414,0
14,944,0
Reserved for Govt,
18,418,0
31,794,0
24,734,0
34,981,0
11,974,0
51,907,0
7,894,0
15,711,0
1,938,0
Capital paid In
Surplus
Total.
f
8
8,721,0
2,022,0
1,951,0
32,389,0
15,151,0 134,320,0
San Fran.
S
22,110,0
42,664,0
eral Reserve bank notes
Uncollected items
■'
262,337,0 53,750,0 89,773,0
411,284,0 112,314,0 194.599,0
5,447.0
7,576,0
36,000,0
1,843,0
'
*■
Dallas.
S
S
$
4,286,0 19,609,0
10,865,0 114,711,0
197,228,0
65,109,0
indebtedness:
(Pittman Act).
other
12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 25 1921.
Atlanta.
8
S
$
$
$
RESOURCES.
Gold and gold certificates
LIABILITIES OF EACH OF THE
New York.
24,301,0
11,970,0
35,976,0
82,163,0
41,795,0
1,621,0
7,211,0
18,334,0
43,524,0
3,070,0
642,0
474,0
6,644,0
35,690,0
4,082,0
8,343,0
2,221,0
1,567,0
14,229,0
28,980,0
6,756,0
1,323,0
44,230,0 239,407,0
2,324,0
341,0
11,782,0
13,858,0
21,469,0
48,536,0
4,316,0
4,499,0
8,346,0
609,0
1,848,0
62,538,0
27,411,0
1,696,0
3,531,0
6,980,0
1,165,0
1,594,0
38,808,0
4,497,0
9,159,0
1,293,0
1,653,0
70,403,0
4,211,0
6,033,0
7,675,0
27,310,0
2,717,0
144,384,0
424,929,0
29,757,0
979,0
1,376,0
1,753,0
416,390,0 5,379,760.0
220.387.0 133,915,0 220,287,0 135,690,0
408,657,0 502,668,0 243,438,0 245,186,0 824,133,0
439,324.0 1,589,685.0
Mat 28
1921.]
THE
LIABILITIES (Concluded!)—
Two ciphers
New York.
Phila.
%
(00) omitted.
reserves to
$
$
discounted
Cleveland. Richmond
$
58.1
54.5
72.6
41.7
«
2,336,0
_
OF
Resources—
2,560,0
2.624,0
25,347,0
FEDERAL
Federal Reserve Agent at—
48.4
57.0
58.1
Dallas.
San Fran.
$
$
$
40.8
48.2
38.0
RESERVE
(In Thousands of Dollars)
$
270,616
Collateral security for Federal Reserve notes
outstanding:
Gold and gold certificates
5,600
Gold redemption fund
Gold settlement fund—Federal Reserve Board
Eligible paper/Amount required
(Excess amount held
Cleve.
15,522
1,504,0
Total.
55.1
57.6
$
AT
$
CLOSE
OF
23,775
BUSINESS
$
3",481
93,483
15,684
25
%
6,110
City Dallas
2,857
2,550
58,231
6,200
62,403
14,991
24,356
42,491
San Fr.
Total.
$
$
$
28,702
4,780
93,552
34,540
794,71853,735 290,587 3,091,119
2", 855
30,360
343,85315", 469
127,424
5,234 116,394 1,033,952
39,757 158,724 1,585,890
13,052
16", 264
217,644
263,335
52,425
32,333,0
29,964,0
------
$
12,360
64,293
29,964,0
1,472,0
1921.
Minn.' K.
165,700 29,480
497,243 129,601
64,000
98,245
9,827
MAY
$
3,500
4,828
31,500
832,0
1
------
Chicago
21,420
41,560
23,909
71,137
855,937 244,182 292,336 133,226 165,811
1,536,0
St.L.
S
%
268,000
4,617,0
864,0
-------
Richm'd Atlanta
13",925 15,824
23,359
101,000 98,389 155,000
444,653 131,868
97,737
84,966
2,302
34,794
92,857
Total
ACCOUNTS
286,925
22,159
150,000
-
3,808,0
------
Phila.
$
93,130
1,152,0
------
AGENTS'
10,347,0
■,
1,568,0
1,075,0
,
Boston. New York
Federal Reserve notes on hand
Federal Reserve notes outstanding
4,891
3,853
60,337
22,536
24,770
10,733
312,996
649,884 2,064,840 512,086 661,026 300,188 418,443
1,212,611 303,673 165,302 214,420 160,942 626,447 7,289,862
Liabilities—
Federal
Reserve notes
received
from
Comptroller of the Currency
Collateral received from
/Gold
Reserve
Bank (Eligible
363,746 1,123,937 265,602 333,896 157,135 236,948
177,759
411,284 112,314 194,599
34,981
72,328
108,379
529,619 134,170 132,531 108,072 109,167
paper
Total
662,943 159,081
76,653
21,802
98,332
67,198
77,394
233,908
315,760
66,847
82,873
82,437 325,127 3,885,837
13,978 131,863 1,505,229
64,527 169,457 1,898,796
33,215
649,884 2,064,840 512,086 661,026 300,188 418,443
1,212,611 303,673 165,302 214,420 160,942 626,447 7,289,862
Federal Reserve notes outstanding
Federal Reserve notes held by banks
270,616
16,131
855,937 244,182 292,336 133,226 165,811
148,587 15,953 25,385
6,117
8,028
497,243 129,601
40,450 23,752
64,293
2,524
93,552
10,105
53,735 290,587 3,091,119
3,591 55,692
356,315
254,485
Federal Reserve notes in actual circulation
707,350 228,229 266,951 127,109 157,783
456,793 105,849
61,769
83,447
50,144 234,895 2,734,804
Member Banks of the Federal Reserve
Board
Kan.City.
$
-
■
15,000,0
-
12,077,0
3,542.0
STATEMENT
Federal
$
T
on bills pur¬
chased for foreign correspond'ts
Includes bills discounted for
other F. R. banks, viz.:
of
■
*
St. Louis. Minneap.
rediscounted
paper
amount
$
'
72.4
Contingent liability
Net
Chicago.
$
com¬
as endorser on
with other F. R. banks
a
Atlanta.
%
deposit
and F. R. note liabilities
bined, per cent
Contingent liability
3381
.
Boston.
Memoranda.
Ratio of total
CHRONICLE
giving the principal items of the
In the statement
were
System.—Following is the weekly statement issued by the Federal Reserve
and liabilities of the Member Banks.
resources
given in the statement
of Dec. 14
Definitions of the different items
1917, published in the "Chronicle" Dec. 29 1917,
2523.
page
fTATEMENT SHOWINO PRINCIPAL RESOURCE AND
LIABILITY ITEMS OF REPORTINQ MEMBER BANKSIN
FEDERAL RESERVE
BANK AND BRANCH CITIES AND ALL
OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS MAY 18 1921.
Liquidation of nearly $100,000,000 of commercial
loans, accompanied by
of a total of
$20,000,000) in holdings of other securities.
Total loans and
a commensurate
reduction in demand deposits, is indicated in the
investments of the New York members show a decline of
Federal
$45,000,000 for
Reserve Board's weekly statement of condition on
the week.
May 18 of 821 member
banks in leading cities.
Accommodation of reporting banks at the Federal Reserve banks shows a
decrease for the week from $1,506,000,000 to
Loans secured by Government
$1,314,000,000, and con¬
obligations show a decline of $21,000,000
stituted 8.5% of the banks' total loans and investments on
for the week, while loans secured
May 18, com¬
by stocks and bonds show an increase by
pared with 9.7% the week before.
For the New York City members a
the same amount.
All other loans and
disccunts, largely of a commercial
decrease of accommodation from $547,000,000 to
$394,000,000 and of the
nature, are shown $98,000,000 smaller than the week before.
ratio of accommodation from 11 to
Holdings of
8%, is noted.
United States bonds and
Victory notes show but nominal changes, while
Government deposits show an increase of $79,000,000 for the
those of Treasury
week, while
certificates, following the allotment of a new issue on May
other demand deposits declined by
$96,000,000, and time deposits in¬
15, show an increase of $39,000,000.
Other securities on hand increased
creased—by $98,000,000.
For New York City members, an increase of
by $20,000,000.
As a consequence of these
changes, total loans and invest¬
$33,000,000 in Government deposits and of $93,000,000 in time
ments of reporting member banks
deposits,
show a reduction of $40,000,000 for the
as against a decrease of
$74,000,000 in demand deposits, is noted.
week.
The New York City member banks
report changes in the different
Reserve balances with the Federal Reserve banks show a decline of
classes of loans and discounts in
$3,harmony with the changes shown for all
000,000 for all reporting banks and of $16,000,000 for the New York City
reporting banks, but in the investment block they show a decline of
members.
$2,000,Cash in vault is shown $14,000,000 less than the week
000 in Treasury certificate
before,
holdings and an increase of only $3,000,000 (out
the decrease for the New York City members
being $4,000,000.
*
.
I.
Data for all reporting member banks In each
Federal Reserve District at close of business May 18 1921.
Federal
Reserve District.
Boston.
Number of reporting banks.
Loans and discounts,
including bills
discounted with F. R. bank:
Loans
New York Phlladel.
49
113
88
Atlanta.
83
Chicago. St. Louis. Minneap. Kan. City
43
113
37
35
Dallas.
81
$
by U. S. Govt, obligations..
Loans secured by stocks and bonds
S
37,386
1
S
S
Total loans and discounts
320,084
72,984
195,4891,246,642;
623,0852,864,663;
All other loans and discounts
195,245
62,507
338,268
26,040
113,796
390,687
679,823
330,100
469,936
855,9604,431,389;
33,497,
6,057
__
...
307,993
83,675
658,916 1,080,598
45,309
99,729
8,573
21,217
12,905:
128,370
U. S. bonds
102,876
730,323!
156,934
21,596
$
$
458,975
272,262
16,281
1,372
3,346
3,636
7,612
2,813
66,172
20,201
47,650
10,107
558,289
313,752
571,109
41,938
17,897
38,828
9,657
54,579
222,232 1,292,017
146,807
657,571
2,217
27,364
593,390
31,012
228,110
465,813 2,291,126
28,952
182,976
6,811
49,862
20,195
118,180
320,600
7,733
303,156
6,770
13,149
27,676
2,120
20,740
73,419
386,024
7,448
37,057
218,746
480,183
263,251
32,544
32,966
3,120
1,137
Total.
69
$
384,061 1,797,618
39,738
72,823
3,057
34,066
2,406
34,724
36,551
351,895
6,662
891,328 1,505,182
$
21,113
84,454
55,812
447,201
307,136 1,265,963
60,119
17,329
286,309
$
San Fran.
52
re
sec.
U. S. Victory notes
U. 8. certificates of indebtedness.
Other bonds, stocks and securities
Cleveland. Richm'd.
58
Three ciphers (000) omitted.
821
$
28,752
714,852
150,772
3,002,893
8,379,584
764,656
944,180 12,097,329
102,100
870,775
188,387
17,331
236,297
20,243
171,671
2,056,045
'
Total loans, disc'ts &
investments, incl.
bills rediscounted with F. R.
Bank...
Reserve balance with F. R. Bank
Cash in vault..
Net demand deposits
'
-I
1,036,7895,656,2561
obligations...
12,320
All other.....
Bills rediscounted wi h F. R.
Bank:
Secured by U. S. Govt, obligations...
All other
Data
of
46,324
reporting
Three ciphers (000) omitted.
Number of reporting banks
Loans
sec.
71
Total loans and discounts
U. S.bonds
U. S. Victory notes
U. S. certificates of
41,487
19,913
27,132
350
2,695
43,518
32,661
banks
in
Reserve
City of Chicago.
May 11 j May 18 i May 11
>
71]
!
52
S
5,488
26,702
and
4,888
9,784
4,539
30,563
197
May 11
284
14,932
141,664
branch
All F. R. Bank Cities
52
S
15,989
56,186
53
1,075
560
2,365
913
3,082
602
4,142
171,412
32,811
34,553
13,978
64,649
767,708
95
Bank
May 18
163,061
71,843
7,654
284
2,816
29,205
cities
and
all
other
May 18
May 11
217
$
217
May 18
320
May 11
Total.
May 18 '21 May 11 '21 May 21 *20
320
$
821
$
821
60,707'
329,176
833,700
525,638
2,085,550
5.474,425
543,086
106,182
2,073,721
488,319
5,553,405 1,500,796
8,085,613
8,170,212 2,095,297 2,110,705; 1,916,419 1,915,079 12,097,329 12,195,996
443,229
217,370
218,127
210,052
210,434
870,775
871,790
106,382
50,717
50,476
31,805
31,894
188,387
188,752
135,121
47,229
35,819
29,220
25,699
236,297
196,639
1,106,836
586,873
587,557
344,321
341,699 2,056,045 2,036,092
73 990
97, 083
556, 708
263,498
73,634'
20,250:
20,076
13,267
99,581!
554.119;
14,860
13,048
10,115
443,353
105,865
159,848
149,420
140,993
1,124,851
,
4,965,5161,392,6411,407,769 9,919,530
546,508i
128,010! 130,012
905,157
99,487
31,691
4,102,083
293,060
904,946
315,706
I.
108, 388
75,758
obligations..
105,219
226,987
All other
All other
Ratio of bills payable & rediscounts
with F. R. Bank to total loans
and investments, per cent
313.586
187,050
7,068,513
1,472,662
86, 324
202 491
Comparable figures not available.
8.0
10,210
194,433
19,101
221,604
95]
Bank:"
obligations..
32,743
920,049
120
890
9,853:
8,790
145,163
22,384
109,257
83,032
83,996
485,766
429,024
422,156
3,002,893
736,339
2,981,643
l,515,682;i,404,363 1,408,927
8,379,584
8,478,014
714,852
814
$
S
808,745;
60,661
372,566
reporting banks.
F. R. Branch Cities:AllOtherReport.Bks,
325,3921
deposits..!.IllIIIII.
Federal
23,256
8,087
143,417
310,439
incl. bills redisc'ted with
F.R.Bk. 4,920 637
Reserve balance with F. R.
Bank...
530 124
Cash in vault
95, 394
Net demand
4,027 539
Time deposits
II 386, 328
Bills rediscounted with F. R.
Sec'd by U. S. Govt,
6,715
74,790
disc'ts, & invest'ts,
a
431,018
19,752
1,077,333 1,063,474i
,556,507 2,600,771!
263, 402
I"I_
indebtedness! 11
Other bonds, stocks and
securities..
Total loans &
Government deposits
Bills payable with F. R. Bank:
Sec'd by U. S. Govt,
840,839
41,105
25,437
226,853'
s'
295,614
627,490
310,274 1,255,525 15,448,833
74,521 1,254,432
22,102
10,227
24,315
325,740
563,266 10,155,685
197,060
61,434
540,639 3,044,910
247,736
2,367
9,159
12,977
371,127
104,179
5,637
3,929 ,454 3,974,684; 1,194,844-1,223,537
Loans secured by stocks &
bonds.
All other loans and
discounts
/
32,077
16,637
306,746
121,141
6,568
York CUy.
S
by U. S. Govt. oblig'n3
32,552
34,142
redis¬
counted with F. R. Bank:
97,062
19,141
87,906,
member
May 18
discounts, Incl. bills
126,509
8,126;
New
Loans and
64,865
35
"IIIIII
Government deposits
Bills payable with Federal
Reserve Bank:
Secured by U. S. Govt,
2.
:
76,166;
578,048
22,245
108,917
735,800 4,532,891
177,460
548,296?
20,999
112,348!
...I
Time deposits
i
■
1,056,016
3,123,514
a
873,932
203.102
635,270
a
9,961,780 2,997,486 3,002,684 2,531,817 2,524,805
15,448,833 15,489,269 16,939,798
922,269
197,591
190,602! 151,684
144,813 1,254,432 1,257,684 1,394,550
195,848
62,043
63,208|
76,647
80,727
325,740
368,332
339,783
7,175,423 1,504,564 ',602,7591,482,608 1,473,823 10,155,685
10,252,005 11,506,283
1,372,941
916,749
917,401
655,499
656,900' 3,044,910 2,047,242 2,643,342
129,399
35,560
24,477
17,743
14,484'
247,736
115,113
168,360
333,736 /100,213
■
123,845
50,749
372,566
509,354
805
1,143
845
332
337
2,365
1,987
1,055
17,752
20,223
8,497
8,699
171.412
177,098
112,952
116,336
122,122
121,165
767,708
817,931
295,882
891,283
7.7
8.7
7.21
7.2
8.5
9.7
89,109
231,351
83,362
91,058
532,634
148,176
580,430
11.0
8.3
8.5
9.1
10.7
51,773!
870,993
12.2
[Vol. 112.
CHRONICLE
THE
2383
and Chilean
bonds is
^Bankers' (Gazette.
alluring to investors, and the older railway and other low
interest-bearing bonds have generally declined this week.
Wall Street, Friday Night, May 27 1621.
Of
list of 25 well-known issues of the latter class, all except
Railroad and Miscellaneous Stocks.—The stock market
6
lower or unchanged.
has been decidedly irregular this week, both as to volume of
business and the movement of prices.
The industrial group
United States Bonds.—Sales of Government bonds at
only was strong on Monday and on Wednesday the lowest the Board are limited to $15,00d 4s reg. at 1043^8 to 104
Belgian, Norwegian, Danish, Mexican, Brazilian
bonds.
The high interest rate attached to these
a
are
recorded. On
prices of the week for all active shares were
Thursday the April earnings of several important railway
timore & Ohio
From both the
some
reaction.
Bal¬
within
entire group.
highest and lowest there has been, however,
To-day's market, in anticipation of a pro¬
As
a
First
the industrial group
generally from 2 to 4 points lower than at the close last week.
Sentiment in the street has been influenced chiefly by the
very favorable Federal Reserve Bank statement, by the offering in this market of a new French loan of $100,000,000, by
additional reduction or omission of dividends, especially on
manufacturing stocks, by a day-to-day rate of 7% for call
point higher and
quoted, by
the favorable reports of railway earnings noted above, and
by the less disquieting European situation.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
loans until
Thursday afternoon,
Week ending May
Am Bank
Am Malt
American
American
Par.
Note, pref_.50
& Grain, stpd.
Radiator...25
Snuff
100
400
13
300
70
May26
May24
70% May21
200 110
Realization.... 10
100
Petroleum...25 3,200
;■ 25
pref—.100
Atlantic Refg
Barnsdall, Class B
Batopilas
100
50
25
pref
Auto Sale3,
155
no par
Atlas Tack..
800
600
Mining.....20
500
Gas. 100
Inc....100
Brunswick Terminal. 100
Calumet & Arizona...10
Case Thresh M, pref. 100
Chicago & Alton....100
C & E 111 pref trust reets
Brooklyn Union
first
100
Shoe,
Brown
paid..
Davison
Chemical.no par
Deere &
4
May27
Jan
53
Jan
85%
Feb
Apr
8%
Jan
6
May
May25
80
100
37%
May23
100
49
May21
May29
37% May23
49
May 21
5% May21
5%
61%
May21
61%
52
May25
55
May21
72
300
56% May25
56%
9%
May24
9%
25
82%
May26
82%
100
73
93
200
96
May
7% May
Jan
41
Apr
23
Mar
44
May
80
Apr
80
Apr
37% May
41%
53
Mar
49%
Mar
61
8%
Mar
35
75
Jan
5% May
60%
Jan
Mar
15%
85
6%
61 %
62
May25
Mar
May 26
93
May26
93
May
95%
May25
May27
May25
96% May25
98%
15
Preferred.........100
Market Street Ry.._100
Prior preferred.... 100
2nd preferred
100
1,000
no par
3,000
30
Marlin Rock v t c.no par
500
8
200
100
100
Chalm..no par
200
Maxwell Motor..... 100
Ctfs dep stpd asstd..
First preferred
100
Ctfs dep stpd asstd
Total sales In
1
1,000
500
200
4% May24
May27
41
6%
May 24
May
Apr
Jan
10
Jan
17%
46%
Jan
66
5
May 21
May
7
6%
8
May24
38% May
6%
20
May
May
Apr
7%
8% May
21%
May
15%
Apr
4% May25
5% May24
2%
7%
1% May23
Majr24
Jan
Jan
5% May
Jan
Jan
5% May25
3
May
May27
May 23
56
Jan
59%
9
Apr
13% May
May24
115
3
May23
100
500
200
57
May27
57
11
May24
11
140
3%
12
9%
500
S S M leased
May25 140%
80
Feb
Jan 148
May
86
Mar
May
May 21
May21 80
100 80
Jan
May 85
May23 66
May26 68
200 661
May
May 97
May25 97
May25 97
100 97
Apr
May 15%
12
May21
12
May21 12
Parish & Bingham .no par
100
Mar 85% May
79
Pittsb Steel, pref
100
300 80% May25 81% May23
Jan
19
Apr 25%
Rand Mines, Ltd.no par
200 21% May26 21% May21
Jan
7% May
4%
7
May 23
7
May 2 3
Shattuck Arizona..— 10
600
Jan
53
May 103
May 23
May25 57
So Porto Rico Sugar. 100
1,200 53
Apr
May27 95% May 111
Standard Milling
100
200 95% May24 100
85
Jan 1 11% May
May25
May27 109
Stern Bros, pref..... 100
400 107
Apr
2%
1% May
1% May21
1% May25
Texas Co rights
120840
13
Jan 20% Mar
May21 17% May23
Third Avenue Ry___ 100
300 17
May
May 175
May23 156
May 25 165
Tidewater Oil
100
300 156
*Mar
99% May 107
May 25
May25 100
Union Tank Car.... 100
200 100
Jan
85% Mar 106
United Drug..
100
900 94% May25 96% May23
'Jan
Feb 50
May25 45
May25 45
First preferred
50
100 45
Tan
8%
Jan 13
12
May 23 12% May23
Weber & Heilbron.no par
300
For transactions on
New York, Boston,
Boston exchanges, see page
Philadelphia, and
2278.
bonds at the
Canal 4s, 1862, at 88.
The market for railway and miscellaneous bonds has been
relatively active and the transactions have included a larger
number of issues than usual.
Several of European and"§outh
American origin have been conspicuous, including French,
Railroad Bonds.—Sales of State
limited to $1,000 N. Y.
127
85
95.00
96.00
96.00
-m
.._
/,:•
m
---«
95.00
87.14
87.40
87.10
87.02
87.50
87.12
15
1
87.00
87.02
87.40
1
■
87.00
86.94
'
87.40
87.10
1
."•"'.l
5
87T0
95.00
96.00
•
.
87.00
4
-
2
87.22
87.20
--«
87.24
87.18
87.14
87.08
87.00
86.82
86.90
86.94
87.10
87.12
87.Q8
87.00
87.08
87.16
87.18
87.14
489
1,720
514
699
517
90.66
90.60
90.64
90.64
90.44
99.72
Low
90.66
90.62
90.60
90.50
90.52
90.66
9C.68
9
.60
90.54
90.54
274
1,062
786
736
347
323
87.30
87.26
87.24
87.40
87.28
87.40
87.20
87.18
87.28
87.10
87.18
Low
86.89
87.24
87.20
87.24
87.24
87.34
87.22
Close
802
1,794
631
1,307
583
325
98.00
-
97.72
97.66
97.74
97.86
97.56
97.50
97.70
97.82
97.90
97.60
97.56
97.76
97.84
97.92
98.00
97.62
368
943
3,352
5,013
2,602
97.84
97.98
98.00
97.62
4,300
97.68
97.56
97.60
97.78
97.82
97.90
Low
97.72!
97.84
97.98
98.50
Close
97.58
36
274
169
( High
j
90.58
97.98
612
219
-----
14 2d 4%s
4%s..„
27 3d
4%s
Victory 4%s._.
104 4th
49
Exchange.—Sterling exchange
of coupon
87.50
90.40
87.00
97.40
87.06
90.54
87.45
97.80
to
to
to
to
showed much
were
8.06@8.33
marks are not yet
bankers' guilders were 33.84
45.70 fr. high and
Germany
3 99%
3 93%
3 86%
3 87
8 77%
3 80%
8 69%
8 78%
8 15
8 14
8 06
Bankers' Marks—
High for the week
Low for the week
Amsterdam Bankers'
Cables.
4 00
Checks.
Sixty Days.
1 57
35 90
35 95
34 25
Guilders—
35 59
High for the week
week
33 84
Low for the
1.70
1.58
34 30
1 69
premium.
Mar
May
5% May27
87.60
288
Jan
12
Jan
Jan
87.42
87.60
18
Jan
14%
%
87.32
87.50
169
19%
12% May25
6
87.20
87.30
44
Domestic Exchange.—Chicago, par.
discount.
Boston, par.
San Francisco,
17% May24
May23
87.30
87.48
High for the week
Low for the week
45% May
17% May24
May 2 7
1%
87.46
87.30
Sterling Actual—
High for the week
Low for the week
Paris Bankers' Francs—
Feb
21
12
87.48
87.32
.87.94 to 88.0C
87.40
t_—86.90 to 87.30
86.70
—
---
87.32
@3 90%.
•
To-day's (Friday's) actual rates for Paris bankers' francs
and 812@8.39 for short.
German banker's
quoted for long and short bills.
Amsterdam
@34.42 for long and 34.20@ 34.78 for short.
Exchange at Paris on London, 46.57 fr.; week's range,
47.14 fr. low.
The range for foreign exchange for the week follows:
May
42% May21
-
87.68
87.54
for long
May
May26
May25 20% May23
May26
79% May
93%
1st 4%s.
Foreign
J an
May25
'
87.68
90.76
$1,000 units.
2d 4s—
:
^
—
3
87.68
irregularity with a decided tendency toward lower levels.
The Continental exchanges sustained sharp declines, rallied
on better foreign news, then sagged off and finished easier.
To-day's (Friday's) actual rates for sterling exchange were 3 80% @3 84%
for sixty days, 3 86%@3 90% for checks and 3 87@3 91% for cables.
Commercial on banks, sight, 3 86@3 90%; sixty days, 3 80@3 84%; ninety
days, 3 78%@3 82%, and documents for payment (sixty days) 3 80% @
3 84%.
Cotton for payment, 3 86+3 90%, and grain for payment, 3 86
May
May27
1922-23
1st 48..
1
Jan
15
87.40
—---
1
above table includes only sales
Transactions in registered bonds were:
3
Mar
66
3
1933-38
150 lst3%s
—
■
87.20
Note.—The
bonds.
May
73
—
rHlgb
(Victory 3%8)
May
Apr 153%
137
May24
66
are
87.20
(Fourth 4%s)
$1,000 units.
"High
Victory Liberty Loan
4% % notes of 1922-23
-i Low
(Victory 4% a)
| Close
Total Bales In $1,000 units.
Apr
74
87.40
Close
Fourth Liberty Loan
3% % notes of
159
•
High
Liberty Loan
4% % bonds of
87.80
87.40
218
units.
4% % bonds of 1928
(Third 4%e)
Total sales In $1,000 units
May
Jan 149%
May27 130
May23 153% May24
no par
Third
77% May
100 130
100
State and
273
Close
Total sales in $1,000
Jan
Apr
69
900 147%
100
Board
389
87.20
_
Apr
43%
62%
May27 130
Mallinson (H R)..no par
100
Norfolk Southern ...100
Otis Elevator
...100
Preferred.....
100
Otis Steel, pref...... 100
Owens Bottle, pref.. 100
72%
200
100
line certfs
May 25
May21
May24
May24
May26
May21
May21
300
Jan
5%
6
80
300
M St P &
369
437
48
.Close
$1,000 units..
Second
Converted 4% % 'High
Low
bonds of 1932-47 (FirstClose
Second 4%s)
Total sales In $1,000 units
High
Second Liberty Loan
Low
4% bonds of 1927-42
.Close
(Second 4s)
Total sales In $1,000 units
Converted 4%% bonds of High
Low
1927-42 (Second 4%s)
May
96
77
32
100
Loose-Wiles, 1st pref. 100
Maxwell
41%
45
50
Parry
88.50
Total sales in
Mar
May21
8% May23
100
600
Martin
75%
Feb
3%
May23
200
100
Marland Oil.
May21
83%
5,500
Preferred
Jan
4
7% May23
Wheel. Inc...100
Kresge (S S)
100
Ligg& Myers, CI B.. 100
Lima Locomotive... 100
_
Jan
90%
7% May23
May24 45% May24
May26
May23 44
Kelsey
87.78
88.00
.Close
Jan 112%|May
% May
% May
51
7% May23
100
100
Homestake Mining. .100
Indian Refining—... 10
Int Nickel, pref.....100
Iowa Central
100
M, pref.
95
May25
96
83% May21
200
Hartman Corp
K C Ft S &
May24
% May21
May25
49%
100
Car .no par
87.82
88.12
87.70
88.10
87.94
88.00
units..
Converted 4%% bonds of High
Low
1932-47 (First 4%s)
,
300
pref-..-100
(The)....-25
Gen Am Tank
May25
66%
3%
Jan
2
Apr
2% May26
2% May26
Apr
16% May 23%
May21
16% May27 18
110%
Jan
Feb
106% May27 106% May27 106%
Apr
16
Mar 20
17% May26 17% May26
Jan
15
Apr
May21 10
12
May2l 12
Jan
35
25
May25 25% May23 23% Mar
Jan
1
% May
1
May21
% May24
Jan 72% May
67
May27 68% ,May24 51
Feb 42% May
41% May24 33
41% May24
200
Co,
Fairbanks
88.00
$1,000 units..
Converted 4% bonds of High
Low
1932-47 (First 4s)
.Close
May
13
May
13
12%
H.May24
96
—
Cluett,Peabody&Co..lOO
$ per share. 8 per share.
43%
Jan 48% May
May25
May25
100
Atlantic
May25
48%
13
pref.,100
Am Wholesale,
S per share
200
Tel rights..__ 94,897
Am Tel <fc
Assets
$ per share.
48% May25
Shares
Highes
Lowest.
Highest.
Lowest.
Week,
'/
88.08
88.12
Total sales in
Jan. 1.
Range since
Week.
for
2 7.
88.10
Low
1932-47—>
(First 3% s)
When 7lA% was
Range for
Bales
STOCKS.
88.24
88.00
88.30
88.16
High
Total sales In
the railway list is an
2^May 24jAfay 2!>May 2^May 27
May 21 May
Total sales In $1,000
week's operations,
of nearly a
average
Liberty Loan Prices.
Liberty Loan
3%% bonds of
narrow range.
result of the
•
Daily Record of
dull and otherwise not very interesting,
the few floor traders who manipulated quotations
a
For weekly and
following.
to
tracted holiday, was
except to
issues. To-day's prices are
yearly range see fourth page
various Liberty Loan
given below.
12^ to 3 points in the
advance of from
cause an
and the
sys¬
in the case of Pennsylvania,
and Union Pacific, were so favorable as
given out, and,
tems were
(
St.
par
•
Louis, 15@25c. per
Montreal, $125 per
81,000
$1,000
Cincinnati, par
Outside
Market.—Interest was lacking on
the "curb''
approaching triple holiday being an added
restriction to an already exceedingly dull market.
Prices
moved indefinitely though there was an easier tendencymost of the time.
Glen Alden Coal and Del. Lack. &
Western RR. "rights" turned active, the former, after a
drop from 383^ to 35, jumping to 421^ with the close to-day
at 413/2Bel. Lack. & West, "rights" eased off from
to 29J4 then ran up to 37, the close to-day being at 36.
Durant Motors gained about 234 points to 2434 and sold
this week the
333i
eased off from
4 and 5
and at 4Mffihally. i Union Carbide & Carbon was adversely
affected by the reduction in the dividend, selling down from
51 to 47.
Oil shares showed little or no activity. Simms
Petroleum lost a point to 7% and closed to-day at 8M*
Carib Syndicate eased off from 7% to 734, recovered to
834 and ends the week at 7J4Elk Basin Petroleum de¬
clined from 834
734 the final figure to-day being 7 %.
Maracaibo Oil moved down from 3034 to 2534 and finished
to-day at 2634*
Merritt Oil was off from 11 to 9% and sold
finally at 9 34*
Salt Creek Producers weakened from 13 34
to 1134.
Recessions in bond prices were the rule with
business fairly large considering conditions in the rest of the
finally
11
to
at 24.
Intercontinental Rubber
1034.
Southern Coal & Iron sold between
market.
A
complete
week will be
record of "curb" market
found on page 2292.
transactions for the
New York Stock
Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING
3
-
,
.
,ale*
HIGH AND LOW SALE PRICE—PER
Saturday
May 21.
Monday
May 23.
% per short
$ per share
80%
81%
*75%
2%
803g
39%
50%
12%
76I2
3%
80%
75%
50l2
12%
8
113% 114%
56% 57%
40%
39
50%
12%
7%
114
May 26.
$ per share
*75%
*2%
51%
50%
12%
12%
12
8
*7
77%
39%
50%
12%
7%
114
58
114%
57
57%
57
*8
8
8%
64%
101%
31%
76%
600
2%
2%
3,000
78
41%
51%
51%
51%
12%
12%
*12%
7%
114% 115%
57%
57%
8%
18%
18
18%
18%
8%
18%
*8
18%
19
19
28%
28%
42%
29
64
65
42%
65%
43%
28%
42%
66%
29%
65
27%
40%
64%
99%
31%
75%
64%
28
43
27%
41%
99%
99%
33%
76%
65%
32%
*75%
*65%
33%
*99
102
31%
*99% 102
32%
75%
75%
65%
42%
31%
32%
76
76
65
99%
32%
66
32%
75%
65
76
8%
43%
100
100
16,200
3,100
800
48
*41
64
*62
64
48
*60%
64
*60%
64
65%
36%
45
45
37%
200
"52"
*98
103
*231
240-
*%
1 4
*3
7
5
*5%
13%
13%
13%
20
20
20
♦13%
66%
29%
*6
14%
67%
29%
6
*3%
*6
20%
66
67%
19%
13%
65%
29
29
28%
10
15
10
24
*8%
*23%
24
*89
91
4
4
4
51%
12%
12%
26%
51%
4%
12%
26%
51%
12%
23
23
52%
52%
12%
25%
12%
26%
27
11%
26%
51
51
51
12%
12%
12%
52%
*12%
24
*21
14%
*14%
67
4%
4
11%
11%
11%
27%
50%
51
27%
*50%
13
98
98
98
98
45
42
12%
13
"52%
42
12%
26
13
98
98
*40
51%
13%
*22
13
52
44
11%
27
*50%
*12%
98
June
34% Mayl8
21% Deo
41
64
Feb
84*4
64
Feb
71%
48
31%
Dec
62
Sept
Mar 3
60
Deo
09
Oct
36%
2,800
2,700
8,200
1,000
500
Feb
July
64
Oct
46% Mar 8
35
46
Dec
90
Aprl-1
Aug
83% June
...100
A Western.
60
103% May 11
202%
Apr 8
% Mar30
100
1st pref
1
100
17
Do
53
97%
*98
100
600
44
*40
44
200
7,300
4% Jan
738 Jan
Aprl4
32% Mar 4
11% MaylO
7% Marl2
Jan
3
79% Jan 29
7
26
85% Marl2
93
3% Jan
Feb
1
May 9
5% Jan 25
7
16
18% Feb
100
pref
Lake Erie A Western
10% Jan 14
100
45% Jan 25
28% May 6
52
Mar 30
7
Jan
25
100
Lehigh Valley
Louisville A Nashville
10
Marll
3
19
Mar21
28
60
47%
Aprl4
Aprl4
Jan
25
66% Jan
6
10338 Jan
11
108
Oct
Oct
260% Sept
9
Jan
16%
Feb
8
Oct
May
5% Dec
9% Feb
16% Deo
12% Oct
21% Sept
12
22% Sept
91% Nov
Dec
66*4 June
247s Dec
30%
Jan
17%
Deo
36%
Feb
97%
3
Aug
6%
8% Doc
13% May
27%
40
17%
May
8%
10
52%
Feb
24*4
Feb
39% May
Oot
41% Mar
7
18%
80%
14% Jan 13
100
pref
Feb
% Nov
% Nov
15% May 9
22% May 9
15% Jan 12
Marll
21
165
17
100
Kansas City Southern
Do
May 16
23s Jan 29
434 Jan 31
Mar21
11%
Mob A Nor tr ot S...100
pref
249
65% May25
28% Jan
pref
100
Illinois Central....
100
Interboro Cons Corp..No par
100
52
Oct
20
Do
2d pref
100
Great Northern pref
100
Iron Ore properties.No par
Do
Oct
40
11% Marl2
1,600
20
39% May 6
53% Apr27
100
600
Jan
Mar
Jan 26
Erie
Do
Oct
MaylO
67% May 10
1% Mar24
11,000
65
91% Mar
120
Jan
78
4% Feb 23
S3"
97%
Deo
Jan
100
600
50%
60
24
49
Do
4%
11%
27%
11
Jan
42
100
Gul
27%
24
51%
100
4
4%
11%
Jan
27% Jan
Do
pref
Duluth S S A Atlantic
Do
pref
2,500
10
91
44% Nov
334 Deo
6% Deo
100
100
24
*89%
Deo
Deo
66
Delaware Laol
15,700
29%
*9
*23
15%
Sept
17% Sept
14% Oct
33% Oct
100
1st pref
2 pref
Delaware A Hudson
6,900
14%
10
*21
44
68
24
90%
53
*97
21
1434
67%
29%
15
14%
15
71
.
Mar30
Denver A Rio Grande
8
21
29
26
14
52
1%
4%
70% Nov
Feb
110
Feb
500
14
68%
28%
4
*21
52%
20%
66%
28%
90%
4
20%
*8%
*23%
90
56s4 Mar 12
300
%
*3%
*5%
14%
21%
1,200
234
1%
8
14
96%
%
5
7
14
*9
4
232
%
*3%
90
90
£96%
1%
*5%
13%
14%
*21%
90
*%
1%
"1%
8
13%
20%
*14
14%
67%
29%
66%
29%
98% 100
*232
240
6
*5
20%;
99
"T
68% Marl2
100
Jan
Feb
4
36*4 Dec
60
134
47
21
35
13% Mar
65% May 9
634Jan 29
6% Jan 31
6% May 9
20% May 9
22% Marll
Do
Oct
Mar
12
100
Oct
17
12
100
Jan
12% Sept
Oct
104%
49%
54
Jan
preferred
100
Clev Cln Chic A St Louis..100
82
9% Aug
5% Sept
109% Deo
31
100
Do
Feb
share
per
90% Nov
40% June
46%Jan
Apr 8
100
27%
MarlO
Aprl4
pref
Colorado A Southern
Deo
MarlO
99
100
235% 236
%
1%
*3%
•,
8
13%
*13%
232
%
1
1%
99
99%
232
?8i
*1
5%
99
52~"
11
Dec
23
60%
Do
37%
119% Jan
Apr28
100
pref
Chic Rock Isl A Pao
4%
36
Chicago A Northwestern.. 100
7 preferred
*40
25
Apr28
%
Feb
May
r82
11
Jan
7% Mar 9
6%
48
10
15% Marl4
100
Do
Jan
147iJan 25
%
Chicago MIlw A St Paul... 100
700
65%
*40
54
55% Marl4
100
76
72
423gMay 9
Mar 14
10% Jan
—100
pref
3
30% Mar 11
6% Mayl4
100 »108% Apr20
_
pref
Do
86% Jan
Highest
S per share $
4
47
Chicago Great Western... 100
Do
7% Jan
Apr27
1920
Lowest
84% May 5
79% Jan 24
2% Feb 28
77
Year
9 per share
75% Jan
CMo A East Illinois trust rects
Do
pref trust rects
800
*64%
per share4
SHARE
Range for Previous
Hiphest
77% Marl2
100
Chesapeake A Ohio
77
65
48
36%
*3
39,200
pref
66%
65
*62
1
2,100
1,400
10,000
67
*40
99% 100
23,700
9
Brooklyn Rapid Transit._100
Certificates of deposit.
Canadian Pacific-...
5,200
200
7%
Do
100
58%
Par
Atlantic Coast Line RR... 100
Baltimore A Ohio
100
900
1,100
115
1%
7%
33,400
8
115
Railroads.
Atob Topeka <fc Santa Fe--100
Do
pre!
100
Atlanta Btrm A Atlanta...100
-
13
*7
58%
4,200
1,600
19
75
*64*2
76%
28
32
75
76%
3%
78%
41%
64
27%
42%
101
8
Shares-
18%
27%
42%
19
27%
41%
64%
Lowest
81%
78
PER
Range tints Jan. 1.
On basis of 100-sAars
lot*
Week.
40%
SHARE
EXCHANGE
81
*7
57%
STOCKS
the
3 per share
aaoo
preceding page.
NEW YORK STOCK
81%
51
113% 115
1%
*18
80%
76%
*2%
77%
39%
76%
3%
77%
38%
3
see
Sales
Friday
May 27.
J per share
81%
*50%
114%
56%
May 25.
80%
THREE PAGES
usually Inactive,
PER
CENT.
Thursday
75%
*7
PER
week of stock*
for
80
39%
4
80%
39%
50%
12%
7%
40
♦7
80%
75%
*2%
79%
SHARE, NOT
Wednesday
J per share
81
81%
80%
76%
*2
803g
Tuesday
May 24.
during the
Oct
Oct
Oot
Oot
Nov
Oct
Oot
Oot
Oot
40
56% Nov
12%
2%
12%
2%
4
2%
*4%
4%
21
22
40%
41
5
12%
2%
4%
21
2%
4%
22
2%
2%
2%
2%
4%
21%
39%
41%
63
65
5
5
65
65
68
69%
52%
"68"
69
52
49%
*64
71
*64
71
*58
61
*58
61
18%
17%
96%
69%
34%
21%
18%
21%
55
55
45
30%
71%
*49
*6.0
65
*63
*57
60
*58
95%
69%
34%
97
95%
96
96%
19%
97%
71
69
70%
70
72
34%
22
58
34%
20%
29%
30%
34%
34%
75%
20%
51
•
23%
*43
75%
75%
*75
44
76%
20%
49%
24%
21%
46
65
*43
46
119%
118
118
118%
*64
65
65
,
20%
24%
46
43
43
*43
118% 119%
64% 64%
50
8%
21%
14%
10%
*28*
30
8
8%
21%
7%
21%
21
25
8
7*4
21
21%
"16"
10%
*67
68
9%
*67
9%
Marl 5
89% Jan
37% Mar 12
31,600
25
15,900
19
29
27%
28
28-2
68
*31
38
*30
32
45
1
200
10%
23%
8%
22%
*14%
10%'
8%!
22%,
16
10%
18%
19
28%
28%
29%
*65
68
66
66
1634
"l7"
lY
9%
16%
17
*31
37
I
10
*32
*%
1%
44%
91%
35%
76%
49%
300
j
Do
pref
Wabash
2,700
5,700
100
4,200
j
1,600
2,400
1,000
700
37
15
15
15
15
15
*16
17
1,100
1,500
46
42%
43%
48%
45
46
2,800
353^
34%
34%
31
31%
29
30
34%
29%
%
1%
1%
44%
*44%
*90%
35%
91%
36%
76%
76
50
50%
*73
~38%
•
38%
80
45%
45%
28%
29%
37%
1
1%
45
46%
28%
124% 124%
109%
20%
20%
1%
44%
1%
43%
93
92
92
35%
75%
50%
31%
34
34%
7.534
49%
50%
741
*73%
45%
29%
28%
29
84
124"
124%
108
131
131
20%
51
"6% ~6%
20%
37%
'
70
46%
50%
*73%
36%
38
'
1%
44
50
76
38
38%
46
122
124%
108% 108%
19% 20%
78
75
44%
28%
83%
45
28%
84
121% 122%
109
42%
3s
*1%
76
108
30%
38
84
*109
43%
43%
*91
36
76
"29"
%
93%
109
1%
44
33
37
*50
45
28%
*83
123
*108
6%
6%
132
19%
19%
19%
6%
131
6%
131
6%
*126
11%
11%
12%
12%
12%
11%
53%
53%
53%
55
52%
55
53
6%
131
6%
130
500
3,700
4,300
3,
1%
3,600
6,500
42%
*91%
92
200
32
33
11,100
*73%
600
50
48%
76
50
75%
37%
70
"37%
*
45%
45
31%
84%
123%
*83
111
19%
44%
37%
29%
12%
54%
12%
55%
54%
55
55
"3",000
45%
"V, 700
31
18,700
84
122% 122%
109%
19
19%
*108
12% Mar
3
26
3
9
100
18
Marll
pref
62"
45%
*8%
28
46%
9%
32%
100
100
pref
Wisconsin Central
Aprl4
Aprl2
14% Marl2
30
400
6,000
300
2,500
12%
52%
Air
100
Rumely
Reduction, Ino
14%
45
60
Alaska Gold Mines
10
Allls-Chalmers
Do
no par
100
Mfg
100
pref
100
61
500
46
8%
8%
29%
30%
29%
30%
19,900
1,500
7,400
Do
pref
100
Amer International Corp..100
Am La France F E
10
American Linseed.....
100
86
13",000
Do
pre!
American Looomotlve
*100
6%
10
•
105
103
100
6%
10%
*100
105
♦100
75
*68
86%
105
83
102
75
84%
102
*68
84%
*101
73
85
103
*68
84%
♦101
73
6
6%
5%
6%
5%
6
6
6%
5%
6
9%
9%
9%
9%
9
9%
9%
9%
8%
9-2
Bid and asked prices; no sales
on
this day.
t Ex-rights.
3
Jan
108
May23
19
May27
May27
April
500
61
84%
77% Jan
120
57%
44
29%
3
American Hide A Leather. 100
61
31%
Jan
2,900
47%
87"
25
..100
100
100
Do
pref
100
10,500 American Safety Raior
26
4,425 Am 8hlp A Coram
no par
S Less than 100 shares,
a
Ex-div.
and
rights,
x
6
8
Jan
3
4
Aprl4
40% Feb
2
42
Jan
25
57
Jan
I 8
38% Jan
5
8% Feb 11
28
May21
72% Mayl7
81% Feb 4
100
5%
7
Jan
4
AprlS
Marll'
Ex-dividend.
Oot
13
Oct
Oct
23% Oct
15% Sept
27% Oct
40
Sept
78
Nov
34%
16
Oct
Oct
Oot
46
22
Dec
8
14
Deo
52% Feb 17
40
Deo
24
Deo
May
1934 Jan
40
9
Jan
12
39%Jan
11
1 % Feb
Deo
Deo
May 6
4-1% May 25
32%
48
28%
67%
Aprl9
Oot
28
Deo
Marl6
Mar
May
Deo
75
47
43
129% Nov
69% Jan
15% Oct
May
%
,
11%
20%
15
•4
43%
847i
Jan
Oct
Oct
Oct
118% Nov
33% Oct
66% Oot
49*4
25
9
12%
54%
61
Dec
9
45
45%
Feb
Feb
8%
13
120
8%
Feb
20%
54%
l%Feb
100
46%
Dec
July
55%Jan
Amer Druggists Syndicate. 10
American Express
100
8%
8%
40
Oct
Oot
Oct
Sept
11% May 9
19% May 9
37% May 9
937s Jan 26
39% May 2
83
Mar23
72
"44%
12%
3
400
8%
30%
11
May 6
30% May 9
70% Jan 10
100
8%
3034
*8%
30%
21
Feb 15
100
61% May
7% Aug
Dec
Jan
pref
American Ice..
Feb
Aug
90
Do
27% June
110
May
51
100
Feb
7
45% May 2
7234 Feb 28
American Cotton Oil
Do
pref
Dec
14
36%
Do
pref
100
American Car A Foundry. 100
Do
pref
100
88%
Feb
Dec
17
100
Amer Bosch Magneto. .No par
American Can
100
5%
8%
24% MaylO
15% May 5
11% May 9
American Beet Sugar
Do
pref
47%
*55
% May25
I
13~1~"
6,600
3
Mar
11
May 9
Amer Agricultural Chem.. 100
Do
pref
.100
62%
45%
62%
33%
48%
38% Mar 8
*87% Maris
2934 JaD
3
Alaska Juneau Gold Mln'g. 10
Allied Chem A Dye
Do
pref
3
Apr 8
Jan
32% Jan
6
25% Feb 24
no par
Alax Rubber Inc
63
"86"
Apr 15
26% Jan
100
100
pref
200
700
*125"
Adams Express
*60
*65
"86% 87""
23% Mar12
8
55
8%
Marll
65
55
47%
8%
9% Marl2
100
Do
55
45%
8%
28%
12% Marl2
15
Wheeling A Lake Erie Ry.100
Do
6734 MarlO
14
pref A
Advance
Jan
Marll
19% Jan
Do
pref B
100
Western Maryland( new).. 100
Do 2d pref
100
Western Pacific
100
Do
13
7
100
55
"62"
Jan
20% May
Jan
100
45
6%
130
12%
54%
54%
3,700
70
45
.11%
34%
29%
76
*90%
*73%
49%
*73%
1%
42%
44%
91%
33%
51
*130
Do
100
45
%
36% Jan 10
112% Aprl4
63
Apr29
9% Jan 18
United Railways In vest ...100
16%
3
Twin City Rapid Transit.. 100
Union Pacific
100
Do
pref
100
100
10%
10%
J00
12,100
43%
31%
Feb
Feb
48
31%
%
1%
65%
15%
Deo
43
32
33% Mar
41
7% May 9
12% MaylO
84*4 Sept
103
Nov
01
Oct
23%
14
15%
47%
43%
7
15
27% May 16
55% Apr 7
122% May 9
Industrial A Miscellaneous
42%
Fob
57%Jan
25% May 9
35% MaylO
30% May 9
16% Jan
16%
42%
15
100
44
49
Oot
55
Texas A Pacific
35%
16%
*48
Oot
Feb
37
9%
16*4
67%
39%
18
*23%
"|
8%
18%
Dec
60
*43
23%
"10%
37
21% Feb
0078 Aug
64*4 Feb
32% Mar
45
3
5
Oot
Feb
13
17,400
44
Feb
13
70
37% Sept
27% Oct
105% Nov
96% Nov
32
Jan
8% Marll
Oct
Oct
68
24% Jan
100
pref
Aprl6
Oct
73%
70
Dec
60
7
Marll
5%
Feb
Dec
101
35
Feb
Feb
Oct
Oct
Oct
Nov
14
20
Marll
19% Marll
Do
23% Feb
100
100
Nov
50
Jan
48% May27
Do
pref
Seaboard Air Line
Oot
57
100
Preferred A trust ctfs-.-lOO
St Louis Southwestern
100
65
Jan
23%Mayl8
100
10%
19%
12
Feb
100
119% 120%
*64% 65%
65%
24
Marll
19% Marll
28
Apr21
41%Jan
10
84% June
06*4 June
377s May
Southern Railway...
Do
pref
25%
1034
"l6
40
19
28
Southern Paolflo Co
4,300
45
8%
22%
Jan
Jan
27,500
14,000
18
9%
Do
2d pref
50
St Louis-San Fran tr ctfs-.lOO
400
120%
*64%
April
15% Marll
Apr29
50
88
23*4 Feb
50
Apr
41% May
15% Dec
700
49
10
68
pref....*
Apr 14
56%
8*4
05%
6%
6
16
*67
1st
Apr 14
18
84%
1,500
4,800
1,400
21
*67
68
60
100
pref
Marll
68%
32%
100
Reading
Do
16
92%
100
11
Feb
34%
28%
37%
24
28
29%
Do
1,100
20%
48%
10%
18%
"l6"
43»2
65
50
72%
42%
50
18%
28%
60
N Y Ontario A Western...100
Norfolk A Western
100
Northern Pacific
100
25%
119
"24"
7*4
22%
*14
10%
10
37%
11%
*23
24
8
21%
,14%
1 10%
6
Jan
May 5
28
38%
6%
*43
118% 119%
65%
*64%
*10
"24"
Jan
32
76
"4",200
30%
11%
76
20%
49%
54% MaylO
}60
May 4
60
Mayl8
23% Jan 12
20% May 6
104% Feb 19
112%
June
31
"75% >6%
11
75%
23%
100
May 6
1434 Marl7
...
75%
50
May 4
56
Aprl4
300
300
*37
20%
Marl2
}60
Marll
24%
34%
24
42
100
100
N Y N H A Hartford
35
25%
34%
28%
50
10
70
34
6%
ll
20%
Marll
24%
24%
23%
64%
5
Jan
100
33%
36%
1
77% Feb 17
74% Jan 12
4% Jan
60
66
New York Central
100
N Y Chicago A St Louis...100
100
44%
24%
36%
51
43% May 9
6% Feb
7
11% Deo
33% Dec
3% Dec
100
42
37%
20% j
23%Mayl8
Pittsburgh A West Va
3,900
82
43
37
24%
Marll
Pere Marquette v t 0
Do
prior pref v t 0
Do
pref v t 0
42%
61;
10
33% Marll
Nat Rys of Mex 2d pref...100
New Orl Tex A Mex v 10.. 100
31
16
100
11
Jan
534 Jan
Pennsylvania
70
38
51
prei trust ctfs
Jan
3
8,200
*75
28
20%
Do
93
MarlO
Feb 2 4
9,900
72%
27%
23
31%
Feb
May 3
2234
29%
82
26%
21
95
Aug
4
35%
71%
28%
51%
24%
80% June
2% Dec
3% Dec
94
2
22%
30%
30
75%
71%
76%
85
First preferred
45
*27%
75%
Oct
500
*40
28
76%
90*4
31,200
43
6%
38%
03
58% Jan 25
18%
43
11
38%
Oct
73% May 9
Second preferred
11,000
56
29%
23%
32%
21
Marll
97%
71
*52
70
23%
200
1934
57
45
43
23%
I434 May 9
66
35
22%
29%
75%
46
52
*52
71%
69%
Marll
38% July
8% Deo
65*4
9
100
19%
183s
96<2
70%
34%
22
55
80
*74%
19%
*18
42%
80
23%
27%
37%
19
21%
*40
39% May 12
100
60
18
*52
100
65
59
*52
18
30%
8,500
65
*
45
1,200
69%
*50
Manhattan Ry guar
Mlnneap A St L (new)
8,500
63
52
18
72%
45%
23%
23%
28
52
68%
*50%
18%
*40
46
28
63
69%
21
45
45
23%
63%
68%
*52
58
29%
*74%
70%
80
63
68
18%
21%
*43
8,600
400
49%
61
400
4134
63
18%
35
*52
*43
70%
41%
18%
97%:
70%
69%
34%
21%
21%
40%
3,400
4%
22
97
Do
pref
100
Missouri Kansas A Texas. 100
Do
pref
100
Missouri Pacific trust ot s.100
4,400
2%
67%
*58
17%;
96%' "97"
35
29%
*74%
22
18
70%
2%
*4%
z61%
71
1
19%'
18%
13%
4%
68%
*50
*50
13%
2%
4%
21%
40%
41%
39%
4%
14%
"20%
22
41%
13%
4%
21%
40%
5
"l2% "13%
100
Minn St P A 8 S Marie
12%
*40
65% Jan
6
20
74% Jan
6
65% May 2
32%Jan 29
88
Jan
20
61
Dec
Deo
Dec
79
Dec
32*4
Deo
75
45%
21*4
72*4
Oct
Dec
Dec
Dec
129% May 5
111
114
105% July
15% Deo
59% Dec
6% Dec
Feb 25
23% Jan 28
67
Apr26
8% Jan 11
135
May
9
13% May 18
5734 May 18
59 '2 May 2
65
Apr27
53% May 6
11% Apr 18
Dec
95
Feb
5
Dec
35
Dec
37
Aug
53
Feb
30%
8%
Deo
Deo
62%Jan
31
42
Dec
93
29
80
Aug
74
Dec
Jan
91% May 5
107% Feb 26|
10
Jan
71
96% June
6% Deo
7%
Dec
Record—Continued—Page 2
New York Stock
Inactive, see second preceding page.
of stocks usually
For rales during the week
Friday
the
May 25,
May 26.
May 27.
Week.
72%
41%
74
43
*71%
42%
78
29%
29%
28%
85
85
90
99% 100
89%
90%
100%
100
*
01
*81 '
80
"87%
89%
87%
99%
99%
98%
99
11,900
62
65%
59
62%
41,800
400
65
83%
12!?
129%
126% 128
90%
*78%
83
74
73%
98
*97%
74%
98
*97%
*33%
33%
*32
34
*32
34%
33
35%
9%
41 r:
42%
31
32%
41%
"41%
41%
30%
78
29%
29%
70
*59
70
*58
63
*59
63
*59
99
99
99
7%
6%
7
7%
39%
36%
39
36
33
34
38%
34%
6%
38%
38%
*34
36
77%
78%
99% 100
*
79%
99%
65
7%
8
37%
39
34%
79
99%
84%
84%
102
99%
98%
100
99,
"6%
*62%
65
*64
61
29%
*62%
*99
*33
81
82%
99
100
*53
55
55% *53% 55%
57% 58%
55% 57%
59%
91*2
91% *90
91% i*90
102
§102
*100% 103
102% 102%
5
*4%
4%
4%
4%
4%
*55
58%
57%
103%
5
96
*93
98
*93
95
*88
92
*88
91
*17
*84
90
13%
14%
14%
14%
14
14
13%
15%
14
15%
14%
14%
13%
1438
59
58%
59
59
59
60
47
42%
59%
46%
60
60
42%
44
43%
44%
43
44%
25,700
77%
77%
5%
76%
76%
300
4%
4%
6,300
77%
77%
5
5
5%
"5"
"5"
35%
3634
37
37%
49,400
Central
71
75%
73%
37%
74%
36%
78%
72%
73
11,400
Do
29
28%
9
*6
9
28%
28%
29
28%
29
2,800
62%
64%
62
29%
6334
29
65
62%
64
62
63
35,600
61
60
60
60
60
60
60
1,000
63%
12%
26%
29%
61
12
11%
12
12,800
31
60
11%
11%
11%
24%
25
25
253g
29%
12%
26%
29%
28%
29
28
28%
30
30
28%
29%
30
30
58%
59%
5834
59%
7%
,59%
35
*34
12
25
7
7%
34%
35
35
35
7
7%
38
37
38
40%
38%
38%
*65
70
71%
19%
19
19
18%
19
47%
48
48
47
47
1%
67%
1%
69%
70%
*
105
35
72%
84%
18%
59%
23%
*6%
§27
86%
13%
1534
1%
105
Jan
Jan
3484 Apr 25
34
Dec
56
Jan
59% Jan 11
Feb 18
10
Mar26
51%
Dec
80
Aug
80
70
Dec
89%
Aug
5
91% May 17
7134
Dec
937s Mar
17% Marl2
21% Jan
7
60
Jan 29
16
Dec
52
Dec
May27
Aprl9
6% Apr 9
33
65
77% Jan
90
135% 137
11
1234
9934
58%
*83%
I3I84
"66%
79"
37
3 634
35%
37
36%
37%
81
80
80
79%
79%
24"
82-2
22%
2234
24
12
25
*23
24%
*23
25
12
*11%
*11%
12
34%
55
56
*11*2
33%
54%
12
35
1234
37%
2if
19
19
18%
18%
76
74
76*2
70%
74
72%
12%
12%
12%
12%
5%
12%
12%
35%
5%
36%
11%
35
35%
11%
*15"
21
74%
12%
55"
*18
20
72
73%
12
12%
,"36"
36"
36
10%
9%
19%
9%
9%
49%
49
4984
49%
49%
49%
49%
8684
8984
87%
90
89%
91
35
§102% 102%
64
14%
54
74
15%
15
55
36
53%
34%
53%
35
15
74%
1#»4
15%
70%
67%
18%
72%
16%
*60
15%
70%
72%
1784
62*2
70
62%
15%
*71
66
71%
14%
"55"
3%
44%
86%
"l5"
24%
44%
22
86
*82
21
*82
21%
20%
14%
15
15%
14%
47
49
46%
5534
25%
26%
Dec
79%
75%
78% Dec
94%
Deo
Jan
Jan
54
63
73
64
*60
64
100
15%
15%
68
67%
68%
71%
72
16
16%
15%
67%
15%
72
16%
3%
4
4
Do
70
3,900
30,900
500
"l6% "l7"
3%
14,900
35
100
4
12,800
8%
200
23%
900
40%
42
24,900
85
200
8,900
42%
41%
43%
85
80
81
21%
14%
47%
20%
21
20%
21
14%
14%
48%
14%
47%
14%
11,100
Keystone
47%
15,400
Lackawanna
Laclede Gas
*80
25%
26
/
47%
25%
25%
sales on this day.
26%
100
14%
14%
§ Less than 100 shares.
72,500
Do
pref
Loew's
J Ex-rights,
a
00
Incorporated..No par
Ex-div. and rights,
8% Dec
49*4
10«4 Mar23
25% May
16% Jan
3
15
Dec
38%
8
11%
Dec
20%
847t
48% May 6
25
Dec
Marl 7
60% Feb 15
51%
Dec
Jan
3
25%
Apr25
40%
Dec
Dec
110%
55%
4
1634 May 2
9%
7% Jan
8
i 37% May 18
1
MarSO
86
May
13«4 Jan
57
Jan
11
7
100% Feb 16
110
Jan 29
11
0334 Jan 11
42
May 6
17% Jan
18
76
Jan
57% Jan
5
64%
13% Jan
3
17
Apr25
May 2
70
46
70%
May25
Jan
3
Apr 12
14% May26
Apr 8
31
3% Mar 14
7334 May 17
75
Jan 20
26
Jan
40
Jan
20
11
8
1134 Mar 17
484 Jan
Jan
6
8% Jan
4
3
29% May 3
35% Marl 2
84
Aprl2
54% May 5
Marll
8% Jan
3
46% May25
40
Jan
3
4
14% Jan
16
17%Jan 14
138%Jan 22
97% Jan
3
13% May25
n Par value
25% Jan
27
78%
12% Dec
6
46% Marll
Marl 5
Lee Rubber A Tire
Liggett A
55%
30
No par
Myers Tobacco. 100
2,200
102*4
Dec
Aprl5
81
100
Louis)..-100
1,400
26%
857g
Dec
15
102% May 16
12% Jan
3
Steel
(St
Jan
Jan
Jan
Jan
Jan
Aug
Jan
July
Apr
Sept
Apr
Apr
Apr
Dec
70
7% Feb 28
No par
Tire A Rubber. .10
Jan
Jan
A pi
27
42% Mar
100
100
100
25
100
85%
94
7
5% May27
Copper
Kenneoott
Dec
11
29% Mar 12
t o— 10
Inc
Kelly-Springlield Tire
Temporary 8% pref
Jones Bros Tea,
24
58% Dec
26
11% Jan
Truck.No par
pref
Do
Mar
8984
Jan
6
15
pref
2d pref...
Jewel Tea, Ino
Jan
42
Jan
59% Marl2
1st
Island Oil A Transp v
172
Dec
85
14
54
100
pref
Dec
12%
25
11% May 27
100
Do
100
International Nickel (The) 25
International Paper
100
Do
stamped pref
100
Invincible Oil Corp
50
Iron Products Corp—No par
Do
16%
64% Nov
69
44%Jan
Jan
26%
Car..No par
51
3
9% Jan
ctrs—100
71% Dec
Jan 24
82
36%
Apr 4
Jan
20
Hendee
Do
3
17
Sugar...No par
Internat Motor
3
Jan
72
100
100
Gray A Davis, Inc
25
Greene Cananea Copper.. 100
800
15%
Deb stock
pref
Granby Cons MSA P
2,400
74
Jan
Apr25
120%Jan 10
10% May25
*60% Jan 10
63
Marll
71% Mar 8
34% Marl4
(6%)—.100
(7%)...100
Goodrich Co (B F)
...100
2,400
36
5
20% Jan 17
5% Jan 13
783s May 5
117% May 5
62% Jan 20
88
May 6
138% Marl8
16% Jan 11
7134 AprlS
7038 Jan 13
193s May
80%
Deb stock
Guantanamo
3
5
54
100
pief
29% Jan 28
90
Jan 11
4
80
Manufacturing—100
100
9,300 Houston Oil of Texas
6 800 Hupp Motor Car Corp— 10
5
2,800 Indiahoma Refining
3,900 Inspiration Cons Copper.. 20
Internat Agricul Corp
100
1,000
Do
pref
100
1,800
100
10,700 Inter Harvester (new)
Do
pref (new)
100
50
100
2,000 Int Mercantile Marine
*60
70%
Electric
Jan
1% Marl7
40% Jan
3
100
100
100
100
100
pref
Do
200
54
*149
150
154
154*2 154% *145
103
*100% 103%
*101
103% *100
14%
14%
13%
14%
15%
14%
js; no
Deo
Haskell A Barker
*72
5534
16%
Jan
Jan
43
100
40-%
49
26%
19%
Dec
1,700
23
*20
87
15%
Jan
Aprx
Dec
Gulf States Steel tr
*34%
55%
24%
42%
90
95
Dec
Do
"""266
35
34%
8%
24
9%
49%
*29
334
36
Dec
1%
Do
200
73
35
31
4%
8%
24%
9%
5%
40
13% Jan
Co
No par
Inc..No par
4,300
5%
5%
*10
38"
11%
"5410
55
9%
"is"
11%
36%
35
35%
600
24%
*23
Jan
Apr29
82%
11% Jan
General Motois Corp..No par
800
*22
12
*23
104
12%
General
500
25"
Dec
32%
Rubber
Do
800
"37"
82
Jan
84
79
No par
25
Body Corp
General Cigar, Ino
Debenture pref
8,200
80
36%
147
44*4 May
Fisk
400
3534
"
Dec
134% Mar
48
Jan
100
pref
Fisher
10,000
11% 165,800
67"
47
Dec
preferred (8%)
100
Federal Mining A SmeltinglOO
133% 134%
67%
69% May 2
96
May 7
Dec
General Asphalt
"67%
Jan
5
Dec
69
144,100
66%
1,300
100% 101%
700
58% 58%
67%
78%
Jan
Jan
10
Free port Texas
68%
Apr
13
28
9% May
13% Dec
2534 May 6
52
Gaston W A W,
67%
77%
21% Dec a605
Apr21
2134
Jan 25
78
1,300
68%
33% Feb 25
17
21%
1,000
67
Jan
Apr
Jan
Do
13,300
69
857t
16% Mar
1%
67
59%
Dec
54
91%
15%
69
16% Dec
Dec
14
10%
81% Dec
Dec
1%
11%
17
Feb 14
08% Feb 28
6
15%
135%
Jan
26
66
14
10%
100
91
Apr27
200
134
Apr
Apr
i Mar23
240
58%
278%
9
300
58%
43%
Dec
70
90
9
69%
Jan
24% Dec
3
88
103
14%
5%.Mar 8
23
Jan
3
26%
68%
107
76% Jan
*6%
26%
103
105%
Dec
Lasky No par
*86
10%
106
Dec
97
Do
Famous Players
88
14%
107%
67%May25
83% Jan
3
17% May27
53% May26
20% Apr22
10% Jan
3
61
Apr
Apr
Jan
Apr
Apr
5
3
400
14
104%
4384
5
25% Marll
102%
Jan
18,000
14%
15%
1%
68%
102
58%
90
135%
11%
13%
15%
1%
65%
Jan
100
76%
5
98
97*4 June
3% Dec
Jan
85
*86
5
Feb 15
Jan
46%
6
Jan
7
Mar26
Jan 17
Apr29
Jan 11
Jan
98
87
73
86%
Mayl6
Apr 4
46
8
12*4 Jan
48
85
27%
31%
42% May 9
100
100
...
69%
*85
Nov
100
pref
87
"*6% " 9~"
90
12%
63%
72%
71%
*26%
61%
136%
22%
7% Nov
16% Dec
Jan
Co
*85
9
27
86%
15%
16%
1%
70%
67
68%
105
18%
00
1234 Feb 10
27% May 11
92%
No par
95,500 Crucible Steel of America. 100
Do
pref
.100
300
.No par
15,800 Cuba Cane Sugar
Do
pref
100
7,500
10
11,200 Cuban-American Sugar
10
4,300 Dome Mines, Ltd
Elk Horn Coal Corp...... 50
50
16", 200 EndlcottrJohnson
Do
7134
70%
72%
86-%
70%
86
63
61%
63%
61%
"72%
15%
21%
61%
63%
63
55%
70% Jan
65%
1
18%
Apr30
11
86
Dec
65
20%
104*4 Jan
108% Jan
61% Jan
164*4 Mar
1117s Apr
21% Jan
41% Jan
Dec
100
100
19%
19*4 June
9
Corn Products Refining...
19%
Dec
52%
Contint'l Candy Cor p. No par
*20
63%
88"
19
1834
18%
18%
19%
Jan
Jan
5%
62% Feb 10
52,400
18
7% Jan
8
10% Apr27
20%
5% Marl 8
Mar 18
"6,606
85
75%
Dec
34
1%
71
Nov
4
56% Marl5
Continental Can, Inc
69
Jan
63
May
Jan
Jan
1,200
*83%
17%
54%
46
13
79
67
Textile..No par
pref
49% May 14
44%
47%
Do
5
Dec
15% Nov
40%
47%
Cosden A
Jan
Jan
Jan
55%
Dec
49
500
Jan
Dec
29%
28%
85%
Dec
Consolidated
24,400
Jan
26
Dec
May
2,500
33
11%
Dec
3*4
50
Consolidated Gas (NY)-IOO
32%
Dec
10
18
Consol Distributors. Inc .no par
101% 101%
Apr
129
22
No par
100
pref
Dec
Apr29
600
Do
Jan
Apr
Jan 29
3,000
69
Dec
76
Jan
15
96*4
2«4 Dec
82
63
8
1
114
3234 May 6
87
68%
102%
Dec
Jan
Feb
102%
Aug
26% Marll
*7
"l%
Dec
90
99%
9%
19% Mar30
19
Feb 24
86
68%
102*2 103% *101% 103% *101% 102%
33%
32% 33%
31%
33% 34%
70
71%
69%
67%
67% 73
84
84
84
84
*83% 85
18
17% 17%
17%
18%
18%
55
53% 56
56%
56% 57%
21% 22%
22%
21%
22%
22%
48%
MarlO
5
Apr
Jan
90% May
May25
8
68%
Dec
24% Dec
59% Dec
88%
19%
"l%
1
47
30t2 Dec
80% Dec
....
~T%
148%
102%
32% Jan 20
No par
pref..
Dec
43% Jan 19
96
Jan 12
Columbia
Do
Dec
92
Aprl3
100
Columbia Gas A Electric. 100
100
June
78
23
1,000
77
Jan
May
82
1935 Aprl9
64% Feb 17
58% Marl9
9
Mar 9
37%
*70%
24
Dec
62
39%
77%
75
Dec
1534 May 2
Apr 7
3'%
68%
38
86%
Jan
5% Feb 21
48
86
Dec
8
8
Jan
Jan
Aug:
Jan
8
19
Jan
68% Jan
4
4% Marl2
19%
88%
87%
6
20
7584
125
57%
1
AprlS
54
33
*7
7%
87
42
1
25
Wks
Consolidated Cigar
176%
li's Mar
40
13,000
Dec
8
Marll
3
10s* Jwi
3
Colorado Fuel A Iron
4,100
"7%
71%
8
Jan
4
Leather
Copper
20%
3
441? Jan
7
13% Jan 12
70
Jan 21
94%Jan 11
102% Jan 26
62% May 6
65
May 6
93% Jan 11
107% Jan 15
534 Jan 27
95
May 6
93
May 20
Jan
76
14'? Jan
10
Cola
Dec
8)% Jan
34
*75
7%
*70%
8
*6%
4
34
*38%
66%
Coca
700
Deo
3
Feb 21
88
Apr
Jan>
Jan
Jan
6%
99% Jan
38%
37%
38
9,800
31
""7"
35
*37
7,900
28
74%
84
50% Jan 22
53% Apr 12
89
Apr21
GraptiopboneNo par
Do
pref
100
900
1,300 Computlng-Tab-Recordlng 100
7%
41
25%
27%
59%
7
41
8
24%
*29
67%
38
Marl5
97
pref
Chlno
Dec
3
May21
May
61
Apr 20
8%May20
60% Mayl9
77% May25
No par
100
100
Cerro de Pasco Cop—No par
Chandler Motor Car ..No par
Chicago Pneumatic Tool. .100
Chile Copper
25
6%
393
71
66%
18
49%
21%
59%
Dec
Dec
30% Marl7
29
Marl 7
5
Zinc-Lead
Dec
107% Mar23
9
Jan
3
3
100
Case (J I) Plow
6
35%
80
*6
Jan
Mining..
pref
39%
6%
Jan
5
Jan
Jan
Jan
Jan
Jan
105%
61%
43% May 11
65
June
30
Mayl6
Jan 14
10
33
Mar 11
Jan
97%
165%
28% Dec
584 Dec
25% Dec
35% May 6
loo
Callahan
400
6
6
Do
210
6
5
10
Caddo Central Oil A Ref__100
California Packing
No par
California Petroleum
100
3,600
1,800
Dec
Dec
88% Dec
55% Jan
.100
Butte A Superior
100%
55%
82% May 5
33% Jan
3
24
Jan 26
100
Copper A Zinc v t c.
12733 May23
97% May 6
94
Apr
100*4 Mar
Jan
283
39% Jan 20
loo
Butterick
1,300
*14%
"5%
cum conv
Butte
100
13%
.
105
92% May
Feb 21
100
8% prof. 100
V'> par
Burns Bros
2,000
*16
17
~14
""266
4%
18%
13%
4%
5
4%
18%
Do
95
17
pref
Brooklyn Edison, Inc
*94
89%
89%
5
4%
5%
*4%
5%
Class B common..
Booth Fisheries
1,400
4%
*4%
98
*94
98
"""326
102
*99
Do
Do
49,400
91%
*90
*90
«2
57%
56%
56%
59%
IO684
Dec
104% Dec
85% May
93
45
Jan
Mar
Dec
79
12934 May24
94
Jan 31
4
Jan
26
Jan
Apr
118*4
Mar
05
29% Marl8
8
Marl2
pref
93%
142%
_
57
25
Mining. 50
41% "¥,666
100
2,600 Associated Dry Goods
29%
Do
1st preferred
100
200
65
Do
2d
preferred
..100
200
65
100
2,000 Associated Oil
100
No par
4,000 Atlantic Fruit.
7%
100
38% 33,400 At Gulf A WI SS Line
Do
600
pref..
100
36
100 Austin, Nichols A Co -.No par
Do
pref
100
82% 151,200 Baldwin Locomotive Wks.100
Do
pref
100
600
99
100
300 Bethlehem Steel Corp
55%
Do
50
82% Dec
97% Dec
3
Feb 21
110
100%
Dec
79%
108% Mar29
112% Marl 2
Jan
Mar
Jan.
Dec
Nov
64%
26
9134 Feb 17
May20
9534 Jan
3
87
t psr share t per short
83
Mar
61
Dec
72
Jan
29% Dec
per
88
79
Anaconda Copper
40%
30
•40%
33%
600
28%
*28
42" "
"*600
93s
9%
9%
*9%
33,700
73%
98
72%
72.
*97%
75%
Apr20
98% May27
55
Mayl3
100
pref
10
Jan
86%
Tobacco...100
100
Amer Telephone A Teleg__100
Amer Tobacco
100
Do
pref (new)
100
Do
common Clasa B—100
Amer Woolen of Mass
100
Do
pref
100
Amer Writing Paper pref..100
Amer Zinc Lead A Smelt
25
500,
126% 127%
28% May25
pref
Do
5,100
125*2 126%
68% Mar31
85
Amer Sumatra
16,960
90
Do
16,900
98
65
13,300
88%
104% 104%
125% 127
*97
91
'
104% 104%
90
72%
75%
29
29
*78%
126 '■ 127%
26%
300
29
29
34% Mar31
Amer Smelting
100
127% 129%
90
Am Smelt Secur
2.000
126% 128%
*88
90%
104% 105
27%
78
*77
*78% 83%
104% 105
83%
05%
90
78
• -
64
65%
63%
65%
*77
Miscell. (Con.) Par
pref ser A. 100
A Refining.100
Do
pref—.
.100
Am Steel Fdry tern ctfe.33 1-3
Pref tem
ctfa
—100
American Sugar Refining. 100
Indus. &
12,900
85
88%
43
77%
29%
85
90%
74
42%
43%
77
43%
78
78%
*71%
43%
42%
Highest
I
Lowest
share
72
May 16
4434 May 2
83
Jan 20
31%Jan 11
91
Mar 7
96
Jan 19
107% Jan 27
%
$ per share
63
Jan 11
1920
Year
*
Highest
Lowest
Shares
200
% per share
$ per share
72
72
$ per share
I per share
*71
73
\
are
Thursday
May 24.
1.
Wednesday
Range for Previous
1. "
100-shart lot
On basis of
YORK STOCK
EXCHANGE
NEW
for
Tuesday
1
W
SHARE
PER
SHARE
PER
Range since Jan.
STOCKS
Sales
NOT PER CENT.
LB PRICE—PER SHARE,
7 AN
23%
6% Aug
9*4
Dec
61%
Dec
27
Apr
40% Dec
88%
88
Nov
Apr
Apr
100
Nov
142%
115
28
9%
Jan
84
Jan
jan
Apr
Jan
71
Apr
11%
Dec
26%
Jan
38%
Dec
91*4 Mar
69%
Dec
19
Dec
79% Jan
47% July
10%
Dec
51%
44
Nov
1117g
28%
Dec
170
68
Nov
5478 Dec
4
Dec
51% Jan
7% July
3
Dec
21%
27% Dec
7% Sept
13
Dec
45%
Jan
Jan
30
Jan
25% Dec
152%
75
Dec
105
22% May 11
14%
33%
17% May 2
5*4
Dec
Dec
45
Dec
91%
35
Aug
15%
Dec
94
Jan
25
11
57%Mayl7
2934 Apr30
58% Jan
155
May 23
105% Feb
8
2H2 Mar28
48%
57%
38%
127% Nov
95
Dec
207
Dec
30
14%
190%
$100. 0 Old stock, z Ex-dividend.
Jan
Jan
Apr
Jan
Jan
Oct
Jan
Jan
Jan
Apr
New York Stock Record—Concluded—Page 3
Fofaleg during the week of stocks usually Inactive,
k.IGH
Tuesday
May 21.
May 23.
May 24.
Wednesday
May 25.
Thursday
May 26.
$ per share
$ per share
I per share
§12
12
$ per share
*11%
*36%
*99
$ per share
12*8
12*8
12%
39
36%
115
*99
37
37
*99
367s
115
11
115s
11*2
115
11
3684
3684
*36*2
Friday
NEW
the
May 27.
$ per share
Shares
*11%
*36%
39
115
*99
115
*99
*151
160
*151
160
105
*103
105*4 *103
105%
66% 66%
68
*68
70
68
68
*65
70
56%
*56
58
*56
58
*56
58
*65
70
*66
70
65
*83
88
*83
88
*101
65
60
63*2
*83
110
147
*56
60
58
60
Lowest
Indus. 8c Miscell. (Con.)
Loft Incorporated
300
Loose-Wiles Biscuit tr ctfs.100
149% 152
preferred
(P)
100
.100
Lorlllard,
"""360
Do
pref
100
Maekay Companies...—100
27%
*53
23*4
1358
27%
23*2
55
*53
99%
*93
235s
1358
2778
13*8
27*2
23%
22%
13
*93
56
13*2
22%
12%
273s
*53
27%
27%
55
9934
*95
*53
*93
12%
.27%
55
*53
55
*93
1934
20»2
20
20%
21
20%
2034
20%
21
21
22
*113
116
*113
115
113
113
113
113
*112
116
*110
113
110
110
*109
113
*109
113
*110
113
*31*4
34
*31
34
*31
34
*31
33
*31
34
*76
79
*75*4
134
79
*74
79
*70
79
*2l"
Hi
50*2
■f:
1%
51 *2
.
*89
1»4
51%
8934
2
17S
51
1%
97
/ Dec
56
Deo
56
Dec
60
May25
Petroleum
..100
12*8
36
*54
*59
5834
60*4
*33
35
*10
13*8
102
102
*101
105
104% *101
12
1134
1134
*101
105
12
68
36*2
3634
"35"
35*4
*54
57
*54
57
*59*2
61
33
33
10
3*8
25*2
3*8
25*4
13*8
13
37*4
373/
64
65
65*4
.57
59
59
47
67*8
66%j
60
60
57
59%
9%
50*4
9%
50*4
9%
51%
33
32
32*8
25
23%
23%
32*2
33
33
26
:283s
66*2
25*4
26*2
2834
64
66
9%
70*8
978
70*8
61%
62
50
32*8
24*2
22%
26
54
400
3
11,200
Oklahoma Prod A Ref of Am. 5
1,900
Orpheum Circuit, Ino.—1
1,700
Otis
*45 ~
47~
400
15%
1,300
53%
36%
36%
66%
53%
373s
67*8
60<2
59
10
9%
50*2
32%
93/
52*4
32%
12,300
1,300
51%
14%
65
5234
-.v
¥7%
67
7,500
23*2
25%
25
25
25
22
24
61
58
59%
9%
87
*86
14*2
1434
*14%
15*
14%
14*2
80
82
82
82
16
60%
934
693,4
j "60%
60%
60%
69%
60%
89
*69%
99
99 »2 10134
101*2
35*8
36%
33*
14*8
33*4
32*2
33%'
84
86
82%
5734
*89
90
16
63
"3
~¥"
-*17
17*4
5
17*4
26*2
40
"2584
26%
*39
40
*70
82
76
77*4
~~8~
"¥*8
55%
90
3
26%'
38*4
27*8
56%
85
10*4
39*4
25%
26
1,800
57*4
56
57%
300
3,300
Saxon Motor Car Corp .No par
39%
*70
17
17
17
41%
24%
42*4
25%
41
39
39
*73
82
144
108*4 108*2
*78
78%
2638 27*41
36
38
72*4
108*8
*78
*78
26
92
26*2
35
!
36*2
73
*90
72*2
97
8
6%
6
6%
—
25
39%
400
1,800
25,800
Sears, Roebuck A Co
11,400
2,000
Seneca
2,400
100,200
Shell Transp A Trading—.£2
Sinclair Cons Oil Corp .No par
800
Sloss-Sbeffield Steel A Iron 100
Do
34
55%
71%
10134
55*8
*10*4
31*2
30%
I"O¥*4
27%
36*2
75%
*534
68%
56%
71%
5634
72%
84%
53%
70%
.
56
6*4
40%
40
9%
13
41
Submarine Boat
5,100
1,200
9
40
39
8%
9*8
39
9
41%
84
82%
31
30%
84%
108
55%
10*4
31
84
9%
9%
42
23
"23"
30
*27i2
110
23
24%
*28
30
114
60%
60*4
60%
108%
59%
15%
15
*109
23%
30
110
4,100
6%
20%
68%
100
52%
5534
70%
101% 101%
34%
33*2
3334
83%
107% 108%
10%
10%
33
I
31*4
32%' 3034
84%' *83%
108
56
108
32
54%
10*2
31%
32%
31
10%
32*2
31%
*84
88%
10%
88
55
7%
734
67
88
88
93
93
46%
473s
64
14%
83s
36%
37
*112
114
*112
50*4
*63
*
13%
16%
8%
37%
41
114
50*4 i
79
65
49%
*77
I
*63
*14
8%
35%
40%
*112
*110
*110
*77
46%
37%
*13%
13%
8%
37%
4034
43
*93
47
46%
*14
*41
*63%
87%
95~
*92"
13%
8
*108
50%
79
65
47%
I
1
*76
*63
734
63%
93~
45%
38%
46%
1334
16% *
8%
13
13%
10%
8%
36%
37%!
40%!
115
8
36
39%
*112
40
115
-,..1*106
49% 1
78
64%
48%
Mar 22
40
Dec
80
Union Bag A Paper Corp. .100
Union OH
No par
68
U S Express
100
6%
20*4
11,000
68%
8,500
97
97
*90
99
52
54%
52% 53%
67*2
67% 68%
70%
101% 1015a 1=100% 101%
33% 33%
82%
83"
"81% ¥2%
*107*2 108%
55%
56*4
*10*4
*84
31%
11%
32%
30%
31
108
54%
10%
31
28%
80
88
1038
32%
30%
84
Do
*92%
4534
38%
13
*14
Do
15,000
12,000
93*4
46%
38%
13%
16%
8%
5*2 Marl4
a?J934 Apr 15
26
Apr
1
40% Apr 28
77«4 Marl4
107
Mar 17
26
25% May 2
80
May27
84
Jan
42«4 Jan
35% Jan
6,100
3,200
White Motor
13%
13%
7,300
White Oil Corporation .No par
Wickwlre Spencer Steel——.5
Willys-Overland (The).
25
Do pref {new)
100
Jan
12
30
38%
1,500
8
112
114
2,500
Wilson A Co, Ino, v t c.No par
Wool worth (F W)
100
100
Do
j
"4",300
50%!
*76
64%
I Leas than 100 shares,
t Ex-rights,
.100
Worthlngton FAMvt C—100
Do pref A—..—.—100
80
64%
pref
,
r>n
a
r\Tpi P
Ex-dlv. and rights,
3
5% Marll
49*2 Jan
4
84
60
3
8% Feb 25
38
113% 113%
Jan
4584 Mar31
46
38%
45%
5% Deo
15
66% Dec
92% Jan
3
41*8 MarU
62% Jan
3
8
5834 May 18
79«4 Apr 30
103% Jan
4
35% Jan 27
44% Jan
3
86% May 6
112
Jan 27
69*2 Jan
19
12% Marl7
41
Jata 11
42*2 Jan
11
102% Jan 18
95
Jan 25
Aug
35% Nov
53
Dec
95% Deo
29% Deo
39% Deo
76*4
Dec
104% Dec
44% Dec
7
Aug
28% Deo
24% Deo
88'4 Doc
76
Feb
49% Mar29
40
3
44
3
20
72
Jan
94
Apr 12
14
May 2
July
Nov
11
19
26
42
47
Jan
7
5%
76
Jan
115%
80%
Jan
Jan
14
112%
71
Jan
7
||
Jan
120% Sept
21
70
92%
119
65*8
June
Mar
Oct
Jan
Jan
69% Mar
25% Oct
32% Sept
Jan
Jan
Jan
145 *
Apr
Dec
110
Jan
35%
Deo
95
Jan
73
Dec
93%
Jan
r>
V*
June
2
Apr
32
102
Feb
55*4 May 5
81
Feb 11
Apr
80%
82%
100
3
Oct
97
93
117% Apr 11
Jan
Jan
47% Mar
109
Deo
111
43
c
J&n
Jan
Apr
Apr
78%, Jan
116% Jan
103% Jan
69% Apr
143% Jan
116% Jan
25*2
65%
37%
Deo
106*4 Apr 12
t Ex-dlv.
Oct
347g Deo
108*4 Feb 2+
T«n
Jan
Jan
Nov
10% May 4
May 3
18% Jan
3
Jan
Jan
Apr
53
Deo
8
Jan
38
Deo
13%
17% Jan
Jan
2247s
96%
30% Deo
9% Mayll
Mar 12
ion
38%
66%
Deo
Nov
3
14% Apr 11
Jan
Dec
90
96% Jan
3
Marl2
38
Mar
5*4
46«4
80*#
89%
Aprl2
5*4 Jan
102
95%
106
Feb
Deo
Oct
13% Mar
C57»4 Jan
53% July
127
45% Dec
10*2 Nov
38
14
20% Sept
60
Apr
Dec
Dec
Deo
27%Jan 19
91
100
13
176
Deo
74% May 3
Well3 Fargo
Express
Jan
34%
61%
19%
27%
Apr21
17%
100
No par
7
Mar24
Dec
5% Deo
64*4 Mar28
Western Union Telegraph-100
38%
*63
50
700
39%
65
62% May23
19
May 6
3
200
39
*63
t o
V Vlvaudou
23",700
80
v
3
300
8%
36%
49%
—100
—10
pref
11%Jan
39*4 Jan
Westlnghouse Air Brake.-.50
Westinghouse Elec A Mfg. .50
93
36%
*76
50
pref
No par
Virginia-Carolina Chem_._100
Do
pref
100
Virginia Iron C A 0
100
1,400
37
80
1st
Vanadium Corp..
"¥606
37
8%
100
100
100
pref
Utah Copper
Utah Securities
7,700
86
*92
7
United States Steel Corp.. 100
500
7%
63
87%
4
Jan
pref-—.
100
U S Smelting Ref A M—50
3,000
734
*61%
Jan
United States Rubber....100
82,800
25% May 19
34
18,500
900
13
207
67,400
Do
Jan
27% Mar 4
-100
U S Realty A ImprovementlOO
500
17% Marl4
75
97% MarlS
48
Apr
1
U S Food Products Corp.. 100
100
Do
3
44% Apr 25
100
U S Industrial Alcohol
100
108*8
55%
"¥%
pref
Jan
13
No par
United Retail Stores...No par
V 8 Cast I Pipe A Fdy
500
68
*106
49%
Deo
36% Mar 4
6,100
6% Dec
Dec
Transue A WllUams St.No par
United Alloy Steel
Unted Fruit
Feb
22
800
300
Dec
8% Deo
11% Dec
40
Jan
Apr 25
22,600
77
10
*5
Jan
*534
20%
{ *76
Bid and asked prices; no Bales on this day,
39
10% Apr 26
<142% Deo <212%
100% June 113%
36% Jan 21
58*4 May24
35% May25
13
69
87%
39
Marl2
Jan
91
20%
87%
93%
46%
7
48
Mar29
69
"19%
8%
63-2
93~
64
36% Marll
6% Marl2
100
82~~ ¥234
82%
55
56
64
*63%
5
8% May25
5% May23
Jan 20
par
31,200
15
*83
"7% "7%
Jan
83
No par
110
100
9*8
85
70%
68%
71%
94%
101%
8,000
6%
38%
10134 10is4 *101% 10134
Deo
76
300
7%
*6%
38%
70%
22*2
*27%
*90
Deo
75
Dec
May 4
10% Jan
7
13% Jan 11
93
7*8
6%
79
100
43
23%
90%
48%
82%
20
97
69%
*90
"7%
45
*534
243
91%
Transcontinental Oil..No
19
Deo
51%
118%
126%
Tobacco Products Corp.—100
Do
pref
100
67
Dec
2*s
85% Deo
14% Oct
33% Deo
Dec
14,700
5%
21%
69
9
24% Deo
22% Deo
37% Dec
2l",500
5%
20%
68%
Dec
2% Deo
7
85
6%
21%
6934
21
10
24
57
59
Jan
Jan
May
Apr
June
Apr
Jan
Apr
Nov
Jan
Jan
Jan
Apr
Mar
Mar
June
Mar
Apr
Apr
Jan
Feb
56
62
106%
55%
123%
17%
25%
83%
21%
16% Deo
49% Deo
Jan
*821s
9%
60
Deo
84
I
Apr 30
93*4 Apr 29
5634
108% 110%
Jan
82
*82%
108
11
Jan
73% Feb 28
Jan
124*4
37
7
85
29%
66
167*2 Jan 13
Jan
55% Dec
46
Mar
57
24
12
Nov
93% July
Deo
27*4 Marll
43% Jan
3
77
55%
*82*2
8%
29
Jan
22%
94
2534 May27
58%
"22%'
13
5
107
30
96*4 Mar 2
24% Jan 25
69% May
Nov
Stromberg-Carburet— -No par
Studebaker Corp (The)...100
Do
pref.......—.....100
36
Marll
I—
10
24% Deo
3834 Mayll
39% Jan 12
73% Jan 13
Stewart Warn 8p Corp .No par
26%
36
21
3834
92% May
Mayll
50% Jan
106% Apr
2,200
73% 244,200
78%
2534
3
Texas Pacific Coal A Oil—.10
3834
3
Dec
"2,566
*78
78*4
105% Jan
69,400
10
73
68
pref non voting
100
Steel A Tube of Am pref...100
Do
25,500
85
Mar
Apr
Deo
4,600
37%
42
33%
May 9
Marl6
25%
*3884
11
135
25%
9%
15
Jan
Mar
120
Deo
29% Deo
3684 May 6
90% May 10
109
124
40
11
zl0634 107
Standard Oil of N J
37
56%
*82%
108
55*4
Apr 14
73
25
95% Deo
52
70*4 Mayl9
110% Jan 21
61% Jan
72% Sept
91% Jan
27% Jan
11334 Apr
104% Feb
""960
26%
57%
34*4
108
38
-100
preferred—
16% May 6
684 Apr30
98% Jan
3
20«4 Jan 17
49
May 9
28% May 6
37%
10
Deo
2% Jan
3
65% Mar28
12% Marll
38% Mar 2
19% Marll
25
85
Feb
83
5*2 Feb 16
23%Jan 11
36*4
58
41%
108
MarlO
9*4
36%
934
*82
51%
88*2 Jan 19
2% Apr 27
1IVJan
3
25%
34
¥234
11*4
35%
*98
71*2
May25
24
9
Jan
6478 May 3
82
Do
"55%
89
14% May 24
56% Feb
7
37%
"9%
9%
Jan
Jan
98
144
15%
*101
55*2 May25
27*2
*24" 25*"
25%
30
*29%
30
111*2 *109*2 111
60% 62%
5934 60*2
6*2
2134
69%
Marl7
24
24%
*534
23
36%
9*2
*29*4
21
No par
Copper
Marl2
May25
Superior Oil
No par
Superior Steel Corp'n
100
Tenn Copp A C tr ctfsJVo par
Texas Company (The)——-25
"*1093
68*2
100
Apr 21
11
24
38
37*2
2634
56%
108%
23%
Deo
*73
-
7%
6
7%
6
17%
41%
Deo
72
#144
10734
7434
92
82
23%
39%
4%
Deo
7
Apr 18
98
Oot
42% Jan
44% July
827g Jan
Dec
33%May27
31
Mayll
5
45
9
98
300
27,900
200
79
15
69
Deo
Jan
Jan
Dec
Apr
Apr
Apr
8
Mar28
11% Jan
78
Jan
Jan
82
Jan
61%
417t
116%
11134
36%
Aug
54
3
4%
77%
42% May 2
88
Jan
78
26% Deo
Deo
.25
100
100
65
30% Deo
12
17%
;
27
57% Mayl7
35% Jan 11
31*2 Jan
8
72
*2%
*15%
78%
69% Deo
64% Deo
6% Deo
79% Feb 17
90% Dec
"2% "~2%
17%
Deo
24
60%
*15%
35
4
Jan
Deo
*42% Deo
1034 Deo
41% May
24
59%
90
12
11
Jan
15
*87
Jan
Jan
50
Jan
Deo
96
15
61
61% Oot
77% Jan
22% Apr
5% Mar
28*4 8«Pt
41% Jan
Nov
104
12VMarl5
May25
Apr 15
Jan
Jan
Jan
2% Dec
23
88
6134
90
7
80
27%
^*9% ~9%
2678
56*8
*82%
6,800
"77%
39
39%
82
39*2
38
3
17
25%
148
3,900
27%
9
8
Jan
.100
Railway Steel Spring
Do
pref
200
14
26
12
;
4*2
76*4
1634
4234
23%
148
99%
14
12% Jan
12
..10
pref.
Jan
17%
117%
48%
Dec
17
May27
69
A pr
1
66% MarU
82Wan
8
110
May
Punta Alegre Sugar
Pure Oil (The) k
1,600
25
48
20
Mar 29
Public Serv Corp of N J... 100
Pullman Company
—100
7,206
14*4
16% Deo
85% Dec
39
17
9
Deo
—100
Do
11,800
11,500
26
Mayl9
57% May 18
Nov
61% Mayl8
7184 Jan
15
*87
*16
17%
4%
7734
17*8
43%
34%
32%
84%
8
66
Feb 19
57
60%
553/
14*2
61%
12
"¥*4(
39*8
8*2
7%i
7*4
Pond Creek Coal
Pressed Steel Car
Jan
Jan
Apr
60
Ray Consolidated Copper.. 10
Remington Typewriter vtc 100
Replogle Steel
No par
Republic Iron A Steel
100
Do
pref
.100
Republic Motor Truck.No par
Royal Dutch Co (N Y shares).
St Joseph Lead—
10
San Cecilia Sugar ▼ t c.No par
Savage Arms Corp..
100
*26
89
V
*70
14934
108*8 108%
*78
78%
27*4
2734 j
38*2 38*2'
72%
77%
9034 90%'
*8
I
15
25
17
149
39
58*4
4%
763s
1634
43*8
5
82
2734
26
17
78*2
150
*36
27
"*2%
150
"2734
25%
57
17I2
*78
108*4 108*2
"14%
63*4
33%
100
14
~*2% "¥*4
17
84%
99%
24
1412
61*4
5
32
85
99%
14%
*89
76
3234
83%
31
15*2
6378
*17
3234
|
343/
26
90
15*4
63*2
*95
84
34
14
28*2
59%
5734
I
10034 101
100*4 101%
26
14*4
3478
*27
28
15%
400
600
*14%
200
99% 101
3334 35
31% 327,
88
33*8
87
69%
38*4
35*2
87
100
~
14l2
35*8
87
89*2
102%
93%
41*2 Jan
Pleree-Arrow M Car...No par
Jan
Nov
39
4
Jan
102*2
Nov
27*2 Marl 2
6334 May25
Do
pref
.100
5,300 Pierce Oil Corporation..—.25
Do
1,500
pref—..
-100
4,100 Pittsburgh Coal of Pa
100
300
Do
pref
...—....100
80
88
54% Jan 11
1934 Jan
8
56
Mayl9
31% Apr 14
23% Mar 1
1934 Jan
3
57*2 May 24
Jan
63*2 Dec
100
Dec
30% Apr 29
May21
8% Marll
33% Jan
3
Jan
116
Dec
45
.16
25
Mar
Mar
59% Deo
May
108
May
13% Mayll
43*2 Apr
11% Marl 4
46*4 Jan 19
par
People's G L A C (Chlo)—100
Philadelphia Co (Plttsb)—50
Phillips Petroleum
No par
85,900
6,300
9
705
9%
May25
40
Apr
100
—No
Do
Class B—,
50
Penn-Seaboard St'l vtc No par
8,200
3
40
125
13
24% Apr
12% May
Pacific
Development
1,300 pacific Gas A Electric
39,100 Pad lie OH..
55,700 Pan-Am Pet A Trans
2334
59*2
934
61
Steel
No par
Owens Bottle
4,900
9%
!
Nunnally Co (The)
26
Jan
Jan
Jan
Jan
Dec
25%
Mar 9
Jan
Dec
Jan
7134
5234
69%
100%
103% July
81
89
26
96
Feb 14
Mar31
Dec
Dec
65
9
Jan
2
95
65*4 May27
20% Feb
Jan
Jan
105
10
Jan
89% May23
6934 Jan
3
100*4 Jan
8
54% Feb
29*2 May 27
8% Mar 8
Nova Scotia Steel A Coal—100
5
107
222
12% Dec
25% Deo
26
49%May23
45
11
15%
Apr 13
100
25%
12%
47
1
Oct,
93
4
Jan
6934
64% Mar
151% Apr
137% Apr
Mar
14%
35% Jan 18
79% May 16
100
3
60
I
36%!
61
—100
preferred.
North American Co
1,400
15%
61
6934
*98*2
39
29*2
87
*1412
*85
10
29*2
*9%
62
1434
,
7*4
15*2
58%
9*4
69*4
8334
985s 101
38*2
33*8 33V
40
33
87
62*8
38
26 ~
500
6434
934
*86
69
16%
200
59
57*2
9*4
69*2
10*8
70*4
89
5
New York Dock
55
59
62*8'
978
87
>
12%
60
26*2
2878
66*2
16
*32
*46
5334
37%
67%
50
3,500
54
61
100
25*2 Jan
55% Jan
Jan
Jan
Jan
Jan
Jan
Aug
10
Aug
28% Deo
47% Deo
2
Jan
120
25%
*46
16
9%
34%
57
3%
15%
5334
35%
6334
10*4
51%
35
10
46%
15*2
53*4
36*2
65%
10*4
50*8
63
32%'
32
May
Jan
.100
5
pref
Nevada Consol Copper
New York Air Brake
Do
Apr 26
15% Apr 25
33*2 Jan
l
56*4 Jan 11
596
Mar26
30
Dec
70
115%
I8334
110%
88
•24
106
100
1,600
65
95%
11
25
Highest
148
12034 Apr 25
100
1,400
j *54
*5934
10
9%
9%
■
3% >.;.v3
3%
25
25*4
25%
13
13%
12*2
10*2
3*8
25*4
60
pref
12
34%
Jan
Jan
Nat Enam'g A Stamp'g—100
National Lead-Do
91
102
pref
68
68
_
63% Deo
93% Apr 18
101*2 Apr
7
167*4 Jan 13
100
pref
Do
1434 Feb
Feb
100
11%
65%
32%
67%
57
37*2
*89
11%
51%
Biscuit
.100
Nat Conduit <fc Cable. No par
200
1178
68
34
978
Do
200
60*4
*10
National
111
78
54
56*2
6,200
92
*76
54
*27
51%
*85
78
5384
14*4
50%
92
47*2
16*4
35
3,000
51
16*4
~69~
2
*77
47*2
1434
83*2
2
25% Apr
20*2 Feb 24
Do
*85
16
*86
80
2
Marl8
51% Apr
§96
Mar26
pref
National Cloak <fc Suit—100
77
48*2
495s
33
92
*46
32%
26*4
*31
....100
95
100
200
52
•*15«4
5334
.37*8
10
200
110
*76
60*4
.
116
110
*85
373g
*54*2
3*4
*113
77
34
26
2,300
88
51%
12*8
36
10*2
3*8
2534
21
77
70
*68
*35*2
2
3,100
*20%
Power
65*2 Jan
135% Apr
86
Mayl6
15% Jan
3
11*4 Mar 12
Mont Wd&CoIUs Corp .No par
National Acme
50
Do
19%
104
104
12
993
Montana
§88
'
12
■
2
51%
55
19%
Deo
3
pref
...100
Miami Copper......
5
Middle States Oil Corp
10
Mldvale Steel <Ss Ordnance..50
5,100
*76
...
100
25
100
Deo
120** Dec
Jan 24
pref
Mexican
34,400
80
49*2
8934
*77l2
92
20*2
205s
22
164% Feb 28
Sugar.
100
May Department Stores.. 100
Do
pref
100
"2",700
*93
9934
21
21
*21
Marll
Feb
57*2 Feb
2
89*2 Feb 14
137", 166
*53
Jan 31
136
68
83*4
13%
27*8
42
100
107
Manatl
23
Jan
May
Marl!
700
27
12% Jan 10
31
99
I
t per share $ per share
9% Nov
28
Jan
Jan
200
13
13i2
27%
Lowest
$ per share
56
60
22%
2234
13%
27%
Highest
8 per ehare
9% Mar21
59% Jan
Do
Do
23*4
13*4
Year 1920
100
100
83*4
147*8 14934
147*8 151*4
2d
Do
No par
"""700
*101
1503s
Par
610
149% 151%
60
88
SHARE
Range for Previous
EXCHANGE
115
160
56%
--
40
*99
68
145*8 146%
12*2
PER
Range since Jan. 1.
On basis of 100-share lote
YORK STOCK
Week.
15934 15984 *150
*103
105*4 *103
156% 156% 156l2 159
*100% 105% *100*4 105
*100
STOCKS
Sales
for
Monday
3385
third proceeding page.
PER SHARE
AND LOW SALE PRICE—PER SHARE, NOT PER CENT.
Saturday
see
-01
Reduced to basis of $26 par.
n Far
T*n
1100.
2286
Exchange—BOND Record, Friday, Weekly and Yearly
New York Stock
bonds teas changed and
Jan. 1 1909 the Exchange method of Quoting
Price
EXCHANGE
Week's
Range
Range or
Last Sale
Jan. 1
May 27
Week ending May 27
S.
U.
No
3H% of 1932 1947
Conv 4% of 1932 1947
Conv \\i% of 1932 1947
J
D
87.40 87.60 87.20
J
D
87.60 Sale
87.20
87.68
J
D
95.00 Sale
95.00
98.00
M N
87.00 Sale
86.94
87.40
MN
87,18 Sale
86.82
87.21 4157
M S
90.58 Sale
90.44
90.70 3528 83.00 9L14
87.24 Sale
86 98
of 1932 1947...
731
85.40
6 95.00
4% Of 1927 1942
1
Conv 4 H % of 1927 1942
Third Liberty Loan—
100.50
of 1928
O
A
4)4% of 1933 1938
Victory Liberty Loan—
1st 30-yr 5s.38
Central of Ga 1st gold 5s
pl945
J
D
F
A
Car Clinch A Ohio
Consol gold 5s
D
68
88.40
Mao A Nor Div 1st g 5s__1946 J
j
1947 J
j
80%
Mobile Div 1st g 5s
1946 J
j
83
85%
78%
80%
87.40 5442 85.34 88 60
Cent of N J gen gold 5s
1925
4s ooupon
1925
Pan Canal 10-30-yr 2s.....*1936
Pan Canal 10-30-yr 2s reg-.-1938
Panama Canal 3s g
1961
Registered......
...
1961
registered
98.00 16577 95.56
98.00 1310 95.80
97 50
98.00 Sale
97.56
100% June'20
9978
Q
104
16434
Q
Q
104
104*"
15
10434 104% May'21
Q
77
QM
7V
104%
102% 104%
1939
IV!
Foreign Government
~80
(City of) 15-yr 6s_.
.1934
67
Jan'2L
65
65
1940
1946
76%
73
Jan'21!
73
73
70
74
1
269
Big Sandy 1st 4s
Potts Creek Br 1st 4s
72
67
92%
98%
99
81%
28
74
84%
97%
9734
355
97%
97%
92%
92%
106
85%
83%
93
90%
Illinois Dlv
23
99%
Nebraska
80%
8U2 Sale
97% Sale
93%
~92% Sale"
87%
88%
87% Sale
98%
9934
18
98
99% Saia
91% Sale
91%
93
58
87%' 94
95
96
418
95% Sale
40%
47
33
46
47
96i2 Sale
75% Sale
96%
81
;
40%
46
98
99%
49
92
99%
94%
7434
7534
178
72
81
82%
113
77
79
80
9
70%
71
14
98%
111
95%
97%
98%
86
95%
98%
99%
113
95%
83% Sale
82%
83%
69
70%
99% Sale
98%
96
101%
95
95
9934 2886
95% 283
95
95%
9934 Sale
99%
99%
283
97%
99%
Sale
8434
86
371
83%
87%
81
80
J D
J D
Sale
85
75%
63
91%
353
86
91%
97% Sale
97%
97%
304
94
97%
84% Sale
85%
86%
18
81
87
80
Sale
84%
85
164
75%
85
8'% Sate
84%
85
102
75%
85
69
176
Sale
90
90
69
8ale
67%
80% Sale
80% Sale
80%
81%
33
74%
85
80
82
40
74
84%
Sale
49%
51%
198
40
55
11
29
41
69
MN
MN
50
J
36% Sale
36
100
99
O
37%
56
134,
101
96% 105
99%
99
99% 1764
95
Sale
92
95
73
81%
96
94
98
8534 Sale
Sale
82%
84%
102% Sale
102%
103%
120: 102
88%
104%
43
62%
94
99
84
62
62
62%
97
1945:A O
of 55 to
Sale
Sale
96%
9734
55
83
83
83%
83% May'21
88 1
88%
88
93%
84%
8334
83%
90% May'21
M S
A O
8334
83%
83%
83
M S
83%
90%
83%
83%
D
89
89%
89%
89%
89%
92%
8
89
90
89
90
89
94
M N
79
M N
79
M N
79
80%
80
80
84%
80
May'21
79
84
84%
79
80% May'21
80%
Sale
80
81%
Apr'21
81%
83%
M N
89
90%
9184
Apr'21
91
93%
M N
89
90%
89%
M N
71%
72%
89% May'21
73% Apr'2l
93%
74
MN
80%
90
"88" ""
j
88
J
95
( Highway Improv t 4M6..1963 M S
Highway Improv't 4Mb-.1965 M 8
Virginia funded debt 2-3s...l991 J
J
6s deferred Brown Bros ctfs...
90
....
Sept'20
July'20
101
Apr'21
July'20
95
~63~% IIII
101
101
....
....
Deo'20
Q J
A O
A O
Nov
Nov
J D
J D
M 8
1965! J J
Arbor let g 4s
*1990
itch Top A S Fo—Geug4s ..1995
Registered
1995
Adjustment gold 4a
*1995
Stamped
*1995
Conv gold 4s
1955
Conv 4s Issue of 1910
1960
East Okla Dlv 1st g 4a.__.1928
52% Sale
75% Sale
"68"" "69"
10-year secured 7s
Gen unified 4Mb
"82 " ~87 "
84
J
1928
Ala Mid 1st gu gold 5s
68%
al952
1934: A
1934 A
1st gold 5s
1925'J
Bait A Ohio prior 3Ms.
*1925 Q
..*1948 A
.*1948 Q
1933
Registered-
1st 50-year gold 4s
Registered
.....
10-yr conv 4Mb
Refund A gen 5s 8eriea A..1995
Temporary 10-yr 6s
Pitts June 1st gold 6s
P June A M Dlv 1st g
74%
1929
O
90%
93%
75
83
66% Sale
J
90%
81% Sale
J
o
....
65
72
73%
76%
2
Feb'21
....
24
74%
75%
97
100%
7434 May'21
91
49
6634
91
81%
67
60%
1
1
1
Tt« ICO
68
1
82%
68
68
69%
71%
174
88%
893
Cent Ohio 1st o g 4Ma...1930
CI Lor A W con 1st g 5s.. 1933 A
O
86
Ohio River RR 1st g 5s... 1936 J
D
85
78%
...
76
7
68%
"81%
62%
66%
73%
79%
64%
14
78
.78%
9
85
Mar'20
63%
86% May'21
88
....
87%
.....
Feb'21
O
76%
85
84
O
95
98%
95% May'21
Buffalo RAP gen g
5s......1937
1957
All A West 1st g 4s gu
1998
Clear A Mah 1st gu g 5s...1943
Roch A Pitts 1st gold 6s.. 1921
Consol 1st a 6s
1922
Consol
4Mb-
•No price Friday;
J
M
53% Sale
S
M N
92
93
77%
83
79%
70%
J
J
83%
F
A
J
D
latest bid and asked.
90
O
A
53
71
Feb'21
53%
Apr'2l
May*21
May'21
86%
87%
"91%
88
84
84
95%
26
96%
52
55%
91
93
79%
85
71
71
85
99%
*83~% Sal"
991? mav''2t
99%
99%
May'19
-
70
May'21,
Apr'21
-
76%
67% Sale
67%
....
"59"% Sale"
81
-
70
59%'
72%
74
O
60% Sale
59%
66% Sale
66
61%}
A
D
65% Sale
D
73
78
71%
66%
4'
59%
Sale
71%
76%
-
67%
Feb'16,-
92%
J
•59"% "61 "
30
79%
57%
67
33,
02
65
72%
66%
67%
85
63
72
73
73%
72%
28'
73% |
11!
72
61%'
34
55%
78%
68%
...f
J
60% Sale
59%
J
98% 100
98
97%
98%
J
89
90%
89(2
89%
2
89%
J
63%
65
64
64%!
3
60%
91
68%
J
95%
May'21!
Sept'19
102
D
79
83
81%
79
80%
84%
Jan'21
J
99
99%
99
'81% "81%
Feb'21
D
83
85
64^2
63%
91% 92%
99% 104
99%
90%
93
Apr'21
92
98
"9
75
74%
68
73%
78
84%
Til
64%
73%
73%
63%
08
8512
Jan'21
68
"73"% "75 "
98%
1|
84% Mar'21
63%
84%
99%
89
85
69
84%
99
85% Mar'21
80%
A
(VI
3
77%
73%
"1
Q9
Mar'21
99
-
90
99%
98%
Feb'21
97
v.
98%
89%
Dec'20
94%
Feb'20
99
87%
100
79
101%
97%
99
Oct'16
101%
"91%
2^ "87%
"99%
27,
104%
71] 96% 102
6
100% 102^4
70
•
70
.«
Jan'21
99%
99%
93%
99
99
Feb'21
99%
74
93%
Mar'21
99
98%
99%
Apr'21
99%
93%
"92% "94""
87% Sale
69
99%
75%
76%
Sale
64%
Feb'21
66%
66%
13
86
83
May'21
Feb'19
Apr'21
66%
63%
100
Jan'21
May'21
118
95
"79%
68
May'21'
82
4MS-1931
4S..1993
1940
99%
81%
m 8
j
D
qm
j
J
j
J
~04 " "7o"
101% 103% 101
59
5914 Sale
74
75
j
86
"81 " HI.
82" ~ ~32~"
64%
62%
99
59%
73
68%
102%
81%
81%
81
84
68
64
101
May'21
53
53
101%
62%
72%
72
Mar'17
81
74%
66
74%sMay'2i
88
mn
J
Jan'20
68
68
75% Sale
74%
75%
7434
83%
86% Sale
83% May'21
82%
83%
86%
91
70%
74%
88%
Apr'21
Apr'21
68
Sale
81%
1993
1990
63%
"83" " I in
6s Series A
1929
Cairo Dlv 1st gold 4s
1939 J
j
Cln W A M Div 1st g 4s..-1991
4s
66%
99% 100
1931
Spr A Col Div 1st g 4s
W W Val Dlv 1st g 4s
68% Sale
98%
69%
May'18
""
63% Sale
O
67%
69%
Nov'16
97%
A
65%
65
"95
66
86
90
'■ 73%
8512
65%
66
MN
67
07%
66% Sale
Sale
78%
861s
25
70
67%
99%
74
Apr'21
86% May'21
70
4s g-1923
75%
86%
66
64%
81
67
67%I
67
m
71
77
75
66
84
75%
69
71
68
75
75%
75%
9834
98%
54
61%
18%
26
81%
84%
79%
84
12
72
76%
9
93
4
59%
Nov'10
75% Sale
74%
65
Apr'21
j
74
67
m n
1940
C I St L A C 1st g 48
*1936 Q
Registered
*1936 Q
J
Cln S A CI cons 1st g 5s—1928
j
C C C A I gen cons g 6s...1934
a
Ind B A W 1st pref 4s
1940
Q
O Ind A W 1st pref 5s—dl938
a o
Peoria A East 1st oons 4S..1940
Income 4s
1990 Apr
a o
Cleve Short L 1st gu 4Mb
1961
Colorado A Sou 1st g 4s
1929 f A
Refund A Ext 4Ms
-1935 M N
Ft W A Den C 1st g 6s
1921 J D
A O
Conn A Pas Rlvs 1st R 4s...1943
Cuba RR 1st 50-year 5s g.-lPS? 1
9
*Due Aug.
Sale
97% Sale
68%
1930
Cons 6s reduced to 3MB..1930
Debenture 5s
1930
North Wisconsin 1st 6s
1930
Superior Short L 1st 5s g__el930
Chlo T h A So East 1st 5S..1960
Chic A West Ind gen g 6s—el932
Consol 50-year 4s
...1952
Cin H A D 2d gold 4MB
1937
hDue July.
89%
90% Nov'20
100
99%
99%
Mar'19
89%
"
Chic St P M A O eons 6s
oDueJan. dDue April. cDueMay. pDue June.
90
...
1st 5s
St L Div 1st coll tr g
Feb'21
98
89
100% 101% 100%
100%
Mar'21
70
68%
.1933
4MB..1934
1934
C R I F A N W 1st gu 5s..1921
Ch Okla A G cons 6s
1952
Keok A Des xMolnes 1st 5s. 1923
St Paul A K C Sh L 1st 4Ms-*41
N
70%
93%
63
68%
1988
1934
Registered
65%
87l2
68
98
81%
93%
-
69%
3Ms...1941
6s...1921
5s...1929
Ashland Div 1st g 6s...1925
Mich Div 1st gold 6S...1924
Mil Spar A N W 1st gu 4s. 1947
St L Peo A N W 1st gu 58.1948
Chic R I A P—Ry gen 4s
1988
20-year deb 4mb
General 5s Series Bj
72
2
Mar'20
50
Clev Cin Ch A St L gen
" "71%
93%'
68
J
73
-49~% "54"
57i
51
Feb'21
68%
Mil L S A West 1st g
79%
66
Mar'17j-
81
79
Milw A S L 1st gu
84%
76%
A
1937
93%
J
4Mb..'47
79%
Jan'12
Pitts Clev A Tol 1st g 6s..1922 A
A..1959
49%
3 Ms. 1941
C Find A Ft W 1st gu
05
70
90%
Sale
Ref A impt
69
81%
"66% "73"
Feb'20
67%
78%
79
78
-
...
79%
88% Sale
63% Sale
91
90%
88% May'21
90
J
90%
50
32
J
95%
82
10
34
93
-
88%'
85%
28
68% May'21:.
72%
J
"
28
78
94
.
Day A Mich 1st cons
35
68% Sale
69
Sale
M S
78
1
j
76-%
103%
Oct'20
y
~76% Sale"
99
1
179
112
81
91
1
79% Mar'21
"67% Sale"
88
74%
78%
Jan'21
Aug* 15
84%
88
72%
Jan'21
79
77%
82
36
May'21
88%
"49%
A
1886-1926
1987 mn
Q F
Registered
j>1987
General 4a.__._
1987 m n
Stamped 4s
1987 m n
General 5s stamped
1987 mn
Sinking fund 6s
1879-1929 A O
O
Registered
1879-1929
O
Sinking fund 5s
1879-1929
O
Registered.
.1879-1929
o
Debenture 5s
..1921
Registered
1921 A O
Sinking fund deb 5s
1933 (VI N
Registered
1933 (VI N
10-year secured 7s g
1930 J D
15-year secured 6M* g
1936 M 8
Burl C R A
....
89%
75%
—I
Mar'2lL
89
90
D
.
72
80
87%
22
-
76%'
93
....
67%
J
73
85
100% Nov'20
100
P L E A W Va 8ys ref 4s.. 1941 MN
Southw Dlv 1st gold 3MS..1925 J
General gold 5s
91%
88ls
1947
1946
1956
Chic Ind A Sou 50-yr 4s
1956
Chic L 8 A East 1st 4)*s._-1909
Ch M A St P pen g 4s ser A.C1989
Registered
el989
Gen'l gold 3 Ms Ser B
el989
General 4Mb Series C
el989
Gen A ref Ser A 4Ms
a2014
Gen ref conv Ser b 5s
a2014
Convertible 4mb
1932
Permanent 4s
...1925
25-year debenture 4s
1934
Chic A L Sup Div g 5s
1921
Chic A Mo RlV Div 5s
1926
C M A Puget Sd 1st gu 4s. 1949
Fargo A Sou assum g 6s
1924
Milw A Nor 1st ext 4Mb...1934
Cons extended 4M8
1934
Wis A Minn Div g 5a
1921
Chic A N'west Ex 4s...l886-'26
68
84
76%
82%
28% May'21, 29
May'21 |.
29
88% Sale
Refunding 4s Series C
Ind A Louisv 1st gu 4s
67%
83
May'21
129%
103%
O
74
88
75%
76
j
1922 j
3Ms. 1925 M N
Tol A Cln div 1st ref 4s
27%
1930 AO
..1937 m n
Refunding gold 4s
R I Ark A Louis 1st
79
79%
89%'
75%
Sale
27% 32
J
Refunding gold 5s
73
....
90
"75%
8
M
J
67%
84
84
84% May'21
67% May'21
10|
Oct'19
Guar Tr Co ctfs of dep
]■,
11
1
69%
88%
90%
j
Chic A Ind C Ry 1st 5s
1936 J
Chicago Great West 1st 4s... 1959 m s
j
Chic Ind A Louisv—Ref 6fl. .1947 j
77%
V
42
87%
(VI N
(VI N
67(2
79%
70%
39%
70%
79%:
Stamped
70
69
46
34
I
79%
U S Mtg A Tr Co ctfs of dep
75%
68%
43%
35
69%
70
5
48
34
69%
U 8 Mtg A Tr Co cts of dep
General consol 1st 5s
52%
99
74%
43%
79% Sale
Chic A E 111 ref A linp 4s g._1955 j
50
....
68%
80
100% Sale
J
J
Charles A Sav 1st gold 7s..l936 J
MN
LAN coll
gold 4a
70%
74
73%
77%
87%
M N
Bruns A W 1st gu gold 4s.. 1938 J
8av F A W 1st gold 6s
84%
D
1964
68%
2
70
68% Sale
J
Gal-Ariz 1st <k ref 4Mb "A" 1962 M 8
S Fe Pres & Pb 1st g 5S...1942 M S
*1952|M S
1930 M N
75%
52%
76%
Apr'21
76
Rocky Mtn Dlv 1st 4s
Trans Con Short L 1st 4s. 1958 J
Atl Coast l 1st gold 4s
51%
73%
44%
Apr'21
43%
J
Ext A Imp 8 f gold
Railroad.
Ann
;
Man G B A N W 1st
Oct'20
75%
-
71%
74%
J
1927
4s
Frem Elk A Mo V 1st 6s.
f
09
....
67
J
1927
1958
Extension
Des Plaines Val 1st gu
Dec'20
89
93
8
73%
67
69
42
General gold 3 Ms
and City Securities.
67
Apr'21
See Nor Pac
bonds.
General 4s
72
69
34% Sale
J
Registered
tThese are prices on the basis
Canal Improvement 4s
Joint
67
1949 j
4s
1st consol gold 6s
77
97%
82
V 1st g 58..1941
1949
Railway 1st lien 3 Ms
Registered
98% Sale
J
1960 J
O
j
65
70% Sale
M
A
1950
Chic Burl A Q—111 Dlv 3M8-J949
96
98
98% Sale
IV)
Chic A Alton RR ref g 3s
94%
Warm Springs
72
67%
76%
8
97%
F A
J
(VI
32
85
80
June'19
69
72%
70
2d consol gold 4s
1989
Greenbrier Ry 1st gu g 4s. 1940 m n
67
72
R A A Dlv 1st con g 4s...1989
87
97%
96%100%
373
74%
64
95%100%
414
96%
98%
97%
100% Sale
stock_1900
4Ma Corporate stock
1964
4Mb Corporate stock
1966
4Ms Corporate stock July 1967
4Mb Corporate stock.....1965
4Mb Corporate stock
1963
4% Corporate stock......1959
4% Corporate stock
1958
4% Corporate stock...... 1957
4% Corporate stock reg
1956
New 4Mb
..........1957
4M% Corporate stock... 1957
3M% Corporate stock... 1954
N Y State—4s
1961
Canal Improvement 4s
1961
"78""
65
71
D
N Y City—4Mb Corp
73%
155
68%
79%
J
Stat*
~89
82%
1944
"7*7"
....
f 8s
75%
67
94
94?4 Sale
98
Sale
Switzerland (Govt of) s I 8a
eurlch (City of) s
"77"%
Apr'21;
...1939 J D
1940 J J
Tokyo City 6s loan of 1912
M S
Sweden 20-year 6s
73%
Mar'17
86
1992
60
75
74%
67
A O
F \
of) 6-year 6s.... 1921 A
3un Paulo (State) ext s f 8s. 1936 J
78% June'20
"74 " Sale'
s
68%
99
Sale
98
F A
F A
F A
Paris (City
93%
91
Api"20
71
71
1940 A O
external s f 8s
92
81
82%
8L
71%
100%
100%'
100%
83%
1954
Gold debt 4s of 1904
Norway
84%
92%
81% Sale
77% May'21
94U Sale
N
A
A
A
A
A
J
1931 J J
Sterling loan 4s—
i.yons
78
79
"75 " Sale'
K of)—
Marseilles (City of) 15-yr 68.1934
Mexico—Exter loan £ 5s of 1899
78
May'21
May'21
20-year convertible 4M8..1930
98% Sale
5M% notes
1921 M
20-year void bond 6Ms.. 1937 F
10-year conv 6 Ms
1929 F
8-year conv 6 Ms
J»1922 F
Italy (Kingdom of) Ser A 6Ms.'25 F
Japanese Oovt—£ loan 4Mb. 1926 F
Second series 4Mb
.1925 J
5-year
Apr'21
82
30-year conv secured 5s... 1946
79%
70
S
g-1945 J D
fr-year 6% notes
Jan 1925
20-year s f 8a___.
.1941 F A
Bergen (Norway) s f 8s_....1945 M N
Berne (City of) s f 8s
1945 M N
Bordeaux (City of) 15-yr 6s. 1931 M n
Brazil, U S extern 8s
.1941 J D
Canada (Dominion of! g 6s_.1926 A O
do
do
...1931A O
2-yr 6Ma gold notes Aug. 1921 F A
10-year 5Ms
1929 F A
Chile (Eepubllie) ext sf 8s._ 1941 F A
Chinese (Hukuang Ry) 6s of 1911 J D
Cnrlstianla (City) s f 8s
1945 A O
Copenhagen 25 yr s f 6>$8__1944 J
J
Cuba—External debt 5s of 1904. M 8
A-1949
External loan 4Mb
1949
Danish Con Municipal 8s 'A" 1946
Series B
1946
Denmark external s f 8fl
1945
»»<,mlnlcan Rep < 'on* Admsf53'68
French Republio 25-yr ext 88.1945
20-yea" extern Join 7Ms -.1941
100
99
99%
99%
78
82
Coal River Ry 1st gu 4s...1945
Belgium 25-yr ext s f 7)4 a
Exter dt of 5s 1914 ser
97%
July'18
99
Craig Valley 1st g 5s
Internal 6s of 1999... (VI
94
...
(VI N
1992
Registered
84
100
92%
IVI N
General gold 4Mb....
80
94
80
1939
Registered
98% Mar'19
9934 10014
99% 10014
QM
101%
104%
83
Apr'2l
94%
May'21
100%
81
N y A Long Br gen g 4s.__1941 M
1st consol gold 5s
83
Apr'21
81
94
94
1921 j
Am Dock A Imp gu 5s
69
89
83
51987 Q
Cheaa A O fund A impt 6S..-1929 J
100
100
Feb'20
100% 100
100
98.10
98 10
91
07%
97% June'17
94% Sale
j
1987 J
95.%
85
May'18
83
Mid Ga A Atl Div 5s
88%
82%
Apr'21
90
Cbatt Div pur money g 4a. 1951 J
85.30
j
69
70
85.34 88.80
23
88%
99% 102%
71
76
86%
88 I
86%
86%
Cent RR A B of Ga coll g 5s. 1937 (VI N
98.00 Sale
1
It Brit A Ireland ((J
"83%
High
83
May'211
90
82%
Low
71
71
89
..1945 M N
High 1
83%
100%
160% Sale
70
72
D
83%'
101%<
Alt Low
85
83%
o
a
Canadian Nortn deb a f 7s._1940 j
Registered
4H% Notes of 1922 1923
J
344% Notes of 1922 1923
2s coneol registered
dl930 %
2l consol coupon
<11980 Q
argentine
Since
Jan. 1
10-yr temp secur 6s June.. 1929
Fourth Liberty Loan—
4s
88.60
Range or
Last Sale
Bid
High
Low
88.30 1674 87.70 93.50
4 85 24 88.50
87.40
87.80 Sale '87.70
D
Second Liberty Loan—
4%%
Friday
May 27
Week ending May 27
Canada Sou oons gu A 5s... 1962
J
Rang
Week's
Price
EXCHANGE
N. Y. STOCK
Since
High
Ash Low
Bid
Government.
First Liberty Loan—
2d oonv 4%%
BONDS
Friday
BONDS
If. Y. STOCK
defaulted bonds.
prices are now—"and interest"—except for income and
67
75%
82% Sept'19
85%
88
96
98%
67%
74
Nov'20
May'211
Nov'20
67%
57
59
"57"% May'21
mm
15%
22%
24% May'21
mm
81%
83%
80
80%
81% May'21
80
80%
73% 73%
98% Sale
68
Sale
97%
74%
98% I
68
70
73%
oDue Oct. pDue Nov. {Due
7
98
"3"
Dec. xOption sale.
New York BOND
Record—Continued—Page 2
BONDS
Price
I*. Y. 8TOCK EXCHANGE
Week ending May
Week's
Friday
27
Range
May 27
Del Lack A Western—
Bid
Ask Low
Morris A Essex 1st gu 3 3^82000 J
D
6712 Sale
N Y Lack A W 6s
A
9512
1923 F
Term A Improve 4a
Warren 1st ref gu g 3)48
1923 IYI N
2000 F
Range
9312 Sale
A
N. Y. STOCK EXCHANGE
Week ending
Jan. 1
No
High
67i2
9512
93U
102i8
BONDS
Since
or
Last Sale
Low
4
High
Bid
7078
9512
Leb V Term Ry 1st gu g 5s...1941
A
Registered
1941 A
91
"~2
9314
Leh Val RR
Feb'08
Registered
1st Uen equip g 4)48
1st A ref 4s
97%
1922 J
J
1943 M N
30-year conv 6s
10-year secured 7s
.1935 A
D
Alb A Susq conv 3)48
1946 A O
Rense A Saratoga 1st 7s...1921 (VI N
Den A R Qr—1st cons g 4S..1936 J
J
Consol gold 4Hs.-J
"64 "
64
65
*27
68-34
69
4
72
45% Sale
45
44
4334
7434
2934
64
57
May'21
57
57
50
May'21
...1937 A
76i2
76i2
9312
O
Dul Sou Shore A Atl g 5s
1937 J
J
Elgin Jollet A East 1st g 5s..1941 IVI N
Erie 1st consol gold 7s ext -.1930 M S
83
83
Feb
'21
~83*"
8884
89
May'21
95
8812
S
80
May'21
Apr'21
6th ext gold 4s
1928 J
D
Erie 1st cons g 4s prior
1996 J
J
1st consol gen lien g 4s..1996 J
J
5414
J
1996 J
Registered
Registered
conv 4s
Ser A
1953
Gen conv 4s Series D
1953
Chic A Erie 1st gold 5s
1982 IVI N
Cleve A Mabon Vail g 5S..1938 J
J
Erie A Jersey 1st s f 6s
1955 J
J
Genessee River 1st
Long Dock consol
Coal A RR 1st
f 6s... 1957 J
s
6s
g
1935 A
O
2d gold 4HS
1937 F
gold
A
1940 F
General gold 5s.
1st
39
4338
42
7678
75i8
7712
78
7678
7*9*34
Mid of N J 1st ext 5s_
1940 A
O
3912
4338
7878
JaD'17
lO0'8
78U May'21
Wllk A East 1st gu g 58
1942
Ev A Ind 1st cons gu g 6s
6s
1st general gold 5s
"55% *Gl"
70l2
8U2
72
81%
72
81%
~70% II"
Sull Co Branch 1st g 6s
.1930, A O
Florida E Coast 1st 4)4s__.__ 1959, J D
Fort St U D Co let g 4348
1941 J
J
Ft Worth A Rio Gr 1st g 4a_.1928lJ
Galv Hous A Hend 1st 6s
1933, A
Grand Trunk of Can deb 7B..1940
Great Nor Gen 7s ser A
1936
let A ref 4 3^8 Series A
Registered.
69i2
65
65
Reduced to gold 4348
,
1933 J
I
8712
8912
8OI2
83
95
1933; J
1937 J
Registered
1937 J
Pacific ext guar 4» £....1940 J
E Minn Nor Dlv 1st g
4s_.1948!A
Minn Union 1st g 6s
1937 J
Registered
1937 J
cone g
4)4s__1999 J
70i4
7012
67%
753.,
' 67% May'21'
84
J
1951 J
J
70
J
1951 A
O
!
70
O
1951 nfl
63
*7*0% Sale"
1952, A
O
1st
1955iM N
J
1952 J
66
1953 M N
6778
..1934 J
J
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3S..1951
Loulsv Dlv A Term g 334B.1953
Middle Dlv reg 69
3 348
334s
Western Lines 1st g 4s
Registered..,
68
Carb A Shaw 1st gold 4s
"0%
95% Sept'19
73%
74%
6578 May'21
69%
6914
88%
58
65i2
58
53%
70%
....
89%
70%
Nov'10
94
94
Mar'19
73
88%
88%
88%
63%"III
Apr'21
65% July'18
Joint 1st ref 5s 8erles A. 1963 J
82% Sale
81%
MemPh Dlv 1st g 4s
68%
70%
1951 J
Registered
ind
III A
Iowa 1st g 4s
"7*5% *7*9*"
M
.
70%
1922i M N
87
James Frank A Clear 1st 4s..1959; J
Kansas City Sou 1st gold
D
3s..l950| A O
Registered
73-%
fid" "dd%
58%
72
75
5534 Sale
"7514 Sale"
3
69%
88%
3
80
75
72
May'21
May'21
50%
70
65
85
Lehigh Val (Pa) oona g 4s
2003 M N
68
2003 M N
74%
Genera] eons 434a
*
85
85
78
69
68
May'21
7434
74%
a
75
Due Jan.
71
93
74%
24
27
35%
20
22
67%
69%
30
24
Mar'21
May'21
"""I
,...J
""4
02%
D
92
92
93
O
58%
5978
87% Sale
59
61%
28
87
89%
100
S
100
Sale
99%
5
100
98
19
65%
35
Mortgage 3)48
Registered
J
65% Sale
64%
1997 J
Debenture gold 4s
J
64
67
1934 IVI N
.......
66%
75% Sale
1934 IVI N
75%
60%
60
60
MJcb Cent coll gold 3>48. .1998 F
A
60
61
60%
72
Registered
A
*59
1998 F
Battle Cr A Stur 1st gu 3s. 1989 J
Beech Creek 1st gu g 4s... 1936 J
Registered
Ext
1st g
77%
78
76%
83
3)48.61951 A
O
Cart A Ad 1st gu g 4s
1981 J
Gouv A Oswe 1st gu g 5s.. 1942 J
74
72
49
90
J
J
D
79
Ka A A
(;
U
1st gu g 5s.. 1935 J
Lake 8hore gold
J
l
76%
38
1
?,>•«
Sale
72
""f
62
18
i
May'21
61-%
3
Feb'2l
Feb'20
Apr'21
Nov'10
May'16
59
59%
73
June'20
..
..
D
7"\
68%
67%
68%
1997 J
D
04%
05%
06
66
Debenture cold 4a
*08" "70
1W>7 J
Registered
"84" *85*
3)4#
59
81%
9534
104
68%
D
72
62
47%
J
1936 J
2d guar gold 5s.
Beech Cr
D
1930J
Mar'21
60% June'20
56
30-year deb 4s
1
I
1997 J
60% Sale
74%
4
14
May'21
Apr'21
68
*72% "7*4""
1928 M
S
82%
83
82%
83%
19
Sl%
81
81%
6
25-year gold 4b.
84
6 Due Feb.
74%
93%
27
J
6
Mar'21
62%
A
79
Dec'20
62% Sale
A
70%
I
99% Mar'21
,
77
75** *777g
30
1
77
8ept*19
No price Friday; latest bid and asked this week,
72
OQ
Mar'21
68% May 21
66%
Aug'19
North Ohio 1st guar g 6S..1946 A
Leh Val N Y 1st gu g 4^8...1940 J
Registered
1940 J
71
....
..
66%
77
80
8ept'20
90
99
1998 F
73
Sale
87
95
7578
5634
72
90%
100%
76
75%
79
67%
1998 F
"*3
*55
70 %
Oct'17
66
...1942 J
74
69
69%
807a
July'14
67%
Registered
54
1941 J
Safe"
"f" ~C6%
I
3
66%
Lake Shore ooll g 3)4«
88%
1937 J
102
1
.
75
73
*68
1960 J
85%
A
*87*"
90%
Kansas City Term 1st 4a
1930 M
Reglst ered
Apr'21
55 "8
Lake Erie A West 1st g 6s
2d gold 5b
7s
76%
85%
O
76%
90%
751.1
86%
1998 F
Oct'OO
74%
85%
69%
June'19
May'21
4)4s "A"
2013 A
New York Cent A Hud River—
88%
67%
77
70%
79%
75%
28
deb 0s... 1935 IVI N
Consol 4s Series A
79%
68
60
79%
29
1935 A
80
Oct'18
Apr'21
4)4s_1957|J
1977 A
1'
54%
58
75%
98
1923 A
Non-cuin Income 5s A
53%
*66 ~ '7*3%
77%
83
74% Sale
93% Sale
1927i F
193PJ
Ref A lmpt
nil
53
82%
74
1925 J
tr
1
92
82%
58%
N O Tex A Mexico 1st 6s
conv
79
90%
88%
5s.l947,M
0s
79
80
80%
5s...1928 J
g
Oct'20
Sale
99
S
1938 Q
g
Apr'21
82% Sale
54% Sale
1920 M N
J
75
"I
75%
J
1953 J
58%
94* "94"
Dec'20
J
1st consol 4s
1951 A
NO A N'Elst ref A Irnpt 434sA '52
2i '8*7*" "91%
May'21
55%
O
prior lien 4)4s-_-1926 J
10-year coll
10i
42
1927 IVI
Guaranteed general 4s
Nat of Mex
N Y Cent RR
7778 May'21
90%
1950 A
Apr 1950 J
68
May'.l
O
New Orleans Term 1st 4s
Apr'21
78
73
58
73%
58%
J
A1927;J
Jasper Branch 1st
Nov'17
65
1950 J
lot A Great Nor 1st g ext 7s_
Ref A lmpt 6s
71%
-.1951 J
821
S
1929 A
8t L A Cairo guar g 4s
*9*2"%
73%
Dec'20
69
_
1933 J
gold 6s
new
Nashv Chatt A 8t List
80% Nov'10
"9 1*2 IIII
88
87%
67
N
1929 J
Nat RyB of Mex pr Hen
64%
Mar 21
70
St Louis Sou 1st, gu g 4s...1931
"21
"It
May'21
6612
68
...
1945|M
St Louis Dlv 5s
"77%
June'16
92
J
"i
65% May'21
60%
1932
1975
Montgomery Dlv 1st
74
Dec'20
May'21
60% May'21
54%
78
1938 iyi
General gold 4s....
6934
72%
18
92
St L Ir M A 8 gen con g 5S.193PJ
Gen con stamp gu g 5s.. 1931'A
.
Jan'21
1951 J
4s
Missouri Pac 40 year 4s
3d 7s extended at 4%
84
73%
657g
37:
40%
60%
46
refunding 6s Ser C..1926
Mob A Ohio
"l2
47%
43
40
Dec'20
Oct'20
67%
6934
20%
37
Registered
9
20
50
1st ext gold 6s
69%
17
.37
5
'-i«
May'21
Unified A ref gold 4s
July'09
40
32
76
Dec'20
39
41
32
Rlv A G Dlv 1st g 4s
Verdi V I A W 1st g 5s
84
Sale
.
83%
0684
1951
A
40
38
Sher Sb A So 1st gu g 6s. .1942
Texas A Okla 1st gu g 5s. .1943
Missouri Pacific (reorg Co)—
A T Of T 1st gu g
K
"7*1%
8734
1951 J
334s
51%
70%
73%
64i4
6378
6912
Gold
09
76
71%
Nov'15
5*8% *6*0"
Registered
51%
81%
102
1923
Chic St L A N O gold 5e
54
70%
68
1951
Bellev A Car 1st 6s
50
Cent Br U P 1st g 4s
1948 M N
Pac R of Mo 1st ext g 4s...1938 J D
2d extended gold 5s
1938 F A
67%
jan'21
691,4
67i2
8734 Sale
GII4
1951
g
Sale
58
;_.1951
.1951
Sprlngf Dlv 1st
73*12
1921
Omaba Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s.. 1951
Gold
Sale
69
Oct'18
72i4
1953 M N
15-year secured 634s
84
80
S
Registered
73%
70%
8
1952 IVI
refunding 4s
50
Jan'2I
627s
69
Collateral trust gold 4s
Registered
Purchased lines 334s
L N O A Texas gold 4s
13
General
8
60%
59%
Sale
30
83% May'2l
92
Sept* 17
80
66
1951 A
1st gold 3s sterling.
j
83i4
1951 J
1951 J
60
71%
73% June'18
'
1st
Registered
08%
89%
Dec'16
60
70
57s
"II
70%'
07
Registered
Extended 1st gold 3)4s
65
20
89%
95
....
89%
6
381
Dec'20
91
59%
80%
85
35
Feb 21
7
90% May'21
90
20
70
Feb'21
771
87
1st A refunding 5s Ser A.. 1905
1st A refunding 6s 8er B.nl923
6%
41
77%
1944 M N
1st A
1955 F
3)4s__
Registered
99%
90% 103
J
May'21
40%
72
90
68-34
70
40% Sale
77% Sale
40
94%
68
70
10
60%
90
1948 A
Houston Belt A Term 1st 5b_1937! J
Illinois Central 1st gold 4s...1951 J
69
41%
40
90
Sale
47
42%
39%
Jan'21
7
47
69
41%
40
Jan'21
60
47
69
41
391;
90
...1999 J
gold
99
95
91%
68% 69
417g Sale
40% 41%
68..1942
80
" *79*1*2
July'20
Mar'20
40
94U
69
J
99
39
M
75
Mar'lO
Nov'10
76
38
90
| Feb
Co! A H V 1st ext g 4s
Col A Tol 1st ext 4s.
* *8*2%
81
80
Jan'21
45
Kan City A Pac 1st g 4s... 1990
jf
Mo K A E 1st gu g 5s
1942
M K A Okla 1st guar 5s...1942
136% May'00
Gulf A S I 1st ref A t g 6s..61952 J
Hocking Va. 1st
Registered
"87% *92*"
May'21
*77"
S
1951
90
Will ASF 1st gold 5s...1938 J D
Green Bay A W Deb ctfs "A"
Feb!
Debenture ctfs "B"
3978
Trust Co certfs of deposit...
St Louis Dlv 1st ref 4s
2001 AO
6% secured notes "ext"... 1916
Dall A Waco 1st gu g 68...1940
M N
Mar'20
100i2 10134 101
1937 J
1st guar gold 5s
82%
99% 102%
79i2 May'21
99
Mar'21
1922 J
Mont C 1st gu g 6s
75i2
96%
78%
Jan'21
May'21
2004 M S
Trust Co certfs of deposit...
Gen sinking fund 4>4s
1930 j"j
102%
*81% *84 "
83%
IOU2I
88
May'21
12012 May* 16
8134 Apr'21
80
Mar "21
83
86
1936 IVI N
Trust Co ctfs of deposit
1st ext gold 5s
1st A refunding 4s.
8ept'20
99
66
M N
M S S M A A 1st g 4s lnt gu'20
J
J
June'lGi
8314
8314
101% Sale 1100%
82%
M St P AS S M con g 4s lnt gu'38
1st cons 6s
1938
1st Chic Terra s t 4s
1941
63
95%
9-1%
...
06
66
05
Jan'21
May'21
99%
99%
84
Mo Kan A Tex—1st gold 4a..l990
2d gold 4s
01990
100
451
90%
89%
Mississippi Central 1st 5s___1949
66
9C
99%
64%
09%
62%
65%
Feb'05
81
99%
83
77%
61%
90
101
May'21'
1933 J
Registered
Mar'21
96
Registered
Mont ext 1st gold 4s
May'21
79
1961
1933 J
71
12
81
95
1945
75
9612
79'8
4)4s
gen gu
09%
9012 Sale
1933
88%
69%
Apr'21
100
99%
88
79
1st consol g 6s
*89%
May'21
63
66
Bdge
Refunding gold 4s
18
Apr%l
Apr'21
77
03%
*52""
9914
Apr'21
A1962
Des M A Ft D 1st gu 4s...1935
Iowa Central 1st gold 6s__1938
1
Jan'17
66
65
100% Sale
1981
St Paul M A Man 4s
May'21
6912
"75" IIII
65%
1st consol gold 5s.
1934 M N
1st A refunding gold 4s
1949 M 8
Ref A ext 60-yr 5s Ser A...1962
Nov'19
88
1923
81
60%
Stamped guaranteed
1977 M S
Midland Term—1st a f g 6s.. 1925
J
D
Minn St Louis 1st 7s.
1927 J
D
50
16
85% May'21
83
Gen cons gu 60-yr 5s....1903
40
1942
Mt Vernon 1st gold 6a
85%
La A Jef Bdge Co gu g 4s
Manila RR—Sou lines 4s
50
52
81
82
IIII *9*2%
40
23%
62
65%
*80
"70" *7*8%
53
99
J
1937
Jan'21
52
J
51
54
71% Sale
71%
72%
82%
95% Nov'19
100
99% 100
May'21
71% Apr'21
70% 71%
1945
Apr'21
99%
S
"50 " *52'
N Fla A 8 1st gu g 6s
Feb 21
....
s
D
Pensac A Atl 1st gu g 6s... 1921
SAN Ala cons gu g 5s
1936
50
1926
1921
cons
S
N A C
1
Evans A T H 1st
J
A
102%
85 J
87%
87%
98% 100% 98% May'21
92% 100% 100
Feb'20
72
77
71% Deo'20
100% Feb'21
81%
4U
49
J
Mex Internal 1st cons g 4b.__1977
M
Jau'18
*42*
1931 M N
Registered
Jan 18
Apr'21
15
101%
J
99
5578
Sale
4578
98
57%
102
Lex A East 1st 60-yr 5s gu.1965
A
81
78i4
1930 IVI N
41
Apr'21
81
Feb'21
Apr'21
37%
80
85
80%
78
70%
...I
Mar'21
90
1930 J
1930 J
"77" "88"
72
81
35%
8
Mar'21
103
78U
70%
80%
40%
81
96I4
..
30
3
Apr'21
90
L A N A M A M 1st g 4)$S.1945
M
LAN South M Joint 4s
1952
45
99
79
A
6S..1943 IVI N
40
"93"% IIII
79%
M
"7*2*% "7*3%
97
Apr'21
99% Nov'20
89
Kentucky Central gold 4s.1987
39%
Apr'21
66
79
Atl Knox A Nor 1st g 5s... 1940
J
Hender Bdge 1st s f g 6s...1931
56
51
83
75%
67%
87
IVI N
43
43
6s...1922 IVI N
cur gu
90
90
59
1931 M N
Paducab A Mem Dlv 4s...1946
F
May'21
38i8
4s
St Louis Dlv 1st gold 6s...1921
IVI
2d gold 3s
1980 IVI
Atl Knoxv A Cln Dlv 4s...1955
Juue'16
73
J
Dock A Iinpt 1st ext 5s
1943 J
J
N Y A Green L gu g 5s
1948 IVI N
N Y Susq A W 1st ref 6s... 1937 J
J
Terminal
73
72i2 77i2
38-34 Sale
38'8 39i2
1953
do Series B
42
840
1996
Penn coll trust gold 4S..1951
60-year
55
*51%
4234 Sale
-.1937 IVI N
1940 J
J
1940 J
J
63%
72
81
D
L Cln A Lex gold 4)4s
"91 " "91*14
9434 Nov'15
9812 Aug'19
54i8
55
68% Oct'20
S
gold
83%
76%
66%
S
N O A M 1st gold 6s
2d gold 6s
Jan'20
91
87
Unified
"
83
5»
Registered
Collateral trust gold 6s.
10-year secured 7s
89i2
9914
95
90
*91
O
95
8914
71%
1947 IVI N
-.1920 A
N Y L E A W 1st 7s ext ..1930 M
7734
"8*7"^ "91"
89
87
4th ext gold 6s
1923 IVI
50
7412
May'21
105% Mar'08
"3714
S
J
5s.al932 Q
con g gu
J
Gold
Dec'20
91
Nor Sb B 1st
Oct'06
72
*84*
O
Louisiana A Ark 1st g 5s
1927 M
Louisville A Nashv gen 6s...1930
50
7612
9358
87
84
1937 M N
1949 IVI S
1949 IVI s
M
78
J
Jan'11
84
.1934
Registered
54
O
65%
95
4s
N Y B A M B 1st con g 58.1935
A
NY ARB 1st gold 58
1927
6678
IVI N
64
75
50%
Feb'21
08%
48
5758
91%
99%
59
73
D
98%
61
40
D
Feb'21
58%
64%
20-year p m deb 5s
Guar refunding gold 4s
J
73
63%
46%
62
70%
10
May'21
91%
42%
4778
89
83
63% Sale
63
7'i
Debenture gold 5s._
52i2
Jan'21
88
83%
67%
72
65i2
75
88
82%
68%
1949
67%
52i2
Oct'13
*71%
1932
Unified gold 4s
64
91%
May'21
.1922
Gold
72
53%
J
Sale
92
Ferry gold 4 34 s
66
51%
Higs
19
1938
66%
"4
96
105
87%
Low
91%
General gold 4s
Apr'l)
Dec'20
7434
8
10
44
NO.
Mar'12
95%
91
1945
63
Apr'21
61U
297s
Sale
72%
A
N Y A Erie 1st ext g 4a
May'21
45%
Sale
"77 " IIII
Long Isld 1st cons gold 6S..A1931
1st consol gold 4s
A1931
J
1995
Gold 4s...
1995
Det Rlv Tun Ter Tun 4Ha..1961
Dul Mlss&be A Nor gen 5s
1941
3rd ext gold 4)4b
84
100% 104%
69% 73%
100% 100%
70
A
Leh A N Y 1st guar g 4s
O
Det A Mack—1st lien g 4s
1937
11
71
4s___1939;J
Dul A Iron Range 1st 5s
70i2
70
Sale
81
80%
7
High
91% Mar'21
113
96
1933
98%
74%
9
82%
102i2
68
Mtge. A coll trust 4s A..1949 A
Registered
82
76
100% Mar'21
1940: J
Rio Gr West 1st gold
Sale
lOlU Sale IOU4
69i4
7U2 70
1940jj
Guaranteed
7438
Ask Low
1933
1st int reduced to 4s
96%
22
J
1st A refunding 6s
1965 F
Trust Co certlfs of deposit
Rio Gr June 1st gu 5s
1939
Rio Gr Sou 1st gold 4s
May'21
D
1936 J
1928 J
Improvement gold 5s
76i4
82
O
1930 J
97
75
or
Last Sale
91%
O
Wee*'#
Range
O
10-yr ooll 6s..nl928
Leh Val Coal Co 1st gu g 58..1933
Delaware A Hudson—
'
Friday
May 27
6712
Apr'2l
9314
Price
I
May 27
95
6734
2287
«
•»
Registered
?Due
June,
h Due
1931 M N
1931
July,
n Due
M
81%
«•»
V
Sept.
q Due
Oct.
M av.">»
s Option
sale.
10 !
4
67%
71%
CO
67
1 82%
86
'
80%
85
<p>
*9
BOND Record—Continued—Page 3
New York
3288
•oW
BONDS
N. Y.
STOCK EXCHANGE
Week ending May
27
.
&HR BR (Coo)—
Mob A Mai 1st gu g 4a....1991 M S
Mabon C'l RR 1st 5s
1934 J
J
Michigan Central 6a
-.1931 M 8
Registered
1931 Q M
4a
.—1940 J J
Registered
1940 J J
J L A 8 1st gold 3HB.—1951 M S
N Y Cent
MOV 27
48-1993 A
1932 J
58...A1922 A
Rutland lat con g 4 Ha
1941 J
Og A L Cham 1st gu 4a g.1948 J
Rut-Canada let gu g 4a. 1949 J
St Lawr A Adlr 1st g 5a—1996 J
2d gold 6a
1996; a
Utlca A Blk Rlv gu g 4s_..1922;j
Pitta A L Erie 2d g 6s
al928 A
Pitts McKAY 1st gu6a_.1932ij
R W A O con
,
6a
lat ext
Apr'21
62
71
76
75% May'21
75
79%
70%
75
70%
70%
70%
68%
70
68
68%
Apr'21
68%
92%
94
Nov'20
70
May'21j
Debenture
O
D
O
J
65
51
J
N Y Connect 1st gu 4Hb
N Y N H A Hartford—
/
N
71
Sale
6s..
10-year secured 7s
16-year secured 6Hs
1921 J
M
coll trust reg A. 1937
F
Guar 3Ha coll trust Ser B.1941
J
Guar 3Ha trust ctfs C....1942
J
Guar 3Hs trust ctfs D
1944
A
Guar 15-26-year gold 4s...1931
MI
40-year guar 4s ctfs Ser E..1952
38
61% Sale
Adjustment
40%
Refunding
35
58
49
May'21
57%
60%
—
31%
43
30
38
37
Sale
37
*46% *53"
Aug'13
83
30
70
"70"
Sept'17
30
May'21
88% Feb'18
66
32
60
28
68%
Dec'19
74%
~57% ~C0 ~
59% Nov'20
59
59
54
42%
42% Sale
73
73%
72
~49% "59"
May'21
122
Apr'21
Gen gold 4s lnt guar
75%
77
74%
86
90%
75
90
109% 101% 101
74%
74% Sale
96
90
90
102
101%
9812
77
92%
Apr'21
Apr'21
Apr'21
92%
75
75
Sale
74
*53*12 ~56%
Ala Gt Sou
Atl A Charl
May'21
73
54%
96%
81%
Apr'21
88
88
Feb'21
54%
98%
99.54
96%
98% Sale
98%
95% 99.94
95% 99.74
278:
96%
97
2
96%
88%
99%
98%
J
100
97%
Feb* 19
75%
85
Dec'16
69% Sale
67
70
70
....
94%
....
84
80%
80%
78
104*% 1*06*%
105
105
105%
*75% *7*5%
75%
37%
75%
64%
99% 100
May'21
97
93%
89
71%
70
May'21
76% Jan'21
69%
74%
67%
70
76%
94% May'21
93%
76%
95%
81
81
69%
.
Apr'21
78
4
78%
85
Sale
84%
Sale
76
84% Sale
102% Sale
95
Sale
....
99
80
Feb'20
100
303
95%
92%
82%
92
83%
.
103
94%
83
75%
83
80
80
79
85
84%
101
84%
21
77
84
85%
78
18
85
76
4
"32
105%
94% 100%
80
98%
81%
*99%
99%
99%
99% May'21
69% Mar'20
67
Dec'20
99
73%
99%
Mar'2l
68
68
Apr'21
78% May'21
71% May"21
67
70
78%
83%
72%
J
99%
S
67
A
68%
D
69
D
71
O
78%
79%
N
71%
73
68
....
99%
70
80
86%
90
86%
Feb'2l
104
69
...
96%
...
68%
90%
...
68%
69%
Apr'21
88%
80%
99%
Feb'20
80%
70
67
80%
88%
"S"0%
88%
Dec'15
Feb'12
71%
....
79%
80%
67
...
87%
...
81%
84
82
67
93
80
82
Sept'20
Mar'10
Oct'20
Dec'20
82
71%
88% Sept'17
85
85
Sale
85
82%
8412
81
...
79%
94%
82
95% May'21
80%
1102
801-
I 80%
co
259
52%
772
4s
Ser A__
1922
81
80
87
95%
95%
Virginian 1st 5s
80
80
Wabash
75%
19
6 Due Feb.
series A
1st gold 68
2d gold 5s
Debenture series
0 Due June.
B 6s
7i Due July, fc Due Aug. 0
95% May'21
67%
67
Oct'20
77%
77
Jan'21
93% Sale
93
93%
5
65% Sale
65
66%
25
78
Mar'21
78%
....
Mar'21
56
55%
54%
66
65%
65% Sale
35
64
Sale
63%
64%
68
Sale
67%
98%
68%
Jan'13
62%
62%
64
64
52%
52%
34
63%
63
82%
61%
....
63%
52*2
33
Sale
31%
40
Sale
Sale
40
49
7;
I!
■47{
41
14'
50
48'2
1C0
65%
Mar'21
63%
94%
63%
Mar'21
89%
Apr'21
78%
78%
78%
80
76% May'21
65%
52
83%
95
«0
....
82% Mar'21
92
Nov'25
82
87%
68
67%
07% Sale
65
67%
21j
70%
Oct'20
Sale
7734
7834
Sale
78
86
86%
70
72%
72%
103.
86
72% Sale
"80'
87% Sept'16
*78*% ~78*%
77%
92
87
87
90%
Feb'21
92
00
82
83
83%
81%
87%
86
Mar 21
86%
87%
88
May'21
Feb 21
99%
"84" III".
94
Feb'21
Mar'19
Jan'21
85
....
84
....
95% Sept'20
93%
90
Apr'20
80% Aug'20
85
July'18
89%
93
J
N
J
96
....
78
86
76%
83%
70%
70
75%
74%
74% S ale
70-% May'21
82% Sale
84%
56% Sale
83
82%
80
56%
58%
62
Oct'20
56%
59% May'21
81
83%
83
67
68
71
May'21
Mar'21
81%
O
85
82
May'21
77%
81%
87
88
88
64
66
66
42%
56%
81%
63%
90
Sale
88
87
19% May'21
May'21
May'21
Mar'lG
Feb 21'
67%
90
90
90%
87%
88
"5*1*" "57""
Feb'21
50
May'21
98
J
98
97%
,
Jan'21
94
96%
76%
J
J
J
O
N
N
80% May'20
89
89%
58
Sale
89
Apr'21
56
89% Mar'21
88% Dec'20
90
Jan'21
90
85
89%
8
Aug'19
65
52%
84
S
N
J
O
A
87
86
80
63
91
85%
J
F
MN
J J
1962 B® N
1939 Ml N
1939 F A
1939 J J
Mar'21
Oct'20
70
68%
J D
F
J
J
J
80
Feb'21
65
86%
J
May'21
80
----
60%
J
J
Feb 21
90%
8912 Sale
S
J
J
D
J
J
J
J
O
J
N
S
O
2
68%
88% Mar'21
Sale
87
*1*2
7834
78
67%
70
08%
Buff 1st g 4s...*1946 J D
Ulster A Del 1st cons g 5s
1928 J D
1st refunding g 4s.
1952 A O
Union Pacific 1st g 4s
1947 J J
Registered
1947 J J
20-year conv 4s
1927 J J
1st A refunding 4s
02008 M S
80
"82*"
33
87% May'2l
88%
87
1950 A O
1917 F A
Line 1st g 6s
1st consol g 5s
Guar refund 4s
51
51% Sale
ctfs of deposit
1946
1929
Utah A Nor gold 5s.....1926
1st extended 4s
1933
Vandal!a cons g 4s Ser A
1955
Consols 4s Series B
1957
Vera Crua A P 1st gu 4H8—1934
Jan'03
Dec'20
a Due Jan.
Trust
Ore Short
75%
80
84
and asked,
20
60%
95%
-J
86
82
Mar'21
85%
86%
65%
L 1st g
85%
Dec'20
80
78%
74
85%
4H8.1939 A O
1st cons gold 5s
1894-1944 F A
Gen refund e f g 4s
1953 J J
St L M Bridge Ter gu g 5a. 1930 A O
Texas A Pac 1st gold 5s
2000 J D
2nd gold income 5s..
c2000 Mar
La Dlv B L 1st g 5s
1931 J J
W Min W A N W 1st gu 58.1930 F A
Tol A Ohio Cent 1st gu 5s...1935 J
J
Western Dlv 1st g 5s._„
1935 A O
General gold 5a
1935 J D
Kan A M 1st gu g 4s
1990 A O
2d 20-year 6a—;...
,.1927 J J
Tol P A W 1st gold 4s._.—.1917 J
J
Tol St L A W pr lien g 3H8.1925 J
J
Term Assn of St
'$2*4. *64"
—
100
73%
91
10-year perm secured 6s—1928
Ore RR A Nav eon g 4S...1946
72% June'20
80% Sale
General 5s
Apr'21
64
86% Sale
66
Hale
1926 Ml
Ml
(W
J
A
F
1926
.......1936
Va A So'w'n 1st gu 5s
2003
1st cons 60-year 5s__
1958
W O A W 1st cy gu 4s
1924
Spokane Internat 1st g 5s
1955
Series F 5s
1
"I; *78 ~ *87 "
78
98
85
86
May'21
75% Fen'21
82%
Apr'20
80
79%
79%
Virginia Mid Ser E 5s
91
"7_4% ~83~
52
73% Sale
N
Ser B
8134
j
61%
N
J
N
N
4s
42
1
_
60%
D
O
1944 J
1948 J
1948 J
Atl A Yad 1st g guar 4s... 1949 A
E T Va A Ga Dlv g 5s
1930 J
Cons 1st gold 58—...-1956 M
E Tenn reorg lien g 5s..._1938 Ml
Ga Midland 1st 3s
1946 A
Ga Pac Ry 1st g 6s
.1922 J
Knoxv A Ohio 1st g 8s
1925 J
Mob A Blr prior Hen g 5s..1945 J
Mortgage gold 4s
1945 J
Rich A Dan deb 5s stmpd.1927 A
Rich A Meek 1st g 6s
1948 M
So Car & Ga 1st extrl 5HS.1929 M
1st 30-year 5s
70
35%
60% Sale
Ml N
84%,
Apr'21
82
76%
"57" *6*3%
85%
64%
i
6
Dec'20
77
78
Sale
78
Tor Ham A
Apr'21
80
80%
86
75% Sale
A
A
4s
Coll trust 4s g
67
Apr*20
79% May'19
86%
74%
76%
S
D
19511J
1st conB A 5S..1943 J
A L 1st A 4H8.1944 J
50-year gold
Dec* 12
Jan'21
75
71%
Dec'17
B
D
Atl A Danv 1st g 4s
2d
129
99.44
96% Sale
730
99.60
99.40
i 99.58 Sale
May'21
97%
J
1921!A O
6S..1930
A A N W 1st gu g 5s
.1941
Louisiana West 1st 08
1921
No of Cal guar g 5s
1938
Ore A Cal 1st guar g 5s
1927
80 $ac of Cal—Gu g 5s
1937
80 Pac Coast 1st gu 4s g_..1937
Tex A N O con gold 5s
1943
St Louis dlv 1st g
75
86%
J
79
88
75%
S
77
73%
96% May'21
99
75%
96%
A
75
55
54%
54%
A
80
*1949
*1949
01929
1934
J
M
J
J
So Pac RR 1st ref 4s
1955|J
San Fran Terml 1st 4g
1950, A
Southern—1st cons g 5s
1994 J
Registered
1994 J
Develop A gen 4a Ser A...1950 A
Mob A Ohio coll tr g 4S...1938 M
Mem Dlv 1st g 4H&-5S
1996 J
Dec'20
75
55% Sale
74%
74%
73%
75
4
75%
105%
100
Jan'20
May'21
97%
80
"74" " *78%
76
76
75
101%
74%
Oct'20
74
74%
"
101
76%
coll)
Waco A N W dlv 1st g
Nov'16
100% 100% 101
75
75% 75
73
J
Registered
J
20-year conv 4s
M
20-year conv 5a
J
Cent Pac 1st ref gu g 4s
1949 F
Registered
...1949 F
Mort guar gold 3Hs._-*1929 J
Through St L 1st gu 4s__1954 A
GHASAMAP 1st 58...1931 Ml
2d exten 5s guar
1931 J
Gila V G A N lBt gu g 5S..1924 Ml
Hous E A W T 1st g 5s
1933 M!
1st guar 5s red
.1933 Ml
V H A T C 1st g 5s lnt gu
1937. J
100% 104%
100% May'21
100
5'%
73
40
43
Mar'21
100%
_
j
65
57%
58
57%
60%
90
83%
40%
5a
4s
Gold 4s (Cent Pac
106% May'15
87
July'14
----
52
90
"4 "79%
66
May'21
Southern Pacific Co—
46% May'21
44%
69
64
64% Nov'20
70
72%
Oct'19
67
CI
43%
45
50
49%
July'18
67
64%
65%
40
Series A
1945 M
Atl A Birm 30-yr let g 4s.el933 M.
Caro Cent 1st con g 4s
1949 J
Fla Cent A Pen 1st ext 6s.. 1923 J
1st land grant ext g 5s_. 1930 J
45
62%
Oct'17
66
1st A cons 6s
30%
38%
39%
41%
36%
60
5S..1924 J
4a...1944 M S
Friday; latest bid
46
35
50
1942IM N
4Hb..__1935 Ml N
A..1942 J J
Series B___
1942|A O
Int reduced to 3Hs.—1942 A O
Series C 3Hs
1948 M N
Series D 3Hs
...1950'F A
Erie A Pitts gu g 3Hs B_..1940:J
Series C
1940 J
Gr R A I ex let gu g 4Hs._194l'j
J
Ohio Connect 1st gu 4s
1943 M S
Pitts Y A Ash 1st cons 5s..l927iM N
Tol W V A O gu 4Hs A
1931! J
J
Series B 4Hs_
1933 J
J
Series C 4s
1942 M S
P C C A St L gu 4HS A...1940 A O
Series B guar
1942 A O
Series C guar
..1942 M N
Series D 4s guar..
1945 M N
Series E 3Hs guar gold.. 1949 F A
Berlea F guar 4a gold
1953 J D
Series G 4s guar
1957.M N
Series I cons guar 4H8..1963 F A
General 6a Series A
1970 J D
O St L A P 1st cons g 5s...1932 A O
PbIJa Bait A W lat g 48—1943 M N
No price
37
May'21
79%
64
©1949 f A
1953 A 3
S
S
J
J
J
Consol gold 5s
1943 i J
Ga A Ala Ry 1st con 5s...01945 J
J
Ga Car A No 1st gu g 5s
1929 J J
Seaboard A Roan 1st 5s...1926 J
J
Apr'21
42
36%
CI A P gen gu 4Hs Ser
*
78%
75%
Apr'21
40%
36%
60%
41% Sale
CI A Mar 1st gu g
U N J RR A Can gen
*70% ~74%
71
37% May'21
37%
42
40%
Cln Leb A Nor gu 4s g
Sodua Bay A Sou 1st g
82
35
D
J
77%
80% Sept'20
80
"
SO
79
gold 6s
37
45
O
Alleg Val gen guar g 4s
1942 MI
F
D R RR A B'ge lat gu 4a g_1936
Registered
75% May'21
36%
D
...1936!F
Guar 3Ha
75%
37
F
Q
1930
Pennsylv Co gu 1st g 4Hs—1921
71
40i2
Q
1st consol gold 4s..
..1968 J
Wash Cent 1st gold 4s
1948 Q Ml
Nor Pao Term Co lBt g 0S...1933 J
J
Oregon-Wash 1st A ref 4s
1961 J J
Pacific Coast Co 1st g 6s
1946 J D
Paducah A Ills 1st s f 4HS---1956 J
J
Pennsylvania RR 1st g 4s... 1923 Ml N
Consol gold 4s
1943; Ml N
Consol gold 4s
1948, Ml N
Consol 4H8
1960 F A
General
73
71%
....
J
1965
1968
74%
66
Feb'19
67% June'20
78%
78%
85
Nov*17
79%
70
...
General 4Hs
68
78%
78%
M S
J D
F A
Ml N
Ml N
F A
New River 1st gold 6s
1932 A O
N A W Ry 1st cons g 4b_._1996 A O
Registered
......1996 A O
Dlv'l 1st lien A gen g 4a. 1944 J
J
10-26-year conv 4e
1932 J D
10-20-year conv 4a
1932 M S
10-25-ycar conv 4Hs.—1938 M S
10-year conv 6a
1929 M S
Pocah C A C Joint 4s...1941 J
O
CC AT lat guar gold 5a_. 1922 J
J
Sclo V A N E 1st gu g 48..1989 M N
Northern Pacific prior Hen rail¬
way A land grant g 4a
1997 Q J
Registered
.1997 Q J
General Hen gold 3a......O2047 Q F
Registered
02047 Q F
Ref A lmpt 6b ser B
..2047 J
'
•
99%
only—01992
General4s....
1955
Norfolk Sou 1st A ref A 5s...1961
Norfolk A Sou 1st gold 5s....1941
Norf A West gen gold 6s....1931
Improvement A ext g 6s. ..1934
Q
70
67
Registered $5,000
J
90
84%
67
70
67
4s
J
J
93" "93" *
May'21
130% Jan'09.
95% June'20
70
3Hs
3Hs
4a
4a
3Ha
A
2047
St Paul-Duluth Dlv g 4a.. 1998
Gt Nor Joint C B A Q 4s...1921
Registered
A1921
N P-Gt Nor Joint 0Hs
1936
St P A N P gen gold 6s
1923
Registered certificates.. 1923
8t Paul A Duluth 1st 6s. ..1931
<6
90
92%
A--1953.F A
Ref A Imp 4Hs ser
50
76
93
98%
1945 J J
Providence Secur deb 4a...1967 Ml N
Providence Term let 4a—1956 Ml 8
W A Con East 1st 4Hs
1943 J J
Y O A W ref 1st g 4a
01992 M 8
Consol
55%
50
Apr'21
Nov'16
Jan'21
103
85
deben 4a
Non-conv deben
55%
Feb'21
76
95%
1947 M 8
1947 M 8
Non-conv deben
19&4 A O
Non-conv deben
.1955 J J
Non-conv deben
1956 M N
Conv debenture
1956 J J
Conv debenture 6a—....1948 J
J
Cons Ry non-conv 4s
1930 F A
Non-conv deben 4a—..1955 J
J
Non-conv deben 4a
1956 J J
Harlem R-Pt Chea lat 4a..1954 M N
B A N Y Air Line let 4a...1955 F A
Cent New Eng let gu 4s—1961 J
J
Houaatonlc Ry cons g 6a.. 1937 M N
Naugatuck RR 1st 4a
1964 IY1 N
N Y Prov A Boston 4a
1942 A O
NYW'che8ABlBtSerI4H8'46 J J
New England cons 5s
1945 J J
Non-con v
Feb'21
60
87
70%
70%
1931 M N
_
55%
56
,
50%
J
J
O
J
*97% "98%
98%
98%!
71% Nov'20
98% Sale
'
*0~9~~ "72%
May'15
113
98%
J;
O
1937 A O
4s
73
68
Equip trust 4H8
1920-1925:J
A St List g 4a
1937 A
Registered
60%
Oct'20
91%
....1943 J J
Reading Co gen gold 4a
1997 J J
Registered
1997 J J
Jersey Central coll g 4s
1951 A O
Atlantic City guar 4s g
1951 J
J
St Jos A Grand Isl 1st g 4b___ 1947 J
J
St Louis A San Fran (reorg Co)—
Prior lien Ser A 4s..
1950 J
J
Prior lien Ser B 5s
....1950 J
J
Prior lien Ser C 6s
1928 J J
Cum adjust Ser A 6s
61955 A O
Income Series A 6a
61960 Oct
St Louis A San Fran gen 0s__1931 J
J
General gold 5a
1931 J
J
St L A S F RR cona g 4a
1996 J J
Soutbw Dlv 1st g 5s....1947|a O
K C Ft S A M cons g 6s—1928 Ml N
K C Ft S A M Ry ref g 4S..1936 A O
K C A M R A B lBt gu 5S..1929 A O
St L 8 W 1st g 4fl bond ctfs.1989 M N
2d g 4s Income bond ctfs_pl989 J
J
Consol gold 4b.
1932 J D
1st terminal A unifying 5s. 1952 J
J
Gray's Pt Ter 1st gu g 5s. .1947 J D
S A A A Pass 1st gu g 4a
1943 J J
Seaboard Air Line g 4b
1950 A O
Old 4s stamped
1950 A O
1st consol
75%
71
O
J
2d guaranteed 6a
1934J J
West Shore 1st 4a guar
2361 J J
Registered
2361< J J
NYC Lines eq tr 58—1920-22 M N
N Y Chic
Nov'19
82
A
3H8
2000 M N
Y A Northern let g 5a. .1923 A O
Pine Creek reg guar
"
90
74% Sept'20
66% Mar'20
N Y A Harlem g
N Y A Pu 1st cons gu g
"
90
Mar'21!
No.
High
A 8k Low
Bid
g—1921 Q F
2d gold 4HB
61921 MN
Pere Marquette 1st Ser A 6a_1956 J
J
1st Series B 4a
1956 J
J
Philippine Ry lat 30-yr s f 4a. 1937 J
J
Pitts Sb A L E 1st g 6s
1940 A O
98% Nov'18
67
Range or
Last Sale
Peoria A Pekin Un lat 6a
93% May'20
90
Friday
May 27
High
Loto
Dec'20
88%
May 27
Week't
Price
If
is
STOCK EXCHANGE
Week ending
Jan. 1
No.
High
69
74
7lh
20-year debenture 4a—.1929 a
N J June RR guar let 4a—1936 F
N
Last Sale
A sk Low
87%
1952 MN
O
1st gold 3Hs—
Range or
Bid
N. Y.
Since
pridav
Is
BONDS
Range
Week's
Price
I?
84
85
Jan'21
85%
88
May'21
May *21
Ju!y'20
63
69
70
80
78
7834
50
Mar'21
66
Apr'21
81
83%
78
4.^
62%
7l"
106% Nov'04
60
83%
86%
77
83
84% May'21
75
Feb'21
65%
Jan'21
70%
71
Apr'21
86
8034 May'21
65%
60%
34
78
76
47%
48%
47%
15%
25
Feb'19
36
75%
....
May'21
47%
15% Mar'21
18%
*62*%
75%
15
Nov'20
70
May'21
79"
76% May'21
52
52
79% Sale
75
80
7934
80%
79%
Sale
82%
10
55
Apr'21
83
83
*44
74% Sale
98
Sale
74%
7538
55
98
98%
14
77% Sale
77%
77%
1
98% Sale
99
99
89
89
78%
7934
8934
89
79
89%
89%
Sale
90
8934
89
72%
....
27'8
81% Sale
1
Feb'18
Jan'21
24
Mar'21
81
81%
8434
85.
84%
72%
73%
73
88
90
....
5
76% Mar'21
72%
72%
1
12
85
73
Aug'18
Due Oct. v Due Nov. q Due Dee.
s Option sale
New York BOND
11
BONDS
N. Y. STOCK EXCHANGE
Weak ending May 27
Wabash
Price
Range
May 27
1954 J
J
Ask Low
57k
8178
1941 J
J
Dee Moines Dlv 1st g 4a...1939 J
J
Om Div 1st g 3Hb
..1941 A O
Tol A Ch Dlv g 4s
1941 M 8
Atlantic Fruit
Aug'12
Atlantic Refg deb 6)*8
54k
61
May'211
63
5812 May'21
68k May'21
79U Feb'21
52i2
6334
A
A
79
Weet Maryland 1st g 4s
West N Y A Pa 1st g 5s
Gen gold 4s
1952 A
O
5378
8ale
1937 J
J
84
86
1943 A
6978
62i8
Wheeling A L E 1st
g 5s
A
Refunding 4J4s series A...1966 M
62
80k!
RR 1st consol 4a...:
1949 M S
Winston Salem 8 B 1st 4a...1960 J
J
Wis Cent 50 yr 1st gen 4s
1949 j
J
Street
Railway
60k
mm
18
83
9034 Mar'17
48
55
5H4
68
J
25
45
Sale
45
40
73
30
40k!
50
47
64
Dec'20
80
May'18
J
25
24
Bklyn Un El 1st
1950 F
A
64»4 Sale
6 434
65
Stamped guar 4 5s
1956 F
Kings County E 1st g 4S..1949 F
Stamped guar 4s
1949 F
A
65
651 g
03
65k
A
6478
5418
54l8
58* ~65*"
5414 May'21
53
54 k
53
Nassau Elec guar gold 4s..1951 J
j
Hud A Manloat 5s
Adjust income
A
ser
1957 F
5s
.
Certificates of
59U
61
59
58
16i2
1312
17l2
1634
j
15
14
14.3s
5212
5412
65i8 May'21
55k
56
6334 May'21
7034
7184
O
Stamped tax exempt
1990 A O
Manila Elec Ry A Lt s f 6s__1953 iw R
Market 8t Ry 1st cons 5s.
1924 M S
56
56k
56
56k
65
7U2 Sale
Metropolitan Street Ry—
Bway A 7tb Av 1st c g 5s..1943 J
D
Col A 9th Av 1st gu g 68..1993 M S
Lex Av A P F 1st gu g 63.. 1993 M S
Met W 8 El (Chic) 1st g 4S..1938 F A
MUw Elec Ry A Lt cons g 58.1926 F A
40i2
Ilk
27k
J
72
20k
20k
412
J
ol942 A
O
Certificates of deposit
Bt Paul City Cab cons g 6s_. 1937 J
Third Ave 1st ref 4s
1960 J
Adj Income 6a
a I960
Third Ave Ry 1st g 6s
53
7414
35'
76
79k
2
72
29,
*17k *25*
22
16
632
57s
3
4ftl2
54^4
69
72
50
75
Dec'20
7
48k
78-34
4034
3!i
48k
25
75
337s
8U2
91
92
92
May'21 i
88k
93
J
65
9014
68
Mar'21:
68
68
50
Sept'20
51
6978
70
6»k
6978
20
Equit Tr (N Y) Inter ctfs
Va Ry Pow 1st A ref 5S.....1934 J
mi nan
May'211
36
Mar'21!
3132
Apr'21
~3ii 2 ".34k
Union Tr (N Y) ctfs dep
47
3312
33i2
10
42
32I2
3412
32
34
65ls
J
68
65
*6*5" "70"
47
60k
36
36
29
6678
367«
20
36
26k
361.4
60
67k
Light
6s A..1949 J
J
79U Sale
79U
79i2
76
80
General 6s se-ies B
1930 J
J
88
89
88
88
88
Gene al 7s se lee C
1930 J
J
96
Sale
953.1
9812
95k
89k
98k
gen
Bklyn Un Gas 1st oons g 6s.. 1945 IVI N
Clncln Gas A Elec 1st A ref 6s 1950 A O
Colombia G A E 1st 6s
.J927 J
J
Stamped
..1927 J
J
Columbus Gas let gold 6s...1932 J
J
Consol Gas 5 yr conv 7s
1925 Q F
Cons Gas ELAP of Bait 6
yr5s "21 :M N
Detroit City Gas gold 6s
1923 J
J
Detroit Edison let coU tr 5s.. 1933 J
J
1st A ref 5s ser A
*1940 M 8
1st A ref 6s series B
A1940 M 8
Duquesne Lt 1st A coU 6S..1949 J
J
Eq G L N Y 1st
City (Mo) Gas 1st
Kings Co El L A P
85*2
7712 May'21
831.1 Mar'21
84
85
84
84
1
83
84
S3
S3
1
70
77
....
100i2 Sale
1952 F
1949 Wl N
g 5S..1922 A
5s
A
O
88
Sale
87k
89k Sale
88i2
88
91
91i4
1937 A
O
85
1997 A
O
9914
1925 Nl
8
90
Ed El 111 Bkn 1st con g 48.1939 J
Lao Gas L of St L Ref A ext 5s '34 A
J
73U
76i2
O
74^4
75
Milwaukee Gas L
Newark
6s...
1st 4s
101
1927 IVI N
81k Sale
72
NYGELAPgSS
..1948 J
Purchase money g 4s
1949 F
Ed Elec 111 1st oons g 5s...1995 J
NYAQ El LAP 1st
9984
1948 J
Con Gas g 5s
con g
Pacific G A E Co—Ca
..
5S..1930 F
D
80
D
8U2
A
67
J
A
82l2
_.
80i2
70
1937 M N
76
77i2
72
80
Peop Gas A C 1st
86
cons g 0S..1943 A O
Refunding gold 5s
1947 M S
Ch G L A Coke 1st gu g 5s. 1937 J
J
Con G Co of Ch 1st gu g 5s. 1936 J
J
Ind Nat Gas A Oil 30 yr 5s. 1930 M N
Mu Fuel Gas 1st gu g 5s..1947 M N
conv
conv s
Sept'19
May'21
*66*" *75*
*87*" *90**
8158 Apr'21
9834 May'21
81k
93
*7*3*" "7 6%
763g May'21
7434
75
8U4
104l2
82
81k
100
Dec'20
68k
75
79
81k
Apr'17
8U2
g
6s
f 6s
1922 M N
1920 J
D
Syracuse Lighting 1st g 6s...1951 J
Syracuse Light A Power 5s__1954 J
D
Trenton G A El
1st g 5S....1949 IVI
Union Eleo Lt A P 1st g 5S..1932 M
J
1930 J
1944
F
S
6834
8632 Apr'21
78i May'20
77h
105
9U2
72k Sale
8S-s
76i2
73
....
7214
-69" ::::
9414 Sale
83k
88
72
6912
7
8*i 4 nr.*
72i2
....
89
7934
79 k
J
J
95
77
75
74k
138
95
8334
6838
~68k
*78*14 "78*14
July'19
Oct*20
80
17
*7*0"" *81 "
Mar'20
87
Nov'19
May'21
*77* *77*"
Miscellaneous
Adams Ex coll tr g 4s
Alaska Gold M deb 6s A
Conv deb 6s series B
8
1925 M
8
1926 m
si
65
Sale
15k Sale
147g
12i2
60
15l2
15
62
15i2
May'21
30
21
5618
14
13»g
63i4
1934
1934
•No priceFrldav: latest hid and asked. rtDueJan. 6Due Ar»rii. mOiia
Mav, «nii«
80
82k
70k
12
5734
68k
298
91k 9434
73 101
103k
94i2
100s4
Sale
91
'89k
9234
100
59
85
eok
82l2
82
Sale
45
77
11
8034
87k
9134
85
10
88
86
10034
73
IOOS4 May'21
74
74
70i2 Sale
7618
117
IIII
74
~
7134 Sale
925g 95
71
8478
Sale
88
92-V
May'211
70
98
74
75
73
78k
117
6 *67 "
|
~76k
91
24
90
9334
70
Mar'21
73ia
89i2
98k
70
I 117
Jan'21
99k
Deo'20
88
~89'2 IIII
10
73
69l2
7134
94k
101
87k 100k
—-
7412
7012
70
88
93
Dec'18
89'2 Mar'21
*89k
89i2 May'21
88k
89k
92
84
101
80
86
10Ut4 Sale
lOOU
101
85
100
Sale
102l2
103
66i2
69
69
78
82
Sale
81
80
May'21—.
9934
88i2
90
90
68
6812
100
Sale
1
69
79
9934 Sale
85i2 Sale
10014 Sale
102k
42
102l2 103
100k HOI
69
77
79
79
9934 100k
May'21
May'21 ——1
68
85k
90
66k
70k
55
107
507
85
90
8534
100
9914
90
90
.
10034
100k
99k 10134
99k 102
Nov'18-
*711*2
sale
72
I
9
7U2
7*1* "76k
8U4
8134
8I84I
0
80
83k
99i2 Sale
90i2
99i2: 272 99k 9934
10512 Sale I05i2
107 J
108
17 102
843s 86J2
8434
8434
5
77k
85
IO684 108
10634
108
11 103
108k
84*4 Sale
8434
8434
1
78
85i4
88I4
90U 87k May'2J
87k
9014
81
92
8984
....
97
Feb'21;....
8934
9078
9034 May'21;
95i2
98i2;
8534
8534|
9U4
92k'
85i2 May'21r
86k Nov'20
80i2 Jan'21 i
Sale
85
87
92
Sale
81
88
91
84 34
IIII *88*14
Sale
80
97l2
7734
99
93
92
92
Sale
92
Sale
88
92
Sale
8934!
8Gi2
9878
7834
100k
93
.
9234
88
11
88
88
87
91k
9312
97k 100k
85
88k
91k
95i2
85k
85k
87
99
1
97
29
13
73
86
80k
79»4
75k
6
95'4
89k
26
89k
4'
86i2
8784
94k 100
88
79l2
10112
94ig
96k
95k
9334
M N
91
92k
28
9034
9084 Sale
90 <k
9G34
12
92k 100
9914 Sale
99
190,
94»4 100
100
93
93
May'21
92k
May'21
80k
93
86k
82k
90
95
90
1942 IVI N
1st A ref 6s guar A
J
82
Sale
82
83
78k
71
78
75
A Imp s f 5s....1936
Buff A Susq Iron s 1 6s..... 1932
J
J
J
D
Debenture 6s
al920 IVI S
D
Cababa C M Co 1st gu 6s...1922 J
Colo F A I Co gen s f 5s.. ...1943
Col Indus 1st A coll 5s gu_._1934
95
777s Sale
84i2
...
110
96l2
93i2 July'19
8134
Apr'21
101
76
7812
71
7214
8I84
May'21
*8134
Deo'14
77
71
"jo' "82~
71
6234
72k
72
75
Cons Coal of Md 1st A ref 6s. 1950
Elk Horn Coal conv 6s
1925
78is
75
Apr'21
85
98
Feb'19
Illinois Steel deb 4)6s
iDdlana Steel 1st 5e
77
78
7812
7912
9034
9U4
9034
9334
91k
86
92
9334 Sale
94
27
02k
95k
74i2 Sale
73
75k
15
73
78
83
*23
Lackawanna Steel
1st
codb
1940
1962 IVI N
1st g 6a..1923 A O
1950 IW 8
5s Beries A
s
Mldvale Steel A O
J
J
f 6s..l928 J
J
f 4)68 A..1954
f 5s 1930 M S
oonv s
U S Steel
s
a
81
7612
Corp—(coup
s
79i8
d 1963
dl963 MN
f 10-60-year 6s/reg
1963 J
IW
f 5s
76k
May'21
77
79
82
78
82
i
7212
8878
9478 Sale
nil "75"
S
8112
s
7778 Sale
6912 Sale
8
86
Sale
82
Sale
86
85
83
26
94k
52
94i2
Jan'21
79
79
75
Apr'21
88i2 Mar'21
9434
95i2
83
73
80
*82"" ~86k
71
75
80k
82k May'21
91
96k
94
85l2
52
81
21
92k
62
200
841»
&
Telepl-no
Am Telep A Tel coll tr 4s
1929
Convertible 4s
1936
1933
7-year convertible 6s
O
1946
1925
A
BeU Teleph of Pa s f 7s A
1945
Cent Dlst Tel 1st 30-year 5s..1943
Commercial Cable 1st g 4s...2397
O
J
60
J
78h
Keystone Telephone 1st 5s.. 1936
J
D
Micb State Teleph 1st 6s....1924 F A
N Y Telep 1st A gen 8 f 4)68.1939 M N
30-year deben
7
"7*6* " "82k
Nov'20
Sale
5
May'21
77U
80
J
Va Iron Coal A Coke 1st g 58.1949
Telegraph
79
82
MN
s
f 6s.-Feb 1949 F
Northweet'n Bell T 1st 7a A. 1941 F
Pacific Tel A Tel 1st 5s
1937 J
South Bell Tel A T 1st
a
f 5a. 1941
Weet Union coll tr cur 5a
1948 IVI
9234
Sale
Cumb T A T 1st A gen 6S...1937
88
81
89
75k
67k
6512'
10012
1
88
A
M
1926 J
5s
20-year conv 4Mb
30-year temp coll tr 6s
May'19
77
96
77
63k
72k
7814 May'21
87
D
13
81
79
1957 J
*84*" "88k
Feb'21
92k
76
17
Steol
20 yr p m
Victor Fuel 1st
Apr'17
84
1950 J
79
64
90
84i8
73«4
Apr'21
65
9234 Sale
Tenn Coal I A RR gen 5s...1951
77k
91k
91
83
G334
102U
70
July'17
80k
3
91
8612 May'21
7834
79t2
82i4 May'21
70i2 Mar'21
1
Feb'21
Pocah Con Colliers 1st a f 5a. 1957
Repub I A 8 10-30-yr 6a a f__1940
St L Rock Mt A P 68 stmpd.1955
Mar'17
82
a f
7
875jj
91
98i8
9878
7734 Sale
99i2 Sale
1922
....1931
&
68
87I2
9418
86k
76k
9H2
May'21
70k Nov'20
68'2 Mar'21
98k
Oct'17
Coal, Iron
Beth Steel 1st ext
88
70k
62
30
Sale
88
86k
79
94I4
Westingh E A M 7s
82
71k
75
10U2 Sale
Pleasant Val Coal 1st
77i2
89
75
1932
97k
99k
9212
1013s
69
86k
74U
«1924
( 7 HB
98k
21
84
67l2
797s
64 34
82k
100
70i4
J
Westchester Ltd
1950 J
77
A
Utlca Elec L A P 1st g 5s
Utlca Gas A Elec ref 5s
gold 6s
7714
8
Refunding A extension 5s._1933 IW N
United Fuel Gas 1st s f 6s
Utah Power A Lt 1st 5s
76i2
s
Lehigh C A Nav
*81*" "84*2
May'21
68
86I4 May'21
86
Pacific G A E gen A ref 6s... 1942 J
J
Pac Pow A Lt 1st A ref 20 yr 5s '30 F A
Pat A Passaic G A El 5s
1949 M 8
Philadelphia Co
8912
Feb*18
G A E—
Corp unifying A ret 5s
Stand Gas A El
87k
Apr'21
92
12-year
conv
'
87
71
88
J
J
J
1930 F
6s. .1926 F
5s.. 1923 J
West Electric 1st 5s Dec
77k
Purchase money 6s
.
10-year 7Ha
84
96k
198
98"s
67
—
U S Realty A I conv deb g 5s. 1924
U S Rubber 5-year sec 7s
1922
1st A ref 5s series A
1947
86
87
91
6s_l927 A
J
M
General Baking lsrt 25-yr 0a__1930 J
Gen Electric deb g 3)68
1942 F
8H2
88
90
1st g
oonv
78
32
103
J
S
du Pont Powder 4)*s._. 1930
U 8 Smelt Ref A M
79l2
80
1931 M N
1934 M N
O
D
N
D
A
Debenture 5s
1952 M s
20-year deb 6s
Feb 1940 F A
Goo year TireA Rublst sfSs'1941 "N
Ingersoll-Rand 1st 6s
1935 J
J
Int Agrle Corp 1st 20-yr 5s.. 1932 M N
International Paper 5s
1947 J
J
Kelly-Springfield Tire 8s
1931 M N
Liggett A Myers Tobao 7U ...1944 A O
6s
1951 F
Lorlilard Co (P) 7s
...1944 A
5s
1951 F
Nat Enara A Stampg 1st 5s..1929 J
Nat Starch 20-year deb 5a... 1930 J
National Tube 1st 6s
1942 M N
N Y Air Brake 1st conv 0S..1938 M N
P 'Cka d Mot »r Car 10-yr8s.l931 A Q
Standard Milling 1st 5s
1930 M N
Steel A Tube gen s f 7s 3er C. 1961 J
J
Union Bag A Paper 1st 6s...1930 J
Stamped
1930 J
Union OH Co of Cal 1st 5s. .1931 J
E I
Va Caro Chem 1st 15 yr
Conv deb 0s
87l4
72
Distill Sec Cor
82* _80~*
67
87i2
79
76k
82
91
86
<
90
97
75
76i2
Sale
'
A
du Pont de Nemours & Co 7Hs '31
78
98k 102 k
83
Wlckwlre Spen Steel 1st 7S..1935
88
75
1951 F
deb 7)^8-1030
s f
89k
Apr*20
AprkO
94
Diamond Match
8334
79
"7414 *79 "
J
1930 J
Cuban Am Sugar 1st coll 8s 1931 M
81
Sale
79
88
1939 J
f 7-08
8
83k
89k
82k
90k
Convertible deb
g
9512
88
Paper
71
,87 June'19
'l02
'ook
101
79
~88~ ~95h
6s...1932 M 8
cons g
Havana Elec consol g 5s
Hudson Co Gas 1st g 5s
Kan
78
84i2
A
Cuba Cane Sugar conv 7s
Feb'17
32
Writ
25k
3k
10'
4734
3012
7834
1951 F
19
l1
334
53
72
0538
95
4s
44
O
United Rys Inv 6s Pitts lss_.1926 M N
United Rys 8t L 1st g 4s
1934 J
J
8t Louis Transit gu 5s....1924 A O
United RRs San Fr e f 4s
1927 A O
Bklyn Edison Inc
3»4
Gold
Consol Tobacco g 4s
Corn Prod Refg a t g 5a
1st 26-year s f 6s
22
9034
48k Sale
3012 Sale
1948!
Electric
5
53
71
Sale
J
J
2014
20i2
'61
484
Conv deben
5s
1924 F
Am Cot Oil debenture 5s
1931 W N
Am 8m A R 1st 30-yr 6s ser A 1947 A O
Am Tobacco 40-year g 6s... 1944 A O
74
50
9834 Sale
Sale
92
Feb 21
8U2
9078
9812
82
Baldw Loco Works 1st 5s
1940 M N
Cent Foundry 1st s f 6s
1931; F A
Cent Leather 20-year g 5s... 1925 A O
74
86
817s Sale
967s Sale
78k
82k
10134 106k
|
1928 A
5a
c
Am
7178
80k
91
..1928 J
conv a f 6s
Agrlo Chem 1st
58
50
69
5312
82
O
1937|J
Income 08
and
20
478
4l2
J
a
Tri'City Ry A Lt 1st s f 5s.. 1923 A
Undergr of London 4)4s
1933 J
Gat
2034
Am
60
73k
82
80k
95
80i 2
1111 ~87~
85
63*4
67k
79
7.912
Ma^ 21'
Apr'20
10034 Sale
53
Juiy'19
20k
69k
71
57
10-year
manufacturing and Industrial
15k
21k
74
69
1
64
0334
"92* "93 "
64
79i2
9234 8aJe
37
I
7612
79l2
O
7034
23
Feb'2
24
3«4
N Y State Rys 1st cons 4)4s_1962 M N
Portland Ry 1st A ref 5s
1930 M N
Portld Ry Lt A P 1st ref 5S..1942 F A
Portland Gen Elec 1st 5s..1935 J
J
19k
75
79U
86i2
"
*21
75U Sale
Pub Serv
58k
54k
..!6i
Feb'L'i
73k
50
1111 ~65 *
21k
13
48k
•
Dec'li
73l2
7478
J
85k
15
35
397s
82
756;
Apr'21
15k Mar'21
25k May'21
Apr'2
23k
32
43
92
73
J
...J
17
54
Certificates of deposit
30 year adj Ino 6s
44l2
20
:::: "93"
J
Refunding A exten 4)$s__.1931 J
Montreal Tram 1st A ref 5s..1941 J
New Orl Ry A Lt gen 4)48
1935 J
N Y Munlclp Ry 1st 8 f 5s A.1966 J
If Y Rys 1st R E A ref 4s
1942 J
Sale
3878
May'21
*59*" "69**4
211!
Mar'18
33
67
F
F
A
71k
21
J
Tide Water Oil 6Hb
1931
Union Tank Car equip 7S-..1930
Wilson A Co 1st 2&yr a f 6S..1941
60
81
J
A
Corp of N J gen 5s_. 1959 A O
Ir Con Oil conv 7ks
1925 M N
Standard Oil of Cal 7s
«193l F A
Tennessee Cop 1st conv 0S..1925 M N
70
95
84
1945 M N
6s
67k
72
6778
75k
104k 111
27
10234
J
1932 A
*80*" *85*»4
94i4
Slncl
63k
58
85'
68
85
53
"67k
Jan'20
38
J
247s
66k
57k
59
67U
O
Interboro Rap Tran 1st 6S..1966 J
Man hat Ry (N Y) oons g 4s..1990 A
18
66i2 June'20
57i2 Feb'21
e75g Sale
3 884 Bale
82i4 97
A
53
58
31
65i2
50
1957,
deposit
Apr'21
2478 Mar'21
63
6378
"58I4 *60*
A
N Y A Jersey 1st 5a
1932 F
Interboro Metrop coll 4)$8._1950 A
53
18i2
63i2
a
5
21
94U Sale
1939 J
Ref A gen 6s
Ontario Transmission
58
73
9884 100
80
1943 J
Nlag Lock A O Pow 1st 5s... 1954 M N
Nor States Power 25-yr 5s A. 1941 A O
Ontario Power N F 1st 5s...1943 F A
Dec'20
60
Sale
83
47
10134
O:
1951 F
Niagara Falls Power lBt 5S..1932 J
139
75
10134 Sale
O
N Y Dock 60 yr 1st g 4s
50
90
....
80
J
J
1936. M N
33
83i2
1940 M N
f 8s
37
12
3
68
A
s
39
32
J
Chicago Rys 1st 5s
1927 F A
Conn Ry A L 1st A ref g4Hs 1951 j
j
Stamped guar 4)*s
1951'j
j
Det United 1st cons g 4)$s_.1932 j
j
Ft Smith Lt A Tr 1st g 5s..-1936 M 8
Oj
s f 6s._ 1941 A
M irfand OU sf 8s serie3A ..1931 A
40k
4612
44k
N
....
f 5a
s
25
Feb'21
80
Hioh
Feb* 18;
80
Low
21
99.
707s
717s May'211
7U4 7H2 7U2
72
7434 Rale
7U2
7434
10812 8ale 10S12
109
Chile Copper 10 yr conv 78..1923 IW N
Co 1 tr A conv 6s ser A
1932 A O
Montana Power 1st 5s A
Morris A Co 1st s f 4)$s
City 1st cons 5s..1916 1941J
Q Co A 8 con gu g 6s...1941 m
Bklyn Q Co A 8 lBt 5S....1941 J
....
Jt
1963 J
32
Bk
4 5s
1st Ser C 0J48 (ctfs)
25
Bk
g
Ce ro de Pasco Cop 8s
1931 J
Chlo C A Conn Rys a f 5s...1927 A
Chic Un Sta'n 1st gu 4Ha A.1963 J
Inter Mercan Marine
7lk
66k
30
40i2
O
Great Falls Pow 1st
66k
44*8
39i2
J
i960 A
70
68i2
44
4 55s
1955 J
guar tax ex
66
66I4
25
50
j
J
6a...
No.
90
83
78H
67
Building 5s
High
9978,
A
Consol
Since
99l2
O
59
67
Atlt Low
Jan. 1
79U
5434
O
1962 A
Range
or
47
1920 A
Braden Cop M coll tr a f 6a.. 1931 F
5U4
Mar'21
Range
Last Sale
78i2 Sale
5434 Sale
9978 Sale
S
Computing Tab Rec s 1 0S..1941 J
J
Granby ConsMSAP con 6a A 1928 M N
Stamped
1928 M N
~47k "56*
49i2
5U4
66U
Sale
1931 M
Bush Terminal 1st 4a..
Mex Pet
30
2002 j
Certificates of deposit stmpd.
82
Oct'20
66k Sale
68k Sale
J
-
4)$s 1939 J -D
deb 7s A. 1934 J
D
conv
Booth Fisheries deb a f 6s
88
82
Jan'21
49«4
*192lj
1st refund conv gold 4s
-
80
I
Brooklyn Rapid Tran g 5s...1945'A O
3 yr 7% secured notes
Certificates of deposit..
Apr'21
84
~84~
71
N
84
Oct'17,
80
8018
4812
5134
S
Sup A Dul dlv A term 1st 4a'36 M
84i4
82
83
J
52
1
65
845s
O
1930 F
Wheel Dlv 1st gold 5s
Exten A Impt gold 5s.
79k
Sale
*80k
S
61
59
68k
79U
50k
89iS
62k
5I84
5538
45
Armour A Co 1st real est
62
60
66I4
36
O
1926 a
1928 J
Feb
8414
pi943 Nov
1946 IW
Bid
887t Mar'20
Week's
Friday
May 27
High
80
1945 F
A 5s
211
Price
62
1945 F
ser
Week ending May 27
70h
Wash Terml 1st gu 3 Ha
1st 40 yr guar 4s
Income 5s
N. Y. STOCK EXCHANGE
No. Loto
Hioh
2289
4
BONDS
Since
or
*70 ~
56
51l4
57i2
67k
Western Pao 1st
Range
Jan. 1
Last Sale
BUI
(Concl.)—
1st Hen 50 yr g term 48
Det A Ch Ext 1st g 5e
Wttk'9
Friday
Record—Concluded—Page
1938
Fund A real est g 4)6s
1950
Mut Un Tel gu ext 6s
1941
Northwest Tel gu 1
)4sg..l934
A
A
J
J
J
J
J
M N
M N
J
J
97i2 Sale
102i8 Sale
80iz
79h
42
7734
80 k Sale
9134 8ale
98i2 Sale
83i2 84i2
81i2 Sale
8534 Sale
79
Sale
80
69
69k
1
63
72
86
9
80
90
82
86k
8278
80
77k
83 k
97k
98 k
246
94k 102
19134
10278
86k Mar'21
64i2 Feb'21
116
100k 100k
79
7934
98
*8534 *86**
73k
80k
64k
64k
8
78k
86k
81
1
85
88k
75
8134
Apr'16
86
86
7978
91k
80k
92k
31
98k
8334
99 k
2411
84
81k
85«4
79
81k
86k
79k
87k
92l2
90k 100
80
81
83
83
40
77k
86k
80k
10112 8ept*17
64
85
11!
16!
Nov'16
^rtuaTniv, *o>»e Aug. flDue Oct. pDue Nov. cDue Deo. #Optlon sale.
BOSTON STOCK EXCHANGE-Stock Record s~B»°rPs...
2390
HIGH AND LOW SALE PRICE—PER SHARE,
STOCKS
Sales
NOT PER CENT.
Monday
Tuesday
Wednesday
Friday
May 24.
May 25.
May 26.
1
12312 123«4 *122U 123U *12214
65
65
64%
643s
64'4
21
21
12334' 122
~2l"
20U
86
2014
21
20
85%
21
i
124"
124
*5
♦5
*130
—
*6512
40
18%
,
*1.812
—
.*39
1834
70
*
66
*
66
*
65
"
#
66
65
64%
6434
*62"
6434
20
*19%
20
*19%
20
72
70
70
*70
42
42%
42
53
53
53
42
42
!
53
53
*.30
.75
*.30
.75
3%
3%
12%
3%
3%
13
3%
13
10434
105
89%
90
90
90
90
78
*76
78
*76
*13
14
105
105%
18%
♦1
*.40
*.25
*13
*4
76
76
""25
*.05
*13%
*17-%
*13%
*13%
1234
104% 105%
88% 88%
88
*76
*.05
18%
*17
18%
212
*1
*76
I
*.05
.25
' 1734
*1
18%
2%!
"*.40
.50
.35
.40
*13
*4
"*.40
".50
.40
.50
*.25
.45
*4
4%
15%
*4
4%
70
70
*70
80
70
70
160
160
158
15978
1034
*
23
*8212
♦45a
*17
"83%
83%
20
5
4
434
*16
*37*
4%
*9
9%
12%
12%
♦
9
12%
♦
80
*80~
*1
♦160
161
165
13
*13
*20%
22
*20%
*7
*7
7%
96
9584
98
*54
55
*
*53
18%'*-—
"3584
23%
18
21%
*12%
12
75
Jan 19
Dec
15
Apr 23
21
Jan 12
15
Jan
27%
1001
70
73
Feb
9
70
June
60
40
Miy 24
Jan 3
43% Mar
36
Dec
45%
pref
50.
49
8
53
May
3
5
48
July
55%
10.
.30
Apr 13
Jan 21
3
Jan
12
.
80
*70
*10%
15
16
*36
83%
-
20
*16
3%
II84
12%
16%
80%
12%
*
28"
27"
26%
2
7%
*9
10%
26
161
*160
*13"
21*2
13%
*13"
*20%
"13%
21
*20
98
96
55
*54
96
18%
18%
2334
23%
18
18%
17%
20%
20%
21
*12%
11
12%
12%
11%
12
18%
"35%
36
35%
*23%
11%,
36
♦14%
15
*14»2
15
15
15
*14%
*.50
.75
52
*.25
.35
*22
23
*2%
9%
2%
9%
*10
10%
*.03
.05
253
255
*8%
35%
6%
*.25
~29~z
18
12
11%
10
934
*
20
*14%
9%
9
10%
*10
2%
2%
9%
10%
253
8
35%
*3
3%
10
.05
*q
10
3434
3534
*3
3%
21
9
9
253
29%
74%
80
Dec
96
Jan
Deo
45
Jan
13
32
6%
10%
08%
67
June
118
Nov
Deo
16
7% Dec
4% Nov,
9% Jan 13
4% Feb 2
82'8 May
9
Dec
9
10% Jan 7
30% Apr29
167% Feb 18
87
Feb 17
May
23%
140%
Dec
Dec
--10
100
Manufacturing..20
Bros
50
17% Jan
16% Jan
12
May
10
Deo
65
Jan
Nov
25%
Apr
9% May
11
Apr
1st
19
Apr
1
2d
18
ADr
6
pref
60
pref
—.60
Wlokwlre Spencer Steel—- 5
Mar 30
15
19
Mar
1
May
18
Jan
5
17
14
13%
1334
q
8
8
35%
3434
35%
934
9
2%
9%!
*1%
134
Last Sale 134
.75
.65
*78
79
*78
21
21
21%
3%
3%
*1%
*234
*1%
3%
1%
*2%
1»4
2»4
62%
79
*78
*21
*3
1%'
*1%
*284
2
4
*1%
*1%
*2%
4%
2%
*2
52%
*15%
53%
15%
I
*55
234
4%
*2%
4%
2
53%
53%
*15%
1534
*
!
Last Sale
1%
3
1%
2%
23g
4%
2%
Feb 18
*2
2%
52^2
52%|
52%
53
15%
1584'
1534 i
15%
1534
*
Mar
28
Apr
49
Jan
Feb
19%
Dec
39% June
29% Apr 18
27
Deo
33
11
25
Deo
35
Jan
18% JanU
15
Deo
32
Bept
3
40c.
Aug
Jan 19
40%
Dec
20o
Deo
16
Deo
2
6%
21%Apr
30
28
Jan
60
I
*55
*90
92
I
*90
Last Sale 57
60
*90
92
92
4%
4% 4%,
IO84
10%
1034
4%
10%
1034
4%
1034
1034
1034
1034
.50
.25
.25
*.25
.50
*.25
.50
*.25
.50
32
*1%
22
31%
*40%
41
*40%
*38%
40
38
*.90
1
23%
*.90
200
Michigan
25
25
25
Mohawk
25
2
75
1,200
lOut
631
100
May'21
21
21
21
21
22
22
"""95
31%
30
31
30
30
30
30
260
41%
*40%
41%
40
40
39
41
38
*38
40
38
38
38
39
1
1%
*.90
*%
.80
1
1
*.05
4%
1%
1%
*3%
4
*1%
*.90
.80
39
24
66
.95
.95
*.90
1
Last Sale 1
*.05
.10
39%
.10
LastS Ue .05
*3%
*134
Last Sale 4
12
I
Apr'21
May'21
4
4
*4
4%
334
334
103
1%
*1%
1%
1%
1%
420
Utah Metal A Tunnel
.70
*.55
.75
1%
1%
465
Victoria
*.37
.60
250
11%
60
1%
1%
1%
.60
.60
.60
.60
.60
.65
*.63
.65
*.63
.65
7,600
234
4%
*2%
234
*2%
234
2%
2%
*2%
234
160
4
*1%
1%
*1%
1%
1%
*.60
.70
*.60
.75
*.60
el%
*.55
*.45
.65
*-45
.48
.45
.45
.40
1%'
I
11
*30
Bid and aalted
11
.50
prices.
11
*.30
11
50
*11
*
30
.40
12
i
134
1%
*.37
,50
1%
1%
*11
A Ex-dlvldend and rights,
25
5
Lake
4
13s
1,480
1,148
1%
1%
.60
12
r.Ktl 111*
*11
48
Tai'T
e Assessment paid,
Apr
5
210
Apr
259
Jan
2c
200
4
7
Jan
4
27
Jan
3,
36 :iMay
3|
5% Mar 28
7% Jan 3
2%May
1% Apr 2
1% Mar 30
1% Mar 16
4% Jan
7% Jan
10%
Jan
3%
Jan
3%
Jan
Jan
2%
Mar 18
63
Jan
0
10% Jan
3
2% Mar 14
1% Apr
1
2
4
Jan
1% Jan 25
1% Jan 22
.55
Apr 9
I
2
Miy24
43% Jan 3
12% Mar 31
.50 Apr "25
3% Apr
Feb
40
80
Jan
4
4
Jan
Jan
Jan
Dec
Deo
Deo
4% Mar
14% Jan
6% Mar
1
Aug
25o
Sept
Nov
82
June
Dec
38
Jan
2%
Dec
Dec
1% Dec
1% Dec
0
Mar
1%
2U
Ja"
4%
A Pi
3%
Jan
Deo
3
Jan
1%
Dec
5%
Jan
3%
Dec
11%
1%
Dec
90c
40%
Superior
1
3
-
Winona
——
Wolverine
STtr
b *,*-nghuj.
,
n
1
x
1
...—25
—25
...—25
}%May 17
Oct
Deo
12%
J&D
8
Dec
21%
Apr
Oct
80c
Jan
1
Dec
2%
Jan
15
Dec
37%
Jan
20%
Dec
58
Jan
84t»
Dec
65
Jan
Dec
68
Jan 28
25%
50c
Dec
2
Jan
2
Jan 181
10c
Mar
2%
Apr
.12
Jan
8i
3c
Dec
25c
2%
Dec
6
Jan
1
Deo
6%
Jan
Feb 211
dividend
7i
0
23%May 14,
14
May 3
Apr 26;
May
40
I'Ae
4% Feb 11
2% Feb 17
4
Jan
Jan
Feb 15
Jan
33c
Deo
1%
Mar 28
3
Jan
5
l*/4
Oot
3
5
Jan 12
42%
Aug
Deo
4
Jan
934
Feb
Jao
4
Nov
Jan
.40May
3%
3%
.40
2
3
.95
.35
10
IQ
,»»■<>
Mar 18
Jan
7
3
Jan 12
Superior A Boston
Jan
7%
Sept
43
4
24
95
33
Jan 22
Dec
Jan
Jan
Mar
Feb
Mar 30
.01 Mar
Dec
12% Nov
35c
7.
10 j t
7%
72
79
Jan
3
3
Jan
00
15
Mar
Jan
Jan
34
Feb
75
7ij
8% Jan 20,
95
1%
Jan
Jan
4
Nov
39
48
.50
.75
Apr
6%
Deo
Mar
12%
28
Jan
16
Aug
2
21
M ay
57
8
35% Jan
Jan
409
48%
7%
16% Apr 25
9
3
Jan
Dec
Jan
Dec
4%
Feb 16
Feb 11
1% Feb 25
3% Jan 8
6% Jan 8
3%May 5
55
May
5
1%
15% Jan
Apr
40o
Oct
Jan
6O0
2%
.25 Mar
23
Apr
1534
10%
16%
8%
3%
4% May 20
8
Mar 23
Feb
4%
Deo
Dec
25
3;
18;
6
8
6
6
7
26
79
M iy 10
22
May 11
3%May 16
1% Apr 12
Jan
Jan
Jan
42
40%
6%
May
.95
Feb
10% Nov
Miy 27
.95
3
Jan
1%
77
%
6% Mar
10% Jan 17i
10
Jan 28
12% Mar 17
...
South
4%
1%
1%
.03May25
—
25
Copper—10
Trinity Copper Corpn
5
Tuolumne Cop per
5
Utah-Apex Mining
6
Utah Consolidated
1
I
10%May 13!
6
Jan
Aug
——
South Utah M A S
1%
1%
*4
Idrla Quicksilver
May'21
*2%
138
.57j
2%
5
5
New River Company—-.100
Do
pref
100
N1 pissing
Mines
6
North
Butte
15
North Lake..
25
OJlbway Mining..
25
Old Dominion Co
—.25
Osceola
25
Qulncy
25
St Mary's Mineral Land—25
Shannon
10
New
4%
-
Consol
961, New Cornelia Copper
32
22%
.10
1%
.50
Mass
Mayflower-Old Colony
*31
22
*1%
*3%
ls4
*1%
4%
11
100
90
4*2
10%
Last Sale 1%
25
25
25
5
340
92
8
Jan
75
Copper
Lake Copper Co
La Salle Copper
Mason Valley Mine
Keweenaw
28i
3
Mar
1
150
100
1%
22%
1%
1% *—
.10
*.05
4
*1%
t
Apr
8
48
-—6
Lake
Kerr
May'21
90
t
pref
Isle Royale Copper.
100
Last Sale .50
.50
Do
—
.50
6% Jan
1
25
Island Creek Coal
.75 Mar
10
.03
Apr
26
7j
23% Feb II
3% Jan 7,
5
23%
44%
66
Apr
MM
Dec
4
2% Mar 26
Feb
19
Deo
5
16
Jan
26
14
.25 Mar
25
125
52% 5234
15%
1534
Apr'21
|
1,096(
"280
.40 Mar 29
Jan
70
Nov,
14%
43% Apr
25
Indiana Mining
23,.
*2
4%
4%
Helvetia
184
4
4%
50(
""150
Hancock
—25
Consolidated——25
25
3
2%
*2%
2
Franklin
2%
234
3%
*1%
2
*.25
1%
25
Daly-West.
20
Davis-Daly Copper
10
East Butte Copper Mln—-10
Copper Range Co
4
13j
*2
.50
4%
6
May'21
*1%
3%
4%
10%
4%
21
1%
*55
60
*3
*2%
2
53
21
3%
*1%
4%
2%,
2134
*3
3%
23
*1%
*1%
2
134
284
*1%
92
*90
*1%
*234
2
2
.50
.50 *
60
*1%
*234
*1%
1%
3%
.95
I
63
2134
22
3%
1%
3%
3%
May'21
.95
6234
63
Last Sale 78
May'21
79
21%
*3
*78
*3%
3%
.65,
62
62
21
2
15%
61.2
6234
3%
3%
3%
3
52%
*3
3%
21%
79
83
590
Last Sale 2%
*3
62
-—
1,010
634
*2
*.50
62
1,085
i",ii3
6%
*9%
2%
134
62
48
634
634
634
9%
*2
3%
784
35
1,530
*9%
9%
May'21
7
634
.75
*3
31
700
May'21
9%
7
14
734
Ah meek
65
253
34%
Last Sale 3
3%
Consolidated—25
26
Algomah Mining
26
Allouez
——25
A-cadlan Consolidated
25
Arizona Commercial
5
Bingham Mines
--10
Butte-Balaklava Copper—10
Calumet A Hecla
25
Carson Hill Gold
1
Centennial
—-25
Adventure
20
100
Jan
32% Dec!
22% 8ept!
12% Feb
15
Dec
4
Jan 14
17
Jan
99
5
2
105% Jan 12
22
Nov
36% Jan
34% Mar
170% Jan
Dec
39% Jan
Watch
8% Sept
101
17%
Mar 23
9%May
25
Nov
80
63% Nov
138% Jan
53
Jan
12
July
Nov
18%May 20
1
3
5
27
27
13
Feb
Apr
31% Apr
12% 8«Pt
101% Jan
80%
8%
13
34% Apr 11
22% Apr
Oot
Jan
85
Jan 10
24
Apr,
Deo
Feb
89%
8
64 May 9
122
Jan 26
35% Apr25
Jan
14
Nov|
9%
9
92% Feb 23
105
Dec
4
4% Mar 18
Jan 11
13
1'% Apr
85
Dec
24
5
53
Do
140
.06
14
*1%
•
7
28
Jan 8
Jan 7
86
Corp__25
95%May 23
Do
"""26
Feb
Mar
41%
-
21
Walworth
Warren
3
Jan
60
Apr
Deo
97% Nov
60
Dec
Waldorf System Ino
845
6
Deo!
10
40
Jan 17
Jan 10
2,061
Walt ham
12% Apr U
17
Jan 29
32%
June
May
25% Apr 18
35%
Feb 15
Do
260
8
26
22
2,497
•
9%
252
*.50
11
Mach
3
Mar
Deo
01
25
Shoe
Jan
80
8
3
Jan
J&o
36%
Apr 26
100
-
pref
25
Venutra Consol Oil Fields—6
10%
.06
.06
253
2%
*10
10%
.06
.08
22
*2%
*834
2%
*10
.40
*21
21
*2%
2%
9%
1%
*.30
6
Magneto.—-
United
131
16
54
*.25
.40
.75
1%
10
Union Twist Drill
1,076
May'21
*52
53
*.25
.40
256
13%
1334
*52
10
*253
254
1334
3534
*9
.05
*.03
.05
253
Last Sale .50
.75
54
*1%
4
Slmms
205
15%
100
Reece Button Hole
May'21
*14%
15%
146
Mills
Pacific
Torrlngton
24
*22%
Telephone.-100
95% Jan 3
8% Feb 17
25
Mar 28
935. Swift A Co
20
24
Last Sale 20
15
10
2% Apr22
Root A V Dervoort CI A no par
21
12
7% Apr 12
Plant (Thos G) pref
18%
2034
*.50
1%
23
118
-.10
Orpheum Circuit Inc.——1
23%
12%
11%
.75
.57
New England
"37
9
6
-—10
Leather
Ohio Body A Blower—no par
161
23%
*1%
*2%
~169
e
*.50
*3%
.1%
National
National' >11
155
*2%
"*.05
469
Mar'21
934
*
Mexican Investment Ino—10
734
Apr'21
23s
32
1,921
59% Jan
Apr 13
15
Mar 8
18%
*22%
3
Jan
5
89
*9%
*1%
*22%
May
61
984
23s
3%
1»4
*55"
May 27
78
11
pref-100
Cos.—100
Do
pref
—100
Mergenthaler Linotype—100
21
23>
*21
23
*2%
9
*3
7
22
234
14
35%
35%
3%
*52%
.40
*.25
23
*.50
.75
52
52
.40
*8%
9
*.50
.75
52
*13%
1334
4
74
Massachusetts Gas
10
Nov
Dec
Mining
13%
*2
McElwain (W H) 1st
127
12%
18
5
3% Mar 9
834May 19
140
18
31
3
20%May
80
20%
22%
*24
May 3
May 25
28% May
88
Apr
164
15%
8
Jan
8
8
29
May 12
20% Jan 29
37
Apr 27
Loew's
Theatres
17
534 Mar
80
7
Apr 16
Jan 25
23% Apr 12
May 24
Llbby, McNeill A Ltbby—10
13
17%
31
100
pref
8% Apr 12
15
Island Oil A Trans Corp.—10
23%
22%
18
24
Products—-.no par
Internal
May
533
2384
18%
21%
*
-—100
p-ef
140
430
1234
13%
20% May'21
2334
Mills--—60
Cotton
tat
Do
104
""385
97%
Last Sa
25
Inte nat Cement Corp.no par
Do
97"
97%
63% May'21
Last Sale 18*2 May'21
35%
36
35%
35%
55
no par
Greenfield Tap A Die
483
7
97
97
1
-.no par
M >tor
3
Jan
9
7%
e
rduer
Dec
75
Aug
4
28
13%
7
7%
18
62
Elder Corporation
G
15%
62
12%
161
Last Sa
*54
97%
55
*1234
21
7
7
7
7%
"l3%
...
Dec
21
Jan 17
70
152
pref
3%
23%May
75
2%
161
---—-100
Do
Into
101-2 102
Apr'21
Last Sale 26% M ay'21
161
3%May
Edison Electric Ilium—.100
Last Sa'e 9
161
Jan 10
Gorton-Pew Fisheries.—--50
j
102
Mty 27
16
125
61
7%
9
.25 Mar
12
14
505
74
¥o""
95
Manufacturing——5
17
15
Mar 12
4
May 27
Eastern
71
*122
102
26
24
*3
"
*.25
13% Mar
Eastern 88 Lines Ino——-25
1,174
157%
80
10
—-10
East Boston Land
78%
62
2884
7%
10%
*24
*2
6% Mar
36% Jan
11%
Last Sale
*25
♦25%
*160
161
~
7%
101% 102
101% 102%
*9
80%
62
2
*1
2
*1
1984
9%
Jan
14*4 Sept
Dec
3%
834
3%
12%
*122
28
27
7%
7%
734
62
*120%
32
*684
7
Nov
Connor (John T)
"4% "4%
75
*61
62
61
*120%
25
*3
Dec
12
Century Steel of Amer Inc.-10
326
"""22
*80%
80%
Apr
49c
465
May'21
9
*80~
14
1% Jan 10
13% Jan 10
4% Feb 11
23
Jan 8
.45
May'21
334
80
80
Jan
Jan
Apr
83
Apr
15
11%
9
12
19
38
Ap7
J"
Boston Max Pet Trustees no par
Last Sale 20% May'21
3%
834
11%
9
9
9
Deo
Nov
lc
3%
*10%
434
100% Sept
107
Apr
10
9
Feb
Nov
Nov
250
82
4
4
20
4
*334
4%
3
*15
4%
4%
434
20
.16
Nov
70
00c
157
15
82
6
Apr
70
Jan 10
.40
*70"
Last Sale 38
84
Jan 21
Jan
.07
80
30!
7
5
12%
13
Last Sale
37
*82
12
Mar
10
254
82
May
35%
"""65
37
81
Dec
25
*36
May
Feb 24
7% Mar
3% Nov
13% Nov
Dec
30
*82
90
73
Atlas Tack Corporation no par
100
—
3
no par
pref
Feb1
Dec
24
*24
*.03
15
109
Jan
8% Jan
Feb
6
5
29
*24
255
*10%
3
3
74
50
100;
Dec
1
3%
24
*18
*10
11
15
96% Jan
no par
pref
3o
5;
30;
15%May 2,
4% Apr
3
12
80
2
8
*-25
158%
Engineering
0% Jan
29
19%
54
Jan
Jan
4% Mar 18
*5%
32
2%
*884
Jan
Oot
89% Nov
10
23%
25
*22
31
Blgheart Prod A Refg
*28%
6%
*24
.35
Mar
8
29
23%
*157
*24
*.50
58
Jan
*.35
12%
23
160
*18
*52
100
-
pref
Apr
29
12%
12
60
r»Aft
4
24
12%
13%
July;
15%
20
*5%
3584
23%
18%
21%
35%
Dec
Dec:
77
Feb 18
23%
23%' 23%
18%j *18
21%' 2078
36
76
27;
Jan
Mar'21
Last Sale 80
"13"
Sept
Mar 29
*28%
102% 103
*9
10%
*25% 26
102»4 103
*9
10%
*25% 26%
75
3
6
61
*1
43% Feb 3,
23% Jan 12!
Feb 23i
Dec
15
23
61
2
Jan
Jan
32
10
29
80
62
80
Beacon Chocolate.—
6
80
120% 120% *120%
27
25% 26%
7%
77|
7'4
Mar
132
130
100
Colony
Amoskeag Mfg
60
*14%
j
159
159% 159%
'
11%
*10%
15
15
23%
*70
.
16%
"80"
80%
*61
*22
37
♦
37
Oct
Mar
11
37% Sept
80
Jan
89
July
88
Apr
Do
Last Sale 4%
May'21
14
14»2
15
4%
14'2
15
*5%
*28%
7
Novj
Apr'21
.45 i
*1134
23
6%
Deo!
3
41
Feb
70
Amer Telep A Teleg
65
May'21
1834
.40
*.25
1234
15
29
Mar
25o
Jan
Apr 26
Do
3,763
*17%
1834
*.35
*12%
*22
24
".40
.40
23
*23
Oct
143
Dec
Deo
66
Amer Pneumatic Servioe—25
Feb'21
Last Sale 3
13%
15
*2812
*17%
2%
.35
*22%
16
49
Jan,
75c
28!
16j
Feb 261
73
Anglo-Am Coraml Corp.no par
Art Metal Construo Ino
10
13
Last Sale 13%
"1734
*12%
15%
IO84
Deo,
10c
75
185
104% 104%
Last Sale .16
.25
.35
22%
11%
17%
Feb
130
Apr 11
Do
480
3%
13
13
13
10434 105
13%
15U
*1612
*5l2
3%
3-2
Last Sale 4%
2212
11
*3%
*13%
—
2%
13%
4%
25
124
05%
Feb 26
Apr 29
30%Mar 19
65
Mar 17
78
13
105U
88
.25
130
15
Am Oil
90
*.05
.99Jan
3%
Oot
Deo
89% Nov
40
Sept
West End 8treet_.
May'21
Last Sale .30
.75
333
—
Jan 29
3% Jan 19
Nov
68
Deo!
Miscellaneous
*.30
*75
.75
134
May;
13%
Jan 21;
Jan 29
.25
60
30
3i2
88
Jan 29
Feb!
60
4
Jan
30
133
4
.25
100
Vermont A Massachusetts.
53
.75
13
pref
Rutland
42%'
312
88
no par
Woro Eleo pref-ao par
100
100
100
Old
290
*.30
105
pref
"37
75
42
*51
Feb
May
NYNHA Hartford
"jy
6434
Highest.
74%
8j
25% Feb
Norwich A Worcester pref-100
53
"
42
42
42%
53
42
•42
*5212
26
120
7
Northern New Hampshire. 100
308
5
64%
100
100
Providence
Maine Central--
10
Apr'21
|
119
129% Feb 25
66% VI ay 10
86
May 24
Apr 13
Do
1934
| *70
18
Chlo Juno Ry A U S Y
Last Sale 19% May'21
75
Jan
pref
Do
—
64%
64%
*70
78
Bost A
—
19%
I
Last Sale 66
66
*19%
*70
I
19%;
63
*643
68
21
40
18*2
63
*70
*64'4
*10i2
39
1834
65
18%
*60
65
*
4l"
*39
18%
18%
18'4
♦
41
*39
40
65
133%
*65%
Apr 16
61% Jan 11
100
100
Do
Mar'21
Last Sale 130
Apr'21
Last Sale 67
May'21
119
100
Boston Suburban Eleo—no par
Last Sale 3%
♦130
135
*65
*
<
*5
-
—
100
Albany,
Elevated
Boston A
Feb'21
121
J
Lowest.
Highest.
prof
*
Boston A Maine
95
121
Jan'21
124
*121
*5
133% *130
*65%
70
*39
*130
124
Do
May'21
Last Sale .75
♦
124
Boston
534
Last Sale .25
*
Boston A
5
-
Last S'Ue 29
*27
*
188
243
65%
84
65
84
65>2
*84
*20
20U
85
Lowest.
Railroad*
Shares
I 123% 124
122
65%
6534
*84
I
*28
*28
122
122
65
65i4
86
*84
*84
1920.
Ysar
-
Week.
Thursday
May 23.
Presume
Mangs for
1.
EXCHANGE
the
May 27.
Saturday
May 21.
Range since Jan
STOCK
BOSTQNf
lor
4
Jan
3
75
Jan 17
20
4
2% Jan 31
2% Feb 17!.
1
Deo
Jan
6
|
25c
Sept
2
Jan
Apr
7
8
Dec
23
Jao
f
1 V
80 Mar
14
\<n
4
Feb 21
!*n iv
0*
Jan
1% Mv
mat 28
1921.]
the
chronicle
Chicago
Outside Stock Exchanges
of par
Bonds—
Week's Range
for
of Prices.
Price.
Low.
Friday
High.
Shares.
87.84
88.14
$2,800
86.01
87.44
2,700
85.62
Low.
Last
92.90
Stocks-
Jan
Jan
86.64
88.52
87.36
Jan
29,350
85.54
Jan
90.44
88.72
90.80
Jan
20,950
4%s.'33-38
Jan
86.64
87.52
91.26
Jan
Victory 4%s
74,150
88.10
85.34
1922-23
Jan
97.34
88.54
98.01
Jan
68,150
95.78
Jan
49 %
2 000
63 %
73 %
49%
54%
99%
75%
63%
73%
98.14 May
85
85
Atl G
oe
W I 33 L &3_
1959
_
54 %
Interhoro-Met 7a.......
Mass Gas 4%s._
1929
N E
85
1951
__
62
8,000
90
Jan
100
4,000
74
Apr
63% May
73% May
82
73%
79
87
"83"
78%
8,000
8,000
74%
Jan
79%
Jan
80% Feb
57% May
80%
Jan
78%
Jan
%
83
..1934
81
NYNHAH 4s
81
10,000
6.000
2,000
57 %
85
57%
5,000
85%
22,000
80 X
Swift & Co 1st 5s.....1914
Western Tel & Tel 5s. 1932
81
5,000
Jan
Briscoe,
May
Case
Friday
57% May
87%
Apr
for
Stocks—
of Prices.
Par.
Price.
Marland
Nat
630
74
12%
Jan
19
300
25
Mar
Apr
Jan
25
12%
6%
13%
6%
1,400
23%
46%
24%
825
24%
46%
-
«.
3%
5%
70
100
465
2%
35
Jan
Jan
8
Jan
100
495
6
420
Feb
12
Jan
18
Apr
19
Jan
Jan
50
22%
2%
22
24
3,276
27c.
_
—
«M
m
-
24c
27c
115
-
~3c"
'Stand Sanlt Mfg com..100
Transcont'l Oil
(no par)
Union Natural Gas
100
22
May
'
2%
5
3,000
115
3c
9%
117
9%
46
92%
148
10
Last
Stocks—
Par.
Alliance Insuranoe
American Gas
10
18
..100
American Stores
1st Preferred
28
no par
100
Cambria Iron
Consol Tracof N J
Elec Storage
59
"35"
91
116% May
6c
of N A
"8%
84%
97%
49%
Pennsyl Salt Mfg..
Pennsylvania
Philadelphia
(Pitts)
(cumulative 6%)
25
Preferred...
Receipts full paid
50
18
Philadelphia Traction...50
Reading
:
50
Tono-Belmont Develop.. 1
Tonopah Mining
1
Union
Traction
..50
United Cos of N J..... 100
United Gas Impt
50
Preferred
50
West Jersey & Sea Shore_50
*
H'SmaU....
-
-.
Phila Co
cons
Welsbach Co 5s
York
Rsiiw«*w
5s. 1937
par value,
Jan"
87%
Apr
Ex-dividend.
x
Baltimore Stock Exchange.—Record of
transactions at
Baltimore Stock Exchange,
May 21 to May 27, both in¬
clusive, compiled from official sales lists:
Last
Par.
50
.
Price.
50
_
1
_
Range since Jan. 1.
Shares.
28
90
1
".52""
10
5%
Celestlne Oil
for
Week.
28
1
.52
.56
2,250
5%
44%
.25
Low.
25
100
_
_
Sales
Week's Range
of Prices.
Low.
High.
45
5%
21%
1
High.
Mar
May
.52 May
30
28%
5%
1%
Apr
Jan
.95
Jan
7
Jan
May
Feb
87
525
Cos
Apr
Apr
Apr
10
86%
32%
3%
87
Jan
7
May
30% May
40
Jan
44
74%
42
27
7%
63
10
Mar
Jan
71
Feb
56%
79%
Jan
.100
& Co
no
par
.5
Drvison
Chemical..no par
Ho iston Oil pf tr ctfs..100
1. Renesch & Sons..no par
Jan
Jan
en
Coal
Preferred
Mar
Apr
Preferred b..........25
May
Jan
2,205
64%
32%
50
33%
22%
26%
25%
51%
3.578
18
1,056
521
31%
55%
11
51
72
30
66
1,139
Jan
707
122
1%
21
Apr
25%
Apr
25% May
Preferred..
Mt.
—
51
Jan
15%
Jan
1,540
1,470
1%
33
690
167
34
v t r
v
t
100
r
Central.
Jan
1%
Jan
170
3<>
Jan
38
187
May
May
Jan
50
37%
Feb
50
Jan
30
Jan
88.58
98.04 May
1,000
100
68%
68
99%
91.04 Feb
Jan
74% May
74
Apr
99% May
103%
Apr
56%
Apr
25,000
101
Jan
5,000
53
Jan
1,000
95
May
95
May
66% May
2,000
59
Jan
2.000
39%
Apr
48
84
Feb
85% May
92% May
2,000
1,000
11,000
2,000
7,500
1,000
1,000
11,000
92% May
74% May
92% Mar
94%
Apr
78
Jan
76%
Feb
82
Jan
84
700
70
66%
Mar
96%
6,000
3,700
91%
Jan
83
1
83
0»0
81
Jan
May
Jan
81
Jan
95
Feb
100%
Feb
82% May
82% May
85% May
87%
Apr
70
Jan
96% May
83
20
45
15
87
29
86
1
10
695
$2,000
5,000
60
65
May
94
Jan
97
Mar
2,000
86
Apr
4.000
75
Jan
7,000
Jan
94%
Jan
92%
Jan
93%
96% May
Jan
77%
87% May
76%
Jan
97% May
9%
52%
64%
77%
86
May
18
Jan
Jan
62%
Feb
Jan
67
Jan
Jan
88
Apr
May
9%
65
65
95%
87%
95%
87%
74
95%
87%
74
97%
94%
3,0
9,000
96%
96%
1,000
79
79
1,000
79
"96%
94%
96
79%
96%
97%
92%
96%
94%
7%% notes
....
Wash r & a 5s
90
-
61%
43%
101%
1941
90%
61%
43%
Apr
3,000
Jan
86% May
12%
Jan
Apr
97%
Jan
98%
79%
Apr
Jan
72
Jan
96%
90%
Jan
97%
Jan
11,000
90
97% May
92% May
92%
Apr
65%
Jan
47%
Jan
May
91
3.0(0
12,000
44
2.000
43
6,000
99%
1,000
69
70
96
5,000
71,500
62
101% 101%
70
0
89
Jan
61%
Jan
Mar
Feb
12
1923
Jan
Jan
Apr
Feb
55
f__1932
88.30
Jan
2,000
con s
United Ry & e 4s.... 1949
Income 4s
.1949
Jan
71%
99%
Convertible 6s
Jan
94.50
Mar
29
23%
86
Refunding 5s—...1950
Cosden & Co
Jan
85.60
12
Jan
Jan
Jan
66
97%
30
88.20
23
23
95%
92.44
9,000
250
222
Apr
43% May
83
86
"87"
Davison Sulphur 6s.. .1927
Elkhorn Coal Corp 68.1925
41,250
52,200
87.90 May
84.40 Jan
28%
23%
12
94%
7%% notes
Consol Coal ref 4%s._1934
Feb
80
40
May
Apr
May
49%
$2,500
19,000
5% notes
6% no tea...;
7% notes....
Jan
Feb
164
Feb
53%
_
May
6
Mar
79
Jan
Jan
Apr
Bonds—
Chicago Ry 1st 5s
;
1927
City & Suburban 1st 5sl922
Mar
33
Jap
23
166
88%
40%
4%
66
53%
Consol Gas e l & p 4 % s' 35
Jan
3%
6,186
28%
ubllc Service Bldg., pref.
United Ry & Elec—...50
88
Apr 1 11-16
640
43%
80%
'23%
50
Mar
1%
1%
29%
.
26%
Mar
31%
..100
Preferred
Northern
Consolidated Gas 5s.. 1939
Jan
4
50
80
i.25
Mar
1,027
36%
49%
Jan
39%
32%
v-Woodberry Mills
Feb
22%
Feb
28%
26% May
Jan
52%
19% May
57
May
83
80%
Apr
28
83
3,000
85
29%
70
83
85
Apr
Jan
120
96%
Jan
67
27%
70
81
88
Jan
May
44
81%
83%
Jan
61
45
35
83
Apr
78%
2.090
10,000
23
Apr
81
193f
l«it
(*) No
41%
84%
66
92
Mar
81%
83%
Jan
37
84%
66
Jan
71%
99%
<fc col tr 5s '51
35
37
84
Feb
48
96
2,000
Jan
39
70
95%
Mar
82% May
Jan
83%
49
93
Mar
74
20%
575
76
8%
69%
50
64
90.54 90.70
Leh Val Coal 1st 5s...1933
Penn RR 5s 15 yr 6%s 1936
440
10
70
l
V0
1J5
92
52%
40%
85%
92%
1,585
z74
105
...10
Feb
24% May
32%
Jan
77% May
113% May
85
368
62
11%
10%
Feb
23
1,500
40%
85%
92%
74%
92%
16
84
9
62
4,075
23
97.60 97.74
74
74
85%
£1
May
84%
87.90 87.90
86.82 87.14
40%
19%
10%
28
Consol Gas e l & Pow. 100
216
95
19%
37%
Con ol dation
9%
95
375
Jan
327
102%
55%
50
44
Jan
Jan
1
Stamped s f <k red..1951
Phila Electric 1st 5s... 1966
Small
1966
United Rys Invest 5s. 1926
50%
27
43
Jan
Mar
37
30
4%a~1954
Lehigh Val cons 4%s._ 1923
Gen consol 4%s
2003
May
Jan
27
44
Jan
34
30
Leh C & N cons
26
(*)
(*)
46
31%
119
47
Keystone Telep 1st 5s. 1935
Lake Superior Corp 5s. 1924
62
Apr
Jan
30%
55%
Jan
Apr
40
Elec <fe Peoples ctfs 43.1945
Emerson Bran ting 5s
.»
Jan
Jan
15%
23%
Stocks—
65
102
May
Apr
40
1945
96
22
66
36%
105%
92
28
1931
2,990
2,180
Feb
34%
70
2007
.Atlantic Refg 6%s
Bell Telep of Pa 7 ft.
Apr
3C
29%
87.00 87.40
Feb
26
2
101
35
i
38
2,504
135
1922-23
Gas <fc Electric 5s2007
May
93
7,250
Mar
Commercial Credit
29
Victory 4%s
mer
96
11,820
12,575'
May
Jan
70
3d Lib Loan 4%s
1928
4th Lib L'n4%s. 1933-38
Feb
May
56
Bonds—
87
Mar
Mar
9
Baltimore Brick
70
U S Lib Loan 3 %s. 1932-47
2d Lib Loan 4%a 1927-42
27%
97%
27%
18
Jan
28
50
47
25%
Jan
17% May
66
2,135
96
42
25%
Mar
«1
190
May
28
235
78%
Feb
855
32
100
Cramp & Sons
York Railways pref
18
83
83%
68,310
50
Arundel Corporation
50
Westmoreland Coal
Wm
Apr
18
35
35%
49%
Jan
81
85
11
Cent Teresa Sug pref.
167
68
145
10
Apr
35%
49%
Apr
180
82%
84
18
May
1%
Apr
81
80%
82%
May
10
t c
60
1%
31%
19%
14
83%
17%
75%
com.. 100
93
"31%
27
645
81
47%
v
Jan
1%
Feb
Feb
Jan
9%
30% Apr
57% May
Jan
Jan
Jan
71
no par
18
Apr
Apr
May
27% May
140
25
26
19
21%
25%
25%
51%
17%
55%
...
Phlla Insul Wire
Phlla Rapid Tranist
17
230
235
46
Jan
32%
25%
Mar
Jan
Pennsyl Wat & Power. 100
32%
22%
25%
9%
Mar
High.
44
...
25%
5,150
Jan
May
11%
Apr
pref.
50
Phila Electric of Pa
53
Jan
44
27%
1,
69%
34%
50
7%
25%
50%
Jan
7%
Jan
100
Mar
52
50
7%
25
South Side Elev 4%s__1924
Swift A Co 1st s f g 5s. 1944
Jan
70
North Pennsylvania
50
Penn Cent L & P
pref-.lOO
150
13
Feb
24%
6%
7%
24%
34%
23%
Bonds—•/
Feb
30
64%
7
5
290
2,565
Chic Cy & Con Rys 5s. 1927
Commonw Edison 5s. .1943
Mar
8%
64%
~T%
"7%
......
8% May
165
44
7
17
87
28%
8%
12,355
5%
44
46
44
106% 112%
10
9%
5%
►
Mar
94% May
16% May
52
20
34
Jan
105
46
890
35
Jan
11%
Jan
44
59
35
61
55
45
25
com
93
34
75
12%
Apr
9% May
Jan
7%
Mar
12%
8%
8%
Sale.
17
5%
96
96
(*)
9% May
145
89
Apr
1
24%
14%
40%
Jan
Mar
40
Low.
May
May
10%
119
Range since Jan.
8
39%
2,575
100
com
10%
89
Friday
for
Shares.
28
9%
5% < 6%
102% 103
102%
18
(*)
com
24
Apr
%
250
"44""
Yellow Mfg Co
Jan
130
Apr
Jan
"42%
34
35
50
Keystone Telephone
50
Preferred
...50
Lake Superior
Corp....100
Lehigh Navigation.....50
Lehigh Valley
.50
Apr
9%
"12%
58%
108
Feb
110
215
'"5%
93
100
Battery.,100
215
Jan
Week.
18
28
100
J G Brill Co
Insurance Co
Price.
Apr
May
102
Sales
Week's Range
of Prices.
Low.
High.
Sale.
200
Montgomery & Co
Issued......... 20
Western Knitting Mills. (*)
Wrigley Jr com..
25
Jan
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock
Exchange, May 21 to May 27, both
inclusive, compiled from official sales lists:
Friday
8
10
761
when
Mar
Mar
115
47
Jan
116%
Jan
35% May
78% Mar
10
46
"92%
9
May
8
10
35%
83%
Feb
215
108% 109
Jan
5%
Ward,
Mar
36c
May
124
100
117
35%
83%
92%
Jan
3c
25
Jan
4
May
113%
2,000
124
5
100
Vesta Battery
Wahl Co
Mar
30%
Mar
24c
10
3c
124
100
165
Mar
9
United Iron Wks
United Paper Bd
Mar
14%
46%
265
Feb
Union Carbide & Carbon 10
655
2%
7%
42
500
Thompson J R
350
2%
11%' Mar
415
Jan
Mar
47
7%
Jan
6%
25%
14%
46%
7%
Jan
94
6
Jan
3%
Jan
Mar
165
96
9
Feb
1,625
97%
53
Apr
6%
12
24%
14%
Jan
14%
46%
-
230
Stew War Speed com.. 100
Swift & Company
100
Swift International
15
Temtoi Prod C & F "A"(*)
26
Jan
25
16%
12%
88%
Mar
,
5%
108%
Shaw W W
94%
15%
11%
Reo Motor......10
28% May
Feb
29%
7% Mar
77
Jan
pt.
(*)
.(*)
Sears-Roebuck
Scrip.
Jan
(*)
Ry
comm
Quaker Oats Co pref—100
3% May
10% Mar
3%
Jan
22% Mar
46% May
2% Mar
100
7%
16%
15%
15
2%
4%
20%
200
48
2%
M
7
1
West'house Elec <fc Mfe.50
85
Mar
25
6%
50
u s Steel Corp
com....100
West'house Air Brake...5 »
May
88%
16
Pub Serv of Nor 111 comlOO
P e"__
100
Jan
7
12%
Ohio Fuel Supply
25
Oklahoma Natural Gas. .25
Pittsb Brewing common.50
u. s. Glass
High.
115
74
25
50
Preferred
50
Pittsb & Mt Shasta
Cop. 1
Pittsb Plate Glass com.
100
San Toy Mining
1
Low.
49% May
59%
(*)
(Albert) & Co._._.(*)
Piggly Wiggly Stores Inc
10
27
com...50
Preferred
Ohio Fuel
common
Orpheum Circuit, Inc....l
People's Gas L & Coke. 100
28,875
26%
3%
5%
"~5%
25
5
Shares.
57%
10
Co pref .5
Refining
Flreproofing
High.
74
11%
26%
Carnegie Lead & Zinc
5
Consolidated Ice pref
50
Guffey Gillespie Oil (no par)
Indep Brewing pref
50
Lone Star Gas
Mfrs* Light & Heat
---(*)
Pick
49%
50%
Preferred...
100
Arkansas Natural Gas..10
Barnsdall Corp class a..25
Carho-Hydrpgen
100
"A"
Amer Wind Glass Mach 100
73%
644
Mid West Util, pref... 100
Mitchell Motor Co
(*)
National Leather.10
Range since Jan. 1.
Jan
84
857
12%
Hupp Motor
10
Libby, McNeil & Libby .10
Lindsay Light
10
Week.
Low.
89
12%
88%
High.
67
30
88%
Great Lakes D & D
Apr
Low.
27
:
12%
Continental Motors....10
Diamond Match
...100
Feb
69%
60
"88%
Commonwealth Edison. 100
Consumers Co com
100
•
Week's Range
69%
60
Chicago Title & Trust.. 100
78% May
85%
Feb
Sales
Last
Sale.
per cent
Range since Jan. 1.
15
Preferred
Mar
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange May 21 to May 27, both inclus¬
ive, compiled from official sales lists:
sh
69%
for
Week.
Shares.
.100
(J. I.)„
City & Con
Chic
>
May
83
Price.
pf.100
Preferred
Beaver Board
Jan
81
Shipbuilding
Armour & Co pref
Armour Leather
Apr
2.000
Amer
Jan
66
84
77
Telephone 59._-.1932
New River 5s..
Mar
Par.
American Radiator....100
49% May
52
99 %
75 %
Chic June ScXJ 3 Y 5s. 1940
4s
......1940
Miss Riv Power 5s.
49% May
22,000
54%
Week's Range
of Prices.
Low.
High.
High.
87.3 4 May
4%S.'27-'42
Carson Hill Gold 7S-.1923
are
Sales
Sale.
Atlantic Fruit 78..i.;..-'..
of
Range since Jan. 1.
3d Lib Loan
4%s.._1928
4th Lib Loan
2d Lib Loan
record
from
quotations
value.
Week.
U S Lib Loan
3%s.l932-47
>- 1st Lib Loan
4%s.'32-,47
complete
Exchange
May 21
May 27, both inclusive, compiled from the
official sales
lists, is given below.
Prices for stocks are
all dollars
per
share, not per cent.
For bonds the
Sales
Last
Sale.
Exchange.—The
transactions at the Chicago Stock
to
Boston Bond Record.—Transactions in
bonds at Boston
Stock Exchange
May 21 to May 27, both inclusive:
Friday
3391
Stock
Jan
Mar
Jan
Mar
80
May
Jan
102%
Mar
71% May
New York "Curb" Market.—Below
we give a record of
the transactions in the outside
security market from May 21
to
May 27, both inclusive.
afternoon.
It
covers
the week
ending Friday
It should be understood that no such
reliability attaches
to transactions on the "Curb" as
to those on the
regularly
organized stock exchanges.
On
the
New
members of the
York Stock Exchange, for
instance, only
Exchange can engage in business, and they
deal only in securities
regularly listed—that
permitted to
is, securities where the companies responsible for
them have
complied with certain stringent requirements before
being
admitted to dealings.
Every precaution, too, is taken to
Insure that quotations
coming over the "tape," or reported
In the official list at the end of the
day, are authentic.
are
[vol. 112.
chronicle
the
2292
Sales
Friday
Last
restriction*
"Curb," on the other hand, there are no
whatever.
Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions.
The possibility that fictitious transac¬
On the
North American
regards mining shares. Id the circumstances,
It is out of the question for any one f o vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Price.
Par.
Stocks—
Industrial Ac Miscell.
Acme
17%
75
75
79
13 %
13
15%
Co&l-f
Packing _r
"17U
Ordinary
r
Bucyrus Co,
12%
bear.r.£l
£1
,
10 %
10%
Jan
Mar
14
11%
20
2,400
Mar
May
1%
Feb
13%
16
3%
Feb
915
10% May
10%
May
16
AP"
41
My
130
44
Feb
74
May
Eureka
71%
14%
15
6%
900
Jar.
19%
6
6
24%
7%
6%
7%
Jan
8
May
f36
Feb
13
Jan
24% May
Apr
Feb
21
1%
300
14
1%
9,COO
38
May
50
May
26%
9%
4%
10%
9%
11
700
10%
500
7%
7%
700
6%
10%
%
10%
%
200
8
% May
1%
71
71
25
58
Jan
72%
Jan
Feb
9
500
9
May
13
Jan
Mar
20
10
Jan
13
17%
300
1,100
1
May
4
Jan
1%
50
50
50
May
50
May
7% May
10
7%
300
7%
514
514
3%
800
2
%
2,500
2,600
3,500
5,400
1%
1%
900
41%
18
18
3
'
17
13-16
.....5
2%
2%
2%
B.r(t)
.100
46%
45%
98
97%
46%
98%
12%
12%
100
11%
35%
%
3%
25%
1%
7%
67
51
1%
7%
200
34%
5
4
Elec,com.r.50
Preferred.r_.........50
Stand Gas &
35%
'
Stanwood Rubb.r.(no par)
%
%
10
3%
3%
25%
Sweets Co of Amer. r
International,r...15
1%
TennRy, L&, Pcom.r.100
Preferred. r......... 100
6%
65%
Corp.r(f)
Cafotde A Cnrb r (t)
Todd Shipyards
46%
47
1%
7%
1%
United Profit Sharing..25c
Un Retail 8tores Candyr(t)
"23%
U S Distributing com.r.50
1,600
3-16
5-16
5-16
7-16
13-16
Willys Corp,com.r.(no par)
%
West End Chemical
Rights
Del Lack & West RR.r...
46% May
60
18%
15%
Jan
U S
Jan
1,700
% May
20
Feb
Mar
13%
Standard
Oil
274"
25
Standard Oil (Ind).r
May
May
145
25
100
South Penn Oll.r
22
"72%
145
300
145
May
145
274
New York Transit.r... 100
Ohio Oll.r..
Mar
15%
2,300
19%
19
19
£1
Anglo-Amer Oll.r
274
810
270
Feb
320
Apr
215
20
215
May
259
Jan
66%
Feb
77
May
5o
May
215
72%
5c
7c
6,500
75%
1%
107,000
20c
Jan
Arkansas Nat Gas com.. 10
11%
11
12%
2,400
7%
Mar
18%
Apr
r(t)
20%
19%
21%
5%
1%
500
19%
may
25%
Apr
Carlb Syndicate
27-32
Oll.r..1
27-32 15-16
5
7%
8%
4
7%
.r
Cosden A Co, pref.r
4
3%
4,200
5%
%
%
%
7%
7%
'8%
4%
8,500
3,800
4,300
11,000
1,900
...
6
4
Engineers Petrol Co.r
% 1 1-16
1
1%
9%
.6
Federal Oil
(no par)
Gilliland Oil com.r
(t)
Fensland Oil
1%
11
16%
15
15
10
1%
1%
1%
Grenada Oil Corp Cl A.r.10
6%
5%
6%
Oilr
Feb
1% May
3%
Jan
May
4
Mar
9%
Mar
Jan
1%
10
Apr
5
May
1 11-16 Apr
2%
Jan
15
Jan
24
Jan
2%
Jan
9% May
30
Feb
1%
1%
1,400
1,200
Feb
1%
Feb
..1
%
3-16
5-16
14,300
3-16
Apr
9-16
Jan
(no par)
15%
15%
16%
8,600
8,700
6,800
13%
Mar
17%
Jan
%
Apr
1 3-J6
Apr
Mar
45c
Henderson Farm Oil.*
Hudson OIL*
12%
%
Keystone Ranger Dev.r.l
Livingston Oil Corp.r.._1
OiLr._(no par)
Maracalbo OH Explor * (t)
Merritt Oil Corp.r
10
Mexican Eagle Oll.r
5
Mexican Panuco Oil
10
Mexico Oil Corp
10
Midwest Refining- r.50-Mountain Produc'n w l.r_.
Noble Oil A Gas
.1
,
13%
1
"26%
9%
30c
32c
2
32c
Manhattan
Feb
9% May
Apr
15
1,100
1,000
%
5% May
"l%
Guffey-Glllesple Oll.r..(t)
Inter Petrol.*
% May
7% May
1%
H
Apr
Apr
5/4 May
Jan
May
2
25%
9%
26%
1%
2%
1%
30%
11
26%
3
1%
100
13,200
5,100
100
1
25c
1% May
10%
Jan
9%
May
21
Feb
10c
'9c
11c
23
22
25
5%
%
94
97
29c
26c
36c
4,000
45,500
8
260
Feb
1 5-16
1
Feb
12%
Apr
May
13-16
Jan
Feb
Apr
%
1
%c Apr
%
19,800
19,500
1
May
1 1-16 May
4,600
1
jbd
1% May
2%
Apr
Jau
7-16
Apr
1%
%
Mar
Feb
15
%c Jan
3%cMay
2c
Jan
Apr
%
700
860,000
Apr
2o
16,800
3%c 7%c
2%c
4c
Jan
2o
39,700
%c l%c
3%c
<
Apr
3%
38
May
Mar
94%
Jan
Tel 6a_*_.1922
.1924
95%
92%
Jan
95%
93%
231,000
96
97% 122,000
63,000
96%
93% 115.0C0
May
96%
87%
87%
99%
99%
94%
94%
94%
94
*30
8s.r..1931
notes.*.Feb 15
notes.*.Feb 15
8% notes.*.Feb 15
Empire Gas & Fuel 68
99%
k
-
«.
1923
1924 ""99%
99%
1925
r
'26
1924
IFrench RepubUc 7%s.l941
""93%
Galena-Signal Oil 7s.r 1930
General Asphalt 8s. r_ 1930
"90%
Goodrich (b f) Co7s *.1925
93%
Grand Trunk Ry 6%s_1936
96%
Gulf Oil Corp 7s.*
1933
98%
Heinz (h j) Co 7s.*_.1930
96%
Humble oh & Ref 7s r. 1923
Interboro r t .*..^..1921
"91%
Kennecott Copper 7s rl930
6s.r__
90%
Light 7s.*
Llbby, McNeil & Llbby 7s'31
""99%
Llggett&Myers Tob 6s r *21
Nat Cloak a Suit 8s. .1930
Ohio Cities Gas 7s.r._1922
Laclede Gas
r
v
•
1Q9<;
7s. r..
1951
Pan-Am Pet & Tr 7s. .1930
Russian Govt 6%s ctfs.r..
Ohio Power
95
1923
'
93%
78
.1923
78.rL__.1935 "93%
8%
May
1
30
%
23
~7c
3o
17,286
5,135
6,075
12,070
1,500
13,650
Feb
36
96%
8%
151
1%
2%c3%c
3c
Tr 6s_r
loo"
rys 7s. 1933
60
Chic & East Ills 5s.*..1951
100
Cons Gas of n y 8s. .1921
Consol Textile deb 7s. 1923
"99%
Copper Exp Assn 8s.*. 1922
Mar
1%
1
15-16
27
HcMay
94%
Equipment
7<t
1%
2c
1 %
1%
1%
1 %
1%
1%
2% 2 7-16 2 9-16
%
%
%
7% notes.r....
Feb
7-16
3c
Jan
May
22
2,10s
%
:-r.
May
4c
8,400
3-16
.
Jan
%
12,900
32,300
6
lc
2c
%
9,000
18,000
2,000
5,325
2c
3c
Board Cos 8s. r 1933
Beth Steel 7% notes.r.1922
2
1%
94
Mar
13%
29% May
6%c
%
3-16
Beaver
Apr
42,300
135
32%
1%
3c
5%
,
May
18
16,700
%C
98c
1%
5c
2,300
5,950
2,500
8,700
37,500
34,300
96
7s.r
May
650
%C
1%C
Mln 7a * *29
6% notes Series a.. 1929
Anglo-Amer Oil 7%s.*1929
Jan
2%
146
4
May
Feb
3
1%
2
Anaconda Cop
6%
600
142
143
.
5-16
94%
10%
4%
22
%
4% May
96% '21,000
Mar
4
4%
4%
18
5-16
Brazilian Lt &
5-32
2,500
6,000
2,200
1,300
115
Canadian Nat
,
May
Apr
20
10
42
Jan
Mar
5-32
6,500
96%
94%
Mar
May
5%
25
126
40
1%
2
3%
25
20
—■
Apr
4%c Apr
96%
2%
5
Mar
41%
Jan
4
5-32
5% May
Apr
Mar
deb6s r 39
7s.r. 1925
Chem 7%si941
% May
11-16
100
5%
_,
Emerich Oll.r
Glenrock
4,000
21,800
9,900
5-32
Cushlng Petr Corp,com.r.5
Preferred B_.
4% May
20,800
*"§"%
Creole Syndicate.r
Denny Oll.r
Elk Basin Petrol.*
14
1
5
Oll.r
4%
5
Baltimore Petrol Gas.r..5
Boston-Wyoming
r
8c
13o
17
126
Copper.r.,1
Barusdall Corp
5c
Allied Oll.r
Boone
6s.
jad
Apr
5c
Armour&Co 7% notes *
Other Oil Stocks
Atlantic Lobos Oil com
Amer tel a
3c
7-16 Mar
5%
1% 1 9-16
Bonds—
Agric
Jan
lc
7%o Jan
51,500
Extension. 10c
White Caps Mining
10c
Wilbert Mining
Yukon Gold Co
5
Amer
4c
23,000
2,800
AUIed Pack conv
Subsidiaries
Mar
6%c7%c
Aluminum Mfrs
Former
70
5%
White Caps
May
50
29% May
% May
Utah
10c
16,300
19,200
17,800
77,150
5%
Continental new
Divide.*... — 10c
Coneol'd
5
Western
Jau
1% May
300
7c
West End
Jan
May
3%
300
Mining.*
Jan
3
25%
Feb
%o Jan
7o
18c
Tonopah Extension
Eastern
Apr
May
15o
21%
Victory
Mar
%
12,500
15%
"15%
Reading Co.r
178
1%
15
10,000
%
United
1 3-16 May
500
37
Jan
4c
9c
jad
lc
27
14,500
16,500
22,500
2c
16%c
3c
Apr
5c
17,500
15,700
63,300
11,100
29,000
4,985
7c
l%c
Jan
1% May
14c
..3
1
1
Mining..1
35
1 13-16 May
5c
Apr
5,300
10c
15c
May
1%
20%
ToDopah Divide.*
% May
8c
3-16
19,000
♦
jad
26c
15c
Talapoosa Silver.*...___ 1
Tonopab Belmont l>ev.._l
Apr
4%
2%
Mar
20%
Sutherland Divide—.....
Tonopah
13c
2%
Mills.*..
Jan
5-16 May
1%C 2%c
10c
3 13-16
1 ""4%
Jan
Jan
21%
800
2c
25
9
Jan
1%
39c
18c
100
1%
3%o Jan
66,500
35c
5
Apr
Mar
7
Apr
2
lc
...
Zinc, r
May
1
54c
%
15c
9c
Jan
14
Jan
30c
3%c
Apr
15-16
2c
16c
Jan
9c
12c
11,600
43,100
28,000
17,600
16c
2c
37o
Apr
33c
6%c
Jan
Apr
2c
3,000
18,500
3,000
1% 1 9-16
7c
8c
9c
Jan
Mar
%
2
1%
48c
4
7-16c Apr
14,300
35c
29c
2c
May
62o
2%
1% 1 15-16
11c
Jan
% May
19,600
75c
72c
8c
%
43
137
1%
1%
49c
1
Silver King Divide.*
1
Silver Mines of America.*.
Silver Ptck Cons'd.*
1
South Amer Gold & PI * 10
Standard Silver-Lead
1
Success Mining
1
Feb
%
Elk Basin Petroleum.r....
Apr
72
%
29%
36
1%
314 May
Jau
46,800
17
17
100
preferred.r
Feb
Mar
Apr
*
6%c
Consolidated MIn...l
Silver
Mar
13
36
6
3-16 1 11-16
%
99
64
5,100
5,300
45,400
5c
1 9-16
Rex
Mar
150
1%
14%
2
3-16
Apr
10
28% May
1%
Apr
7% May
4,200
1%
1%
Red Hills Florence.*
Apr
8,300
14
29c
Jan
1%
5,400
38c
5
2%
Apr
Jan
Feb
2c
9%c 11c
33c
Ophlr Silver Mines new.. 1
Prince Consol.
2
3,500
24%
23%
23
100
1
X;-v %
8,600
49,000
17,700
39,200
14
Nlplsslng Mines
2
Jan
%
1% May
27,500
37c
Jan
Jan
5,400
%
10
1
%
2,200
Feb
2c
65c
58c
10c
1
'..1 :
Tin Corp.*..50c
Now Jersey
54%
2%c
65c
Feb
Apr
Apr
Mar
j an
1%
3-16 May
18,950
5-16
4c
%
:
3c
Mur
Apr
Feb
11-16
20,800
3c
2c
5-16
Ophir.r
Nevada
lc
%c
2%c 3%c
2%C
2%
.
May
97
1,000
5-16
U 8 Ship Corp.r
U 8 Steamship
4
4% May
7,200
16,300
50
lc
Apr
2%
2,800
14.800
1%
_
46
3c
Apr
1%
4%
7-16
%
1%
49
2%
Apr
1%
15,400
Mining.*...
National
Jan
5%
Apr
%
7-16
'""!%
Motherlode
May
IS
Mar
100
2,450
Croesus
Marsh
514 May
5% May
100
R7C
1,000
1%
1
%
Magma Copper
Mar
18%
50
Veh_r..(t)
N Y Transportation....10
Nor Amer Pulp & Paper (t)
Perfection T A R.r
10
Radio Corp of Amer_*__(t)
Southern Coal A Iron
Feb
Feb
18
1
A.r...50
9%
14%
Mar
Jan
Jan
50
18
National Leather.r._...10
Preferred.r..^:
Jan
Mar
Feb
~~9H
200
2
1
1
_.10c
Hecla Mining..
25c
Howe Sound Co
1
Jim
Butler.*..
1
Jumbo Extension
1
Kewanus.*
.1
Knox Divide.*
10c
Lone Star.r
1
MacNamara Crescent.*.. I
MacNamara Mining.*
1
May
8
8%
%
1%
.....
Harmlll Dlvlde.r
600
8%
14
3,400
3,300
8,800
Great Bend.r
10
com.r
5-16
Zone Divide.*..... 1
Gold
8
Cultl
3-16
1
Jan
42%
7
3—16
Silver Mines. 1
Apr
1%
800
1%
"41%
77,600
2%
Goldfleld Florence.*.
7% May
Mar
%
3,700
%
2%
1
1
Goldfleld Consord.r___.10
Goldfleld Devel.r
10c
Jan
24
16
15%
-.
6
100
2,100
21,500
24
22
4%
11-16
2%
Eureka Holly.*
Jan
1,300
24
"24"
4%
""%
Silver
.445
Emma
41
65
Nat Mot Car A
First
EI Salvador
11%
84%
j
Divide Extension
Jan
4%
Mar
35
pref-.r-.10
(t)
Kay County Gas.r
1
Lehigh Val Coal Sales, r.50
Llbby, McNeill A Lib.r. 10
Lincoln Motor Cl A.r...5()
Locomobile Co, com.r.(t)
Union
Jan
Jan
14%
Imper Tob of G B & I.r.£l
Intercontinental Rubb.100
Swift
Apr
50
Mar
May
155
Silver.*
Cracker) ack.r
Cresson Con Gold M 4 M.l
7%
31%
1%
87%
6c
1
5
1 "75o"
Cortez
Mar
Apr
32
Jan
87%
Jan
87%
2
Consol Copper Mines
32
26%
700
6%
1
Cash Boy ConsoLr
14% May
Apr
400
Feb
4% May
12,000
Carson River Corp.*
May
103% May
5
1,500
9%
8%
Mines.*
29
800
500
1%
Feb
May
105
Apr
Apr
3,100
4%
1
10c
Belcher Extension.*... 10c
Big Ledge Copper Co
5
Booth.r
1
Boston & Montana Dev..5
Caledonia Mining.......1
Candalarla Sliver.*
..1
Carson Hill Gold.r
..1
Jan
11%
300
Mar
13%
7%
Belcher-Divide.*...
Jan
200
1%
Goodyear T & R,com.r. 100
Stand Com Tob, Cl
Atlanta
1%
3,400
12%
Apr
11%
4%
Patagonia Mln.r.
Arizona
May
2
65
par)
Preferred.r...
16% May
37
Co.r.(no par)
Durant Motors r..(no pari
Empire Food Products r(t)
Farrell (Wm) ASoncom r(t)
Lucey Mfg Class
68
36
6%
Davies (Wm)
Internat
Mar
14%
29%
0%
28
~26%
Conley Tin Foil. *..._.-(f)
Continental Motors, r
10
Int Products,
40
101
13%
100
-
500
100
29%
Com'wealth Flnan e Corp-
v
Feb
10
...(f)
Colombian Emerald Synd.r
Glen A Id en Coal.....
13
32
cl A.r.10
8h r(t)
Garland St'mshlp.r (no
Mar
190
Auto Co
Pref erred, r
900
9
3,600
14
Cities Serv Bankers'
Cleveland
Apr
105
29%
Preferred w I
Cblc Nipple Mfg
7
26%
'
J....
Chto A East 111 com w
"
9,000
1,000
1,500
102% 103%
105
...100
Pref.r
May
2%
10%
2%
com.r__.I00
Celluloid Co,
72
Feb
Ap*
6%
6%
""8%
.1
America Mines.*..
17%
2%
Causgrave Exp Brew.r..
Mar
290
1%
4
100
Mining Stocks—
Jan
83
1% May
5,300
Alaska-Brit Col Metals... 1
23
13%
16
'
25
16
May
11
Apr
Mar
100
4%
Feb
5%
May
Mar
4%
4%
4
200
Virginia O <fc R A.r
Woodburn OH Corp.*.....
"Y" OH & Gas.r..
1
13%
13
concur.100
Car Ltg A Power .t
40%
12%
41
(t)
Automatic Fuel S.r
Brlt-Am Tob ord
11%
com.r.15
Armour Leather,
8%
70
70
Jan
87
50
Apr
2
Mar
2
500
1%
12
41
1%
1%
Refrigerator.r
American
%
500
200
2
1%
2
1
Exporter
Amer Prod
10%
com.(t)
Amalgam Leather,
1%
2%
4,600
6%
5
Victoria OiLr
9,600
1%
2%
11
18%
1%
2%
1
10
Aetna ExpIos.r.Bache etfs.
Aluminum Mfrs, com.*. (t)
Preferred.
100
Acme
High.
2%
"i 114
pf_r__l00
Skelly OIL*....
...10
Texon 011 & I.and.*.
1
United Royalty.*
United Tex Petrol.*
1
since Jan. 1.
Low.
Shares
High.
Low.
May
2%
1%
May
4%
Strrims Petroleum r(uo par)
Week.
0/Prices.
Sale.
Range
for
Week's Range
Last
27—
Week ending Mag
Jan
1%
1%
70
Sinclair Con Oil
Sales
1%
4% May
700
"~4%
SaltCreek Producer* new..
Sapulpa Refining.*
5,200
3,800
6%
4%
2
Consolidated _*_
Ryan
7%
2%
OiLr.___5
<fe Gas
10
Panhandle Prod & R pf.100
Peonock OIL*
10
Producers & Refiners.*.10
as
Friday
7 \
Omar OH
dealings in spurious securi¬
always be kept in mind,
Low.
Shares.
4%
Preferred.r..
Jan. 1.
Week.
High
Low.
Petrol.*..........
Noeo
tions may creep in, or even that
ties may be included, should, hence,
particularly
Par.
(1Concluded)
of Prices.
Price.
Ramge since
for
Week's Range
Sale.
OH Stocks
Other
96%
93
25,000
38,000
100
96
121,000
27,000
94%
18,000
81
99% 10,000
46,000
97%
95% 111,000
87%
92%
92%
100
100
95
97
99% 100
99%
99%
99% 100
99% 100
93%
93%
Jan
83
99%
Mar
94%
May
93%
Mar
66
Mar
Feb
99
Feb
95%
93
May
87%
100
Jan
Mar
69% May
98%
Jan
13,000
37,000
19,000
45,000
16,000
92
Mar
99%
Mar
98%
Mar
5,000
92
98%
Mar
98%
Mar
Jan
Apr
83%
95%
6,000
30,000
81%
95
92%
93%
73,000
1,000
92% May
82%
95
May
99%
83
Mar
45,000
67,000
93
"Apr
94
Mar
98
96% 175,000
28,000
98%
94%
Jan
96%
96% 185,000
95%
Mar
73
74%
91%
90%
100% 100%
90%
92
93%
96%
94%
95%
99
95
97%
94%
93%
..
5,000
43,000
60% 309,000
59%
45,000
100
100%
Jan
91
90
90
91
91
14%
14%
Jan
67
Jan
93%
87%
Jan
90%
84%
48,000
48,000
6,000
95% 117,000
22,000
99%
8,000
96
2,000
97%
7,000
95
15,000
94%
39,000
95
11,000
91%
4,000
15%
Jan
95% May
99
Mar
91
Feb
95
Jan
93
Jan
93
Jan
90
May
91
May
12%
Mar,
MAT 28
1921.]
THE " CHRONICLE
Friday
Week's Range
for
of Prices.
Last
Week.
Sale.
Bonds (Concluded)-
Range since Jan. 1.
High.
Low.
Price.
99 X
Sears, Roebuck A Co 7sr'21
.
2293
Sales
Low.
99%
24,000
Quotations for Sundry Securities.
High.
All
97%
94%
Mar
99% May
98% May
Mar
98
Jan
bond prices
are
Standard Oil StocksPar
7% ser notes.r.Oct 15*22
96H
96%
97%
64,000
7%
.*
96^
96 %
97%
99
100%
60,000
94%
22,000
95
Mar
101% May
98
98
11,000
99
Mar
102%
Jan
Borne Scrymser Co
95 H
95%
65,000
95%
Mar
96%
Jan
Buckeye Pipe Line Co
96%
Feb
Chesebrougb Mig new...100
eer notes.r.Oct 15*23
Seneca Copper 8s
Solvay A Cle 8s.r
1927
South Ry 6% notes.r.1922
Southw Bell Telep 7s._1925
Stand Oil of N Y deb 6
s
7%
7%
92
Jan
100
20,000
101H 101%
101 H 101%
May
100%
Jan
100% May
Jan
102%
100
8,000
11,000
Jan
102
Jan
Anglo American 011 new. £1
Atlantic Refining
100
ser gold deb_r__1930
Preferred
106
390
*80
185
82
7% Ber gold deb_r._ 1931
100
110
115
50
Crescent Pipe Line Co
98
100
*27
29
130
89
40
140
*91
*91
95
Jan
102%
Jan
Cumberland Pipe Line...100
7,000
Jan
102%
Jan
Eureka Pipe Line Co
26,000
100%
100%
Jan
103
Jan
Galena Signal Oil com
9,000
100%
Jan
103%
Mar
Preferred old
100
22,000
101%
Feb
104%
Mar
Preferred
100
May
94% May
Jan
95%
95%
Apr
95 H
1925
94%
68,000
30,000
95%
95%
95
Jan
98
100
100
new
1921
99 H
84 %
84
85
35,000
79%
Jan
86%
Jan
National Transit Co...12.60
Texas Co 7% equ'nte r 1923
United Ry of Hav 7
si936
Vacuum OH 7s.r
1936
98H
98%
99
66,000
98%
Jan
99%
Feb
New
95
95
5,000
87,000
70,000
12,000
95
May
99% May
Jan
97%
100%
100%
100%
Western Elec
conv
"lCO
7s.rl925
99% 100%
98% 99%
96%
96%
98 X
99% May
*
lota,
Odd
t Nc
96% May
95
*26
27
100
140
145
Feb
Northern Pipe Line Co..100
89
Ohio OH Co...a
26*270
275
Jan
Penn Mex Fuel Co
Equipment 4s
97% May
*24
485
100
405
91
210
100
27*
495,,
188
*39
25
Prairie Oil A Gaa._
7-00
6.75
Chesapeake A Ohio 6%s
Equipment 6s
6.90
6.40
7.25
6.50
8.75
8.75
7.50
7.50
7.12
0.50
Chicago A N W 4%8
Chicago R IA Pac 4%s, 5s—
7.00
6.50
Colorado A Southern 5a
8.00
7.00
Erie
4%8, 6a A 6s
Hocking Valley 4%b, 6s
8.00
7.25
Illinois Central 6s
7.00
-
Chicago A Alton 4%b, 6a.__
Chicago A Eastern 111 5%B._
Chic Ind A Loulsv 4%s
Chic St LouIb A N O 58
Equipment 4%s
220
Louisville A NaBhville 6fl.—
192
Equipment 6%s
t Dollars per 1,000 lire, flat,
8outhwest Pa Pipe Lines. 100
Missouri Kansas A Texas Bfl.
Standard Oil
Missouri Pacific 6s.
k Correction.
Standard Oil
Standard Oil
—The Columbia Trust Co. has been named Trustee by the Eastern Build¬
Standard OH
Standard Oil
ing Corp. under a First Mtge. on the Postal Station Bldg., securing an issue
of $1,650,00 0 7 % % Serial gold
bonds, and has also been appointed Transfer
Agent of the Preferred and Common stock of the Fernando C. Mesa Co.
of their firm for the purpose
in
of conducting a general investment business
public utility and other high-grade securities, with offices at
railroad,
43 Cedar Street, New York.
—F. J. Lisman & Co.
as a
The business will be continued by
a new
Arthur D.
Mendes.
Co. of N. Y. has been appointed Transfer Agent
of First Preferred stock of the Kansas City Power & Light Co., and also
for the Prior Preference Stock Trust Certificates of the Goodyear Tire &
local financial statistics
of Denver,
Colo., has been
prepared for Yan Riper, Day & Co., Denver, by their Statistical Depart¬
City.
have opened
offices at 2 Rector St., New York City.
L.
Samuel
Lemmon.
formerly
The firm is composed
—P.
National City Co.; Eugene C.
Guthrie & Co., members of the Philadelphia Stock Exchange,
K.
South
opened
Penn
Square,
Philadelphia,
Pa.,
lines to all
that
announce
unlisted stock trading and bond department.
an
they have
They have direct
principal markets.
'
8t LouIb Iron Mt A Sou 5b..
St Louis A San Franolaoo 68-
•28
32
Seaboard Air Line 6s
25
•92
94
Southern Paolfio Co 4%B
100
135
145
Stocks
Oil
Equipment 4%s
Imperial Oil.
Petroleum
•9% 10%
10
5 •24% 26%
144
60 •142
Merritl OH Corp
Midwest Refining
Tobacco
Stock
The bankers, although not now maintaining an office in New York City,
still continue to transact business there.
80
J.
—Ainslie
with Merrill,
formerly
Lynch
&
Co.,
has
become
Inc., in the capacity of Vice-President.
—Blodget & Co., investment bankers, Boston, New York and Chicago,
the appointment of Edward W. Ellis, Western
representative in
charge of their Chicago office.
♦1234
bearer..£1
—.100
93
98
•9%
Johnson Tin Foil A Met. 100
90
100
Forbes..100
100
80
84
75
85
Preferred
All prices dollars
....
Ask
Bid
182
Exch.
188
236
America*
242
215
Atlantic
per
Banks
26
*70
80
25
B common stock
♦34
100% 101%
Irving Nat of
N
-
185
194
197
Bankers Trust
Battery Park.
160
170
Mech A Met.
425
450
Mutual*.....
160
Nat American
145
Central Union
500
150
306
85
65
65
68
.100
1U0
110
100
15
Rubber
Nat
165
Nat Cuba....
145
155
New
Butch & Drov
135
150
New York
Cent Mercan.
195
205
New
Chase
...
335
345
Pacific*
Chat A Phen.
255
265
Park
40
345
300
135
*22
25
♦67
69
Central Sugar Corp. (no par)
*4
5
.100
17
22
Cupey Sugar common...100
Preferred
100
125
130
75
81
100
110
Public
Empire
300
310
Fajardo Sugar
100
Equitable Tr.
275
282
Federal Sugar Ref, com.. 100
98
Farm L A Tr.
350
305
—100
98
101
Fidelity
200
Godchaux Sug Inc..(no par)
*30
33
140
435
Fulton
250
260
Guaranty Tr.
280
285
Hudson
150
Law Tit A Tr
110
250
-
140
Co
130
York...
425
370
Inter
-
-
Preferred
..100
75
78
Great Western Sug, com. 100
200
100
!105
20
22
Preferred..
485
495
Republic*
Trust
155
165
65
70
Chemical
Holly Sug Corp, com (no par)
Preferred...
100
225
240
Seaboard
230
245"
Mercantile Tr
290
310
Juncos Central Sugar
100
75
100
Coal A Iron..
350
Second
465
485
Metropolitan.
245
255
National Sugar Refining. 100
113
117
Colonial*
25
220
105
125
Lincoln
«...
Columbia*
155
165
State*
210
Commerce
216
220
Tradesmen's *
200
Comm'l
23d Ward*...
Common¬
165
Exch..
N
175
Y
A
1
...
Life
Trust...
560
580
.
_
Yorkville*...
425
U S Mtg A Tr
400
410
American Brass
100
United
860
890
American Hardware
100
900
States
140
155
150
165
First
205
215
Brooklyn
Tr.
445
First
875
895
Green point...
160
180
Kings County
660
220
230
Homestead*..
80
192
198
Mechanics' *..
87
245
250
Montauk*
85
785
810
Nassau
220
Harriman
350
360
North Side*..
195
205
Imp A Trad..
500
530
People's
150
160
Industrial*
165
175
Rldgewood...
....
200
270
455
95
Hanover
Manufacturer
People's
95
Greenwich*..
Tennessee Ry, L A
P.comlOO
-.100
Preferred...
*11% 12%
*35
35%
1
1%
6
7
com—.100
1st preferred
-100
Western Power Corp
100
24
26
61
63
28% 30
100
Short Term Securities—Per
71 1 73
Cent
Am Cot OH 6s
1924..MAS2
Amer Tel A Tel 6s 1924.FAA
89%
955s
90\
AAO
Am Tob 7% notes 1921MAN
7% notes 1922
-MAN
7% notes 1923
MAN
AnacondaCop Mln 6e'29.JAJ
7s 1929 Series B
JAJ
Anglo-Amer OH 7Hs'25 AAO
Arm'r ACo7eJuly £5'30 JAJ15
96%
99%
99%
99%
87%
93%
99%
94%
97%
100%
100
AD15
99%
97
96
95
99%
98%
98%
97%
United Lt A Rys,
Preferred
6% notes 1922
140
Deb 6s J'ne 15 '22 .JAD15
43
Deb 6s J'ne 15*23 .JAD15
96
99%
87%
9334
100%
95
100
80
83
Bliss (E W) Co, new..no par
•28
31
Beth St 7s July 16'22. JAJ15.
60
•52
58
Borden Company, com..100
Brooklyn
100
Gotham
50
40~
Typefounders, oom.100
94
96
7% notes July 15 '23 JAJ15,
Canadian Pac 6s 1924. MAS2,
9834
97
95
99
97%
95%
Preferred
Coney Island*
Fifth
200
Garfield
Industrial & Miscellaneous
Amer
Brooklyn
925
102
(Del)..50
Preferred
Deb 6s J'ne 15 '21 .J
315
105
Fifth Avenue*
98
Standard Gas A El
165
335
310
.
6
19
93
84
325
Title Gu A Tr
310
74
5
17
91
175
N Y Trust...
90
73
80
175
425
79
72
77
79
19% 21%
—100
Preferred
100
South Calif Edison, com. 100
Preferred
100
100
Preferred
160
350
17
Republic Ry A Light— — 100
53
H'ts*..
170
Preferred
Pacific Gas A El, 1st
West India Sug Fin, com. 100
Wash
303
Co.oomlOO
-—100
pref. 100
Puget Sound Pow A Lt—100
North TexaB Eleo
225
United States*,
Cosmop'tan*.
Corn Exch*_.
50
82
175
130
East River—
12
80
76
69
16
225
13%
66
7784 78%
90
91*4
*5
46
49
120
82
12%
65
100
*18
210
wealth*
Continental
78
--.100
Preferred..
pflOO
22
83% 85
6
7
40
45
oom.100
Preferred
—100
Preferred
Ins
100
Savannah Sugar, com (no par)
Santa Cecilia Sug Corp,
(West
cheater
|
220
Union
Ex*.
Mutual
....
120
100
Nortb'n States Pow,
235
..100
Preferred
31
1951—.JAJ
8 f g deb 7s 1935— MAN
Northern Ohio Elec. (no par)
101
160
'
30
-100
First Mtge 5s.
85
Preferred
9
12
pref.100
Traction.100
Preferred
Sugar...........50
Aguirre Sugar com..20
66
7%
78
Preferred..
Sugar Stocks
335
366
Chelsea Exch*
Neth*..
16
33
100
78
300
City
8%
65
11
Preferred
26%
60
10
22
5%
Lt-100
Mississippi Rlv Pow, com 100
100
125
145
Bryant Park*
*
337
295
Commercial..
160
330
105
Bronx Nat
Bor
305
Com'w'tb Pow, Ry A
Preferred
75%
8
71
6
18
4%
75
Great West Pow 5s 1940.JAJ
26
39
83
100
Preferred
70
Cent
Columbia
300
Bowery*
Broadway Cen
300
100
Preferred
Colorado Power, com —100
87
75
Ask
■
Cities Service
(Cteceand prices)
Goodyear Tire A R, com. 100
Preferred
-.100
Miller Rubber
...100
103
100
AAO
Carolina Pow A Lt, oom.100
Elec Bond A Share,
225
7.50 0.75
6.70 0.35
7.25 6.60
100
—
Federal Light A
73
7.00
6.50
0.40
0.75
0.75
50% 52
10
11
55% 56
27
29
Co, com—100 226 230
1st-preferred
5s, 1934
95
200
7.75
7.00
6-85
7.50
7.50
Participating pref
96
Caracas
American
100
Amer Wat Wks A El
96
Preferred
Bid
New York
j
180
Y
Manhattan *.
•
Trust Co.'s
,
100
.
90
Swlnehart Tire A R, com.100
Ask
com—100
Preferred
93
7% preferred
Gen'l Tire A Rub. com...100
Preferred
100
8.00 7.00
8.00 7.00
7.75 7.00
82
90
•66
0.35
$.50
0.50
0.40
0.50
60
100
100
100
0.40
7.00 6.40
6-75
7.00
7.00
7.00
7.00
59
100
Stocks
0.75
6.40
0.40
7.00
68
166
6% preferred
7.50
7.15
7.12
8.00
7.00
100
162
Firestone Tire A Rub, com 10
8.00 7.00
8.00 7.00
Lt, com—100
Weyman-Bruton Co, com 100
Preferred
100
S) Co
0.60
80
96
(J
7.00
6.90 6.40
6.80 0,25
7.26 6.50
100
92
Young
6.50
6.80 0.40
7.50 0.75
81
Amer Public Utll,
35%
100
Preferred
Portage Rubber, com
share.
Bid
83
77
Scrip
Reynolds (R J) Tobacco.
7.75 7.00
60 *102
60 *38
Preferred
105
100
MacAndrews A
0.75
100
Preferred
9»4
Imperial Tob of G B A Ire..
7.50
Utilities
Eleo, 00m
Preferred
Amer Power A
16
Mohawk
Banks—N Y
Public
Amer Gas A
167
par
Ry 6a
Amer Lt A Trac, 00m
160
(new)...no
-
New York City Banks and Trust Companies.
Virginian
13%
13%
•14
Conley Foil
—
Equipment 6s_
Toledo A Ohio Central 4fl—
109
•12%
Preferred
Bronx
210
British-Amer Tobao ord_.£l
Rubber
Bell,
Southern Railway 4%fl
85
190
Fdry__100
Tobacco scrip
Preferred
associated with the Chicago investment house of Edwin L. Lobdell & Co.,
Amer
89
107
100
Preferred
Brlt-Amer Tobao,
...
Equipment 7s._
Union Pacific 7s
85
American Cigar common. 100
Tobacco Prod Corp scrip
.
,—The main office of A. L. Chambers & Co., Inc., is in Buffalo, N. Y.
announce
98
300
98
Porto RJcan-Amer Tob. .100
of the
Pomeroy, and George H. Salmon.
1418
95
290
10
Preferred
—Lemmon & Co., dealers in Government, industrial and utility bonds,
of
102
Equipment 4s
Pittsburgh A Lake Erie 6%B_
Reading Co 4%a
He!me (Geo W) Co, com. 100
Richardson, formerly of New
ment, which is under the charge of Allan S.
York
45
100
OH..*
American
—A review of the
Pennsylvania RR 4%S-„..„.
109
100
Amer Machine A
Rubber Co.
390
30
100
Mexican Eagle OH
—The Guaranty Trust
4%s
Norfolk A Western 4%S.„„.
Northern Pacific 7s
Pacific Fruit Express 7i——
100
Preferred
Other
N Y Ontario A West
335
Union Tank Car Co
Magnolia
7s
330
Swan A Finch
the retirement of Mr. William Goodman
announce
general partner of the firm.
Mobile A Ohio 4%8, 5s
New York Cent 4%s, 6s
Equipment
7.50 6.75
7.25 0.50
Equipment 6%s A 7a
100 *389
100 107
Standard Oil (Ohio)
Washington 011
partnership under the same name, consisting of Frederick J. Lisman and
Minn St P A 8 8 M 4%s A 6a
107
Standard Oil of New Y'k.100
Vacuum
Michigan Central 5b, 6s
100 *106
Preferred
Preferred
—Raymond M. Smith & Co., Incorporated, announce the organization
94
04
60
77
(California). 25 *76
(Indiana)
25 *7238 72*8
610
(Kansas)... 100*550
410
(Kentucky).100 400
160
(Nebraska). 100 150
147
of New Jer. 25*142
..
Standard Oil
NOTICES
CURRENT
100
South Penn Oil...
8.00 7.00
7.00 6.50
Equipment 7s A 6%s
Kanawha A Michigan 4%s_.
Solar Refining
100
Southern Pipe Line Co.. 100
0.40
7.25 6.50
7.50 0.76
value,
i Listed as a prospect.
I Listed on the Stock
Exchange this week, where additional transactions will be found.
oNew stock,
r Unlisted.
icWhen issued,
x Ex dividend,
y Ex rights,
z Ex stock dividend.
par
8.50
Equipment 6s
Canadian Paclfio 4%s A 6b..
Caro Cllnchfleld A Ohio 6s—
Central of Georgia 4%s._...
92
Apr
York Transit Co
Prairie Pipe Liae
Winchester 7s.r
42
170
100*165
82
Indiana Pipe Line Co
50 *79
International Petrol.(no par)
*15% 1534
Switzerland Govt 5Hb. 1929
122,000
92
Illinois Pipe Line
94%
99%
6s.r
195
100
new
Continental Oil
100%
1931
RR. Equipments—Per Ct. Basis.
Baltimore A Ohio 4%s
7.50 0.75
Buff Roch A
Pittsburgh 4%e
7.00 6.50
109
360
50
2,000
102% 102%
103% 103%
102%
103 H
19%
1050
100
101% 102
102
102%
"lol H
Ask.
*19
950
100
Preierred
101% 101%
ser gold deb. r__ 1929
Sun Co 7s_r_.,
Swift A Co 7fl.r
96% 165,000
"
101 x
r
100
100
io'iH
7% ser gold deb.r-.1926
7% ser gold deb.r-.1927
7% ser gold deb.r—1928
'•!
96 H
96 H
*23
1925
7% ser gold deb 7s
99%
95%
May
"and Interest" except where marked "f."
Bid.
Preferred
87%
Deb 6s J'ne 15'24 .JAD15
♦Banks marked with (*) are 8tate banks.
/New stock,
x
Ex-dlvldend.
96%
108
Goodrich(B F)Co 7s'25.AAO
100
96
Hocking Valley 6s 1924.MAS
100
*95%
98
Interboro R T 7s 1921.-MAS!
100
121
100,
91%
92
74%
99%
96
90%
69
Company
Childs Co com
Preferred
"
86%
-.100
Preferred
Celluloid
at
Stock Exchange
Ex-rights.
Havana
100|
Co
1
5
1 1922__JAD /45
10%
Intercont' Rubb, com—100
4934
International
Salt
100!
1st g 58, Tune
New York City
All
Realty and Surety Companies.
prices dollars
Bid
Ask
AUlan R'lty..
65
75
Lawyers Mtge
Amer Surety.
64
68
Mtge
Bond A M G.
205
210
City Investing
50
05
76
83
Preferred
-
-
Bid
Nat
N
Y
122
N
Bond..
75
Surety..
178
182
114
1.8
Title
Realty
1st gold
Ask
Assoc
(Brooklyn).
82
A
Mortgage..
Bid
Ask
116
Laclede Gas 7s Jan 1929 FAA
1%
Lehigh Pow Sec 6s 1927.FAA
LlggettAMyersTob6»'21 JAD
1921...JAD15
'22.MAS
Reyn (R J) Tob 6b '22.FAA
99
99%
99% 100
93% 94%
98% 99
81oss Sheff S A I 6b '29-.FAA
82
84
1922—MAS|
j
|
90
96
U S Casualty.
160
160
U 8 Tit! Guar
70
80
West A Bronx
Title A M G
Penn Co 4Hs
11
Pub Ser Corp N J 7b
*91
94
Southern Ry 6s
*69%
71%
Swift A Co 6b
Phelps Dodge Corp
Royal Baking Pow,
100
150
160
100
82
88
100
78
81
100
♦97
98
160
com.
Preferred
Singer Manufacturing
Singer
*
150
6
Mfg.
Ltd
Per share,
/Flat price,
n
b Basis,
Nominal,
£1
•2<2
3
95
95%
1921—FAA10,
99%
99%
7% notes Oct 15*25 AA015
91%
MAS,
U 8 Rubber 7M» 1930—FAA
Utah Sec Corp 0b'22-MAS15;
West Eleo conv 7s 1925.AAO'
98%
95
99
Texaa Co 7s 1923
d Purchaser also
x
1921.JAJ,
6s Nov 15 1923—-MAN15!
65
70%
AAO, /68%
1951
6s,
126
International Silver, pref.100;
Lehigh Valley Coal Sales.50
share.
per
74%
K C Term Ry 4%b
72%
100'
Tobacco
Preferred
Federal 8ug Ref 6s
90%
90
73%
99%
95
90
68
du Pont (E I) de Nemours
* Sale at auction or
y
95%
105
*93
Debenture stock
this week.
1924M AN
100
A Co, com
290
Ex-dlvldend.
pays
accrued
yEx-rlgh
.
dividend,
99% 100
89
89%
98% 99%
e New
stock
.
22M
[mrcstmeiit mft |llaitoaxl %nUlli%mt2.
1
4
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 first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric
railways
are.
brought together separately
on
subsequent page.
a
Jan. 1 to Latest
Latest Gross Earnings.
ROADS.
Week
Current
or
Month.
Year.
Alabama & Vicksb. March
Ann Arbor
1st wk May
Atch
Tqpeka & S Fe March
Gulf Colo & S FeJ March
Panhandle S
Atlanta Birm &
Atl_!March
(April
'March
Atlantic Coast Line, j March
Baltimore & Ohio—'April
Ap
B & O Chic Term March
Year.
92,897
15185264 16075181
848.208
859.400
1.563,360 1,537,953
44,405.003 53,043,815
7,000.925 6,623,579
2,077,045 1,956,148
1,471,737
807.543
841,133 1,013,436
759.286
705,202
19,886.973 19,677.160
64,192,189 63,938,696
646.864
608,711
746.148
5.874
431.037
654.532
23.559
_
Canadian Pacific.
3d wk May
Can Pac Lines in Me March
.
Caro Clinch & Ohio. March
Central of Georgia.
_
March
Central RR of N J__ March
Cent New England- March
Central Vermont
Charleston
March
& W Car March
Ches & Ohio Lines. Marcn
Chicago & Alton
Chic Burl & Quincy
Chicago & East 111
Chicago Great West
March
March
March
March
Chic Ind & Louis v.. March
March
Chicago Junction.
_
Chic & North West March
Chic Peoria & St L_ March
March
Ohic RI & Pac
3,069,000 3,633,000 63,877,000 69,221,000
915,353
1,066,566
343,515
372.245
1,753.274 1,633,140
523,567
580,418
6,450,048
5,593,501
2.018.293 2,058.079
4.259.019 3,878,510 12,271,401 10,716,765
2,196,242 1,284,527
443,371
822,024
531,000
1,473,884 1,446,445
549,606
842,527
841,553
256,284
333,502
6,367,344 6,716,231 18.764.532 19,373,122
7,248,358i 6.787,146
2,463,831 2.197,265
13753278 13895875 39.879,751 43.682,838
6,792.880 7,420,902
2,119.264 2,430,765
5,909,466 5,818,119
2,060.525 1,638,789
3,465,092
1,266,498 1,123,670 3,586,941
929.298
439.511
291,927
1,235,716
11995681 12769763 331735,582 38,898,509
12353734 11853273 34,800,027 36,127,270
628,214
508,019
173.955
218,131
11261760 9,874,475 31,097.327 31,957,236
536.663
1,749,878 1,733,649
607,812
Chic Milw & St Paul March
Chic R I & Gulf.. March
Chic St P M & Om. March
2,422,633 2,309,847
475,948
378.802
Chic Terre H&SE. March
Cine Ind & Western March
286,565
442,693
937,730
195.597
170,169
382.799
7,731,637
6,887,470
1,345,112
1,211,735
1,078,801
829,127
9,529,643 10,120,315
3,021,382
2.743,235
487,996
616,468
492,937
449,981
1,606,385 1,158.100
148.402
180,909
503,436
977.535
174,174
Wichita Valley... March
161,477
Cuba Railroad
January
1,606,385 1,158,100
148,402
180,909
Camaguey & N uev January
8,243,854
Delaware & Hudson March
3.632.907 3,054,340 11,309,525
Del Lack & Western
7,188,205 4,642,932 27,419,150 22,478,466
Api
Denv & Rio Grande March
9,212,643
7,765,706
2,371,221 2,858,087
662,441
Denver & Salt Lake March
567,445
153,366
197,835
425,637
Detroit & Mackinac March
172.536
410,909
169,682
arch
Detroit Tol & Iront.
1,148.106
877,649
408.537
439,051
arch
Det & Tol Shore L.
482,870
602,273
179,758
215,707
Dul & Iron Range.
634,124
218,703
885,331
178,252
April
Dul Missabe & Nor. March
528.019
213,842
647,651
222.471
Dul Sou Shore & Atl 2d wk May
102.102
1,625,633
1,745,496
83,968
Duluth Winn & Pac March
584,968
200,184
288,171
937,319
East St Louis Conn- March
383,985
435,236
115,966
178.461
Eastern S S Lines.. March
489,570
149,119
200,298
525,313
5,558,213
6,412,597
Elgin Joliet & East. March
1,653,277 1,979.241
El Paso & Sou West
4,781,199
935,142 1,036,993
4,083,501
April
March
Erie Railroad.
8,409,173 8,537,615 24,894,187 23,738,744
March
904,204
2,671,548
2,685,250
Chicago & Erie
1,013,291
N J&N YRR... March
307,736
340,382
118.462
105,483
;
j
Florida East Coast- March
4,831,289 4,095.804
1,641,077 1,418.119
Fonda Johns & Glov
422,740
109,881
444,357
106,739
April
Ft Smith & Western March
454,658
146,298
482,069
155,826
1,568,486
March,
564,189
Georgia Railroad
1,339,049
j 490,878
123,081
332,604
Georgia & Florida.. March
145,543
341,963
3d wk May 1,899,720 1,704,935
Grand Trunk Syst.
Atl & St Lawrence March
228,957
"979",008 "801",303
265,875
Ch Det C G T Jet March
130,605
476,679
571,819
185,115
Det G H & Milw. March
997,105
316,914
957,528
320,574
Grand Trk West. March
3,137,670 3,893,827
871,569 1,488,882
Great North System March
7,069,733 7,720,070 19,213,455 25,214.823
Green Bay & West. March
315,253
365,801
106,139
131,770
Gulf Mobile & Nor. March
886,414
303,064
344,308
1,071,434
Gulf & Ship Island. March
695,619
232,242
710,213
253,186
March
2,536,058 3,312,719
Hocking Valley.
883,237 1,117,081
March
Illinois Central
11378762 11062 242 35,044,192 34,411,934
Internat & Grt Nor. March
4,657,355 4,324,800
1,499,445 1,279,704
Kan City Mex & Or March
119,583
401,102
164,271
418,991
K C Mex&O of Tex March
455,985
188.060
134,715
491,700
Kansas City South. March
4,389.235
1.604.020 1.351,856
5,010,421
Terark & Ft Sm_. March
456,135
206,273
147,555
595,222
Kansas City Term— March
370,617
125,901
136,899
401,559
Kan Okla & Gulf
March
193,908
570,786
184,377
691,883
Lake Sup & Ishpem March
21,317
7,379
6,997
24,678
Lake Terminal Ry
96,377
502,648
384,991
98,651
April _
Lehigh & Hud River March
282.512
795,927
507,675
171,576
Lehigh & New Eng. March
370,647
966,784
987,845
361,401
March
Lehigh Valley
6,069,295 5,639,056 17,623,245 15,629,871
Los Ang & Salt Lake March
1,770,408 1,681,984 4,960,645 4,696,608
Louisiana & Arkan. March
265,276
378,348
869,111
1,072,207
Louisiana Ry & Nav March
974.993
333.882
329,225
980,143
Louisville & Nashv. March
10027704 10566042 28,690,065
,947,273
Louisv Hend & St L March
258,180
266.116
737,047
764,184
Maine Central
March
3.987,639
1.958,086 1,358.912
5,658,138
March
Midland Valley
411,569
365.068
1.184,940
1,124,428
Mineral Range
2d wk May
4,312
11,475
164,747
250,757
Minneap & St Louis 3d wk May
341,703
331,180
6,211,572 6,055,298
Minn StP & S SM. March
3.322.569 3,247,248
9,590.872 10,220,704
80.823
73,635
306,665
Mississippi Central- April
335,407
Missouri Kan & Tex March
2,748,847 2,960,426 8,161,324 9.430,652
MoK&T Ry of Tex March
2.431,520 2.107,049
6,992,282 6,927,010
2d wk May
Colo & Southern
Ft W & Den City March
Trin & Brazos Val March
.
_
_
_
?°
AGGREGATE OP
Current
♦
Weekly Summaries.
Month.
week Mar
week Mar
Previous
Year.
Year.
(19 roads)..
(17 roads)..
(14 roads)..
13,584,727
12,937,514
18,153.006
13,038,572
13,172,091
1st
2d
week Apr
week Apr
(16 roads)-.
(16 roads)..
12.669.004
12,464.076
13,568,318
13,394.544
3d
week
13.112.592
10,981.830
(16 roads)-,
10.360,370
12,550.735
2d
3d
12.519.005
11,648,873
week
Apr
May (19 roads)..
week May
*
We
no
(13 roads).,
20,427,446
13,850,741
14,283,332
12,746,533
longer include Mexican roads in
Previous
Year.
$
..
any
of
6.95
—640 .685
—621 ,460
4 89
5-66
-1,300 ,006 938
-1,764 ,327112.35
-1,097 ,660' 8.61
26.279",909
3,146,826
1,002,006
707,793
673,629' 2,620,690 2,634,8431
6,149,710 6,683,378 19,246,047 19,756,291
March
Northern Pacific
7.018.557 8,247,856 19,248,807 25,821.402
1,538.491
1,536,737
Northwestern Pac.. March
582,813
496,151
1,649,832
1,193,613
March
Pacific Coast
391.056
565,936
Penna RR and Co.. April
39948392 34 003252 164 543307 149 870927
257,706
320,354
Bait Ches & Atlan March
127.049
116,731
270.851
272,663
79,464
Cine Leb & North March
88,970
695,316
747,768 2.031.659 2,284,579
Grand Rap & Ind March
4,721,077
5,491,651
March
1,995,948 1,745,818
Long Island
191,156
234,156
87.228
91,895
Mary'd Del & Va_ March
N Y Phila & Norf March
523.233
641,456 1,596,640 1,816,254
530.161
442,514
Tol Peor & West. March
140,757
187,039
2,493,322 2,323,748
W Jersey & Seash March
885,341
915,883
Pitts C C & St L. March
9,374,342 9,012,517 25,217,673 27,003,123
455,477
471,868
165,250
Peoria & Pekin Un_ March
141,582
7,626,400 8,870,702
March
Pere Marquette
3,046,006 3,171,121
291,302
351.189
March
75,589
Perkiomen
87,249
March
Phila & Reading
6,655,923 7,204,576 21,122,999 20,557,025
393,867
406.111
127,880
147,449
Pittsb & Shawmut.. March
369,928
298,908
123,569
Pitts Shaw & North March
97,856
476,887
152.085
495,618
153,859
Pittsb & West Va._ March
567,311
655,514
March
191,218
205,150
Port Reading
322,367
331,997
March
119,313
104,523
Quincy Om & K C.¬
2,968,557
916.892 2,700,866
989.051
Rich Fred & Potom. March
1.400.429 1,156,601
474.057
March
359,414
Rutland
810,229
256.629
759,977
260,262
St Jos & Grand Isl'd March
6,986.004 7,262,472 20,696.166 21,472,622
St Louis San Fran.. March
493,829
402.112
153,234
131,195
Ft W & Rio Gran. March
410,144
438,188
115,423
135,799
St L-S F of Texas. March
1.397.533 1,774.919 4,214,069 4,906,818
St Louis Southwest. March
625,103
693,392 1,884,302 2,145,681
StLS W of Texas March
444.058
3d wk May
560,686 9,266,642 10,726,952
Total System
406,090
303,032
80,771
143,474
St Louis Transfer.. March
I,083,588
454,163
347,560 1,354,577
San Ant & Aran Pass March
318,649
256,436
81,369
93,815
San Ant Uvalde & G March
4.005.534 4,111,950 12,200,797 13,166,754
Seaboard Air Line.. March
15926324 15297 698 44,259.054 44,449,062
March
Southern Pacific
21129044 16 606230 85,858,919 79,687,569
Southern Pacific Co April
1,949.597
1,022,084
602,435 2,715,533
Atlantic S S Lines March
1,023,411
952,848
315,943
347,472
Arizona Eastern. March
5,875,482
2,375,059 1,951,316 7,044,220
Galv Harris & S A March
1,081,404
818,733 3,106,842 2,791,550
Hous & Tex Cent. March
714,793
678,695
214,885
256,985
Hous E & W Tex. March
1,295,954
386,290
429,297 1.122.660
Louisiana West'n. March
2.520,595
March
810.218
866,405 2,303,103
Morg La & Texas
752,254
800,462 2,238,596 2.367,373
Texas & New Orl. March
Southern Railway.. 3d wk May 3,073,149 3,492,192 64,523,472 71,578,202
790,760
823,405 2,474,788 2.606.649
Ala Great South. March
4,748,479
1,503.207 1,470,822 4,453,914
Cin N O & Tex P. March
375,536
1,174,388 1,444,304
395.446
Georgia Sou & Fla March
607,849
552,888 1,742,855 1,936,906
New Orl & Nor E_ March
385,641
255.190
March
72,159
119,973
Northern Ala
368,518
304,852
103,184
112,088
Spokane Internat.. March
2,004,379
March
1.661.193
585,455
633,021
Spok Portl & Seattle
567.944
485,994
March
205,858
191,788
Staten Island R T
60,476
44,733
2,212
3,273
Tenn Ala & Georgia 2d wk May
703,236
597,081
229,227
211,606
Tennessee Central.. March
381,449
411,665 1,124,370 1,154,954
TermRR AssnofStL March
1.034,905
884,397
368,490
292,986
St L Mer Bdge T. March
N Y Ont & Western
April
N Y Susq & Western March
Norfolk Southern— April
Ap:
Norfolk & Western- March
•
709,033 13,615,404 14,390,014
2,177,468 2,531,101
890,887
268,522
241,989
86,073
8.540,353 9,060,044 23,982,044 29,608,382
12881075 12158104 51,240,200 61,483,147
7,947,998 II,193,341
2,864,613 3,527,796
8,386,095
2,368,716 2,811,306 6,429,083
615,302
723,593
115,417
2d wk May
Texas & Pacific
Toledo St L & West March
Ulster & Delaware- March
March
Union Pacific
April
Oregon Short Line March
Ore-Wash RR & N March
Total 3ystem
..
712,394
152,369
432,202
3,339,075
323,023
1,035,522
2,564,693
497,257
1,169,239
1,177,607 1,363,389
4.001,139
3,553,691
March
646,532
110.542
Vicks Shreve & Pac. March
331,656
Union RR
(Penn).. April
Utah
Virginian
Railroad. Marcb
March
Wabash RR
Maryland- 3d wk May
March
Western Pacific
Western
Western Ry of AlaWheel & Lake Erie
April
March
NW March
Yazoo & Miss Valley March |
Wichita Falls &
5,189,751 4,484,524 14,337,572 13,642,363
5,745,396
307,093
331,703 7,103,657
3,340,495
954,782
2.706.194
940..111
927,474
794,680
199,279
208,665
3,304,101
2,864,238
990,964 1,134,949
693,382
615,022
231,051
205,227
5,336,316 7.449,308
1,724,122 2,423,194
and Monthly.
Current
—930 468
our totals.
9.831.936 9,050.872126,645.787
968.277
714,106! 3,950 317
362.564
1,041,999
330.006
N Y N H & Hartf..'March
*Monthlg
%
4.19
+546 155
—234 577
1.78
-2,274 440 11.13
—899 ,314
6.63
'
478,536
291,750
167,395
56,733
8,958.854 8,535.721 26,867.837 28,473.880
7,338,260 6,754,079
Mobile & Ohio
3d wk May
322,605
343,497
531,339
462,265
Columbus & Gr__(March
156,566
146,406
876.400
1,027,703
Monongahela
264,867
March
261.517
730,125
194,015
263.135
49,632
Monongahela Conn. March
292,549
443,498
Montour
90,116
123,607
April
Nashv Chatt & St L March
5,191.692 5,787,038
1,808.241 1,723.691
91,778
102,983
Nevada-Calif-Ore
2d wk May
7,184
3,871
473,240
154.327
Nevada Northern.. March
149,842
52,698
399.855
381.376
151,828
104,020
Newburgh & Sou 8h March
822,333
847,850
New Orl Great Nor. April
202,392
202.048
549.850
780,342
N O Texas & Mex.. March
193,111
229.212
479,948
680,969
Beaum S L & W__ March
178,495
160,623
1,678.641
1.636,054
St L Browns & M,March
639,833
577,907
New York Central.. April
25883001 25533842 103093967 105938000
Ind Harbor Belt. March
779,265 2,225,663 2,121.851
759,818
2.508.649
Lake Erie & West March
802.712 2,172,073
741.050
5,650,431 7,711,597 16,494,476 20,904.589
Michigan Central. March
19,673,704 20,989,839
Clev C C & St L__ March
6.949.309 6,868,826
764,064
780,401
Cincinnati North. March
288.541
289,640
8.559,471
Pitts & Lake Erie March
1,983,983 2.521,854 7,149,808
2,630,946
Tol & Ohio Cent. March
858,537 2,412,627
768,860
1,072,352
993,234
Kanawha & Mich March
349.625
339,741
6,578,116
N Y Chic & St Louis March
2,277,048 2,306,536 6,487,748
862,673
N Y Connecting...'March
278,561
or
Decrease.
week Mar
4th week April (11 roads)..
1st week May (19 roads)..
Year.
March
GROSS EARNINGS—Weekly
Increase
4th
12 471 907
Current
Year.
Mo & North Arkan. March
Missouri Pacific
Summaries.
Curr.Yr.
..213,525
Mileage.
2d
3d
Previous
Year.
or
%
303.848
499,364
2,163,383 1,452,706
22,206
20,949
7,786
1,190.244
1,261.204
399,692
638,824
2,514.615 1,911.308
440,300
67,646
137,205
Bingham & Garfield March
Boston & Maine
March
6.394,817 6.149.518 18,293,837 17,470,402
295,073
338.031
124,785
March
148.530
Bklyn E D Term
Buff Roch & Pittsb- 3d wk May
424,125
5,816,226 7,625,026
279,218
677,749
621,886
Buffalo & 8usq___. March
246,212
183,624
Canadian Nat Rys_ 3d wk May 1,891,435 1,946,107 40,159,316 35,398,396
Bangor & Aroostook March
Bellefonte Central.. March
Belt Ry of Chicago. March
Bessemer & L Erie.
March
Week
Current
$
ROADS.
Previous
Year.
2,372.028 2,101,389
651,809
758.881
507,833
132,359
231.115
199,723
273,802
301,353
7.112.880 6.298.215
15953279 15226698
238,526
218.967
Fe_.j March
Atlanta & West Pt_
Atlantic City
$
277.602
86.820
Jan. 1 to Latest Date.
Latest Gross Earnings.
Date.
Current
Previous
Year.
-
..
June
..220.459
July
..199.957
August
September ..226,955
..231,439
October
November ..235.213
December- ..229,422
January
February
March
_
..232,492
..235,653
..234,832
Prev.Yr.
Previous
Year.
Year.
$
Increase
or
Decrease.
%
$
208.598 430 931,483 369.225.761 +01.705.722 16.91
218.918 467' 351.544 401,376,485 +05.925,059 16.43
199,418 441 423,158 367,865,628 +73,557.530 19.98
224.922
229.935
233,839
228.134
231,513
234,510
233,839
594 192,321 480.408.546
633 852,568 503,281.630
592 ,277,620 438,038.048
539 ,197,615 443,124.176
+113783775 23.68
+130570938 25.94
+ 154239572 35.21
+96.073.439 21.68
469 ,784,542 503.011,129 —33,226,587
405 ,001,273 424,172,348
456 ,978,940 458,462,330
6.00
19,171,075 4.52
-1,483,390 00.32
MAY 28
1921.]
THE
CHRONICLE
Latest Gross Earnings
by Weeks.—In the table which
follows we sum up
separately the earnings for the third week
of May.
The table covers 13 roads and shows
decrease in the aggregate
ELECTRIC
the
Name of Road
week last year.
same
RAILWAY AND
Latest Gross
8.61%
over
2395
or
Company.
Week of May.
1921.
1920.
279,218
1,891,435
3,069,000
1,946,107
3,633,000
1,899,720
1,704,935
341,703
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Haven & Mil
Canada Atlantic
331,180
444,058
3,073,149
343,497
307,093
560,686
3,492,192
322,605
331,703
Minneapolis &
St Louis
Iowa Central
St Louis Southwestern
Southern Railway
Mobile & Ohio
Western Maryland
__
Total (13 roads)
Net decrease
Net
424,125
11,648,873 12,746,533
(8.61%)
226,200 1,323,860
1,097,660
Net from
Railway.
Net after
Railway.
Taxes.
$
Jan 1 to Apr 30 '21
'20
Baltimore & Ohio
Apr '21 15,953,279
'20 15,226,698
3,147,645
1,075,265
—315,918
2,227,320
305,099
178,252
218,703
885,331
634,124
—182,198
—138,866
—728,414
—674,302
—193,161
—150,980
—787,521
—713,722
—187,885
—139,776
—808,802
—601,083
935,142
1,036,993
4,083,501
4,781.199
150,086
274,731
512,638
126,928
61,739
174,313
1,466,559
1,144,769
106,739
109,881
444,357
422,740
33,487
42,527
139,916
146,981
27,912
37,452
117,616
127,031
375,536
—71,340
43,846
—169,343
200,567
—88,432 *—117,206
24,596
25,681
—220,599 *—285,164
141,923
147,014
2,084,220
—312,801
9,713,011
7,048,699
1,339,967
—965,803
6,545,932
4,366,245
1,861,742
1,456,276
7,447,539
6,508,670
499,041
212,734
2,004,323
1,374,422
414,855
131,428
1,667,579
1,065,742
98,651
96,377
502,648
384,991
166
—26,311
8,695
—53,004
—5,821
—32,146
—15,556
—76,420
73,635
80,823
335,407
306,665
—11,000
—13,779
defl2,654
—179,114
—17,126
—17,178
def37,112
—198,385
def32,022
—156,126
123,607
90,116
443,498
292,549
—4,397
—34,437
—82,836
—6,570
—36,867
—93,176
11,837
5,732
19,824
—129,585
—139,056
1,311
Apr *21 25,883,001
5,999,704
*20 25,553,842
3,003,926
Apr 30 '21 103093,967 13,344,312
*20 105938,000 10,735,719
4,314,934
1,733,501
6,861,318
6,096,600
Duluth & Iron
Apr '21
'20
'20
Jan 1 to Apr 30 *21
1
*20
R1 Paso & South-
Apr '21
western
'20
Jan 1 to Apr 30 '21
'20
Fonda Johns &
Apr '21
Gloversville
'20
Jan 1 to Apr 30 '21
'20
Georgia Sou & Fla
Mar'21
'20
Jan 1 to Mar 31 *21
'20
Illinois Central
_
395.446
1,174,388
1,444,304
Apr '21 13,052,996
System
'20 11,479,287
Jan 1 to Apr 30 '21
53,433,504
'20 53,340,529
Kansas City
Southern System
Apr'21
'20
Jan 1 to Apr 30 '21
'20
Lake Terminal
Apr .21
RR Co
'20
Jan 1 to Apr 30 '21
'20
Mississippi Central
Apr '21
'20
Jan 1 to Apr 30 '21
T
'20
Montour Ry Co
Apr '21
'20
Jan 1 to Apr 30 '21
*20
New York Central
NY Ontario &
Apr '21
968,277
714,106
3,950,318
3,146,826
32,417
—160,618
90,192
—360,917
—3,082
—198,866
—51,835
—488,558
707,793
673,629
2,620,690
2,634,843
105,090
296,029
168,343
6,400,232
4,671.345
'20
Apr 30 '21
'20
-
Norfolk & Sou
Apr '21
,
'20
.
Jan 1 to Apr 30 '21
'20
Pennsylvania RR
'20
Jan 1 to Apr 30'21
'20
West Jersey &
Seashore
Apr '21
*20
Jan 1 to Apr 30 '21
*20
Southern Pacific
24,955
26,587
36,128
112,365
123,606
1,405,394
—753,836
7,079,122
5,231,839
-
5.372,778
—4,617
—40,836
—14,971
—98,975
—20,765
—6,008
873,627
808,452
—134,624
—221,994
—667,964
Apr '21 12,881,075
Union Pac Syst—
Mar '21
2,864,613
Oregon Short Line
'20 *3,527,796
Jan 1 to Mar 31'21
7,947,998
3,774,469
2,522,237
—152,170
—233,078
—725,143
'20 *11193,341
_
Union Ry Co
Apr '21
'20
Jan 1 to Apr 30 '21
'20
Western Maryland
Apr'21
Ry
'20
Jan 1 to
Apr 30'21
'20
Western Ry of
Alabama
Jan 1 to
Apr *21
*20
Apr 30 '21
'20
—Deficit
•Corrected figures
3,384,013
2,581,247
2,374,298
1,837,248
891,106
1.103.107
10,152,243
6,300,015
5,353,464
18,815,176 15,291,763 15,438,823
646,532' ""—21,
491,509
*956,542
375,970
456,569
*996,159
293,086
*^542,612 ^3,610,572
712,394
3,339,075
2,564,693
—59,219
242,371
—285,768
—66i947
197,951
-314,680
-15J21
376,729
—96,257
1,485,700
1,276,276
6,182,909
5,483,178
296,116
—20,162
922,479
148,784
246,116
-70,162
267,203
—31,996
199,279
208,665
794,680
927.474
15,177
49,881
34,216
230,068
692,479
-335,184
6,377
42,706
—986
201,361
E St L & Suburban Co
East Sh G & E Subsid
Eastern Texas El Co.
Edis El 111 Co of Brock
Elec Lt & Pow of Ab-
369,234
330,392
153,74 7
17,396
93,133
37,725
Erie Lt Co & subsid-_ March
Fall River Gas Works April
Federal Light & Trac. March
Ft Worth P & Lt Co. March
Galv-Hous Elec Co.. April
General Gas & El Co. March
Georgia Lt Pow & Rys March
eGreat West Pow
Sys April
Harrisburg Ry Co
March
Haverhill Gas Lt Co. April
Honolulu R T & Land March
Houghton Co El LtCo April
April
Keystone Telep Co.. April
Key West Electric Co April
Lowell Elec Lt Corp
April
Manhat Bdge 3c Line
February
Manh & Queens (Rec)
February
Metropol'n Edison Co March
Miss River Power Co. April
Munic Serv Co & sub. March
Nashville Ry & Lt Co March
March
Nevada-Calif El Corp March
New England Power. March
New Jersey Pow & Lt March
NewpN&HRyG&E April
New Yow Dock Co.. April
N Y & Long Island._
February
N Y & Queens
County February
b N Y Railways
February
b Eighth Avenue
February
__
6 Ninth Avenue
February
No Caro Pub Serv Co March
Nor Ohio Elec
Corp.. April
NorthwOhioRy&PCo March
North Texas Elec Co.
Ocean Electric Co
Pacific Power & Lt Co
Paducah Electric Co.
April
February
March
April
&
Western
April
Phila Rap Transit Co April
Portl Gas & Coke Co. March
Porto Rico Railways. March
Portl Ry, L & Pow Co March
12,670
38,862
14,350
196,805
27,168
104,227
66,245
384,952
109,064
304,772
310,216
1,291,925
680.423
1,239,263
2,887,669
1,695,861
2,461,841
158.510
299,825
853,202
142,412
460.104
150,142
36,557
161,774
224,923
201,531
105,462
3,461,735
296,811
504.789
1785,850 1684,606
7,450.003
4933,632 4876,561 14,219,738
29,997
29,360
118,964
144,255 143,699
578,226
22,375
22,536
93,381
95,664
104,272
394,900
20,542
18,427
43,730
21,753
14.546
46,495
210,677 213.068
681,426
231,138 203,795
913,444
209,210 197.105
657,835
318,429 314,250
964,193
253.443
228,355
814,237
270.241 227,587
764,677
445,415 441.906 1.281.676
36,295
36,203
113,396
213,558 207.063
896,642
514,570 448,921
2,100,519
35,972
22,605
76,396
80,734
54,583
176.091
679,037 317,785
1,454,351
81,856
16,986
177,104
38.241
4.818
83,255
91,859
79,760
278,324
744,673 962,371 3,090,923
36,836
29,248
102,642
301,549 310,205 1,261,494
9,720
7,841
20,632
215,771
187,709
696.461
43,039
39.111
177,274
187,580 180.069
595,681
201.242 170,398
653,814
200.332
117,977
862,425
850,217
251.444
664,996
59,185
123,839
110,944
747,154
813,507
241.907
685,252
42,777
106,247
37,757
56,218
12,148
March
March
March
44.312
February
59,695
13,109
3,335
72,001
1126,487
3,224
61,307
March
April
March
February
Tampa Electric Co.. April
Tennessee Power Co. March
Tenn Ry, Lt & Power March
Texas Power & Light. March
Third Avenue System. March
Twin City Rap Tran.
April
United Gas & El
Corp March
Utah Power & Light. April
Utah Securities
Corp. April .....
Vermont Hydro-Elec. March
Virginia Ry & Power- April
Winnipeg Electric Ry March
Youngs town & Ohio. March
422,958
39,537
26,981
487,529
136,895
142,781
46,570
21,678
872,010
87.974
153,002
66,305
327,960
i
April
ReadingTrans&LtSys March
Republic Ry & Lt Co- March
Richmond Lt & RR.. February
Rockford Electric Co. January
Rutland Lt & Power.
Sandusky Gas & Elec
Sayre Electric Co
Second Avenue
17th St Incl Plane Co
Sierra Pacific Elec Co
Southern Cal Edison.
South Can Power Co.
82,989
758,415
1083,640 1573,734 4,003,290
68,985
170,252
390,414
65,134
63,421
249,717
3635,283 3174.883 14,218,514
Philadelphia Oil Co.. March
Phi la
7,031,277
647,681
4,429,750
27,543
150,852
43,667
78.963
Hudson & Manhattan April
Hunting'n Dev&G Co March
Idaho Power Co
March
d Illinois Traction.
April.....
1,474,907
1,141,571
772,984
54,738
277,172
151.898
367,330
1.053.675
39,245
125,287
124,262
574,892
109,705 V 417,925
26,075
88,930
81,206
399.996
205,160
298,842
935,746
147,305
603,663
144,350
_
_
609,684
26,364
185.656
ington & Rockland. March
El Paso Electric Co.
April
El Lt & Pow of
Abington & Rockland
April
__
8,144,294
329.427
39,625
139,126
103,709
April
April
Interboro Rap Tran—
Total System
March
Keokuk Electric Co.
April
1,560,969
1,334,198
950,343
71,743
357,313
185,729
187,620
221,214
59,458
164,640
49,424
1155,122
265,928 1,142,190
1,066,535
9900,000 37,918,000
28,936,000
47,111
210,985
186.059
40.110
168.769
159,819
103,061
334,515
321,546
2175,658 5,945.675
8,386,726
77.305
263,956
229,384
65,082
358,276
276,514
55.263
173,819
160,862
86.781
290.713
255,990
1236,829 5,607,899
5,328,049
128,910
573,766
526,043
2514,982 10,724,401 10,135,406
117,399
484,697
479,310
1129,575 4,909,527 4,617,670
226,296
806,144
700,851
318,052
1,104,054
953,412
1407,611 1271,177
March
March
Puget Sd Pow&Lt Co
—1,091,700—1,178,590
754,212
*1,217,629
1,218,459
*4,326.399
_.
Subsid Nat Gas Cos March
-25.043
-239,352
-83,187
-579,553
3,347,804
2,188,198
1,826,256
-584,976—1,670,947- -1,853,379
14,719,135 10,073,368 /8.416.478
'20 79,687,569
9,366,907
5,020,729
4.143.106
'20 12,158,104
Jan 1 .to Apr 30 '21
51,240,200
'20 61,483,147
Year.
98,670
Duquesne LtCosubsid
light & power cos.. March
Pennsyiv Utii System March
'20 16,606,230
Jan 1 to Apr 30 '21
85,858,919
Union Pacific Sys
Duluth-Sup Trac Co. April
Philadelphia Co and
Apr '21 21,129,044
System
Current
Year.
1277,257
136,916
2633,689
112,314
1219,584
267,777
366.321
1913,605 1488,113
150,626 161,789
..
Penn C ent Lt & P & Sub March
149870,927-17.998,997-24,311,304-25,216,778
3,366,949
3,132,200
_
April
April
April
April
April
Cumb Co P & Lt Co. March
Dayton Pow & Lt Co
March
Detroit Edison Co
April
Nebraska Power Co
34,003,252—7.312,630—8,887,788—9,066,829
164,543,307-12,320,036
Columbus Gas & Elec
Columbus Electric
Com'w'th P, Ry & Lt
Connecticut Power Co
Consum Pow (Mich)
Houghton Co Trac
72.411
6,597
167,239
101,761
Apr *21 39,948,392
Western
'
209,747
1,002,389
—274,674
1,982,402
275,008
7,188,206
4,642,932
Jan 1 to Apr 30 '21
27,419,150
'20 22,478,466
Jan 1 to
5,113
46,054
12,934
1,382,524
116,610
3,503,058
1,840,776
Apr '21
Jan 1 to
3,140
60,758
16,021
244,743
2,564,509? 2,337,997
—22,057 T
60,303
6,568,802
5,623,882
—686,896 —588,718
Apr 30 '21 64,192,189
'20 63,938,696
Delaware Lack &
Western
Ry
18,657
69,686
78,088
280,454
329,718
8,912,435
1,299,449
Jan 1 to
Range
Net after
Equip.Rents
S
199,723
231,115
841,133
1,013,436
COS.
1 to Latest Date.
Previous
51,463
41,729
106,077
1425,203
84,042
77,640
60.240
Citizens Traction Co. March
City Gas Co of Norf'k April
Cleve Painesv & East March
Colorado Power Co.. March
24,610
Gross from
'20
Jan.
Current
Year.
13 102000
Chattanooga Ry & Lt March
Cities Service Co
April
20",892
companies
Apr '21
Binghamton L, H & P March
Blackstone V G & El April
fBrazilian Trac, L & P March
Cape Breton El C o, Ltd April
Cent Miss Val El Co. April
116,628
419,043
reported this week:
Atlanta & West Pt
Bangor Ry & Electric March
10,523
Monthly to Latest Dates.—The table
the gross and net
earnings with charges and
STEAM
railroad
and
industrial
__
Baton Rouge Elec Co. April
Beaver Valley Tr Co. March
194,785
following shows
of
Alabama Power Co.. April
Appalachian Pow Co. April
Atlantic Shore Ry Co April
144,907
54,672
564,000
Earnings
surplus
Earnings.
Increase. Decrease.
AdirondackP&LCorp April
Buffalo Rochester &
PittsburghCanadian National Rys
Canadian Pacific
UTILITY
374,371
351,922
179,039
17,980
116,271
44,933
62,482
71,436
282,045
Month.
Third
PUBLIC
66,201
17,359
866,470
62,745
55,493
140,882
123,535
208,314
193,406
548,895 527,565
399.950
338,252
1137,214 932,707
1146,869 1017,813
1051.922 1014,234
524,350 531,390
685,919 683.275
42.640
40,789
840,991
780,363
504.624 456.914
46,035
49,037
947,178
340.885
2,571,474
3,559,773
723.845
"12U42
123,839
136,990
205,071
54,230
130,263
9,029
272.938
15.539,157
128.592
587.770
624,783
1,675,041
1,339,833
3,172,357
4.717,181
3,320.184
2,298,876
2,933,963
135,687
3,419,192
1,487,578
136,968
The Brooklyn City RR. is no
longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co.
having, with the
approval of the Court, declined to continue payment of the rental", therefore,
since Oct. 18 1919, the
Brooklyn City RR. has been operated by its owners.
b The Eighth Avenue and
Ninth Avenue RR. companies were
formerly
leased to the New York
Railways Co., but these leases were terminated on
July 11 1919. respectively, since which dates these roads have been
a
operated
separately,
c Includes Milwaukee Light, Heat and Traction Co. • d
In¬
cludes
all
sources,
e Includes
constituent
or
subsidiary
companies.
/Earnings given in milreis. g Subsidiary cos. only, h Includes Tennessee
Railway, Light & Power Co., the Nashville Railway <fc
Light Co., the
Tennessee Power Co. and the
Chattanooga Railway & Light Co. i Includes
both subway and elevated lines,
j Of Abington & Rockland (Mass.)..
k Given
In pesetas.
[Vol. 112.
CHKONICLE
THE
2296
—Net after
-Gross-
1920.
mi.
Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility grossl and net earnings with
charges and surplus reported this week:
Previous
Current
V.
Apr
Utah Securities Corp
12
12,991
9,872
;»
•
$
93,299
1,123,044
1,091,876
-
^
„
.
39,111
43,039
& Lt Co—
813,507
850,217
mos....
339,744
337,630
185,894
180,772
9,326,058
4,309,755
3,721,498
2,418,305
1,917,291
36,238
28,499
350,079
29,895
22,602
259,139
278,226
44,020
532,391
39,407
485,707
10,176,948
Sierra Pacific Elec
61,307
<
7j38,486
333,449
Tampa Elec Co—
140,882
123,535
48,284
43,897
1,554,880
1,362,897
583,832
540,862
April
*
;
Co—
72,001
791,527
April
12 mos....
12
3,877
5,306
51,073
131,958
499,598
mos
account of St. Louis
Includes adjustment on
contract.
v--'"VV
Deficit,
FINANCIAL REPORTS.
■\
885,862
2,633,689
Power, Ry&Lt
'20 2,514,982
4 mos ending Apr 30 '21 10.724,401
Apr' 21
Commonwealth
1920.'
$
88,810
118,162
1,421,763
mos....
12
Surplus.
;
*615,926
269,936
823,958 *585,220
238,738
3,615.817 *2,640.660 1.155,157
'20 10,135,406
3,360,389 *2,261,572 1,098,817
Consumers Power
Apr'21 1,219,584
547,747
191.910
355,837
Co
'
'20 1,129,575
433,366
175,680
257.686
4 mos ending Apr 30'21
4,909,527 2,040,219
750,245 1.289,974
:
'20 4,617,670 1,607,788
649,592
958,196
Duluth Superior
Apr '21
150,626
18,197
14,502
Traction <Co
'20
161,789
24,768
14,423
10,34o
;
4 mos ending Apr 30'21
609,684
69,822
58,036
llt786
V
'20
647,681
•
79,891
58,198
21,693
Great Western
Apr '21:
603,663
390,695
198,442
192,253
Power System
'20
460,104
246,144
155.986
90.158
4 mos ending Apr 30'21
2,461,841 1,585,818
J52.039
823,779
*20
1,870,306
999,239
625,042
374,197
Harrisburg Rys
Mar'21
144,350
&50.504
41,170
ok'<y7o
*20
150,142
565,642
40,570
25,072
3 mos ending Mar 31'21
422,958
6144,241
123,511
20,730
'20
420,271
6162,895
121,711
41,184
Taxes.
Earnings.
v
114,208
1,393,846
April
Balance,
Fixed
Charges.
310,205
Puget Sound Power
4,078,950 3,864,225
Net after
Gross
Charges—
1921.
*
338,241
314,045
683,275
7,740,272
685,919
8,715,696
:
-Surp. after
•v;
3,624,725
April......
,
,
-
301,549
mos....
Paducah Elec Co—
200,237
195,652
2,220,573 1,782,431
1,684,606
460,125
479,286
6,751,171 1,982,379 1,995,302
..
(subsidiary cos only).
Apr
May 1 '20 to Apr 30 '21..
12
3,296,988
30'21- 4,413,125
Illinois Traction Co
Apr 1,785,850
Jan 1 to Apr 30
7,450,003
May 1 *20 to Apr
■
Taxes—
1920.
$
3,964,666
April
Year.
$
Year.
I
Year.
Year.
$ ' -A-'r.-V:
$
351,922
330,392
Companies.
$
$
Northern Texas El Co-
Net Earnings
Current
Previous
Gross Earnings
Alabama Power Co
S
Other Public
Electric Railway and
1921.
Annual, &c., Reports.—The following is an index
other financial reports of steam roads,
annual and
to all
street
railways and other companies published since April 23 1921.
This index, which is given monthly, does not include
•
.
reports in to-day's "Chronicle."
Full-face figures indicate reports
872,010
487,529
3,461,735
Apr '21
'20
hattan RR
ending Apr 30'21
4 mos
860,364
2,665,712
*20
ono'lin
—298,539
70.118
—502,104
342,396
41,524
1,419,463
448,921
514,570
6189,732
30'21
^'20
2,100,519
6840,742
Apr '21
744,673
962,371
3,090.923
147,588
282,966
626,948
Co Apr'21
4 mos ending Apr
Northern Ohio
Elec Corp
4 mos
6163,403
*20
ending Apr 30'21
1,079,020
'20
3,695,629
Apr'21
Texas Elec Ry
231,866
91,458
262,805
1 02,164
2,366,905
3,152,430
1,386,054
'20
Apr '21
'20
ending Apr 30 '21
1,146,869
250,889
'20
12 mos ending Apr
30 '21
Twin City Rapid
'Transit Co
,
4 mos
i
7
Co
12 mos ending
Apr *21
'20
Apr 30 '21
6
f
mos
460,104
ending Apr 30'21
.3,897,892
2,472,478
'20
2,972,527
,
,
*
Fixed charges include interest
of constituent companies.
;
1920.
1921.
Manhattan Electrical
Manufacturers' Light & Heat
2084
N. Y. Westchester & Boston Ry. Co.2183
Northern Ohio Traction & Light.„-.1866
Philadelphia Co
^..2084, 2186
Philadelphia & Western Ry.__1978, 2084
Portland Ry., Light & Power Co.-.2084
Schenectady (N. Y.) Ry—_
1867
Shore Line Electric Ry. Co..
1867
Twin State Gas & Electric Co
.1868
United Light <fe Railways Co.....—1979
United Traction Co.!
1868
United Rys. of St. Louis.......... 1868
United Rys. of San Francisco
1868
Washington Ry. & Electric Co-.--.1868
Mexican Petroleum Co.,
608,242
37,725
408,673
44,933
505,019
mos....
15,614
154,061
16,700
159,527
62,581
54,494
—
282,045
265,928
82,424
87,456
3,342,563
2,896,937
905,229
879,527
584,430
581,330
Ltd—
51,463
47,111
676,934;
584,547
8,437
5,995
2,716
519
April
mos
Central Miss Val Elec Co—
41,729
499,933
April
12
mos....
"
40,110
452,541
136,916
12 mos— 1,595,076
94,413
10,069
122,855
97,460
11,127
90,812
8,461
60,231
6,395
84,290
'
128,910
78,417
58,121
1,431,307
683,339
634,850
April
32,384
26,107
S
Columbus Elec Co—
12
mos....
112,314
117,399
51,937
1,478,987
1,327,893
592,642
139,126
124,262
44,302
1,696,480
1,457,930
614,143
April......
12
mos....
; '
Co—
Eastern Texas Elec
62,055
527,112
27,122
*44,952
266,828
289,041
42,446
31,877
353,486
293,404
24,740
403,267
38,401
<
51,827
569,979
415,380
Edison El 111 Co of Brockton—
April
12 mos._.i_
103,709
109,705
29,362
1,265,626
1,187,046
336,569
40,903
412,383
39,030
25,505
342,925
300,286
April.
185,656
ft 12 mos.... 2,080,049
>
12
150,852
1,683,877
62,064
654,793
26,075
mos....
50,793
512,699
42,432
417,526
51,172
530,166
of Abington & Rockland—
27,168
313,477
5,267
1,489
356,730
April
55,965
57,879
4,696
614
50,904
46,442
Fall River Gas Works Co—
66,245
April —81,206
12 mos....
947,237
19,890
18,340
18,336
19,630
811,653
154,806
214,339
153,586
211,395
298,842
299,825
68,860
88,776
3,229,703
1,149,562
726,131
53,446
3,948,156
846,795
33,081
424,122
36,557
414,62 1
10,561
6,942
68,755
9,756
49,294
6,37C
60,084
11,428
—2,580
Galv-Houston Elec Co
April
12
mos
Haverhill Gas Light Co—
43,667
463,158
April
F 12
mos
Houghton County
12
mos_.._
57,858
^
.
•
El Lt Co—
39,537
2,545
474,983
46,570
596,188
April......
92,261
143,746
31,043
Houghton County Trac Co—
12
9,407
—3,773
—14,703
7,552
97,346
5,523
21,664
21,678
26,981
539
312,470
306,547
39,051
29,360
331,234
80,199
54,813
44,287
26,335
22,536
235,164
6,656
90,254
9,164
85,619
4,784
67,243
7,159
60,798
April......
mos
69,098
Keokuk Electric Co—
29,997
April
12
362,418
mos
Key West Elec
April
,
K 12&mos
6,262
CoV*
22,375
268,914
8,351
2,608
5,921
Lowell Elec Lt Corp—
April
12
mos
(96,664
104,272
1,075,798
276,729
31,532
1,212,396
323,700
33,803
252,368
29,66 3
299,919
231,138
203,795
166,500
2,412,883
2,144,920
62,063
928,062
*75,662
2,836,775
153,754
1,882,146
Miss River Power
.
t
April
12 mos
MIdvale Steel &
...2079
2081
Co
,....1862
Amalgamated Sugar Co.......
2086
American Beet Sugar Co
2080
American Bosch Magneto Corp..-.2192
Allis-Chalmers Mfg.
American Hide & Leather
1980
Co..
Ltd. (Del.). 1972
Ordnance Co
1983
2079
.1974
1873
Mother Lode Coalition Mines Co...2089
Mountain Producers Corp
2089
National Fuel Gas Co
— 1972
National Transit Co.J
2197
Nevada Consolidated Copper Co...2197
New England Power System..
2079
Midwest Refining
Co
Moline Plow Co—
-
Montana Power Co
——
Co..———„—...1983
Co
—1873
Co
1974
Niagara Falls Power Co
1873
Nunnally Co
——2198
Otis Elevator Co
1983
Otis Steel Co..-——
2090, 2188
Owens Bottle Co..
2090, 2198
Pacific Oil Co—
f.
——2090
New Jersey Zinc
New York Dock
—.
New York Telephone
...
—
Transp. Co.1874,1972
Co...——2090
1984
2090
Pittsburgh Steel Co.
—.1984
Porto Rlcan-American Tobacco
-.2090
Potomac Electric Power Co...
1874
Prairie Oil & Gas Co
—2090
Pan-Amer. Pet. &
Penn-Mex Fuel
Phillips Petroleum Co
Pierce Arrow Motor Car
Fire Engine Co. 1869
Light Co
.2193
American Rolling Mill Co
1869
American Steel Foundries Co
.1980
Quincy Copper Mining Co.j.
American Water Works Elec. Co...2193
Riordan Co., Ltd
—„
American Window Glass Mach. Co. 1980
Ruberoid Co—
&—
American Writing Paper Co...
2079 San
Diego Gas & Electric Co
Ames-Holden-McCready Co
-.1869
Anaconda Copper Mines Co
1970 Saguenay Pulp & Paper Co
Savage Arms Corp
Arkansas Natural Gas Co
.--1869
Shattuck-Arlzona Copper Co
Austin, Nichols & Co.—
—2187 Simms Petroleum Co
.
American Power &
Barnet
2193
—*—1870
Leather Co
Beaver Board
Cos
...
.2197
2197
2198
2198
1874
..2188
1984
-2199
2091
SkellyOUCo—
Standard Gas & Electric Co.-.2091, 2187
Co
...1981 Standard Motor Construction Co
2199
British Empire Steel Corp
—2193 Standard Oil Co. (N. Y.)——2091
Brompton Pulp & Paper Co--1870 Standard Tank Car Co.
*...—..2199
Bunte Bros
-——--1870 Standard Textile Products Co
2091
Beech Nut Packing
El Paso Elec Co—
Elec Lt <fc Pow Co
Cables Co
Allied Chemical & Dye Corp
Allied Packers, Inc.... —
2197
2197
Merritt Oil Corp
2086
1973, 2086
Air Reduction Co
All American
Supply Co...2089
Co
2089
Valley Mines Co
2197
Merck & Co
American La France
Connecticut Power Co—
April.
Gas & Electric.—
Mason
Industrials-
Cape Breton Elec Co,
,
12,972
117,163
mos..,.
April
12
*
/
11,211
104,165
Co—
Blackstone Valley Gas & El
; 12
1920,
Electric Co—
April......
12
$
$
$
$
I
Baton Rouge
1921.
1872
1972
Magnolla Petroleum
1866
.....1865, 2079
Monongahela Power & Ry. Co
2083
Monongahela Valley Traction Co
1862
Newport News & Hampton Ry.,
-Surp. after Charges—
1920.
1921.
.2185
Market Street Ry...
received.
Net after Taxes
Gross
>
:
..
International Ry., Buffalo....
'
other income
*
Loew Theatres, Inc
Light &
MacAndrews <fc Forbes Co—-—.—2089
......2083, 2183 Magma Copper Co
2089
Illinois Traction Co
6 Before deducting taxes.
,
Internationa! Salt Co
Ry.,
Electric
Power Co
outstanding Preferred
and dividends on
stocks
]' x After allowing for
-
1872
2196
1872
International Motor Truck Corp...2088
Island Oil & Transport Corp
2196
Jones Brothers Tea Co
1982
Kansas City Power & Light Co
-.1862
Kaufmann Department Stores
1.982
Kennecott Copper Corp
1971
International Fur Exchange
Electric Railways—
Havana
1.282.168
1,618,469
■
1872
2186
Co
1969, 2077
& St. Louis Ry_2183
St. Louis RR. Co-2075
N. Y. Connecting Ry. Co
..2183
N. Y. N. H. & Hartford RR. Co...2183
Norfolk & Southern RR
2078
Pere Marquette Ry....
1969, 2077
Keystone Telephone Co
1982
Pittsburgh & West Va. Ry...2084, 2182
1872
Southern Railway Co
.2077 Keystone Watch Case Co
(S. H.) Kress & Co
2188
Wabash Ry
1861
Lanston Monotype Machine Co—.2089
Wheeling & Lake Erie Ry
2192
Libby, McNeil & Libby
-2079
077,658
,
-
Corp
Ingersoll-Rand Co..
International Cement Corp
Hupp Motor Car
N. Y. Chicago &
179,753
y
~
1982
Corp..2088
General Asphalt Co.
1864
General Petroleum Corp
...
1973
Godschaux Sugars. Inc
...1871
Grace Steamship Co
2088
Granby Con. M in., Smelt. & Pow. Co.2196
Great Lakes Transit Corp
2088
Great Atlantic & Pacific Tea Co
2088
Gulf States Steel Co
1870
Hercules Powder Co
2196
Nashv. Chattanooga
1,323,866
1,658,533
246,144
1982
Freeport Texas Co
General American Tank Car
Missouri Pacific RR.
60,040
390,695
603,663
'20
....1977
Hocking Valley Ry. Co
2181
Lehigh Valley RR. Co. 1969, 2075, 2083
Louisville & Nashville RR. Co
1859
Grand Trunk Ry.,
106.813
150,835
746,169
240,907
143,012
105,621
140,214
123,734
1,721,132 1.586,877
5,997,412 *2,982,399
'20
Apr '21
Western Power Co
RR......
2181
RR. Co...2079
Baltimore & Ohio RR
2181
Bangor & Aroostook RR...
1860
Canadian Northern Ry. Syst.2078, 2184
Cln. New Orleans Tex. & Pac. Ry_.2079
Chesapeake & Ohio Lines..———2182
Chicago Great Western RR—
1969
Chicago Milwaukee & St. Paul Ry—1859
Denver & Rio Grande RR..
2076
829,892
190,849
185,230
762,966
1,017,813
292,043
4,717,181
913,801
.4,135,038
987,076
524,350
*248,633
531,390
*263,948
6,801,563 *3,308,009
'20
Utah Power & lib
476,493
1,306,385
Page.
{Continued)—
Fairbanks-Morse Co
Atlantic Great Southern
374,009
266,975
?}52,983 def .5,395
*131,425
151.541
*612,829
If,119
*517,831
561,189
39,387
io'cno
39,471
*>2.693
473,853
912,201
6640,984
1,805,653
Page.
.
Atlantic Coast Line
71,622
69,091
118.110
94,312
486,109
*20
New York Dock
/ r
.
-
published at length.
Industrials
Algoma Central & Hudson Bay Ry_.1865
Atchison Topeka & Santa Fe Ry. Co.1859
1
Hudson & Man-
1
Steam Roads—
'
33,818
Co—
*750,083
—2086
Co—-—2086
-1981, 2080
California Petroleum Corp.—
2194
Cambria Steel Corp
1981
Canada SS. Lines.—.
—2087
Canadian Consol. Rubber Co
1870
Canadian Cottons, Ltd—
2194
Central Leather Co
1870
Cerro de Pasco Copper Co....
2080
Charcoal Iron Co. of America
.2194
Chino Copper Co
1981-2194
Connecticut Light & Power
1981
Consolidated Distributors, Inc.
2087
Consolidated Textile Corp
1864
Consol. Water Power & Paper Co—2194
Burns Bros
Butte & Superior
Mining
California Packing Corp
-
-
;
Stern Bros
Stewart Manufacturing
Co
.1973
1984
1984
Studebaker Corp
Swift Internacional
2186
Co
Chem. Co—1874,
Texas Pacific Coal & Oil Co
Tide Water Oil Co
2092,
Tenn. Copper &
Tonopah Extension Mining
Transcontinental Oil Co
Trenton Potteries Co..—
Co
1975
1863
2199
2199
2092
2199
8huttle Co.
— —2092
8. Food Products Corp
1985, 2080
8. Gypsum Co
....
1985
S. Steamship Co __!
.........2199
U. S. Bobbin &
U.
U.
U.
1862
1862
1862
Cosden & Co
-—1863 Utah
Copper Co
...2199
(Wm.) Cramp & Sons Ship & Engine
Valley Mould & Iron Corp
2092
Building Co
1870, 1975 Victor Talking Machine, Inc..1875, 1974
Cunard Steamship Co
2086
Virginia Iron, Coal & Coke Co
1875
2087
Copper Range Co
U. S. Steel
Corp..
Union Oil Co.
Union Oil Co.
....
(Cal.)
(Del.)—
—
2194
.2194
Davis-Daly Copper Co
Dayton Power & Light
Detroit Edison Co
Co
1870
E. I. du Pont de Nemours Co
.2195
Duquesne Light Co
2087, 2186
Eastman Kodak Co...
2195
Electric Bond & Share Co.---2087
Elgin Motor Car Corp
Elk Basin Consol. Petroleum
Erie Lighting Co
-
2088
Co
2195
1982
Walworth
Manufacturing Co
Refining Co
Warner Sugar
Wells Fargo & Co..
.—
2092
2092
2092
Co—
1875
Westinghouse Elec. & Mfg, Co..
2185
Wheeling Steel Corp
1875, 1973
West Penn Power
.2205
White Oil Corp
Wick wire Spencer
Steel Corp
Youngstown Sheet 4
Tube Co
2188
1884
May 28
1921.]
THE
Chesapeake
(43rd
j
Annual
&
Ohio
Railway
Year
Report for
CHRONICLE
Company.
ended
Dec.
31
of all classes of
subsequent pages.
\V
and Federal income account was
published last week, page 2182.—V. 112, p. 2182, 2189.
on
The combined corporate
Lackawanna
&
Western Railroad.
{Report for Fiscal Year ending Dec. 31 1920.)
Pres. W. H.
Truesdale, N.Y., April 15, wrote in substance:
Results.—The results of the year's operations are unsatisfactory, and
reasons is next to impossible, and will not be
attempted.
wages
working
No doubt this relief will
locomotive fuel before referred
~
Delaware
being made to secure a general reduction in
railway labor, as also relief from onerous and
unjust
are
rules and conditions, legacies of Federal control.
be granted to some extent.
The high cost of
1920.)
The report of President W. J. Harahan, together with the
corporate income account, the balance sheet and other
tables will be found
2397
Outlook.—Efforts
a
to will, without doubt, be reduced, and,
coupled with lower prices of steel,
lumber, building and other materials, will furnish further
relief, in which
this company will participate.
The present outlook for the year 1921 is not
particularly bright or en¬
couraging, owing to what appears to be a world-wide business
depression,
the effect of which thus far has been to stop all new
work of any magnitude
in this country and the curtailment of exports in
large measure.
i
Mi
Grade Crossings.—The company will undertake the
coming year the elim
ination of grade crossings and the construction of new
passenger station
facilities in the City of East Orange, N. J.
It is estimated that the entire
cost of this improvement will be about $4,000,000.
With the completion thereof, the elimination of
grade crossings of the
suburban line between Denville, Morristown, the
Oranges and Hoboken
will have been consummated, and no grade
crossing or importance will
remain on that portion of its line.
Its completion will place in service an
review with the
additional
During the early months traffic continued very heavy, and our facilities
were taxed to the limit.
We experienced considerable difficulty in handling
this traffic, due to strikes of several classes of employees, who thus
sought
facilitate the movement
third
or
hours each
track from
Hoboken to Millburn,
which will greatly
rush
of the heavy suburban traffic
during the
morning and evening.
«
replacing
Hi Electrification .—^Another important improvementwhich the
company has
been taking preliminary steps to carry out, is the electrification
of its line
between Clarks Summit and Gouldsboro, Pa.
The
The gross earnings for the year show a large increase, i. e., $11,516,015.
coal and other freight traffic oyer the heavy mountain
grades each side of
Scranton
with helper or pusher
engines
invojves us in
to hasten the action of the
and these strikes also cost
Railroad Labor Board
us
large
sums
as
in contesting
to increased wages,
same and
the strikers.
The expenses of operation, however, were much larger, i.
e., $17,775,478.
The net operating income shows a decrease of $5,842,478, a
very striking
and
disappointing result,
as
compared with the previous showing during
long period of years.
a
.
This showing does not differ from that of practically every other
important
railroad in the country which the U.S. Government took over and
operated
from Jan. 1 1918 to Feb. 29 1920, Federal management of the
railways
having proved a failure in every important particular from start to finish.
The railways wore not turned back in substantially as good condition as
when the Government took them over; and that is the chief
underlying
cause to which can be traced back all the unfavorable features of the
showing
of the railways for the year 1920.
Rates.—Substantial increases in rates on all classes of railway traffic were
made effective by the Inter-State Commerce Commission
during the year
inter-State business, and, after more or less
controversy and litigation,
applied to intra-State traffic in most of the States.
on
The increased rates, however, have not proven
equal, as applied to the
traffic moved, to the increase in wages granted the railway
employees by
the Railroad Labor Board, plus the enormous increases in the fuel bills
of the
railway (due to increase in miners' wages), the heavy increases in
high prices of rails, ties and materials of all kinds entering
taxes and the
into the cost of maintenance of track, structures and
rolling stock, as also
other equipment, notably water craft.
Wages.—The increase in wages was made retroactive from July 1 1920 to
May 1 1920, while the increase in rates, which the I.-S. C. Commission
granted in part to cover the increase in wages forced upon the carriers, did
not take effect until about
Sept. 1 1920, or four months after May 1.
payrolls for the year 1929 over 1919 was $11,706,335,
compared with 1917 this increase amounted to the enormous sum of
$25,896,619, or about 117%, whereas the volume of traffic handled in 1920
The increase in the
and
handling
somewhat less than in
The total number of our
1917.
or
employees in 1917
was
21,769; in 1920, 25,196.
our locomotive fuel
supply increased over 1919 by
almost 50%, the equivalent of over 7% on the capital stock.
Decline in
Traffic.—There was a sharp and very general falling off in
freight traffic throughout the entire country during the closing months of
the year, which has extended into the early months of
1921, as a result of
which the net income of this company, with that of the
railways generally,
is showing an alarming decrease.
-:r- ■'
It is difficult to foresee how
large
improvement.
Financial Plan and Segregation of Coal Properties.—The board of
managers
some time had under consideration a
reorganization,
has for
involving the
and distribution to the stockholders of additional
capital stock
representing a substantial portion of the surplus accumulated during the
past fifteen years or more, and, prelimiqarv thereto, the carrying out of the
policy adopted some years ago by the Federal Government for railway
companies by withdrawing from the business of mining anthracite coal.
Application was made some months ago to the Inter-State Commerce
Commission for authority to issue additional capital stock on account of the
accumulated surplus, which application is still pending.
If granted, steps
will be taken by the company to divest itself or its coal
mining properties.
Plans for this purpose have not been entirely formulated, but they will in
due course be submitted to the stocKholders.
(See further particulars,
V. 112, p. 2190, 1865, 1740; V. Ill, p. 1751, 1277,
1182.)
[The $12,000,000 New York Lackawanna & Western Ry. 1st Mtge. 6s,
due JTan. 1 1921, guaranteed by the Delawanna Lackawanna & Western
RR., were redeemed by that company upon presentation, and It is under¬
stood, will be held alive by that company in its treasury, and in 1923, at
the maturity of the $5,000,000 Construction Mtge. 5s and the 3d
Mtge.
issuance
Terminal
Improvement 4s, it is probaole there will be
plan adopted.]
general refunding
some
i
;
BALANCE OF $1,481,015 DUE TO COMPANY DEC. 31 1920, IN DE¬
FERRED AND UNADJUSTED ACCOUNTS WITH U. S. GOVT.
(SEE TEXT).
Total of $56,555,811 Due to Company
31 1917—
/■/;,.
;.;:V
by U. S. Government—
,
r
Cash account Dec.
Fuel.—-The cost of
$3,105,075,
our
move the traffic to the top of the mountain grades.
believed large savings can be effected, and under normal conditions as
respects labor and materials, the company will be warranted in making this
as
was
of
heavy cost, to
By electrification it is
severe
this setback in business activities may
prove to be, or how
long it may continue.
It doubtless is a phase of the
deflation.
The railroads of the United States cannot avoid
becoming more or less involved in financial and other difficulties with condi¬
tions generally as they now are, and with so little
prospect as at pr.esent ap¬
pears of their becoming normal in the near future.
post-war
$4,014,029
1,054,537
631,961
i...
4,970,313
5,612,877
Road property retired and not replaced.
;
86,576
Agents' and conductors' balances, Feb. 29 1920—
51,735
Director-General of RRs.—(a) Equip, retired 1918 to Feb. 29 '20
420,533
(b) Reserve for accrued depreciation, years 1918 to Feb. 29 1920 4,964,916
(c) Certified compensation for years 1918 to Feb. 29 1920
34,748,333
Total of $55,074,797 Due by Company to U. S. Government—
Additions and betterments during years 1918,1919 and
1920--—$5,045,3.45
Expenses prior to Jan. 1 1918
1,241,063
Company's liabilities, Dec. 31 1917, paid
13,931,216
Balance due on corporate transactions
5,885,567
Materials and supplies, Feb. 29 1920---4,680,69?
Allocated equipment
4,276,893
Advances on account of compensation, 1918 to Feb. 29 1920
20,014,015
Agents' and conductors' balances, Dec. 31
Revenue prior to Jan. 1 1918
Materials and supplies, Dec. 31 1917
Assets, Dec. 31 1917—
1917
-
—
.
———
-
....
—
Accounts
with Federal Government.—In addition to the amount shown
be due to the company in the
accompanying table (see below),
there
other claims, growing out of uader-maintenance and the differences
in quantities and values of materials and
supplies on hand at the beginning
and close of Federal control; nothing has been set
to
are
these matters.
up in the accounts covering
By the terms of its contract the company is justly entitled
to additional amounts in settlement of these claims.
Guaranty.—From March 1 to Aug. 31 1920 this company
by the Government the same net income as during the
guaranteed
same period of
Federal control.
The company has collected only a
portion of the guaranty,
or $5,124,500.
(The balance that will be due and paid on this account has
not been set up on our books, as there are some
unadjusted matters to be
settled before the exact
sum
due
can
was
——
STATISTICS
OF
1920.
980
Average miles operated.
Earn, per fgt. train mile.
1919.
980
revenue ton
Aver.
rev.
$7.58
$2.39
840.20
980
$6.10
$1.85
816.39
25,982,548
Average train load (tons)
Ref. fgt. carried (tons). 28,315,359
Net
1918.
980
$9.24
$2.68
859.71
30,372,737
5574773,609
5591642*823
0.90c.
0.75c.
$9.51
$2.91
814.25
Earn, per pass, train mile
OPERATION.
miles..'5166315',007 4830065;815
per ton mile..
1.17c.
1.07c.
1917.
30,477,491'
be determined.
Passenger
Traffic—
Coal Mining.—The company's coal
mining operations, while somewhat
reduced as regards tonnage produced, were in the main
Passengers carried
were
Pass,
V
1'
satisfactory.
There
several interruptions in the working of some of the
company's collieries
early in the year, growing out of the negotiations with the mine employees
for a new wage scale, the old one
having expired March 31 1920.
These
negotiations were unduly prolonged, due to the excessive demands of the
miners' representatives, and after several months of futile efforts to reach an
agreement, the controversy was referred to a commission which was ap¬
pointed by the President to hear and determine same.
The wages granted
were substantially higher t han ever
before, and will continue until April 1
1922.
Q;-
Coal Prices.—The
prices of coal were advanced to cover the increases in
wages awarded, but the maintenance of these prices, especially on the steam
sizes, will be largoly dependent upon the market prices fixed from time to
time on bituminous
coal, with which these sizes compete.
The prices
charged the consumers by the middlemen, or companies handling the an¬
thracite coal, yield these latter an unduly
high handling charge and profit,
which should be reduced to the margin
charged in pre-war times.
The large anthracite companies are held
responsible by the consuming
public for the high cost of coal which it is paying, while as a matter of fact
these companies are not receiving an undue
profit, considering their large
investments, the risks inherent in the industry, the high cost of all material
used, the heavy taxes they are
required to pay and the depletion of their
coal reserve as same is being mined from year to
year.
The amount expended for mine
improvements aggregated $711,304.
Additions, &c.—The expenditures from income for additions and better¬
aggregated during the year $2,509,679, a much larger sum than in
1919, due in part to the higher wages and cost of materials, and in part to
improvements needed but deferred during Federal control.
In great part
they were made to reduce the cost of operations by providing additional
labor-saving appliances and facilities.
[The leading items were: (a) three
covered barges and four tug-boats, $459,400; (6) shops, enginehouses and
turntables, $437,179; (c) track elevation and elimination of grade crossings,
$398,919; (d) station and office bulidings, $285,070.]
The expenditures for new
equipment. &c., aggregated the sum of $6,489,073.
Covered by this amount were 800 each steel hopper cars and steel
ments
underframe
box
cars
which
the
Federal
Administration
purchased and
allocated to this company, the cost of which was charged against the reserve
created by the U. S. Government to meet its obligation to the
company
for depreciation of equipment accrued during the 26 months of Federal
control.
[This $6,489,073 includes: 16 locomotives, $1,021,180; 30 steel
suburban coaches, $660,360; 800 steel hopper cars (allocated),
$2,053,725;
800 double sheath box cars (allocated), $2,223,168; 50 side dump cars,
$263,250;; applying superheaters to locomotives. $149,122; miscellaneous,
$118,268.]
Under Maintenance by United States.—As previously stated
herein, the
railways of the country were not turned back to their owners in as good
condition as when the Government took them over, this being
especially
true as respects freight car equipment.
Our freight cars were returned to us
in large numbers during the year, very many of them in such condition as
to require heavy repairs.
It has been found necessary to contract with
outside car-building companies for the rapairing of several thousand of these
cars, our shop facilities not be'ng adequate to repair the large accumulation.
Rails, ties and ballast also were not adequately maintained during
Government control, and the deficiency will necessitate unusual
expendi¬
tures for some
will absorb
a
time to come, with the result that the operating
expenses
larger percentage of
gross
earnings than usual.
carried
one
30,612,506
27,281,789
24,623,034
25,307,161
mile_.698,358,572 643,253,978 604,647,645 585,179,118
Rate per pass, per mile.
STATEMENT
OF
1.99 cts.
.
mos.
Revenues—
1920.
Express
Milk
1919.
1917.
1918.
.
...
„
Other
1.59 cts.
PROPERTY
$20,228,484 $19,055,523 $19,009,846 $17,130,291
40,132,599
32,839,878
31,287,554
24,637,415
13,868,516
12,380,787
11,204,813
9,289,838
892,599
295,407
292,962
306,218
1,465,114
1,465,310
1,397,034
1,165,634
1,742,336
1,380,639
1,253,724
1,114,385.
2,827,514
2,581,721
2,406,994
2,116,482
2,182,899
1,824,781
1,887,149
1,450,960
Merchandise freight
Passengers..
revenue
Incidental
1.85 cts.
OF
Jan. 1 1918 to Feb. 29 1920. under Federal control.]
Coal
Mail
1.92 Cts.
TRANSPORTATION
CALENDAR YEARS.
OPERATIONS
FOR
[Including 26
,
revenue.
Total
.
_
.
.
$83,340,061 $71,824,047 $68,740,076 $57,211,224
Expenses—
Maint. of way & struc..$10,178,887
Maint. of equipment...
Traffic expenses
19,508,625
1,086,074
Transportation expenses 40,165,381
Miscellaneous operations
991,656
General expenses
j\ .918,854
Transportation investm't
Cr.8,748
$7,682,365
15,132,815
495,947
30,661,441
$5,552,541
13,337,602
664,088
28,613,367
547,292
1,219,107
Cr.8,314
726,926
xl ,368,204
Cr.2,446
$4,514,994
8,929,43ft
948,918
21,712,091
500,534
1,094,995
Cr.24,486
Total expenses
y$73,840,728x$56,065,250
Net rev. from operation.
$9,499,333 $15,758,796
Less tax accruals
3,416,868
3,449,429
Less uncollectibles
2,810
Operating income
$49,925,684 $37,676,488
$18,814,391 $19,534,736
2,941,212
2,714,487
21,955
19,274
9,754
$6,079,654 $12,287,411
$15,853,905 $16,810,495.
Add—
Joint facility rent income r
Hire of equip.—Dr. bal.
Net railway oper. inc.
y
x
$137,887
112,655
$134,493
474,540
$123,012
Cr.34,738
$108,932
Cr.51,954
$6,104,885 $11,947,363 $16,011,656 $16,971,381
Does not include $57,701 corporate expenses Jan. and Feb. 1920.
Does not include $305,033
corporate expenses year 1919.
COAL
Coal
mined,
DEPARTMENT—TONNAGE SOLD, &C.
washed
&
purchased
Coal
on
Total
Coal Sold—
Sales at mines
Company's supply
D.L. & W. Coal Co....
Total sales
Coal
on
1920.
1 919.
1918.
hand Dec. 31...
9,078,115
31,966
9.285,733
27,130
9,110,081
hand Jan. 11920
9,312,863
111,608
935,236
8,051,830
98,963
777,929
8,404,005
^1,071,850
9,098,674
11,407
9,280,897
31,966
1917.
10,848,301
29,563
11,500,429
87,601
10,877,864
11,588,039
121,992
9,656,892
111,973
1,698,576
9,747,927
10,850,734
27.130
11,558.476
29,563
,
2*98
COAL
Coal Sales—
DEPARTMENT
1920.
-
At mines
1917.
1918.
$669,969
$537,973
2,675,635
2,533,108
41,002,836
$394,659
3,079,048
30,740,142
$518,326
supply.....
3,994,234
Coal Co
46,438,772
's
36,658,851
Total sales
$51,102,975 $44,216,444
Coal land rente-L
90,961
109,044
Coal on hand Dec. 31-..
16,115
43,267
$39,710,285 $34,213,849
114,681
136,829
34,800
41,123
$51,210,053 $44,368,755 $39,859,766 $34,391,801
Expenses—
coal
mined,
washed and purchased 37,967,869
30,179,558 24,120,261
33,209,029
524,920
413,705
Local handling & gen exp
671,866
735,190
1,123,650
987,507
Dep.—8truc.de facilities.
969,162
1,109~517
Improvements
1,831,112
Taxes
2,532",029
2.147", 179
1,993,663
Value in ground of coal
Total
Cost and
Cost
of
produced
from
co.'s
fee lands
Workmen's comp. res...
2,125,631
2,182,611
355,725
1,956,616
372,076
2,018,592
440,000
250,000
$39,344,273 $36,191,933 $30,018,421
4,989,682
3,626,710
4,321,268
43,267
34,801
41,123
52,112
Total cost & expenses.$44,662,843
Profit
6,503,942
Cash
on
hand Jan. 1
THE YEAR ENDED
DECEMBER 31.
Earnings Coal Department—
1920.
1919.
Inc. or Dec.
Sales and rents
$51,193,937 $44,325,488 +$6,868,449
Less expenses..
44,662,843 39,344,273
+5,318,570
Adjustment of value of coal on hand
27,151
8,466
—35,618
$4,989,681 +$1,514,260
$6,503,942
RESULTS FROM CORPORATE OPERATIONS FOR
::
■
.,
,
Earnings Railroad Department—
Revenues, 10 mos. end. Dec. 31 1920170,478,816
Lees operating expenses, taxes, &c_. 65,218,581
Miscellaneous rent income
+$5,260,234
z3,249,379 yl7,324,424 —14,075,045
+5,124,500
5,124,500
Dividend income
680,250
786,985
2,018,592
110,667
-
Income from funded securities
Inc. frctaa unfunded
secure.
328,300
413,269
362,848
554,891
COMMODITY STATISTICS FOR
& accts.
Depletion of coal deposits..
Misc. non-operating physical prop..
Income from sink. & other res. funds
—
ment in the classifications.
TRAFFIC,
1919.
1920.
INCOME ACCOUNT FOR
CALENDAR YEARS ENDED
Revenue
168,545
—977
1,063
defl62,227
def426.240
+330,773
+513,937
$25,446,520 $25,453,406
—$6,886
prior to Jan. 1 1918
87,696
*
Deductions from Income—
Rentals of leased roads
on
57,701
Maint. of investment organization —
Interest on unfunded debt
16,091
1,122,916
taxes
revenue
Expenses prior to Jan. 1 1918
Rent for floating equipment
Rental New York piers
Balance after charges....
Less—Dividends declared
$6,126,907
6,156
869,556
305,033
15,897
1,710,373
$6,128,995
6,156
2,509,679
funded debt—
Additions and betterments
(20%)-
+$2,088
,
'
705,685
-
419,034
5,o36,51/
'
Interest
$13,648,414
Gross income
Deductions from
+ 193
—587,457
—235,981
+883,561
+935,007
operations for 10 months ending Dec. 31 1920.
Certified compensation accrued year 1919, including $1,574,947, being
10% of compensation for the year 1918 accrued in July 1919 upon com¬
pletion of the contract between the Director-General and the Company,
z Includes adjustment of standard return for 1918 and 1919,
$241,836
182,518
173,144
$13,939,762 $16,342,085
$73,530
429,243
21,478
Income—
$219,688
107,059
16,037
123,879
Taxes
Miscellaneous income charges
u
Sinking funds
Expenses corporate
organization
$252,171
152,628
16,962
70,847
$219,619
180,624
15,789
48,990
55,991
114,744
-J—
40,009
225>957
50,657
&c__$13,011,016 $13,181,188 $15,826,405
Interest on fixed charge obligations._
8,448,877
8,894,825
9,630,761
Int. on Cumulative Adjustment bonds
2,325,033
2,326,895
2,340,893
Interest on Income bonds
2,111,520
2,111,520
2,111,520
Balance available for interest,
Balance--
—
;
—
—
—
-sur.$125.587def.$152,052sr$l,743.230
STATEMENT—CORPORATE AND FEDERAL FOR CAL¬
COMPEN¬
ENDAR YEARS DISREGARDING FEDERAL
SATION AND GUARANTY.
—247,331
$7,627,745 —$2,396,746
$5,230,999
$74,904
143,339
113,599
Rentals
COMBINED
$13,675,109 $16,072,200—$2,397,091
8,444,110
8,444,455
—345
Balance after dividends
$2,270,835
6,812,514
Other Income—
+ 1,640 d 23
347,282
111,300
883,561
935.007
.....
1—Aug. 31) guar._
compensation account of
additions, &c. (net) to Aug. 31 1920
Difference bet.tentative & final stan-
Deficit of Frisco Refrigerator Line—
110". 600
+653,858
+
86
Sundry additions and deductions...
1920.
$13,316,571 $13,415,510
Six months (Mar.
Increased
DEC. 31.
1919.
1918.
Tentative standard return for year
Final standard return (2 mos.in 1920)
Rentals
+287
110.600
653,858
-
YEARS.
1918.
1917.
13,322,806
14,564,107
783,014,137 719,118,333
2.68 cts.
2.24 cts.
22,998.106
23,011,162
4155542,672 3963259,492
1.13 cts.
0.99 cts.
$14,031
$11,140
STATISTICS FOR CALENDAR
&c.,
Passengers carried
15,555,903
14,827,788
Pass, carried 1 mile.—857,610,336 851.007,465
Rev. per pass, per mile.
3.07 cts.
2.77 cts.
Revenue tons carried
24,718,345
21,439,266
Rev. tons carried 1 m.4,621,380,827 4036818,931
Rev. per ton per mile
1.44 cts.
1.33 cts.
Revenue per mile
$18,795
$15,651
Miscellaneous income
400
400
Joint facility rent income
Hire of equipment—Credit balance.
Miscellaneous income
(Tons Carried).
YEARS
CALENDAR
Forests.
Manufac.
Miscell.
Mines.
-7,037,3343,061,509
525,621
9,743,415
4,978,067
1,408,527
2,609.269
754,204
8,351,914
4,636,152
1,379,217
1918 —3,432,919
2,939,103
693,672
9,917,043
4,622,468
1,457,792
1917 —2,979,610
3,460,983
705,838
9,784,471
4,137,041
1,386.763
3,067,467
1916 --3,317,120
701,546
8,660,087
Note.—The above comparisons are not entirely correct, due to a readjust
Animal.
Agriculture.
1920 —3,321,935
1919 —3,337,285
+232,093
+61,976
.
shortly,
the
—24,275
—26,513
+317,401
1,956,615
110,380
304,024
386,755
....
construction
early in 1921
remaining 7.7 miles, it is expected will be completed
increasing to 89.72 miles the double track in main line service.
and
dard return for years 1918 and 1919
Net oper. income Sept. 1—Dec. 31'20
x$5,260,234
Income from lease of road (2 mos.)_.
Govt. adv. on guaranty (6 mos.) ..
War
by this report 6.6« miles of second track and has had under
24.2 miles additional of which 16-5 miles were placed in service
'
•
Interest
completed during the period covered
Double Track.-—The company has
EARNINGS.
1919.
[Vol. 112.
CHRONICLE
THE
[Road operated by U. S. RR. Admin, from Jan.
1920.
1919.
1 1918 to Feb. 29 1920.1
1918.
1917.
5,252
5,252
5,166
Freight revenue
—$66,338,921 $53,558,494 $47,161,818
Passenger revenue—— 26,341,511
23,599,251
20,976,513
Mail revenue
1,586,616
1,553,472
877,005
mileage operated-
Aver,
Express revenue—
1,143,346
960,117
Other revenue
976,777
1,680,830
777,034
681,094
1,898,639
1,973,467
720,617
797,617
2,352,528
Miscellaneous revenue--
5,20/
$39,421,538
16,139,384
753,143
808,196
Covers railroad
x
y
GENERAL BALANCE SHEET
.
Assets
1920.
1920.
$
:
Invest't—Road.
45,129,781
Equipment... 38,584,691
Impts. on leased
railway prop. 14,063,809
Misc. phys.prop.
4,367,711
44,535,289
32,235,862
Common
stock.
Prem. on
Long term debt.
Loans & bills pay
stock..
Traffic. &c., bal.
Inv.in affil. cos.:
10,215,446
2,260,623
1,576,483
Advances
2,616,689
Other invest'ts. 37,699,370
Cash
4,239,168
Loans & bills rec
3,111
Misc. accts. rec. 10,125,217
Mat'ls & supp—
6,464,251
Stocks...
Bonds.
*
Notes..
&
70,720
70,720
320,000
24,000
2,316,255
320,000
24,000
110
Acc'ts
payable—
7,709,125
1,891,339
Misc. acc'ts pay.
61,986
3,230
18,327
2,111,027
419,907
3,302
24,524
3,569
5,429,477
1,470,297
wages
Int. mat'dunpd.
Dlvs. mat. unpd
Unmatured divs.
accrued......
Other liabilities.
Fed'l def'd liab.
25,668
7,746
Fed'l def. assets.
56,555,811
Prepaid items..
114,285
303,701
273,850
52,416,673
103,042
1,673,212
106,145
55,074,796
2,781,717
136,156
alty reserves.
1,175,101
Acc.depr. (equip) 19,200,636
Oth.unadj.cred.
1,535,208
273,850
Oper'g reserve..
2,111,027
913,512
105,843
39,887,246
2,772,657
857,998
18,490,700
1,183,615
40,089
thro.inc.&sur. 26,939,291
-V. 112, p.
..233,544,600 200,658,848
$2,812,070
24,086
633,759
$2,757,344
15,694
997,522
note
xSee note
$2,899,564 $14,176,270 $11,208,089
304,723
455,898
x668,098
$16,295,279
.
Operating Charges—
$3,533,514
$2,789,445
43,292
1,926,094
Taxes---.
26,373
779,325
361,881
Uncoil, ry. revenue
Hire of equip—net
Joint facility rents,
434,029
net-
Operating income -
-
Other income
64,875,729
Total.
—
233,544,600 200,658,848
Sink. & other,
Separately op.
$2,863,086 $14,267,109 $10,737,409
Bal. for bond int., &c.
$15,661,153
$8,448,877
2,325,033
2,111,520
$8,377,690
2,324,156
2,111,520
$933,869def$2,148,020
$2,847,788
ilnterest on
$9,630,761
Fixed
charges
Cum. adj. bonds.-
$8,894,825
2,340,893
2,111,520
2,326,895
2,111,520
—
bonds.
Ball of income.---def .$11,220,088
No proper
for years
comparison is possible in this case with the figure
1920 and 1919 as
signed May 5 by Chairman E. N. Brown,
M. Kurn, St. Louis, says in subst.:
Compensation.—The I.-S. C. Commission as compensation for
the use of the property during Federal control has finally certified as due
including affiliated companies the annual amount of $13,632,917 in lieu of
the $13,423,400 allowed in its tentative certificates, an increase of $209,517
annually for both the Federal control and guaranty periods.
Income.—The company's gross income for the year 1920 includes (a) for
Jan, and Feb. a proper proportion of the final annual compensation; (&) a
six months' proportion, same as half-year guaranty ended Aug. 31; (c) dif¬
ference for the calendar years 1918 and 1919 between the tentatively cer¬
tified standard return previously taken into account and the amount finally
certified; (d) increased compensation on account of equipment acquired and
additions and betterments made during Federal control and the guaranty
period; (e) the net operating income from corporate operation of the prop¬
Federal
Misc. phys.prop .
4,532
34,440
1,126,137
51,452
788,096
Stocks pledged.
Advances
Other investm'ts
202,334
96,411
10,189
512,203
6,962,536
Cash...
202,334
78,571
1,000
688,675
Loans & bills rec.
143,416
1,567
Traffic, &c.,bals
1,398,242
248,191
54,636
383,805
__
Misc. accts. rec.
10,208,291
Direetor-General for maintenance or other matters affecting the property
during Federal control, nor with the I.-S. C. Commission under the guar¬
anty provisions of the Transportation Act.
On Jan. 13 1921 an advance
of $1,000,000 was received from the U. S. RR. Administration, and on
March 24 1921 an advance of $1,353,000 was received on account of the
Deferred assets.
242,962
guaranty period on certificates issued by the Commission.
Claims have
been filed and negotiations to that end are proceeding currently.
Securities Sold.—During the year the company issued to the DirectorGeneral, as stated in the last report, $14,029,500 6% equipment notes,
dated Jan. 15 1920, maturing serially 1921 to 1935, in payment of the cost of
the following equipment purchased from the U. S. RR. Administration:
1920.
(a) 33 light Mikado locomotives, (5) 7 light switcher loocmotives,
(c) 3,500
1,000 composite 50-ton gondola cars.
securities of the company or of any controlled or
have, during the period covered by this report, been
Prepaid rents &
74,990
insurance
Other
tor-General
Railroads
subsidiary company
sold
pledged.
Equipment.—The company has also purchased from the War Department
10 decapod type locomotives (originally built for the Russian Government)
at a total cost of $250,000—$25,000 payable in cash and the balance in nine
annual installments of $25,000 each, beginning Nov. 1 1921, the deferred
or
payments to bear 6% interest.
and
bills
Miscellaneous
a
9,554
442,309
817,907
Oth. def'd liabil.
205,968
4,090,431
3,318,878
5,405,531
2,994,450
134,010
15,241,436
—
1,068,135
to prop.
of
6,691,299
6,811,297
591,190
390,944
thro.inc.&surp.
153,826
541,000
Sink, fund res've
783,579
537,000
738,532
80,127
3,023,551
1,272,475
thro.inc.&surp.
Fund.debt retir'd
Def'd liabilitiesProfit and loss—
Total
1,960,000
17,922
__
Misc. acc'ts pay.
Add'ns
3,927,923
397,614,529 357,456,427
double-sheathed 40-ton box cars, (a)
No stocks, bonds or other
Loans
7,203,300
79,719,273
523,433
682,867 Accrued deprec. 20,471,367
227,513
141,269 Insur. reserve-.
2,577,854
Oper. reserve
3,836,961
4,663 Unadj us. credits
unadjust¬
ed debits
80,135,923
386,508
_
Misc. fund, debt
1,516,494
Due from Direc¬
31
bonds.
Income
Tax
3,739,833
Material & supp.
Dec.
5,384,700
Inc., &c., accr'd
liability-
991,585
Accounts with U. S. Govt.—No settlement has as yet been made with the
months ended
180,348,970
Coll. trust bond3
Int., &c., mat'd.
Bal, from agts.,
&C— -i
Mtge. bonds._bl81,660,045
50,447,026
7,500,000
stock.
Preferred stock.
payable (sec d)
10,000
413,613
1,148,438
3,061,763 Traffie,&c.,bals.
2,535,356 Acc ts & wages. 13,565,694
Special deposits-
Miscellaneous
50,447,026
7,500,000
1,422,000
Common
and certificates
Inv. in affil. cos.:
Notes
$
Equip, tr.oblig's 15,373,500
a3,578
Depos. in lieu of
mtg. prop, sold
'
1919.
$
Liabilities—
$
equip't.360,311,289 342,085,780
Sinking funds—
appearing
printed in the report for the last fiscal year.
Ǥ
d. sscts"
Road &
N. Y., and President J.
the four
x411,855
$3,204,287 $14,632,168 $11,876,188 $16,707,134
$241,553
$254,204
x$958,909 js| x$915,019
res. funds
50,658
40,009
55,991
55,795
prop-loss
48,990
70,846
123,879
75,166
CONDENSED BALANCE SHEET DEC. 31.
1920,
1920.
1919.
(Report for Fiscal Year ending Dec. 31 1920.)
for
20,065,839
24,429,612
70,108,728
St. Louis-San Francisco Railway Company.
erties
xSee
228,615
Gross income—
Deduct—Rentals
2190.
The report,
$39,610,818
Total oper. expenses .$89,886,545
8,836,494
Net operating revenue..
x
—
$64,069,623 $57,807,310
18,133,294
14,668,004
264,942
Cr
Trans, for invest
Income
prop.
Profit and loss..
.
832,723
20,567,230
1,698,547
Insnr'ce & casu¬
Add'ns to
Total
608,154
28,171,852
2,139,395
103,013
3,148,968
expenses
Unmatured rents
Tax liabllty.
Work, fund adv.
Sees, unpledged.
42,277,000
1,576,483
2,273,783
29,094,090
1,917,302
1,024,931
Oth. unadj. deb.
General
10,207,046
2,164,743
Bal. from agts.,
&c
$
42,277,000
1,577,653/
709,441
31,852,974
2,524,107
153,947
2,313,669
995,109
equip.—Deprec.
expenses
capital
12,595,845
4,217,593
$82,202,918 $72,475,313 $59,676,657
$6,853,602
$13,051,814 $10,638,161
9,887,332
14,507,582\ 16,352,762
Transportation expenses 44,116,333
1919.
$
Liabilities—
Main of
Traffic
DECEMBER 31.
1919.
Total oper. revenue--$98,723,039
Main, of way & struc—$18,389,537
Main, of equipment—- 21,187,870
Total book assets,
Total
397,614,529 357,456,427
$783,578, less $780,000 issues of the railway at par;
$5,322,195 mortgage
balance as above, $3,578.
b After deducting in 1920
bonds held by or for the railway.
Note.
The transactions of the Kansas City Clinton
.'
& Springfield Ry.,
separately, are not included in the above, but
the amounts advanced by the Kansas City Fort Scott & Memphis Ry. to
meet the interest on the Kansas City Clinton & Springfield Ry. bonds
have been charged against income.—V. 112, p. 1742.
which company is opera tod.
MAY 28
1921.]
THE
CHRONICLE
Denver & Rio Grande Railroad.
Power Company.
The consolidated income account
for 1920,
excluding inter-company items
shows the following increases:
Gross earnings,
$2,048,992; operating ex¬
penses and taxes,
$2,014,551; net earnings, $34,441;
miscellaneous income
$62,118; deductions (int., amortization of
discount, &c.f exclusive of in¬
terest charged to improvements
account, viz., $265,940 in 1920
and $194 317
in 1919). $79,891;
balance, increase $16,668
*'
Dividends.—Out of surplus and net
profits there was paid during
1920
7% on the Pref. stock ana 8% on the Common.
v.
New
Financing.—During the year the company sold
$73,000 Series "O"
First Mtge. 6% bonds, due Mar. 1
1958, and on Aug. 1 1920
$3,000 000
Series "D" First
Mtge. 7% Gold bonds, due Mar. 1 1946, the proceeds
used for the completion of the
being
company's new 42,000 k. w. steam
generating
station located at
Springdale, Pa.; for the high-tension steel-tower trans¬
mission line connecting that station with
the transmission
system of the
company and for other construction purposes
(V. Ill, p. 396).
The company also issued and sold
during the year for cash at par
$85,000
7% Cum. Pref. stock, largely for the purchase of
additional lands adjoin¬
ing the new Springdale
(35th Annual Report—Year Ended Dec. 31
1920.)
The text of the
report, with the income account and other
statistics, were published in last week's "Chronicle," on
page
2076.
-iV-::-.\'
BALANCE SHEET DEC. 31 1920 COMPARED
WITH PREVIOUS YEAR.
1920.
'.Asscts
1919.
■
■
Road & equip..
181,383,443
Impts. on leased
property
Sink. Ids., cash.
in
Liabilities—
160,583
1,075
250,306
6,772,574
3,177,753
2,604,024
Other inv., &c..
13,009
12,967
Cash..........
3,571,521
Special deposits.
Traffic, &c.,bals.
d43,472
2,375,435
•46,540
Misc. acc'ts
ree.
Material & supp.
Other assets
TJ. S. RR. "com¬
pensation"
U. S. guarantyIns. &oth. funds
U. S. Govt, de¬
ferred assetsOther def. assets
2,131,427
V
assumed,
&
wages
918
Unreported
3,364,753
.
pay
251,182
357,426
3,570,844
29,161
freight
987
Unmat .int .accr.
1,020,945
1,131,926
426,406
401,842
97,958
141,498
35,540,317
36,533,264
f10,251,008
6,457,531
acc't
guaranty
of
Pac.
....
U. S. Govt, defi
liabilities
172*966
June 15 1920 the
company issued and sold $125,000 First
Equip.
Trust of 1920, due
serially from June 15 1921 to June 15 1930 and
secured
by 70 all-steel self-clearing hopper railroad cars of
55 tons
capacity each,
purchased for use in maintaining fuel supply for the
Connellsville station.
Capital Account.—The property and plant account of
West Penn Power
Co. shows a net increase
during the year of $6,224,336.
New Springdale Power Station.—The new
steam power station at
Springdale, on the Allegheny River, near
Pittsburgh, was put into operation dur¬
ing the year.
2,174,860
987
Western
5.098,753
On
1,520,557
Def d liabilities.
Tax
On Mar. 27 1920 the U. S. Government
advanced
liability..
account of the construction of the new
station at
Accr'd
f8,294,472
7,976,430
72,138
39,518,601
72,484
3,959,281
193,623
est at from
5% to 6%, over a period of eight years,
beginning with 1923 and
ending in 1930.
The balance of the advance,
$1,204,500, was credited to
the company for the
discharge of future depreciation and obsolescence.
5,662,015
5,594,071
x2,378,810
surplus
384,553
1,881,575
370,393
Prof. & loss {deb.) 23,726,625
df.26106,945
fd.
Approp.
(e)
4,880,698
3,959,281
Other items
Add'ns to prop.
thru .inc.tour.
Sink.
un¬
pledged......
5,432,109
734,793
Sale of Utah Fuel
Co. cap. stock
(e)
Grand total-257,255,390
246,613,380
res'ves
Increase in Rates.—Because of continued
increase in
operating costs,
early in the year new tariffs for power service were filed
June 1 1920, ef¬
fective July 1 1920.
;
•
Total
257,255,390 246,613,380
West Penn System as of Dec. 31
The
sinking fund of 1st & Ref. Mtge., Bankers Trust
Co., trustee, also
holds $2,328,000
(par value) D. & R. G. 1st & Ref. Mtge. bonds.
b Stocks in affiliated
companies, pledged, include: (aa) To Bankers Trust
Co., trustee under 1st & Rer.
Mtge.: Capital stock of Rio Grande Junction
RTr., $1,221,150; to New York Trust
Co., .trustee Adjustment Mtge.,
$737,150 additional; total, $1,958,300; book
value, $591,696.
(65) To Guar¬
anty Trust Co. of N. Y., trustee:
Capital stock, Utah Fuel Co. (see below),
$10,000,000; book value, $6,000,000.
(cc) To Bankers Trust Co., trustee
1st & Ref.
Mtge.: Capital stock Rio Grande & S. W. RR.
Co., $149,200;
book value, $202,684; total
book value, $6,794,380.
The interest of the D. & R.
G. RR. Co. in the $10,000,000 Utah
Fuel
Co.
stock
sold under execution sale in June
1918 in suit of Equitable
Trust Co. of N.
Y., trustee, vs. D. & R. G. RR. Co.,
Supreme Court of
New York; but the stock is
pledged as collateral for Rio Grande Western
Ry. Co. 1st Consol. Mtge. bonds (see V.
106, p. 2648, 2559).
(f) The deferred liabilities due U. S. Govt. Dec. 31 1920,
$10,251,008,
includes: (a) Additions and
betterments, $2,739,721; liabilities Dec. 31 1917
paid, $3,569,184; expenses prior to Jan. 1
1918, $244,326, and material and
supplies Feb. 29 1920. $3,697,775.
On the other hand, the total U. S. Govt,
deferred assets
aggregate $8,294,472, which includes: (a) Agents and con¬
ductors' balances, material and
supplies, assets collected and cash as of
Dec. 31 1917,
$5,406,243; (6) road and equipment retired, $1,398,312;
(c) accrued depreciation on
equipment, $1,331,375; and (d) $158,539 cor¬
porate transactions.—V.
112, p. 2076.
,
Penn
Traction
&
Water
Power
Company.
West Penn Railways Co. and West Penn
Power Co.
(Report for Fiscal Year ending December 31 1920.)
President A.M. Lynn,
Pittsburgh, May 2, wrote in subst.
Results.—The consolidated income statement of
1920 for the company
a balance
surplus, after deducting interest, amor¬
holdings in the preferred shares of the
Power Co., which amounts to
$1,256,495,
being an increase of $69,381 over 1919.
[The company, in addition to its
ownership of the entire outstanding Common
capital stock ($8,054,700
par value) of West Penn
Railways Co., in April 1921 held $1,138,200 of the
total of $7,365,300
outstanding Pref. stock of that company, and the Rail¬
ways Co. owned all the
$10,000,000 Common stock of the Penn. Water
Power Co., &c.;
compare V. Ill, p. 71.—Ed.]
Dividends.—Four quarterly dividends of \
Vt% each [aggregating $483,282] were paid during the year upon the
6% cumulative Preferred stock
out of surplus and net
profits.
[As also in 1918 and 1919.
In May 1921,
in addition to the
regular quarterly distribution, 1K % was
paid on account
of accumulations.
Dividends in arrears, 15\i%\ V. 112,
p. 1145.—Ed.]
7% Collateral Gold Notes of June 15 1918.—A substantial
part of this issue
was retired
during 1920 through the sale of the collateral.
Of the original
issue of $2,000,000
notes, $875,000 remained outstanding Dec. 31 1920
and a further $261,000 will be
retired through the completion of sales
of the
collateral already made on the installment
plan.
All the notes outstanding
mature upon, or are
renewable to, June 15 1923.
and subsidiaries shows
tization and dividends on the
public's
West Penn Rys. and West Penn
West Penn Railways Co.
This subsidiary owns all of the
Common capital stock
($10,000,000) o'
West Penn Power Co. and
directly or indirectly all of the capital stock o*
all other electric
light and power companies and all railway
companies con
stituting the West Penn System.
The consolidated income statement
(below given, excl. inter-co. items) shows for the
Rys. Co. and
subsidiares,
notably the West Penn Power Co.—Ed.] increases over
1919 as follows:
Gross earnings,
$2,973,338; operating expenses and taxes, $2,888,397; net
earnings, $84,942; miscellaneous income,
$97,338; deductions (interest,
amortization of discount, &c.,
excluding interest charged to improvements
account, viz., $273,889 in 1920 and
$201,386 in 1919), $121,290; balance,
$1,705,157, an increase of $60,991.
In addition to current
maintenance and repairs, $1,691,216, there was
set
aside $1,002,553 for renewals and
replacements, of which $802,553 was
charged to and included in operating expenses.
Dividends paid during the year out of
surplus and net profits were, on
Pref. stock, 6%, and
upon the Common stock 6J^%.
Capital Account.—The consolidated
property account of West Penn Rys.
Co. and subsidiaries shows a net
increase of $7,293,927 over the
previous
year [chiefly for West Penn Power
Co.—Ed.].
Fares.—Advancing
costs made necessary further increases in
railway pas¬
tariffs, which became effective Sept. 19 1920 in
Pennsylvania, Dec.
19 1920 in Ohio and Dec. 26 1920 in
West Virginia.
Shareholders
Dec. 31 1920.
of
West Penn Rys.—2,450 Dec. 31
1919;
'
-
1920.
_
Power and electric furnace
_
346
__
9,451,285 9,436,320
139,823
98,433
560.52
510.16
44.00
26.13
2,351
—
Municipal
1919.'
339.25
350
339.25
_
25,000-volt transmission lines
pole mileage (circuit in
1920, 819)
tl32,000-volt transmission lines (steel
tower), pole mile¬
age (circuit mileage 1920,
61.87)
Number of consumers (total,
51,636, against 42,421)—
2,091
493
459
13,536
35,256
238,694
498,353
26,622
12,423
27,448
202,161
402,418
15,492
_
Commercial
Domestic
Connected load in kilowatts (incl.
railway load)
Output in 1,000 kilowatt hours: Generated
Purchased
—
t Operating for the present at 66,000
volts, 26.13 miles, and at 25,000
volts, 17.87 miles.
WEST
PENN
TRACTION & WATER POWER CO.
INCOME STATEMENT FOR CALENDAR
—
214,468
192,686
$3,357,507
550,294
$3,270,869
—
Net earnings
-
Miscellaneous
income
1919.
$13,607,949 $10,634,611
$802,553
$402,553
8,807,927
6,411,208
425,494
357,295
_
Federal taxes estimated.
CONSOLIDATED
YEARS.
1920.
Gross earnings of West Penn
Rys. & its subsid's
Depreciation
Operating expenses—*
i
Ordinary taxes
__
453,200
$3,907,801
$3,724,069
Interest and amortization of discount
'—x$2,113,050 x$2,009,298
Divs. accrued on Pref. stock of West
Penn Rys.
Co. and West Penn Power Co. in
hands of public
538,255
527,657
Divs. on Pref. stk. of West Penn
Tr. & W.P.Co—
483,282
483,282
x
Balance, surplus
—
_
—
—
$773,213
-
$703,832
Excluding interest charged to improvement account, $273,889 in
1920,
$201,389 in
x
1919.
WEST
•
.
PENN
TRACTION & WATER POWER CO. AND SUB.
CONSOLIDATED BALANCE .SHEET DEC. 31. 1920
Assets—
West
Preferred
'f:
railway owned (single track mileage)
Passenger and express cars
Car miles (passenger and
express), 1920—
Generating capacity in kilowatts (name plate rating)
total book value,
$2,604,024.
'
d Special deposits.—This
amount excludes the
company's own securities
of a total
par value of $7,248,472 deposited as follows:
(aa) To New York
Trust Co. (trustee 1st & Ref.
Mtge.), 1st & Ref. Mtge. bonds (pledged),
$7,005,000, and cash proceeds, &c., $21,341.
(66) To Blair & Co., trustee
First Consols.,
$200,000.
(cc) Special deposits attached by Equitable
Trust Co., $22,131.
(e) There have been omitted from assets and also
from the long-term
debt securities issued or
assumed, unpledged, at par value as follows:
(aa) Capital stock D. & R. G.
RR., $4,130; (66) 1st Consol. M. bonds,
$1,178,000, and 1st & Ref. M. bonds, $1,112,000. of D. & R.
G. RR. Co.
(cc) 1st Consol. M. bonds, $1,307,000. and 1st
M.. $10,000, of Rio Grande
Western Ry. Co.
(dd) 1st M. bonds, Utah Central RR. Co.
(matured
Jan. 1 1917),
$6|50,000.
senger
'if-':
1920.
Miles of electric
was
c Investments
in affiliated
companies, unpledged.—These include in
addition to $113,120
(par value) stock of depot or terminal cos. at
Pueblo,
Denver and Salt Lake and
$700 Rio Grande Junction Ry. 'stock:
(1) Rio
Grande Southern RR.
Co., $3,579,737; book value, $390,933; (2) securities
of Roberts Lumber Co. and
associated co., $2,757,000; book
value, $818,376;
(3) Rio Grande Southern RR. Co. 1st M.
bonds, $1,511,000; book value,
$1,004,367; (4) advances to Rio Grande Southern RR.
Co., carried at par,
$276,427;
a further
$409,000 on
Springdale, together with
necessary transmission lines, making a total of
$2,409,000 received by the
company from this source, being the maximum amount
which the Govern¬
ment obligated itself to advance
under contract of
Aug. 3 1918.
A supplemental contract was
made Mar. 27 1920 by the terms
of which
the Government
agreed to accept $1,204,500 in full settlement of
the ad¬
vance, this amount to be repaid
by the company in installments, with inter¬
819,001
deprec'n
equipment
,
power station.
85,935
Int. mat., unp'd
Divs. matured..
Judg't
401,316
2,373,249
187,060
58,860
88,745
pre-
accrued
226,986
Equit.Trust Co.,
trustee, judg't 39,518,601
Oth.unadj.debs.
137,108
U. S. RR. Adm.
2,935,000
Secure., Issued or
a
Acc'ts
Misc. acc'ts pay.
Unmatured rents
142,216
2,452,353
.
$
38,000,000
49,775,750
Long term d't.el20,728,000
121,175,500
Traf., &c., bals.
547,732
payable
6,794,380
y
38,000,000
Preferred stock.
49,775,670
affil.
Net bal. recelv.
from agents..
$
,
274,257
cos., pledged,
do
unpledged
1919.
Common stock.
a810
.
1920.
^
170,682
_
Misc.phys.prop.
Stocks
'i'"
180,546,496
*299
West Penn
Liabilities—
Plant, property &
investm'ts_$86,259,757
Inv. in hydro-elec. properties
and associated companies.
Temp. inv. in Pref. stock of
West Penn Rys. Co.
tsj&
($198,682)...
Materials and supplies.
Due from pureh. of Pref. stk.
of West Penn.
Subsidiary cos. stock
7% Collateral gold notes
Bonds, &c., of sub. cos
Deferred
Rys. Co
bonds and notes.
385,483
1,865,867
Unexpired insurance, &e—
Unclassified charges.....
102,791
Discount
on
—
Total...—
liabilities..
Deferred credits...-
—
...
xl,458,979
—76,744
Reserves
*4,824,837
Surplus
3,251,614
Total
S96.923.778
94,253
.
.$96,923,7781
.
$8,054,700
22,054,700
10,269,125
875,000
1,075,599
..*42,665,870
804,008 Other notes payable—...—
316,967
Acc'ts payable, incl. wages..
1,042,451
1,403,907
Def'd pay. on construe, con'ts
280,873
1,504,756 Accrued taxes, int., &c
xl,269,638
2,113,372 Pref. div. (paid Feb. 15 1921)
120,820
notes receivable (less
reserve
Preferred stock (parent co.)..
Common stock (parent co.)..
1,675,440
Cash for
construction, &c—_
Cash
Acc
COS.
Note.—In April 1921 $15,898,700 Common and
$4,668,500 Pref. stock
owned by Arner. Water Works &
Elec. Co.
In addition to above
liabilities, West Penn Power Co.. a subsidiary, had
guaranteed payment
under purchase contract of Beech
Bottom Power Co. to amount of $182,500.
There remained
unpaid at Dee. 31 1920 accumulated divs. of 16M% on
$6,500,000 par value of Pref. stock
outstanding.
was
x Compare balance
sheet of West Penn Rys. Co. below and also
bonds, &c., in V. 109, p. 1177, and"El. Ry. Sec.,"
p.
p.
1145.
WEST PENN RYS.
CO.
AND
ACCOUNT FOR
SUB.
COS.—CONSOLIDATED INCOME
CALENDAR YEARS.
Gross earnings
Oper.
(incl. $802,583 for deprec.)
Taxes (excl. Fed.
taxes)
exp.
1920.
1919.
$13,607,950 $10,634,611
9,609,543
6,801,227
415,594
357,295
Net earnings
Miscellaneous income
$3,582,813
Gross income
Interest on funded debt
Less int. charged to
impt. accts
$4,132,407
2,125,193
0273,889
__
54^,594
Interest on floating debt
Amort, of discounts
Divs. paid on Pref West Penn
Power
Co., held by public..
„
Net income
Est. Federal taxes..
Preferred dividends.
Common dividends.
3,575
Balance,
surplus..
see
115 and 116.—V. 112,
...
63,379
101,627
1918.
$9,352,905
5,722,236
269,491
$3,476,089
452,256
$3,361,178
365,296
$3,928,345
1,916,348
Cr.201,387
69,830
113.750
Cr.
$3,726,474
1,708.442
34,278
85,390
160,079
196,472
192,952
195,314
$1,919,625
$1,836,852
$1,611,527
214.468
441,918
523,555
192.686
263,705
441,918
523,556
441.918
$739,683
$678,693
$382,349
523,556
THE
2300
PENN RYS. CO. AND SUBSIDIARIES
BALANCE SHEET DECEMBER
WEST
;
;
i92o.
1919.;
"
1,675,440
Deferred charges.. 1,929,628
Cash..
1,797,144
1,652,501 !
Accts. & notes rec.
charges....
8,054,700
7.365,300 Reserves
2,817,825 Surplus
7,365,300
Preferred......
Stock of sub. cos 2,903,825
Conv.
debs. 2,499,000
gold
Total
2,404,388
2,716,974
.
,
•
Gross income
$79,360,764
than affiliated cos..
2,400,464
Adjustments of earnings of prior years
4,967,821
Proportion of earnings of affil. cos
104,302,813
fincl. sales to affil. cos.,
amounting in 1920 to $1,065,040)..
5,740,673
3,728,667
$1,907,804
429,801
$1,999,224
313,279
..$2,406,178
1,010,161
37,305
88,197
$2,337,604
$2,312,503
831,313
49,059
88,066
Cr. 194,317
651,420
Fed. inc. &
Preferred dividends
Prov. for est.
Common
dividends
186,008
MReka?£tate.„
$1,350,445
profits tax..
110,248
204,676
—
800,000
$1,361,763
$1,320,461
138,233
192,500
800,000
174,666
192,500
700,000
$235,521
$231,029
$253,295
..
1919.
1920.
.34,205,116 27,980,359
'i9l
261,880
Cash lor const., &c
Materials <fc supp.
842,117
510,202
983,552
889,520
Due from affil. cos
323,175
work
Const,
Deferred charges..
charges....
57,098
Liabilities—
"
V'-'-
-
2,900,000
stock...10,000,000 10,000,000
Common
Cap. stk. of sub. co.
held by public..
Note.—West
125,000
24,000
Purch. M. payable
Power Co.
Penn
2,783,502
Surplus..........
1,012,428
on
31
1920
contract of Beech Bottom
accrued Preferred
had
also
Total
guaranteed
Power Co. to an amount
dividend, $34,830.—V. 112, p. 1145.
•
(Incorporated in New Jersey).
31 1920.)
N. Y., May 20, wrote in subsfc.:
(Report for Fiscal Year ending Dec.
'
H. Jones,
Treas. George
Oil Trade Conditions.—As
conditions existing in the
throughout 1920 were abnormal results of
these accounts furnish neither an accurate
petroleum industry
the operations as reflected in
basis of comparison nor a de¬
pendable index of the future.
The predominant factors were a marked
expansion in consumption, a sustained rise in prices and a materially in¬
creased production.
They combined to bring about a very considerable
enhancement in inventory values with a consequent augmentation of
profits apart from actual earnings.
Inventories—Fall in Price of Crude Oil.—In compliance with the taxation
laws, inventories were taken at the values existing on Dec. 31 1920, and
they, therefore, do not reflect the losses which have since been sustained
by reason of falling prices.
The influences which the rising market of 1920
and the falling market of this year have exerted upon inventory values is
indicated by the quotations for the principal grades of crude at the beginning
and the end of 1920 and at the present date (May 1921), which are as follows;
Pennsylvania Midcontinenl
Oulf Coast
Prices
Grade.
of Crude Oil—
Jan. 1 1920
$5 00
6 10
_
.
Jan. 1 1921
The
above,
decrease
Tanker
—
assets—
—
tanker tonnage throughout
fleet
1920, and consequent high rates of freight, earnings of the company's
in excess or the amount which would accrue from this source under
were
1!;|||;188
ilSJP
compared with
book value amounted to
materials.
To meet this condition and to provide for the
tension of its resources both in the domestic and foreign fields
necessary ex¬
this company
of its business not only the proceeds of the
during the past year of $98,338,300 of Preferred
applied to the development
of taxes
surplus earn¬
stock, but also the surplus earnings remaining after the payment
and dividends.
The inclusion of this new capital and of the
resulted in adding the sum of
$248,951,997 to the
assets of the company.
[In Aug. 1919 $98,338,300 and in Nov. 1920 an additional
7% Pref. stock was sold.
See Y. 110, p. 1638, 1649, 1755, 1978, 2483; V.
Ill, p. 1667, 1957.
Pursuant to vote of the shareholders on Dec. 20 1921 the Common stock
has been changed by subdivision from $100 to $25 per share par value, and
the total authorized issue was increased from $100,000,000 to $110,000,000
to permit subscription by employees.
gross
$98,338,300
The company was
unofficially reported May 26 to have brought
Zacamixtle, with estimated capacity of
barrels daily.
Although this flow is not large the
b on a lot adjoining the Toteco tract.—Ed.]
Lot
17
OD.
00_
186,384,327
791,713
853,360.598
2,001,978
15,250,000
13,bol,488
112, p. 2091,
Corporation.
31 1920.)
for Year ended Dec.
(2nd Annual Report
Holger Struckman together with
the comparative income account and balance sheet will be
found on subsequent pages.—V. 112, p. 1872.
of President
The report
Oil Company.
Pure
(7th Annual
in a well
from 8,000 to 12,000
well is important as it
Report—Year ended March 31
1921.)
of President B. G. Dawes, together with the
balance sheet and income account for the year ending Mar.
31 1921, will be found on subsequent pages.
The report
ACCOUNT FOR YEARS
ENDING MARCH 31.
1920
1921
1919
1918.
$72,977,460 $54,304,091
58,976,239 40,339,796
$47,422,890 $39,929435
33,025,858 x25,141,258
Operating income
$14,001,221 $13,964,295
(incl. Federal tax) $1,652,905
$1,489,543
on serial notes & bds
734,263
273,753
Amort, disc, on ser. notes
253,305,
51,200
Depreciation
—
2,724,697
1,701,202
Divs. paid by P. O. to
$14,397,032 $14,787,877
$2,151,177 y$l,772,640
352,104
426,650
51,200
51,200
2,305,984 -2,208,896
Gross earnings
$1,102,312,deducting
its steam¬
ships and its proportion of the net earnings of domestic and foreign affiliated
companies, were $164,461,409, or 14.92% on the gross assets.
New Pref. Stock.—An important phase of the petroleum industry in the
recent past has been that the increase in the amount of capital required for
the conduct of business has been much more rapid than the increase in the
volume of business.
This is largely due to the higher costs of labor and
on
.
' 219,064,671
$164,057,766 in 1919-—V.
International Cement
INCOME
595.
The total earnings of the company for the year 1920 (after
Federal taxes) including income from investments, operation of
ings of the year have
•
,
Oil Co. (N. J.).-
liabilities
Total
As
311,908,234
373,082,254
1.102,312,595
Reserved for taxes: Standard
Affiliated companies
x
594,341
412,989
—
Surplus: Standard Oil Co. (N.J.)
Add value of affil. cos., after deducting value
at which same are carried on
books of
Standard Oil Co. (N. J.) x$214,987,642)Reserve for annuities
Capacity.—The production of crude petroleum by this company and its
increased during the year (see official
refining capacity were materially
data. V. Ill, p. 1479).
sale to its shareholders
32,314,545
^££F Preferred
ordinary operating conditions.
has
146,714,946
90.181,111
il'inn'5«o
16,599,462
853,360.598
1 50
profits in that period.
Results.—The gross assets taken at
177,489,352
20b,414,3o4
81.744.197
1,102,312,595
—-
—
$1 50
2 50
$2 75
3 50
3 25
Earnings.—Owing to the shortage of
2,290,160
890,234
1,058,777
157,243
78,846
250,787,828
31,673,637
2-
Grade.
Grade.
1 00
shrinkage in inventory values during the current year, as shown
will be chargeable against the earnings of 1921 and will consequently
19 1921
May
37,591,163
1,760,741
549,51^
100,980
---------214,979,936
9,924,002
A
44,097,216
62,110,282
1,274,438
---------19,896,453
15,959,281
14,499,802
12,628,418
106,851.608
69,165,424
55.739,877
•
Marine insurance reserves
Standard Oil Company
56,485,619
for deprecia-
plant & equip, of affiliated cos—_
Stock investments in other than affiliated cos
U. S, and foreign Government bonds and other
marketable, investments
— _ _ —
Concessions, patents, &c—
——
Stocks owned by affiliated companies
U. S. and foreign Govt, bonds and other marketable investments owned by affiliated cosInventories of mdse. (at cost or less), Standard
Oil Co. (N.J.)
Affiliated companies—
-—
Accounts receivable: Standard Oil Co. (N. J.).
Affiliated companies
iCash: Standard Oil Co. (N. J.)-L
Affiliated companies.
—-
of $182,500.
b Including
26,718,637
73,580,240
general office. ———
Furniture and fixtures,
40,054,755 34,499.257
Total
Dec.
31,329,824
Iron barrels, cans, &c
984,276
b855,850
96,755
83,204,256
plant depreciation..
($7,427.074)-Stable and motor equipment
Loan delivery equipment. —
313,395
&c__
Res. for dep.,
7.525
7.525.
payment under purchase
Accrued taxes..._
Duetoafiil. cos
2,156,878
~H)4,910,064
tion
670,105
347,020
188,708
292,058
6,358
897,673
821,783
288,457
291,848
3,641
accrued wages..
1 05,295
145,152
Floating equipment, after reserve
24,000
357
;;
payable....
pay.
incl.
1,141,670
3,813,356
3,247,472
Total real estate and plant
2,000,000
1,204,500
Deferred payments
'v-.
2,986,000
__
Reai estate,
Consum's sec., &c_
40,054,755 34,499,257
—
Miscellaneous equipment,
power station
Car trust notes...
1,565,381
2,500,000
2,499,000
oblig.
Accrued interest..
1% cum. pref. stk.
2,055,406
4,936,077
72,503,120
11,310,533
159,445
Total.
Bprlngdale
on
Accts.
54,510
1,853,925
Total—
U. S. Govt,
Notes
for
affil. cos.'
Other
1st M.
Conv. gold debs..
2,355,465
1,270.429
Accts. & notes rec.
$
$
bonds.....16,796,000 13,723,000
Lirtl ilies (Concl.)
'
668,259
732,722
1919.
„
7,607,727
51,290,397
16.992,177
Incomplete construction
Furniture and fixtures
Less reserve for
1920.
1919.
<$
1920.
$
10,552,8o9
Plant and equipment
COS.—BALANCE SHEET DEC. 31
CO. AND SUB.
AssctS"*-**
Current cash
/
--------
SHEET DECEMBER 31.
and equipment—
Real estate, plant
—
WEST PENN POWER
Property & plant.
Temp'y invests..
CONSOLIDATED BALANCE
201,721
Cr.265,940
(paid
surplus
Balance,
19,667,660
$57,903,689
Assets—
201,721
Int. charged to improv. accts
Oonnellsville power house rental
to West Penn Rys. Co.), &c
Cr.
—
--------
$131,026,386 $56,767,125
-
Incomplete construction
Furniture and fixtures
—
...
surplus
14.418
——
Amortization of discounts
Net income
Balance,
155,267
30,784
Interest on floating debt
--------
43,510,735 37,674,285
$91,985,684 $91,999,456
14,000,000 14,428,107
1,550,899
19,667,660
Refinery: real estate
Plant and equipment
funded debt
on
106,120
136.839
167,369
...
income
Interest
$5,357,488
3,252,144
—$1,914,259
491,919
N et earnings—
Miscellaneous income
Gross
$5,773,309
$7,822,301
deprec ).
Oper. exp. (incl. $462,142 for
Taxes (excl. Fed. taxes)
.$191,031,862
—
-
paid (estimated)
Fed. taxes, less adj. applicable to prior years, $1,143,156
(company proper)
$14,106,84.3
do
(affil. cos.). $1,187,877- 12,463,611
Dividends paid, pref., 7% per annum 13,767,362
Dividend, common (20%)
__
19,667,660
$45,556,212 $50,786,914
$2,918,737 $3,538,257
Reserve for
1918-
Gross earns,
income
Total
Taxes
YEARS.
1919-
,',1920-
-
.
—
5,661,345
15,607,029
26,906.361
—
!
^
^
Divs, from other
......
COS.—CONSOLIDATED
WEST PENN POWER CO. AND SUBSIDIARY
INCOME ACCOUNT FOR CALENDAR
Steam¬
sources:
$8,914,746
126,462
73,852,943 66,368.328
-
other
from
ships, $26,782,512;
Interest, $8.331,551; sundries, $707,045; total,
$35,821,108; Less genera] expenses,
642,591
386,081
120,821
3,174,909
Sub. to pref.
public:
8,054,700
Common
Com.
Income
375,157
2,000,000
459,850
130,888
497,248
343,413
76,743
4,824,837
&c.
div.payable
stock
Deferred 11 abilities
Other deferred cred
Acer, interest,
'
Liabilities—
Stock held by
Accrued taxes
-
Net income
1,061,741
1,403,908
897,508
1,204,500
753,115
......
73,852,943 66,368,328
Total......
,
307,232
385,482 :
94,158
scription due,...
Other
General taxes
Depreciation
1918.
..—$632,790,455$437,105,682$412,386,085
572.387,286 401,4 56,799 362,669,012
1,866,301
1,87 7,914
1,244,384
6.082,464
3,821 ,786
3.329,121
$52,454,403 $29,949,183 $45,125,569
—
Costs
544,043
267,745
payable
Accounts payable.
Consumers' dep. .1
U.S. Govt, oblig—
Notes
sub¬
stock
Pref.
Gross earnings
33,080
1,626,299 Bonds & coll. notes.37,713,000 37,141,000
976,370
521,096
3,331,014 Pur. notes & mtges
273,000
90,150
1,110,191 Car trust notes.—
1,406,863
suppl— 2,113,372
Material &
8
divs. * pref.
W.PennPwrCo
YEARS.
1919.
..-$631,127,316$435,606,851$411,769,480
1,663.139
1,498,831
598,606
_r——
Miscellaneous income
Acer.
lnv64,205,215 58,586,729
Investments
5
liabilities (Concl.)
$
S
Assets—
Plant, prop. &
^
Sales,..
1919.
CALENDAR
INCOME ACCOUNT FOR
Vv1920.
CONSOLIDATED
CONSOLIDATED
1920.
[Vol. 112.
CHRONICLE
31.
•.
•.
r
-
Costs & oper. expenses—
Taxes
Int.
"
others.-
$9,536,567
zPref. divs. (cash)
474,331
Com. divs. (cash) —(10%)4,662,500(20)7350,000(17)7348,387
Net
$8,636,050 $10,448,598
735,622
509,164
income.
Com. divs.
(stock) —(6%)2,825,000
$1,713,849
46,165,539
$1,675,618
44,991,201
$55,653,678 $49,968,800 $47,879,388
$46,666,819
$412,928
Surplus—
45,977,515
45,977,515
Previous surplus
ind discoi
Premium and discount
Total surplus
Ordinary
only,
z
47,379,366
501,280
surplus-$52,151,758 $45,977,515 $47,379,366
$46,165,539
Federal taxes
x
9,263,235
$2,589,434
500,022
Surplus adjustments
Depletion
allowed
Profit & loss
-
-
468,395
$9,860,096
473,866
5,960,612
(5)1,750,000
taxes
140.115
813,233
3,361,805
4,804,518
for
included,
y
Federal income and excess profits taxes
Includes dividends paid on
stock of subsidiary companies.
■V
28 1921.]
THE
BALANCE SHEET MARCH 31
i-
1921.
<4
1920.
.
Liabilities—
i
1,000,000
4,374,000
194,415 Pur. mon. oblig.
634,137 Prem. & disc*t._
6,059,669 Acc'ts payable..
1,399,113
3,349,265 Notes payable..
1,300,000
2,093,121 Accrued taxes..
2,240,203
518,925 Accrued interest
266,394
Customers' dep.
286,080
Comp. insur. res
55,093
Profit & loss, sur 52,151,758
11,086,188
Acc'ts receivable
4,238,733
4,193,670
U.S.Govt, securs
394,724
Notes receivable
398,439
Less
for
reserve
131,670,017
stock.
stock
Funded
of
debt...
Total
depreciation.—V* 112,
p.
585,000
1,294,411
52,469
285,870
45,977,515
.135,830,042 131,670,017
Mfrs.),
(Shoe
Co.
Lynchburg,
Va.
Co.,
Shoe
Va.
Lynchburg,
capital stock has recently been in¬
$10,000,000 in connection with the absorption
by consolidation of the Harsh & Chapline Shoe Co. of Mil¬
waukee, as outlined below under "Investment News."—
Y. 112, p. 2087.
United
Shoe
Machinery
Corporation,
Boston,
Mass.
Year ended Feb. 28 1921.)
Brown, Paterson, N. J., May 2, writes in sub.:
{Report for Fiscal
Pres. E. P.
Falling Off in Corporation's Business the Direct Result of the Period of
Deflation and Reconstruction.—The deflation period in the shoe industry
set in earlier than was generally anticipated.
Manufacturers had reported
business in sight which would carry them over into the fall, but during
June and July cancellation cf orders with the return of goods set in.
The
^public refused to buy.
Manufacturers found themselves overstocked with
materials which they had purchased on a rising market, while the market
for their own products crumbled.
Cancellations were received first from the
retailer, then from the jobber, and so on all along the line until the shoe
industry, in common with others, closely approached stagnation.
Prior to June, 1920, our factory at Beverly had for months been overrun
with orders for machines and parts.
In February last we reached the end
of our fiscal year with new business negligible, cancellations prevalent and
'with exceedingly large inventories, having gone through an experience like
that of most other
'
extensive
business interests.
many of the shoe -factories of the country idle or running on
production, the royalties Of the corporation, which are dependent
shoe production, were greatly reduced, and the demand for merchan¬
With
so
■curtailed
upon
for
dise
use
the
in
manufacture of
shoes decreased.
Outlook.—But the end of the period of inactivity in the shoe manufac¬
turing industry is already in sight.
Since February of this year there has
been a demand for women's welt and turn shoes for immediate shipment
and manufacturers are preparing for a better fall business, having in hand
orders for men's as well as women's shoes.
We believe we have profited
during this period of depression through the reorganization of many of our
-departments which it would have been impracticable to undertake while
•under the high pressure of a rushing business.
Margin Too Small.—In 1911 we discontinued the leasing of the General
Department Machines and the refunding of the Gem royalty, and in 1913
'found
it impossible
to continue the refunding of 10%
of the Good¬
year royalties.
With the enlarged volume of business, together with the
constantly increasing efficiency of our machines, we have thus far main¬
tained the unit charges without increase, in spite of the vastly increased
•cost to us of manufacture and of service.
But obviously this cannot con¬
tinue indefinitely.
For a long time
between
unit royalty paid to us for
supply in return therefor in
respect to each pair of shoes has steadily diminished until to-day it is
.apparent to those familiar with the relations of the corporation to the
shoe manufacturing industry that the margin is unsatisfactory.
We have
not yet come to a definite conclusion as to just what readjustment may
'be necessary, but are confident that our decision when reached will have
the approval of our customers and stockholders.
/
Balance Sheet.—The surplus Feb. 28 1921 was $24,433,441, a decrease
■during the year of $3,237,174 after the payment of dividends of $4,757,046
;and reserving $1,500,000 for Federal taxes and contingent losses.
Our inventories of merchandise stocks after depreciating about $580,000
to market prices, are nearly $5,000,000 in excess of last year.
There has
been expended $229,838 for real estate.
There has been added $375,547 to
•the
use
•our
of
our
the margin
we
including die plants
in
St.
Louis,
Mo.,
and
Binghamton, N. Y.
The investment in stocks and bonds of subsidiary and
companies has been increased approximately $1,525,000.
Our hold¬
ings in Government securities have been liquidated, and our accounts pay¬
able substantially increased.
Of the amount shown as accounts payable,
$4,593,236 is due to subsidiary companies owned entirely by the corpora¬
War
Strike.—The
strike
of
certain
of
employees at Beverly was bucemployees continued loyally at
their work and at no time did the strike reach such proportions that it was
necessary to close the plant for a single day.
Litigation.—Our stockholders are already familiar with the suit insti¬
tuted against us in October, 1915, seeking to have certain clauses of cer¬
tain of the leases of the company declared unlawful under the
provisions
of the Clayton Act, a decision in which was rendered by
Judge Trieber in
cessfully
the
U.
S.
met
The great majority of
our
District
From
appeal
the Supreme Court on Mar. 7, 8 and 9. No decision has
as
argued before
yet been rendered.
was
abroad.
Our President and Vice-President in
charge of its foreign activities
have, spent considerable time in
Europe within the past year investigating
•the foreign field.
■
.
Although the demoralization of all business in the belligerent nations,
coupled with the unstable rates of exchange, has of course materially affected
found
was
com
1919-20.
1918-19.
v/';:
5,446,471
(16%)
1,000,000
4,750,338
(13 H%)
for year. _def$3,237,175
Previous surplus....... 27,670,615
Divs. paid in stk. (10%)
Divs. paid in Lib. bds.(4)
$1,071,630
26,598,985
$1,744,783
24,854,203
sur.,
Total surp. Mar. 1 ...$24,433,440
BALANCE
1921.
"
Assets—
3,233~,285
(8%)
Real estate
2 ,679,168
other
1.
1921 •
1920-
$
J.J1A
Liabilities—
5
Preferred stock...
2,449,330
1,540,061
400,000
_
400,000
Patent right3
Securs.
TA
•$
1 ,915,608
_
Machinery....
$2,154,038
27,109,966
3,149,858
1,259,943
$27,670,615 $26,598,986 $24,854 203
SHEET MARCH
1920.
$
:
'-v-
$6,137,323
750,000
750,000
1,500,000 ;■>" 1,500,000
Common...
on
28.
1917-18.
$7,495,121
>
common
FEB.
4,757,046
(12%)
Rate
9,996,375
9,958,550
Commpn stock...34,667,839 34,667,839
Accounts payable.
6,377,174
3,008,132
Federal taxes
)
1,782,629
War
reserve..2,624,385-
cos.
& leased
mach'y 40 ,275,085 42,976,474
Cash & receivables 16 ,859,429 18,782,301
Inventories
17 ,870,756 13,061,637
Miscellaneous....
151,620
86,727
Contingencies
...
j
Other reserves....
United Shoe Mach.
Co.
stock
2,039,205
2,193,317
:'-.1
not
/J.-"'
held by corp'n..
Surplus
13,248
15,448
...24,433,441 27,670,615
Total
Total
80,151,667 79,296,530
—V. 112, p. 1172.
.80,151,667 79,296,530
Willys-Overland Company and Subsidiaries.
(Annual Report for Fiscal Year ended Dec. 31 1920.)
Willys, in circular letter of May 10, submitting
the financial statement, says in brief:
r
Pres. J. N.
Account.—The
Income
gross
profits from
operations
were
$6,707,909.
After deducting reserves for accruing renewals,
depreciation, and making
provision for tool replacements, the net balance was $2,939,645.
This
operating profit has been affected by the extreme conditions existing during
the extraordinary period of liquidation and deflation, which occurred
during
the latter part of 1920, and which condition has continued in a
marked
degree until recently.
Surplus Account.—This account has been adjusted through the applying
on inventory and material accounts of
depreciation and reserve items to a
total of $18,170,038.
It is believed that the reserves and depreciation thus
taken are sufficient to place the company in a
satisfactory operating condi¬
tion.
The effect is to place its whole inventory and forward commitments
upon the basis of low current market replacement values.
A depreciation
of $6,931,673 has also been taken on investments in affiliated
companies;
the total of all depreciation and reserves being $25,101,711.
Readjustment of Plant Account.—This has been made on the basis of 20%
less than the actual sound value determined by the American
Appraisal Co.
Branch house properties are carried at their book value,
$5,961,812, whereas
a recent valuation gives these
properties a sound value of
approximately
$10,000,000.
Outlook.—Our business has increased steadily since Jan. 1
1921,r esulting
liquidation and a betterment of cash position.
The com¬
in a substantial
pany's total indebtedness May 1 1921 was about $20,000,000 less than on
1920.
[As to reduction in prices of company's automobiles, see
"News Dept." below.—Ed.]
The present models of Overland and Knight cars are to be continued.
May 1
,
CONSOLIDATED
INCOME
Calendar Years—
♦Net
earns,
Reserve for
ACCOUNT
1920.
and income.
$8,822,152.
Interest
accruing re¬
deprec'n.. $2,092,773
1,675.492
paid
dividends
1
SUBSIDIARY
1918.
$1,894,687
1,707,111
2,114,243
1,188,710
$2,457,842
1,317.800
$1,330,798
1,030,000
1,000,000
1,198,748
559,940
1.151,208
1,471,671
1,632,733
298,379(3^)121,065
7% Cum. Conv. Pf. divs./
Common divs.
Balance,
(cash)...'
surplus
1 017 275
1,924,100 (4)1,629.858
1 017 275
$)l',626*,891(12)4',885',237
def.$173,166(1 $1,527,322
21,896,510
26,340,886
Previous surplus
Stk. divs. on empl. stk_.
Sur. from reval. of prop.
COS.).
1917.
$6,808,737 $11,510,645 $10,193,490
newals and
Preferred
(INCL.
1919.
Prov. for tool replacem'ts
Parts discontinued mod¬
els written off
$2,593,710
24,301,384
16.225
$97,967
27,596,594
...
12,468,243
Total.......
..$34,267,812 $24,813,564 $26,895,094 $27,694,561
Common div. (in stock)
(5)$1965,991
Res. for redemp. of bds.
450,000
do
do
Pref. stk.
$745,512
$745,512
$554,208
...
Amt. written off sub.
cos.
Underwr. exp. Com. stk.
Adjust, of inventories...
Prov. for
excess
cost
6,931,673
3,000,000
8,420,037
74,243
over
market.
2,250,000
Devel exp. acct. new work
for
future
written
delivery,
off......
2,171,541
902,942
Sur. to redeem Pf. stk._Cr.2,715,783
Res. for contingencies..
7,500,000
Total deductions
Profit and loss surplus..
*
$26,131,439
$2,917,053
$554,208
$3,393,176
$8,136,373 $21,896,511 $26,340,886 $27,301,384
After
deducting repairs and maintenance of the properties,
doubtful accounts and provision for Federal taxes.
bad and
CONSOLIDATED BALANCE SHEET DEC. 31.
1920.
1919.
$
Assets—
$
Real est., bldg.,
mach'y,
Good-will,
terns,
1920.
Liabilities—
Ac..
50,634,460
37,343,672
14,059,932
14,059,932
pat¬
&c
000,000) stock
Con v. pref. (auth.
Co. etc,.--—
Common
12,149,327
stock.
17,664,800
Real est.
1,143,849
38,716,624
425,807
1,521,830
Accts.
assumed
erty sold .a i..
1,417,250
Llberty bonds..
96,469
Inventories
35,309,825
Due from agents
Notes receivable
696,743
1,911,510
2,519,793
reserve
3,905,952
663,813
892,732
4,691.307
444,268
12,266,861
791,148
Miscellaneous In¬
Total
13,170,800
54,290,418
14,044,800
39,527,745
payable.
Dealers'
23,000
30,360,000
9,220,000
706,794
706,878
24,288,653
Initial
payments
Prov.
1,744,869
-
Notes payable..
Accts. receivable
vestments, Ac,
Cash..........
8,893,600
mtges.
Rec. acct. prop¬
Prepaid int., Ac.
$
8,878,700
$15,000,000)
stock
in Mo'lnePlow
less
1919.
$
Pref. (auth. $10,-
Investm'ts, Ac.,
Foreign Business.—Out foreign business ever since the Armistice has had
to contend with
the general deplorable conditions which have
prevailed
•
1920-21.
v ; ;
ENDING
•
Excess profits tax.
Cash dividends paid.^--
our
Court for the Eastern District of Missouri on March 31
this decision both parties
appealed to the Supreme Court of
the United States.
Before the appeals were reached for
argument, how¬
ever,. counsel for the United
States withdrew the appeal which they had
ttaken, and the cause came before the Supreme Court upon the questions
raised by the appeal of the company only.
The
1920.
.
reserve.
'
Manufacture of Lasts and Tanners' Equipment.—In addition to the mer¬
chandizing lines mentioned last year, your corporation is largely interested
through subsidiary companies in the manufacture and production of lasts
for the manufacture of shoes and has acquired a substantial interest in the
Turner Tanning
Machinery Co., engaged in producing and supplying to
leather manufacturers a complete line of tanners' equipment.
•
.
YEAR
Corp.
(of N. J. and Maine). $3,019,871/ $8,018,101
Contingent losses
other
tion.
_TT
of Uni-
the
machines and the cost of what
machinery equipment,
earns,
FISCAL
ted Shoo Mach.
The total authorized
to
'
^
Combined
FOR
(engaged exclusively in wholesaling
ehoes), which is operated as a subsidiary company.
The report shows that since 1914 the gross income has increased from
$4,300,000 to about $15,700,000.
creased
it
that the
_—
Fiscal
incorporated in 1898 under the laws of Virginia and
now operates one wholesale house and three factories in Lynchburg, one
wholesale house and three factories in St. Louis, Mo., and one factory in
Louisiana, Mo.; and In addition owns all of the common stock of the Geo.
Witt
ACCOUNT
INCOME
1874.
The company was
D.
'corporation,
preferred stock only, and 1,733 were holders of both preferred and
stock, an increase of 1,452 stockholders during the year.
9,264,706
1,812,358
Year ending Dec. 31 1920.)
The report of President John W. Craddock will be found
under the heading "Reports and Documents" on a subse¬
quent page, together with the certificate of the public
accountants, the balance sheet of Dec. 31 1920 and a state¬
ment for seven years past, showing the annual gross income,
net income, dividends paid, amounts carried to reserve and
final surplus, and also as of Dee. 31 in each year the amount
of outstanding capital stock.
(Report for
this
"promisin^^webT^or^
Bal.,
Craddock-Terry
with
of
business
whenever
industrial
conditions improve.
The same
be said of the companies in Canada and Latin America.
Stockholders.—On March 1 1921, the corporation had 13,850
stockholders,
of whom 8,762 were holders of common stock
only, 3,355 were holders of
800,000
13,069,000
Moore Oil Co.
2.835,147
x
affiliated
may
2,679,800
8,412,764
2.138,175
2,541,975
1,208,185
companies
European
that all plants were in excellent physical condition and
had maintained admirably efficient - organizations,
revival
Cash
Total .......135,830,042
'
10,000,000
Pref.
Deferred charges
-
45,937,500
Common
oils.....
%
14,869,800
49,392,600
Preferred stock.
Stock In treasury
Materials A supp
1
S
Prop.equlp.,Ac.xlO 1,811,871 100,106,015
10,687,752
997,900
997,900
Other investm'ts 11,007,474
Finished oil
the
1920.
1921.
'
■("»
Crude
2301
r-
>
i.(; "iU.V
CHRONICLE
for
price
adjustment..
1,104,788
Acer, int., Ac., xl,023,281
Res. for conting.
7,500,000
Other reserves-.
3,750,000
124,594,679 128,733,208
Total
l",827",892
401,422
Pref. stock div..
Profit and loss..
1,831,359
8,136,373
21,896,511
124,594,679 128,733,208
x Includes
In 1920 taxes and interest accrued, $579,431; reserve for
repairs under guaranty, &c., $200,000; pay-rolls and salaries accrued,
$175,810, and provision for refund certificates, $68,040.a Includes "deferred installment notes receivable and mortgages received
as
consideration for sales of property.'!
1
2302
Price, Waterhouse & Co., Detroit, May 6 1921, report in
brief: (a) The
manufacturing properties [car-ied at $44,672,649] were valued by the
American Appraisal Co. as at June 30 1920 and have been stated upon the
books at these values less a reduction of 20% to reduce the appraisal to
sound values based on prices now current.
The branch properties
[carried at $5,961,812] are stated at actual cost less depreciation to Dec. 31
1920.
(6) The investment in the Moline Plow Co. has been reduced from
the cost value of $11,872,050 to a figure of $6,000,000.
The valuations
(approved by the officers of the company) are believed to be conservative,
(c) Physical inventories were taken on Oct. 31 1920 and adjusted to the
corresponding figures at Dec. 31 1920.
Note.—Notes pavable, $24,288,653 on Dec. 31 1920, included: Bank
loans, $20,985,000; trade acceptances $2,683,695; sundry, $619,958.
Customers' drafts receivable discounted and in course of collection, se¬
net
aggregated $2,294,604.
has entered into contracts for the future purchase of minor¬
subsidiary company calling for aggregate payments over a
cured bv vehicles shipped,
The company
ity stock of a
period of ten years ending July 1 1930 of
$2,033,304.—V. 112, p. 1884.
United States Realty & Improvement
Co., New York.
Ice Co.); is) Silk Plant, Amcelle, Md. (American Cellulose & Chemical
Co.); it) Transformer Station, Augusta, Me.; (u) Calumet Station Power
House, Chicago; (r) Bowery Savings Bank Bldg., N. Y.; (w) Latin School,
Boston: fx) Knights of Columous, New Haven, Conn.; (y) Lombard St.;
(Md.) Electric RR. Coowners.; (z) W. B. & A. Freight and train sheds.
Baltimore izz) two steel tank steamships each 9,420 D. W. tons, (Eagle Oil
Transport Co., Ltd.).
STATISTICS OF GEORGE A. FULLER CO. FOR YEARS
»
$1.970,242.
income for Year.—The net income for the year, after providing for Federal
and State taxes, amounts to $2,487,803, equal to 15-39% on the outstanding
capital stock of $16,162,800 compared with $897,093 for the previous year,
an increase of $1,590,710.
.
Income from Real Estate and Securities.—The earning position of the
,
company's large office buildings has very materially increased and during the
last year they have produced a far larger income than heretofore due to the
demand for office space.
These properties are now b;ing placed on a basis
toward a fair return on the investment, all rental rates having been deter¬
mined to produce this result.
The net income for the year derived from this source amounts to $1,313,682. compared with $758,825 for 1919, an increase of $554,857.
The company's other principal real estate investments, which are repre¬
sented by securities of The Alliance Realty Co. and other companies,
owning the Hotel Plaza, Hotel Breslin, N. Y. Hippodrome and BroadExchange Building, continue to produce a substantial income.
Finances.—During the year the company has purchased and cancelled
$1,135,000 debenture bonds maturing July 1 1934, reducing the amount
outstanding from $11,930,000 to $10,795,000 and has cash on hand and in
banks amounting to $2,141,614.
;•
The assets of the Consolidated Companies are in more liquid condition
than in previous years, and the current and working assets now exceed the
current liabilities by $2,868,939>
.
Real Estate Mortgages, die.—The mortgages on the company's real estate
were decreased during the year by payments of $.186,000 and now amount to
$12,962,000, of which $6,634,500 is represented by an issue of 5% % bonds
of Trinity Buildings Corporation of New York, due June 1 1939, secured by
first mortgage on Trinity and U.S. Realty Buildings.
The maturities of the balance of these obligations are such as to create no
material commitments for financing as the principal will have been material¬
,
ly reduced by amortization payments which should make renewals easily
easily obtainable,
The total amount of the mortgages covering the com¬
pany's real estate represents less than 40% of its actual cost value.
The company has outstanding no bank loans, its only current indebted¬
ness being its working liabilities.
The mortgages which the company has taken back in part payment for
real estate liquidations are in good standing as regards principal and interest
payments and when liquidated will further enhance its cash position.
Outlook.—The earnings for the coming year it is expected, will be further
income from its real estate investments due to long
already made and effective May 1 1921, to which is to be added
profits from the building construction business of the George A. Fuller
increased by greater
term leases
Company.
These earnings will be applicable toward the extinguishment of the
deficiency account created at April 30 1917, which was fixed at $9,556,097,
less the balance of accumulated surplus
at that date $341,211 (after
writing off $2,954,000 estimated subway
contract losses
(of)
*
$9,214,886
been reduced by the accumulated consolidated
net earn, during the 4 yrs. ended April 30 1921 amounting to_ _$5,557,959
And by gain through liquidation of certain assets included in the
capital asset Adjustment in excess of written down values
337,165
This deficiency has
Leaving
a
-$3,319,762
balance in deficiency account at this date of___
based upon the reproduction values of the improved
real estate owned directly or through securities, its worth is considerably
in excess of the original cost, and no account has been taken of this enhance¬
It is evident, that
ment in value.
The asset value of the
$3,000,000 capital stock of the George A. Fuller
Co., the most prominent building construction organization in the country,
which stock is wholly owned by the United States Realty & Improvement
Co., but which is eliminated in the consolidated statements shown in this
its books at par.
The George A. Fuller Company's
entire assets, liabilities and surplus, however, are set up in and become a
part of the assets of the Consolidated Companies.
Subway Contracts.—These have been entirely completed and collection
made from the City of the final estimates except a small balance which is
left to preserve our right to recover from the City on account of claims which
delays and extra expenses caused by default on the
part of the City on certain provisions of the contracts which caused large
losses to the company.
Claims have been filed amounting to $1,500,000
have been made for
substantial
amount,
of
which it is expected will be recovered.
The
saving of $97,317 on the amount of estimated
April 30 1917-
accounts at this date show a
loss written off the books at
Shipyard.—The contracts of the George A. Fuller Company's
shipyard have been entirely completed and full collection made except
minor claims in process of adjustment.
Owing to the depression in the
shipping business, the company has decided to discontinue the operation
of the shipyard and to liquidate the same, equipment, and the materials
which it has on hand sufficient for the construction of two 9,600-ton cargo
vessels.
Negotiations are now under way to carry out this policy.
Retrenchment.—The officers have carefully analyzed and made all feasible
To Liquidate
reductions in its overhead expense.
Engineering Corn- Discontinued.—We have decided to discontinue the
Industrial Engineering Corporation, owing lest it be construed as
competing with architects and engineers.
■Japanese Contracts.—The George A. Fuller Co. of the Orient, Ltd., is
proceeding with contracts for prominent Japanese interests amounting to
approximately $10,000,000.
Work on these contracts is progressing satis¬
factorily.
[In addition to pictures of the buildings [Fuller, (Flatiron) Bldg.,
Whitehall Bldg., Hippodrome. Trinity and United States Realty Bldg.j
which are owned by or in interest of U.S. Realty & Improvement Co., the
report contains about 58 illustrations representing "a few of the various
types of buildings constructed by the George A. Fuller Co. since it be¬
gan operations in 1885
During this period it has constructed throughout
the U. S.
and Canada 786 buildings, included in which is practically
Fuller
type of building known."]
Neio Contracts — The new contracts
I
every
booked
during
the
current year
(a) Store Building, East St. Louis, 111.; (ft) Fraser Memorial Hos¬
pital, Fredericton, N. B., Canada; (c) Paper Mill, Hudson Falls, N. Y.
(Union Bag & Paper Co ); (d) Paper Mill, Cap de Magdeleine, Que. (St.
Maurice Paper Co., Ltd.); (e) Westchester-Biltmore Golf & Country Club,
Rye, N. Y.; (f) Paper Mill, Augusta, Maine, (Kennebec Paper Co.);
ig) Combustion Engineering Building, New York, N. Y.
(h) Hotel Plaza Addition, N. Y. (Plaza Operating Co.); (i) Fraser Mills,
Edmundston, N. B., Canada (Fraser Co., Ltd.); (J) National City Building
include:
(Alterations), N. Y.; (k) Baldwin School
fni) Niles Housing, Niles, Ohio; in) Chelsea
Bond Addition, Hartford, Conn.;
Gymnasium, Bryn Mawr, Pa.;
Exchange Bank, N. Y.; (o) Hotel
END. APRIL 30.
1917-18.
$32,602,898 $24,972,520 $38,621,370 $24,385,277
33,711,802
37,506.734
37,398,197
48,601,964
New business
—--$66,314,700 $62,479,253 $76,019,567
47,129,485
29,876,355
51,047,048
Total....
Work
executed
Unfinished business at
$72,987,241
34,365,870
,
$19,185,215 $32,602,898 $24,972,519
end of year.
Note.—The contracts of the
$38,621,370
Japanese company are not here
new
included.
ENDING APRIL 30.
Impt. Co. and George A. Fuller Co.)
CONSOLIDATED INCOME ACCOUNT FOR YEAR
United States Realty &
1919-20.
1918-19-
1917-18.
$1,239,620
Income from productive
real estate:
Net
$1,449,272
$1,280,147
684,883
690,447
636,103
640,760
$1,313,682
544,902
$758,824
503.205
1,384,839
$644,044
455,924
1,971,619
$598,861
operating income. $1,998,565
Less interest
gages
mort¬
on
thereon
Net from said invst...
Other
investments
Bldg., &c., contracts.__
Carrying
charges
on
prop,
2,439,106
sold
17,957
407,533
1,388,260
"
40.468
8,881
12,377
22,520
$4,356,115
$2,655,749
$3,083,964
$2,417,174
$44,072
7,717
$74,813
$143,440
$160,793
25,143
42,936
1,019,265
59,455
42,832
761,641
770,152
$1,279,958
3,076,157
588,354
$1,162,157
$1,007,368
2,076,596
$2,487,803
$897,093
Miscellaneous...
Total income
Deductions—
Interest
on
loans, &c___
Exp. of unprod. real est.
Deprec. of buildings, &c
44,396
1,183,773
General & corp. expenses
deductions
Total
Net
Int.
income
on
debenture bonds
Surplus..
...
73,561
40,746
596,500
81,045.253
1,371,921
596,500
$1,480,096
1,493,593
596,500
$775,421
CONSOLIDATED BALANCE SHEET APRIL 30.
1920.
1921.
Assets-
$33,206,455 $33,320,273
12,962.000
13,348,000
616,876
619,498
Real estate and buildings
Less
mortgages thereon
Less reserve for
depreciation of buildings
.....J......
$19,627,578 $19,352,775
represented by securi¬
$7,206,004
$7,411,435
Mortgages receivable
^
647,375
595,875
Investments in other stocks and bonds
1.721,358
1,678,041
Balance-.
—
....
Other real estate investments
ties of
or
advances to controlled or affiliated cos.
.$29,202,316 $29,039,126
Total
Less—Estimated shrinkage in value of the above
real estate as
capital assets adjust., April 30 1917,
$9,556,097 less items written off(net),$1,608,275
8,093,437
7,947,822
$21,254,495 $20,945,689
.i857',266 $1,090,466
Building, plant, equipment, materials, &c___
251,308
94,060
Deferred oper. charges, unexpired insur. & taxes. _
Bills
receivable, $802,998; accounts receivable,
$774,881; int. and dividends accrued, $49,126;
786,164
1,490,518
total, $1,627,005; less reserve, $136,4871,013,361
2,141,614
Cash at banks or on hand
Total capital assets.
contract accounts, less
payments received on account.
Deficiency: Capital asset adjustment to cover esti¬
mated shrinkage in value deducted above
Shipbuilding plant, Wilmington, N. C
Charges against building
501,090
5,802,247
481,773
409,050
3,319,762
381",027
Other deferred assets
.$30,039,830 $30,780,057
Total
Liabilities
»
•
./•/
•
\,-v-.
$16,162,800 $16,162,800
Capital stock issued (authorized, $30,000,000)
10,795,000
payable
Taxes and interest accrued
Estimated balance to complete subway con tracts.
Rents received in advance, &c
Reserve for accident and plate glass insurance
11,930,000
1,400,328
815,280
Debenture bonds
Accounts
1,185,133
_
Miscellaneous
Advance
773,933
19,220
33,554
114,588
52,272
97,317
17,711
139,767
611,626
508,557
payment and deferred credits
$30,039,830 $30,780,057
x Loans on mortgages $12,962,000 (deducted from real estate) include
(a) 5H% bonds of Trinity Buildings Corp. of N. Y.t due June 1 1939,
$7,000,000 reduced by sinking fund to $6,634,500; (6) other mortgages on
real estate, $6,327,500.—V. 112, p. 267.
Total.
Waltham Watch
Co., Waltham, Mass.
(.Report for Fiscal Year ending March 31 1921.)
Treasurer
Harry L. Brown, May 20, says in full:
In the distribution of
the earnings of the
year
after payment of all interest
charges, a depreciation of approximately $300,000 has been taken on plant
and machinery (the amount allowed by the Federal tax laws), a dividend
of $150,000 has been paid on the Preferred stock, a reserve of like amount
made for the dividend of June 1, a reserve for taxas of $100,000, and
approximately $200,000 has been carried to surplus.
The following changes haveb een made in the balance sheet: $1,000,000
has been taken from the surplus account and set up as a reserve for depre-ciat 'on of the merchandise account reducing that item on the asset side of
the balance sheet b y that amount .
Other items formerly carried as reserves
have also been taken out from the liability side of the balance sheet and sub¬
tracted from the various accounts to which they pertain.
In order to
bring the plant and machinery accounts up to their assessed valuation an
addition of approximately $1,500,000 has been made to these two items, and
this amount has been taken from the trade name account.
The continued development of the higher grades of the company's
products, together with the higher costs and the longer time needed for
higher grade goods in process increased the merchandise account and the1
need of working capital during the year at about the same rate as that of
the year before.
The peak has now been reached and the merchandise
account has already shown a slight decrease which should be continuous for
some time to come.
While there are not so many unfilled orders on the
books as a year ago, the outlook seems to promise a normal year."
[The
regular semi-annual dividend of 3% has been declared on the
$100, payable June 1 to holders of record May 20.—Ed.]
Preferred stock, par
BALANCE SHEET MARCH 31.
1921.
Assets—
Real estate.
Machinery
S
1,537,874
3,571,945
Mdse., less res ve al0,329,550
Cash
428,978
receivable_b2,728,418
Sub. selling cos
506,148
Liberty bonds
—'
Tradenames,Ac.. 2,790,091
Deferred assets.__
197,358
Acc'ts
Total
(p) Repairs to concrete dam, St. Jerome,
(>) Kipawa Mills No. 4, Temiskamtag, Que.(Riordan Company, Ltd.);
(r) Montford Ave. and Hampden Ave. Plants, Baltimore, Md. (American
Que.
be¬
1918-19-
1919-20.
1920-21.
,
business
ginning of year
report, is carried on
a
^
1920-21.
of N. Y.
Operating Associates, Realty
Investment Trust, Materials Delivery Corp. and Copiey-Plaza Operating
Co. (stocks wholly owned) have not been consolidated but are carried on the
balance sheet as investments at the appraisal of April 30 1917, namely,
the
,
Unci.
Fuller Co.; (c) Trinity Building Corporation
The accounts of 43rd St. Realty Co., Hotel
#
,
Unfinished
(Including George A. Fuller Company.)
(17th Consol. Annual Report for Year ended April 30 1921.)
President Paul Starrett, N. Y., May 25, wrote in subst.:
Properties Now Treated.—The companies whose accounts are included in
the following table are (a) U. S. Realty & Improvement Co.; (6) George A.
,
[VOL. 112.
CHRONICLE
THE
a
After
$105,054.
1920.
*
1920.
1921.
Liabilities—
$
$
Preferred stock...
5,000,000
Common stock—_ 7,000,000
355,670
8,603,515 Accounts payable204,942 Notes payable..— 5,216,000
notes,
due
2,924,013 Gold
1924
3,000,000
504,750
1,144,723
2,560,188
225,000
4,302,000
190,537
22,090,362 20,659,669
Reserves
Dividend reserve..
Surplus
Total
c100,000
,150,000
11268,692
5,000,000
7,000,000
265,134
2,696,500
3,000,000
479,083
150,000
2,068,952
22,090,362 20,659,669
deducting $1,000,000 reserves,
b After deducting
cln 1920-21, for taxes.—V. 112, p. 1749.
reserves of
Max 28
Burns
1921.]
Bros.,
THE
New
Jersey—Burns
(,Report for Fiscal
Year
ending
Bros.,
March
New
31
CHRONICLE
York.
1920
1921.)
Ernst & Ernst, certified
public accountants, May 9
1921,
wrote in part:
We made
result, it is our opinion the
is
inventory
conservatively stated in the annexed Balance Sheet.
as a
$29,475,298 $24,053,980 $21,286,870
$20,984,483
3,242,345
1,903,971
2,280,081
2,610,674
1,711.424
1,209.272
1,386.013
1,431,545
x Cr.231,867
Cr.332,356
Cr.242,374
Cr.270,704
Pref. dividends
(7%)-i-_
99,290
101,976
106,435
114,319
Common divs.
(cash).(10%)808,517 (10)779,070 (10)719,407
(6)418,394
1920.
Assets—
Real est.,
Liabilities—
allow.)..
Common
3,790,743
345,471
U. S. Govt. sec...
Coal supplies
Supplies,
1,013,436
315,129 See below.
Mortgages
74,813
Sundry claims
Adv. & accts.
rec.
See
&c.........._y4,957,133
1920.
Prepaid int., &c_.
8,094,400
112,
securities,
{5th
side) .515,591,553514,984,154
$345,013 less $180,000 notes
z
Report contains
no
1920
Revenue: Vessels __i—$19,338,465
Docks and wharves...
earnings
Reserve for deprecia'n.
Int.
on
216,169
$4,580,273
$1,371,286
60,000
400,000
30,000
33,675
64,659
293,305
2,980
47,687
875,000
.,146,731
400,000
20,000
25,000
58,303
301,219
25,665
37,063
875,000
$981,679
$1,449,098
Directors' fees..
Other
201,137
$4,028,274
$1,349,245
Reserve for taxes
Other reserves, &c
<
mtge. bonds
deb. stock
interest
Bonus to employees
Divs., Preference (7%)
Divs., Common
30,000
34,400
82,547
283,515
255,793
87~5~666
(7%)840,000(4%)480,000
Balance, surplus
$217,772
PROFIT
$6,764,911
1,628,464
Total surplus
Bal. of exp. charged off.
Bal. of disc, on deb. stk.
charged off
Divs. in arrears
t,338,080
year......
300,000
25,579
25,000
90,730
301,575
5,721
35,294
875,000
$1,303,401
$8,611,147
1919
1918
Ves'Is real
1920.
1919.
est.,&cy29,207,132 28,916,912
683,432
1,299,123
res. 3,796,523
1,936,7.56
Cash....
Accts. rec. less
Adv. to assoc.
cos.zl.483,392
743,717
Inter, rec. accr...
5,440
Inventories
1,030,316
Insurance, &c
1,758,264
Investments..,
1,245,931
Funds
dep.
with
Adjusted losses
...
trus. for bds.. &c
Leases,
1,223,505
551,709
21,719
38,518
8,424,047
8.424,647
good-will,
<fcc____
Govt.
370,479
45,190
816,821
(C. & U.S.)
bonds.
Pref.
$5,099,988
90,358
$5,009,630
1920.
payable—
Accr. bond int
3,302,129
117,082
War tax reserve
396,322
Dividend payable.
218,750
$2,374,754
voyages...;
Reserves..
Total....
493,881
758,519
Prem.
on
bds. rec.
Profit
Deferred charges..
on
stk. red.
48,894,394 44,557.179
Total..
2,647,327
155,829
1,215,669
218,750
....
74,595
175,777
8,611,147
that the
so
favorably considered
1921.—Ed.]
YEARS
oth. inc.
Net profits
Add'ns to plant &
eq.,&c_
Interest & discount earned
Adjust., credit bal., &c_.
Misc. material sales
ENDING
DEC.
31.
1919.
xl918.
xl917.
$2,160,373
1,550,954
$1,644,947
1,173,890
$787,443
356,452
15,889
$858,972
319,238
$609,419
224,638
$471,056
235,918
$415,101
$539,734
$384,781
$11,594
$21,742
$235,139
$8,336
2,208
1,233
88,415
2,063
4,755
Profits for year
Federal taxes
$415,101
$551,329
$413,341
(estimated)
$75,000
$150,000
$70,392
($4)262,500 ($4)225,000($3 Yi) 175000
investments, int.
on
$335,331
on
bad accounts, &c
x
Reported
as
......
63,85
......
Balance, surplus......
$77,601
$176,329
Stromberg Motor Devices Co.
16,511
$104,097
in
$318,820
1918 and
1919-
CONSOLIDATED BALANCE SHEET MARCH
31.
Asset 8—
1920.
1919.
Land.,bldgs.,mach.,
equipment, &c_ .$1,833,024 $1,208,819
Patents.
153,500
-
135,032
824,210
413,105
749,670
12,787
109,322
receivable..
Mdse.
inventory..
242,274
841,702
Liabilities—
1920.
1919.
Capital stock (75,000 shares, of no
par value, "stated
value" $5 each..
Accounts payable.
$375,000
$375,000
102,934
Investments
438,509
Deferred
charges.
30,469
50,000
198,223
150,000
Res. for Fed. taxes
17",wi
75,000
83,186
5,255
7,000
Notes payable....
Accrued liabilities.
150,000
Deprec'n
311,954
Balance, surplus._x2,344,943
Notes receivable..
Total
2,255.965
$3,390,300 $3,476,809
of
plant
and equipment.
Total
239,765
$3,390,300 S3,476,809
Surplus Jan. 1 1920, $2,255,965; add net
profit for year, $77,601, and
deduct Federal
taxes, adjustment for 1919, $11,377; balance as
above,
$2,344,943.—V. 112, p. 940.
x
232,630
10,000
6,764,911
1,558
GENERAL INVESTMENT NEWS.
130,886
.48,894,394 44,557.179
Eastman Kodak Co.
{Report for Fiscal Year ending Dec. 31 1920.)
James S. Havens,
Rochester, N. Y., writes in subst.:
The balance sheet shows carried to
surplus for the 12 months the amount
$10,330,429, after charging off liberal amounts for
depreciation, making
ample provision for shrinkage in value of
inventories, and paying four quar¬
terly dividends of 1M % each [$369,942] on its Preferred
stock, four quar¬
terly dividends of 2H% each [$1,966,460] and extra dividends
amounting
to 30% [or $5,899,380] on its Common
stock.
gen. exp
Cash
y Includes vessels, real
estate, buildings, docks, wharves and other fixed
assets, total $35,468,716; less
$6,261,584 reserve for depreciation,
z " Since
reduced to $385,630."
x Includes
balance of purchase price Montreal
Transportation Co. and accrued interest.
[The stockholders on May 14
adopted a financial plan authorizing the
directors (a) To create not over
$8,186,522 additional 1st Mtge. 5% De¬
benture stock and (or) bonds, or its
equivalent in sterling (at $4 86 2-3 to
the £), until the total
outstanding issue, excluding amount held for sinking
fund purposes, be brought
up to $15,000,000.
(b) to issue, at such time
as they see fit, not
exceeding $5,000,000 8% Collateral Trust Debenture
stock and (or) bonds or
notes, or its equivalent in sterling, secured
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 Mont¬
real bankers.—Ed.]—V.
112, p. 2087, 2194.
Sec.
Gross profit on sales.__
Selling, admin. &
deduc.,less
Other
Accts.
1919.
Adv. toaffil. cos. _z1,483,392
Bal.
uncompleted
Surplus...
Inc.
1920.)
$2,502,128
1.643,156
xl,350,000
Accts.
175,000
—
suspended in April
sales
86,820
stock
interest
were
...$2,939,624
Manufacturing cost..... 2,152,181
$4,093,506
7%12,500,000 12,000,000
Common stock
12,000,000 12,500,000
5% debenture stk. 5,551,190
5,758,732
1st mtge. bonds.._
950,294
2,220,886
Bank loans, &c
2,163,715
700,000
Accr.
31
promptly to the improvement in busi¬
1920.
Net
941,880
Liabilities—
America,
Dec.
as
INCOME ACCOUNT FOR
$1,848,225
1,276,136
$6,764,910
of
inventory turnover into
[Dividends
1917
$2,374>54
773,601
27,765
1,604,167
$8,611,147
Co.
Report—Year ended
The company is in a
very strong position, well and
in the
industry, and should respond
Loss
$5,0091630
$6,764,910
Carburetor
Annual
ness.
$4,023,864
$1,061,563
CONSOLIDATED BALANCE SHEET DEC. 31.
Assets—
apnrdvecl
*Pi»uveu
as
Dividends
(12.83%)
Surplus for
employees
or
172,394
ANQ LOSS STATEMENT.
1920
Previous surplus.
Profit on sale fixed assets
92,782,035
inactive.
1917
...
Net
on
1918
...$20,248,612 $15,240,414 $14,094,393
$13,533,816
16,220,338
10,660,141
9,756,313
9,509,951
Expenses
Int.
YEARS.
1919
377,150
revenue
3,171,356
6,013,001
52,339,336 42,008,907
1921 business approximates
the cost if
of this date.
We entered
upon 1921 with no
unfavorable
purchase contracts, all sales
being on open orders at prices
a profit.
showing
Unfilled orders on the books as of
Dec. 31 1920 were
143,054 carburetors.
The majority of these
orders, however, were
sales
$14,495,658 $13,481,239 $12,887,256
210,71.3
238,426
222,310
183,772
322,284
305,192
174,674
290,394
Miscellaneous..
6,089,693
92,486
1,956,340
1,079,355
Inventories have been priced at
market whenever
possible,
current
purchased
text.
INCOME ACCOUNT FOR CALENDAR
Total
Total
5,749;231
92,486
983,230
condition.
Steamship Lines, Ltd.—(Incl. Sub. Cos.)
"Other revenue"
8,765,327
and equipment
of the business
(Annual Report for Year ended December SI
1920.)
The Annual
war exc.
Stiger, N.Y., May 1, 1921 wrote in subst.:
Owing to labor difficulties and material
shortages, the additions to plant
begun in 1919 were not completed until
about the
beginning
depression.
The economies in
operation by eason of these
added facilities
will, of course, be reflected in our future
the return to a normal
operations, or upon
business
Appropriated for retirement of preferred stock
dividends,
all but $295,838 has been
applied for this purpose.—V.
2086.
p.
Prov. for
Pres. Charles W.
amount
Canada
1,600,000
Accounts payable *
8,287,758
92,782,035 88,718,113
Stromberg
value
Govt,
5
88,718,113
a Includes real
estate, buildings, plant,
machinery and capital invest¬
ments at cost less
depreciation reserve,
b There remains to be
issued 9 000
shares of Common stock at
par under plan for sale to
4,964,133
market
S.
COS.).
1919.
$
--
Total (each
U.
and
below
586,600
x
SUB
1920.
T.
Conting. reserve..
Surplus.
Total
52 339 336
to~1909
(INCLUDING
6,105,122
7,217,697
prof. & inc. tax
7,847,327 12,123,985 Pref. div. Jan. 1__
6,926,581
9,232,747 Com. div. Jan. 1..
1,167,070
877,447 Welfare fund res've
Cash
138,936
of this
bills
31
1906
137 417
.15,798 081
1920.—Ed.)
accumulated in
Liabilities—
(net).b8,144,956
payabe.
106.203
payable,
——
stock..bl9,664,600 19,563 400
23,973,070 Preferred stock...
6,165,700
6,165i700
1,079,355 Notes pay. (since
31,560,321 25,926,054
paid)
Bonds & stocks...
U. S. Treas. ctfs..
will
Prepaid items....
7*r?q'??R
I-319.110
7,865,840
by stockholders Apr. 6 1920.—V.
112, p. 2195.
27,725
8,311,105
4,889,747
10,137,136
10,330,429
Common
accounts.
Misc. inv. & adv.. See above
of
&
receivable
12,865
rec..
good
stock.._
&c
Accounts
stock.__$l,293,100 51,437,800
Accounts
Accrued
x165,013
1,245,173
cos..
1921.
798,845
3.651,831
——
1919.
build¬
ings, &c
_a31,030,658
Welfare fund assets
8,086,100
1,677,471) 2,381,707
67,762/
Purch. money obi.
156,500
126,500
Res. for Fed. taxes
745,000
255,000
Res. oper. exp
207,343
119,247
Surplus approp___zl,002,738
820,041
Surplus unapprop. 2,347,239
1,757,759
880,698
3,986,648
....
Inv. in other
Preferred
11,926
1,367,172
31,530
Notes receivable..
Accts.
rec.
(less
Leases,
1Q90
equip.&c$3,290,221 53,264,137
Outs\de real est...
Cash
was
$
Real estate,
$146,009
preferred
(6) $180,500 charges not applicable to
operations.
CONSOLIDATED BALANCE SHEET MAR.
31.
no t
468,999
1,300,499
r
COMBINED BALANCE SHEET DEC.
dividends,"
i
Surplus.
856,930
Infi'lon
Hfii'xoo
IQI'OCR
7
amt. of surplus Dec. 31
The reserve fund,
$5,250,000,
1911 to 1913.
$310,600
$917,120
Profit and loss surplus._
y2,347,239
1,757.759
2,193.819
1,951.334
x Income
from
"boat, garage, wheelwright
earnings and interest."
y After deducting
(a) appropriation of $85,000 "for
retirement
oop/c
Reserve
Fund.
$
previous
Balance, surplus (being
Gross profit
A
...
162,366
365,217
369,942
369,942
369,942
369,942
369,942
369,942
reserves and
appropriations to offset entire book value of
goodwill & pat'ts.
Gen. exp. & taxes
Other income.
stocks and
—
Common
Dividends.
Totals, 17M yrs.198,078,824
6,805,118 117,886,288
5,250 000 68
Deduct—Reserve required in addition to
.
INCOME ACCOUNT FOR YEARS
ENDING MARCH 31.
March 31 Years—
1920-21.
1919-20.
1918-19.
1917-18.
Net sales
$854,981
Preferred
Dividends.
1,488,295
4,013,913
8,975,177
15,741,453
14,542,567
14,051,969
18,326,188
18,566,210
1917—.
thorough investigation of prices used and
tested the
Balance, surplus
(6 mos.)
1918
priced at the market then
a
mathematical computations
and,
Net
Profits.
1902
1905
1910
1915
The real estate,
buildings and equipment are included in
the attached
balance sheet, at the
appraised valuation as determined
by the American
Appraisal Co at Oct. 1 1918 of
property owned March 15
with additions made since
1917, together
March 15 1917.
We were informed that a
physical inventory of coal and
taken by the
supplies was
company at the close of the year,
prevailing.
2303
Annual Earnings,
Divs., Ac., for Certain Earlier
Years, and Total for 17U
Years ended Dec. 31
1920.
xuiai jot
&
RAILROADS,
General
following table
way news
INCLUDING
ELECTRIC
ROADS.
Railroad and Electric
Railway News.—The
of
summarizes^ recent railroad and electric
a
more
or
rail¬
character, full details
published on preceding
less general
concerning which
are
commonly
heading "Current Events and Discussions"
(if not in the "Editorial
Department"), either in the week
the matter becomes
public or shortly thereafter.
pages under the
RR. Labor Board Understood to
Have Determined on a 10 to 15%
Wage Cut
for Unskilled Labor.—"Times"
May 25, p. 19; May 26, p. 5.
600 General Chairmen
of Leading Railroad Unions (Engineers, Firemen,
Conductors, Trainmen and Switchmen) Called to Meet in
Chicago July 1 to
Consider Wage Awards,
Effective That Day.—"Times," May 22, p. 14.
Erie RR.
Shopmen Reject Ten-Hour Day.— "Times," May 28, p. 3.
Railroads Reject Regional Boards
Suggested by Unions as Substitute for
National
Agreements.—"Times," May 24, p. 26.
Chamber of Commerce
of U. S. for Economy Urges Consolidation of Railroads
and Railroad
Facilities, also Wage Cuts.—"Times," May 23, p- 3.
New Jersey Railroad Taxes
Raised $500,000 by Assessment Just Completed
under
<<fTUTv,Art
Chapter 138 of Laws of Recent Legislature.—"Times, ' TV/
>, p.
Railroads Hampered by Federal Taxes on Rales and Fares.
'Tiii
lines,
May 15,.p. 14.
....
.
-1
/il
—
_j
-ion
.
_/
r
t»
...4
T
v/«
,,,
r
?,
t
have
How Railways Are Makina Economies (R. H. Aishton, Pres. Amer. Ry.
Assn.).—''Railway Review," May 21, p. 783Locomotive Fuel Constitutes 8% (Not 18%) of Over. Expenses.—Idem, p./85
;
750,158
coal
though
coal,
1921 and
an
*
.
The final decree to
-
will direct the transfer
be entered herein, therefore,
Co., to
of the Central RR. Co. of N. J., owned by Reading
such trustee or trustees, individual or corporate, as the Court may name,
and shall contain the terms of the trust, which in substance shall
that the stock shall be voted by the trustee or trustees so that at
there shall be entire independence of directors and management between
Reading Co., as It shall be hereafter merged with Reading Ry.,
Central RR. Co. of N. J.; and that pending a sale of the stock
received by the trustee or trustees upon the same shall be paid to
Co. or as it shall direct, and that the actual sale of the stock of
RR. Co. of N. J. shall be deferred in view of the possible grouping
roads by the I.-S. C. Commission under the Transportation
subject, however, to a provision in the decree that on
or other party, ©r upon the Court's own initiative, that
such action by the I.-S. C. Commission, an order may be entered
for the sale of such stock, if and when it shall appear to the Court
provide,
all times
*
totalecI202,348
totaled
Competition.—A reduc-
all trans25,
facts
require it,
and the
all dividends,
Reading
the Central
of rail¬
Act of 1920,'
motion of the U. S.
without awaiting
hereafter
that the
or the situation makes it possible.—V. 112, p. 2082, 1865-
RR.—Dividend Increased.
dividend of 5%,.
holders of record June 20.
:
Chicago Burlington & Quincy
•—The
May 26 declared a
on
company
payable June 25 to
President Hale Holden on May
26 stated that the
payment was not voted
old 8%
simply
regular basis and that, although the question of continuing the
had been discussed,, it was decided that it would be best to
declare a 5% dividend without reference to the annual rate.
Dividends have been paid at the rate of 8% p- a. (2% quarterly) from
to March last, incl.,
An extra of 10% was paid in Sept. 1917.
on a
switchmens
and
Host.
showing owing to comparison with the period of the
strike in 1920, the RRs. generally are exercising the strictest economy,
the Great Northern Ry. has shut down all its shops except two.—
N. B." May 26, May 21, p. 1.
,
_
.
„
„
what better
rate
...
Pres. A. H. Smith
Howard
ByramPres.
19.
County,
p% Statements before Senate Investigating Committee.—(a)
N. Y. Central RR.—"Times" May 21, p. 21: May 24, p. 36; (b)
Elliott Chairman Nor. Pac. Idem, May 26, p. 5; (c) if. E.
Ch. M. & St. P. Idem, May 27, p. 10.
Compare Idem May 25, p.
How Governments Could Relieve Some of the Difficulties (A. J.
Y. Pres. Penn. RR.) "Fin. Am." May 26, p. 1.
N. Y.-N. J. Vehicular Tube Wrangle.—"Post", May 26, p. I.
Penn. RR. Offers to all its Employees a Joint Reviewing
"Times" May 21. p. 18.
Coal Movements.—See "Industrial Index" below.
'Matters Covered in "Chronicle" of May 21.—(a) RR. Labor
June 1 to announce lower wage scale for unskilled labor.
Hearing
inefficiency,
railroad
duced
Detroit & Mackinac Ry., p.
p.
2149.
cite coal shipments, p,
June o
2147. (g) All wages reduced 20% by
(h) Pres. A. II. Smith, of N. Y .Central,
ineffectiveness of labor, p. 2149.
(i) William H.
Provocation for his famous "the public be d——d," p. 2157.
testifies as to
Chicago Rapid Transit
Vanderbut
(j) Anthra¬
2160.
Y.) & Syracuse Elec. ER.—Fare Reduction.
The company has announced a reduction amounting to about one cent
in fares in Auburn by the sale of 14 tickets for $1 on the city lines and 11
lake tickets for the same amount.
The straight fare is 8 cents in Auburn
and 10 cents to Owasco Lake.—V. 112, p. 160.
& Electric Co.—Acquires
Bangor Ry.
P.
Maine
organized
Elevated Ry.—Five-Cent Fares.—
have announced a new 5-cent local fare on Somerville and
Medford lines running to the upper level of the Sullivan Square station,
and a 10-cent fare from the 5-cent fare district to Arlington, Cambridge,
The trustees
Brooklyn Rapid
Judge Julius
The
Transit Co.—Receiver Ctfs. Extended.-—
District Court on May 24 on petition
M. Mayer in the U. S.
extension
1 1921
the
Lindley M. Garrison signed a decree providing for the
of the payments of the $18,000,000 receiver certificates from Aug.
to Feb. 1 1922.
In a memorandum accompanying his decision Judge Mayer reviewed
improvements undertaken by the company through the aid of
certificates.
Since Aug. 1910, he pointed out, 300 subsway car have been
built, the reconstruction work on the Brighton Beach line between
Avenue and Malbone Street has been completed and various terminals
of Receiver
the receiver's
Church
power
house additions
have been finsihed.—Y. 112, p.
Buffalo Rochester &
and
1613, 740.
Pittsburgh Ry.—Refunding.—
Commission has authorized the company (1) to issue $3,949,000 Consol. Mtge. bonds, and (2) to pledge said bonds, from time to time
as collateral security for note or notes.
It is proposed to issue the bonds in respect of the following;
The I. S. C.
Rochester & Pittsburgh RR.
For refunding
(1)
which matured Feb.
1 1921__,
(3)
March 1 1921 (on basis
6% M. bonds
$1,300,000
which matured
Series F equipment bonds,
basis of 50%)
--For refunding Series E equipment bonds,
(2) For refunding
Aug. 1 1920 (on
which matured
of 50%)
matured
(4) For refunding Series C equipment bonds, which
May 1 1921 — ....
(5) For additions and betterments made since Jan. 1
basis of maximum of $1,500,000 in any calendar year)..
—V. 112, p. 1976..
1916 (on
1,000,000
1,500,000
Pacific
Annual Meeting.—At
on
to
quent page.—V. 112, p.
Central RR. of New
2189.
v
Jersey.—Court Rules That Stock of
Company Owned by Reading Co. Be Placed in Hands of Trustee
Until Favorable Time Arrives for Its Sale.—The U. S. District
approving the Reading Co.
low) also said:
Court in
modified plan (see be¬
;
Inter-State Commerce Act, as
objectionable.
•
The Attorney-General has contended that the stock should be placed in
the hands of a trustee or trustees under a decree of this Court, which shall
direct Reading Co. to proceed with all due diligence to offer the same for
sale within a definite period, and if at the expiration of such period a pur¬
chaser has not been found by Reading Co., then upon the application
the
of
Attorney-General the Court may decree a
sale of this stock at public auc¬
Court shall then provide.
because of the provisions of the Transporta¬
tion Act of 1920 there is presently no prospective purchaser of the Jersey
Central stock at a fair price, and so long as the control of the voting power
of this stock is taken from Reading Co. and lodged with a trustee or trustees,
acting under the supervision of this Court, there is full compliance with the
mandate of the Supreme Court, which requires that there shall be estab¬
lished entire independence between these two companies, and we are also
of opinion there is no good reason why the decree of this Court shall now
subject the stock to the possible sacrifice of a forced sale to the detriment
not only of the Reading Co. but also to the almost equal number of other
shareholders of the .Twv
n-n
par'*™; to th's rc^rd. who
in such manner as the
The Court is of opinion that
tion
or
"special bonds"
additional
12 thus
shall
cipal and interest on bonds
Issued under Section 13 of
this Act, (6) expenses
of existing or new lines, structures, equipment
constituting the whole or part of a local transportation
Incurred for the acquisition
or
other property
system, or for new construction, and (c) during the
existence for all other expenses connected with the
the district.
"If the
first five years of its
corporate purposes of
receipts from operation of any transportation system or
shall during the first years have been insufficient
of the district
systems
to meet
corporate purposes of the district other than
and (b) of this section the board of trustees
shall have power to submit to the duly qualified voters of such district at a
general election for trustees, before or after the termination of such fiveyear period, the question whether the board of trustees shall continue to
meet such expenses from revenue derived from taxation."
Thus if 5-cent fares should be insufficient, the trustees, if the plan is
approved by the people, can meet the deficit by increasing taxes.
Failure of the 5-cent fare is provided against in this way, Section 16:
"The board of trustees of any local transportation district organized under
this Act shall have the power to fix, alter, regulate and control rates charged
for transportation over or upon such local transportation system or systems.
Provided, that In no case shall the rate of fare exceed 5 cents for one person
for a continuous trip in the same general direction wholly within the limit .
of such local transportation district, unless a different rate of fare shall
expenses connected with the
those specified in clauses (a)
have been authorized in the manner hereinafter provided." '
.
j
provides that the transportation districts shall only be established
referendum vote.
The election of the trustees is to follow in 90 days,
three to be chosen for two-year terms, three for four-year terms and three
for six-year terms.—V. 112, p. 743.
first
The bill
by
a
Minneapolis & Omaha Ry.—Equip.
Offered.—White, Weld & Co., New York, are offer¬
ing at prices to yield from 6.50% to 6.40%, according to
maturity, $760,000 7% Equip. Trust Gold Certificates,
Series "B" (see advertising pages).
V ;
■
/
Chicago St. Paul
Trusts
Dated Jan. 1 1921, due
$95,000 annually Jan. 1 1924 to
cost) consisting of 6 Mikado
senting about 80% of
engines and 125 stock cars.
All Governmental authorities
issue.—V. 112, p. 1732, 1739.
1931 incl.
Int.
locomotives, 4 switch
having jurisdiction have
approved the
Chicago Union Station Co —Guaranteed Bonds Sold.
—Kuhn, Loeb & Co., Lee, Higginson & Co., New York;
Illinois Trust & Savings Bank, Chicago; National City Co.
and First National Bank, New York, have sold at 101 and
int., $6,000,000 63^% 1st Mtge. bonds,
July 1 1963.
Unconditionally guaranteed,
principal and interest, jointly and severally,
named below.
(See advertising pages).
Interest
110
at
an
.
int.,
& J.
Red.
on
Jan. 11935, or any int. date
thereafter,
90 days' notice.
Principal and interest payable,
ro
for any tax or taxes (except any Federal income tax)
trustee may be required to pay or retain threfrom under
any present or future law of the United
municipality therein.
Denom. $1,000
& Savings Bapk, Chicago, trustee.
Data from
Series "C," due
by endorsement,
by the companies
upon
without deduction
which company or
the spirit and the letter of Section 5 of the
amended by the Transportation Act of 1920,
Justifies its prayer that the value of this stock of the Central RR. Co. of
N. J. shall not be subjected to possible sacrifice by a sale until the I.-S.
O. Commission shall adopt a consolidation plan which will designate the
several railroads of the East with which the Central RR. Co. of N. J. may
be consolidated, so that assurance may be given to
a railroad company
purchaser of this stock that the holding of it by such purchaser will not be
Reading Co. contends that
"
>.
Tew York, &
Edwin S. Marston, (c*).
. .
Farmers' -Loan & Trust Co.,
90,000 Payable J. andJ. Denom. $1,000 trustees.
Security.—Issued under Equipment Trust agreement of 1917 as amended
59,000 June 1 1920, and secured on new equipment (costing about $62,800, repre¬
Ry.—President Beatty's Statement at
the annual meeting held in Montreal
May 4, President E. W. Beatty, K.C., made an address
the shareholders, which will be found in full on a subse¬
Canadian
Utilities has favorably recom¬
which provides for a trans¬
elective trustees with power to
motor buses, tunnels or mono¬
these the trustees are given power to Issue
up
$85,000,000, interest and sinking fund to come from an
tax
of 1% on all property in the transportation district.
Section
pro¬
vides for this tax:
"The board of trustees of each transportation district organized under
this Act may levy and collect taxes upon the property within the territorial
limits of such district, the aggregate amount of which in any one year
not exceed 1 % of the value of the property within the corporate limits of
such district as the same shall be assessed and equalized for county taxes
for the year for which the levy is made.
f
"The revenue from such taxation shall be used only to meet: (a) the prin¬
Lighting Co.—
Sullivan Square.
Plans.—Thompson Bill Reported.
to
Boston
Maiden or Charlestown south of
effect May 28.—V. 112, p. 2082.
:
traction district bill
rail systems,
To pay for
purchased, subject to the approval of the
U. Commission, the Lincoln Light & Power Co., which was
five years ago.—iV. 112, p. 848.
change goes into
.
,
,
portation district in Chicago governed by 9
acquire surface lines, "L" roads, subways,
it is stated has
Boston, Everett,
1976. ;,i
below.—V. 112, p. 1969.
Committee on Public
mended Mayor Thompson's
Auburn (N.
The company
City & Fort Dodge RR.
...
Default on June 1
Controlled Company.—
Bonds of
1908
Station Bonds.—
below.—V. 112, p. 2082,
Western RR.—To
Great
The Illinois House
question-
Chamber of Commerce
Union Station Co.
Chicago
See Mason
Board on
Kruttschnitt—St. Louis
of Chicago Union
Joint Guaranty
See Chicago
Board System
sive rules—Mr.
by a
major¬
of the stock
number
„
right to be heard and yet who may be very seriously affected
this Court ordering at the present time a forced sale of this
ity stock.
Winger).—"Ry. Review,"
Car Loadings
Week ended May 14.—The loadings aggregated
cars.lbeing an increase for the week of 3 2,133 (largely due to more
moving and also ore for lake shipments) but 92,987 below 1920,
10,213 more than in 1919.
There were 161,782 cars loaded with
18,459 over the previous week, but 1,800 below the total for
4il00 under 1919.
There were also 22,806 cars loaded with ore, or
increase of 9,700 over the week before.
Merchandise, manufactured products, &c., totaled 451,062 cars, or an
ncrease of 4,000 over the week of May 7, but 40,600 cars over the
oaded during the corresponding week in 1920.
Idle Cars.—Increased demand for coal cars was principally responsible
for a decrease within a week of 21,469 in the number of surplus or idle cars,
he total on March 15 being 450,453 cars.
Surplus coal cars
decrease of 17,011 compared with the week before.
Idle box cars
0,595, or 3,632 less than on March 8. ,
.
,
I Certain Rates to Be Cut 20% to Meet Panama Canal
on of about 20%
in freight rates on certain commodities by
ontinental railroads west of Chicago was announced at Chicago, May
no
decree of
May 21, p. 779.
Problems Discussed by Short Line Assn.—"Ry. Age," May 20, p. 1164.
Plumb Plan Ready for New Fight.—"Ry. Review," May 21, p. 794What the RR. Need (G. Theodore
[Vol. 112.
CHRONICLE
THE
2304
rr"
»,
Letter of President
States or of any State, county or
and $500 (c*&r*). Illinois Trust
J. J. Turner, Chicago, May 26.
Quincy RR., Chicago Milwaukee
Guarantors.—Chicago Burlington &
Paul Ry.. Pitts. Cine. Chic. & St. Louis
each of which companies owns one-fourth of
St.
&
RR. and Pennsylvania Co.,
the outstanding $2,800,000
capital stock.
Company.—Owns extensive station and terminal
under reconstruction, including the property
properties in Chicago,
heretofore used as a
properties adjacent thereto.
blocks from Carroll Ave. to
West 12th St., principally between Chicago River and North and South
Canal streets, and including the present city block bounded by West
Adams, West Jackson, Clinton and North Canal streets, on all of which
properties (subject as to certain parts thereof to easements of no material
now
by the guarantor companies, and
The entire development extends for about 11
terminal
the bonds are secured by a first mortgage.
Purpose.—To place company in funds to be used for additional capital
expenditures.
Bond Issue.—Issue limited to $60,000,000, of which $30,850,000 Series A
importance)
$16,000,000 Series C6J^s (V. 110 ,p.
will have been issued and outstanding,
4Ms (V. 102, p. 608),
present
issue,
Series B 5s are held in the treasury.
Issuance j—Subject to the approval of
the necessary public authorities.
bonds on the N. Y. Stock
LiMiva.—Aonlieation will be made to list the
E:.clurfY.—Y.
11
P
P*l.
1848), including
and $6,150,000
Mat 28
1921.]
THE
CHRONICLE
Chicago & Western Indiana RR.—Bonds
Approved.—
The I.-S. C. Commission has
authorized the
Indianapolis Street Ry.—Present Fare Continued.—
company to issue $584,000
Consolidated 50-year gold bonds and to deliver them
to the
company's
tenants, in accordance with certain leases and the
mortgage under which
issued.
The
The Indiana P. S. Commission
has authorized the
company to continue
fare, 20 tickets for $1 and 1-cent
transfer
until June 1 the present rates of
6-cent cash
charge, which were authorized about
expiring May 17.—V. 112, p. 1740.
Commission dismissed that
part of the company's
application
requesting authority to issue $130,000 of such bonds on
Sept. 1 1920, with
permission to deliver the bonds to its tenants without
the authorization of
the Commission
having first been obtained.—V.
112,p
2\4%
1976.
made by coun-:
company in asking the U. S. Supreme Court to review
decrees of
in
two typical cases.
Claims for
damages brought by the
and by John
Lysaght, Ltd., a British
corporation, were sustained in the decisions of
which a review is sought.—
V. 112, p. 2075, 2083.
lower
Allied
l%%
the Pref. stock, payable June 1 to holders of
record May 21.
"Chronicle" May 14.—V.
112, p.
1920
was
Long Island RR.—Financial Results for First
Quarter.—
Operating
RR.—
Pres. J. J. Turner,
Pittsburgh, April 29, in a letter to holders of $1,800,000
Mtge. bonds dated June 1 1871 and payable June
1 1921, says:
The above bonds mature June 1
next, and the company has no available
funds with which to meet the
obligation.
The pavment of the interest
during the life of the bonds is guaranteed by the
Pennsylvania Co. and
affiliated companies, but the
payment of the principal is not guaranteed.
A proposition has been made
by the Pennsylvania RR. that in consideration
of an extension of the bonds for a
period of 10 years from June 1 next at
6 % per annum it will guarantee the
7%
off less than all the bonds to be
paid
Columbus Railway Power & Light Co.—New
Financing
Maine Central RR.—Asks Extension
of Lease.—f:
The company has
applied to the I.-S. C. Commission for
approval of a
lease of the Belfast & Moosehead
Lake as art extension of the
lease dated
April 27 1871. which expired on May 10.—V.
112, p. 1283.
Mason
City & Fort Dodge RR.—June 1 Interest
Defaulted—Time for Deposit Extended.—
The protective committee for the
1st Mtge. 4%
which Mortimer N. Buckner is
Chairman (V. 111.
Wages 20%.—
2149.—V. Ill, p. 2038.
stallments, was seriously imperiled (V.
Ill, p. 2324), and that
existed which made it
imperative in the interests
No
successor
The
New York Stock
Exchange has authorized the listing of $375,000
(auth. $25,000,000) additional Capital stock
par $100, on official notice of
as a 2H % stock dividend
making the total applied for $15,375,000.
The issuance and distribution of the
stock was approved by the
Michigan
P. U. Commission on May 18.
The Commission however
issuance
took
at the time on the application to extend
at
and 5% bond issues,
no
action
7% matured and maturing 4M
aggregating $3,355,000.
The electors of the City of Port
Huron, Mich, on April 4, voted down the
proposition of the D. U. Ry. to increase fares on the Port Huron
City lines
affecting the employees of these lines
were
company to become effective on May 1.
The new
wage scale calls for rates 2 cents an hour less than the
proposed scale for
Detroit employees, or 53, 56 and 58 cents
an hour.—V.
112, p. 2190.
"A very substantial amount of the
bonds has since been
deposited with
the committee, and the
detailed examination referred to is
now
being
conducted.
"In compliance with the
request of holders of undeposited bonds and in
order to afford further
opportunity to avail of the benefits of the
deposit
agreement, the committee has extended the time within
which bonds may
be deposited with the New York
Trust Co., 26 Broad
St., N. Y. City, de¬
positary, or with the Illinois Trust & Savings
Bank, Chicago, sub-deposi¬
tary, to and including June 20 1921, after which date
further deposits will
option of the committee and upon such terms
not be received except at the
and
Grand
The
Trunk
board of
110,
p.
Cash fares
2291.
Ry. of Can.—New Directors—Interest.—
directors nominated by the Government under the
new
Sir Joseph Flavelle, Bart,
(during the war Chairman of
Imperial Munitions Board); Howard G.
Kelly (who was President of the
company); A. J. Mitchell (Vice-Pres. Canadian National
Rys.); E. L. Newcombe (Deputy Minister of Justice
and J. N. Dupuis.
The interest on the Grand Trunk
Pacific branch lines 4% 1st
mortgage
sterling bonds has been remitted by the Provincial Governments which
originally guaranteed the issues.
The interest on the bonds
guaranteed
by the Government of Saskatchewan is
being paid by the Bank ot Montreal,
while Lloyds Bank is paying the interest
remitted on behalf of the Govern¬
new
agreement follows:
,
ment of Alberta.
Six months ago the Dominion
Government paid the
interest on these bonds, but on the
present occasion the Provinces have been
called upon to assume the
responsibility.—See V.
112,
1865. 1877, 2083, 2190.
p.
1519, 1617, 1740,
iormed by the U. S. District Court.
The property was sold under fore¬
15 1919 (V. 109. p.
1986) and has been reorganized as Gulf
Pensacola & Northern RR.
See V.
closure Oct.
Helena Light &
p.
2192; V. 109, p. 1986.
Ry.—Fare Increase.—
The Montana P. S. Commission
has authorized the
company, effective
May 20 and for a period of 60 days, to increase
fares to 8 cents cash or 40
tickets for $2, to be used within
15 days.
Present fare is 7 cents cash or
40 tickets for $2 50.—V. 110,
p.
2657.
Hocking Valley Ry.—Appeal Filed.—The "Coal Trade
Journal," New York, May 18, says:
Invoking the decisions in both the State and Federal Courts made
against
"illegal and invalid" associations of railroad
companies and coal companies,
as a monopolistic scheme
against public policy, the Sunday Creek Coal Co.
and the Buckeye Coal &
Ry. Co., Columbus, have filed appeal suits in the
Ohio Supreme Court against
theUnionTr. Co. and the Hocking Val. Ry. Co.
The case, begun in the
Perry County courts, was originally instituted to
quiet title to coal lands in Hocking,
Perry and Athens counties.
The count
on the title arises from a
mortgage deed made in Feb. 1899 by the Hocking
Valley Ry. Co. to the Central Trust Co., as
trustee, to secure an issue of
$20,000,000 of the railroad company's
bonds, which bonds, it is declared
by the Buckeye company, were not signed nor
obligated for by the coal
company.
The mortgage deed in question also
provides that the Buckeye
company shall pay a royalty of 2 cents
per ton on all coal mined from its
4
properties to the mortgage trustee, to be
applied in retiring the railroad
bonds.
The coal companies lost their
cases
p.
2190, 2181.
in the lower courts.—V.
112,
shall prescribe."
See
V.
Ill,
p.
2140,
at
Detroit, Mich.,
on
May 24.—Y. 112, p. 2083.
Missouri Pacific RR.—Purchase
of Little Rock & Argenta.'
The transfer of
the Little Rock &
Argenta has just been completed, after
the sale contract which was
made last Dec.
The Little Rock & Argenta
is an industrial line
connecting the Chicago Rock Island & Pacific and the
Missouri Pacific at Little
Rock, Ark.
Sale price was $50,000.
("Railway
Age.")—V. 112, p. 2077.
Nashville
Chattanooga & St.
Louis Ry.—Bonds Auth.
The I.-S. C. Commission has
authorized the company: (1) to issue
$1,000,000 1st Consol. Mtge.
5% bonds, due April 1 1928, and (2) to sell
any or
all of said bonds, or to
pledge any or all thereof as security for certain note
or notes which it
may issue.—V.
112, p. 2183.
New Orleans
Railway & Light Co.—Wages Reduced.—
Beginning July 1 1921, a new scale
2,600 employees.
scale affects about
of wages will go into effect.
possibility of
a
strike.
It is estimated that the
The
new
It reduces the present wages of the
performed, from 8% to-25%,
men, according to the character of the work
and removes all
There is
new wage
no
change in the working
scales will
save
the
company
$300,000 to $500,000 annually.
This agreement was approved by a
committee representing the
employees and the receiver.—V. 112, p. 1866.from
Confirmed.—
A report from Florida
says that the sale of the road to Harold B.
Thorne,
representing the Guaranty Trust Co. of N.
Y., for $500,000 has been con-
110,
the committee
Henry B. Ledyard died
conditions.
Gulf Florida & Alabama
RR.—Sale
as
Michigan Central RR.—Obituary.—
Dubuque (la.) Electric Co.—Fares and Wages Reduced.—
7 tickets for 50 cents.
conditions
2228, 2324.
Following the reduction of the trainmen's
wage from a maximum of 60
in effect reduced fares by the
cents an hour to 45 cents an hour the
company
sale of 8 tickets for 50 cents instead of
situation
a
of the holders of the bonds
to examine into the affairs of the
railroad company and its
operation, main¬
tenance and management
by Chicago Great Western RR. Co., and to take
concerted action for the establishment
and enforcement of their
rights and
the protection of their interests.
Resigns.—Listing, &c.
Frank W. Brooks has
resigned as President and director.
has been named.
remain at 8 cents.—V.
50-Year Gold bonds, of
p. 2140), states:
RR. Co. has
officially announced that the in¬
1921 on the above described bonds will
not be paid.
"The committee in Dec. last advised
holders of the bonds that the
pay¬
ment of the June 1 1921
instalment of interest, as well as
subsequent in¬
terest due June 1
Detroit United Ry.—President
the
to Be
"Chicago Great Western
2190.
Detroit & Mackinac Ry.—Reduces All
by
Pacific RR. Buys
See Union Pacific RR.
below.—V. 112, p. 2190.
Denver & Rio Grande RR.—Date Extended.—
from 5 cents to 7 cents.
As a result wage reductions
$725,790
781,446
$1,507,236
foregoing results for the first quarter
Complete Control.—
The date for completing the transfer of the
road, sold Nov. 20 at fore¬
closure sale to representatives of the Western
Pacific, again has been ex¬
tended to June 30 by an order signed
by Federal Judges Lewis and Sanborn.
The transfer was to have been
completed May 30.
The application made by the stockholders'
protective committee for leave
to be heard before the I.-S. C.
Commission with reference to the Western
Pacific RR.'s request to
reorganize was denied by the Commission on the
ground that the hearing to be held will be confined
solely to the accounting
principle that should be applied to cover the non par value stock to
be issued
announced
c*
Los Angeles & Salt Lake
RR.—Union
Dallas Street Ry., the
Light Co. and two interurban companies
operating out of Dallas, died at Dallas, Texas on
May 21
last.—V. 112, p. 1977.
p.
$840,170
114,380
special ticket fares."—V. 112, p. 1978.
(Street) Railway.—Obituary.—
Colonel John Franklin
Strickland, head of the
Dallas Power & Light Co., the Texas Power &
"Chronicle,"
5,517,224
"Notwithstanding extraordinary efforts to reduce
expenses, the company
is $1,507,236 behind at the end or
the first quarter of 1921.
The pay-rolls
for the three months
aggregated $3,896,262, or 66 1-3% of the total
cost of
operating the system.
"It is true that the
Long Island is a seasonal railroad, but no amount
of
effort can overcome in
three-quarters of a year a loss of such a
stupendous
deficit as has been sustained in the first
three months of the current
year.
"The Long Island is
essentially a passenger-carrying road, and, receives
no increase in rates on
any of its business until Jan. 29
1921, and then
only on a portion of its traffic,
naturally the results would be
disastrous,
particularly when we keep In mind the fact that
earnings from freight
traffic were
disappointing, due to general depression.
"On the other hand, the
growth in passenger traffic for the first
quarter
of the year was enormous.
The system carried 15,637,212
passengers, an
increase over 1920 of 2,321,166.
The raising of one-way and round
trip
fares, and not including commutation and
family trip tickets, naturally
places the company at a
disadvantage, because patrons cannot be blamed
for purchasing the lower rate
tickets as long as there is such a
wide differ¬
ence between the
regular fares and the
off may be
The stockholders will vote May 31 on
authorizing and approving the
proposed issue and sale of $3,000,000 Gen. Mtge. bonds, the
execution and
delivery of a new general mortgage upon the property of the
company in
order to secure the same, and the
pledging of $4,000,000 of the First Ref
& Ext. Sinking Fund
5% Gold Bonds, due in 1940 as further
security for
$3,000,000 Gen. Mtge. bonds.
It is understood that a syndicate headed
by Harris, Forbes & Co. will shortly make a public
offering of this issue.—
V. 112, p. 1739.
See last week's
1921.
$5,491,651
5,871,783
accruals)
Net deficit for first quarter 1921
The official statement
giving the
of 1921 also says in substance:
Bondholders wishing to accept the offer should
notify T. H. B. McKnight,
Treasurer, Pennsylvania Station, Pittsburgh.
p.
1920.
$4,721,076
investments, rentals, &c
The offer is made subject to the
approval of all Governmental authorities
by the Western Pacific.—V. 112,
expenses
Deficit in gross income
Fixed charges (3 months'
paving jurisdiction.
Dallas
1917.
$3,028,826
2,670,613
Deficit in operating income.-.
Income from interest on
payment of the interest during the period
designated by lot.
'
1916.
$2,872,066
2,359,217
Net earnings.-$512,849
$358,213 def$796,148 def$380,132
Add—Three months' taxes,
$367,653; uncollectible rev., $2,955;
hire of equip, and
facility rents, $89,430
460,038
6%—Guaran¬
event it is desired to
pay
Machinery Co. of America
Gross earnings.
Principal and Interest, by Pennsylvania
of the extension, and "
that the company
the outstanding bonds
Courts
Quarters end. Mar. 31:
published in the
2079-
Cincinnati Richmond & Fort Wayne RR.—To
Extend
$1,800,000 Bonds Due June 1 for 10 Years at
teed,
period1
—
Washington dispatch states that claims for
more
than $10,000,000
have been filed by
shippers and insurance companies
against the road as a
explosion of July 30 1916.
This statement was
on
The income statement for the calendar
year
month ago for the
result of the
sel for the
the Common stock in addition to the
regular
semi-annual dividend of 3%, both
payable June 27 to holders
of record June 6, and the
regular quarterly dividend of
on
a
Lehigh Valley RR.—"Black Tom" Claims
A
Cincinnati New Orleans & Texas Pacific
Ry.—Extra
Dividend, &c.—The company has declared an extra dividend
of
2305
New York New Haven & Hartford
ing
Authority to Regain
Federal Trustees.—
Various
RR.—Reported Seek¬
Subsidiaries
in
Hands
of
The company, it is
reported, has applied to the I.-S. C. Commission for
authority to resume active management and control of
the New England
Steamship Co.
This authority, it is stated, was
recently granted to the
directors by the stockholders, and it is
understood similar applications have
been made for the return of other
subsidiary companies now in the hands
of Federal trustees.
The other properties are the
Boston & Maine RR.,
Central New England RR. and the
Connecticut Co.
The New Haven has
already disposed of the Rhode Island
Company, sustaining a loss of about
$29,000,060 in the transaction.
See also V. 112, p.
1978, 2183.
Norfolk & Portsmouth Belt Line
RR.—Notes.-r-
The I.
S. C. Com.
recently has authorized the company to issue
$63,000
to cover periodical payments to be
made
connection with the procurement of
2 locomotives.—V.
promissory notes in the aggregate
m
Ill, p. 896.
Northern Pacific Ry.—Conversion
of Joint Bonds.—
The
First National Bank announces
that
Great Northern Joint 15-Year
$120,000,000 Northern Pacific6V2% Convertible Gold bonds (C. B. & Q.
remain outstanding, conversion
privilege hav¬
ing been exercised on the balance.
Of the original issue of
$230,000,000, $102,000,000 have been converted
into Great Northern
Ry. Gen.
Collateral), due July 1 1936,
Mtge. 7% Series A, due July 1 1936, while
$8,000,000 have been exchanged for Northern
Pacific Ry. Ref. & Imp. 6s,
Series "B," due July 1 1247.
Exchanges of temporary bonds of each of
j
V
THE
2306
these issues for bonds of
smaller denominations are
National Bank, 2 Wall St., N. Y. City.
See also Chicago Burlington & Quincy
•
being made by the
RR. above and compare
First
Traction Commission, George McAneny, Major-General John F.
O'Ryan and Leroy T. Harkness, from functioning.
Justice McAvoy found against the application of the city on two principal
counts.
The first that the Court of Equity was not the proper place in
new
V. 112,
1866, 1978.
p.
Ottumwa
which
of Fare Liti¬
Ry. & Light Co.—Brief History
gation—Present Status.—Cummins, Roemer & Flynn, attor¬
and counselors, Chicago, have favored us with a
synopsis of the fare litigation between the company and the
City of Ottumwa.
The statement says:
By a provision in its franchise, the Ottumwa Ry. & Light Co. was limited
to a maximum rate of 5 cents for street railway fares.
In Dec. 1918 the
Ottumwa City Council passed a resolution authorizing the increase of the
fare until after the signing of a treaty of peace with Germany, to 6 cents
[V. 108, p. 79].
The latter rate was put in effect, but about April 1 1919,
the City Council rescinded the resolutoin and attempted to prohibit the
company from charging more than 5 cents.
[V 108, p. 1611.] Thereupon
suit was brought.
A temporary injunction was granted by the trial court,
which, upon motion of the city, was dissolved.
From the order dissolving
the temporary injunction, the company appealed to the Supreme Court,
where the question discussed was the validity of the franchise limitation of
fare in the first instance, it being the contention of the company that the
Legislature had never delegated to the city the State function of fixing rates
and that, therefore, the franchise contract limiting the fare to 5 cents
was void for want of power in the city to make it.
The Supreme Court of
Iowa held against this contention in an opinion dated July 10 1919.
IV.
109 p
j
Thereupon the company filed a petition for
After re-argument and re-submission of the case, a
handed down on Aug. 9 1920, in which the contention
rehearing, which was granted.
second opinion was
of the company was
upheld and in which it was decided that the city was without authority
under the statutes to make rates by contract with the street railway company
and that the contract in that regard was void.
{V.i 111, p. 896.]
Both opinions upheld the broad principle that a city cannot contract for
rates of a public utility unless its authority so to do has been expressly
given by the State Legislature, the fixing of rates being a matter of State
control, but in the former opinion, by a unique theory, the Judge who
wrote the opinion read into the statutes the authority demanded by the
general principle laid down.
In doing this, he overlooked a governing
decision by the court, and hence the same Judge wrote the second opinion
>
opinion came
ended, but the city, through
which was granted by the court
was
third time in
In the meantime the
April 1921.
was
amelio¬
May 21, approved the
disposition.
Henry Evans, representing the Continental
Fidelity Phoenix Fire Insurance Co., has announced
will be taken to the U. S. Supreme Court from the decision
giving both classes of stockholders equal rights.
The Prosser committee of Common stockholders, it is expected, will take
an appeal on this ruling also.
Counsel for the company and the Government are preparing a form of
final decree to submit to the Court and have until June 6 to submit it and if
Alfred A. Cook, attorney for
Insurance Co. and the
that an appeal
The net
approved the Court will enter the
-
To
♦
See
Guaranty Extended Bonds.—
Cincinnati Richmond & Fort Wayne RR.
Philadelphia Co.,
The
C.
$5,700,000 to the com¬
amounts
$157,900
the loan.
to meet
Commercial Trust
June 6, receive
above.—V. 112, p.2191.
Pittsburgh.—Tenders.—
Co.,'City Hall Square, Phila., Pa.,
it of Consol. Mtge. & Coll.
bids for the sale to
50-year gold bonds, dated Nov.
sinking fund contract of July 10
$279,738 at a price not exceeding
will until
Trust 5%
1 1901, which have been stamped under
1917, to an amount sufficient to exhaust
102H and int.—V. 112, p. 2186, 2084.
Pittsburgh Harmony Butler & New Castle Ry.—
employees voluntarily reduced their wages from 71 cents an hour to
May 1.—V. 109, p. 1274.
The
66 cents, effective
Public Service Corp. of N. J.—Customers' Ownership Plan.
corporation is offering patrons an opportunity to buy its 8% Cumul.
The
Pref. stock on a new
"customer
10 shares under
from 1 to
ownership^ plan.
Public Service
compiled
a
Ry.—Estimated and Actual Eernings.—
submitted by the company
the New Jersey P. U. Commis¬
table in its decision dismissing
the application, com¬
Board's
paring the company's estimates with similar ones made by the
experts.
The table contains a statement of income under the 7-cent fare
for 1920 and an estimate for 1921 made by the company and the Board.
1920 Actual 1921 Est'd
1921
1921 Est'd in
Annual
by PetiEstimated
L't of 1920
Rev. from
Report.
tioner.
by Board.
transporta'n_$25,980,422 $27,287,830 $27,287,830
612,196
592,000
592,000
Other revenue
Experience.
$27,568,934
664,869
TotalRy.oper.rev.__$26,592,618 $27,879,830 $27,879,830 $28,233,803
Total oper. income
Total non-oper. revs
Gross income.
Income deductions
Net deficit..
Exclude
^
depreciation—
23,495,331
23,495,331
$4,384,499
$4,738,472
$2,984,827
203,734
$4,390,499
203,734
$4,744,472
203,734
$4,407,476
5,152,924
Auxiliary oper. income._
24,901,003
$2,978,827
$4,198,182
209,294
Ry. oper. income
22,403,546
$4,189,072
Ry. op. ypy. deduc'ns..
$3,188,561
5,237,731
$4,594,233
5,237,731
$4,948,206
5,237,731
$745,448
114,669
$2,049,170
1,850,666
$643,498
800,000
$289,525
800,000
9,110
6,000
6,000
6,000
deficit_def$630,779 def$198,504 sur$156,502 sur$510,475
"A large number of the classes of expenses are increased
required to be spent in an emergency only,
and the company, in a great emergency, would not spend the amounts
indicated, nor would the expenses included in the Board's estimate be so
large in such an emergency.
But giving the company the benefit of the
doubt of the larger expenditures, the figures indicate that if it continued to
operate under the present fare it would be able to pay the operating expenses,
including $500,000 for depreciation, taxes, and all fixed charges."
The New Jersey Supreme Court will review the action of the Commission
in refusing to permit the company to charge the 10-cent fare.
This was ar¬
ranged by Justice Swayze by granting, at the company's request, a writ of
certiorari returnable May 28, when papers will be filed and a date set for
the hearing before the June term of the Supreme Court.—V. 112, p. 2191.
frgNet surplus or
>'
The Board says:
considerably above the amounts
Rapid Transit in N. Y.
City.—Injunction Refused Against
Commission—Subway Completion Recommended.
t* Justice McAvoy of the N. Y. Supreme Court on May 17 handed down a
decision denying the application of the City of New York to prevent the
New Transit
ferred, of the Reading Co.
The mere circumstance that those persons are
stockholders of the Read¬
prin¬
ing Co. is attributable to the fact that in the application of equitable
ciples and without sacrifice of the spirit of the mandate, they compose a
class of suitable recipients, in the manner above stated, of the stock which
was unlawfully held by the company of which they were stockholders.
In
other words, if the carrying out of the mandate [of the U. S. Supreme Court]
had necessitated the use of this stock to reduce, for example, the
or other indebtedness of the Reading Co., the stockholders of that com¬
bonded
which unlawfully held the stock to be disposed of, would have no
claim in law to prevent such disposition.
From these considerations it is apparent that whatever this disposition
of the stock may be called, it is in no sense an earning
of the Reading Co.
which is to be disposed of by that company as a dividend.
It is a taking by
the law of an asset of that company, a stock asset, which was and has been
owned in specie by Reading Co. since the Reading reorganization was
formed, and which never was earned or could be earned by the Reading Co.
itself.
Indeed, it is now disposed of in substantially the same way as the
law would dispose of the property of that company were it being dissolved,
and in that connection we deem it proper to say that, under the facts and'
circumstances before us, the legal question of dividend distribution between
different classes of stockholders is not here involved, and on that question
we express no present opinion for the simple reason that we are not dividing
profits or earnings.
Seeing then that this stock is not an earning of the Reading Co. to be dis¬
tributed as a dividend, but is a part of its capital disposed of in this case to
qualifying shareholders, in the manner provided for by the creation of this
intermediate corporation, it will be apparent that this decree of equal right
to all shareholders, Preferred and Common alike, to participate in the sale
as ultimate purchasers, is based
on the general equitable principle that
equality is equity and on the corporate right of all shareholders in a Penn¬
sylvania corporation to share equally on a disposition of its assets.
We are therefore of opinion that the plan which embodies these equitable
principles should be approved and that the claim of the Common share¬
holders to take all of this stock to the exclusion of the Preferred stockholders
pany,
should be denied.
approving such plan we note that in point of fact the equity of a
participation of all stockholders, Preferred and Common, has not
approval of the U. S. Government, that has no interest in the con¬
save to see that equity is done to all; of the Reading Co., which
And in
common
only the
112, p. 1978.
For the purpose of showing that the figures
in its plea for a 10-cent fare are abnormal,
sion has
Any customer may buy
stock will be ac¬
decree.
Approving Equal Distribution to Stockholders.
The stock of the Phila. & Reading Coal & Iron Co. owned by the Reading
Co. has a par value of $8,000,000.
In the plan proposed this offending
stock was to be disposed of to all the stockholders, both Common and Pre¬
Abstract from Ruling
the plan and payment for the
cepted in monthly installments.
See also Public Service Ry. below.—V.
(V. 112,
The two principal points decided by the Court were: (1) equal rights are
given to Common and Preferred stockholders in receiving stock of the new
corporation to be formed to take over Reading Co.'s equity in Phila. &
Reading Coal & Iron Co.; and (2) placing the stock of Central RR. of N. J.
owned by Reading Co. in the hands of a trustee until favorable time arrives
for its sale, thus removing it from the control of Reading Co. pending final
work In progress.
to enable it to meet its maturing'debt, which
$5,857,900.
The road itself is required to finance
segregation plan as modified
2084).
p.
(a) $25,000
and (b) to issue $111,400
The company was
about 18H miles
There is In process
of construction a 7-mile extension from Anderson to Crosby, Miss., begun
prior to May 28 1920.
No bonds have been issued, but, in connection with
construction work, company has incurred the debt now represented by
promissory notes and open accounts.
The proposed notes will be used to
take up the outstanding notes, to cover the open accounts, and to provide
to
Disposition.—The U. S. District Court for
Pennsylvania, in an opinion filed
the Eastern District of
Pearl River Valley RR.—Notes Authorized.—
recently has authorized the company to Issue
pany,
and Preferred
Central
Jersey
Dissolution Plan Approved—
Stockholders to Have Equal Rights—
Co.—Modified
Reading
Common
where we
Loan.—The I.-S.
Contract No. 3
Contract No. 4
construction of the New
Municipal RR.
Turner recommends that the Interborough in connection with work
completed according to terms of Contract No. 4, be directed to perfect
plans for the immediate operation of the Queens Doro extensions; to
rate and establish a permanent shuttle service between Grand Central
Terminal and Times Square, and to complete the various yards now being
constructed.
Holding that construction of the 14th St. eastern line is most Imperative
to remedy transit congestion in Brooklyn, Mr. Turner recommends that the
B. R. T. immediately perfect plans to continue work on this incompleted
line, and also urges that the New York Municipal RR. arrange with the
Interborough for joint operation of the Queensboro system.—V.I 11,p.2424.
The I,-S.C.Com.
Pennsylvania RR.—Government
Commission has approved a loan of
3 and No. 4.
the Interborough.
Transit for the
Mr.
promissory notes, to be dated as of Nov. 3 1920,
promissory notes, to be dated as of the date of the issue.
organized in 1917, and has constructed and in operation
of road, extending from Nicholson to Anderson, Miss.
funds for construction
awarded the Brooklyn Rapid
to be
with
and
withdrawn.
In our judgment, the last opinion is unquestionably sound.
result of the litigation, however, is that we rind ourselves about
started a little over two years ago.—V. Ill, p. 896.
and second, that none
York
personnel of the Iowa Court
the death
above referred to, were
the removal of public officers,
involves construction of new subways by
considerably changed as a result of the election last fall and
members.
Before the time came for submission, the company
asked leave to dismiss the appeal, which was granted by the court,
a
memorandum to the effect that both the opinions rendered in the case
of one of its
apply for
pleted work on dual subway contracts No.
down, we naturally thought the litigation
its counsel, filed a petition for re-hearing
and the case set down for argument the
had
to
city had thus far been invaded by the
appointment of the Transit Commission.
Corporation Counsel John P. O'Brien has announced that the city will
take an immediate appeal from Justice McAvoy's decision denying the city's
application for a restraining order against the new Transit Commission.
Daniel L. Turner, Chief Consulting Engineer of the Transit Commission,
has transmitted to the new Commission a report in connection with Incom¬
of the constitutional rights of the
neys
Sl»|}OV8 r8f8IT6(l 1)0 *
When the second
[VOL. 112.
CHRONICLE
troversy
has no interest save an
impartial stewardship for all its
shareholders; and
two-thirds of the
lastly, the silently expressed approval of substantially
shares held by Common stockholders.
This significant and impressive fact cannot but be regarded as
suasive of the substantial equity of this plan.
Of the 1,400,000
highly per¬
shares of
it.
The
to
do so, we are warranted in treating as acquiescing in the proposed plan.
Indeed, we are justified from one circumstance in concluding from the posi¬
tive attitude of a hundred thousand of those shares, that the remainder
not only passively acquiescing but really actively approving.
This
particular block of a hundred thousand shares of the Common stock is rep¬
resented by one man who is a trustee of an estate which owns it and he him¬
self is the owner of one-half of such trust estate.
He or the estate have no
Preferred stock whatever.
He is also a director of the Reading Co., and
such favored the plan.
By his counsel he appeared at the hearing and
strongly urged its adoption, asserting his consent to the Preferred stock
sharing equally with the Common in the disposition of the shares of the Coal
Co.
His contention was that this equal participation by Common and
Preferred stockholders was not only fair, legal and equitable, but that such
proportionate division tended to the welfare of all parties concerned and
stock of the Reading Co., less than one-third object to
other two-thirds, having had the opportunity to object and failing
the
Common
are
as
a
which made the plan possible.
considered that the non-participation of the Preferred stock¬
shares of the Coal Co. and the absorption of all the stock by
the Common shareholders would have benefited this particular hundred
thousand shares by a large sum, this Court may rest assured that the pro¬
posed plan by its equality works equity.
Without entering upon a
discussion of the questions involved, we are of opinion, after careful and,
matured consideration, that the plan as amended should be approved and
we therefore direct the preparation of a formal decree embodying its terms.
indeed
w as a
course
When it is
holders in the
further
creation
shares of
Reading Co.
The rights to purchase the stock of this newly created company will be sold
to the Preferred and Common stockholders of the Reading Co. share and
share alike
In the creation of such a corporation by this Court's order,
follow a general course pursued in the case of United States vs. Du Pont
et al
188 F R., 127, and the wisdom of so doing will be seen by an exami¬
nation of the opinion lately filed in that case, where the purpose of such pro¬
cedure is fully explained.
By the creation of this new corporation by the
directions of this Court and by its retention of jurisdiction to enforce this
decree
therein provided, the Court can, if such contingency should arise,
by its control of this newly formed corporation, control all of its stockhold¬
and prevent such stock from ever being used to thwart the decree made
to add that such decree shall provide for the
new corporation, to which shall be sold the equities in the
Philadelphia & Reading Coal & Iron Co. held by the
We deem it proper
of
a
the
we
,
as
ers
in pursuance
[For ruling
the
V.
Central
of the plan.
concerning the disposition by the Reading Co. of the stock of
of New Jersey, see that company above and compare
RR-
112, p. 745,
and 2084.]
MAT 28
1921.]
THE
St. Louis-San Fran. Ry.—Bonds
The I.-S. C. Commission has authorized the
CHRONICLE
Authorized.—Report.—
palities for
The above bonds have been authenticated
by the trustee and delivered
to the
company to reimburse the treasury for expenditures made from
in¬
(1) for additions, betterments and equipment between
July 1 1917
and June 30
1919, $3,439,000; and (2) for equipment notes paid between
Jan. 1 and Dec. 31
1919, $793,000.—V. 112,
;
same series
Tennessee Central RR.—Sale Ordered.—
conduct the sale.
It is stated that a
proposed plan of reorganization presented on May 7
to the Court by the
secondary lien holders has been abandoned.
It is stated that the road will
probably be purchased by the Illinois Central
and Southern RRs. in order to
protect their own interests, these two roads
being the holders of the $4,000,000 First Mtge. bonds under which
the road
is
The
new
cost
plus street
decision
a
car
in
taxpayer's suit.
operation since March 17.:—V. 112, p. 2085.
Union
Pacific
RR.—Acquires
The ordinance has
ditions
Complete
Control of Los
\ Angeles & Salt Lake RR.—Judge Lovett, Chairman of the
Board on May 25, announced that the
For the $29,000,000 4% bonds of the Los
Angeles & Salt Lake RR. Co.
held by Senator Clark and his
friends, Union Pacific is giving in exchange $
for $ approximately $6,000,000 of Southern Pacific-San
Francisco Terminal
4% bonds; $8,500,000 of the Southern Pacific RR. 1st Ref.
4% bonds; and
$14,500,000 Oregon-Washington RR. & Navigation 1st & Ref.
4% bonds
now in the Union Pacific
treasury.
The latter issue is
guaranteed by the
Union Pacific RR., and before
they can be disposed of it is necessary to get
permission of the I.-S. C. Commission.
No mention is made of the
price
paid for the $12,500,000 stock owned by Senator Clark.
Statement
by Judge Lovett.
The Union Pacific, which
already owns through a subsidiary one-half the
stock and bonds of the Los Angeles & Salt Lake
RR., has reached an agree¬
ment with Senator Clark,
who, with his friends owns the other half, for the
acquisition of his entire holdings.
This gives the Union Pacific control of
the
property and assures the permanency of its position in Southern Cali¬
fornia with its rails into Los
Angeles and to the Pacific Ocean at San Pedro
Harbor.
The
logical
ultimately
and
as a
natural destiny of the Los Angeles
railroad property is as a
& Salt Lake RR.
part of the Union Pacific system,
differences lead to the sale.
It is
rather a remarkable fact that during the 18
years of equal joint ownership
and control by Senator Clark and
ourselves, absolutely no disagreements
tespecting policies, control or management have ever risen between us.
our relations could not have been more
co-operative and harmonious.
and
appreciation of this and not
Condensed
any
Statement
of Senator
W. A. Clark.
'
About 20 years ago R. C. Kerens called
my attention to the Los Angeles
Terminal RR., extending from Los Angeles to San Pedro
harbor, and I and
my brother, J. Ross Clark, joined him in the purchase of it, with the
pur¬
pose
of extending it to Salt Lake City.
afterward E. H. Harriman joined
us in the scheme, and
the line
fifty-fifty basis, each party putting up the funds
required until the road was completed.
The capital stock and bonds were
issued to cover expenditures and were divided
equally between the Union
constructed
on
a
Pacific and ourselves, but none of these securities
by either party was ever
placed on the market.
All of the earnings have been applied to additions
and betterments and extensions.
In the near future the entire line will have
been relayed with 90-lb. steel, which has been
purchased and now partly
laid, and the equipment, of the highest character, is ample and complete.
A contract has now been concluded between
myself and co-owners with
the Union Pacific for the sale to that
company of the one-half of the capita
stock of the Los Angeles and Salt Lake RR. Co. owned
by myself and col¬
leagues, and an exchange of the bonds owned by myself and co-owners for
an equal amount of bonds of other railroads.
In effecting this arrangement
the interests of all bond and stockholders have been
amply protected.
In
making the contract I have reserved for the benefit of the holders of any of
the bonds not controlled by me the right to
exchange them on the same
terms as obtained for myself.—V. 112,
p. 2085, 1618.
United Rys. Co., Oregon.—Lease of Line.—
See Portland Astoria & Pacific RR. in V.
United Rys.
112, p. 1978.
Co. of St. Louis.—Protective Comrriittee.—
A notice to the holders of the $2,000,000 St. Louis & Suburban
Ry. 5%
1st Mtge. Gold bonds says:
These bonds are in default, having matured Feb. 1 1921, and no
pro¬
vision has been made for their payment.
A number of bondholders have
deemed it important to organize a committee to
Cons.
protect the bonds.
All
bondholders are invited to co-operate by becoming
parties to the agreement
creating this committee by depositing their bonds with either Liberty
Central Trust Co., St. Louis, or American Trust
Co., Boston, depositaries.
Committee.—Mark C. Steinberg (Chairman), Edward Barklage, Charles
W. Moore, August H. Reller, Francis P. Sears and
Harry F. Stix, with
Joseph D. Halloran, Sec., 201 Boatmen's Bank Bldg., St. Louis, and Lewis
& Rice, counsel, Federal Reserve Bank
Bldg., St. Louis.
R. F. Dulles, as a director, succeeds H. C. Cole.—V. 112,
p. 1868.
Virginia Ry. & Power Co.—Fare Increase.—
The Norfolk
(Va.) City Council has passed an ordinance granting the
7-cent fare, with free transfers, until Jan. 1 1922, unless the
franchise automatically cancels it sooner.
The increase
based on a report by City Manager Charles E. Ashburner, who
upheld
company
a
granting of
was
a new
the contentions of the officials of the
company that its operations are re¬
a net loss, which will force it into the hands of a receiver unless
relieved.
The ordinance takes effect 30
days from the date of passage, but
it will not t>e placed in operation until the similar increase on the
sulting in
county
lines, to be asked of the Virginia Corporation Commission, becomes effective.
Mr. Ashburner's audit of the company's books (as
they refer to the opera¬
tions in Norfolk) showed, he said, that the
company's net deficit for 9
months, after deduction from net earnings of depreciation charges, interest
on bonds and
payments on guaranteed stock is $218,229He estimated a
7-cent fare will increase the revenue for 9 months
by $251,590, or about
$33,000 more than the money needed to pay interest
charges.—¥.112^.2085^
Washington Railway & Electric Co.—Earnings.—
Net earnings for the quarter ending Mar.
31 1921, after paynig all ex¬
penses, taxes and interest charges, are reported as $295,628, compared with
$120,356 in 1920.
Both figures include a quarterly dividend of $120,000
from the Potomac Electric Power Co., which is owned by the railway com¬
pany.—V. 112,
p.
2191,1868.
Westchester
(N. Y.) St.
RR.—Fares—Director.—
The New York P. S. Comm. recently held that "it
as
prevailed for 1920.—V. 112,
1743.
p.
INDUSTRIAL
General
Industrial
AND
and
p.
re¬
850.
MISCELLANEOUS
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
after the matter becomes
'
early
or as
public.
as
,T
practicable
ITP
Steel and Iron.—The "Iron
Age" of May 26 says in substance:
"Operations.—The further slowing down of operations at iron
and steel
plants, as well as of new buying, has
dispelled any hope recently entertained
a
turn for the better.
Attention is centring
upon the reduction in
15%, effective July 1.
"Opinion is uniform that freight rates are coming
down, but the belief
that this may be some months hence
points to light buying of steel products
of
railroad wages, ranging
[probably] from 10 to
meanwhile.
Meanwhile the railroad wage reductions are
regarded as a
The failure of many railroads to
pay their steel bills
has tightened the finances of not a few
mills.
"In some centres a decreased demand for
automobile castings is noted.
"Prices.—The steel price schedule as revised in
favorable factor.
early May is being
generally maintained, because with operations
averaging about one-third of
capacity, scarcely a rolled product on the list is
selling at a profit.
.
'One interesting development in the East was the
breaking away of several
plate mills from the 2.20c. basis generally
adopted a few weeks ago.
One
mill has gone to 2c. and in another
case 2.10c. is reported.
The 1,000-ton
purchase of the American Locomotive Co. for its Chinese
locomotive order
brought out the low price of the week, reported at somewhat
under 1.90c.
"Eastern bar iron makers are now selling their
product at 1.90c., a reducfrom 2c.; there is also some
irregularity at Chicago, &c.
"The week has been one of extreme
quiet in pig iron and further price
ton
•
recessions have been recorded.
The decline on foundry
grades in Eastern
Pennsylvania was 50c. to $1, while a sale of 1,000 tons of basic iron
made at
Chicago for delivery at an Eastern plant was at $21
50, Valley furnace, or
50c. below the recent
prevailing quotation, and one of 2,000 tons to a
Sharon, Pa., company was closed at $21 75, Valley.
"Vessel Rates.—The fixing of vessel rates on Lake
Superior iron ore at
80c. from the head of the Lakes to Lake Erie is
one step toward the
making
new ore prices.
This rate is 30c. below last year's, and the same as
that
The new Escanaba or Lake
Michigan rate is 60c. to Lake
Erie ports and 48c. to South
Chicago.
"New French Tariff.—The new French tariff on
imports from the United
States which became effective
May 1, represents an average increase of
67.5% over the tariff prevailing on April 1 of this year and from
67.5 to
82.5% over the 1914 tariff.
Duties exacted on importations from
Germany
are about
50% higher.
There is a free list on importations from Italy and
Spain, which have free lists on French importations and a lower tariff
pre¬
vails with Great Britain."
Coal.—The "Coal Age" of May 26 says in brief:
of
ruling in 1919.
"Production of bituminous coal has been gaining as fast since
April 1 as
it receded from Jan. 1.
The increased rate of output—7,937,000 net tons
in the second week of
May, a gain of 554,000 tons, or 7.5%, over the pre¬
ceding week, however, is no indication of increased industrial demand.
Increased loading at the mines for
shipment up to the Lakes and for Tide¬
upward progress in the curve of production.
Coal is
up the Lakes as fast as boats can be found to carry it.
Now
water account for the
being pushed
that
there is
no other outlet for the
coal, shippers owning docks on the
Upper Lakes are taking advantage of the opportunity to fill
storage docks
capacity against the demand of next winter.
All records for early season
loading at Lakes will have been broken this year.
"Foreign demand is becoming the feature of the market.
Dun pings for
to
export cargo and bunker at
362,405
net
tons, a rate in
Hampton Roads in the second week of May were
excess of last year's heaviest export
movement,
during September, when 321,077 tons were dumped, and contrasting also
with a weekly
average for March 1921 of 126,476 tons, and for
April of
205,592 tons.
So far there have been no material
changes in prices at
Atlantic ports.
The supply is now in excess of demand and of pier
capacity.
'Coal Age' index of spot bituminous
prices remains unchanged at 103.
There were more decreases in
prices (8) than increases (5), but the increases
were the
larger.
"New England all-rail
shipments of bituminous increased to 2,700 cars
during the week ended May 14, compared with 2,457 cars the week preced¬
"
ing.
Anthracite.—Production holds up week to the best records ever reached,
and what is not taken
by householders stays in the storage bins of retailers
and producers.
Coal and Coke Production
(Net Tons) as Estimated by U. S. Geological Survey.
1921— Week—1920.
1921—To Date—1920.
To May 24—
Bituminous
Anthracite.
Beehive coke
7,937,000
1,938,000
70,000
8,764,000
1,774,000
343,000
144,390,000
33,791,000
2,989,000
188,935,000
31,879,000
8,087,000
Coal Stabilization Bill
of Senator Frelinahuysen- -This bill, printed in full in
"Coal Trade Journal" of May 25
(p. 601), requires Secretary of Commerce
from time to time to
investigate:Tonnage—(a) produced, also sold;
(6) on
hand, also needed, in various sections; (c) shipments; (d) prices received
paid; also, if so ordered by President, for exclusive uses of this Act,
and profits Hoover
approves.
Idem, p. 602.
Coal—Average Export ana Import Prices (Actual Cost or Value) for 14 Mos.
ended Feb. 28 1921.—U. S. Commerce Bureau reports: (a) For
anthracite
steady rise from $8 70 in Jan. 1920 to $11 20 (peak) Jan. 1921, with Feb.
1921 $10 95 per gross ton [Kanawha, W. Va., mine-run was
quoted May 21
at $2 to $2 50,
spot price, for net tons, f. o. b. at mines—Ed.]
"Coal
Trade Journal" May 25, p. 617, 604.
Coal Exports for 9 Months ended March 31 1921.—(a)
Bituminous, 27,165,986 net tons, against 15,011,612 for 1919-20, 13,732,302 for
1198-19.
(b)
Anthracite, 3,579,062, against 3,580,637 and 3,127,429.
and
cost
^
is unreasonable to
quite this company, the N. Y., Westchester & Connecticut Trac. Co., and
tne Yonkers RR. to transport passengers between
points in different munici¬
like amount of the
a loan
equipment trust, Series "A," lease basis, of National
112,
.
Soon
was
a
part of the security for
Mass. Department of Public Utilities has
approved the petition of the
company to extend for a period of five years at
7% $160,000 5% 20-Year
Gold bonds of the
Marlborough & Westborough Street Ry. dated Julv 8
1901 and maturing July 8 1921.—V.
company had pur¬
chased from Senator W. A. Clark his half-interest in the Los
Angeles & Salt Lake RR., thereby securing complete control.
as
Worcester Consolidated Street
Ry.—Bond Extension.—
The
F
been in
to
The company has
signed an agreement with its motormen and
conductors
for the next twelve months
granting them the same wages and working con¬
franchise under which the
company operates
a
lines
Winnipeg (Man.) Electric Ry.—Working
Agreement.—
2191-
Findlay, O., has been held valid by Common Pleas Judge William
three
$84,000 as partial security for the fourth
installment of $260,000 of said
loan.—V. 112, p. 2192.
Toledo Bowling Green & So. Trac. Co.—Franchise Valid.
Duncan in
the
Railway
Service Corp., as partial
security for the performance of the
obligations of
the applicant under said
trust; and (c) $1,251,000, or so much
thereof as may
be
necessary, as security for a note or notes to be
given to the U. S. RR Ad¬
ministration on
account
of
company s
indebtedness for additions &c
to road and structures made
by the Government during Federal
control.
The amount of this debt is not
known at this time, but
company repre¬
sents that
approximately $800,000 of bonds will be
required for pledge
Any bonds not so pledged will be used in
replacement in the company's
treasury of bonds of the same character heretofore
withdrawn for pledge
with the Secretary of the
Treasury as security for a loan from the U. S.
The Commission also
authorized
the
company
to
issue
$884 000
Ref. Mtge. 6s, Series C,
maturing Sept. 1 1966, and to pledge said bonds
as follows:
(a) $400,000 as partial
security for the second installment of
$400,000 of a loan of $1,460,000 (V. Ill,
p. 2230) from the U. S.; (6) $400 000 as security for the third installment
of $400,000 of said
loan; and (c)
Federal Judge E. T. Sanford, Chattanooga, Tenn.. has set
June 30 at
Nashville as the date of the sale of the road at the
upset price of $2,000,000.
The Court appointed A.
Lyon Childress, Nashville, as special master to
in
replace
previously pledged
ury under an
Co.—Refunding.—
p.
permit
of $650,000,
due Oct. 22 1921, said bonds
having been loaned to company by the Guardian Savings & Trust Oo.
of Cleveland, Ohio, for use as
partial securitv for
a loan from the
United States; (&) $177,000 with the
Secretary of the Treas-
The $1,200,000 Evansville Electric
Ry. 1st Mtge. 4s due May 1 last were
paid off at Farmers' Loan & Trust Co., New York. Funds
were provided
through the issuance of $20,000 Public Utilities Co. 1st & Ref. Series A
bonds, due June 1 1929, bringing the total of this issue
outstanding up to
$3,200,000, and $1,000,000 Southern Indiana Gas & Elec. Co. 1st lien &
Ref. Series A 7Ks, due
Apr. 1 1941.
See offering of latter issue in Y. 112,
p. 1742, 1618.
112,
orders
Wheeling & Lake Erie RR.—Bonds Authorized.—
Salt Lake & Utah
RR.—20% Increase in Fares.—
ordered sold, these bonds having been in default.—V.
The
the basis of the
®iTnou nnn-T?
recently authorized the company to nominally issue
$1,528,000 Ref. Mtge. 5% bonds, Series B,
maturing Sept. 1 1966, and to
pledge the bonds as follows: (a) $100,000 to
^
The Utah P. U. Com. recently has authorized
one-way passenger fares
between Salt Lake City and Payson to be increased
20%.:—V. Ill, p. 2230.
Southern Indiana Gas & Elec.
on
present zoning system for the
transportation of all passengers in
Westchester County.
Franchise fare
restrictions were waived by
municipalities in April 1919 for two years and
these waivers were about to
expire.
C. M. Sheafe, Jr., as a director
succeeds T. M. Prentice.—V.
112, p. 93 4
come:
p. 1742.
For 1920 report, see "Financial
Reports" above.
single 5-cent fare."
continue to collect fares
company to sell $4,232,000
0% Prior Lien Mtge. bonds, Series C (now held in its
treasury), at not less
than. 90, or to pledge all or any part of these bonds at
not less than 75 as
collateral security for certain short-term notes
which it may issue.-
.
a
3307
%
_1jl
(against $6 10
also lower.
"Times" May 26, p. 22, 25.
Export kerosene, standard white, is quoted
at $7, against $13 50 Jan. 1.
"Wall St. J." May 26, p. 9.
i
Bureau of Mines reports for refineries of U. 8. for March 1921: (a) Crude
oil
35,509.115 bbls.—in 1920 33,592,004.
(b) Purchased and re-run,
2,788,737. "(c) Gasoline output, 419,795,390 gals.—in 1920 367,137,678.
(d) Kerosene, 169,247,894 gals.—in 1920, 191,110.175,>&c.
w ■?
Mexican oil exports for April 1921 aggregated 16,251*719 bbls., an in¬
of 443,311
bbls. over March.
Mex. Eagle increased by 234,346
bbls. to 2,470,296, and Mex. Pet. by 131,331 bbls. to 2,419.941.
Other
leading companies fell off, Atlantic Gulf declining from 1,725,864 in March
recently to $3 50
Oil.—Pennsylvania, after advancing
is down again to S3.
Ohio and
several other grades are
Jan, 1),
run,
j Government expert, who has had 20 years of experience in growing tobacco
in Florida.
He examined the company's Southern plantation and reports
stalks and roots are perfect, and adds "only the plant bed leaves have
become affected, which, to my mind, proves conclusively that the extreme
heat of February and March followed by unprecedented cold in April
caused all the trouble, and all this stuff about Australian blue mould and
Asiatic plague is rot."
The 1921 crop has had a flying start, some fields
of the American Sumatra Tobacco Co. containing plants three feet high.
The weather is favorable and the plants are looking fine.
Florida wrappers
future never appeared brighter.—V. 112, p. 2193. ,,-V
'
crease
1,049,997: Texas
908,054;
Senate
Reporter," of
May 23.
Other Prices.—At wholesale (cash) on May 25, eggs reached the new low
price of 22 % cts., against 79 Jan. 17 1921 and 89 Dec. 10 1920, and pork
got down to 25c., against 32.50 Feb. 2 1921 and 47 on Jan. 21 1920.
The
grains, after a sensational rise, fell off materially.
Wheat, No. 2 red, sold
Apr. 14 at $1 47% and May 25 at $1 85, but on May 26 was down to
$1 79%.
The Borden Co. announces for June a reduction of lc. in the
price of milk in N. Y.
Potatoes at Chicago on May 26 sold at 80 to 90c.
per 100 lbs., contrasting with $8 35 in 1920.
"Times" May 27, p. 6.
Fall prices for women's silk and woolen stockings are reported 25 to 40%
below the 1920 prices.
Recovery in lead from 3%c. to about ,5c., see article p. 890 "Eng. &
Min. Jour." May 21.
Copper export demand, Germany and Japan the
April; Mex. Gulf frcm 1.342.943 to
from 1,131,826 to 965,347, and Sinclair (Freeport) 1,056,965 to
S. O. of N. J. off 1,833,855 to 1,796,768.
See "Hughes reports to
on world's petroleum situation," page 9 "Oil, Paint & Drug
to
[Vol. 112.
CHRONICLE
THE
2308
1920.
...
payable.—/
Bills
2,171,714
——21,329,520 20,039,515
Total
Reserved
x
as
i
working capital out of
1,025,517
21,329,520 20,039,515
previous years.—V. 112, p. 851.
Total
Co.—Listing.—
& Telegraph
American Telephone
1,844,470
caP.xl,157,864
1,581,555 Surplus
924,076
do as work,
bonds
American Tobacco Co.—New
Director.—
George W. Lang and Arthur C. Mower were recently
has resigned as a director.—V. 112, p.
Morton W. Reed
elected directors.
1141, 1869.
Electric Co.—Sub. Co. Report.
See West Penn Traction & Water Co., West Penn Rys. and West Penn.
Power Co. under "Financial Reports" above.—V. 112, p. 2193.
American Water Works &
Court, p. 2164#
preme
.
The Phila. Stock Exchange on May 21 listed $1,019,400 additional
Capital stock, issued—$63,100 in exchange for $75,300 Conv. 4H%
due 1933, and $956,300 in exchange for $956,300 7-Year 6% Conv. bonds
due 1925, canceled, and stricken from the list, making the total amount of
said stock listed $448,917,500, and reducing the amount of Conv. 4M%
oonds listed to $11,648,600, and the amount of Conv. 6% bonds listed to
$42.968,100.—V. 112, p. 2193, 2086.
/*_\
01 A ■*
—
$
$
3,952,800 3,952,809
Common stock--.11,000,000 11,000,000
Div. on pref., Jan.
59,292
59,292
Div. on com., Jan.
220,000
220,000
Res. for Insurance.
236,621
265,307
Res. for deprecia..,1,139,746
1,036,550
Accts. pay—
11,391,482
635,578
*
~
1919.
1920.
V
■*
,
Liabilities—
Preferred stock---
est.,
Bills and accounts
receivable
construction for
cotton mill dividends,
Foreign Trade Finance
Corp., p. 2135.
(e) How to obtain advances from War Finance Corp.,
p. 2137.
(f) Par collection of checks, decision of U. 8. Supreme Court,
p. 2138. (g) Gompers's "greedy horde of employers"; his desire to impeach
1<
' * r\t«Ar\AC£krl Ktf
**
$
mach.
trade-m'ks, good ;
will, patents Ac.11,994,934 11,811,046
Leaf, mfd. stock,
supplies, &c
6,335,792 4,159,007
Securities
1,329,516
1,424,469
745,202
1,063,438
Cash
$33 to $35 for natural,
30.
*
1919.
$
Assets—
Real
principal .buyers.
"Fin. Am." May 23, p. 1.
Asphalt about $8 per ton lower than 1920 peak,
against $41 to $44 per ton.
"Eng. News Record" Apr.
Matters Covered in1' Chronicle" of May 21.—(a) Building
April in U. S. and Canada, p. 2118.
(b) Fall River
p. 2119.
(c) Emergency Tariff bill, p. 2130.
(d)
'
Company.—Balance Sheet, Dec. 31.—
given on page 851 in the issue of Feb. 26.
American Snuff
The income account for 1920 was
1,302,307 in
Ltd.—Bonds.—
Acadia Sugar Refining Co.,
The company, it is stated, plans to issue $2,000,000 10-year
mortgage 7% bonds for hypothecation purposes.—V. 110, p.
second
1527.
Aetna Explosives Co., Inc.—Sale of Property,
&c.—
The stockholders will vote June 6 on approving the sale of the entire
property, assets, privileges, franchises, &c., to the Hercules Powder Co.,
Inc., in accordance with a contract dated Feb. 12 1921, made by and be¬
J. S. Bache & Co. and Hercules Powder Co., Inc. The sale is to be
made subject to the mortgage dated Jan. 1 1919 made to the Bankers Trust
Co. and now a lien on said property, and also subject to the unpaid out¬
standing bonds of the Jefferson Powder Co., and all the debts, contracts,
just liabilities and obligations, all of which are to be assumed by the pur¬
chaser
set forth in the contract.
^
The consideration is to be $5,400,000 in cash and $2,160,000 Pref. 7%
Cum. stock of Hercules Powder Co., Inc., at par.
This consideration is to
be paid to J. S. Bache & Co. for the account of the holders of the Common
stock to be distributed by the bankers as follows: For each share of Common
stock the holder shall receive $10 in cash and $1 50 in Pref. 7% Cum. stock
of Hercules Powder Co., Inc., at par, and in addition thereto an escrow
receipt for $2 50 in Pref. 7% Cum. stock of Hercules Powder Co., Inc.,
par.
The last mentioned amount of stock shall be held by J. S. Bache
Ac Co. in escrow pending the liquidation and discharge of certain liabilities
of this corporation, all in accordance with the contract dated Feb. 12 1921.
tween
American Woolen
Co.—Stock to Employees.—
employees the opportunity to subscribe for not more
the Common stock at $66 50 per share (being the average
The directors offer to
than 20 shares of
1920 in the
share
be 5 %.
subscription
price at which the stock was acquired by the company during
open market), payments to be made at the definite rate of $1 per
per
week, to be deducted from weekly pa v.
Int. on unpaid balances will
It is provided that dividends shall be credited on the stock
account, but they will not cancel the regular weekly payments.
In the
event of non-employment, due to mills being closed through lack of work,
stopped until work is resumed
payments can be
as
provided the employee
of "continuous service" as defined by the company.
willingness to return when work is resumed,
lives up to the conditions
"Continuous service" implies a
of the company.
employee may cancel nis subscription at any time and receive
paid in witn int. at 5%.
On the other hand, if he retains his
for a period of 5 years, he will be entitled to a special payment
a share.
On the basis of the current $7 dividend and the special payment
of $12 50 a share for 5 years, or $2 50 a share per annum, the net return to
the employee subscriber would be over 14%.—V. 112, p. 1027.
or
at the request
back
stock
of $12 50
An
what he
at
1980.
—V. 112, p.
Mines
Alaska
Federal Judge
Richmond, Va.—Receivership.—
Corp.,
Hand has appointed
equity suit brought in Virginia
Reed, as sole surviving executor of
creditor for $22,582.
in
an
American
William H.
Gerrish H. Milliken ancillaryreceiver
against the corporation by Walter S.
estate of James
Gayley, deceased, a
Sugar Co.—New Director.—
succeeds W. G. Oakman.—V. 112, p.
Beet
Woodin, as adirector,
2080, 1510.
Amer. Brake
Henry C. Knox
Shoe & Foundry
has resigned as
Co .—Treasurer Resigns.—
Treasurer.—V. 112, p. 1395.
Unlikely.—
American Linseed Co.—British Control
The "Boston News Bureau" says: "It is understood that negotiations for
acquisition of control of the company by Lever Brothers of England, have
fallen through.
The proposal for turning the company over to the British
soap interests, called for the exchange of new 7% first pref. stock for the
present pref. of the Linseed Co. and 7% second pref. non-cum. pref. for
It was also in
contemplation that Lord
Leverhulme should take
in $10,000,000
stock issue of the proposed consolidation and put
capital."
Owing to general business depression the directors on May
quarterly dividend on the Common stock.
Previous
% of 1% quarterly from Dec. 1919 to March 1921
p. 2193.
the common
for working
20 omitted the
disbursementswere
inclusive.—V. 112,
Service Co.—Pref. Stock Offered.—
West Utilities Co. is offering for
block of this company's 7% cum. pref. stock at
American Public
The investment
department of the Middle
public subscription
a
$87.50 a share to yield 8%.
$15,000,000, of which
authorized of which
1917.
$1,425,409 $1,173,740
$960,390
954,902
849,823
670,934
$470,506
$323,917
$289,456
Company has authorized issue of Common stock of
$1,601,600 outstanding and $10,000,000 Preferred
$775,800 is outstanding.
Total funded debt $6,468,800.
Earns. Cal. Years—
1920.
1919.
1918.
Gross
..$2,088,065
earnings
Oper. exp. & taxes......
Net
1,480,901
$607,163
earnings
346,498
Bonds, interest, &c
Available for dividend...
V. 112, p.
260,665
265,374
205,132
260.
$91,395; accounts
$851,165.—V. 112, p. 260.
Express Co.—Earnings.—
$415,000; accounts receivable, $241,632; inventories,
payable, $96,838, and surplus Dec. 31 1920,
American Railway
1920.
Calendar Years—
$195,665,044
operating revenues
Operating expenses
Total
234,809,540
2,219,562
Taxes, &c
$41,364,058
Operating deficit.
21)75,796
7547,625
income
Interest, &c
Other
deficit...
-_-i
...
$39,835,887
1919.
$151,035,895
174,081,557
2,060,,284
$25,105,946
1,092,704
196,055
$24,209,297
general balance sheet as of Dec. 31 1920 shows total current assets
$47,490,980, a decrease of $11,746,142 during the year.
Current liabili¬
ties were $26,780,371, a decrease of $27,734,520.—V. 112, p. 2086.
The
of
American
of
plant
Sumatra
Infection
Tobacco
Co.—Government Report
Misleading.—Auth. statement says:
of the Department of Agriculture's circular on
Florida-Georgia tobacco crop has served only to mislead and
makes it appear that further difficulties have been encountered.
Manage¬
ment has just received report of a former tobacco grower and at one time
Repeated publication
mildew in the
(after Adjustment to
x
$165,479
Cash
receivable—net..
receivable-
Accounts
Merchandise
300,780
41,181
1,027,133
Prepaid insurance & taxes.
Patents, tr.-mks. & good-w.
22,705
940,852
17,178
Ill ,257
Deficit.
Investment
Plant property
Note.—Company had
for notes
x
cash
Cash also includes
on
$850,000
900,000
342,865
Common stock
Accounts
Notes
payable
payable..
Accrued taxes and wages..
Total (each
contingent liabilities at
842,000
9,699
$2,944,564
side).
Jan. 26
discounted.
Including
Appraisa
Preferred stock
317,999
y
Lockwood, Greene & Co.
Liabilities—
Assets—
1921 of $95,471
of the company.
of exchange.
by Irving National
deposit with banks holding notes
$10,362 on deposit in Europe at par
Including $9,000 of 4th Liberty Loan bonds held
Bank as collateral for $7,000 note.—V. 112, p. 851.
y
Anglo-Persian Oil Co., Ltd.—New
Stock.—
£3,500,000 9% Cum. 2nd Pref. stock was recently offered in
The company has £5,000.000 8% Cum. 1st pref.
£7,500,000 ordinary shares and £4,875,000 5% 1st Deb. stock.
Government is said to own £5,000,000 of the ordinary stock.
Company was
incorporated in 1609 to acquire oil concessions throughout
Empire.
Full details in the London "Statist" March
p.
An issue of
shares,
The British
London at par.
the Persian
12.—V. Ill,
1952.
Copper Co.—To Close Mines.—
has posted notices announcing the closing of the mines and
Ariz., on May 31 for an indefinite period.—V. 112, p.2086
Arizona
The company
smelter at Clifton.
Light Co.—Additional Stock.—
has authorized the issuance of
proceeds to pay off floating
p. 297.
Associated Dry Goods Corp.—New Director.—/
J. I. Middleton succeeds 8. T. Atwater as a director.—V. 112, p. 1394,65.
Atlantic Gulf Oil Corp.—Production.—
The company, it is reported, produced in April last 1,763,991 barrels of
oil, of which 1,434,418 barrels were shipped to seaboard and 329,573
loaned at the well to other companies.—Y. 112, p. 1869, 1619.
Atlantic Refining Co.—Listing.—
The New York Stock Exchange has authorized the listing of $15,000,000
10-Year 6)4% Gold Coupon Debentures, due Mar. 1 1931.
The proceeds
of these bonds were used for additional working capital and for the payment
of current obligations.
See offering in V. 112, p. 565, and annual report
Arlington Gas
The Mass.
Department of Public Utilities
3,500 shares of new capital stock, at par ($100),
debt and for proposed additions to plant.—V. Ill,
American Coal Co. of Allegany County.—Earnings.—
Total profits for the year ending Dec. 31 1920 were $901,073 and net
profit after charges, $586,237.
The balance sheet as of Dec. 31 last shows cash, $85,505; bills receivable
Total
business.
Notes
plant.—V. 112, p. 747.
Co.—Receiver's Report.—
receiver, has presented a statement to creditors
and stockholders, which says in substance:
The plant and inventory have been revalued by Lockwood, Greene & Co.
as of Jan. 26 1921.
These items as approved are $306,059 less than their
original book values.
Total claims of merchandise creditors filed aggre¬
gate about $600,000.
In addition to the merchandise creditors' claims,
there are also outstanding claims on notes held by various banks, aggre¬
gating $835,000.
The claims filed have not yet been passed upon either
by the receiver or the court.
During the 4 months ended April 30 the orders for wringers were about
one-third normal.
On this basis, it is estimated that in about 8 months
the raw material now on hand will be turned into finished products and sold.
The plant is being operated and every effort is being made to increase the
Bal. Sheet Jan. 26 1921
American Can Co.—Western Plant.—
•
The company has acquired a 15-acre site in Oakland, Calif., and, it is
said, plans the investment of approximately $1,000,000 on an Oakland
common.
American Wringer
The Industrial Trust Co.,
in
V.
112, p.
1735.
Automatic
Straight
Air
Brake
Co.—Advantages of
Brake, &c.—
published a copy of a letter written to one of the leading rail¬
road executives of the country setting forth some of the distinct advantages
of the company's brake.
The contention is made that the empty and
load brakes cost about 50% more than those of the Automatic Straight
brake; that they weigh about 20 to ns more per car; that the added cost
1,000 cars mexcess metal per year would be $200,000, or for a 20-year
of the same 1,000 cars a waste of more than $4,000,000 to the railroads.
The company also points out that there are fewer fiat wheels,
brake shoes, &c., with the Automatic Straight Airbrake than with the empty
and load, setting forth that this has proven costly to roads employing the
heavier brake.
Train shops are conspicuously absent, it is contended, and
The Co. has
Air¬
of
life
damaged
MAY 28
1921.]
THE
therefore fewer accidents and loss of life takes
place from the
use
CHRONICLE
of these
Bank, Illinois Trust & Savings Bank and A. G. Becker &
Co., Chicago, are offering, at 99 and int., yielding over
8.10%, $4,000,000 1st & Ref. Mtge. 8% Sinking Fund Gold
Bonds, Series A.
(See advertising pages.)
The Norfolk & Western
Ry. conducted a trial test of the brakes of the
Automatic Straight Airbrake Co. on its Roanoke
Division, between Bluefields and Roanoke, a distance of 106
miles, on March 26.
The test was
made with 70 fully loaded 100-ton coal cars
equipped with this new brake,
and the train was maintained under
perfect control with one Mallet engine
down the mountain grades of
1.3% without the assistance of handbrakes.
Ordinarily 35 cars of this type constitute a loaded train to be handled
by
one locomotive down these same
grades.
The weight of the train was
approximately 9,000 tons.
The test was witnessed by about 60
representa¬
tives of more than 20 railroad
corporations, who expressed satisfaction at
Dated May 1 1921, due May 1 1936.
Int. payable in New York or
Chicago without deduction for normal Federal income tax, not in excess of
2%.
Continental & Commercial Trust & Savings
Bank, Chicago, trustee.
Denom. $1,000, $500 and $100 (c*).
Red., all or part, on any int. date
25 days' notice, at 107M and int.
up to and including May 1 1926, the
redemption premium decreasing M of 1% per annum thereafter.
An
beginning Sept. 1 1922, sufficient to retire
50% of this issue before maturity.
Data from Letter of H. H. S. Handy, President
of the Company.
Company.—Is the largest producer of commercial coke in this
country,
having as customers practically all of the foundries in the
Chicago district.
Property consists of a by-products coke oven plant and blast
furnaces,
located in South Chicago, with coal
properties and mines in Franklin
Countyt 111., and interests in other closely affiliated companies.
Security.—Secured by direct lien on entire physical
property now or
hereafter owned, subject to $2,970,000
underlying mortgages.
This lien
will be a first mortgage on the coal
lands, and as additional security there
will be pledged with the trustee bonds and stocks of
affiliated companies,
the cost of which to the company was
$4,547,428.
Earnings for Calendar Year 1920.
Earnings after a plant depreciation charge of $563,540 and a
further charge of $1,227,088 for an
adjustment of inventory
on
the
test.
A feature of the automatic
annual sinking fund is provided
straight air brake is its distribution of
applica¬
tion, the brakes being applied as a train unit rather than a car unit
by rea¬
of the
rapidity of travel of air pressure from the control tanks of the
engine to the last car of a given train.
This in turn also prevents the break¬
ing in two operation in the past.
[The"Railway Review " April 2, has an
illustrated article of 7 pages dealing with the test,
&c.]—v. Ill, p. 992.
son
Baldwin
Chain
&
Mfg.
Co.,
Worcester,
Bonds.—
Geo. A. Fernald & Co., Boston, &c., are
offering at 99 and div. to yield
about 8.15% $300,000 1st Mtge. 10-yr
8% Sinking Fund Gold Bonds.
Dated May 14 1921 due May 15 1931.
Int. payable M. & N. at Merchants
National Bank, Worcester, or First National
Bank, Boston, without
deduction for normal Federal income tax up to
2%.
Denom. $1,000 (c).
Callable as a whole only beginning May 15 1922 at
104H and int. decreasing
H of 1% for each year of the unexpired term to
maturity.
Sinking fund
will retire $25,000 annually.
Capitalization—
Authorized.
10-Year 1st Mtge.
Common
bonds
(thisjissue)
$300,000
1,000,000
stock.
These
run.
values of raw materials and manufactured
products, but before
interest and Federal taxes, were for 1920
$1,278,524
Annual interest requirements on total bonded
debt, incl. this issueT " 494,580
Earnings in 1920, after int., taxes and all other charges, were..
745,515
During past 5 cal. years average annual earnings available for interest
Outstanding.
$300,000
746,000
Business.—Consists in manufacture of chains and the
sprocket wheels
which the chains
on
used for transmission of
power in farm
are
charges after depreciation and Federal, &c., taxes, were $1,361,399.
annual interest charges for same period were $302,207.
implements, stokers, printing machines, bread wrappers, street
sweepers,
textile machinery, heavy trucks, &c.
All chains and sprockets are manu¬
Dividends on the Common stock have
last 14 years.
.
"
.
m
.
1
.
I.
„
1
.
,
Co., New Bedford, Mass.—Stock Offered.—
Bethlehem Steel Corp.—$25,000,000 Additional
for Im¬
provements.—The "Manufacturer's Record" May 19 says:
Additional improvements, providing for the manufacture of a
new line
products different from any now made at the Sparrows Point (Md.)
plant will be carried out at a cost of $25,000,000, according to announce¬
ment by Chairman Charles M. Schwab.
There are now 12,000 men employed at the Point
compared with about
17,000 when operations were at their height, and when the new
improve¬
ments are made upwards of 25,000 men will be
needed.
While the present units at the plant will be
expanded from time to time
as conditions demand, the
additional $25,000,000 will be used in the develment of new lines not now handled at the
Maryland plant.
The present
ore piers will also be greatly
enlarged and the ship channel leading to the
piers from the main channel will be dredged and deepened.
The completion
of the fleet of combination oil and ore vessels will
permit the establishment
of a great ore base at Sparrows Point.
These new ships, which are different
from the ordinary cargo carriers, are built to
provide for carrying oil to
Central and South American countries and to
bring ore from Chile here.
The new work is an extension of the
original construction program an¬
nounced by Mr. Schwab several years
ago.
The first part of the program
has been completed, providing for additional tin
plate mill facilities, a new
sheet mill, building new blast furnaces,
enlargement of auxiliary units and
of steel
installation
of additional equipment,
improvement to piers and channels
and extensions and improvements to the
shipyard.—Y. 112, p. 2086.
Canadian Salt
Co., Ltd.—Bonds Offered.— ■y&.p
1 ■ "
'
Royal Securities Corp., Ltd., Montreal, are offering at 90.10 and int. to
yield 8%, $400,000 7% Gen. Mtge. bonds.
A circular shows:
Dated May 1 1921.
Due May 1 1941.
Red. all or part, at anytime, at
105 and int. on 90 days' notice.
Int. payable M. & N. at Merchants Bank
of Canada, Montreal, Toronto,
Winnipeg, Vancouver, Halifax and St. John.
Denom. $1,000 and $500 (c*).
Bankers Trust Co., Montreal, trustee.
Sinking fund sufficient to redeem about 75% of 1st Mtge>» bonds is now in
operation and sinking fund sufficient to redeem about 75% of this issue by
maturity commences 1924.
"
h
•
.
•years from March
territory.
1
1921
at
105 and
divs.
The
stock
(a. & d.)
Red. after 5
was
offered
•
Common
shares
;
from the date of such payment to the date of final
260, 935.
order
to
funds
for
further
capital.—V.
additions
and
improvements,
p.
1146, 375
Supplementary letters patent have been issued under the seal of the
Secretary of State of Canada, dated March 16 1921, increasing the
capital
110, p. 2389.
Brooklyn Edison Co., Inc.—Acquisition—Mortgage.—
an
advertisement says:
"The com¬
Union Gas Co. the waterfront
has purchased from the Brooklyn
property situated at Hudson Ave. and East River, adjoining the Brooklyn
Navy Yard, for over $1,000,000.
"The company desired to make a
temporary arrangement for financing
rather than sell long-term bonds at the
prevailing prices.
When the market
favors, it proposes to improve this property with one of the largest electrical
plants in the world and spend upwards of $15,000,000.
"The property is assessed for taxation at
$1,190,000.
We have loaned
the company on its bond and first
mortgage on this property $750,000 for
two years at 6% and offer the
mortgage in amounts to suit in mortgage
certificates guaranteed by the Bond &
Mortgage Guarantee Co. neting 5%.
—V. 112, p. 2086.
pany
Brooklyn Union Gas Co.—Earnings.—
Calendar Years—
Gross
earnings
Net after taxes
1920.
1918.
1917.
.$15,894,532 $13,386,123 $13,053,798 $12,243,762
defl.618,367
def88,701
825,604
2,140,461
Other income
Bond
1919.
interest, &c______
380,785
1,140,354
Dividends
342,562
242,767
261,914
960,708
868,580
870,943
(4M 810,000 (6)1,080,000 (7)1,260,000
Balance, deficit.
$2,377,936
$1,516,847
$880,209 sur.$271,432
Buckeye Pipe Line Co.—New Director.—
Gibson P. Dildine has been elected
V.
a
director, succeeding O. S. June.—
112, p. 747.
Divs.
rec. on
Less—Divs.
Divs
on
$282,182
$325,405
(8^)85,000
(8^)85,000
2,079
2,079
(8)80,000
2,079
was
increased
quarterly dividends of 2H%
V. Ill, p. 1186.
from
8
to
10% per annum. * Regular
each have been paid since Oct. 1 1920.—
f
By-Products Coke Corp.— Bonds Offered.—Continental
& Commercial Trust & Savings Bank, First Trust &
Savings
$506,333
158,459
65,691
,
on
pf
stk..(8%)80,000
Dry Milk Co. stk.
$388,881
63,476
—
2,079
$158,697
$1,127,953
$165,384
$195,103
$1,022,787 £2 $691,112
136,571
27,274
$1,127,953
$243,326
$446,936
850
.
60,217
$941,981
Surplus...
^1,022,787
-V. 110, p. 2294.
Central Leather Co.—No
$691,112
Preferred Dividend Declared.—
The directors on May 24 decided to
pass the quarterly dividend which is
usually paid on July 1 on the 7% Cum. Pref. stock.
Quarterly payments
of 13* % have been made on this issue since Oct. 1905.
Dividends on the
Common stock
were suspended in Sept. last, the last distribution on this
(amounting to 1H%) was made Aug. 1920.
status of the leather industry has
improved materially since the
sudden recession early in 1920, and the
price for hides and skins has made a
material advance since Jan. 1 last.—V. 112,
p. 1870.
}
issue
The
,
~
Chandler
Motor"Car Co.—Dividend
Rumors.—
Rumors this week, on the Street, indicate that the dividend rate will be
reduced on June 6 next from $10 to $6
per share per annum by the declara¬
tion of a quarterly dividend of $1 50
per
share.—
112, p. 1394M147.
v.
Chile Copper Co.—New Director.—
J.
Clendenin
has
Deen
elected
a
V. 112. p. 1981.
Cities
Service
director succeeding
Co.—New Oil
W.
C.
Potter.—
Branch—Regular Dividends.
Henry L. Doherty & Co. announce the incorporation of the Cities Service
Colorado, to market petroleum products in Denver and vicinity.
a new field for the
marketing division of the Cities Service Co.
The company has service stations scattered
throughout the territory and
additional tankage facilities have been installed at New Orleans to
supply
Oil Co. of
This is
the
district.
new
Cities
In addition there has been
recently incorporated the
of Texas, and the Cities Service Co. of Canada.
The
will operate a refinery at
Wallaceburg, Ont.
Service Co.
co.
The regular monthly dividends of
H of 1% in cash on the Pref. stock,
Preference "B" stock and the Common stock have been
declared,
the
together with the regular monthly dividend of 1 M %
on
the Common stock,
J ay able in Common stock at par, all payable July 1 to holders of record
15.—V. 112, p. 2194.
une
Cleveland Electric
10% has been declared on the Common stock
($1,278,700 outstanding Dec. 31 1920), in addition to the usual quarterly
dividends of 2H% on the Common and of
\%% on the Pref. stocks, all
payable July 2 in New York funds.
In Sept. 1920 the dividend rate on
stock
1917.
$252,463
Fed. taxes for pre v. year
Illuminating Co.—Annual Report.—
Consolidated Statement of Earnings for Year
ending April 30.
1921.
1920.
1921.
An extra cash dividend of
Common
1918.
def.$81,798
Casein Co.
$5,180
Netearnings.
(F. N.) Burt Co., Toronto.—Extra Cash Div. of 10%.—
the
1919.
$393,773
141,310
& accts. written off
Amortiz'n of plant values
Canadian
—V. 112, p. 1981.
1920.
Report.—
$103,033
184,831
Dep
Ltd.—Capital Increase.
stock from $2,000,000 to $2,500.000.—V.
The Title Guarantee & Trust Co. in
;
,
Casein Co. of America.—Annual
Surplus of previous year.
Adjustments
co-operate more closely with their jobbers in the Middle
West, the company has opened a Kansas City branch office at 1711 Grand
Ave., to cover the district including Kansas, Nebraska, Oklahoma, Texas,
Booth Fisheries Canadian
Co.,
and to increase working
112, p. 2087.
p.
Mfg. Co.—Kansas City Office.—
Arkansas, Western Louisiana and Western Missouri.—V. 112,
1,200,000
Sandwich, Ont„, plants for the
production of salt in its various forms and for the production of bleaching
powder and of caustic soda.
During past 4 years has produced over 55%
of the bleaching powder and caustic soda consumed in Canada.
Earnings.—Net earnings for the 7 years ended Dec. 31 1920, after pro¬
viding for taxes, depreciation and prior interest charges, and available for
interest on 7% Gen. Mtge. bonds
averaged $106,816, or nearly 4 times the
amount required.
Net earnings for the calendar year 1920 available for
int. on 7% Gen. Mtge. bonds amounted to
$101,679, or over 33^ times the
amount required
Purpose.—To fund in part capital expenditures already made, to provide
Balance
Black & Decker
In
payment.—Y. 112.
1,500,000
_
Company.—Is the larget producer of salt, and the only producer for sale
of bleaching powder and caustic soda in Canada.
Business has been in
successful operation for about 25
years.
Owns and operates at Windsor,
Ont., and
in
any quantity for cash with subscription or on a
monthly investment plan
whereby the purchaser may procure from one to five shares, paying therefor
$5 with subscription and $5 per month per share.
During the period of the
monthly Investments, company will allow 8% p. a. on all payments made
,
Capitalization—
Authorized. Outstanding.
6% 1st Mtge. Sinking Fund bonds, due 1934...:(Closed)
$356,000
7% General Mtge. bonds, due 1941 (this issue)_ $1,000,000 '
400,000
Calendar Years—
Earns. & inc., sub. cos..
Birmingham Water-Works Co.—Pref. Stock Offered.—
Directors-~Report.
$5,000,000 8%
-
This company recently offered its
8% Cuinulative First Pref.
stock to the residents of Birmingham and urban
1286, 1744.
Officials of the company are reported as
having confirmed an issue of
Collateral Trust Debenture stock in London by Dunn,
Fisher & Co. a public offering to be made at
95 or 96.
Viscount Long has been elected a director
succeeding Albert Vickers.
J. W. Norcross and F. S. Isard have been
added to the board, thus increasing
the directorate from 7 to 9 members.
For annual report see a
preceding page.—V. 112, p. 2194, 2087.
"
..
The company, it is stated, has closed an order for
11 freight locomotives,
consolidation type, for the Mexican Ry.—V.
112, p. 1027.
Beacon Mfg.
1147,
p.
Canada Steamship Lines, Ltd.—New>
Financing Rumor.
Sanford & Kelley, New Bedford, Mass.,
recently sold $300,000 6% Pref.
2-3%.
Common stock is $400,000 and Pref.
$1,200,000.
Company was incorp. in 1905 and makes cotton blankets.
Plant at New Bedford is appraised (after
depreciation) at over $5,000,000.
Net quick assets about*$2,000,000.
during the
the $5,000,000 9% Cum.
Pref. stock total
In denying reports that the company would
shortly sell a $20,000,000
note issue. President Vauclain said: "These
reports are interesting in their
untruthfulness.
They are absolutely new to me."
stock at $90 a share, to net 6
been paid every year
[Subscriptions by the common stockholders to
$1,532,600.]
See also V. 112,
Earnings.—Net earnings (combined companies) for calendar year 1920,
after depreciation but before Federal taxes were
$410,325, or over 17 times
interest charges on these bonds.
Combined net earnings, after
depreciation
but before Federal taxes during the last 5 years,
averaged $310,109.
Baldwin Locomotive Works.—Denies
Aver¬
age
factured from malleable iron in the
company's newly acquired plant, for¬
merly the Arcade Malleable Iron Co.
!2_
3309
$
Gross
earns..13,801,809 10,284,130
Oper. expenses 9,572,556
7,049,749
Deduct—Int
Net op. rev.
4,229,252
94,044
962,153
Gross inc.. 4,323,297
-V. 112, p. 655.
Dividends
rev.
3,234,380
46,868
829,800
3,281,249
_
Taxes
Am ortiz.
Non-oper.
_
debt
Sink.
1920.
$
953,020
1,020,650
of
disc't
fund.
Surplus
1,236,335
1,288,550
87,219
118,333
55,652
630.706
422,847
THE *
2310
Coca-Cola Co.—Statement for Quarter endedMarSl
$5,189,844,
Gross receipts, $6,034,441; mfg. & gen. exp.,
operating profit.
Ill, p. 193, 796.
See Continental Seed Co. above.- -V.
Duquesne Light Co .—To Increase
210,649
Interest, discounts, &c
Stock.—
July 26 on increaseing the capita
$59,822,300, the new stock to be 8% cumulative
The stockholders, it is stated, will vote
Net Income for three months to March
.
(Albert) Dickinson Co.—
1920.
leaYing$g44i597
~~
-
[Vol. 112.
CHRONICLE
$633,948
31 1921——
Compare V. 112, p. 1286, 1028, 930.
stock from $34,822,300 to
preferred but subject to the provisions of
standing.—V. 112, p. 2195. 2186.
-
the 7% preferred
Co.—Organized.—
R. H. Collins, who resigned about May
the Cadillac Motor Co. (a General Motors
Durant
1 last as Pres. & Gen. Mgr. of
subsidiary), is reported to have
purchased the old Cadillac plant at Detroit and, with personal friends and
business associates, will re-enter the motor field with a new high-grade car.
the "Collins."
The company is being organized in Michigan, with a capital
of $10,000,000. and it is expected that it will be ready to place its product
on display by Jan. 1 1922.
W. C. Durant, former President of the General
Motors Corp., is credited with being the chief factor in the new concern.
Colorado Fuel
Earnings.—
Iron Co.—Quarterly
&
1921.
1920. •
$10,028,742 $10,369,601
1,097,098
987,720
Three Months to March 31—
Gross receipts..
Net earnings from operation
Other income
....
99,996
118,493
$1,197,094
$1,106,213
k
.......
1919.
138,231
$1,078,632
691,566
685,644
677,248
$505,528
$420,569
$401,384
Deduct—Bond int., taxes., sk. fds. ,&c.
Balance for the quarter
—V.
^
$10,071,785
940,401
112, p. 2087, 1403.
Colts' Patent Fire Arms Mfg. Co.—New President, &c.Samuel M. Stone has been elected President succeeding Col. William
C. Skinner who has been elected Chairman of the board.
Vice-President,
Prank C. Nichols;
President, Samuel M. Stone and Walter H. Renfield,
who is Vice-Pres. and Treas., have been elected directors.
Prank A.
S chirmer has resigned as a director.
k
,
General Balance Sheet, January 1.
Plants &
1920.
$
1921.
Assets-
2,887.563
4,753,194
588,654
Accts. receiv..
Cash&invest.
75,334
Def.chrgs.prep
5,000,000
Reser.for taxes
Reserv.for com-
plet'n of contr
6,3,851
5,450",348 Accts. payable
5,516,615
5,342 Surplus
30,862
3,382,364
Bills receiv
1920.
5,000,000
2,000,000
3,160,474
196,381
6,339,112
Total
10,580,466 16,695,967
In April last, a quarterly dividend of $1 per share was paid on the out¬
standing #5',000,000 Capital stock,par $100.
This compares with dividends
$1 25 per share paid quarterly from April 1919 to Jan. 1921,—V. 112, p.
Total
16,695,967)
10,580,466
1286.
authorized capital of $5,000,000, will have
Connecticut Light & Power Co.—Capital Increase.—
stockholders on May 13 authorized an increase
capital stock from $10,000,000 (all common) to $25,000,000 by the
creation of $15,000,000 pref. stock (par $100).
Stock outstanding con¬
sists of $8,486;000 common and $2,990,000 8% Cum. pref.
Compare
offering of $6,500,000 1st & Ref. 7s in V. 112, p. 1981.
Extended.—
Consolidated Copper Mines Co.—Time
The time within which the stockholders mayTsubscribe for the$5,000,000
Consolidated General Mortgage bonds has been extended from. June 1 to
June 20.
Compare V. 112, p. 1620, 1981.
Consolidated Gas Co. of N.
Y.—Gas Rates.—
by the 19 gas companies
will begin on June 6 to
operating in N. Y. City and suburbs. Hearings
determine the reasonableness of present prices,
fixed by court degree or under any
irrespective of whether they have been
other authority.—V. 112, p. 2194.
Continental Seed Co.—Receivership.—
W. D. Collins, Sec., has been appointed receiver for this company, a
$1,000,000 corporation, whose warehouses are in Hammond, Ind.
The bill
of complaint alleged that a merger agreement was entered into by the
Continental and the Albert Dickinson companies (V. Ill, p. 193) whereby
the shareholders of each were to receive shares in a new ContinentalDickinson Co.
It is said the receivership was asked to prevent a possible
forced sale of Continental assets.
Craddock-Terry Co., Lynchburg, Va.—Details of Mer¬
ger,
&c.—Annual Report.—An authorized statement says:
The stockholders on April 25 voted to amend the company's charter,
authorizing an increase inlts capital stock from $5,000,000 to $10,000,000.
Of the increase, $2,500,000 is to be Common stock and $2,500,000 Class G
7% Cum. Pref. stock.
It is not proposed to offer any of the newly author¬
ized stock for sale in the immediate future, except such as is necessary for
the purpose of the transactions outlined below.
The stockholders also confirmed and ratified the action of the directors,
by which the company acquired the business of the Harsh & Chapline Shoe
Co., Milwaukee, Wis.
By this deal the company adds to its already large
plants and operations in Lynchburg and St. Louis a modern and successfully
operated tannery and one of the largest and most successful shoe factories in
the country, producing men's,
The Harsh & Chapline Shoe
and youths' high-grade work shoes.
boys'
Co. will surrender its Wisconsin charter and
Northwestern Department of Craddock-Terry Co.
The stockholders of Harsh & Chapline Shoe Co. will be paid for their
interests—part in Craddock-Terry Co. Common stock at its present book
value, and the balance in Class C 7% Pref. stock; the proportions being
about 58% Common stock, and 42% Preferred stock.
This consolidation brings to the Craddock-Terry Co., the Geo. D. Witt
Shoe Co. of Lynchburg andfthe McElroy-Sloan Shoe Co. of St. Louis, much
added strength and prestige, by adding to its already popular line of foot¬
wear a new product in the line of shoes manufactured in Milwaukee; and
by securing a successful tannery, which will be enlarged as occasion requires
to produce much of the leather consumed in the company's other factories.
These advantages will not only enable the company to increase its volume
of business in the territory heretofore covered from Lynchburg and St.
Louis, but opens another strategical base at Milwaukee, from which the
great Middle and Northwest trade can be more advantageously developed.
Officers.—John W. Craddock, Pres.; A. P. Craddock, V.-P.; Geo. R.
Harsh, V.-P.; T. M. Terry, V.-P.; W. P. McElroy, V.-P.; Edward F.
Sheffey, Sec .-Treas.; C. O. Chapline, Treas. Milwaukee Dept.; R. H. Cox,
be
operated
as
the
,;
.
Gen.
Co.
Muncie,
probable unit of Durant Motors will be Sheridan Motor Car Co. of
Ind., which has been purchased from General Motors Corp. by a syndicate
said to be headed by W. C. Durant.—V. 112, p. 1521, 1403, 261.
Duplex Razor Co.—To
Durham
The stockholders will vote
East Coast Fisheries
Co.—Listing—Annual Report.—
authorized the listing of $1,000,000
on official notice
applied for $20,-
Eastman Kodak
The New York Stock
Carpet Co.—Dividend Decreased.—
Exchange has
586,200.
This stock, in accordance with resolutions of the stockholders May
1919, is to be issued for sale only to the wage earning and salaried employees
27
of the company and its allied companies.
The annual report is given on a preceding
v,'
Endicott Johnson
$3,000,000 Capital stock, par $100, payable June 15 to holders of record
June 3.
Previous semi-annual dividends of 3% each have been paid from
June 1918 to Dec. 1920, inclusive.—V.lll, p. 1475.
Detroit Seamless Steel Tubes Co.—No Dividend.—
1"
the regular quarterly divi¬
paid June 1, on the $1,000,000 Cumul. Participating
See stock offering of Pref. stock in V. 108, p. 2126.
The directors have omitted the declaration of
dend of 1U % usually
Pref. stock, par $100.
Ltd.—Earns, for Yr. End. Mar. 31 '21.
Dome Mines Co.,
Gross
earnings
$1,946,403 Deprecia'n & depletion
$706,894 Canadian taxes.
_»
Net earnings
_
Other income
Total
-V.
_
income
Ill,
p.
1756.
247,356
$954,2501
Dividends
Balance, deficit
$610,357
41,413
438,334
$135,854
page.—V. 112, p. 2195.
Corp.—New Treasurer.—
been elected
John E. Paden has
Treasurer.—V. 112, p. 1871.
Fisher Body Ohio Co.-—Preferred Dividends.—
A quarterly dividend of 2% has been declared on the 8% Cumul. Pref.
stock, payable (it is understood, June 1) to holders of record March 31.
This dividend was due April 1 last, but was deferred until the plan of the
Fisher Body Corp. to take over control of the Common stock had been com¬
pleted.
See plan in V. 112, p. 2088. 262.
Typewriter Co., Grand Rapids.—Receiver.—
Grand Rapids, recently appointed W. A. PapMgr.) receiver. Company has a capital of $450,000
Federal Judge Sessions
worth
(Sec. & Gen.
of which
$325,000 is Common stock.
Fresno Canal & Land Corp.—To Sell Properties.—
The company has applied to the Calif. RR. Comm. for authority to sell
its irrigation system, including the Gould ditch, its branches and laterals
and water rights, to the Fresno Irrigation Ditch.
Not included in the
transfer are the Laguna de Tache grant system and the water rights con¬
nected therewith and the Lone Tree channel and its branches and water
rights, but the privilege is reserved, however,for use of the latter channel
as it has been used by the land company to irrigate lands lying within the
boundaries of the Fresno district.
The Fresno company distributes water
for irrigation in Fresno and Kings counties.
The price is given as $1,(San Francisco
750,000.
"News Bureau")—See V. 112, p.
1403.
Co.—Usual Semi-Annual Stock Div.—
The directors declared the regular quarterly cash dividend of 2% and the
regular semi-annual dividend of 2% in stock, both payable July 15 to
stock of record June 8.
Dividends of 2 % each in stock have been paid semi¬
General Electric
1918.—V. 112, p. 2088, 1745.
annually since Jan.
General Motors Corp.—Sells Sheridan Plant, dec.—
The corporation on May 25 announced that arrangements have been
made with D. A. Burke, General Manager of the Sheridan Motor Car Divi¬
sion, whereby Mr. Burke will purchase that property in its entirety and will
organize a separate corporation for the purpose of continuing the Sheridan
line.
[The deal, which includes the plant, equipment and good will, re¬
ported to involve about $5,000,000, is said to have been purchased in behalf
of W. C. Durant, former President of General Motors and now President of
Inc.]
Motors,
Durant
;
r
also announces that it has not disposed of the Frigidaire
manufactures refrigerators, but that the activity of the Frigid¬
aire is being extended through the sales organization of the Delco-Light
Co., a subsidiary of the General Motors, located in Dayton, Ohio.
The Sunnyhome Electric Co., which manufactures domestic farm light
plants and accessories to be used in connection therewith, has been consoli¬
dated with the Delco-Light Co.
[See also Durant Motors, Inc., and Col¬
lins Motor Car Co. above.]—Y. 112, p. 2195.
The corporation
Corp., which
Goodyear Tire &
Rubber Co.—Curtailment.—
announcement by the company regarding curtailment says in part:
spring spurt of the automotive industry has settled back to
a less active demand, and curtailment of production of automobiles and tires
seems likely at once.
Already 2,000 men have been laid off in one
automobile centers, and similar action seems likely in the tire industry
at once."—V. 112, p. 2195.
An
"The seasonal
of the
Mining, Smelting & Power Co., Ltd.—
and FourMos.—1920.
Months Ending April 30.
Increase.
1921—4
Granby Consol.
{in Lbs.) for Month
Increase.
1921—April—1920.
353,850 9,688,351
2,105,400
p.
Great Western
(Consisting of Great
Generating Co.)
Month of
—1921-
revenues
on
Acer. divs. on
Calif. El.
Co. pref.
stock.
Renewal & Repl. res
Balance.
W. H. Quaw & Co.,
company.—V. 112, p.
Hawaiian
April
-1920—
-1921-
$5,588,530
2,502,120
1,776,982
150,000
360,000
212,967
198,442
213,960
155,986
12,500
30,000
12,500
150,000
30,000
360,000
$149,753
$47,659 $1,639,722
$799,428
120 Liberty St., New York City are interested in the
2195.
Agricultural Co., Honolulu.—Div.
Deferred.
May 9 voted that the present monthly dividend of
discontinued until further action by the board (to take effect
20).—V. 105. p. 2547.
The directors on
Hercules Powder Co., Inc.—Aetna Explosives
Explosives Co., Inc., above.—V. 112, p. 2196.
See Aetna
30
1920.—
$7,135,483
2,899,795
2,085,967
$460,104
1 % be
May
Electric
12 Mos. to April
$603,663
.
& Misc—
funded debt
Generating
1,332,512
Power System.—Earnings.—
of Calif., and California
Western Power Co.
Period—
Int.
8,355,839
2196. 937.
Oper. exp., tax
has been declared on the outstanding
112, p. 1871.
additional Common stock (auth. $25,000,000), par $100,
of issuance and payment in full, making the total amount
Gross
Crex
A semi-annual dividend of 1M %
the East
receivership
been
since November last.—V.
2,459,250
V. 112,
the calendar year 1920 is given
under "Reports and Documents" on a subsequent page.—
V. 112, p. 2087.
Co.—To Reorganize.—
Federal District Court at
stated, have petitioned the
The receivers, it is
Copper Production
annual report for
the capital stock from
77.
Portland, Me., for permission to reorganize this company and
Coast Fisheries Products Co.
The companies have
in
Sheffey, W. C. Goode, E. S. Bowman, J. B.
Luckett, T. M. Terry, A. P. Craddock, John W. Craddock, J. T. Dyer,
Wm. Sloan, W. F. McElroy, Chas. G. Craddock, Jr., Chas. B.Easley,
Dexter Otey, A. P. Craddock, Jr., A. Horsley Easley, George R. Harsh,
James H. Ballard, Gilmer Craddock, Thomas G. Terry, Chas. O. Chapline.
The
Increase Capital.—
June 7 on increasing
$1,400,000 to $1,500,000.—V. Ill, p.
Auditor.
Directors.—Edward F.
Lansing, Mich.,
a
Fox
made by the new P. S. Commission (of which
is Chairman) to inquire into the price of gas charged
Arrangements have been
William A. Prendergast
organized with an
its main plant at
capacity of 40,000 cars annually.
Mr. E. Ver Linden, who has been
responsible for the building up of the splendid business of the Olds Motor
Works at Lansing, will be Pres. & Gen. Mgr. of the company, which will
assemble and distribute the new Durant car in the territory between the
Adirondacks and the Rocky Mountains.
This company will be controlled
by contract by Durant Motors, Inc."
Durant Motors, Inc., recently organized the Durant Motor Car Co. of
New York, and a plant at Long Island City was purchased, which will, it
is said, be used as one of the Eastern assembling units of the Durant car,
whose parts will be manufactured at the main plant to be located probably
in Detroit or Flint.
•
V1" '
1 '■
' '•
Another subsidiary, it is reported, has been established in California,
and still others are expected to be created in other sectors of the United
States this year.
• ': r.
v.'"-, '•:■•••- • '• •
Durant Motors, Inc., is said to have a stock interest in the newly organ,ized Collins Motor Car Co. of Detroit (see above), whose Pres. &
Mgr., R. H. Collins, recently resigned as Pres. of the General Motors Corp.,
Cadillac Division.
It is surmised that a consolidation of the Collins
with Durant Motors will be effected later on.
It is also stated that another
with
It is announced that the
In the
Cos.—Acquisitions, &c.—
The company issued the following statement May 25:
"The Durant Motor Co. of Michigan, which has been
$
3,599,520 Capital stock.
equip 2,958,182
3,545,069
Inventories
1921.
Liabllities-
Motors, Inc.—Sub.
stock now out¬
v
t
Collins Motor Car
K of
as of
Sale.—
May 28
1921.]
THE
CHRONICLE
Heyden Chemical Co. of America, Inc.—Annual
Report.
'
.
Sept. 301919.
$3,388,149 $3,127,804
$3,072,046
1,096,705
986,394
a
.
Commission, &e.
$732,997
164,968
333,740
$747,636
119,125
287,129
$234,288
$341,382
26,773
34,050
$265,481
24,516
$368,155
22,860
Discounts allowed
$182,432
21,783
International Fur Exchange, Inc.—Possible
Reorganiz'n.
102,428
259,789
Guaranty Trust Co., New York, announce that a meeting of the
Advisory
Committee of the International Fur
Exchange with representatives of the
stockholders was held May 25 at the offices of
the Guaranty Trust Co.
Various matters relating to the affairs of
the Exchange were discussed but
no
$240,964
108, p. 1278.
$345,294
$160,649
1920.
Mdse.
International Shoe Co., St.
6,028,237
9,360.202
743.294
Cash
Notes receivable.
Acc'ts
341,080
2,681,314
.
receivable.
Unexp. Ins.,
Total
&c._
4,776,111
923,710
828,624
7,428,517
1,035,261
Invincible
1920.
$
$
Liabilities—
6,507
& supplies.
1921.
$
Investments
Prei. stock
4,000,000
Common
3,000,000
405,095
Reserve ior taxes.
Reserve for deprec.
Surplus
406,058
719,158
2,499,099
4%
4%
.
4%
4% semi-ann.
5% semi-ann.
Holt
—
$4,657,259
Manufacturing Co.—Annual Report.—
1919.
1918.
1917.
.$16,123,000 $15,674,000 $23,200,000 $12,400,000
*750,274
623,870
*799,650
*1,188,336
After setting aside $725,000 as
provision for income and excess profits
taxes in 1917, and $965,000
provision for income and excess profits taxes
and $845,000 amortization of war
plant and machinery in 1918, after
making
provision for income taxes and a depreciation
charge of $265,471 and writing
down inventories to cost of market
value, in 1920.
Net profits
*
Dividends paid during 1920 were as follows: On
Common, 10% ($50,000);
original Preferred stock, 7% ($70,000); First Pref.
stock, 7% ($169,165);
total, $289,165.
Balance Sheet Dec. 31.
1920.
1919.
$
Assets—
$
Land, bldgs., plant
and
equipment.
Cash
...
Inventories
Notes & accts.
Patent rights
rec.
Investments
Deferred charges.
_
5,385,423
1,029,277
9,260,135
2,359,354
241,882
22,063
163,939
1920.
$
First Pref. stock.. 2 ,333,300
Original Pref. stock 1 ,000,000
544,407 Common stock
500,000
5,852.042 Notes payable
4 .819,500
3,572,653 Accounts
payable
& Federal taxes
241,882
accrued.
109,533
792,813
173,803 Reserve for deprec.
724,612
-
5,572,319
T
18,462,073 13,178,431
Total
18,462,073 13,178,431
Houghton & Dutton Co.—Capital Increase.—Divs.,&c.
The
company has notified the Massachusetts Commissioner of
Corpor¬
ations of an increase in its
authorized capital stock from $1,300,000 to
$1,700,000 by issuance of 1,000 additional Pref. stock and
3,000 additional
Common.
1,680 shares of Preferred are to be issued
pro rata to Preferred
stockholders in payment of all dividends now
accrued and
unpaid, amounting
to 21% per $168,000.
2,000 shares of additional Common stock are to be
distributed as 100% stock dividend to Common
stock of record March 30
1921.
The capital stock will now be
represented by 2,000 shares 1st Pref.,
10,000 shares Pref., and 5,000
Common, all of $100 par. (Boston ,"News
Bureau.")
The stockholders on
May 5 approved a plan outlined substantially as
follows in a letter of Pres. E. O.
Holter, dated April 7.
A contract with the United
Verde Extension Mining Co. provides:
(1) That all of the properties and assets of the Jerome Verde
Copper Co.
shall be sold to the Jerome Verde
Development Co. (a corporation to be
organized in Delaware) for $420,000, payable either in
cash, distributable
to the stockholders of the Jerome
Verde
Copper Co., or through an exchange
of the new
company for the stock of the present company.
The Jerome Verde Development Co. will be
organized along the lines
Mining Co., with an authorized capital of
1,500,000 shares, par 50 cents each.
One share of the stock of tne new
company will be offered in exchange for 10 shares of the stock of the
Jerome
Verde Copper Co.
'
"
;
(3) The United Verde Extension
Mining Co. will take an option to
purchase 628,078 shares of the stock of the new
company for $464,039, at
prices ranging from 50 cents to $1 per
share, the proceeds whereof to be
used in taking
up the outstanding mortgage debt of the Jerome Verde
Copper Co. in paying the cost of extensive proposed
development work by
the United Verde Extension
Mining Co. upon the mining properties now
owned by the Jerome Verde
Copper Co., in taking care of the current
expenses and fixed charges of the new
company, and for other purposes.
»
.
.
Principal Advantages of Plan.
It will relieve
company and stockholders from impending danger of losing
the properties through
accumulating debt and foreclosure of the existing
mortgage.
In May 1920 an offering of $500,000
mortgage notes failed on
account of inadequate
subscriptions.
In order to save the property from
forced sale, the subscribers to the first
mortgage took $72,000 notes secured
remains in the treasury.
It will provide for the
prompt and thorough
development of the properties
men composing one of the most successful and
skillful groups of copper
miners in the world who are familiar
with the
now
by
geology of the district, and
who, through ownership and operation of
neighboring properties, will be
able to develop the
property at depth through their own deeper shafts and
more Intelligently and
economically than any other interest.
Instead of the property
remaining idle for an indefinite period of years,
as would otherwise be
probable under present circumstances and conditions,
it will be operated and
developed, and, instead of an accumulating load of
debt with its attendant
dangers, the proposed Jerome Verde Development
workings, far
Co. will be well financed and safely
protected.
»•.'
Officers and directors, some of whom are
very heavy stockholders, have
pledged themselves to make the exchange in
stock, and the United Verde
Extension Mining Co., a large stockholder in the
company, has likewise
pledged itself to make the exchange.—V. 112,
p. 1622.
Jerome Verde Development Co.—To Succeed Jerome
Copper Co.—Control by United Verde Extension Mining Co.—
See Jerome Verde Extension
Mining Co.
Jewell Belting Co.—Stock.—
The Connecticut Senate and House
of Representatives in April passed
resolution authorizing the
company to increase its capital stock from time
to time to an amount not
exceeding in the aggregate at any one time the
sum of
$2,000,000: to fix the par value of its shares which shall not be less
than $5: to issue Pref. stock with the
provision that it may be called or retired
as provided in the
certificate of issue, &c.
The location of the
a
Hurley Machine Co.,
Calendar Years—
Gross sales
1920.
Chicago.—Sales—Earnings.—
1919.
$9,082,959
1920.
1919.
Gross sales...$9,082,959
$5,677,400
Net profit.... 1,489,731
Other income.
1918.
$5,677,400
Income Account for Fiscal Years
Total
.
property.
2,500,000
1,000,000
500,000
2,881,500
2,684,110
2,419,650
Surplus.u........ 6,597,110
-V. 112, p. 67.
2196a'
by mortgage.
Proceeds were used to pay personal
injury judgments aggre¬
gating $27,500, and to provide funds to pay debts, taxes and
upkeep of the
Of this amount approximately $25,000 in cash and securities
1919.
s
Liabilities—
and amortlz'n--
Total
p.
(2)
Co.—Earnings
1920.
112,
Corp.—Definitive Bonds Ready.—
of the United Verde Extension
Gross revenues for the year ended
April 30 1921 are reported as
and an operating deficit of
$33,848.—V. 110, p. 1752.
Calendar Years—
Gross sales.
Oil
of stock
Lib. bds.)
5%
5%
5%
5%
For plan, see V.
Ill, p. 1187.—V. 112, p. 750.
Holland-St. Louis Sugar
Louis.—Terms'of Exchange.
Verde Copper
Co.—Approves Plan for Sale to
Company—United Verde Extension to Purchase 628,078
Shares of New Company and to
Develop Properties.—;
.....
4%s.-a.
697.
Jerome
9,109,437
39,413
Extra (cash)
Extra (in
p.
New
1,13&,2(9
4-11,074,830
19,200,047 17,649,742
Total
19,200,047 17,649,742
Common Dividend Record {from June
1917) of Heywood Bros. & Wakefield Co.
Reg.(s.-an.)
1917.
J'ne'18. Sep.'18. Dec.'18. J'ne'19. Dec. '19 to
Dec. '20.
_
2196.
Definitive Conv. 8% S. F. gold bonds will be
ready May 31 for delivery
in exchange for
temporary bonds at the Chase National Bank of N. Y.
57 Broadway, N. Y.. City.
See V. 112, p. 938, 1404, 1622.
4,000,000
3,000,000
stock...
Acc'ts payable
158,419
Inc., below.—V. Ill,
p.
Corp.—Judgment, (See.
See W. H. McElwain Co. below and
compare V.
Balance Sheet January 1.
Plant & equlpm't.
Compare V. 112,
Hayden, Stone & Co., New York, have issued a special circular on
this
company's 7% First Preferred stock and call attention to
the following
considerations:
(a) Investment position, (b) cash position and
(c) selling
price.
The stock is at present selling on the Stock
Exchange in the neigh¬
borhood of $75, showing a yield of about
9.33%.
The circular shows the
outstanding capitalization, history, business, output,
&c., together with a
comparative table of earnings and balance sheet.—V.
112, p. 2088, 1138.
An
Liberty bds., &c__
arrived at.r
International Motor Truck Corp.—
Official Statement.—
extra dividend of $1 50
per share has been declared on the outstand¬
ing Common stock, in addition to a regular semi-annual
dividend of $2 per
share, both payable June 1 to holders of record
May 23.
:
were
See National Zinc
Co.,
Heywood-Wakefield Co. of Mass. (formerly
Heywood
Bros. & Wakefield Co. of N.
J.).—Extra Dividend of SI 50
Per Share on Common Stock.—
Assets—
conclusions
International Minerals & Metals
}
Net income from
operations
See Heyden Chemical Works in
V.
1921.
•
of Dec. 30 1920 gives totai assets
$867,938, offset by $342,950 Pref. stock, $384,619 Common
stock, $5,015
accounts payable, $100,000
mortgage and $35,353 surplus.
$148,381
31,192
.
other miscell. income
as
of
$510,599
,
'
The statement of assets and liabilities
$4,484,854 $4,114,199
$3,072,-046
3,751,857
3,366,563
2,561.446
.
discounts, &
Co., New York, and Kesco Clay Products
Co., Piscataway. N.' J.
Manufactures clay conduits, tools,
&c.,used in underground conduits.
Some of the principal customers are:
Western Electric Co., Interboro
Rapid Transit Co., Crucible Steel Co., Keystone
Telephone Co., Pennsyl¬
vania RR.. Foundation
Co., Niagara Falls Power Co., New York P. S.
15 Mos. end. -Years
end.
Dec. 31 '20
1920.
Net sales to
customers..
Departmental sales
2311
&
$2,823,707
ending December 31.
1920.
967,433
90,657
1917.
,
$1,682,977
Federal taxes.
Inven. adjust.
40,302
Interest, &c__
inc...$1,580,388 $1,007,736
Net
income
1919.
$360,000
189,433
324,291
$300,000
$706,663
$551,259
The balance sheet Dec. 31
$564,468: notes and accounts
funded debt, $185,945: notes
156.477
1920, it is reported, shows: Cash on hand, &c.,
receivable, $1,201,704; inventories, $1,797,390;
payable, $977,500: accounts pay bale, $280,634.
Common stock outstanding Dec. 31
1920, 152,749 shares, no par value,
represented by assets over liabilities,
$4,707,205.
Preferred stock out¬
standing, $376,600.—V. Ill, p. 1570.
Illinois Bell Telephone Co.—To Increase Stock.—
The stockholders will vote June
15
increasing the capital stock from
on
$40,000,000 to $50,000,000, the $10,000,000 of
stockholders at par.—V. 112,
p. 750, 658.
new
stock to be offered to
corporation
is changed from Hartford to West
Hartford.
The company has no intention
of issuing new stock at the
present time, but had this amendment passed
in order that, should it consider at
any time in the future the advisability
of issuing more Common and Pref.
stock, it would not be necessary to go
before the Legislature at such a time.
Capital stock at the present time is $1,000,000, consisting of $500,000
8% Pref. stock and $500,000 Common stock.—V.
112, p. 2196.
Jones Bros. Tea Co.,
1921—April—1920.
$1,480,834
$1,740,936
—V. 112, p. 1982, 1872.
Inc.—April Sales.—
Decrease. I
1921—4
$260,102 $5,737,139
Kansas & Gulf Co.,
Mos.—1920
$6,365,049
Decrease.
$627,910
■»biL'
Chicago.—Earnings.—
Net earnings for the quarter
ending Mar. 31 were $515,354.
After de¬
ductions for April dividends and
depreciation there was carried to surplus
$179,880.
The balance sheet as of Mar. 31 1921
compared with that of Dec. 31 1920
a decrease of
$1,362,228 in current liabilities.
Notes and accounts
receivable (total $5,383,500 and
payables amount to $2,761,060, of which
sum $2,600,000 is
property purchase obligations due in one, two and three
years.
Total assets and liabilities amount to
$21,189,477, and surplus
Mar. 31 1921,
shows
Imperial Oil Corporation.—Well No. 1
Completed.—
The
Carter
which
company reports completion of Well No. 1 on its Phoebe lease
in
County, Okla., which is making 1,000 bbls., the same as No.
was
recently completed.—V.
2,
112,
p.
2088,
$2,322,179—"Chicago Economist."—V. 112,
1982.
Independent Warehouses, Inc., N. Y. City.—New Dir.
Robert
Atkins of E. Atkins & Co. and
Henry Lowe of Johnson & Higgins
Co. have been elected directors.
Arthur R. Manice was recently elected
Vice-President and James E. Friel, Asst. Sec.
& Asst. Treas.—V.. 112, p.
1149.
International Agricultural
The company, it is reported, has
retired
of its First Mtge. & Coll. Trust
Corp.—Bonds Retired
—
through its sinking fund $434,000
5% 20-year sinking fund gold bonds, due
1932, leaving $9,042,900 of the bonds
outstanding.—Compare V. 112, p.
1982.
International Clay Products
Co.—Preferred Stock.—
Morris Bros Co.,
Philadelphia, who are offering 8% Cum. Pref. (a. & d.)
stock at par ($100), in a circular
says in substance:
Capitalization—
Authorized.
Issued.
8% Cumulative Preferred stock
$750,000
$350,000
Common stock (no par value)
15,000 shs.
12,000 shs.
Organized in Delaware for the purpose of
acquiring all of the assets of the
Clermont Sewer Pipe Co.,
Clermont, McKean
County, Pa.; B. S. Barnard
p.
475.
Kansas City Power & Light
H. P. Wright Investment
Co.—Pref. Stock Offered.—
Co., Houston, Fible & Co. and
Prescott & Snider, Kansas City,
Mo., are offering at par and
div., $4,000,000 8% Cum. Pref. (a. & d.) stock.
Divs.
payable monthly.
A circular shows:
Company.—Serves with light and power the city of Kansas
City, Mo., a
portion of Kansas City, Kan., and, by its transmission line
system, quite a
number of cities within a radius of
50 miles.
Population served, about
600,000.
Business is the manufacture and distribution of
electric light and
power exclusively, and it has no interest of
any kind in any other class of
service, except the steam heating plant
serving the business section of
Kansas City.
The new Northeast Power Plant, on the Missouri
River, at
the foot of Brooklyn
Ave., is considered as being the most efficient and
economical electrical power
plant in existence.
The company owns 25 acres
of land, on which this
power plant is located, and the plans are so made that
the power plant may be
enlarged indefinitely by the construction of addi¬
tional units.
The power plant is
arranged for the use of either coal or oil
or both for fuel.
THE
2312
Outstanding.
Mohawk Mining
$5,000,000
4,000,000
a
10,000,000
1,917,300 cl,695,500
b
3,060,000
1921—April—1920.
1,046,349
1,071.553
—V. 112, p. 1746.
Authorized.
Capitalization—
Common stock ____
Prefei-red 8% Cumulative stock
Refunding Mtge. 8% Gold Bonds
Kansas City L. & P. Co. 2d Mtge. 6s. due 1944—
do
do
First Mtge. 5s, due 1944—
First
$20,000,000
25,000.000
First and
[Vol. 112.
CHRONICLE
provisions of trust deed,
outstanding, $4,617,000
6% bonds are deposited as collateral for the Kansas City Pow. & Light Co.
First & Ref. Mtge. Bonds, and any additional bonds that may be issued
(the aggregate amount of which is not limited) must be so deposited.
C Authorized amount has been issued and $221,800 have been purchased
through operation of sink, fund, which calls for payments of $19,173, s. a.
Earnings.—Net earnings for calendar year 1920. from operation, after
taxes and interest, but before depreciation and amortization, &c., were over
four times amount necessary to pay the divs. on the pref. stock for a full
year.
Earnings since Jan. 1 1921 are showing a steady increase.
Franchises.—The electric light and power franchise in Kansas City, Mo.,
is without limit as to duration.
Steam heating franchise runs until 1935.
For further description of property, &c., see V. Ill, p.
2526, and annual report in full in V. 112, p. 1882, 2088.
Plant, real estate,
machinery, Ac—
$748,295
Pat'ts A goodwill.
922.246
$627,182
879,389
Inventories
3,431,937
—
2,950,827
2,089,806
1,604,854
249,754
85,273
Trade and
miscell.
Co. stock
surplus-
-
198,278
payable.
Reserved
April 30 to holders of
t&X68
I
1921—April—1920.
'
$2,159,064
$2,464,762
—V. 112, p. 2188, 1622,
7,178,423 Surplus
234,2971
■
663,979
;
16,188,233! Total
17,148,201 16,188,233
stock $705,400 is full paid and owned by the
the name of F. D. Stewart, trustee.
standing in
Regular Semi-Annual
Dividends—No Extra on Com.
semi-annual dividends of 4%_on the Common stock
paid March 16.
Extra dividends of 5%
paid in March and Sept. 1920.—V. Ill, p. 798.
the Pref. stock were
on
2,000,519
Status.—
stock¬
not been deposited to enable
authoritatively.
It is understood that the company is purchasing
.effort to correct the
an
drastic reorganization.
$51,872
leans,
as
the committee to act
bonds in the market in
so as to avoid
technical default in the mortgage
Compare V. 112, p. 1623, 1522.
Industrial
National
Increase.
Stock.—
and 3 H %
each were
National Conduit & C^ble Co.—Present
proposed for the reorganization of the company by the
protective committee, it is understood, have not been acted upon,
The plans
holders
Co.—April Sales.—
Decrease. I
1921—4 Mos.—1920.
$305,698 $8,557,103
$8,505,231
,381,170
m mm
The regular
$7,527,311 $6,509,615
income tax.
dividend of 2%, payable
record April 26.—V. 112, p. 750.
(S. H.) Kress &
•
349,308
280,919
for war
33,900
sufficient stock has
—
1,070,270
235,946
6,767,290
Co
3,793,508 Accounts
Of the above Common
company
.—$7,527,311 $6,509,615
Total
x Includes provision for war excess profits and
The directors have declared the quarterly cash
Total
1,000,000
,000,000
,699,300
,000,000
94,476
17,148,201
Total
9,264
.
144,249
2,236,458
accounts
Special reserves A
Clinton
by
Ref.
4,930,964
2d Pref. stk. purch.
33,900
Mach., trade mks.,
h
pat. rights, Ac__ 7,307,529
Plant & factory, Ac.
312,009
*310,819
65,868
Cash—————
Miscellaneous
xl48,205
taxes-...--
1,082,078
1,201,756
551,885Adv.
Clinton Sugar Ref.
1919.
$
$
1
1,699,300 1
Common stock._.x6,000,000 6
94,476
Pref. divs. accrued
: 440,999
Raw materials
1,377,770
Mfd.mdse.Asupp. 1,067,907
Accts. A notes rec. 1,125,238
Lib.bds. A W. 8.S.
551,885
$4,000,000
1919.
1920.
|
Liabilities—
357,173 First Pref. stock—
1,755,213 Second Pref. stock
Cash
x
38,065
account.
$
%
Assets—
Dec.31.—
Capital stock—...$4,998,400
Pay-roll and accr*d
372,231
U. S. Lib. bondsNotes A ace'ts rec.
1920.
Liabilities—
1919.
1920.
Assets—
Supply Co.—Bal. Sheet
1919.
Increase.
Louis.—Annual Report.—
contains neither text nor income
BALANCE SHEET DEC. 31.
1920.
Lbs.).—
4.190,203
25,204 4,228,268
National Candy Co., St.
The annual report
a Issuance of additional
bonds restricted by
referred to below,
b In addition to the 5% bonds
Kellogg Switchboard &
Co.—Copper Production (in
Decrease. I
1921—4 Mos.—1920.
Alcohol
La.—Bonds Offered.—
Canal-Commercial Trust & Savings
Co.,
New Or¬
Inc.,
Bank, New Orleans, are
offering at
Estate gold bonds. Dated
1921-30. Callable on any
La Belle Iron Works.—Decision—U. S. Supreme Court
int. date at 101A and int.
Denom. $1,000 (c*). Int. payable J. & D.
at office of Canal-Commercial Trust & Savings Bank, New Orleans, trustee.
Defines Invested Capital.—
Normal income tax of 2% paid by company.
Tax free in Louisiana.
See under "Current Events" in last week's issue, p. 2154.—V. 112,p.2197
Company operated successfully for many years under name of the Na¬
Lackawanna Steel Co.—Dividend.—
tional Brewing Co.
Recently, due to enactment of 18th Amendment,
The directors on May 26 voted to omit the payment "of the quarterly
operations have been confined entirely to the manufacture of cereal bever¬
dividend otllA% usually made June 30, on the $35,108,500 common stock,
ages.
Net profits during year ending May 31 1920 amounted to $109,237,
over nine times maximum interest requirement on these bonds.
Pro¬
par $100.
Quarterly dividends of 1^% each have been paid from Sept.
ceeds will be used to install additional machinery necessary to the manufac¬
1916 to Mar. 1921, incl.
Extras have also been paid, as follows, viz.:
ture
a large scale of industrial alcohol.
Dec. 1916,3%; June 1917, 2H%; Dec. 31 1917,3^%; June 1918, 2H%.
Chairman Moses Taylor, May 26, says: "Owing to the depressed state
National Transit Co.—Extra Dividend of 4%.—
of the steel business the board of directors at the meeting held to-day passed
An extra dividend of 4% has been declared on the outstanding $6,362,500
the dividend for the second quarter."—V. 112, p. 1622, 1019.
capital stock, in addition to the regular semi-annual dividend of 4%, both
payable June 15 to holders of record May 31.
A like amount was paid
Lanston Monotype Machine Co.—Annual Report.—
extra in March last, and in March and June 1920; in Sept. 1920 8% was
Income Account for Years Ended Feb. 28.
1917-18.
paid extra, while in Dec. 1920 an extra of 6% was paid.—V. 112, p. 2197.
1920-21.
1919-20.
1918-19.
1150, 658.
Mtge. Serial 8% Real
annually Dec. 1
par and int. $150,000 1st
Dec. 1
1920.
Due $15,000
or
on
Dividends
Written off—
Balance
-V.
'
$1,313,752
$658,774
$502,033
100,074
360,000
109,148
360",000
360,006
60,262
120,022
$948,588
6%
—
224,685
360,000
130,257
$744,530
$238,512
$22,011
$1,663,530'
earnings—,.—
Net
Taxes
surplus.
&c.—
National Zinc Co., Inc.—Acquisition—Judgment,
stockholders of the National Zinc Co. will vote on June 2 on selling
its properties, rights, privileges and franchises as a going
concern, including good will and the right to use the name National Zinc
The
and conveying all
112, p. 2089.
Co., or any
H.) McElwain Co., Boston. —Terms of Exchange
for 1 st Pref. Stock in International Shoe Merger.—
Press reports state that under the terms by which the McElwain Co.
goes into the International Shoe Co., 1st pref. stockholders of the McElwain
Co. will receive the equivalent of $82 50 per share either in stock, or in
(W.
stock with a cash allowance.
Three options,
it is.stated, are to be
offered to McElwain 1st
pref. stock¬
holders, as follows:
(а) To exchange their stock for International
the basis of 1 1-3 shares of McElwain 1st pref.
International Shoe pref. plus $1 in cash.
Corp., which
all its liabilities, to National Zinc Co.,
of $1,010,946 entered Jan. 21 1921,
judgment has been
International Minerals & Metals
Co., Inc., and
liabilities.
with National
capital stock of National
Metals Corp. (for¬
creditor and a stockholder
also directors of
assigned to National Zinc
assumption by National Zinc Co., Inc., of all other
A contract for such conveyance and sale has been made
Zinc Co., Inc.
All (or substantially all) of the
Zinc Co., Inc., is held by the International Minerals &
merly Beer, Sondheimer & Co., Inc.), which is a
of National Zinc Co,
The majority of the directors of the latter company are
the International Minerals & Metals Corp.
the
Shoe 8% preferred stock on
for one share (par $100) of
International
(б) To exchange (1) not exceeding one-halfof their stock for
without par value, on the basis of 2M shares of International
Shoe common for one share of McElwain 1st pref., and (2) to exchange the
remainder of their stock for International preferred on the basis specified
in option 1.
,
(c) The third option is a sale option by which McElwain first
stockholders may deposit their stock with the Old Colony Trust Co.,
Boston, under an agreement whereby certain individuals (directors of the
International Shoe Co.) agree to buy, and the depositor agrees to sell for
cash at $109 per share the preferred stock of the International which he
would receive should he elect to accept option 1.
This sale privilege is
not open to the stockholder who accepts option 2.
The sale agreement, it is understood, provides for payment on or before
July 1 1922, of one-half of the purchase price and for payment in full on or
before July 1 1923.—See V. 112, p. 2197.
Shoe common,
New York
Light & Heat Co .—Obituary.—
Gill died in Franklin, Pa., on May 15—Y. 112, p. 2089.
Manufacturers
& Queens Gas Co.—Files Increased Rates.—
subsidiary of Consolidated Gas Co.) has announced that
The company (a
$1 60, plus a
announced that on
will increase the charge for gas from $1 25 to
service charge of 75 cents a month.
The company also
Aug. 1 it will reduce the rate now fixed to the full extent
reduced cost of gas oil and other operating costs prevailing
—V. 112, p. 2197.
on
June 20 it
permitted by the
at that time.
pref.
President John E.
similar name, subject to
Inc., in full satisfaction of the judgment
in the N. Y. Supreme Court, in favor of the
New York
Telephone Co.—Rates.—
rescind an
increase
issued the
by N. Y.
with Corporation Counsel O'Brien's motion to
P. S. Commission permitting the company to
its rates 28%, Chairman Prendergast of the new Commission
following statement:
"The Commission does not consider that the evidence submitted
In connection
order of the former
city is of a
sufficiently conclusive character to
granting the city's
motion to rescind the order
warrant the Commission in
of Mar. 17 1921. Neither
Commission will
the motion
investigation
Commission at this time deny that motion.
The
take into consideration the evidence so far advanced in support of
in connection with such further facts as the Commission's own
provides."—V. 112, p 2197.
,
does the
Co.—Preferred Stock Rights.—
the capital stock
$15,000,000 common)
and $20,000,000 com.
Net
profits...
$1,091,779
sale of additional
Interest, $187,423; depreciation, $369,934; losses from oper.
(a) $346,352
903,710 stock to raise moneys necessary for its new works as required by the license
of the Federal Power Commission, issued March 2 1921.
Application has been made to the P. S. Commission for leave to issue and
Balance surplus at Dec. 31 1920———.
$188,068
sell securities for the above purpose so as to realize a total of $11,064,000,
Allowance for losses from operations during the construction period
being the estimated cost of the proposed additional works.
and for depreciation of inventories.—V. 108, p. 2128.
Subject to the consent of the Commission, the stockholders of record
June 1
given the right until and including June 15 to subscribe at par
Metropolitan 5 to 50-Cent Stores, Inc.—Sales, &c.—
shares in the 7% cum. pref. stock to the extent of 20% of their holdings
Calendar Years—
1920.
1919.
1918.
in the pref. and common stock.
No subscription to a fractional share will
Gross sales—
—$10,309,630 $8,305,585 $2,758,206
be accepted.
Where, however, 20% of his holdings on June 1 1921 include
It is reported that the company on Dec. 31 1920 had 145 stores in opera¬
fractional share, any stockholder may subscribe to one full share in lieu
tion,
against 119 stores Dec. 31 1919, and 36 stores Dec. 31 1917—V.
of such fractional share.
109,
1614.
Payments will become due and payable at office of the company, Niagara
Falls
N. Y., or, at the option of the subscriber, at the office of Winslow,
Mexican Metallurgical Co .-Depositary.—Lanier & Co., 59 Cedar St., N. Y., as follows: (a) 10% thereof to accompany
Metropolitan Trust Co. N. Y. City, has been appointed Depositary for
the subscription; (6) 15% thereof on Oct. 1 1921; (c) 25% thereof on Jan. 1
First Mortgage 5%
Gold Bonds, under Bondholders Agreement dated
1922; (d) 25% thereof on July 1 1922; (e) 25% thereof on Jan. 1 1923; with
May 3 1921.—V. 112, p. 1030.
the privilege to the subscriber to prepay any or all installments on any
payment date on or after Oct. 1 1921.
Payments Q.-J. at rate of 7% p. a.,
Mexican Petroleum Co., Ltd.—Brings in Well.—
upon all partial payments will be made by the company.—V. 112, p. 2089.
The company on May 23 announced the bringing in of a 75,000 barrel oil
Mattagami Pulp & Paper Co.,
Results for Seven
Ltd .—Earnings.—
Months ending Dec. 31 1920.
Niagara
Falls Power
stockholders on March 25 authorized an increase in
$26,515,406 (consisting of $11,515,400 pref. and
to $40,000,000, consisting of $20,000,000 pref. stock
stock.
The increase was made to enable company by the
The
from
—
— —
a
are
to
-
a
as
p.
Nunez Chapapote district, Mexico.
This is said to prove up
entirely new district, about 20 miles south of the famous Cerro Azul field.
well in the
an
Wylie, General Manager and Vice-President
said the result "justifies all we have said or claimed for
Wyllie was on the property when the well was brought
sunk to a depth of 2,100 feet.—V. 112, p. 2089, 1972.
Herbert G.
Miami
of the company
this area." Mr
in.
It had been
Copper Co.- —Copper Production (in Pounds).—
1921—April—1920.
4,262,625
4,924,420
—Y. 112, p. 1746, 1522.
Decrease. I
1921—4 Mos.—1920.
661,795117,327.719
18,486,537
Decrease.
1,158,818
Coke & Gas Co.—Definitive Bonds
Dillon, Read & Co. interim receipts for First Mtge. Coll. sinking fund
7 A% gold bonds, dated Feb. 1 1921, may now be exchanged for definitive
bonds at the Central Union Trust Co. of N. Y., 80 Broadway. N. Y Citv
Milwaukee
—See offering
(Wis.)
in V. 112, p. 567,
1030.
North American Co.—New Officer.—
has been elected Chairman of the Board and
Executive Committee.
As Chairman of the Board, Mr.
Acting President.—V. 112, p. 1030, 929.
Chairman
Williams is
Harrison Williams
of the
$1.25—
Ohio Oil Co.—Extra Dividend of
dividend of $1.25 per share has been
An extra
declared on the stock to¬
dividend of $1.25 both payable June 30
dividends have been paid as follows:
$4.75 each; March and June
1919, $2.75; March 1916 to
gether with the regular quarterly
to holders of record May 28.
Extra
March 1921, $2.75: Sept. and Dec. 1 1920,
1920, $2.75 each: Dec. 1919, $4.75; Sept.
June 1919, incl., $4.75 quar.
President J. C. Donnell commenting on
from $2.75 to $1.25 per share says: "The company
•
reduction of extra distribution
has just recently made
extensive purchase of leases and property in Louisiana, which reqired an
outlay of several million dollars.
In addition to this, the demand for crude
oil has slackened to such an extent that we are running a large part of our
an
May 28 1921.]
crude
THE
CHRONICLE
storage, to say nothing of the heavy
expenditure of money
entailed in purchasing oil
currently from producers in the various localities
which the company operates.
In view of these
conditions, the directors
deemed it expedient to conserve the
liquid resources until the general oil
situation improves."—V. 112, p. 1873,
in
1523.1
Old Dominion Co.—Stock
egg
Offered.—
.
v
.
The directors have voted to offer the
shareholders the right to subscribe
($25) for 52,929 unissued shares of capital
stock, which is at the ratio
of one share for
every 5 now held.
The right to
at par
subscribe expires July 12.
making announcement regarding the stock issue President
Smith says:
"The directors have reached the decision to issue
these shares at this time
because the high cost of copper and the low market
price
In
Philadelphia Electric Co.—Dividends—Listing.—
The company has declared a cash dividend
of 2% and a cash
of 23.88 cents per share on the
preferred; also a regular
dividend
quarterly cash divi¬
dend ofl%% on the Common
stock, all payable June 15 to holders of record
May 23.
The 23.88 cents dividend is on the new
Preferred stock, repre¬
senting accrual since May 2.
'
The stock list committee of the
Philadelphia Stock Exchange has admitted
to the unlisted
department $5,000,000 additional 8% Cumul. Pref. stock
making total listed to date, $11,000,000.—V. 1J.2, p. 1984.
rj
\
,,
(>i
Price Brothers &
y
■
prevailing there¬
fore have made it expedient to
permit a large accumulation of
copper and a
corresponding increase in the current indebtedness of the
company.
The
great value of the properties of the
company and the prospect of an ultimate
readjustment of the relative cost of production and
price of copper make it
desirable to give stockholders this
opportunity to increase their holdings."
The stock, it is said, will not be underwritten
and there will be no com¬
missions or other extraordinary expenses.
All the large
stockholders, it is
said, have signified their intention to subscribe for their full
proportion.—
V. 112, p. 1983.
;
\
_k Oliver
Typewriter
Co.,
Chicago.—Additional
Mention
Data.—
was made in these columns in V.
112, p. 1873. of the offering
$750,000 8% Serial gold notes dated May 1 1921 and due
serially 1923-31.
Further Data from Letter of Pres. H.
Company.—Organized in Illinois Jan.
Net profits for 4 months ending Feb. 28 1921
were $1,135,449; from this
has been deducted Bond interest and
sinking fund requirements, $139,992;
Interest on 6% collateral trust serial
notes, $2,000, and dividends totalling
4-5 of 1%, $341,465.
This leaves a net balance to be carried forward of
$651,991.—V. 112,
Pullman
equipped plant at Woodstock, 111., which has
a
Chicago, April 14.
Owns a modern and well
floor area of over 5 acres.
196754 1920
Earnings
for
the
Four
Past
Calendar
1917.
Interest paid & Federal taxes
46,803
1919.
Taxes
accounts
Balance Sheet Dec. 31 1920 (Adjusted to Show Present
Assets
LiabilitiesPlant acct., land, bldgs.,
Capital stock
■
(less depreciation)__ $703,167
Patents, tr.-mks., &g'd-will 350,001
Cash...
92,675
Notes receivable
Accts. receiv. (less
res'ves)
...J.
$533,873
and corporate reports for the cal. year shows total
operation of sleeping cars, $72,123,672, and gross income,
after taxes and adding hire of
equipment, $9,634,743, viz.: (a) Federal, first
2 mos., $1,616,668; (b)
guaranty period, 6 mos. to Aug. 31, $7,880,108; 4
mos. ended Dec.
31, $138,966.
Manufacturing plant's total revenue for year 1920, $30,467,178; net, after
operating expenses, $3,158,879.
Liberty Loan bonds
x
Financing).
Surplus
for $61,800,375.
The annual report for the fiscal
year ending Mar
under "Reports and Documents" on a
8,832
1,154,978
$4,048,362
_
31 1921 will be found
subsequent page.—V. 112. p. 1874.
raw
materials, finished machines, parts,
&c., have been carried at cost or market, whichever was lower.
Control.—Directors own a controlling interest in the business.
Directors.—Geo. A. Ranney, Chairman; Delavan Smith
(V.-Pres.),
Warren C. Fairbanks,
Tappan Gregory, William Waller, Francis C. Waller,
Henry K. Gilbert (Pres.).
[E. H. Smith. Sec. & Treas.] See V. 112, p.1873
The Guaranty Trust Co. of New
York, 140 Broadway, N. Y.
been appointed registrar of the
stock.—V. 112, p. 2198.
City, has
Pacific Gas & Electric Co., San
Francisco.—Distribu¬
tion
of the Company's Securities—Increase of 443% in Number
of Stockholders Since 1914, When the Customer
Ownership Plan
First Suggested by
Company's Treasurer Was Adopted.—
The
following statement shows that
Jan. 31 1921
a
total of 15,73o
the Pacific Gas & Electric Co. had
stockholders, being
an increase of 12,837,
or 443%, since June 1
1914, on which date this company first
adopted the
"customer ownership" plan of
selling its First Preferred stock
directly to its consumers and others living within the
territory served b^ it.
It was the adoption of this
policy that brought about the present widespread
ownership of the stock in California.
so-called
As this
company, at the suggestion of A. F, Hockenbeamer, its Second
Vice-President and Treasurer, and under his
direction, was the first public
utility in the United States to adopt this
plan, the following statement is
of special interest:
Sales of Company's First
Preferred Stock Direct to Customers Since June 1 1914
',
No. Sales. Par Value.
No. Sales.
Par Value.
3.739
$8,801,300
3,785,100
1,123,100
890,000
156,000
1,712
617
650
1918.....
52
1921 (to May 16)
3,670
3,099
$35,900
3,635,050
3,396,750
192
Total
.13,731 $21,823,200
Capitalization Jan. 31 1921 and Number of Holders.
Capitalization Held by Public—
Amount.
No. Holders.
Bonds (secured obligations)
$105,611,600
f24,596
Stocks (evidences of ownership): Preferred
35,375,030
12,708
Common
34,004,058
3,027
Total......
$174,990,688
t Excluding 2,435 holders of bonds of leased
properties.
Bonds
and
Stocks
Owned
40,331
in
California.—Bonds (approximate), $61,783,700; stock, $42,221,388; total, $104,005,088;
per cent of all outstanding
securities owned in California,
59.4%.—V. 112, p. 1623.
Pan-American Petroleum &
Transport Co.—Obituary.
Vice-President Franklin K. Lane, former
Secretary of the Interior, died
in Rochester, Minn., on May 18.—V.
112, p. 1972.
Parke, Davis & Co., Detroit.—Extra Dividend.—
An extra dividend of 2% has been
declared on the Capital stock in addi¬
tion to the quarterly dividend of 4
%, both payable June 30 to holders of
record June 20.
In Jan. last, an extra of
4% was paid thus making a
total of 20% for 1920, the same as
paid in 1919.—V. 112,
Pennok Oil
p.
1151.
Co.—Earnings.—
Net earnings before
depreciation, &e., for the three months ending Mar.
as $159,506.
The balance sheet as of Mar. 31 shows
$833,364, of which $563,905 is cash, and current liabilities
31 1921, are reported
current assets of
of
$146,568.—V. Ill,
p.
1956.
Penn Seaboard Steel
The New York
Corp.—IAsting—Earnings.—
Stock Exchange has authorized the
listing of additional
v. t. c. for 9,097 shares of
capital stock of no par value, on official notice of
issuance for stock deposited under the
voting trust agreement, making the
total amount applied for 350,000 shares
(v. t. c.) (total auth. issue).
For the three months ended Mar. 31
1921 company reports gross sales
of $486,757 and a deficit of $230,895 after
deducting interest, bond discount,
sinking fund provision and shut-down expenses of $132,972.
Profit and
loss surplus Mar. 31 amounted to
$5,124,636.—V. 112, p, 1624.
Peoples Gas Light & Coke Co.—Denies Rumors.—
President Samuel Insull is quoted as
saying: "My ambition for Peoples
Gas is to place it in same
category of securities in Commonwealth Edison
and to pursue
the
same
policy in doing
so as
I did in Commonwealth's
case.
That is why I want to deny
immediately and
false rumors regarding
emphatically many unauthor¬
Peoples Gas.
Nobody in New York or
elsewhere has authority to speak for
company except myself, and all I have
said I said openly for publication.
No pool has or ever will have any inside
ized and
information
Rumors that I advised friends to
buy stock for rise to 65
other figures are worse than false and hurt the
property.
I will say
to stockholders at the next annual
meeting.
As for dividends, there is
or any
so
nothing to add to my recent statement, only to make it stronger.
If any
dividend is paid late this year it will be on
quarterly basis and as small as
maintaining policy of building up property financially as well as
possible in
{ihysically. theyam givingcirculated. Peoples Gas in due time will also have
I may see out no new figures now and stockholders should
gnore any
stock
selling campaign
there is
par
no
among customers, but it is
stock to sell and if there were
in Illinois."—V.|l 12,
any
p
.52198.
Rama Navigation Co.—Notes
it
impossible now because
not be sold below
could
Offered.—
Canal-Commercial Trust & Savings Bank, New Orleans, offer at
par
int. $125,000 1st Mtge. 8% serial
gold notes.
Dated Sept.l 1920.
Denom. $1,000.
Int. payable Q.-M. at office of trustee, Whitney-Central
and
i
Owens Bottle Co.— Registrar.—
on
Co.—Listing—Annual Report.—
dividend, making the total amount applied
170
_
Total (each side)
of
Pure Oil
The New York Stock Exchange has authorized the
listing on and after
June 1 of $987,875 additional Common
stock, par $25 each, on official no¬
tice of issuance as a 2% stock
_
Deferred credit items
Reserve for liability insur
957,426
79,215
Inventories, which consist
Balance sheet of Dec. 31 1920 shows: Cash,
$10,024,542 (agst. $11,029,374
1919); due from agents and others, $4,133,327; "other cash assets,"
$11,170,510: equipment trusts, $4,526,036; materials and supplies and net
amount claimed from U. S.
Govt., $5,470,254; among liabilities, audited
vouchers and accounts, $12,742,570;
wages and salaries, $1,846,800; misc.
current liabilities,
$1,131,491; profit and loss, surplus, $23,196,096.—
V. 112, p. 1747.
8%
issue)
450
x
Inventories
Deferred debits
from
in
payable.
Accts. pay. & accr. accts.
Def. payments, commis'ns.
3,196
28,496
1,773,765
9,548,915
Deficit
Serial
1,862,231
(8%)_--._---_—
Combined Federal
$1,896,740
gold notes (this
750,000
170,822
41,819
Res. for Fed. taxes, 1920._
25,000
&c.
......
.....
revenues
$254,643
53,827
Purpose.—To discharge bills payable and to reduce
108,716
399,267
,.L_$10,817,303
.......
1920.
$475,246
....
Dividends
Years.
1918.
$234,718
59,671
__$216,064
in Massachusetts.—•
Corporate Income for Calendar Year 1920 as Filed with Mass. Authorities.
from sleeping car operations for 4 mos. ended
Dec, 31,
$786,235, less deficit from auxiliary operations, $16,386___,
$768,849
Government guaranty for half-year Mar. 1 to
Aug. 31
a
5,876,301
Interest on securities, &c
1,814,554
Contract compensation from U. S. Govt, for 2 mos.
(Jan. & Feb.)
1,958,333
Net
corporate income, before taxes
Miscellaneous deductions^.
"
Net after depreciation
1
Total
Land owned 9 acres.
Company is engaged in manufacture and sale of the
well-known Oliver typewriter, and is one of the
largest manufacturers of
typewriters in the world.
Business has steadily
increased, and up to present
time over 950,000 machines have been sold.
Sales for 1920 were
282% of
those for the year 1915.
The company's products are distributed in all of
the principal countries of the
world, and there are manufactured
by the
company over 200 varieties of keyboards to meet the demand
of various
foreign tongues.
'
2090.
p.
Co.—Report for 1920 Filed
Other income
K. Gilbert,
17 1896.
Company, Ltd.—Earnings.—.
.
<
of
2313
mto
Trust & Savings Bank, New Orleans.
Company pays normal tax.
Payof principal and interest guaranteed
by Blueffelds Fruit & SS. Co.
Principal payable $10,000 quarterly beginning Dec. 1 1920 to Sept. 1 1923
ment
incl., and $5,000 on Dec. 1 1923.
Red. at 101 and int. on 60 days notice.
Notes are secured by first and only
mortgage on the steaxhship Rama,
which was originally purchased and fruit fitted in 1917 at a cost
of approxi¬
mately $380,000.
Steamship has
a gross
tonnage of 1,720 tons.
Proceeds
A rating of 100A-1
of this note issue will be used to
improve the vessel.
has been given by Lloyds for the next four
years.
Ranger Refining & Pipe Line Co.—
The banking house mentioned in connection with this
company as
having offered stock in Jan. 1920 of one of its constituent companies, has
its main office in Buffalo and still transacts business in N. Y.
City, although
not now maintaining a separate office there.
The firm states that the item
published in some parts is incorrect.—V. 112, p. 2090.
Ray Consolidated Copper Co.—Earnings.—
3 Mos. to Mar. 31—
Production
(lbs.).
Total
1921.
1920.
8,802,186
^.def.$207,811
26,515
income
def.$181,296
Dividends
*
Balance,
—Y. 112, p.
surplus
def.$181,296
1747, 1624.
1919.
11,547,103
12,291,381
$587,166 def.$244,667
50,134
92,369
— ..
Net profits
Miscell. income
1918-
20,522,558
$1,025,236
80,626
$637,300
394,295
def.$152,298 $1,105,863
788,590
1,577,179
$243,005
def.940,888
def.471,316
Remington Typewriter Co.—Divs. Deferred—Resignation.
The directors
dends of 1H%
on
on
May 2.3 deferred action on the regular quarterly divi¬
the First Pref. and 2% on the 2d Pref. soocks usually
paid July 1.
An
1
official statement says: "Owing to
uncertainty of business conditions
time best interests of the company require conservation of its
at the present
cash.
Action
on
the payment of dividends on both of its Preference
been deferred for the time being."
Lorenzo Benedict, recently Chairman, has resigned from the directorate.
stocks has
—V.
112,
p.
1747, 1511.
Riordon
Co.,
Ltd.—Valuation, &c.—
Royal Securities Corp., Ltd., Montreal, May 21, sent a circular letter
signed by I. W. Killam to the shareholders of Riordon Co., Ltd., and
Riordon Pulp & Paper Co., Ltd., in
response to request for additional infor¬
mation in respect to the value of the
properties, &c.
This additional infor¬
mation was requested as a result of the circular letter of
May 6 to share¬
holders by the special committee of directors
(compare V. 112, p. 2198,2090).
The letter, after giving a brief
description of the properties and the
valuations thereof, summarizes the $42,500,000 valuation as follows:
Pulp mills at Kipawa, Hawkesbury and Merriton, 1912 ap¬
praisal, plus subsequent additions at cost
$22,000,000
Saw mills, land, buildings, machinery and
equipment
2,000,000
12.000 miles of pine and pulp wood timber limits
12,000,000
Investments, including Ticonderoga shares
1,000,000
Net current assets on completion of present
financing
5,500,000
The circular further says in part:
As against these assets, on the
completion of present financing, there will
be outstanding $27,000,000 of bonds and mortgages on the combined
Riordon and Gatineau companies, bearing an
average rate of interest of
about 7%%, maturing principally in 1929, 1931, 1940 and
1942, and pro¬
vision is made under reasonable restrictions in the
mortgage which matures
in 1940 for the refunding of bonds and timber limit
mortgages, with the
exception of the Gatineau mortgages which mature prior to that date.
On the above valuation, exclusive of
goodwill, there is over and above
all liabilities taken at par a surplus of
$15,000,000, available for the $10,000,000 8% First Preferred Shares.
It is obvious that the assets of the Riordon Co., exclusive of
goodwill,
justify a capitalization equal at least to its $27,000,000 of funded debt
and its $20,000,000 of 1st 8% and 2d 7% Pref. stocks.
This is a sound and •
growing Canadian industry based upon an increasing demand in the U. S.
and other markets for the products, and a
dwindling supply of raw material
—
,
behind the mills in the U.S. and other countries.
The annual interest charges on all bonds and
mortgages of the combined
per year.
The earnings
companies for the calendar year 1920. before
depreciation charges, were more than $5,000,000.
Possibly
earnings for 1921 may fall short of the $2,000,000 required to meet its
interest charges.
The same may be the case in 1922, but provision is
being made for these contingencies.
In periods of normal trade activity,
the Riordon Co. ought to earn from
10% to 15% on the foregoing valuation
of its assets, or, say, $5,000,000
per year, as against its interest charges of
$2,000,000 per year.
Its net fundamental advantage of
cheaper wood than
its average
competitor should amount to from $1,000,000 to $1,500,000 per
year, or more than half the interest charges. \
The company requires only efficient
management and adequate working
capital to carry on.
The directors, recognizing that it is inevitably a con¬
dition to the furnishing of the new
money that the shareholders be re-assured
that the proposed financing is adequate, not
only to carry on the operations
companies will amount to just under $2,000,000
of the Riordon and Gatineau
interest and
Stewart-Warner Speedometer Corp.—Earnings.—
the quarter ending March 31 1921, after all deductions,
reported as $50,927.
Sales for April, it is said, were only slightly less
of the
the hands of a
See
.
of the company, but to carry on through a possible continuation
present depression, have placed the affairs of the company in
committee of new directors under the chairmanship of F. P. Jones.
also V. 112, p. 2198, 2090.
Net profits for
are
than those of
an
1748.
Sunday Creek Coal
See Hocking
Gazette."—V. 105, p. 1715.
&c.—
Solvay Co.—New President,
elected President, succeeding Henry
Mr. Handy will continue as a director.—V. 112, p. 477.
Handy.
Tri-Bullion Smelting &
Tuckett Tobacco Co., Ltd.,
March 31
May 11, in a letter to
Net
is
a concern
operated on a
co-operative basis and
icle,
p.
Shaffer Oil & Refining
V. 112, p.
April 1920, incl.—V.
Union Twist Drill
Compare
1625.
Skelly Oil Co.—Production, &c.—
that net production for the first quarter of
President W. G. Skelly says
1921 averaged 5,905 barrels daily, compared with 5,805 barrels daily during
the last quarter of 1920.
Total liabilities, it is stated, have been reduced
from $4,060,359 at Dec. 31 1920 to $3,345,425 at Mar. 31 1921.—V. 112,
--
mm,
i
m
ii
mm
,
mtmnmmm*
m
'
an
(Howard) Smith Paper Mills, Ltd.—Time Extended.—
has decided to extend until June 2 the offer of exchange
made to holders of 6% bonds due 1942 of the Toronto Paper Manufacturing
f7The company
Co.
(V.
bonds
a
112, p. 1032).
The company offers to
like amount in the 7% 20-year 1st Ref.
Smith Paper Mills,
Of the presently
held in
the holders of such 6%
Mtge. bonds of Howard
Ltd.
authorized amount of $3,500,000 of this issue there
is
$2,070,000 for the following purposes, viz.: (1) to retire the 6%
Bonds due 1942 (Toronto Paper Mfg. Co., Ltd.), $690,000;
escrow
First Mtge.
(2) to retire 6% 1st Mtge. Bonds due 1934 (Howard Smith Paper
Ltd.), $800,000; (3) to cover unpaid balance of price of timber
$580,000.
Compare V. 112, p. 1031, 1874.
Mills,
limits,
(John M.) Smyth Co., Chicago .—Sales—Earnings.—
1921 were about 4% larger than in 1920.
proportionately as large as those of 1920. as price con¬
Sales for the first quarter of
Profits
were
cessions
not
were^made to induce freer buying. "Chicago Economist."—
South Penn Oil Co.—Dividend Decreased.—
A quarterly dividend of 3% has been declared, payable June 30 to holders
of record June 13.
In Mar. last, a quarterly dividend of 4% was paid
while during 1920 quarterly dividends of 5% each were paid, making a
total for the year of 20%.
See annual report in V. 112, p. 1406, 1625, 1748.
Southern
Utilities
Public
Co.—New
'President.—
Treasurer, has been elected President, to suc¬
Taylor.—V. Ill, p. 1853.
E. C. Marshall, formerly
ceed the late Z. V.
Standard
Gas & Electric Co.—Customer Ownership.—
During March Standard Gas & Electric Co. utility subsidiaries co-oper¬
ating in the customer ownership plan sold a total of $769,500 Preferred
stocks of the various companies to their customers.
This makes a total of
$1,972,300 of stock so placed by these companies in the first three months
of 1921.
In addition to this $583,850 of other Billesby securities were
placed locally—making a
grand total of $2,556,150 of securities placed lo¬
•
Steel & Tube Co. of
America.—Listing—Earnings.—
Exchange has authorized the listing of $10 000 000
Sinking Fund 7% bonds, Series "C," dated Jan. 1 1921 and'due
Jan.jl 1951.
Condensed Consolidated Statement Year Ended Dec. 31 1920.
xNet profits..
$14,556,428 Provision for Fed. taxes..$1,032,831
Other income.
443,203 Minority stockholders' pro¬
portion of profits
102,576
The New York Stock
Gen. Mtge.
W*
Total profits &
income $14,999,631
^Deduct—
Shrinkage in
Int.
on
Int.
funded debt
on
notes
invent'y val.
Miscellaneous items
2,563,217
158,665
Disc,
on
bank loans
discounted
p
Depreciation
304 271
surplus
230,582
3,029,418
$6,315,210
incident to operations, including repairs
general and administration expenses.—V. 112.
After deducting all expenses
2199.
'^'ODU
bonds & notes sold
Balance,
x
and maintenance, selling,
1.262 860
and
_
.
_
_
$1,278,293 $1,389,373
The company, it is stated, has over $1,000,000 in cash and receivables
and nearly $4,000,000 in merchandise and supplies at the present low
prices.—V. 112, p. 1171.
Gas Improvement Co.—Gas Commission SubJ
Report—Recommends Construction of Modern Coal Gas
Plant and Extension of Distribution System—Cash Compensa¬
tion to City of $4,000,000 Annually, &c.—
Mayor Moore of Philadelphia on May 19, transmitted to City Council
the report of the Gas Commission appointed by him some time ago, as
authorized by Council to investigate the local gas situation.
The report
United
mits
consists of 171 pages
a
of text and tables.
satisfactory readjustment
with the United Gas
Improvement Co. can
Commission recommends among other things:
(а) The continuation of 530 B.T.U. heating value as the standard of gas
quality, with power conferred upon a regulatory body to change
dard if conditions in the future so require.
The Commission is of the
opinion that such a standard will provide a better and less expensive gas
per heat unit than that required by the 22-candle power
(б) The establishment of adequate pressure requirements and regulations
as to impurities,
testing of gas and meter inspection and continuance of
the present policy by the company of examining and adjusting appliances
reasonable intervals without expense to the consumer.
(c) Extension of the works manufacturing facilities and their
be obtained, the
such stan¬
standard.
at
adaptation
to present conditions.
Although well suited to the 22-candle power
standard fixed in the lease, the generating facilities are not modern in all
respects and are not entirely adapted to producing gas at the least cost with
must be made
the growing de¬
available materials at current prices.
Large expenditures
within the next few years for additional facilities to meet
expended as required by the terms of the
present lease, the city will have taken a step in the wrong direction, and
substantial loss and injury will result.
It is imperative that the plant should
now be developed along the proper lines if the lowest ultimate cost of gas
mand for gas.
If this money is
is to be realized for
the benefit of the consumer.
.
addition to existing
entitled to gas
trans¬
additional
and
rapidly
(d) The construction of a modern coal gas plant as an
property.
The extension of the distribution system to areas
service, and possible improvement through additional high pressure
mission mains.
The immediate preparation of plans for these
facilities so that the cost of gas may be reduced as promptly
as
'
pQgSlbl©
securing from $5,000,000 to $6,000,000 within the next 15
$10,000,000 to $15,000,000 additional within the follow¬
ing 5 years to pay for these new facilities.
These funds may be raised either
by the issuance of city bonds or of securities of the operating company.
The former is less expensive and should receive careful consideration.
(/) Recognition in the new lease of only a portion of the amount which the
United Gas Improvement Co. claims as its unamortized investment in the
property.
The United Gas Improvement Co has requested the Commis¬
sion to recommend $14,000,000.
This sum is much too large and cannot be
approved.
The exact amount to be adopted is so closely interwoven with
other factors that it cannot now be determined and must be left for nego¬
tiations with the United Gas Improvement Co.
(g) Cash compensation to the city of $4,000,000 annually, and continu¬
ance of free public lighting and street lamp maintenance.
The taxpayers
are now benefiting to the extent of
about 11% upon the cost of the city's
(e) Provision for
months, and from
until a new lease
current
$1 10 per
not yet
as they
have in the last few months, the lower figure is within the range.of proba¬
bility, but it is both impossible and unwise to determine finally now what
Pr<%f Retention
of the present
price of $1 per 1,000 cu. ft.
negotiated and a new price established.
Upon the basis of
for gas would probably fall between $1 05 and
1,000 cu. ft., the exact amount depending upon certain factors
determinable.
If prices continue to decline in the next few months
has been
costs, the price
the fair
price should be
for the latter part of this year.
under limitations
service, to approve the
(i) Creation of a municipal regulatory body with power,
prescribed in the lease, to fix gas rates, to regulate
issuance of securities, &c.
..
.
.
.
(J) The reservation to the city of the right in the new
agreement at any time upon reasonable notice.
It may
to change the lease in case the provisions are found to
unsuited to current conditions.
Provision should, of course,
dealing with funds that may have been provided by the
.
yally by Standard's subsidiaries in the first quarter of the year.—V. 112, p.
1919.
1920.
for depreciation
and Federal taxes
If
-
1985.
Co.—Earnings.—
31—
profit, after deducting reserves
Net
•
►
following telegram from their San Fran¬
of California has brought in three new
Los Angeles; wells Nos. 2, 6 and 8; total
Years ending Dec.
Co.—Bonds Retired.—
2091, 1874.
Wells.—
Calif.—Brings in 3
received the
cisco correspondents: "Union Oil
wells on Chapman field, south of
daily of 58,000 bbls."—V. 112, p.
Sinclair Consol. Oil Corp.—Mexican Production, dec.—
During April, it is reported," the company (incl. sub. cos ) produced in
Mexico over 2,200,000 bbls of crude oil, or which the Sinclair Corp. pro¬
duced from its own wells, 1,041,751 bbls. , and Mexican Seaboard, 1,176,000
bbls.
The company (proper) during April exported 9,979,782 bbls. of oil.
The company, for the four months ending April 30, produced 6,504,880
gals, of casfnghead gasoline, an increase of more than 68% over the quantity
produced in the first four months of 1920.
On April 23 last there were outstanding 4,049,570 shares of Common
stock, of no par value.—V. 112, p. 2199, 1625.
p.
112, p. 1748.
Union Oil Co. of
Sutro Bros. & Co.
Compare also last week's" Chron¬
I
Payment will be made June 1.
April 26.
$61,481
$124,114
Co.—Dividend Decreased.—
A quarterly dividend of $1 per share has been declared on the outstanding
Capital stock of no par value, payable July 1 to holders of record June 8.
The company has paid dividends of $1 50 per share quarterly from July
1920 to April 1921, incl. and $1 25 per share quarterly from Oct. 1918 to
Company is redeeming $806,200, par value of its First Mtge. Conv. 6%
sinking fund gold bonds, dated June 1 1919, through the Continental &
Commercial Trust & Savings Bank of Chicago, trustee.
Acceptances of
tenders were made on
—
Union Carbide & Carbon
has been entered into to
and is not for sale to the public.]
2199.
Qtf
$143,131
110, p. 86.
—V.
by existing railways.
"By making this arrangement Seneca is absolved from the necessity of
building, equipping and operating a railroad of its own and of constructing
a mill with all of the necessary appurtenances and dwelling houses on a new
and unoccupied site.
In addition, it Will have the benefit of the highest
technical mill talent which is at the command of Calumet & Hecla M. Co."
[We learn that the block of 25,000 no par value shares which was reported
as having been recently sold to a syndicate of bankers at $15 per share was
taken some 6 or 8 months ago as a permanent investment by friends of the
company
(2)50,000
$15,753
Balance, surplus.
Centennial, Isle Royale, Superior and Hancock
take over the interest
of the Hancock in this concern, this interest will represent the use of two
stamp heads which will give Seneca a stamping capacity of from 1,000 to
1,200 tons per day, and it may as it desires from time to time build other
heads, getting a proportionate increase of capacity.
The copper rock from
Seneca may be transported from its shafts to the mills of the Lake company
An arrangement
Hamilton, Ont.—Earnings•
1919-20.
1918-19. 1917-18$333,131 $264,114 $201,481
140,000
140,000
140,000
.$255,753
140,000
(4%)100,000
Common dividends
stamps rock of the Allouez,
mines.
—Capital.—
1920-21.
Years—
profits
Preferred dividends (7%)._
side of Keweenaw Point
for a railroad
was afforded
the company of purchasing an interest in the Lake Milling, Smelting &
Refining Co.
This company owns two mills, one on Torch Lake, containing
four heads known as the Little Tamarack Mill, and one on Portage Lake
known as the Point Mills and containing six complete heads and two more
of erection.
Development Co
will
"To provide for the future a millsite on the west
on the shore of Lake Superior was secured and the right of way
to it secured.
In the meantime, however, an opportunity
process
and bank
of the new issue is to
June 15 on reducing the authorized capitaliza¬
$100,000 "or some other agreeable amount" and
on reducing the par value from $5 a share to 10c. a share.
This is being done
because the directors believe the taxes are excessive and by reducing the
total capitalization and the par value a material reduction in taxes
be
possible.
.
/.
describes the present condition
and the Gratiot section.
He further says:
"The Lake company
considerable commercial paper
The stockholders will vote
the stockholders
of the development of the Seneca No. 1 shaft
n
Ill, p. 2432.
tion from $5,000,000 to
&c.—
Copper Corp.—Development,
"Railroads" above.—V.
Company, it is said, has
next.
Oil Co.—Receivers* Sale.—
Receiver Giles J. Patterson in accordance with final decree of foreclosure
entered on May 5 by Rhydon M. Call, Judge of the U. S. District Court for
the Southern District of Florida in the case of American Bank & Trust Co.,
Trustee, will offer for sale, at public auction on June 6 at the Fernandina
Court house Nassau County, Florida, the entire property of the company.
Seneca
Co.—Appeal Filed.—
Valley Ry. under
loans which may be funded but the particular purpose
refund the old issue becoming due.—V. 112, 1626.
H. S.
Seminole Fertilizer &
President J. Parke Channing,
company's
to retire
Swift & Co.—New Financing Reported.—
A Chicago dispatch state that two leading Chicago banking houses are
said to head a syndicate negotiating with the company for $25,000,000 »to
$50,000,000 10-year 7% notes similar to $25,000,000 6% notes due Aug. 15
& Nichols Canning Co.—Bonds Sold.—
'
Otis & Co., Cleveland, announce the sale at 99 and int. of $750,000 8%
sinking fund 1st (closed) mtge. bonds, dated April 1 1921 and due April 1
1929.
See offering in V. 112, p. 1625.
Sears
Semet
pneumatic principle, on which a handsome business
in bonds was made for the purpose
An issue of $2,000,000
the Van Sicklen Co. and to partly reimburse the
treasury for capital expenditures covering the new buildings, and
all bank loans."
Compare V. 112, p. 856;—V. 112, p.
of taking over
Fractions of £1 of stock or deferred warrants will
fraction of each can be combined into £1 stock.
Edwin D. Winkworth has been
instrument of the
should be done.
the com-
"Since the last report
and tangible assets of thespeedometers
This adds to our line of Van Sicklen
gany has acquired(V. 112, p. 1625).
the patent rights
peedometer Co.
be settled in cash unless a
"London Stock Exchange
April 1920.
President C. B. Smith says in substance:
Breweries Co.—Plan,—
.
A scheme of arrangement has been approved under which it is proposed
that 64% (approximately £293,376) of the £45,400 outstanding 6% deben¬
ture stock is to be converted into second debenture stock, ranking for non.
cumulative interest as from Nov. 1, and payable only out of net profits.
Of the
£179,104
outstanding deferred warrants 36%
(approximately
£64,477) is to be converted into 6% first debenture stock and 64% into
San Francisco
second debenture stock.
[Vol. 112.
CHRONICLE
THE
2314
o
.
,
lease to terminate the
consider desirable
be unworkable or
be made for
operating company
that bona fid© investors will suffer no loss and capital be attracted to the
enterprise.
The lessee should be a single company m order to avoid the
diffusion of responsibility and the necessity of dealing with different corporat© interests
The report is signed by the following members of the Gas Commission:
Milo R. Maltbie, chairman;
Willard F. Hine. secretary; Charles Day,
Thomas F. Armstrong and Howard R. Sheppard.
See V. 112, p. 1737.
United States Brewing Co.-—Debentures Called.—
The $82,500 20-year 6% First Mtge. sinking fund gold debentures, dated
Aug. 1 1908, called for redemption July 1, will be paid at 105 and int. at
the Bankers Trust Co., 16 Wall St.. N. Y. City, or at the United States
Debenture Corp., Ltd., Winchester House, Old Broad St., London, Eng.,
in sterling, at the rate of $4 85 to the pound.
Compare V. 112, p. 2092.
so
For
other
Investment News, see page
32:.
Mat 28
1921.]
THE
CHRONICLE
2315
spurts mxtl Jjtoatmjettte.
\»
INTERNATIONAL
SECOND
REPORT
ANNUAL
REPORT
FOR
CEMENT CORPORATION
THE
PRESIDENT.
REPORT OF THE TREASURER.
New
Mr. Holger
Report
is
herewith
342 Madison
submitted,
cluding the Treasurer's Report, giving the results of
in¬
opera¬
Company
of December 31, 1920.
as
I
v
submit
Sheet
The Net Income for the year, after
Depreciation and De¬
Cement
Corporation,
Avenue,
New York City.
Dear Sir:
tion for the year 1920, and the financial condition of
your
of
cember
York, May 18, 1921.
Struckmann, President,
International
International Cement Corporation:
Annual
^
York, May 18, 1921.
To the Stockholders
of the
Second
31ST, 1920.
'
OF THE
New
The
PERIOD ENDED DECEMBER
.
7
-
'
.
herewith
the
.!
■
comparative
International
consolidated
Cement
Corporation
Balance
at
as
De¬
31, 1920 and December 31, 1919, and comparative
pletion Reserves of $769,155.89, amounted to
$1,779,559.33,
consolidated Profit and Loss Statement for the years 1920
which is equivalent to approximately
$6.62 per share
and 1919.
268,429 shares of stock
$317,603.92,
outstanding,
now
approximately $1.18
or
per
as
on
the
year
During the
is
all of the plants have been maintained in
year
excellent physical condition, and have been
kept in continu¬
operation with the exception of the Cuban and Argentine
plants, which
were
by strikes.
year
tled, and
our
hampered during the early part of the
In all
cases
these
labor conditions
were
better at present than at
are
time in the past.
any
satisfactorily set¬
and
were
completed
placed in operation during the latter part of the
All
of
contracts
of
ance
which
this
year.
are
will
using fuel oil, furnished under
now
supply
at
year
a
requirements for the bal¬
our
The results obtained have been
extremely
to capacity and cost of production.
as
The
only construction work of any importance not completed is
the
lengthening of three kilns
will effect
time
some
time during the month of
in South America
were
product, the sendee
your
and
the
Dallas plant,
our
pean
In
we are
giving, and the policy adopted by
us
than
we
considerably
deemed it better policy
of
care
our
the support of the trade
won
could
take
we
have had
care
more
of, and while
by
taking
advantage
of cement, your
to maintain
regular trade
good business, and there is
no
on
a
a
any
of
the
management
stable market
price,
basis consistent with
doubt that the prestige and
good-will value gained by this policy will
terbalance
more
than
coun¬
temporary profit which might
have
been
possible.
On
your
Directors
placed
stock
your
on
basis
maintained; and in the opinion of
agement there is
dend
should
not
no reason
be
your man¬
why this very conservative divi¬
continued
in
the
future.
'
$1,779,559 33
Appropriation from Income for Depreciation and Depletion
less Replacement Charges
727,202 19
Income from Sale of Capital Stock to Employees
Increase in Reserves created out of Income
148,176 26
-
~
87,501 00
-$2,742,438 78
——
Disposition—
Invested in Capital Assets
Payments
on
Retirement
Increase
account
of
Deferred
Dividend
$1,096,975 18
Mortgage Indebtedness
Cuban
54,543 00
Notes
969,000 00
—
Charges.
46,036 76
Payments
335,126 25
Increase in Net Current Assets
before
giving effect to Ex¬
change Reserve created out of surplus
Total.
240,757 59
-$2,742,438 78
Respectfully submitted,
JOHN R.
DILLON, Treasurer.
PRICE, WATERHOUSE & CO.
New York.
May 16,
1921.
To the Stockholders of the
International Cement Corporation:
We have examined the books of the International Cement
Corporation and subsidiary companies for the year ended
December 31,
1920, and certify that the balance sheet at
income account
During
have
are
year
made
for
only
actual
President.
additions
and
extensions
property account and the provisions
depreciation and depletion
fair and reasonable.
been
correctly prepared therefrom.
been charged to
are,
in
our
opinion,
The inventories of Merchandise have
physically verified and have been priced at approxi¬
mate average cost. The accounts of
panies have been taken
foreign subsidiary
com¬
at par of exchange, but provi¬
up
sion has been made out of surplus
for the discount
on
ex¬
change upon cash and net receivables at December 31, 1920,
no
such provision has been made upon other items.
Full
provision has been made for doubtful accounts receivable
and for all ascertainable liabilities.
Upon the foregoing basis
we
certify that the consolidated
balance sheet and relative consolidated surplus account and
income account show, in our opinion, the financial
position;
companies
HOLGER STRUCKMANN,
.
the
of the International Cement
Respectfully submitted,
.
a
by declaring a quarterly dividend of 62^c.
share, payable September 30, 1920, which dividend rate
has since been
year
shows the disposition of the in¬
summary
Net Income from Profit and Loss Statement
but
August 19th
dividend
compared with
that date and the relative consolidated surplus account and
temporary existing shortage
taking
as
share, for the
rather trying, but the quality of our
Cuba, and at the two Texas plants,
properties
per
$1,779,559.33,
54 William Street,
undoubtedly could have increased the earnings of these
two
outstanding,
to
per share on the
for the year as reflected by the Balance Sheets:
come
year
spite of the very keen competition from Euro¬
offered
$6.62
'.v.
August, will greatly improve
producers.
business
certificate
Cuba, which when completed
business in Argentina and
Uruguay has steadily in¬
in
now
approximately $1.18
1919-
which
during the early part of the
Company have gradually
creased
per
or
shipping facilities at that plant.
The market conditions
we
$317,603.92,
during the month of July, and the
extension of dock facilities in
our
268,429 shares of stock
considerable saving in our fuel cost when
placed
a
in operation
some
at
of the
as
after Depreciation and De¬
which is equivalent to approximately
Total.------
Houston plant was completed and the
plant placed in opera¬
gratifying, both
well
Price, Waterhouse and
Accountants, whose
The Net Income for the year,
satisfactory cost.
very
The construction work incidental to the
doubling of the
tion in August.
Public
by
-_
plants
our
Certified
Income—
Uruguayan plants from coal to oil burning
parent company as
audited
given herewith.
The following
to change the Argentine and
the
been
pletion Reserves of $769,155.89, amounted
\,
The installations necessary
of
accounts
subsidiaries have
Company,
1919.
ous
The
compared with
share, for the
tions for
on
the
Corporation and its subsidiary
December 31, 1920, and the results of opera¬
fiscal year ending at
I
that date.
PRICE, WATERHOUSE & CO.
THE
3316
CORPORATION AND SUBSIDIARY
INTERNATIONAL CEMENT
COMPARATIVE
Plant Sites,
mineral lands,
machin¬
furniture
and
fixtures,
$9,783,072 16
.$10,880,047 34
etc
$1,096,975 18
727,202 19
1,737,189 95
1,009,987 76
$9,142,857 39
$8,773,084 40
$369,772 99
$474,533 35
,
$302,855 48
Companies Not Owned, at
$171,677 87
,
on
Deposits
America,
in
hand.
Portland
447,960 23
—
31,334 60
617,394 55
473,700 47
Gold
Exchange
on
„
+41,000 00
,
108,344 00
121,887 00
+13,543 00
$1,207,583 00
+$54,543 00
Due
Notes
$969,000 00
+$969,000 00
$1,762,137 92
$896,863 65
Janu¬
1 1921:
ary
Issued by the Cuban Port¬
land
Cement
Corpora¬
on
and
Cash
330,000 00
.
-
Convertible
Three-Year
7%
$951,584 63 $1,119,038 84
$2,070,623 47
Loss
•
,
25,700 27
1,091,095 02
for
289,000 00-
—
Cement
Corporation, 7H%, due
annually to May 31 1928
less
Reserve
Reserve
—
—
$1,153,040 00
447,960 23
57,034 87
Receivable
1*1924—1—lf_
Cuban
|
notes
payable in United States
Less:
$755,696 00
$755.696 00
.
May
South
securing
Notes Receivable
Accounts
:
Texas Portland Cement Co.
Cash in bank and
Time
$1,192,723 29t$l.143,776 84
$48,946 45
Mortgage
Indebtedness
of
Subsidiary Companies:
Uruguay Portland Cement
Co., 6%—due June 30
1924
Assets:
Current
$1,231,277 84
Subsidiary
Book Value Nov. 30 1919
Less: Reserve for Deprecia¬
tion and Depletion
Stock of
Capital
>.841,377 60
$8,072,655 44
shares
tools,
equipment,
ery,
Increase.
1919.
1920.
Capita" Stock:
An
uthorized—400,000 shares
of no par value; Issued
and outstanding, 268,139
Increase.
1919.
1920.
rights, buildings,
1919.
LIABILITIES.
ASSETS.
Capital Assets:
COMPANIES.
DECEMBER 31 1920—DECEMBER 31
SHEET
BALANCE
CONSOLIDATED
[Vol. 112.
CHRONICLE
tion
Net Receivables in South
308,701 33
308,701 33
America
Current Liabilities:
and
Notes
Accounts
able
$1,761,922 14
$951,584 63
$810,337 51
Pay-
_r
$2,659,001 57
—
Federal Income and Excess
_
303,725 40
3,100 00
Indebtedness.
113,352 72
69,288 48
42,964 34
$1,944,779 12
$939,825 27
$218,328 13
$70,151 87
$148,176 26
5,480 51
1,497 95
3,982 56
$71,649 82
$152,158 82
$188,230 80
+$188,230 80
$953,693 27
$2,203 31
$951,489 96
$13,336,748 19
$12,417,546 94
$919,201 25
Taxes,
Wages,
Expenses
_
and Interest
t300,625 40
Employees Subscriptions to
(unpaid
Stock
Capital
balances)
Inventories
2,184,571 76
63,053 09
63,053 09
$4,012,646 99
Federal
Duties
in
1,864.837 50
319,734 26
$3,120,147 53
$892,499 46
Reserves:
Fluctuations
uctuations
in
$188,230 80
$181,243 81
Charges
$336,084 21
+$154,840 40
$13,336,748 19 $12,417,546 94
+ Decrease.
ber 31
terms
MENT
FOR
Duties
Federal
CONSOLIDATED
Balance
Increase.
1919.
Transferred
.
«««
*,«.
the proportion at Decem¬
SURPLUS ACCOUNT.
$2,203 31
1919
from
Income
Account
1,779,559 33
above
$1,781,762 64
$8,461,896 46 $4,492,624 14 $3,969,272 32
Deduct—
Manufacturing and Shipping
and
—
Balance December 31
Cost of Sales:
_Costs
„«
contra)
(per
STATE¬
1920
Allow-
ances,
Provision
Suspense
$919,201 25
CONSOLIDATED PROFIT AND LOSS
THE YEARS ENDED DECEMBER 31
AND DECEMBER 31 1919.
Less Discounts,
etc
in
covering issue of first mortgage
1920.
Sales,
„
'
bonds
the Texas Portland Cement Company,
the sinking fund for redemption of bonds on May 1 1921 amounts to $26,800 00.
of deed of trust
1920 of the amount to be paid to
COMPARATIVE
of
+$188,230 80
Surplus
Note.—Under
price
sacks and Contingencies
Surplus of Subsidiary Com¬
panies set aside in accord¬
ance with Argentine and
Uruguayan laws
_
Suspense
(per contra)
Deferred
+2 72
113,350 00
$223,808 64
Accrued
Bonds and Certificates of
112,252 82
$2,884,604 39
Profits
United States Liberty Loan
Reserve for Discount on Exchange upon
$4,598,486 75 $2,975,486 38 $1,623,000 37
for
Depreciation
Depletion.,
460,245 38
769,155 89
—— .
Total Cost of Sales.
Manufacturing Profit
$3,094,253 82 $1,056,892 38
Selling, Administrative and Gen¬
386,732 53
eral Expense.
698,282 35
Net Profit from
308,910 51
$5,367,642 64 $3,435,731 76 $1,931,910 88
168,038 13
cash
taken at the rates pre¬
$288,083 41
vailing at December 31 1920
Organization Expenses
Preliminary and
(por¬
200,877 16
tion)
Surplus of Subsidiary
Companies set aside in
accordance with Argentine
311,549 82
$743,038 44 $1,820,971 16
—$2,564,009 60
Interest, Taxes, Exchange Loss *
on Funds Transferred during
Total Income
.
i
i
and Uruguayan
3,982 55
laws
425,434 52
784,450 27
359,015 75,
492,943 12
$1,288,819 52
Deduct—
Dividend No. 1 paid Sept.
30 1920—62 He. per
share
Year and Miscellaneous Char¬
ges
net receivables
$670,159 85 $1,725,811 62
72,878 59
95,159 54
Operations.$2,395,971 47
Miscellaneous Income
$2,037,361 44
and
—
Dividend No. 2
$167,532 50
paid Dec. 31 1920—62 He. per
167,593 75
share
335,126 25
Net Income for Year, taking ac¬
counts of Foreign Subsidiaries
at
of exchange, trans¬
surplus account.--$1,779,559 33
par
Surplus—Carried to Balance
$317,603 92 $1,461,955 41
ferred to
Sheet—Exhibit I
$953,693 27
CRADDOCK-TERRY COMPANY
LYNCHBURG, VIRGINIA
ANNUAL REPORT, 1920.
Chicago
New York
Cable address "Ernstaudit" New York
Philadelphia
Minneapolis
ERNST
Providence
&
Indianapolis
ERNST
Denver
Washington
St. Louis
Audits and Systems
Richmond
Kansas City
Tax Service
Buffalo
New Orleans
Pittsburgh
Cleveland
Cincinnati
Atlanta
New York
27 Cedar St;
Dallas
Ft. Worth
Toledo
Houston
Detroit
February 10, 1921.
Board
of
Directors,
Va.
HEREBY
CERTIFY
books of account and records
Receivable are stated after deducting all
accounts and proper provisions for
those considered doubtful.
The Merchandist Inventories were valued at the replace¬
ment market prices at December 31, 1920, full effect being
The
known
Gentlemen:
We
McElroy Sloan Shoe Company,
Companies.
Craddock-Terry Company,
Lynchburg,
the Western Department, operated
St. Louis, Mo., at Decem¬
ber 31,1920, and in our opinion, based upon our examination
and
information submitted to us, the attached Balance
Sheet is drawn up so as to correctly set forth the financial
condition of the Company at the date stated.
The Cash on Deposit was verified by direct communica¬
tion with the depositaries and the funds on hand by actual
count.
We personally inspected the Notes Receivable on
hand and Certificates representing investments in other
Lynchburg, Va., including
as
St. Paul
Boston
that
we
have
examined
the
of Craddock-Terry Company,
Accounts
uncollectible
given to the sharp
decline in the Shoe and Leather Markets.
Mat 28
We
1921.]
THE
CHRONICLE
thoroughly tested the mathematical computations and
The
prices.
Company
31, 1920.
Geo.
the
the
The Notes Payable were verified
by direct communica¬
tion and provision made for all ascertained
liabilities. The
amount
stock
D. Witt
dividend
December
which
Shoe
received.
31, 1920,
not liable for any commitments at December
was
at
the outstanding
Capital Stock of
Company, all of which is owned by
Company, is carried on the books, was increased
during
year from $200,000 to $400,000 on account of
a
100%
the
Ample provision has been made for depreciation for build¬
ings, machinery and equipment.
3317
The book
$451,200.
was
of
this stock
at
Very truly yours,
(Seal)
CRADDOCK-TERRY COMPANY
CONDENSED
value
: ~
(Signed)
BALANCE
SHEET AS
OP DECEMBER
ERNST & ERNST.
31
1920.
ASSETS.
LIABILITIES.
Current—
Current—
Ostsh'
Notes Payable:
On hand and in Banks
$482,244 61
Accounts Receivable:
Customers—Less
196
Banks
2,748,011 68
Sundry Individuals
126,466 47
Paper Discounted
or
Sold
7,035 40
Expenses
$139,906 24
28,207 59
Personal
Deposit
$2,900,000 58
1,177,333 36
Raw and in Process
$2,570,467 67
Accounts Payable:
Merchandise and
None
Trade Acceptances—Customers
Merchandise Inventories:
Finished
Accounts
80,907 45
249,021 28
Accrued Accounts:
=======
4,077,333 94
Royalties and Expenses
=$7,441,092 10
Other Assets—
Accounts Receivable:
7.816 97
50,000 00
Excess Profits & Income Taxes
Contingent:
As Endorser
Employees—Secured
Sundry
17,170 84
40,476 42
Guarantor
or
None
=$2,877,305 92
Reserves—
For Contingencies
57,647 26
Investments—
Stocks of Other Companies
Tenement Houses
Less Alice, for Depreciation
122,000 00
Capital Liabilities—
523,952 00
Common:
$65,769 72
4,920 27
Authorized Issue
$2,508,000 00
Less Unissued
60,849 45
3,405 00
Sundry Real Estate
500,000 00
—
First Preferred 6% Cumulative:
Authorized and Issued
Second Preferred 6% Cumulative:
588,206 45
Permanent—
Plant and Equipment:
Real Estate
$1,950,000 00
550,000 00
70,467 67
Brokers
Allowance
Notes Receivable:
Customers
1,250,000 00
Authorized Issue
Buildings
Machinery and Equipment
ana
$823,144 67
354,347 91
1,250,000 00
224,100 00
Less Unissued
n
1,177,492 58
294,346 28
Less Alice, for Depreciation
^
.
,
,
,
—
J
Subscriptions Received
Surplus
-
600 00
6,006,964 46
$23,256 68
—
12,921 59
—
36,178 27
$9,006,270 38
OPERATION AND
*Gross
1915
Net
Income.
1914.
Income.
$4,302,572
5,482,082
7,924,233
9,380,975
11,238,482
14,165,833
15,699,282
—
1917
1918
1919
1920
35
02
99
81
51
60
01
Previous
877,970
1,041,978
1,059,267
1,589,796
702,961
35
14
77
fDividends
and Surplus.
$403,118 13
542,319 42
1,216,889 77
1,766,978 14
2,314,909 25
2,854,369 72
2,600,571 46
1,255,641 48
1,264,573 37
1,897,610 39
35
07
DISTRIBUTION OF PROFITS.
Total Income
Surplus.
$200,465 44
231,218 13
338,919 42
725,000 00
$202,652 69
311,101 29
$9,006,270 38
tCarried to
Paid.
Final
Reserves.
$159,900
179,400
410,860
225,000
559,896
472,000
820,107
00
00
00
00
00
00
$12,000
24,000
81,029
286,336
490,439
484,759
50,000
00
Capital
Surplus.
$231,218
338,919
725,000
1,255,641
00
00
88
33
00
t For 1918 includes
for 1920 includes
stock
a
20% stock dividend paid in Common Stock, for 1919 includes
dividend of 25% paid in Common Stock.
a
t After charging Operating Expenses with the cost of all
repairs and renewals and
a
an
1,730,464 46
extra dividend of
proper allowance for
DESCRIPTION OF THE BUSINESS
CRADDOCK-TERRY COMPANY
accounts
(Including Western Department, McElroy-Sloan Shoe Co.)
ginia and
tories in
now
Lynchburg,
in
St.
in
addition
Witt
operates
all
one
wholesale house and three fac¬
factory in Louisiana, Mo.; and
of the Common
Stock of
the
Geo.
D.
diary Company.
The
foregoing
stantial
growth
condensed
of
the
statement
business
in
indicates
recent
years
forth the results of
operations for the period.
the
sub¬
and
sets
It is signifi¬
cant, in this connection, that the development of the busi¬
ness during
recent years has been well balanced and its
Capital Assets increased in
a safe
proportion to its volume
Attention is called to the fact that for the four-
of sales.
year
period, December 31, 1916 to December 31, 1920, Cur¬
rent
Assets
half
million
were
increased by
dollars
(or
Current Liabilities for the
$457,000
same
Surplus and
the
more
period
two and
over
than
were
show
same
period
(or
an
increased only
of
two
million
increase
more
Surplus Reserves
than
show
a
50%), while
(or about 19%), with the result that the
Assets for this period
million fifty thousand dollars
tal,
something
slightly
an
of
net Cur¬
two
over
81%).
Capi¬
increase
eight hundred
for
thousand
(or 84%).
most
2 408 919 42
3,225 000 00
3 755 641 48
00
00
4 364 573 37
00
4 997,610 39
00
6,006,364 46
stock dividend received from
10% paid in U. S. Liberty Bonds, and
W.
and
CRADDOCK,
Equipment.
President.
from
in
Accounts
Receivable
for
doubtful
addition
or
from other sources.
PLANT
AND
EQUIPMENT.
The
Company owns its wholesale house and two of its
Lynchburg Factories, two of its St. Louis Factories and the
one located in
Louisiana, Missouri. It rents one of the fac¬
tories operated in
Lynchburg and one in St. Louis, but owns
all
mechinery and equipment used in all of its plants.
Its
plants
are all modern and of the best
construction and are
carried upon its books at
original cost (a sum much below
their present
value), less a liberal annual allowance for de¬
preciation, which at this time
amounts to $294,000. There was
Equipment Account during this pe¬
$525,000, represented principally by two
added to the Plant and
riod
(1917-1920)
modern, reinforced concrete factories erected in the
princi¬
pal wholesale district of St. Louis.
In accordance with
our
usual
custom, the cost of Lasts, Patterns and Dies has been
charged into operating expenses.
1920
OPERATION.
The adverse conditions
existing in the Shoe and Leather
business for the last half of the
year are so well known and
recognized as to preclude the necessity for
any
statement
It
will
on
detailed
the subject.
be observed from
the
foreg ing statement of the
Company's business
shows
a
stances ;
reduced
as of December
31,1920, that its volume
healthy and gratifying increase, under the circum¬
and that,
by
the
while
existing
its profits from
adverse
operations
conditions,
its
were
financial
statuts has been strengthened and
improved in comparison
with former years.
It
will be noted
reduced by
that the surplus of
$400,000, which is the
December 31, 1919,
sum
of
a
stock divi¬
dend
Company's merchandise inventories
conservative
were
taken
Shoe and Leather
strong position to
on
a
basis, at practically replacement prices,
and represent the drastic decline
which has taken
the
ceivable
was
INVENTORIES.
The
00
00
a
substantial reserve is carried
possible future losses of Accounts and Bills Re¬
cover
Shoe
Company, Lynchburg, Virginia (engaged exclu¬
sively in wholesaling shoes) which is operated as a subsi-
rent
to
made
and
under the laws of Vir¬
one wholesale house and three factories
Louis, Mo., and
owns
one
$2,301218 13
developed losses have been charged off and liberal
deductions
LYNCHBURG, VA.
Company incorporated in 1898
00
ACCOUNTS RECEIVABLE.
OF
All
The
a
depreciation of Plant
JOHN
BRIEF
and Survlus
$2,070.000
2,070,000
2.500,000
2,500,000
3,100,000
3,100,000
4,275,900
42
00
48
1,264,573 37
1,897,610 39
77
66
Capita!'
Total
Stock.
13
♦
Includes for 1920 Net Sales
$15,479,333 22 and Income from Investments $219,948 79, of which
$200,000 00 is
Geo. D. Witt Shoe Co.
,
1,025,900 00
1,730,464 46
883,146 30
Deferred Charges—
Inventory of Supplies, etc
Prepaid Insurance and License
2,000,000 00
secure
place in
Markets, and put the Company in
business for the future.
a
paid in Common Stock January, 1920.
The amount
carried to surplus as of December
31, 1920, was, after
regu¬
lar
dividends on the Common and
Preferred Stock, amount¬
ing to about $420,000, and $50,000 for Federal Income
Taxes.
Respectfully,
JOHN W.
CRADDOCK, President.
[VOL. 112.
CHRONICLE
THE
2318
THE PURE
OIL COMPANY
COLUMBUS, OHIO
REPORT—FOR THE YEAR
SEVENTH ANNUAL
"
r
a
;:Vv
.
and surplus.
ment of income
Columbus, Ohio, May 10 1921.
. T
■
"... 'v-"':;
■
The Directors submit herewith their report of the operations of
consolidated balance sheet showing the assets and liabilities of the
Shareholders:
To the
ENDED MARCH 31 1921.
'■'J
the Company for the fiscal year ended March 31 1921;
Company and its subsidiaries and a consolidated state¬
_
.
.
•
It issued $4,869,800 of 8%
issued as stock
and $12,500 issued for the
bills payable amounted to
capital expenditures amounted to $7,626,$819,000. The principal capi¬
equipment and expansion of the
but the last three
months, that is, January, February and March, witnessed a decline in the values of crude oil of more than 50% and refined
oils of apporiximately 40% so as to result in a loss during that period of $1,636,375.15, as compared with a profit for the same
months of last
of $4,513,961.70, resulting in a total reduction in anticipated earnings for the fiscal year of $6,150,336.85,
compared with normal conditions, leaving final net earnings for year $8,636,050.09 as against $10,448,597.72 for previous
The inventory value of our stocks of crude and refined oils at the close of the fiscal year represents cost or market,
whichever
lower at that date.
Prices have again become stabilized and the Company is now operating on a satisfactory
Company issued $10,000,000 in Serial Notes and retired $1,270,000.
Cumulative Preferred Stock and $3,455,100 of Common Stock, of which Common Stock $2,825,000 was
dividends, $300,000 exchanged for stock of the Puritan Oil Company, $317,600 sold to employees
conversion of $20,000 notes.
At the beginning of the year the purchase money obligations and
$11,600,000 which amount was reduced by $10,300,000 during the year.
The
350.15, and the securities purchased in underlying and affiliated companies amounted to
tal expenditures were for the purchase of the Pure Oil Company of Minneapolis, tank car
producing, refining, gasoline and distributing divisions.
The business of the Company for the first nine months of the fiscal year was unusually prosperous,
During the year the
year
as
year.
was
V-v'-'.
earning basis.
By order of the
Board of Directors.
•
.v..
>
./•■-,
,
CONSOLIDATED BALANCE
B. G. DAWES, President.
■.'
//
SUBSIDIARIES
COMPANY AND
THE PURE OIL
•
SHEET AT MARCH 31 1921.
ASSETS.
..$119,220,629 74
17,408,757 95
Plant and Equipment
Property,
for Depletion
Less Reserve
Other Investments.
Stock in Treasury
-
-
Notes and
U.
Receivable
Finished Oils
Oils
Supplies
Stocks of Crude
.
Material and
TOTAL ASSETS
Common
Refining Company
—
—
-
-
..
»
Bonds—Columbus Gas Co
Gas Company
Bonds—Springfield Gas Company
Note8
;—-...
—
$65,062,400 00'
13,069,000 00 .
$1,399,112 79
1,300,000 00
2,240,203 15
266,394 56
5,205,710 50 »
—-—--—-----
-
CU'AccouVtsbpayabie
*
Payable
Accrued Taxes
Accrued
Interest
T
Surplus Account
Insurance
LIABILITIES, CAPITAL AND
TOTAL
——
—-——
-—
..
—t
-
-
-
SURPLUS
CONSOLIDATED STATEMENT OF
INCOME AND SURPLUS
FOR YEAR ENDED MARCH
31 1921.
Earnings
Costs and Operating Expenses
Gross
NET
—
OPERATING EARNINGS....—
.
Deduct:
, <
.
—
Federal Taxes
Interest on
Serial Notes and
Amortized Discount on
Bonds
Serial Notes
Depreciation
TOTAL
Surplus:
—
March 31 1920—
Add—Premium and Discount
Balance
TOTAL
$140,115 66
3,361,805 63,
4—
of Federal Income and Excess Profits Taxes
:
Common
Common
*
3,501,921 29
'
51,738,829185-
$60,374,879194
*
$735,622 00
4,662,500 00
2,825,000 09
Cash
Paid in Cash
Paid in Stock
SURPLUS AT MARCH
$72,977,460 2S:
58,976,238191*
$14,001,221 32
$45,977,515 51
9,263,235 63
$55,240,751 14
TOTAL
Deduct Dividends:
Preferred paid in
286,080 31
55,093 ST
$135,830,042 12"
52,151,757 94'
5,365,171 22'$8,636,050 09'
——
INCOME—
Deduct—Surplus Adjustments
Deduct—Depletion Allowed for Purposes
$1,652,905 17
734,262 95
253,305 54
2,724,697 57
'
-
DEDUCTIONS
NET SURPLUS
^^^^
$1,301,000 00
1.388,000 00
400,000 00
9'880'00° 00
.
-
-
-
Consumers' Deposits
Reserve for Compensation
nnnrnn
997,900100
$49,392,600 00
14,869,800 00
11 . 800,000 00
Funded Debt:
Bonds—Dayton
. Qtuta
;
—
—
..
-
Preferred—The Moore Oil
^lul toilfo71|7*y
1,208,184192'
AND SURPLUS.
I
Preferred
Notes
•"*
$135,830,042112:
LIABILITIES, CAPITAL
Serial
1,1
-
.——r
Outstanding:
Capital Stock
— 1
—
Charges
Deferred
■""r
$2,6/9,800 22
4,238,733 53
398,438 85
394,724 14
8,412,764 25
2,138,174 79
2,541,975 33
Government Securities
8,
Stocks of
■
_
..
—
--
.
Receivable
Trade Acceptances
"
11,007,474 30
-
-
Current Assets:
Cash
Accounts
1
,l
and Depreciation
—
31 1921
$8,223,122 00
$52,151,757 94'
Companies for the fiscal year ended
accord with the books and in our opinion
correctly shows the condition of the affairs of the Company and of its subsidiaries at that date.
_IP
The Consolidated Statement of Income and Surplus in our opinion correctly shows the results from operation^of^Tlie
We have
audited the Balance Sheets of The Pure Oil Company and of its subsidiary
and certify that the attached Consolidated Balance Sheet is in
March 31 1921,
Pure Oil Company
and of its subsidiaries for the year.
Respectfully submitted,
J.
D. CLOUD &
CO.,
Certified Public Accountants..
Cincinnati, Ohio, May 10, 1921.
MAY 28
1921.]
THE
THE
CHRONICLE
CHESAPEAKE & OHIO
3319
RAILWAY
COMPANY
FORTY-THIRD ANNUAL REPORT FOR
THE FISCAL YEAR ENDED
DEC. 31,
Richmond, Va., April 19,1921.
To
the Stockholders:
The
Yy.'/
ended December 31,
year
The
Y-y'V-yyY
mileage
average
operated
;
during
the
year
2,519.2
miles,
miles.
The mileage at the end of the year was
2,539.1
increase
an
increase of 22.3 miles
See schedule
?/?
Compensation
on
the
over
previous
mileage
over
on
>
:
under
Contract
with
13.2
miles,
Director-General
-
or
or
of
^ 7
';;:-;
;,
718.16%)
Your
to meet in the
.....
(Increase $685,753 40,
—
or
56.40%)
1,901,583 24
...
V
„
Income
$16,160,772 50
—
Rentals and Other Payments
$220,907 60
.......
(Decrease $513,441 98, or 69.92%)
■
'
h
Income for the year available for interest—....
(Increase $1,391,852 79, or 9.57%)
:
changes in funded debt in
year
were
,
r
.
.
r
on
•/.
:
'
'
'*•'
••
v'
ft
$5,986,458 21
to
.
---$1,290,000 00
Other changes in obligation shown under
funded debt
balance sheet of December 31. 1920. were as
follows:
gage
Bonds.
-$2,588,000 00
per
cent
Series "13"
Equipment
Trust
Certificates
cent
Equipment
Series "13A"
Trust
Certificates
Trust
Certificates
RETURN ON PROPERTY.
operations
only,
its
upon
investment
year
in
road
and
of the five-year
period ended December 31, 1920, and the
average for the
five years:
;'7V;'
^
Total Operating
Investment.
Income.
Year ended December 31 1917—
263,397,068 67
Year ended December 31 1916—
250,247,098 33
for
five
P.O. of
Return.
tYear ended December 31 1920.-$291,179,583 14
$14,410,821 80
tYear ended December 31 1919— 287,864,838 63
13,725,866 83
tYear ended December 31 1918— 269.914,419 76
12,871,539 79
average
4.95%
4.77%
4.77%
14,871.459 4 5
5.64%
15,359,715 04
6.14%
years
1920
$272,520,601 71 $14,247,880 58 5.23%
f The road having been operated in 1918, 1919 and during January and
February 1920, by the United States Railroad Administration, the com¬
pensation payable during the period mentioned has been used in lieu of
operating and other items making up the return from transportation
operations.
In these computations, interest payable
by way of compensar
tlon for additions and betterments
completed during Federal control has
been excluded.
FINANCIAL.
The Annual Report for 1919 referred to
the arrangements
made during 1920 with the Director-General of
Railroads
to fund the indebtedness of
Company to the
your
United
States Government for
equipment acquired during Federal
The Six Per Cent.
Equipment Trust
control.
13 and 13-A, issued
ed to $11,205,000.
be
given
under
during the
Trusts
Notes, Series
for this purpose, amount¬
year
The amount
the
of
the additional
referred
to
has
not
notes
yet
finally determined, but is not expected to exceed the
$213,200.
Under
uary
been
sum
of
Section
and betterments and
gations.
for
to
210 of the Transportation Act the
provi¬
made for loans to carriers for
necessary additions
sion is
Under
this
equipment and to meet maturing obli¬
provision your Company since Jan¬
1, 1921, secured from the United States Government,
new
equipment, a loan of $3,759,000 for ten years, with
interest at six per cent., secured
by pledge of $3,759,000 face
amount, of your First Lien and Improvement Bonds, and
$1,000,000, face amount, of United States Government 4*4%
Fourth Liberty Loan Bonds.
The proceeds of this loan are
being applied toward paying approximately 45% of the
cost of the
following equipment:
20 Mallet Articulated
5
Heavy Switching Locomotives;
One Hundred Ton Steel Coal Cars.
The remainder of the cost of this
by the issue and
sale
by
equipment has been pro¬
Company, with the
your
approval of the Inter-States Commerce Commission, of $4,500,000 6*4% Equipment Trust Notes, Series S, maturing in
equal annual installments
expenditure's
ond
as
for
track and
follows
companies, and its
equipment,
other
over a
branch-line construction, sec¬
betterments, have been
additions and
:
Par Value,
Assumed—
General Mortgage
4lA% Bonds
General Funding and Improveor
$
$
>
$
4,793,000 00
"
*
ment
First
Mortgage 5% Bonds._ 11,000,000 00
Consolidated Mortgage
5% Bonds...
Convertible 4 J-4% Bonds
Three-Year
4A%
Trust Notes.
2,000 000 00
31,390,000 00
Collateral
25,000,000 00
One-Year 5% Coll. Trust Notes
3,500,000 00
Five-Year 5% Coll. Trust Notes 33,000,000 00
Conv. 5% Secured Gold Bonds
40,180,000 00
Coal River Railway Co. First
Mortgage 4% Bonds
Raleigh & Southwestern
-
.
,
^
Y
;
3,000,000 00
Ry.
Co. First Mtge. 4% Bonds__
Big Sandy Railway Co. First
860,000 00
Mortgage 4% Bonds
Virginia Air Line Railway Co.
First Mortgage 5% Bonds._
Kanawha Bridge & Terminal
Co. 5% Bonds
Equip. Trust Ctfs. Ser. "N"__
Equip. Trust Ctfs. Ser. "O"
Equip. Trust Ctfs. Ser. "P"
Equip. Trust Ctfs. Ser. "R"
Equip. Trust Ctfs. Ser. "S"
Equip. Trust Ctfs. Ser. "13"..
Equip. Trust Ctfs. Ser. "13A"
Equipment Contracts, Various
229,000 00
..
..
..
..
,
'
900,000 00
476,000
1,700,000
3,160,000
2,500,000
3,780,000
4,500,000
9,535,500
1,669,500
4,809,390
00
00
00
00
Y
Y"
00
00
00
00
00
187,982,390 00
Realizing..
179,110,314 49
Less:
Capital Obligations Paid
Purchased—
Six Per Cent Coll. Gold Notes.
5,000,000 00
Collateral Gold 6% Notes
2,500.000 00
Peninsula Div. First Mtge.
or
6%
Bonds matured Jan. 1 1911Greenbrier & New River Rail¬
2,000,000 00 "
'
road
Co.
First Mtge.
5%
Bonds redeemed Feb. 1 1911
General Funding and Improve¬
ment
Mtge. 5% Bonds.
Greenbrier Ry. Co. First Mtge.
4% Bonds retired Nov. 11911
Three-Year
4A%
Collateral
,
339,000 00
\
7,302,000 00
2,000 00
Trust Notes
25,000.000 00
One-Year 5% Coll. Trust Notes
3,500,000 00
Five-Year 5% Sec. Gold Notes
33,000,000 00
Kineon Coal Co. First Mtge.
5% Bonds...
200,000 00
Equipment Trust Payments.. 13,407,000
00
Through Sinking Funds:
Big Sandy Railway Co. First
Coal River Railway Co. First
Mortgage 4% Bonds
Greenbrier
Railway Co.
First
Kanawha Bridge & Terminal
Co. First Mtge. 5% Bonds..
Raleigh
&
Co. First
678,000 00
373,000 00
Mtge. 4% Bonds
"
—$18,293,000 00
—
During the past twelve years your Company's
increase in
capital liabilities in hands of the
public, its principal ac¬
quisitions of stock and bonds of other
.
Mortgage 4% Bonds
Compound Freight Locomotives;
1000
vided
4,500,000 00
Capital Obligations Issued
Property
ended December 31
1,669,500 00
Equipment
Net increase
Company, including subsidiary companies, from transporta¬
equipment at the termination of each
9,535,500 00
per
cent
Series "S"
$3,475,194 21
to your
on
Increase.
First Lien and Improvement 5
per cent Mort¬
per
amount of return
1,114,000 00
...
Decrease
improvement of physical and other
following table shows the
7,000 00
4,000 00
—
Mortgage Bonds.
6
............
v
—
4 per cent Raleigh & Southwestern
Ry. First
2,511,264 00
assets....
^
.Retired.
$66,000 00
76,000 00
23,000 00
__
6
Yearly
r
.:
capital
outstanding
(Increase $212,289 50. or 3.68%)
Dividends paid during year: Two dividends of
2% each
Remainder, devoted
>
the public
.
4 per cent Big Sandy Ry. First
Mortgage Bonds
4 per cent Coal River
Railway First Mortgage Bonds
4 per cent Greenbrier Ry. First
Mortgage Bonds
5 per cent Kanawha Bridge & Terminal Co.
First Mortgage
Bonds
$15,939,864 90
;
9,953,406 69
Income for the year, equivalent to
9.53%
tion
advisable.
considerable fund¬
future.
;
-
the hands of
follows:
as
Equipment Trust Obligations,
Interest (62.44% of amount
available)
(Increase $1,179,563 29, or 13.44%)
The
no
near
.
'"Y .YVyYvYy
by
general
.
Total Corporate
stock
this loan your
Company,
of the prevailing high interest rates
and the
.
1.37%)
or
com¬
Apart
of
Company is fortunate in having
The
$14,259,189 26
Miscellaneous Income
Net
Report.
consummation
during the
.
(Increase $192,657 41,
;.p
the
ed debt maturities
2,618,100 00
....
Net Income
$5,338,000, under
depression, does not at present contemplate
any
new
financing during the year 1921.
Should conditions
change materially some further financing may be
17.31%)
(Increase $2,298,101 50,
from
..—$16,877,289 26
.
(Increase $2,490,758 91,
Taxes Accrued
of
business
Railroads
YY '
loan
a
Commission with respect to this loan
have been
of the issuance of this
merce
v
for months of January and February,
1920, and
Net Income from Operations March 1 1920 to
December 31
1920, exclusive of Taxes.
•
Company applied for
pleted at the date
C
/
covered by
during
Transportation Act above referred
to,
to be applied toward its additions
and betterments
program
for 1920 and 1921.
Negotiations with the Inter-State Com¬
reason
RESULTS FOR THE YEAR.;
.
.
Of the locomotives
delivered
were
the provisions of the
December 31, 1919.
11 [pamphlet report],
page
Your
was
of
year
thirteen
and the
1920, is here¬
with submitted.
trust
the year 1920,
remainder have since been
delivered.
Delivery of
the coal cars is in
progress at the date of the issuance of
this report.
Forty-Third Annual Report of the Board of Direc¬
tors, for the fiscal
an
ginning December 1, 1921.
this
Y
-
1920.
Southwestern Ry.
Mtge. 4% Bonds..
241,000 00
12,000 00
74,000 00
93,628.000 00
Costing...
94,232,218 34
period of fifteen years, be¬
84,878,096 U
THE
2320
[Vol. 112.
CHRONICLE
Brought forward
Acquisitions—Stocks of:
----
-
-
84,878,096 15
5,998,800 00
7,671,900 00
56,000 00
Indiana
The Hocking Valley Ry. Co.._
Cine. Inter-Term. RR. Co.
The Silver Grove Land & Build¬
TheC. & O. Ry. Co. of
Revenue
200,000 00
ing Co
increase Of
4,026*500 00
1,000,000 00
133,200 00
_
21,866,400 00
720,030,889,
23,481,341 89
Costing
Bonds and Notes of:
& O. Railway Co. of
Indiana First Mtge. 5% — Western Pocahontas Fuel Co.
mile was
The C.
Miscellaneous
9.612,500 00
road Co
Kanawha Bridge & Term.
Co_
Logan & Southern Ry. Co
Elkhorn & Beaver Val. Ry. Co.
Creek
Paint
Piney River &
Railroad Co
2,304,359
816,562
1,071,947
329,668
8,009.976 74
42
12
06
116,767 98
629,512 41
306,105 73
on^ mile
270,000 00
and
■:
Lines,
Track
miles)
(220.45
Additions
-
(Excluding $2,983,159 95
cago Line to May 31
securities have been
32.317.781 08
expended on Chi¬
1919, for which
acquired.)
There
used
acquired (less retirals).
freight train
Revenue tonnage per
mile was 3.066
Number of passengers carried
mile of road was 152,411, a decrease of 23.9%.
16.8%. Revenue per passenger per
per
8.6%.
5.9%,
5,185,021, a decrease of
90 lb., 9.1 tons 67y2lb.)
track.
exist¬
of 43,258.
were 891,058 yards of ballast (525,662 yards stone)
maintaining existing tracks, a decrease of 19,524
ing tracks, a decrease
'
44,739,390 48
in
yards.
(Excluding—$23,803 37, included in Statement of Expen¬
ditures on Chicago Line to May 31 1919, for which securities have been acquired.)
Costing...
119,009,592
.
The average
62
GENERAL REMARKS.
have been as
.
;;V ■•i."..'
repairs per locomotive
train car $1,971.68, per freight
amount expended for
$7,427.03, per passenger
car $274.42.
At midnight February 29, 1920, the United States Govern¬
ment restored to your Company its properties which had
was
train
Director-General of Railroads since
figures in this
Mann, W. Va., to Gilbert, W. Va__
7.20 Miles report for the months of January and February are based
Pond Fork Branch—Madison, W. Va., to Mouth of West Fork,
W. Va___
....11.60 Miles upon the compensation under the contract with the Direc¬
Toney Fork Branch—Lorado, W. Va., to End of Line ....
2.03 Miles tor-General of Railroads, the main details of which were
Indian Creek Branch—Coal River District—Myrtle, W. Va.,
to Vass, W. Va
1.50 Miles given in the annual report for 1919. Since the date of the
return of your property the income figure represent the
making total increase in Branch Lines put into operation during
actual results of operation.
Settlement with the Directorthe year
.22.33 Miles
General, for the balance of compensation due your Company
Second track put into operation during the year is as
and for other matters arising out of Federal Control has not
follows:
yet been effected due to the complicated state of the ac¬
Logan, W. Va., to Stollings, W. Va
1.27Miles counts and the necessity of a join check thereof. A tenta¬
Pecks Mill, W. Va., to Peach Creek, W. Va
.31 Miles tive statement of the accounts appears at page 20 [pamphlet
making total increase in second track
1.58 Miles report]. Your directors hope to fund, as provided by the
Transportation Act, all or at least the greater part of the
Additional third track mileage put into operation during
charges for additions and betterments during Federal Con¬
the year is as follows:
trol, estimated at $10,363,458.69.
The statement of account
Big Sandy Junction, Ky., to Russell, Ky., between M. P. 514
and M. P. 516^---r
1-76 Miles does not include any estimate of amounts due to your Com¬
pany in respect of under-maintenance of its properties by
The equipment inventory as of December 31, 1920, was
the Director-General, or amounts due on account of differ¬
as follows:
.v,'
ence in quantities of materials and supplies on hand at the
Increase. Decrease.
665
beginning and end of Federal Control.
These items are
Locomotives owned.
13
271
Locomotives leased.
yet to be determined.
As explained in the previous annual report, your direc¬
13
936
Total...
8
341
tors voted to accept the guaranty provided by the Transpor¬
Passenger train cars owned.
62
Passenger train cars leased
tation Act, for the six months March 1st to September 1st,
8
403
Total.
1920.
On account of this guaranty your Company received
767
rAi
Freight train and miscellaneous cars owned._
33,557
during the year the sum of $2,700,000, which is included in
Freight train cars leased
18,000
the corporate income account and which was approximately
767
Total..
51.557
the amount of the retroactive wage award of the Railroad
Labor Board for inceased wages during the period May 1
The changes during the year in the accrued depreciation
to August 31, 1921.
of equipment account were as follows:
No accrual has been made for the
balance payable on account of the guaranty for the reason
Balance to credit of account December 31 1919
$10,518,006 82
Amount credited during year ended Dec. 311920 by charges to
that it has not been practicable at the time this report is
U. S, Government
$369,263 34
issued to finally compute and agree with the Inter-State
Operating Expenses
1,728,517 27
Commerce Commission upon the amount still due.
$2,097,780 61
Shortly before the close of the guaranty period increased
Charges to account, for:
Accrued
depreciation on equipment retired
rates granted
by the Inter-State Commerce Commission
during year—
became effective.
The average increase in freight rates for
815 freight train and work cars
184,823 89
1,912,956 72
your Company and its affiliated companies amounted to
Branch
Line
Extehsions during the year
been
operated by the
December 28, 1917.
follows:
-
16.9%.
equal to 81 miles of track used in renewal of existing
There were 1,052,369 cross ties used in maintaining
12
Equipment:
Additional equipment
increase of
Ton mile revenue was
Revenue per
10,607.1 tons 100 lb., 1,245.4 tons
Better-
and
ments, costing...
an
21.7%.
12.7%.
mile was $2,271, a decrease of
II.7%. Including mail and express it was $2,679, a decrease
of 4.7%,
Passenger service train revenue per train mile
was $2,725, a decrease of 4.3%.
'■•'■"•A
There were 12,813.7 tons of new rali (952.1 tons 130 lb.,
ig-
Second
increase of
tonnage was
Passenger revenue per train
.
Branch
revenue
Passenger train mileage was
6.923,921 39
of
Total
cents, an increase of
Costing
Extension
an
$7,025,
decrease of
1,078,997 79
6,923,921 39
Construction of:
13.4%.
4,651,175, an increase of 21.0%.
There were 8,767,811 passengers carried, an increase of
I.2%. The number carried one mile wTas 384,045,169, a de¬
crease of 23.4%.
Passenger revenue was $11,776,038.48, a
88
,
-
29,353,213, an in¬
of 3.7%; including Com¬
1,197, an in¬
crease of 4.0%.
Tonnage per locomotive, including Com¬
pany's freight, was 1,046, an increase of 4.3%.
Revenue
tonnage per loaded car was 39.1, an increase of 3.7%.
Tons
of revenue freight carried one mile per mile of road were
Properties of:
Raleigh & Southw. Ry. Co—
Virginia Air Line Railway Co_
Pond Fork Railway Co
Gauley & Meadow River Rail¬
40
pany's freight, the tonnage per train mile was
Costing
Coal River Railway Co—...
1.4
train mile was 1,131, an increase
7,711,000 00
1,500,000 00
401,500 00
-
1.091
37.7
other freight tonnage was
6.21 mills, an increase of
■
Coupon Notes 5%
of 15.2%;
crease
180,000 00
__
2.086,482,247
11,484,903, an
40,838,116,
an
increase
of 14.7%.
Freight revenue was $72,774,680,
an increase of 37.1%.
Freight train mileage was 10,359,986
miles, an increase of 17.3%.
Revenue ton miles were li,-
First
Miscellaneous.
Q f\d
QC O Of
85.2%
9,633,548,642
11,720,030,889
train loads, tons...
1,131
tons per loaded car.
39.1
The revenue Coal and coke tonnage was
2,600,000 00 t
Springs, Inc
National Bank Building
Corp. (Richmond, Va.)
The Chesapeake & Ohio North¬
ern Railway Co
Western Pocahontas Fuel Co.
White Sulphur
increase.
$71,475,015 88 $19,049,168 77
10,596,494 29
68,593 39
3.0%
ried one milei.
Revenue
Increase.
1919.
1919.
1920.
,
Operating Revenues were.__$90,524.184 65
Net Operating Revenues were 10,665,087 68
An^otin(*
oo o trf
88.2%
Operating Ratio
Tons of Revenue Freight car¬
The corporate income
.
---
— — -
"
.
.
frh t i
...
Balance to credit of account
December 31 1920
$12,430,963 54
1919 refer¬
ence was made to the operation of your property by the
United States Railroad Administration through the Direc¬
tor-General of Railroads.
The operation under Federal
Control continued during the months of January and Feb¬
ruary, 1920, and at midnight on February 29, 1920, the
property was returned to the Company. The operating and
traffic statistics contained in this Report relate to the
In the Annual
Report for the years 1918 and
operation of your property by the Director-General for the
months of January and February, 1920, and by your Com¬
pany
from March 1 to
December 31, 1920.
approximately
33%.
The increase
in
passenger
rates
substantially the full 20% plus the sur¬
charge authorized by the Inter-State Commerce Commis¬
sion.
During the last four months of the fiscal year the
volume of business handled by your Company was large,
and with the increased rates its earnings were gratifying
notwithstanding the large increase in operating expenses
due to the increased wages granted by the Labor Board
and to high cost of fuel and other materials and supplies.
Since January 1, 1921, the volume of business has fallen off
very substantially, and this will be reflected in an unsatis¬
factory showing for the year 1921.
Your directors and offi-
amounted
to
May 28
cers
1921.]
THE
CHRONICLE
making every effort to meet the resulting loss of
by administering your property with the utmost
economy consistent with safety and reasonably
adequate
are
revenue
service.
Negotiations have been instituted with your
ployees looking to a readjustment of existing rates of
and
working conditions,
these
cases
but
questions must
it
be
is probable
submitted
Labor Board for final decision.
State
Commerce
Commission
that
to
the
in
of the
ciation
come
sooner or
later,
your
property will
again show satisfactory results.
1920, of Frank Trumbull, Chairman of
President of
years,
cember
your
31, 1919, and
your
Appropriate resolutions of
adopted by
were
Effective
December 7,
President and
on
July 12,
Mr.
Trumbull.
.
.
,•
.—
.
Securities
of Proprietary, Affiliated
Controlled Companies—Pledged—
Schedule,
Stocks—See
18 [pamphlet
$198,302,923 36
82,061,163 59
$280,364,086 95
and
v
son,
page
ful and
-
•
Bonds—See
Schedule,
18 [pamphlet
acknowledge with appreciation the faith¬
efficient service
"Vv
Schedule,
18 [pamphlet
H.
E.
HUNTINGTON,
54,248,001 00
$73,452,907 45
Miscellaneous Investments—
455,196 29
Debt Issued and Reserved—
&
W.
S.
Ry. Co. First
Bonds—Reserved
Mtge.
Construction
—
Potts Creek Branch—Cash.
$40,000 00
51,561 84
91,561 84
73,999,665 58
$354,363,752 53
Working Assets—
Chairman.
$5,637,046 86
CashDeposit—InsuranceCollection Account
Deposit to
5,586 10
pay
.......
200 00
$62,795,800 00
.—,
Inter¬
'—
1,366,284 75
Equip¬
ment Trust
Principal
\Miscellaneous Cash Deposits
Loans and Bills Receivable.
Traffic Balances
Agents and Conductors
'
4,500,000
12,287
409,440
1,546,377
2,538,994
00
50
39
35
49
$142,000 00
31,390,000 00
R. & S. W.
Railway, 4% Bonds, 1936
826,000 00
First Consolidated Mortgage
5% Bonds. 1939
29,858,000 00
First Mortgage, Craig Valley
Branch, 5% Bonds, 1940.
650,000 00
First Mortgage, Greenbrier
Railway, 4% Bonds, 1940
1,678,000 00
First Mortgage, Warm Springs
Branch, 5% Bonds, 1941.
400.000 00
First Mortgage, Big Sandy
Railway, 4% Bonds, 1944
4,322,000 00
First Mortgage, Paint Creek
Branch, 4% Bonds, 1945.
539,000 00
First Mortgage, Coal River
Railway, 4% Bonds, 1945
2,627,000 00
Convertible 5 % Secured Gold
Bonds, 1946—.
40,180,000 00
First Mortgage, Potts Creek
Branch, 4% Bonds, 1946.
600,000 00
—
Mortgage,
*
;
;
Kanawha
00
00.
00
00
195,885,000 00
3,441,655 51
Schedule,
page
report]..
Other Working Assets.
_
.
...
Schedule,
17 [pamphlet report]
Loans and Bills Payable....
Vouchers and Pay
Rolls
$28,083,776 56
11,913,006 94
12,792,225 98
23,070 29
Unpaid Wages
Miscellaneous Accounts Pay
able....
589,039 73
Divi¬
Interest and
Matured
dends Unpaid
Matured
page
1,444,833 40
Mortgage and
Se¬
cured Debt Unpaid.
Other Working Liabilities..
3,927,455 50
11,174 17
135,792 23
$21,801,135 80
Deferred Assets—
Deferred Liabilities—
Accounts with United States
ule,
20
page
report)
Accounts
Sched¬
and Supplies—
Schedule,
Page
20
[pamphlet report]
Materials
See
See
dends and
Rents
to
—
6,131,266 54
Unmatured
865,289 41
Companies
Working Funds
(Fast Freight Lines, &c.)_
Special Deposits with Trus¬
tees,
Various
Mortgage
...
Special
,.v-
Depreciation—
Equipment
...
Sundry Accounts.
12,202 80
73,611,880 09
Appropriated Surplus—
Additions to Property through
Income and Surplus
$23,859,636 38
148,382 38
Reserve
129,624 85
Reserve
Cash and Securities in Sink¬
ance
Reserve Fund
Invested in Sinking
1
Funds
Cash and Securities in Insur¬
Sundry Accounts
12,430,963 54
3,870,151 97
$51,810,744 29
536,551 10
Cash and
Securities Account Liberty
Loan
28,826 70
1,263,254 12
Accrued
Deposit,
ing Funds
on
Taxes Accrued.
574,718 42
Advances,
Funds
2,895,422 03
Employees'
Payments
Liberty Loan Bonds
Controlled
9,321,669 58
and
Interest
Rents
Proprietary,
and
Gov¬
8.
Schedule,
Page 20 [pamphlet report] $22,000,456 35
Materials
Affiliated
U.
United States Government—
United States Government—
Advances
with
ernment—See
[pamphlet
$13,669,325 29
and Supplies—
Schedule,
page
20
[pamphlet report]
Unmatured
Interest, Divi¬
:-
¬
8,852,178 95
Government—See
ance
83,059 10
2,099,596 04
Invested
in
84,049 01
Insur¬
83,059 10
Fund
Profit and Loss—Balancea.
24,250,015 93
$24,026,744 49
15,341,106 33
39,367,850 82
73,098,978 38
.$427,462,730 91
Total
This Company is also liable as a guarantor of the
following securities:
Total.
.$427,462,730 91
,
Coupon 5% Notes.
Due 1919 and 1921 ($500,000 each year), owned by
Chesapeake & Ohio Grain Elevator Co., First Mortgage 4% Bonds dues 1938— — — — — — —
Richmond-Washington Co. Collateral Trust Mortgage (C. & O. prop n 1-6) 4%_Bonds due 1943
The Chesapeake & Ohio Northern Railway Co., First Mortgage 5% Gold Bonds due 1945Louisville & Jeffersonville Bridge Co. Mortgage (C. & O.
Pf°P.n 1-3)
Western
Pocahontas Corporation,
First Mortgage
% B°nds due 1945—
Western
Pocahontas
Corporation,
Extension
Mortgage No. 1, 4H% g°™}s
1945
Western
Pocahontas
Corporation,
Extension
Mortgage No. 2, 4H% Bonds due 1946
Norfolk Terminal & Transportation Co., First Mortgage 5% Bonds due 1948
Western Pocahontas Fuel Co.
this Company.. $1,000,000 00
820,000 00
The
55,801,000 00
$6,805,000 00
Audited
93,643 04
—
Supplies
Securities
in
Treasury—
Unpledged—
Stocks—See Schedule, page
17 [pamphlet report]
$4,924,723 45
Bonds—See
5% Mortgage Bonds not in
1930.
Working Liabilities—
8,532,460 57
and
$258,682,000 00
hands of public (see Contra),
,
Material
and Improvement
First Lien
20
[pamphlet
f
3,698,000 00
.
unpaid—
See
-
00
-$173,890,000 00
Equipment Trust Obligations and Contracts
21,995,000 00
United States Government—
Compensation
'
$62,797,000 00
v.
Miscellaneous Accounts Re¬
ceivable
:
1,200 00
...
Bfidge & Terminal Co. 5%
Bonds, 1948
464,000
First Mortgage, Va. Air Line
Railway, 5% Bonds, 1952
900,000
First Mortgage, R. & A. Di¬
vision, 4% Bonds, 1989—
6,000,000
Second Mortgage, R. & A.
Division, 4% Bonds, 1989
1,000,000
General
Mortgage,
4H%
Bonds, 1992—.
48,616,000
$3,921,113 67
Cash in Transit 1,715,933 19
ury
Cash
>
...
Second Preferred
First
Cash in Treas¬
Cash Deposits to pay
est and Dividends
employees.
IIAR All AN, President.
First Mortgage,
>
page
report]
Physical Property
Special Funds, and Funded
for
and
(Excluding Stocks and Bonds owned of the C. & O. Ry. Co. of Indiana
and of the C. & O.
Equipment Corporation.)
Capital Slock—
\
:,.y
Common
—$62,792,600 00
First Preferred
3,000 00
1930.
„
(Includes First Lien and
Improvement 5% Mort¬
gage
Bonds
$54,248,000 00.
See Contra.)
R.
officers
.
385,000 00
sumed—Pledged—
Bonds—See
of
J.
Mortgage, Terminal,
&c., 6% Bonds, 1922
General
Funding and Im¬
provement 5%Bonds, 1929
Convertible
4H %
Bonds,
As-
or
T.
First
page
report]
Securities—Issued
succeed
a
Henry
By order of the Board of Directors,
Funded Debt—
3,579,408 01
*
$18,819,906 45
Investments—Pledged—
1920,
!
—
-
Other
17,
resigned.
$15,240,498 44
report]
Director
a
Wickham, Vice-President and General Counsel of your Com¬
pany, was elected a Director to succeed Frederick H. Raw-
Common—The Chesapeake & Ohio Railway
Co. of Indiana.
page
18 [pamphlet report]
Bonds—See Schedule,
elected
December
elected
was
Effective July
liabilities.
:
—
—
was
Company.
SHEET, DECEMBER 31, 1920.
(Excluding Stocks and Bonds owned of the C. & O. Ry. Co. of Indiana
and of the C. & O. Equipment Corporation.)
Property Investment—
to
reference
with
1920, W. J. Harahan
Effective
ASSETS.
Cost of Equipment—.
regret and appre¬
directors
Company from July 1, 1918, to De¬
GENERAL BALANCE
Cost of Road.
your
Director of your
a
16, 1920, Robert Gibson
Board for many
Director at the time of his death.
a
control.
Your directors
Your directors regret to announce the death
November
a
the deaths of these two invaluable officers.
Railroad
generally who are charged with the administration of the
provisions of the Transportation Act, has been helpful, and
your directors are hopeful that with the revival of business,
which is certain to
your
pay
public authorities
^George W. Stevens, President and
Director of
Company since 1900, except during the period of Fed¬
eral
The attitude of the Inter-
and
Your directors also regret to report the death on
3, 1920, of
em¬
many
2331
due
10,000,000 00
1,000,000 00
7^'nnn
07'[win nn
97,000 00
nn
---
51.000 00
500,000 00
GENERAL
December 31, 1920, and
For Year Ended
[Vol. 112.
CHRONICLE
THE
2322
INCOME
ACCOUNT—(CORPORATE).
Comparison with Year
ended December 1919.1919.
31,
1920.
,OQ
$162,406 61
—
260,001 50
$691,920 68
SI,759.488 66
142,094 58
M,067,56/ 98
148,261 86
$1,901.583 24
$1,215,829 84
$16,160,772 50 $15,282,361 69
$8,773,843 40
Deductions from Gross income—
.. ... ... __
98,172 08
Interest
Debt„_
—.-V- $9,953,406 69
20,866 23
Rental Leased Roads and Misc. Rents.
98,471 60
615,311 27
Loss
C. & O. Grain Elevator.
21,100
Miscellaneous
r 101,335 46
Total Deductions
,—
$10,174,314 29 $9,508,192 98
Net income
$5,986,45821 $5,774,16871
Amount to Credit of Profit and Loss December 31 1919
r--_A:
——
Amount of Net Income for year ended December 31 1920, transferred to Profit and Loss.,—
64.8
—
$685,753 40
$878,410 81
Accounts
Miscellaneous
-----
-
2.0
80.4
81.3
1.4
$192,657 41
$14,066,531 85
$14,259,189 26
Per Ct.
$290,252 30
$14,878,831 03 M4,588,5/8 73
39,641 77
202,048 38
580,000 00
319,998 50
...
......
Income from Other Sources—
Interest from Investments and
Decrease.
Increase.
Director-General of
Income of
including Compensation under Contract with
for January and February 1920. and Net Operating
Company from March to December 1920, inclusive
♦General Expenses (Corporate)
_
Federal Income Tax Accruals
...
.—
-V
Income,
Railroads
t Net
$6,167 28
..
4.2
5631
5.7
Gross Income
_ _.
•
13.4
.3
$1,179,563 29
299 52
on
,,
-
1.1
234 31
$513,975 81
on
$666,121 31
$212,289 50
—
83.5
7.0
3.7
.......
—
i-.-v-----.$11,849,417 50
.$5,986,458 21
28,494 62
Sundry Adjustments
*
*
^
6,014,952 83
$17,864,370 33
Dlvide^nd^Paid
Dividend 41
June 30 1920
Paid December 31
-
------
-
-
—
—
i-
1920
$1,255,632 00
1,255,632 00
—
2,511,264 00
$15,353,106 33
Appropriation of Surplus to Sinking
Balance to Credit of
t Includes
Profit and Loss
$2,700,000 amount received
of Transportation Act, 1920.
*
General Expenses 1920
12,000 00
and Other Reserve Funds
December 31 1920
from the Inter-State
refer to months January
Commerce Commission as an
r,
and February only.
CANADIAN PACIFIC
PROCEEDINGS AT THE
REPORT OF THH
$15,341,106 33
advance under the Guaranty provided by Section 209
■
RAILWAY COMPANY
FORTIETH ANNUAL MEETING OF THE
ON WEDNESDAY, MAY 4TH, 1921.
SHAREHOLDERS, HELD
AT MONTREAL
The meeting
vening the
Company at
the notice con¬
General Offices of the
assembled, in conformity with
at noon, at the
same,
Montreal.
The Chairman
of the Company,
sided, and the Secretary of
Lord Shaughnessy, pre¬
the Company acted as
Secretary
of the meeting.
having been read by the
Secretary, the President, Mr. E. W. Beatty, in moving the
adoption of the report on the affairs of the Company for the
year ended December 31st, 1920, which had been printed
and distributed to the Shareholders, said:
The operations of the Cpmpany during the year, the An¬
nual Report for which is now submitted for your approval,
have been conducted under conditions which were so excep¬
tional as to costs as to make it unique in the Company's
The notice
calling the meeting
history as well as in the transportation annals of Canada.
The shareholders are aware of the general conditions which
so
strongly influenced the results for the year in question,
I doubt if a full appreciation of them is possible save
but
with
a
very
intimate knowledge of the details, the aggre¬
Company's
gate of which is so vividly reflected upon the
revenues.
The cost of labor, materials and fuel
during the year, and extraordinary
high exchange and taxes, added their
their peak
such as
reached
added costs,
quota to the
expenses.
The back pay
which accrued before
the increased freight
rates became effective amounted to a little
less than seven million dollars, and the additional amount
and
passenger
required to pay exchange on coal and other purchases
The total, including provision for
four million dollars.
to
in¬
additional costs of approximately thir¬
thousand dollars, which were
charged to the expenses of the year. All these extraordinary
and abnormal expenses the Company was able to absorb
and pay its fixed charges and usual dividends.
This result
was only possible because of the excellent character of the
Company's facilities provided by you in previous years at
large capital expense and the possession by it of equipment
used with the greatest possible efficiency, which enabled
the heavy fall movement of traffic to be effected with a
despatch which has rarely, I think, been equaled.
I cannot
speak too highly of the loyal and effective work done by
the officers and men of the Company, without whose ef¬
forts such favorable results could not have been secured.
While the conditions of the Company's property has never
been permitted to deteriorate, due to the provision made for
its upkeep to a high standard in pre-war years, there were
expenditures which had to be incurred in 1920 which, except
for the intensive use of equipment and the shortage of labor
and material during the War, would either not have been
included in the expenses for that year in their entirety or
would not have had to be incurred at all.
The Company's
come
taxes, involved
teen
million,
five
hundred
equipment was put to a great strain from 1914 to the end of
1919, and both freight and passenger business—including
troop and coolie movements—was so extensive that the usual
be reduced because every unit was
service. When these movements ceased
shopping program had to
required in actual
renewals, of course, became exten¬
I should have preferred that the work
been postponed until price conditions were more
repairs to equipment and
sive,
while
and
could have
favorable,
as
soon
it was necessary, unless the Company were to
that the work should be gone on with
prestige,
in
suffer
as
possible.
About the middle
in business took
.
of December a
place, resulting in
pronounced contraction
diminished traffic of all
descriptions.
This depression still continues, but by rigid
economies the net results for the first three months of this
year are
costs of labor
As
of the corresponding
notwithstanding the greatly increased
somewhat in excess of those
period of last year,
you
are
prevailing in 1921.
aware,
the parity of conditions
which has
resulted in the
forced adoption in Canada of what is known as the "McAdoo
Award" and amendments, and of the award of the United
States Labor Board made in August, 1920.
Increases in
wages may have been justified at that time by the abnormal
increase in the cost of living, but they were accompanied by
alterations in working conditions of such a character as to
impose heavy and, in the view of the companies, unneces¬
sary
burdens on the transportation agencies of North
America.
The combined effect of them has been to greatly
increase the cost of the operations of all companies.
The
conditions which rendered them necessary being rapidly
ameliorated, it is apparent that readjustments will be es¬
sential.
The effort to secure reductions in wages and alter¬
ations in working conditions has already been commenced
in the United States and is proceeding in a sane, orderly and
legal manner.
What is accomplished there will undoubt¬
edly reflect on the rates of pay and working conditions in
Canada.
These increases in wage scales, while not the
only element which entered into the increase in freight and
passenger rates, were still a very outstanding and potent
factor, and when the readjustment of wages takes place it
is only right that the rate situation should be again recon¬
sidered with a view to revision downward.
The rates are
high, but I am not one of those who believe that the existing
scale of wages and consequent high freights is responsible
for the present business depression; the causes of that go
much deeper than the mere standard of wages paid to any
existed in
the
United States and Canada
world-wide. While reduction in wages
reduced purchasing power in the indi¬
vidual, such reduced purchasing power is not represented
by the difference in the scales of wages because of the gen¬
eral decrease in prices of the commodities to be purchased.
Nevertheless, a reduction in both wTages and freight rates
would have a pronounced and beneficial effect on the gen¬
eral sentiment in the country through the encouragement
it would give and \ the confidence that normal conditions
given class and are
does carry with it a
had
been
more
nearly reached.
■
of course, reflected
year's operations of
the Company's steamers, but the passenger business is well
maintained and the prospects of immigration on a large
scale are very promising.
The construction of the new
general trade depression has,
itself in the results during the present
The
Mat 28
1921.]
THE
CHRONICLE
steamers for the Atlantic and Pacific, to which reference is
made in the Annual Report, has been
very
seriously delayed
by the Joiners' Strike in Great Britain, which is still ap¬
parently far from settlement and which will defer the de¬
livery of these steamers until at least the end of the present
These ships
year.
class that would render great
during the summer and autumn of this year, and the
service
of
are
a
fact that they will not be available is to be
regretted.
As
both the direct and indirect benefits of a continuance of an
adequate service
chase
other
are
great it may be desirable to pur¬
can be obtained at moderate
'
1
very
if
ships,
these
prices.
As indicated
excellent
in the Annual Report,
finances
your
are
in
shape.
While the balance in the Bank is not, of
course, as large as it was at the end of the last fiscal year,
the amount is nevertheless
is still
unissued
Dollars
which
of
has
a
substantial
very
undisposed of
or
Consolidated
been heretofore
Stock
authorized
one, and there
Sixty-seven Million
over
Debenture
the
that
or
issuance
of
will
be
you
asked to sanction at this Meeting.
Even in the trying times
during and immediately succeeding the War the progression
of the Company has been steady and sure, and the Assets
Statement
shows
increase
an
of One Hundred and
excess
since
1914
of
amount
an
in
4%
of
was
Consolidated
favorable.
very
outbreak of hostilities in 1914, and, in
Directors, is
indi¬
as
cating the resumption of interest in
your principal capital
It may conceivably be the first
step towards the re-establishment of a market in England
for the ranking securities of the Company which cannot but
security in Great Britain.
have
important influence
an
special general
securities
other
Report,
meeting to be
will be asked at
you
held
immediately after
the issuance of Bonds, Debentures
this meeting to approve
or
its future financing.
on
As explained in the Annual
the
collateral
to
Consolidated
Debenture
Stock which the Company is or may hereafter be empowered
to issue and to the same amount, such securities to be
pay¬
able
in
such
and at
currency
bearing such interest
such
times
and
places and
Directors may think proper.
While it is not easy to designate in advance the exact
for which
purposes
as your
money
quired, it is thought by
be from
may
time
to
time
re¬
Directors that your approval
your
should be asked to the creation and issue of such securities
will enable them
as
for extensions and
of
reserves
the
conditions warrant to provide money
as
steamers and also
new
Company,
substantial
restore
the cash
of
amounts
have, during the last few years, been expended
which
Capital
on
Account.
Waldorf System, Inc.—2d Annual
quickly absorbed.
money are
desirability of having
stances may
that
in
sums
of
You will, I feel sure, recognize
financial arrangements ifl
your
justify
or
require, and to that end will invest
them with the proposed powers.
The balance sheet of Dec.
including cash,
indefinite
continuance
Certain
but
basic
the
of
stimulus
full effect will be felt
expansion
and
caused in
many
ranted
the
by
the
elements
mercial activity is not, I
it is reached and traffic
of
present
commercial
in
have
cost
restored
depres¬
to
yet
confidence
be
and
think, in the distant future.
re¬
com¬
When
approaching normal is resumed, the
the
on
localities
Company's operations.
financial
consequent
$1,874,250.—V.
to
a
fundamental
pessimism which is
soundness
of
have
not
Canadian
satisfy all the public demands which
it, and to meet
your
(1) Current assets, $890,343,
$50,000; materials and
supplies,
112,
p.
856, 2199.
Co., Boston.—No Common Dividend.—
The directors on May 26 took no action on the Common
dividend usually
paid June 15.
In March last the dividend was reduced from 35 cents to
17H cents per share.
Dividends of 35 cents per share have been
paid
quarterly from Sept. 1918 to Dec. 1920 incl.
The regular quarterly dividend of
1H % has been declared on the Pref.
stock payable June 30 to holders of record June
20.
Compare V. 112,
p. 1032,2092.
Westfield Manufacturing Co.—No Par Value Shares.—
The company has filed a certificate with the Massachusetts
Commissioner
of Corporations stating that the Common stock
consisting of 10,000 shares,
$100, has been reduced to 2,000 shares par $100.
The reduction is
accomplished by the cancellation and surrender of 8,000 shares in
exchange
for 8,000 shares of Preferred stock.
par
The 2,000 shares of Common remaining are to be
exchanged for 40,000
shares of Common without par value in the ratio of 20 shares
for one.
Capital will now be $1,200,000 represented by 40,000 shares of common no
par value, and 12,000 of Preferred, $100 par.—V. Ill, p. 2532.
Westinghouse Electric
&
Manufacturing Co.—To
on Pacific Coast to Take Care
of Western Business
and Pacific Coast Export
Trade—Listing.—
Build Plants
The company, it is announced, is preparing to
place a series of plants on
the Pacific Coast, in order to avoid high freight rates on
manufactured
products from the East and to take advantage of the rapid industrial growth
and coming foreign trade in the Pacific.
The development planned for the coast includes a
$1,000,000 plant
already announced for Los Angeles, two similar plants—one in the San
Francisco Bay district and one on Puget Sound—one central coast
factory,
and two specialty manufacturing
plants.
The locations of the last three
units have not yet been chosen.
In addition, a series of
distributing agen¬
cies will be set up in principal Western centres.
In making this announcement. K. E. Van Kuran, District
Mgr., says:
"It is now necessary, in view of transcontinental freight rates and
growing
Pacific trade, that the Westinghouse organization
prepare immediately to
take
care
of Western business from Western
plants.
At least six units must
plants now scattered over the country,
already have 40,000 employees and annual sales of mere than
$150,000,000 in the United Statos [see report for 1920 in V. 112,
p. 2185 .]
be added to the 64 manufacturing
where
we
"Not all of this material to be manufactured in the new
plants will be
on this coast,
but will take care of the continued
development of
In 1914 the U. 8. exported less than
$20,000,000 worth of
electrical appliances.
To-day America exports almost this amount of elec¬
trical appliances each month.
In 1919 America shipped more than
1,600,000 metal filament electric lamps to Mexico: more than
1,100,000 to Aus¬
tralia and New Zealand; more than 250.000 to the
Dutch East Indies;
231.000 to India; 31.000 to the Straits Settlements;
55,000 to Hongkong;
6,000 to Siam; and 8.000 to French Oceania.
"We are shipping abnost three times as much electrical
interests
transportation
United
the
with
credit
steadily
requirements
war¬
as
wealth.
to
itself
advancing
of
may
and
be made
Calendar Years—
Total income
Oil
1919.
643,349
466,476
Operating net income__$3,912,489
Interest and depreciation
607,559
Federal taxes
488,582
Depletion, well drill, &c__
885,425
Due minority stockholders
52,250
$1,834,611
*814,664
232,085
$1,242,678
692,325
65,710
♦Includes
$1,878,673
$184,694 for cost
of
$910,912
150,313
38,484
16,583
$749,378
$468,059
wells
Profits before taxes, &c_
—Y. 111. P. 1573.
1921.
$1,058,385
1920.
$669,732
Co.—Copper Output (in Lbs.).
1921—4 Mos.—1920.
72,023(1,388,389
Increase.
1,131,762
256,627
have
declared
a
dividend
of
50
cents
per
share
on
the
payable on the first day of every month up to Jan. 2 1922,
dividend of 1 %% on the Preferred stock, payaole
July 1, Oct. 1
and Jan. 1 1922 —V. 112,
p. 856.
a
Youngstown Sheet & Tube Co.—Eight-Hour Day.—
Explaining introduction of the universal eight-hour day into the plants
operate our plant without
any change in hours.
When we found during April that business did not
improve, but. if anything, grew worse, we dicided that we should not be
paying part, of our men overtime while the others were
walking the streets
without employment.
Therefore
written
22,448
$298,882
off.
1919.
$463,974
we
1918.
$203,240
decided to put all departments on an eight>-hour
basis, first,
more evenly divide the work
amoung our employees; and
our labor costs to some extent
because it would
second, because it would reduce
unnecessary to pay time and a half for all
in March and April and for this reason it
soon
as
hours,
$760,599
409,316
29,952
Profits before Reservation for Federal Taxes, Depletion and Depreciation and
Expenditures Incidental to Drilling.
Quarter ending March 31—
The directors
Common stock,
and also
as
possible.
This is only
by making it
eight hours
We lost money
necessary for us to operate as
temporary arrangement and as
over
was
a
have business enough to operate our
plant on the old basis of
expect to go back to that arrangement."—V. 112, p. 1884.
we
we
C U R R E N T
—The
abandoned
Increase.!
346,428
1749.
(Wm.) Wrigley, Jr., Co., Chicago.—Dividends.—
economically
1917.
$1,563,405
320,727
Net profits.
Wolverine Copper Mining
1921—April—1920.
418,451
—V. 112,* p.
the company, President James A.
Campbell is quoted:
"When we reduced wages early in
February we expected that by this time
business would have improved so that we could
1918.
$2,301,087
Willys-Knight
The price of the Willys-Knight
touring car will be cut from $2,195 to
$1,895, the roadster from $2,195 to $1,895, the coupe from $2,845 to $2,550.
the sedan from $2,945 to $2,750.
The Overland cars will be reduced
a> follows: Touring from
$895 to $695. roadster from $895 to $695, coupe
from $1,425 to $1,000, sedan from $1,475 to
$1,275.—V. 112, p. 1874.
of
Fields.—Earnings-
1920.
.$4,555,838
Admin. & general expense
For annual report see preceding
pages.
The company has announced a reduction of $300 in the
and of $200 in the Overland model
beginning June 1.
and
Canada.
Drug Co., Ltd.—Capital Increase.—
Consolidated
2185.
cars
advantage
commercial
p.
Willys-Overland Co.—Report—Cuts Prices.—
condi¬
Supplementary letters patent have been issued under the Seal of the
Secretary of State of Canada, dated April 15 1921, increasing the capital
stock from $1,500,000 to $3,500,000 such
increase to consist of 20,000
Preferred shares par $100 and
amending the original letters patent by con¬
verting the 5,000 common shares bar $100 each into 50,000 Common
shares of no par value.—V. 112,
p. 1985.
Ventura
machinery abroad
Great Britain, and we must keep that trade for America and
the Pacific
trade must be concentrated in Pacific States."
The New York Stock Exchange has authorized the
listing ©f $30,000,000
Over-
embarrassment
ability of the Com¬
upon
1920 shows:
&c.
(2) Outstanding liabilities, &c.: (a)
accounts
pavable,
$305,253; (&) notes payable, $210,000; (c) mortgage notes payable,
$180,500;
(d) First Pref. stock, $888,120; (e) Pref. stock, $596,100; <j) Common
stock,
7% Gold bonds, due May 1 193i.—V. 112,
tions and the country's almost unlimited natural
I have the most implicit faith in the
pany to
31
$195,533; demand loan,
$533,723,
of rigid economy and retrenchment has
yet passed, your Directors do not look forward to an
duced,
excess
inventories, obsolete equipment, amortization of leaseholds and
provision
for the sinking fund to retire Preferred stocks.
There was a net increase of
87 in the number of operating stores, viz.: number Jan. 1
1920, 71; acquired
during 1920 by purchase, 17; constructed during 1920, 3; total,
91; less
stores sold in 1920, 3, and abandoned, 1.
"Eleven of the newly acquired stores (Capitol Lunch
System) were
financed partially by the sale of 15,000 shares of First Pref.
stock and 10,000
shares of Pref., while as much again has and will bo financed
out of current
and future receipts and profits.
[Liability on purchase accruing through
1921, $449,288.—Ed.]
The other newly acquired stores, six in
number,
together with three stores constructed, two commissaries
built, nine stores
and three buildings remodeled, were financed out of the
year's receipts and
profits.
The newly added stores should bring our sales for 1921 close to
$12,000,000."
While the period
sion.
regular
This is after making adequate reserves for Federal
profits taxes, depreciation, liberal writeoffs for
10% cash dividends.
and State income and
Pacific trade.
such shape that your Directors can without avoidable
delay
secure
funds for jrour purposes at intervals as circum¬
not
Report—Cat. Year 1P23
Pres. Percy E. Woodward, Boston, Feb.
16, wrote in substance: "Witi
sales of $10,516,956 as compared with $5,371,825 for the
8 months of 1919,
sufficient profits were earned to pay 8% on both the
Pref. stocks outstand¬
ing and two 5% stock dividends on the Common, in addition to the
used
The Company's enterprise is now so extensive
providing for normal and proper expansion large
the
See Jerome Copper Co. above.—V. 112,
p. 2092.
the opinion of your
incident of the utmost significance
an
Company, &c.—
Walworth Mfg.
Debenture Stock at a price
This is the first application for
the acquisition of Debenture Stock from England since the
which
United Verde Extension Mining Co.—To
Develop Prop¬
Verde Copper Co.—Investment in New
erties of Former Jerome
Seventy Million Dollars.
Your Directors have recently accepted a proposal for the
acquisition by London, England, interests of a substantial
amount
2333
American Trust Co.
has
N O T I C E S
been appointed
Registrar for the
new
$3,060,000 issue of Common and Preferred stock of the
Zapata Producing
& Refining Co.
—Sidney Spitzer & Company announce that Mr. Marvin Hill has taken
charge of their Eastern office at 111 Broadway, New York.
—The
Equitable Trust Co. of
New York has been appointed
of the stock of the Morris Tobacco
—The
Guaranty Trust Co.
Registrar
Stemming Corp.
of New York has
Agent of capital stock of the Durant Motors, Inc.
been appointed
" \
Transfer
THE
2324
[Vol. 112.
CHRONICLE
day and night.
2Jlue CommmM
next
Monday
on
a
COMMERCIAL EPITOME.
On
it
is
of
New York, Friday Night, lfa-y 27 1921.
the whole trade is still rather slow.
In some lines
smaller than recently.
The best reports come from
:
Middle
but
West,
on
even
Southwest there have been
complaints of hot, dry
weather.
Canal, and is of¬
$10 below the rail prices of lumber, The
Panama Canal is a big factor in trade nowadays.
Crude
oil is at the lowest prices of the year.
On the other hand, cotton has advanced.
Shorts in May
Chicago
at
temerity
severely punished for their
market, and that option rose
Some reports of damage to the crop
have been
in overselling the
26 cents per
bushel.
Oct.
mill
31.
mills are being
Certain
operated to full
The Durham Hosiery Mills are sold up to August
lines, and have placed deliveries
some
month
"at
value," i.e.,
and machinery trades.
fered at $4.50 to
wheat
The
persons.
beginning with
prices then current.
The
Massachusetts State Department of Labor and Industries
reports improved conditions in the textile industry, and a
steady demand for boots and shoes, but dulness in metal
trade is only fair.
for any great time
ahead.
Not only iron and steel, but other metals, with the
exception of copper, have declined. This includes lead, tin
and zinc.
Raw wool has declined.
Lumber is arriving here
at New York by water and from the South and the Pacific
of the Panama
to
that
Drygoods are less active.
Mail-order
There is no disposition to supply wants
Coast, the latter by way
schedule.
Some silk mills, as a result
big demand for silk hosiery, have sold their production
capacity.
there no real activity exists.
Iron and steel have been dull and depressed;
the auto
trades are less active and prices are declining.
Collections
are
slow; in fact, they are slower than at any time for
some
months past.
Cold, wet and unseasonable weather
has hurt trade in many parts of the country, though in the
the
a
up
weekly
48-hour
normally employs 250
/•
Cotton Mill, Williamstown,
The Greylock
Mass., which has been closed since December, will reopen
.
at
u
-
l
system except
two will be closed from May 27 to July 5, affecting 3,000
men.
Light traffic is given as the reason.
Wages of 5.000
union cloth hat and cap makers in New York have been
cut 10% by an arbitration board, effective at once.
The
Cambria Steel Company has cut wages for the second time.
They are now back to the basis at which they were in 1917.
Approximately 70% of the employees of the Erie railroad
shops at Meadville, Pa., have voted against the proposal
offered by the company that the men work 10 hours a day
and get 10 hours' pay and all receive full-time employment.
Automobile tire factories at Akron, Ohio, plan to lay off
several thousand men this week and to further reduce fac¬
tory forces in June unless the industry improves.
A num¬
ber of automobile plants in Detroit are daily laying off
Every shop on the Great Northern Railway
owing to the dulness in the industry.
men
reduced prices,
The Willys-Overland,
Inc., announced that, effective June 1, prices on Overland
cars will be cut from $200 to $425 per car, and on WillysKnight models from $195 to $300 per car.
Prices of Mitch¬
ell motor cars have been reduced from $210 to $260 per car.
The Olds Motor Works at Detroit have resumed operations.
During the past seven days 63 American steamships
cleared from the port of New York, which suggests that
possibly the back of the marine engineers' strike has been
broken.
The marine engineers' strike is said to have a firm¬
er hold on New Orleans
and San Francisco than on any
other ports of the country.
Ship operators unanimously
rejected the compromise proposal of Secretary of Labor Da¬
vis looking to a Settlement.
The steamship companies are
confident that the marine strike is growing unpopular with
the men, and call attention to the fact that during the first
three weeks of the strike 936 American vessels cleared from
American ports, while only 190 were held in port by lack
of crews.
All striking marine workers or leaders not resi¬
dents of Portland, Me., were ordered on May 23 to leave
that city within 48 hours.
<
after all is said, the condition of American business can
The New York State Department of Farms and Markets
hardly be called satisfactory, and caution is the word all
notes that prices of butter, eggs, canned goods, produce and
over the country.
other foodstuffs have been on the downward trend for some
Retail trade is still as it has been for some time past—
time and are still dropping.
Eggs on May 1 were 34c a
poorer in the country districts—because the farmer suffers
dozen, compared with 59c a year ago; butter, 41c now a
from the fact that while his products have declined 60% to
year ago 77c; rice, 7c a pound, against 19c last year.
Sugar,
70% from the "high" of last year, the manufactured prod¬
which a year ago sold for 23c a lb., now retails at 7c.
Pota¬
ucts that he has to buy have fallen on the average only 37%
toes and onions are now 2c and 3c a lb., instead of 9c; cab¬
at wholesale and 28% at retail, with wages down on an
bage, 6c, instead of 10c; canned salmon, 9c, instead of 23c,
average only 15% to 20%, rail freights high.
The declines and a loaf of bread, 7c, instead of 10c. There is an advance,
in prices within a year have been of historic severity, but
however, in the price of meats.
they have on the whole hit the grower of cotton, grain,
The National Industrial Conference Board says that the
sugar, tobacco, etc., harder than anybody else.
The farm¬ total cost of living has fallen 17.5% since July, 1920, but in
er's buying capacity has fallen off fully 40% and probably
March, 1921, was 68.7% higher than in July, 1914.
Costs
more.
A sinister reminder of this is seen in the fact that
of food and clothing are shown to have decreased; rent
retail trade is far worse in the country than in the big cit¬
and cost of fuel and light increased.
The rise in the cost of.
ies, hard as they have also been hit by unemployment, un¬
major items of the budget of wage-earners between July,
seasonable weather, and retailers' extortions.
High rents
1914, and March, 1921, is estimated to have been as follows:
prevail everywhere in the United States, largely due to the
Food, 56%; shelter, 71%; clothing, 74%; fuel and Mght,
extraordinarily high wages paid carpenters, bricklayers,
87%; sundries, 85%. The report shows that the peek was
plumbers, lumber workers, etc., besides the exorbitant prices
reached in July, 1920.
Since then food has decreased 29%
charged by manufacturers of everything that goes into a
and clothing 35%; shelter has increased 8% and light 13%.
building.
Meanwhile, though the mill sells print cloths at
No change otherwise.
72% less than a year ago, steel, iron and flour at 40% less,
LARD quiet; prime western $10.10@$10.20; Tefined to
sugar at 70% less; coffee is down 41%, eggs 51%, butter
53%, pork, 38%, yet the retailer has lower his prices on the the Continent 11.50c.; South American 11.75c,; Brazil in
average less than 30% and seller of labor not over 20%,
kegs 12.75c.
Futures advanced with grain despite big
and in the New England cotton industry none at all.
Two receipts of hogs and lower prices for them, slackness of the
domestic and export cash demand.
Outside buying too has
things stand out as needing correction, i.e., the price of re¬
been small.
And it looks as though the receipts of hogs
tailers' goods and the price of labor, which latter depends
would continue large.
Packers have sold.
New York on
largely on retail prices, or in other words, in the cost of
the 24th inst. it is true exported 6,000,000 lbs. of lard and
living.
exaggerated, and in
any case needed rains have latterly fallen in Kansas, Ne¬
braska, Iowa and Oklahoma.
The woolen goods industry
is sending more cheerful reports.
Soft coal sells more
readily for export and lake shipment.
Shoe manufactur¬
ers are more active.
Leather and hides have been in bet¬
ter demand.
Flour has been firmer.
Foreign news has
been in the main more cheerful.
The news from Silesia
has been more pacific.
And it would not be at all surpris¬
ing if the great coal strike in Great Britain should be ended
within a week.
That would mean an immense impetus to
British industries, and the reflex in this country would also
be favorable.
Stocks and foreign exchange have been lovver,
and merchants have noted with certain feeling of disquiet¬
ude the passing of dividends by some industrial concerns.
In other words, the process of readjustment to peace condi¬
tions is still going on.
Meantime, however, the ratio of
reserves to liabilities of the Federal Reserve Bank here is
steadily rising and the same tendency is noticeable in other
parts of the country.
Already lower rates of discount have
made things easier for the Southern cotton trade.
But,
have apparently
in the Southwest
been
Approximately 4,300,000 workers are idle in Europe, ex¬
the Balkan States, Secretary Hoover
clusive of Russia and
says,
ment
basing his figures on cables received by the Depart¬
of Commerce.
London cabled on May 25th that the
first break in the ranks of striking
curred
that
the pits.
day
when 600
British coal miners oc¬
Shropshire miners returned to
Men went back to work under a temporary, wage
agreement with colliery workers.
The more optimistic de¬
clared that the defection was the beginning of a landslide.
A
cable
received
that
Government.
British
coal
At
day also
said the coal miners and
been summoned to
mine owners have
Buenos
strike
Ayres
is having
the
a
conference by the
port
boycott
is over.
serious consequences on
the
textile industry, and orders with specified
delivery dates may be lost for lack of fuel.
The Republic
Cotton Mills, Great Falls, S. C., are running on full time,
English
wool
The
Scripps-Booth
Car
Motor
Co. has
ranging from $195 to $270 per car.
1,500,000 lbs.<of bacon which was certainly large.
To-day
advanced but they end practically unchanged for
futures
the
week.
DAILY
PRICES
CLOSING
Sat.
cts_ 9.42
May delivery
July delivery
September delivery
9.72
10.05
OF
LARD
Mon.
9.37
9.67
10.00
FUTURES IN chicago.
Tues.
9.47
9.77
10.10
Wed.
9.12
9.77
10.10
Thurs.
9.22
9.52
9.85
Fri.
9.35
9.60
9.90
$24 50@$25;
family $30@$33;
May pork closed at $17 30 an
advance for the week of 5c.
Beef dull; mess $16@$18;
PORK
short
clear
lower;
mess
$22 @$24 50.
packet $17 @$18; family $18 @$20; extra India mess $26@
$28; No. 1 canned roast beef $3 00; No. 2 $5 60; cut meats
quiet but steady; pickled hams 10 to 20 lbs. 20%@20 7-9c.;
pickled bellies 10 to 12 lbs. 15^@17cv Butter, creamery
extras
29M@30c.
gathered extras, 29c.
Cheese,
flats
10@17e.
Eggs,
fresh
MAY 28
1921.]
THE
CHKONICLE
COFFEE on the spot in slightly better demand and
firmer;
No. 7 Rio 6% @6 34c.; No. 4 Santos
9@9^e.; fair to good
Cueuta 10@1034c.
Futures advanced.
Brazilian cables
were
higher.
That Government was said to be bidding
Liquidation neutralized the effects.
Many
longs sold out in disgust; the market here was so sluggish.
They sold May, July and Sept.
Cost and freight offerings
were at irregular
prices at times, some higher, others lower.
Nothing seems to lift the coffee trade out of the rut.
To-day
futures declined slightly but end with July 44
points higher
than a week ago.
4>V44prices
up.
Spot (unofficial)- 6H-H I July__6.33@6.35IDecember
{September—_6.69@6.70 [March
SUGAR
earlier in the week
the basis of 5.02c. for Cuba
on
duty paid.
The Cuban Sugar Committee shows a disposition to stand
its ground at the present price though Cuba is said to hold
than 1,100,000,000 lbs. of unsold sugar and the
surplus
is said to be steadily increasing.
Later Cuban raw
more
sugar
just arrived in Philadelphia sold at 4.89c. duty paid for
56,000 bags; another sale was of 20,300 tons of Cuba in
port at New Orleans at 354c. cost and freight equal to 4.89c.
duty paid.
■
^#44 '^v: :'v4 v
The Refined Sugar Contract Price Adjustment Committee
has adopted the following: "Resolved, that in the event of
the Emergency Tariff Bill now before the Congress of the
United States becoming a law, which provides for an increase
in the duty of 96-degrees test Cuba centrifugal raw
sugar of
5.952 cents per lb., the value of the outstanding contracts of
Standard Fine Granulated Sugar shall be increased .63 cents
per lb. in accordance with Sugar Trade Rule 18, effective
upon the opening of business on the day following the sign¬
ing of the said bill by the President."
Receipts at Cuban
ports for the week were 114,119 tons, against 135,550 last
week, 100,945 in the same week last year and 122,125 in
1919; exports, 46,954 tons, against 74,525 last week, 100,329
last year and 91,769 in 1919; stocks, 1,283,445 tons,
against
1,216,280 last week, 669,375 last year and 1,157,223 in 1919.
The number of centrals grinding was 172, against 191 last
week, 75 last year and 159 in 1919.
Exports included 35,676
tons to U. 8. Atlantic ports, 7,428 to New
Orleans, 964 to
Europe and 2,886 to Canada.
A Havana dispatch said that
a committee of Cuban
sugar mill owners and business men
on May 23 decided to request President
Zayas to dissolve the
Sugar Finance Commission.
The committee members de¬
clare that if they do not obtain dissolution they will appeal to
the courts, because it is their understanding that the Sugar
Finance Commission is unconstitutional.
To-day futures
fell and they end 14 points lower for the week on July.
Spot (unofficial)__5.06c |July
| December
3.45 @ 3.5 0! September. 3.55@
3-27@3.31|
_
3.56
were
bbls.
or
quoted at 77c.; less than carloads 80c. and 5
82c.
Cocoanut oil, Ceylon bbls., 9@934c.;
Cochin, 1034@1034c.; olive, $1 35@$1 60; soya bean edible,
8@834c.
Lard, strained winter, 84c.
Cod,
domestic,
45c.; Newfoundland, 48c.
Cottonseed oil sales to-day
4,100 bbls.
June closed at 7.30c.@7.50c.; July at 7.43 @
7.44c.; August at 7.50c. @7.65c.; September at 7.70c. @7.75c.,
and October at 7.80c.@7.85c.
Spot, 7,25c.
Spirits of
turpentine, 6634c.
Common to good strained rosin, $5 10.
less
PETROLEUM.—Eastern crude
duced.
Pennsylvania
prices
cut 25c. and is
were
further
was
The rainy weather has tended to curtail gasoline
consumption.
And the cuts made in crude oils have also
helped to depress the market for gasoline.
Kerosene is
quiet but steady.
Motor gasoline to garages (steel barrels)
was quoted at 26c.; motor
gasoline, U. S. Navy specifications,
1934c.; export naphath in cargo lots 21c.; 63 to 66 deg. 24c.;
66 to 68 deg. 25c.
The daily average production of gasoline
for March was 322,000 gallons less than that of February,
but 165,000 gallons larger than the daily average production
for the year 1920.
Stocks of gasoline increased during
March to 713,000,000 gallons.
This is the largest on record.
The daily average consumption for March wa3 2,600,000
gallons larger than that of February and 2,900,000 larger
than for March 1920.
The daily average production of
Kerosene for March was 365,000 gallons less than February;
stocks increased 16,302,000 gallons during the month.
The
daily average production of gas and fuel oil was 1,700,000
gallons smaller than the daily average for February.
March
stocks of this oil were 12,000,000 gallons larger than at the
end of February.
The American Petroleum Institute esti¬
mates that the daily aVerage gross crude oil production in
the United States for the week ended May 21st was 328,570
barrels, against 1,317,240 barrels for the week ended May 14.
$3 00 Indiana
1 90 Princeton
Pennsylvania
Corning
Somerset, 32
and above
181
$2 13
2 02
Illinois
;
2 02
Plymouth
deg.
1 f0
Ragland
2 20
2 08
&
Corsicana, light-__
Corsicana, heavyElectra
Moran
Henrietta
Okla¬
homa
1 25
Wooster
Lima
Kansas
1 50
Strawn
Thrall
Healdton
Caddo, La., light1 25 Caddo, crude
1 50
75
1 50
De
Soto
HIDES have been firmer for local dry hides with
what better trade and
$1 50
1 50
1 00
1 50
1 50
1 75
1 00
1 65
a
some¬
rising demand for leather.
River
that prices are firmer.
Sales were re¬
ported of 4,000 Wilson May frigorifico steers at $41 to
Sweden, the equivalent of 1434c. to 16c. on 90 day credit
a
Plate reports state
and 4,000 Sansinenas at $41 75 to $42.
Bogotas are quoted
at 12 to 14c.
Country hides have been in somewhat better
demand.
City
packer hides
are
stronger following
it
is
said the disposal of the output of all the
uptown packers,
but one at 13c. for natives, 12c. for butt brands and 11c.
for
Colorados but trade is now quiet.
Later, it was
that
sold
rumored,
Bogata sold at 14c., but this was not confirnied; some
recently at 11c.; later 12 to 13c. was quoted.
River
Plate is firm.
It is declared that 4,000 Armour and Sansine¬
have been sold at the equivalent price of
1534c. 90-day
credit.
Some 12,000 Swift, Rio Grande steers are said to
nas
have been sold at $36 the approximate
equivalent of 1334c.
cost and
freight.
OCEAN FREIGHTS have been
quiet.
They have been
handicapped at North Atlantic ports by the marine workers'
strike.
Coal rates have eased.
French and British
shipping
lines, it is said, are in some cases granting rebates, except at
U. S. ports, where French and English
shipping come into
competition with American.
It hits America
hard, it is
said, in the trade from Cuba to Europe, from Africa or
Asia to Europe, or South America.
Charters
included
coal
from
Atlantic
range
to
French
Atlantic
ports
$4.50 May-June; to United Kingdom 31s. and discharge; from
Sydney C. B.
to United Kingdom 25s. prompt: from Atlantic
range to Algiers 31s. 3d.;
from Atlantic range to Atlantic islands 3s. 3d.; to River Plate $4.75
prompt;
lumber from Gulf
port to River Plate $10 prompt; heavy grain from San
June 20; coal from Virginia
Kingdom 33s. 9d.; prompt; from northern range to United King¬
dom 33s. prompt; to Montevideo 2 s. 3d.
prompt; from La Rosario to
United Kingdom and Continent 52s. 6d. June 10-30; from northern
range
to Rotterdam 7s. 3d. per quarter; lumber from a Gulf
port to River plate
$19 per mile June; heavy grain from Gulf to Rotterdam and
Antwerp 7s.
>rp
er quarter August; timber from Gulf to Bahia Blanca and
Rosario 210s.
?une; coal from Atlantic range to West
Ji
~
Italy $6.25 prompt lumber from
\ ; I 15
)t;
Gulf to River Plate $10; coal from
Hampton Roads to United Kingdom
35s. spot; 12,000 quarters grain from Philadelphia to United
Kingdom
6s. 9d. June; coal from Atlantic range to Las Palmas $5.50 June; to Rio
Janeiro $4.75; from Norfolk to Gibraltar 30s. May;
heavy grain from
Gulf to Antwerp 7s. 6d. per quarter May 31; coal from
Hampton Roads to
River Plate, up river ports 27s. 6d.; down river
ports 26s. 3d.; timber from
a Gulf port to South Africa 235s. June; coal from
Virginia to River Plate 27s.
June; one round trip in West India trade $2 prompt; sugar from north side
Cuba to Philadelphia or New York 17c., if Boston 19c.; coal from Philadel¬
phia to Rio Grande do Sul $6.25 May-June.
Lorenzo to United Kingdom and Continent 55s.
to United
..
.
has
on
the
whole
remained
quiet.
With
tariff Act being passed favorable to tobacco
growers in this country the tone of the market is perhaps
a trifle steadier.
Recent Kentucky prices show an advance
on grades
above inferior.
On some 435,000 lbs. recently
sold at Hopkinsville, Ky., the average price was $13 36
per
100 lbs. against 13.41c. for the same week last
year; thus
far this year 18,900,000 lbs. at an average of $10 42
against
28,470,000 lbs. for the same time last year at $17 76.
Quo¬
tations recently at that point were: Trash $1 to $3; lugs
common $3
to $5; medium $5 to $7; good $7 to $9; leaf,
low $6 to $8; common $8 to $12; medium $12 to $25;
good
$25 to $40; fine scarce.
Rain is needed for tobacco in parts
prospects of
of the Ohio
now
easier.
Cabell
more
re¬
S3; Corning,
Somerset and Somerset light were reduced 10c.
No changes
of importance were made in other fields.
Bunker oil is
•
Big •stocks and the absence of
principal depressing factors. The outlook for a
activity is said to be unpromising.
Smoked
ribbed sheets were quoted at
1434c., July-Sept. 16c.; JulyDec., 1734c., Oct.-Dec., 17c. and Jan.-March, 18c.;
spot
first latex pale crepe 1734c.
Para dull and lower; up-river
fine 16 34c.
Centrals quiet but unchanged at 7 34c.
London
cabled May 26 that the price of rubber is now
below the
lowest production costs and plantation
companies are suffer¬
ing heavy losses.
One expert estimates that only 25% of
the existing companies are solvent.
the
are
return to
TOBACCO
OILS.—Linseed firm, despite large stocks.
The advance
in flaxseed imparted strength to the market.
Linoleum
interests are buying but only on a small scale.
May car¬
loads
RUBBER dull and lower.
demand
7.15@7.18
_7.45@7.48
the spot
in fair demand at 5.02c. for Cuba and
Porto Rica centrifugal 96 degrees test.
Futures declined
with spot raws rather quiet pending tariff news.
A small
lot of Brazils in port sold at 5.02c. duty paid, San
Domingo
at 5.06c. duty paid in port on lighters.
Porto Rico sold
on
2325
a
Valley.
COPPER
firm
on
a
fair foreign demand.
Domestic
business, however, is light.
Large interests quote 13 34c. for
May-June.
Smaller dealers ask 1334c.
Tin quiet and
lower in sympathy with London.
Spot 32@3234c.
Lead
quiet but steady at 5c. for spot New York.
Zinc quiet and
lower at 4.80c. for spot St. Louis.
Pig Iron has been very
dull and 50c. to $1 lower on Eastern Penn. foundry grades.
Basic iron sold at Chicago at $21 50 Valley furnace or a drop
of 50c.
Automobile castings are in less demand.
Some
hope that lower freights may stimulate trade.
It is only a
hope at the moment.
Finished iron is lower at Birmingham;
sanitary pipe is down to $40.
In general, pig iron trade is
stagnant and prices are to all appearance tending downward.
STEEL has been
dull, and, rightly
or
wrongly,
some
that present stagnation portends a period of dulness for
months
to
think
some
Output is decreasing, coincident with a
falling demand, despite a shading of prices here and there in
an effort to stimulate trade.
The automobile trade is buying
less.
Prices of autos are steadily declining and the output in
some directions is being reduced.
The Cambria Steel Co.
has cut wages to the basis of 1917.
Some mills are overtaking
come.
unfilled orders.
been canceled.
Structural work orders in
Tn
the East plate
some
cases
have
mills have quoted 2 to
as against 2.20c. recently.^ It is also said that a
purchase of 1,000 tons by the American Locomotive Co. for
its Chinese locomotive order disclosed a price under 1.90c.
Bars at Chicago were 1.90c.
The situation is not cheerful.
2.10c.,
WOOL has been quiet or in only moderate demand and
prices/ have been irregular and in some cases easier.
Bar¬
gain prices are not unknown.
Recent sales are reported
of
750,000 lbs. of Montevideo 50s.
and 56s.
and
60-56s.,
together said to have been at about 28c. for 56s., 24@25c.
for
[Vol. 112.
THE CHRONICLE
2326
good 50c. and 26c. fo^the two
of 50@55c.
good 54-70s.
spinners' basis at abound 95c. clean basis; fair length terri¬
tory fine and fine medium wools reported at 65@70e. clean
basis; 50-56s.; New Zealands inluding a small proportion
of 48s. reported at 29c.
Pulled wools and scoured less
active; the better grades of pulled are in smaller supply.
About 500,000 lbs. known as the Parrowan wools sold in
Utah at 17c. compared with 63 cents last year.
In Texas
prices are ranging it is said, from about 16c. to 20c., the lat¬
ter for staple twelve months' wool similar to that for which
7734c, was refused a year ago.
The clean landed basis
Boston on which buyers are at present figuring^ is 50c. to
62.898!
1,486|
Galveston
&c.
Houston,
New
Orlenas.
Mobile
22,937!
Savannah
14,592j
Wilmington..
medium wools of the territory type.
prices fell 10%.
Later Boston reported the tone there rather firmer owing
to a belief that the tariff bill will soon be passed.
It puts a
60c. for fine and fine
At Brisbane sales
.
graded average quarter-blood or lower, and in the
suitable, it was stated, for use of carpet manu¬
facturers.
They were the chief bidders.
The Government's
withdrawal limits were about the same as at the 1st sale in
The wool
was
December, possibly 10% higher on certain descriptions.
Bidding was slow but about 88% of the offerings was sold.
The quantity was half the original amount scheduled.
Montevideio combing 44s-6s. sold at 18c. or about 25 cents
clean basis.
Second clip 44s. carding South American sold
at
11 cents or 17 cents clean basis.
Fair-quarter-blood
South American scoured sold at 20 to 26 cents and two and
three lots of carbonized 44-4s. at 28 cents.
The sale went
withdrawn at first was sold
towards its close at a decline of half a cent.
The opening
session of the eleventh series of wool sales occurred on Tues¬
day at Sydney Australia, and offerings will continue until
May 31, involving a total of 27,000 bales.
Demand was
good and offerings were mostly sold. Prices as compared
fairly well though some wool
change for good merino, an
with the last series showed no
advance of 10% for carbonizing sorts and rather firmer prices
for all crossbreds. At Wellington, New Zealand on Thursday
which 7,600,000 were sold.
Demand was brisk.
Prices for halfbred medium ranged
from 7^d. to 8%d.;
inferior grades from 6d. to 73^d.;
crossbred 50s., 63^d. to 6%d.; 46-48s. 5d. to 6d.; 44-46s.,
4Md. to 4V2d. and 36-40s.. 3d. to 33¥d.
11,250,000 lbs. were offered of
tetelegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
119,852 bales, against 131,551 bales last week and 138,041
bales the previous week, making the total receipts since
Aug. 1 1920 5,747,648 bales, against 6,523,136 bales for the
same period of 1919-20, showing a decrease since Aug. 1 1920
of 775,488 bales.
Galveston
Texas
7,539
1,059
62,898
1,059
"427
8,987
7,548
"427
"4",137 "¥,876 "2",562
2,085
22,937
100
152
406
""25
""25
7,157
22,091
9,576
City
Houston
Pt. Arthur, &c__
New Orleans
Mobile
~
3,334
"5",943
17
35
102
_
Pensacola
Jacksonville
"
"2",016
3,219
4,681
1~383
"""969
2,324
14,592
1,403
129
475
319
2~753
212
425
285
257
597
*170
316
294
1,803
779
1,372
■558
1,185
964
2,129
6,661
38
38
32
Savannah
318
95
444
"165
1,049
2,586
1,300
Brunswick
Charleston
Wilmington
Norfolk
N'port News.&c.
997
997
York-
New
Boston.
2,586
Baltimore
Totals this wk_
.
"""550 """358 """336
37
Philadelphia
16,489
20,686
15,048®
33,766
16,026
19
17,837 119,852
The following shows the week's total receipts, the total
since
Aug. 1 1920 and stocks to-night, compared with the
last year:
1919-20.
1920-21.
Receipts to
May 27.
This
Week.
62,898 2,739,267
38,060
1,059
Galveston
Texas City
Houston
_
"427
Port Arthur, &c__
New
Gulf port
Mobile
Pensacola
This
Week.
4*692
"""580
588,791
12,045
82,470
83,271
262,179
1,962
28,755
33,341
44,036
9,633
4,732
2,000
Charleston.
~2~753
Wilmington
2,129
Norfolk
6,661
38
997
Newport News,&c
New York
1,049
2,586
1,300
Boston
Baltimore
Philadelphia
119,852 5,747,648
1921.
1920.
370,576
18,382
205,417
33,743
418,770
333,368
"
"""703
14,592
Savannah
Stock.
*
""20
Brunswick
Since Aug
1 1919.
10,443 2,046,952
336,448
1,395
70,284
3,287
29,486
15,396 1,256,936
~
Jacksonville
726
134
2,856
.
31
1,699
845
1,095
500
257", 269
15,795
15,179
1,238,120
159,437
441,108
142,499
334,108
4,289
24,830
42,360
88,167
19,869
13*426
5",299
~l"604
"3", 466
182,430
2,079
258,751
37,147
114,200
12,419
245,682
44,968
57,796
137",670
10,612
4,317
6,764
63,779
44,344
3,199
4,912
4,977
46,422 6,523,136 1,576,728 1,063,289
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
we
379,574
61,050
22,937 1,278,857
9,993
"406
89,672
Orleans
Total
Since Aug
1 1920.
1,200
1,659
1,825
5,952
22
31
148
232
4,719
""903
"¥314
11,686
2,673
119,852
Tot. this week
Since Aug.
46,422
121,610
51,750
69,326
76,931
1. 5,747,648 6,523,136 4,911,175
5,428,364 6,419,702 6,682,168
the week ending this evening reach a total
of 153,306 bales,
of which 69,137 were to Great Britain,
11,871 •; to
France
and
72,298
to other destinations.
Exports for the week and since Aug. 1 1920 are as follows:
The exports for
Week ending May 27
1921.
From Aug.
Exported to—
1 1920 to May 27
Exported to—
1921.
Exports
Great
Great
from—
Britain. France.
Galveston
Houston
Texas
.
32,061
_.
11,558
Other.
Total.
57,434 101,053
700,657
162,924
10,096
*
.
Britain.
City.
France.
299,937
54,111
Other.
7,575
30,150
5,129
~~2,m
Arthur
Port
"
"l",550
PortNogalez
El
2,130
Paso
.
New Orleans
7,533
12,339
19,872
Mobile.....
5.977
100
5,877
Savannah..
6",381
14",400
20,781
BrunswickCharleston
,
Wilmington
2,250
New York..
"500
2,210
2,750
2,423
125
Norfolk....
Baltimore..
488,122
27",852
23,180
110
2,910
46,497
178,626
384,261
159,138
11,079
18,407
1,500
54,898
9,922
3,617
426
8,214
Angeles
5,999
73,201
19,875
52,744
8,081
8,339
119
4,123
2,259
22,275
67,096
89,006
1,246
"""30
San Fran
"325
Seattle
325
50,478
Tacoma....
2,575
Portl.d, Ore
Total...
69,137
11,871
Tot. 1919-20
19,994
1,000
Tot. 1918-19
55,990
72,298 153,3061,470,762
42,437
27,875
63,4312,907,508
83,8651,981,927
In addition to above exports, our
57,882
11,079
414
Philadelphia
Los
2,198
1,550
2,130
851,072
9,993
66,330
125
213
Boston.....
30,150
~6~, 850
2,800
Jacksonville
22,800
296,620
9,993
Gulfport...
Total.
,200,403 !,200,997
379,574
162,539
San Antonio
24,406
74,701
74,773
71.005
11,817
5,795
2,673
30,519
67,096
89.006
50,478
2,575
488,5882,502,0904,461,440
527,1652,501,113 5,935,786
623,096
1,716,6544,321,677
telegrams to-night also
the following amounts of cotton on shipboard,
cleared, at the ports named.
We add similar figures
give
us
not
for
New York.
On
Shipboard, Not Cleared for—
Ger¬
Britain.
France.
Other
Conft.
wise.
Leaving
Coast¬
many.
Total.
Stock.
65,123
35,492
28,400
1,000
3,956
305,453
383,278
154,030
257,751
9,470
114,200
136,570
69,905
V
Galveston
New
Orleans.
_
Savannah
28,374
13,294
28,000
5",656
7,059
2,533
26,190
13,568
3,500
491
400
1,000
Charleston
1,242
2",714
Mobile
Norfolk
New York *_
Total
1921
Total
1920..
Total
1919—
__
"455
"555
5,000
__
Other ports *
*
Total.
Fri.
Thurs.
Wed.
141
38
May 27 at—
Friday Night, May 27 1921.
THE MOVEMENT OF THE CROP, as indicated by our
Tues.
8,632
134
2,856
Great
COTTON.
Mon.
1,090
1,925
7,304
6,568
926
5,028
4,000
2,042
5,952
N'port N., &c
All others
,
Sat.
340
3,068
3,000
726
6,661|
duty of 125% on grades that are in very general use.
On
May 25, about 3,000,000 lbs. of wool almost wholly South
American were offered at the Government auction at Boston.
main
595
19,249
4,000
5,838
6,296
7,113
2,129
Norfolk
^
20,559
5,615
23,334
12", 326
703
2*7531
Charleston
3,966
30,924
1916.
24,666
4,732
2,000
406
Brunswick
12,802
4,465
21,065
42,753
10,443
4,682
15,396
1917.
1918.
1919.
1920.
1921.
Receipts at—
grades together, % and
blood territory wool reported sold at clean basis
for the higher and 40@45c. for the lower grade,
i~,Io5
"255
6,000
5,606
5,381
7,052
77,782
33,428
87,335
16,092
39,268
11,000
41,200
43,635
41,736
5,391 146,071 1,430,657
927,027
14,550 136,2621
6,087 142,230 1,151,768
Estimated.
Speculation in cotton for future delivery has been some¬
what more active at higher prices.
The rise was due to
unfavorable crop
in the export
considerable degree to reports that the
was near a settlement, that the Silesian
reports and some increase
demand, but also in
British coal strike
question also looked less threatening, and finally that Man¬
chester's business was increasing.
A commission house is¬
sued
on
the 24th a bullish report on acreage
and condition,
Opinion is
not altogether improbable
figure, measuring the actual cut in acreage this year. This
is supposed to be partly voluntary and partly involuntary.
Some have deliberately reduced the acreage.
Others, it Is
said, will reduce it from force of circumstances; that is,
they are facing the necessity of replanting, and may not do
it.
Some have had to replant two or three times.
Mean¬
while there was, early in the week at least, a certain ner¬
vousness over the possibility of other bullish crop reports
being issued by commission houses during the week.
It was
not forgotten, either, that May 25 marks the real date of the
Government report to be issued on June 2.
And something
that increased the nervousness of the shorts in what looked
like a short market was the fact that the Exchange will
adjourn from 3 o'clock to-day to next Tuesday morning, an
extra holiday on Saturday having been voted by both the
New York and New Orleans Exchanges, preceding the Deco¬
ration Day holiday on May 30.
Meanwhile the northern
half of the cotton belt, according to the latest weekly re¬
port, needs rain.
And parts of Northern Texas conditions
are said to be poor, however favorable they may be in other
parts of that State.
Boll weevil has appeared in Georgia.
In Oklahoma the plant is unusually late.
In Alabama con¬
ditions are generally poor to fair, and in some cases very
poor.
The condition in Louisiana is still generally unsatis¬
factory.
In Mississippi late planted cotton is germinating
poorly on the uplands, owing to dry weather.
In Texas the
stands are generally poor.
In North Carolina cotton is
making a slowth growth.
In South Carolina progress and
condition on the whole are poor to fair.
which had a
pronounced effect on the market.
crystallizing around
30%
as a
Mat 28
1921.]
THE
CHRONICLE
Meanwhile exports have shown signs of increasing.
For
week they were more than double the
the first half of the
total in the
time last
same
terly been rising,
ticeably
tices
on
effect.
less
week.
Spot markets have lat¬
though it is true that they are
than recently.
Unexpected June
even
active
no¬
no¬
the 24th instant of 3,800 bales had only a
temporary
rise in wheat on some days of some 6c to 12c a
A
bushel has been accompanied by good Western
buying of
July, Oct and Dec., especially of October.
Large Wall St.
operators
have
heavily.
bought
Spot
houses
have
been
buying.
Mills have been calling cotton.
Recent sales at
Fall River have been large, i.e., 180,000 pieces,
though this
week they are said to be 90,000.
New Bedford's output of
cotton goods has been
increasing for several weeks. A South1
Carolina mill, it was announced, has resumed work at full
capacity,
night and
attaches to
Perhaps
day.
this fact.
have been to the effect that
full time
their
Some
Meanwhile
prices that
New
it
is
England
are
running at
believers in higher
by
small
of
supplies
raw
are
car¬
materia^, and that the
shelves of the world
to-night, as made
by cable and telegraph, is as follows.
Foreign stocks, as
as the
afloat, are this week's returns, and consequently
all foreign figures are
brought down to Thursday evening.
But to make the total the
complete figures for to-night
(Friday), we add the item of exports from the United States",
including in it the exports of Friday only, vi :
t
well
May 27—
1921.
1920. '
„bales.l,001.000 1,171.000
2,000
11,000
95,000
189,000
Stock at Liverpool
Stock at London.
Stock at Manchester
Total Great Britain...
Stock at
are none too well supplied with manu¬
factured goods; in fact, that in not a few countries such
stocks are very small as a result of a long period of abstension from buying.
As for the stocks of raw cotton in this
.
Stock at Havre
Stock at Rotterdam, &c
Stock at Barcelona—
Stock at Genoa—
—
...
Total Continental Stocks
discounts them.
;
of returning life.
India, in
Yarns
spite of
count of the
selling there
are
the difficulty
scarcity of coal.
ported in good demand.
in
on
showing signs
a
shipping goods
on
ac¬
At times cloths have been
re¬
Nor does the sharp decline, in East
owing
to rioting in that city in which Greeks and
Europeans have
been killed.
Liverpool has reported the tendency of prices
Egyptian cotton to be sharply upward.
and
news
have
especially
reports of
been
of
a
accumulated.
has
week
by
the
were
sort
And
the
times
at
to
stimulate
the
fact
been
tone
that
market
has
been
in
a
measure
selling by the South
Spinners' takings for the
some
time past.
The short interest decreased.
quiet.
latterly
Print cloths have
Competition in the drygoods business is sharp.
Whatever
may
strike is still
be
predicted
in progress in
South
are
year.
General
quiet.
in
trade
in
without
selling here.
its
the
far
are
future,
near
England.
Exports
the coal
Spot markets at the
behind
those
of
last
this
the stock market and also in
been
here,
the
small.
largest for
the
considerable short interest
a
On the other hand, the weather at the South has
improved.
been
effect.
country lags.
Depression in
foreign exchange rates has not
Wall
Street
times
at
has
been
So has Liverpool, and also Japanese interests.
And the South has sold more
632,000
308,000
2,003,000
96,000
269,774
57,000
108,000
925,000
Total visible supply.—
Of the above,
A7tt>6TiC(l7l-*—
»
to-day heavily, it is said.
thing else.
freely
And
And
even
the rise.
on
some
totals of American and
the Government
improvement, it
_
was
turned out to
as
to the size of the crop.
in
Last
claimed, of 8.9%, as against an
June around 1.5%.
And the
be 'much larger than
at the opening of
June, 1920.
aver¬
crop
generally expected
was
After all there is still
a
big
382,000
Londonstock
or
that the carry-over will be very
large, and that even a crop
8,000,000 bales might turn out to be ample to meet any
probable world's consumption of American cotton during
of
of 1921-22.
season
will not
During the present
season
the idea
exceed
10,000,000 bales.
The carry-over
has been figured at anywhere from 8,000,000 bales
upwards.
now
put it around 7,500,000.
of 8,000,000
bales, would give
scout the idea
beyond the
a
crop
of 15,500,000 bales, and
supply would not be far
a crop
that such
a
requirements of the world.
vanced and then reacted.
a
Even this, with
To-day prices ad¬
Prices end 18 to 22 points higher
week ago.
Spot cotton ended at 13.15c for middling,
rise since last Friday of 50 points.
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
follows:
as
'
Estimated.
•
Continental imports for past week have been 93,000 bales.
The above figures for 1921 show a decrease from last week
of 40,952 bales, a gain of 746,772 bales over 1920, an excess
of
1,471,184 bales
over
YORK
12.60
12.75
over
1919 and
a
gain of 2,720,807 bales
1918.
v':
AT THE INTERIOR TOWNS the movement—that is,
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 week and the stocks
detail below:
Movement to May 27 1921,
Towns.
Receipts.
Movement
Thurs.
Fri.
13.05
13.15
Season.
Stocks
to
May
Week.
27.
150
9,153
200
4,451
17
5,872
61
1,617
272
48,617
461
29,652
185
71,605
697
6,515
Selma
127
462
16,311
7
38,439
31,501
185,449
14
698
__
Helena..
218
32,746
49,037
Little Rock..
5,339
204.248
27
126,677
10,648
137,546
161,748
Ark.,
Pine Bluff...
Ga., Albany..
Athens
2,160
4,558
3,901
Atlanta
1~063
Rome
344,338
37,828
46,920
773
Macon
29,499
La., Shreveport
Mis8.,CoIumbus
206
90,275
65
Clarksdale...
237
Greenwood
315
9,650
109,097
90,887
24,775
12,551
28,572
-
Meridian
217
Vicksburg
16
Yazoo City..
Mo., St. Louis
N.C.,Gr'nsboro
Raleigh
Okla., Altus__
436
357
Chickasha...
Hugo
Oklahoma.
199
18,448
3,805
2,411
_
S.C., Greenville
Greenwood.
1,703
258
Tenn..Memphis
11,288
719,514
25,318
6,437
100,094
74,708
17,700
60,589
79,602
20,499
858,218
Nashville.—
Tex., Abilene..
Clarksville
"590
47,560
11,45 8
Honey Grove
Houston
San Antonio.
5,890
444
12,196
35
71,145
519
67,655
5,753
1,384
54
2,975
40,522
810
9,687
155,079
2",600
5,735 34,699
6,729 135.732
1,887 30,886
1,406 15,188
863
7,474
288 64,239
1,630
260,264
2,596
5,737
535,136
34,501
6,046
"270
211,924
1,517
500
54,867
746
76,120
892
393
17,253
139,784
"548
5
3i
10
17,755
1,236
44,328
127,264
105,338
2.673
52,482
1,579: 37,291
312; 13,445
12,298
11,721
30,540
8,515
281
""19
730,382
1,934
14,213
289
300
2,734
329
9,527
17,497312,898
1.049
205
1,856
2,419
12",810
1,132,783
78,543
31,076
14,919 1,944,189
300
120,325
40,649
l",500
1911
1917
22.00
1909
1916
1915
12.90
9.55
1908
1907
1914
14.30
1906
11.50
7.31
7.25
8.25
1893....... 7.62
1892
7.38
1891.
8.94
1890
12.69
1900.
9.31
12.35
1899.
6.25
11.90
1898.
6.56
...
bales
"266
1,739
3,884
18,334
3,300
13,633 258,218
800 10,500
122
950
1,000
23,000
67,6231066410
are
for Cin¬
show that the interior stocks have de¬
than at the
all towns have been
last year.
300
* Last year's figures
during the week 23,072 bales and
more
3,185
"194
-
The above totals
creased
6,121
62,300
1910
8.06
315,249
1,038
6,792
38,125
32.30
1895.
16",081
6,493
57,726
27
2,402
24,261
Miss.
2,000
23,339
1,483
29.05
Last year's figures are for Natchez,
"200
"566
15,104
1,323
2,740
3,991
7,600
262
9",897
137,759
1918
1894
11,034
"loo
58,643
500
cinnati, Ohio.
9.50
6,336
5,933
16,161
24,787;
546
3",078 25",308
1912..
7.75
""61
14",063
"ll",620
1913-c
a
43,645
21,500
2,000
16,621
10,322
25,294
20,127
90,167
4,004
17,012
10,554
26,624
1,486
281
58,137
42
100
32,921
'
400
3,660
2,068
932
108,988
35,926
18,033
12", 960
2,944
15
4,047
2,137 28,929
1,752 31,332
•V
2,364
200
22,8501
l",974 116,833, 1,841 17,346
400
21,100
4,990
51,9822 ,731,163 51,937,331,849
1,3371 102,862
2,477 11,698
1,145
2,420
377
25,856
4,836
/2.109
967
144
_.
583
—40.00
1897.C
1896
28.
Montgomery.
21,078
1920
1919
8.60
13.20
.11.70
May
799
1921-C—.-13.15
1905_c
1904...
..15.70 1903.
15.30 1902.
-_.11.40 1901.
Stocks
Week.
Season.
Total, 41 towns 118,9466,814,951142,0121496657 57,3256,719,179
11.40
Ship¬
ments.
Week.
The quotations for middling upland at New York on
May 27 for each of the past 32 years have been as follows:
12.00
May 28 1920.
Receipts.
Ala, Birm'g'm.a
Eufaula...
Fort Worth*.
QUOTATIONS FOR 32 YEARS.
I
Ship¬
ments.
Week.
Paris
Wed.
13.05
2,185,000 1,948,000 1,701,000 1,296,000
——4,511,7064, 001,934 3,524,522 2,679,899
,——
*
May 21 to May 27—
Middling uplands..
Tues.
———
.6,696.706 5,949,934 5,225,522 3,975,899
Middling uplands, Liverpool
7.62d.
26.10d.
20.44d.
21.33d.
Middling uplands, New York....
13.15c.
40.00c.
33.15c.
29.55c.
Egypt, good sakel, Liverpool
I8.50d.
78.00d.
30.05d.
31.40d
Peruvian, rough good, Liverpool.
11.50<1.
50.00d.
30.08d.
39.00d.
Broach, fine, Liverpool
7.55d.
21.35d.
18.05d.
20.59d.
Tinnevelly, good, Liverpool
8.05d.
22.35d.
18.30d.
20.84d.
Dallas
Mon.
12.50
100,000
160,000
22,000
37,000
*17,000
29,000
93,000
281,000
*657,000
Total visible supply
Brenham
NEW
v"• "
200,000
12,000
24,000
24,000
28,000
39,000
324,000
1,050,000
48,000
96,000
84,000
57,000
275,000
108,000
-1,286,000 1,274,000
Total East India, &c
Total American..—
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat.
282,000
11,000
20,000
2,000
19.000
89,000
Columbus
a
■
334,000
47,000
284,000
..4,511,708 4,001,934 3,524,522 2,679,899
Manchester stock
Continental stock.
Augusta
Some of it may be poor, some of it even
nearly so.
But after making every al¬
lowance, the opinion of experienced cotton people here is
than
—
Liverpool stock.
unmerchantable
many
889,000
—
stock at the South.
Some
her descrip ions are
619,000
76,000
480,000
262,372
—
Total American...
East Indian, Brazil, &c.—
report be very bad,
62.4%, but during June, according to
statement, the crop made the extraordinary
improvement
that it
o
-
.bales.
re¬
June the report was
is
,
147,000
Lianchester stock.
169,000
10,000
Continental stock——
532,000
*128,000
American afloat for Europe-....
269,774
282,331
172,000
U. S. port stocks
1,576.728 1,063,289 1,293,998 1,226,551
U. S. interior stocks..
1,496,657 1,066,410 1,283,193
956,972
U. S. exports to'day—..
949
12,461 ■
39,376
Texas sold
maintain that the
should the June
it would not be conclusive
the
521,000
28,000
29,000
282,331
172,000
39,000
93,000
324,000
281,000
1,274,000 1,050,000 *657,000
1,063,289 1,293,998 1,226,551
1,066,410 1,283,193
956,972
12,461
39,376
6,696,706 5,949,934 5,225,522 3,975,899
Mverpool stock
cent rise was due more to technical conditions than to
any¬
age
145,000
569,000
In other words,
kind and another during the
one
what looked like
as
strengthened
here
132,000
1,000
9,000
3,000
1,667,000
48,000
American cotton afloat for Europe 262,372
Egypt,Brazil,&c.,afloat for Eur'e.
81,000
Stock in Alexandria, Egypt.....
275,000
Stock in Bombay, India.
1286.000
Stock in U. S. ports..r_—..1,576.728
Stock in U. S. interior towns
1,496,657
U. S. exports to-day
949
Total European stocks
India cotton afloat for Europe
fair scale to
Indian exchange seem to hamper business much.
The Cot¬
ton Exchange at Alexandria, Egypt, has been closed
had
.178,000
4,000
63,000
63,000
—
It may be added that Manchester is
already
week
;
—
ent price
the
376,000
...
,
Stock at Ghent.
1918.
307.000
22,000
47,000
617,000
..1,098,000 1,371,000
*
35,000
191,000.
74,000
169,000 ; 330,000
11,000
'
109,000
84,000
23,000
144,000
31,000 1
i
Hamburg.
Stock at Bremen
——
country it is insisted that they include a considerable per¬
centage of undesirable cotton.
Also some think the pres¬
on
1919.
534,000
12,000"
71,000
.—
on
mills
contended
of the mills at home and abroad
many
rying but
either working
were
New Eng¬
report a much better demand for
some cases
output.
mills
significance
THE VISIBLE SUPPLY OF COTTON
up
North Carolina
increasing their working time.
or were
land centres in
100%.
certain
a
Recent reports from
2337
same
are
to-night 430,247
time last year. The receipts at
61,615 bales
than the
more
■
\
same
week
[Vol. 112.
CHRONICLE
THE
2328
Thermometer—
Rain. Rainfall.
FUTURES.—The highest, lowest and
New York for the past week have been as
Friday,
Tuesday, Wed'day, Thursd'y,
24. May 25. May 26. May 27.
Saturday, Monday,
Palestine
Paris
San
May—
12.26-.43 12.02-.30
12.35
—.
—
—
—
—
—
—
12.01
July—
—
—
11.80-.03 12.50
—1
—
12.27
12.55
—
—
11.80-.50
.
—
12.42
—
Range..
August—
:
Range
12.88
....
12.70~.73 13.00
12.87 — 13.20
—
—
12.60.—
—
12.97
—
12.88
—
—»
—
—
—
Closing.... 13.17
—
'—,
13.17
13.23
—
13.15
—
13.48
—
New Orleans
13.45
13.50
—
—
Shreveport
Columbus, Miss
Greenwood
—
14.00
13.92
14.00
—
Okalona
Vicksburg
Mobile, Ala.—Crop
—
—
—
dry
Range
13.56
....
December—
13.26
—
13.55
—
—
13.88
—
13.83
—
high
—
—
Closing
January—
—-
Closing
v
Range
14.00
Closing
March—
_
13.72
—
—
...
_
_
14.01
—
—
___
14.38
——
—
—
__
14.27
—1
_
_
_
__
—
—
14.32
—
—
14.55-.56'14.42
MARKET AND SALES
14.47
—
Market
Closed.
Quiet, 5 pts. dec
Quiet, 10 pts. dec_.
Steady, 25 pts. adv.
8teady, 30 pts. adv.
Steady, unchanged.
Steady, 10 pts. adv.
Contr't.
Spot.
Quiet
high
high
high
high
1
3
2
3
3
2
1
400
300
300
1,000
1,000
3,100
MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
OVERLAND
The results for
the last two years are as follows:
Friday night.
-1919-20-
-1920-21-
Aug. 1.
701,752
227,710
34,190
60,248
121,803
424,194
al4,063
5,188
...
12,015
40,507
1,898,275
175,226
66,477
238,032
224
2,891
6,126
Mobile
11.63
115,765
41,544
8,702
429,988
11,850
Leaving total net overland *.....40,985
1,139,909
Including movement by rail to
Canada,
a
11.25
498
479,735
28,657 1,418,540
Baltimore
12.50
278,631 bales.
Takings.
Receipts at ports to Mav 27.
Week.
..119,852
_.
40,985
Southern consumpt'n to May
Total marketed
Interior stocks in
Since
Since
Net overland to May 27
27 a 60,000
220,837
*23,072
...
excess..
46.422
28,657
1,139,909
2,454,000
9,341,557
636,716
Total in sight May
week—.197,765
...
75.000
150,079 10,084.676
*10,298
264,363
139,781
...
11,249,039
27
9,978,273
North. spinnV takings to May
*
Decrease during week,
a
27. 51,922
1,695,320
46.746 2.637,356
These figures are consumption; takings not
available.
Movement into
sight in previous years:
Pales.
Bales. I Since Aug. 1—
Week—•
1919—May 30—
.177,07211918-19—May 30
1918—May 31..
1917—June 1
.135,82011917-18—May
136,38211916-17—June
WEATHER
REPORTS
BY
10,136.785
31
11,148,731
1........ 12,011,761
TELEGRAPH .—Our
re¬
ports by telegraph from the South this evening indicate that
the weather has been favorable as a rule during the week,
planting, where not already completed, has pro¬
gressed well. Dry weather has been the rule in the Southwest
and in some portions of Texas it is stated that drought is
injuring the crop.
In Eastern Gulf and Atlantic sections rain
has fallen but the precipitation has been light in the main
and cotton is reported to be improving.
TEXAS.—General.—Warm, dry weather generally favor¬
able, although drought injuring crop in some parts.
Cotton
made very good to excellent progress.
Condition very good
in southern, rather poor to very good in northern half of
State.
Replanting made good progress except in dry areas.
dry
Galveston, Texas
Abilene
Brenham
Brownsville
Cuero
Dallas
Henrietta
Huntsville
1 day
0.32 in.
dry
dry
dry
dry
dry
dry
11750
i
12.25
12.50
12.50
13.30
13.30
13.40
11.75
Thermometer
high 82
high 92
high 90
low 74
mean
78
low 68
mean
79
low 66
mean
78
high 92
low 64
mean
78
high 95
low 61
mean
78
high 90
high 92
low 70
mean
80
low 55
mean
74
high 90
lo
mean
73
55
i 775
13 00
10.88
11.00
11.25
11.25
11.25
11.75
11.75
11.75
11.75
Houston
11.70
11.75
11.50
11.60
11.90
12.00
12.00
11.50
10.60
10.65
11.50
11.50
11.50
11.50
10.85
11.15
11.15
11.15
10.90
11.15
11.15
11.15
11.50
Rock
Little
10.90
Dallas
Worth
Fort
NEW
MARKET
ORLEANS CONTRACT
Thursd'y, Friday,
Saturday, Monday, Tuesday, Wed'day,
May 25. May 26. May 27.
May 21. May 23. May 24.
—
—
11.90-.93
11.22
June
—
11.50
—
12.20
—
12.20
—
January
12.41-.43
12.25-.27 11.92-.96 12.20-.24 12.47-.48
13.14-.16
12.92-.93 12.65-.67 12.90-.91 13.21-.22
13.27 — 13.57-.58 13.52 —
13.27 — 13.00 —
13.10 — 13.40 — 13.70-.71 13.64 —
13.37
—
13.70
—
October
...
December
13.48
—
13.78
—
14.04
Tone—
Steady
Cotton
Week
Steady
13.62
—
13.74
—
14.01
—
Steady
Steady
COTTON.
Week.
Season.
|
Season.
6,039,228
6,737,658
4.792,018
139,781 11,249.039
81,000 2,027,000
590,000
4,956,257
9,978,273
2.291,000
512,000
220.000
510.000
565.000
13,000
1.000
445,000
751,000
54,000
343,000
12.000
271,000
197,765
27.
Bombay receipts to May 26-.-Other India ship'ts to May 26- Alexandria receipts to May 25- Other supply to May 25*
supply.
—
13.2"-.26
19:9-20.
Season.
—
—
12-00
12.f 0-.52
Steady
Steady
1920-21.
Week.
Total
14.01
AND TAKINGS OF
Takings.
and
—
Steady
Steady
Steady
Steady
Steady
Steady
Spot
Options.
7,051,423 18,353,530 6,286,000 20,485,057
L
Deduct—
6,696,706
May 27
Total takings to May 27 a—
Of which American—
-
6,696,706
5,949,934!
108.000
5,949,934
336,075 14,535,123
257,075 10,438,123
354,717 11,656.824
246,717
Of Avhich other
8,451,824
3,205.000
79.000
4,097,000
in Europe from Brazil, Smyrna, We t Indies, &c.
a This total embraces the total estimated consumption by Southern mills,
2,454,000 bales in 1920-21 and 3,043,000 bales in 1919-20—takings not being
available—and the aggregate amount', taken by Northern a-d foreign
spinners. 9,202.824 bales in 1920-21 and 11,492,123 bales in 1919-20,
vrhich 5 997.824 bales and 7,395,123 bale- American,
b Estimated.
*
Embraces receipts
of
COTTON MOVEMENT.—The receipts of
India cotton at Bombay for the week ending May 5 and for
the season from Aug. 1 for three years have been as follows:
BOMBAY
Receipts
Week.
Aug.
Since
Since
Since
at—
1918-19.
1919-20.
1920-21.
May 5.
and that
Rain. Rainfall.
Vl~50
11.00
12,75
Visible supply
Came into sight during
11.65
11.75
American in sight to May
Aug. 1.
6,523,136
1.418,540
3.043 000
Week.
Aug. l.
5.747,648
11.50
Memphis
Visible supply May 20
Visible supply Aug. 1_._._
-1919-20-
-1920-21In Sight and Spinners'
11.75
li.OO
Philadelphia- 12.85
11.13
Augusta
aggregated net over¬
decrease from a year ago of
a
11.25
11.25
11.25
12.25
12.25
WORLD'S SUPPLY
Revised.
and that for the season to date the
12.20
11.88
12.15
11.75
11.50
lL2"5
The foregoing shows the week's net overland movement
has been 40,985 bales, against 28,657 bales for the week last
land exhibits
Wed'day. Thursd'y, Friday
12.15
March
7,213
Total to be deducted.
Middling Cotton on-
—
4,139
272,679
..
mean 77
mean 80
1100
11.00
11.50
Norfolk
July.
1,043
&c... 5,932
Inland, &c„ from South
mean 76
mean 72
low 62
low 70
11.63
Charleston
May
1,727
Overland to N. Y., Boston,
Between interior towns..'.
54
59
50
11.90
11.65
11.63
11.90
__
11.75
11.00
395.779
21,367
103,276
207,047
444,276
49,687 1,569,897
points
Via other routes, &c_
Via Virginia
mean 75
mean 72
58
low
low
low
low
COTTON AT OTHER
Saturday. Monday: Tuesday.
Orleans
a726,530
Week.
Total gross overland
Deduct Shipments—
Since
Since
Aug. 1.
Week.
17.755
3,540
643
2,515
5.286
19,948
Via Louisville
in.
Closing Quotations for
ending
May 27.
Savannah
Louis..
Via Mounds, &c.
Via Rock
Island..
mean
mean
mean
mean
mean
mean
mean
mean
mean
Week
Galveston
3,100
Via St.
mean 77
mean 76
mean 77
low 58
high 91
high 90
high 92
high 93
high 92
high 91
dry
L400
400
Total
May 27—
Shipped—
high
high
high
in.
in.
in.
in.
in.
in.
mean 80
mean 80
MARKETS.
L400
steady—
Steady
Very steady
Steady
Very
Aug. 1 in
0.28
dry
day
0.62
days
0.63
days
0.09
days
0.96
days
0.90
days
0.39
day
0.60
QUOTATIONS FOR MIDDLING
Total.
high
0.08 in.
in.
2 days
Dyersburg, Tenn
Memphis
New
the week and since
days
days
mean 80
mean 78
-
Easy
from telegraphic reports
days
days
days
2 days
Weldon
Market
Closed.
high
in.
in.
in.
in.
Fla
Newborn
SALES.
Futures
in.
Conway—
Charlotte, N. C
—
AT NEW YORK.
Spot
0.45
0.46
0.71
0.14
0.40
Augusta
Columbus
Charleston, S.C
Greenwood
Columbia
—
14.18
14.19
high
2
2
2
2
2
Athens
14.47-.68 13.90-.68
14.17-.30 13.90-.18 13.91-.20 14.26-.57 14.32-.58
—
high
0.43 in.
Savannah, Ga
—
Closing
13.90
0.06 in.
2 days
Madison
Range
—
2 days
Gainesville,
14.00-.23 14.15-.40 13.54-.40
13.81-.02 13.55-.87 13.54-.86 13.92-.21
14.12 — 14.17 —
13.82 — 13.55 — 13.85 — 14.21 —
Range
3 days
Selma
13.90-.13 14.08-.30 13.40-.30
13.70-.89 13.43-.73 13.40-.78 13.83-.15
14.02 — 14.10 —
13.75 — 13.45 — 13.75 — 14.09-.12
Range
year,
improving.
0.22 in.
condition
high
high
high
high
high
Farm
progress
Decatur
80
78
78
78
80
91
77
78
90 low 66
78
98 low 64
81
98 low 61
80
98 low 60
79
98 low 62 mean 80
work making good
90 low 66 mean 78
93 low 64 mean 79
94 low 65 mean 80
97 low 62 mean 79
92 low 63 mean 78
95 low 65 mean 80
94 low 65 mean 80
94 low 61 mean 78
93 low 61 mean 77
97 low 64 mean 80
94 low 64 mean 79
92 low 57 mean 75
high
Montgomery
.
—
__
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
Amite
12.97
—
13.03-.95
13.41-.75 13.50-.74 13.70-.95
Range..... 13.31-.52 13.08-.40 13.03-.38
13.68-.70 13.65 — 13.70-.73
Closing.... 13.37 — 13.08-.09 13.35-.36
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday..
0.76 in.
dry
Little Rock
—
,■
—;
November—
February—
dry
Pine Bluff
Alexandria, La
'
—
October—
Closing
high 91
high 98
high 94
high 96
high 95
high 93
high 90
high 95
high 92
Eldorado
12.70-.00
—
■■:7j
September—
Range...
dry
1 day
mean
mean
mean
76
80
79
77
77
low 65
low 62
low 65
low 57
low 57
low 60
low 65
low 62
low 67
low 62
high 93
dry
Brinkley, Ark
12.72-.97 12.92-.13 12.36-. 13
12.6 -.81 12.35-.68 12.30-.67 12.68-.98
12.75-.80 12.96-.97
12.66-.67 12.36~.37 12.62 — 12.90-.93
Closing
dry
Muskogee
Oklahoma City
—
12.64
—
—•
mean
mean
mean
mean
low 66
Weatherford
—
—
12.01
Range
Closing.... 12.45
*
low
Ardmore, Okla
12.02-.43
—
60
70
65
61
66
65
66
66
low
low
low
dry
Altus
Range
Closing
up
high 88
high 95
high 90
Taylor
|
June—
Closing
Antonio
high
high
high
high
dry
dry
dry
Longview
Luling
Nacogdoches
low
low
low
low
92
90
93
93
dry
dry
dry
dry
Lampasas
Week.
23. May
21. May
May
closing prices at
follows:
»
1.
Week.
Aug. 1.
Week.
Aug.
1.
'1
80,000 2,nr>r-,oo~
Bombay
Great
Conti¬
Britain.
nent.
China.
Total.
70.000
1919-2">__
1918-19..
1,000
3",000
1920-21..
1,000
8,000
1919-20..
1,000
2,000
3,000
Other
83.000
26,00
30.001
1918-19..
1,000
162,000
8,000
5,000
|
1,000
8,000
75,000
84,000
40,000;
1919-20..
2,000
3,000
86,000
91,000
116,000;
28.000
35,000
56.000!
4.000
210,000
211,000
399,000
4,000
1920-21..
27,000
143,000
21,000
45,000
25,000
4,000
!
3.000
723,000 1,160,000
(
Total all—
1918-19..
Total.
370,000 1,486,000 1,927,000
716/00
591,000
94,000
India
5,000
4,000
2,000
China.
418,000^
19,000
71,000
31,000
70;000
82.001
f.OOO
Japan &
nent.
! Britain.
Bombay—
1920-21..
Conti¬
Great
i
Japan&.
68,000 1,912,000
Since August 1.
I
For the Week.
Exports
from—
99,00^ 2.724,001)l
35,000
64,000
I
580,000! 750,000 1,370,000
513,000.1,697,000 2,326,000
-98.000
626,000
78
,000
Mat 28
1921.]
THE
CHRONICLE
OUR COTTON ACREAGE REPORT.—Our cotton
acre¬
will probably be. ready about the 17th of June.
Parties desiring the circular in quantities, with their business
cards printed thereon, should send in their orders as soon as
possible, to ensure early delivery.
Sat.
RECEIPTS
AND
SHIPMENTS
OF
Mon.
to
12H
May 27
12X
d.
1919-20.
1918-19.
128,680
3,933.891
5,581,894
Week. Aug. 1.
—
Since
Week. Aug. 1.
Since
Week. Aug. 1.
91,177
200 244,737
70,955
4.461 114,786
39,600
140,204
1,408 126,833
1,000 274,739
191,214
98,145
2,493 122,397
50,210
4.469 316,518
2,608 786,513
2.493 461,966
-
Since
Exports (bales)—
To LiverpoolTo Manchester,
— ,
&e—
To Continent & India.
—
To America
—
-
—
,
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending May 4,
128,680 cantars and the foreign shipments 4,461 bales.
Note.—A cantar is 99 lbs.
were
MARKET.—Our report received by
to-night from Manchester states that the market con¬
tinues quiet for both yarns and cloths.
Merchants are buy¬
ing very sparingly.
We give prices for to-day and leave
those for previous weeks of this and last year for comparison:
MANCHESTER
cable
1920.
1921.
8X lbs. shirt¬
Col'n
32s Cop
ings, Common
Mid.
TwiSt
to Finest.
Upl's
(f.
Apr.
d.
s.
d.
(1.
S.
d.
8X lbs. Shirt¬
Cot'n
ings, Common
Mid.
to Finest.
32s Cop
Upl's
Twist
d.
d.
d.
s.
d.
s.
d.
1
16
@
19
16
0
@17 6
7.21 56 X
@
76
42 6
@46 0
16
@
19
16 0
@17 6
7.28 00
77
42
16X
@
19 X
16
@17 6
7.59 60
77
42 6
@46 0
@46 0
28.03
15
@
@
22
16 X
@
16X 16 0
@
77
42 6
@46 0
26.18
16X
@
@17 6
@17 6
7.24 60
19M 16
7.34 60
@
77
42 6
@46 0
25.83
@
19H 16 0
19X 16 0
19X 16 0
@17 6
7.71 55
@
76
42 6
@46 0
26.63
@
@
76
42 6
@46 0
26.40
76
42 0
@45 6
26.14
16X
7.42 53 X
7.62 53 X
@
27
@17 0
@17 0
@17 0
7.48 55
20
16X
16X
16X
@
76
42 0
@45 6
26.10
0
6
27.66
May
6
13
@
@
19
16 0
SHIPPING NEWS.—As shown
previous page, the
exports of cotton from the United States the past week have
reached 153,306 bales.
The shipments in detail as made
up from mail and telegraphic returns, are as follows:
on
a
"
V'
r
-i.-I'.i.:'
Total bales.
NEW YORK—To Liverpool—May 20—Irishman, 2,210-.
2,210
Havre—May 21—Oscoda, 213
213
GALVESTON—To
Liverpool—May
21—Glentworth,
15,496;
27,548
Sulima, 12,052--—
To Manchester—May 20—Ramon de Larrinaga, 4,513
4,513
To Havre—May 20—Texas, 11.558--- —
11,558
To Bremen—May 25—India Maru, 5,091
5,091
To Gothenburg—May 20—Delaware, 2,574__
2,574
To Genoar—May 22—Lordship Manor, 3,958
3,958
To Naples—May 22—Lordship Manor, 1,500
1,500
To Venice—May 22—Lordship Manor, 3,750
3,750
To Barcelona—May 20—Lackawanna Bridge, 3,844--.
3,844
-.
450
To Trieste—May 22—Lordship Manor, 450
To Japan—May 22—Taiho Maru, 15,978--.May 26—Ham¬
35,767
burg Maru, 8,603; Panama Maru, 11,186---—
To China—May 26—Hamburg Maru, 500
500
NEW ORLEANS—To Liverpool—May 23—Antillian, 10,010--10,985
May 25—West Totant, 975—
To Manchester—May 25—West Totant, 1,354
1,354
To Bremen—May 24—Michigan, 5,764._
5,764
300
To Hamburg—May 24—Michigan, 300
838
To Barcelona—May 26—Eastern Cross, 838--520
To Genoa—May 21—Calimeris, 520
111
To Rotterdam—May 26—Nobles, 111
MOBILE—To Liverpool—May 19—Maiden Creek, 5,877.5,877
100
To Havre—May 20—Oskaloosa, 100_-__
SAVANNAH—To Liverpool—May 20—Kastalia, 14,400.
14,400
To Japan—May 25—Meiyo Maru, 4,500—
4,500
To China—May 25—Meiyo Maru, 1,881
1,881
NORFOLK—To Liverpool—May 21—Lexington, 2,250
2,250
— —
500
To China—May 16—Esther Dollar, 500
—
125
BALTIMORE—To Venice—May 21—Kossuth Ferenez, 125.
325
SEATTLE—To Japan—May 21—Tyndareus, 325
To
—
— ~—
—
— —
— -
—.
—
_
—_
—
—
—
-
—-----
—
—
-
—
-----
— —
-----
--------- —
•
Total—.-.
-.
._
—
153,306
LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week's sales, stocks, &c., at that port:
May 6.
Sales of the week.
Of which American.
Actual export..-.
Forwarded
Total
—
—
16,000
10,000
5,000
21,000
990,000
600,000
32,000
22,000
150,000
86,000
4.000
—
—
25.000
986,000
596,000
43,000
—
...
Of which American
Total
May 13.
15.000
—
12,000
stock
,
imports
Of which American
Amount afloat
36,000
164,000
Of which American
92,000
—
May 20.
May 27.
8,000
15,000
5,000
10.000
2,000
8,000
21,000
26,000
992,000 1.001,000
606.000
019,000
25.000
46,000
38,000
23.Q00
151,000
75,000
The tons of the
Liverpool market for spots and futures
closing prices of
spot cotton have been as follows:
each day of the past week and the daily
Saturday.
Spot.
Monday.
Tuesday.
Quiet.
Dull.
Wednesday.
Thursday.
Friday,
More
Moderat'
Dull
demand.
demand.
Market,
12:15
P. M.
7.33
Futures.
HOLIDAY
i
7.29
7.42
7.53
3,000
Mid.Upl'ds
Sales
2,000
4,000
5,000
7.62
2,000
7.98
7.97
8.07
7.98
8.05
8.05
8.13
8.16
July.—
8.09
8.05
8.00
8.02
8.15
8.19
8.28
8.27
8.35
8.37
8.20
8.17
8.12
8.49
-
8.14
8.27
8.42
8.39
8.47
8.32
8.30
8.25
8.27
8.39
8.43
8.52
8.52
8.57
HOLI¬
8.44
8.43
8.38
8.39
8.51
8.54
8.62
8.62
8.67
8.68
DAY
8.52
8.51
8.46
8.47
8.59
8.62
8.70
8.70
8.75
8.76
8,61
8.59
8.54
8.55
8.67
8.70
8.78
8.78
8.82
8.83
----
October
January
Quiet
Quiet,
Quiet,
Quiet,
4@6 pts,
6@9 pts.
7 @10 pts.
changed to
decline.
decline.
advance.
advance.
4 pts. adv.
Quiet,
Steady,
1@7 pts.
Steady,
14@20 pts.
Quiet,
7@9 pts.
3@12
decline.
decline.
advance.
advance.
opened
Market,
The
8.09
—
8.31
8.59
8.64
...
8.59
8.59
8.71
8.74
8.82
8.82
8.86
8.87
8.67
8.63
8.63
8.74
8.78
8.86
8.86
8.90
8.90
8.71
8.67
8.66
8.78
8.81
8.90
8.89
8.92
8.93
8.77
-
--.
8.63
8.63
8.72
...
February
8.76
8.72
8.71
8.83
8.86
8.95
8.93
8.96
8.99
BREADSTUFFS
Friday Night, May 27 1921.
higher with wheat, but it has not been
activeExport orders have been rather small. Bids were
higher but did not move up in the same ratio as wheat.
Flour has been
refused
to
Stocks
therefore
a"re
has been small.
meet
them.
The
home
trade
light and jobbers report business
better.
But for all that buyers as a rule are still purchasing
cautiously.
They have little faith in the permanence of
present wheat prices.
The trade which is waiting for new
flour may not, it is true, find it any too easy to get it prompt¬
ly.
They may have to fall back on supplies here of old flour
which, as already intimated, are far from plentiful.
Mean¬
time the outlook is uncertain.
Many are inclined to hold
aloof and risk the possibility of being compelled to pay higher
prices later on.
Minneapolis wired that mills report "very
light flour sales, and elevator companies said the country is
letting go of stored wheat, causing heaviness in all markets;
all crop news is good over the Northwest so far."
Later
flour became unsettled here with wheat lower.
Wheat had
an
eventful week rising 26 cents on May and
hot and dry weather,
Farmers have been
fighting the Lantz bill aimed against grain futures.
They
also fought the Chicago shorts and handled them roughly
in holding back wheat.
Besides there has been a demand
for export.
Later came a reaction on Thursday of 12c.
on May
and 8%e. on July with the crop reports better,
12^ cents
and
a
on
July
on
bad
crop news,
hard squeeze of the May shorts.
with cool
rains.
Kansas had rains.
More attention
was
paid to this than to reports of red rust and Hessian fly in
Missouri.
Chicago too, reported on May 26th that it was
estimated that Kansas City had shipped 100 cars of wheat
to Chicago on May 25th for delivery on May contracts, and
grain was coming to Chicago from Omaha, Minneapolis
and other markets.
the basis of 25 cents
Bids to arrive
were
reduced 5 cents to
July for No. 1 hard winter for five
and ten days' shipment with No. 1 red 20 cents over.
It is
largely a weather market and for that reason some distrust it.
Good rains could, it is argued, cause a big decline.
May has
been at a premium over outisde markets.
And on the
23rd instant export sales were put at -820,000 bushels,
including 500,000 American new crop and 320,000 bushels
Manitoba.
On the other hand it was said that 80,000 bush¬
els of Manitoba had been cancelled and that Greek buyers
have not been able to offer satisfactory credits on an order
of 1,250,000 bushels of Manitoba.
The chief causes of the
big advance however, were hot, dry weather in the South¬
west, the small stocks in Chicago and news indicating that
strong opposition had arisen against the passage of the
Lantz bill in the Illinois Legislature.
Moreover the visible
supply in the United States decreased last week 1,685,000
bushels a year ago.
This attracted much attention.
But
the Southwest later in the week shipped freely to Chicago.
It was a magnet to attract wheat from all directions.
May
fell about 20c. from $1.85 to $1,653^ under this attack.
To-day prices advanced 2 to 4c. the latter on May and later
reacted losing the early rise and something more.
Rains
were reported in many parts of the West.
They helped the
crop and hurt the price though it is said that some parts of
Kansas and Nebraska still need rain.
Yet Nebraska*
Kansas, Iowa, Okla. have latterly had rains and somewhat
cooler weather.
This has caused selling.
And on the 26th
inst. there were deliveries on May contracts at Chicago of
3,000 bushels.
The quantity was of course, trifling, but it
was significant as the first delivery made there this month.
Chicago shorts were caught asleep at^the switch and were
badly punished.
Kansas it is now said may with good
weather yet raise 115,000,000 bushels.
But chinch bugs it is
also reported threaten the crop in the Central Miss. Valley
and it appears that there is more or less rust in the Southwest.
Sentiment in favor of re-establishing a futures market for
grain in New York is becoming more pronounced attiong
local grain men.
A petition is being circulated on the floor
of
the Produce Exchange requesting the Board to name
committee to formulate plans for reopening the market and
many believe that a contract which will include a Buffalo
delivery will be the most useful to both exporters and dis¬
tributors
New York Produce Exchange memberships have
latterly risen about $300 and are now $2100.
The Canadian
Bureau of Statistics first crop report of the season covering
over
.
Quiet,
2@3 pts.
2@5 pts.
Market
d.
7.88
7,94
27.76
8
29
d.
7.87
7.78
Mills
Total exports
d.
7.70
7.80
14,088
4.675,684
—
1
d.
7.69
Receipts (cantars)—
week
Since Aug.
d
7.71
April
This
d.
4
p. m.p. m.
7.85
March.
20.225
d.
p. m. p. m, p. m. p,m
12X
7.89
November
1920-21.
Alexandria, Egypt,
V
May 4,
d.
4
12H
7.73
December--.
<;;
Fri.
Thurs.
4
12H
p. m. p. m.p. m. p. m, p. m. P.m
September
■y
Wed.
4
May
August
of
12 X
June
COTTON.—The following are the receipts and shipments for
for the corresponding week
4
12H
d.
the week
ending May 4 and
the two previous years:
Tues,
May 21
age report
ALEXANDRIA
2339
prices of futures at Liverpool for each day
below:
un¬
Quiet
pts.
adv.
are
given
conditions
in
on
April 30, estimates the
Canada for
reported
as
1921
at
792,200
area sown
acres.
winter killed, this leaves the
wheat to be harvested in 1921
as
709,100
with 814,123 acres harvested in 1920.
to fall wheat
Deducting
area
acres
acreage
under fall
compared
THE
2330
*
in
Fargo, N. D., wired May 21st 40 million bushels of wheat
Montana, Idaho, Washington and Oregon had been
pooled to be sold by the United States Grain Growers, Inc.,
this year.
U. L. Burdick, head of the North Dakota Farm
Bureau Federation and a director of the Grain Growers,
the four States
just returned from a trip through
said he had
R. Howard, head of the American Farm
and with other officials of the Grain
Growers.
The Northwest Wheat Growers' Association, it is
said, has decided to join the United States Growers' Asso¬
ciation.
Prices here end 3 to 18c. higher for the week, the
in company with J.
Bureau Federation,
latter
on
May.
DAILY
CLOSING
OF
PRICES
Sat.
cts.181
No. 2 red
DAILY
CLOSING PRICES
WHEAT IN NEW YORK.
Man.
Tues. Wed. Thurs.
Fri.
182
185
186
178% 179%
Sat.
FUTURES IN CHICAGO.
Mm.
Tues.
Wed.
Fn.
Thurs.
167% 173% 179% 168
127% 134% 132% 128
cts.165
cts.128
May delivery
July delivery
.
OF WHEAT
167
127%
upward very de¬
cisively under the guidance of wheat
A sharp inci-ease in
the demand told, despite larger receipts at the West and
reports of a large surplus still held by farmers.
The visible
.supply in the United States, it is true, decreased last week
2,419,000 bushels, against only 657,000 in the same week
last year.
But the total, even so, is still 15,332,000 bushels,
Indian corn,
like other cereals, turned
against only 3,399,000 bushels a year ago. Also country
offerings have at times been large.
Bulls have been encour¬
aged by the big rise in wheat, especially as they consider corn
too much below wheat.
No. 2 yellow corn has been 98c. per
bushel under No. 2 red wheat, against 81c. a year ago.
It is
true that the visible supply of wheat is only about one-fourth
^
while the visible supply of corn is nearly
as at this time a year ago.
So that some
will be inclined to take the ground that the statistics suffi¬
ciently explain the disparity in prices.
Nevertheless, how¬
ever, some have bought on the idea that corn has been unduly
depressed.
And there has been at lea3t a moderate export
demand.
Within a few days 370,000 bushels have been re¬
ported sold for export.
It looked, too, as though a not
unimportant short interest had recently accumulated.
In
any case, regardless of occasional reactions in company with
wheat, corn has shown a noteworthy degree of strength,
even of late a noticeable significant firmness when wheat
declined.
Later, from 200,000 to 500,000 bushels more
were reported sold for export.
To-day corn showed indi¬
vidual strength, rising 3c. at one time.
Country offerings
fell off sharply.
The shipping demand at Chicago for the
East and Europe was reported good.
Receipts at Chicago
were large,
but were hedged in many eases. A reaction
came later, but prices ended 4 to 5c. higher for the week.
that of
.
a
year ago,
three times
as
DAILY
large
CLOSING PRICES
DAILY CLOSING PRICES OF
Tues.
79%
81%
Wed.
81%
Thurs.
82%
Fri.
84%
CORN FUTURES IN CHICAGO.
Mm.
Tues.
cts. 59%
61 %
58%
64%
64%
61%
64%
66%
Sat.
May delivery
July deliverySeptember delivery
Oats advanced
Mm.
61%
Wed.
61%
63%
66%
Thurs.
60%
62%
65%
Fri.
63%
64%
66%
sharply with other grain, particularly wheat,
despite the big stocks and an expectation of very heavy re¬
ceipts next week at Chicago.
These stocks at times neutral¬
ized reports of crop damage.
On the other hand, the de¬
mand has been much more insistent.
Oats in this respect
taking pattern after corn.
Some feel, too, that oats are
too low.
They think that with a sufficiently strong demand
it would be no very difficult matter to put the price very
much higher.
They think the present price discounts the
big stocks.
But others are not so sure of that.
It is true
that the visible*supply in this country last week decreased
1,242,000 bushels, against an increase in the same week
last year of 449,000 bushels, but the big receipts oarly this
week took the edge off this decrease.
Besides, the supply
remains very large, i. e., 28,035,000 bushels against only
6,743,000 bushels a year ago.
The big supply is a ball and
chain to the market except when it is lifted bodily by wheat
in one of its big upward leaps.
Also rains of late have
helped the crop.
Cash demand fell off.
To-day prices
were irregular, closing, however, 2 to 3c. higher for tiie week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon. Tues. Wed.
Thurs.
No. 1 white
cts-
No. 2 white
DAILY
CLOSING
52%
52
51%
51
54
53%
53
52%
52
51%
.cts. 39%
41%
43%
38%
40%
42
41%
43%
45%
40%
41%
43%
38%
40%
42%
Fri.
53%
53
39%
40%
42%
RYE has advanced sharply with wheat and export sales of
late of 580,000 bushels.
The visible supply decreased last
week 27,000 bushels,
decrease in the same week
This leaves the total 1,578,bushels a year ago.
Profittaking caused reactions from time to time. The market has
developed no particular strength of its own beyond what
might be expected from the smallness of the supply.
Its
advance was really derived from the big rise in wheat.
To¬
day prices again advanced after declining 3 to 4 Me. on the
26th inst.
Rye sympathized to-day with corn and oats and
ignored wheat.
There is a steady if not now an active de¬
mand for export.
The ending is 4M to 15c. higher for the
week, the latter on May.
against
a
last year of 1,532,000 bushels.
000 bushels, against 9,689,000
fl DAILY CLOSING PRICES
OF RYE FUTURES IN CHICAGO.
Sat.
May delivery
July delivery
Mm.
Tues.
Wed.
Thurs.
Fri.
153% 159
163
16CP
163
122% 122% 128% 126% 122% 120%
cts. 153%
GRAIN.
Oats—
Wheat—
No. 2 red
No. 1 spring
Corn—
No. 2
53%
No. 1
$1 79%
Nominal
yellow
Rye—
1 65
,
—
Barley—
FeedingMalting
8.84%
No. 2
53
51
No. 2 white
No. 3 white
—
FLOUR.
71 @76
81 @86
,
^
Spring patents
$8 75@$ 9 25 Barley goods—Portage barley:
■T"
No. 1
$6 75
Winter straights, soft
7 25
7 00
Nos. 2,3 and 4 pearl
Hard winter straights
8 75
6 65@
Nos. 2-0 and 3-0—
Clear 4
7 25
7 00
Nos. 4-0 and 5-0—
Rye flour
8 25
Oats goods—Carload
Corn goods, 100 lbs.:
6 00@
Yellow meal
1 85@
2 00
spot delivery
Corn flour
1 85@
2 00
-
WEATHER
6 75
6 20
ENDING
WEEK
THE
FOR
BULLETIN
of the weather bulletin
issued by the Department of Agriculture, indicating the in¬
fluence of the weather for the week ending May 24, is as
24.—The
MAY
general
summary
follows:
prevailed in the cen¬
planting made excellent
progress and the
seed germinated quickly.
Planting made satisfactory
progress in
more northern States, and cultivation was possible in most
central and southern districts.
The growth of corn was unfavorably af¬
fected by dry weather in parts of the Southwest and in a few Central
States, but there was ample moisture generally, and the warmer weather
CORN.—Mostly dry,
was
and sunshiny weather
warm,
the country during the week, and corn
tral part of
favorable for this crop.
very
the central and wes¬
the eastern portion, with
some heavy rainfall
in the southeast.
Cotton made very good to excellent
progress in Texas and fair to very good advance in the Mississippi Valley,
while some improvement was reported in Alabama and Georgia.
Heavy
rains were detrimental, however, in some southeastern districts of the belt
and growth was generally slow in the Carolinas on account of cool nights
and cloudy weather.
The week was generally favorable for farm operations
and cultivation and chopping advanced in the southern portion of the belt,
while planting and replanting made satisfactory progress in the northern
and northwestern portions, except in the dry areas of Texas and Oklahoma.
Owing to previous unfavorable weather the condition of the crop continues
unsatisfactory in much of the belt, with many complaints of poor stands.
Cotton is in very good condition in the southern half of Texas and squares
are forming in the lower coast counties.
Weevil are reported from portions
COTTON.—The week
of
mostly warm and dry in
was
portions of the cotton belt, but was cooler in
tern
Georgia.
WHEAT.—The week
WINTER
was
dry and warm
in the greater part
principal winter wheat belt, except that fairly heavy rains occurred
the more eastern and northwestern portions.
Under these conditions win¬
the
of
in
made
wheat
ter
Plateau area
third, and the dry weather in
eastern
of
The rainfall and warmer
especially beneficial, while
the West promoted rapid
deficient.
and
Pennsylvania and northern Illinois.
occurred over much of the spring wheat
northward to
WHEAT.—Showers
SPRING
made
Okla¬
southeastern and southwestern countries where moisture
Wheat improved in most of the Atlantic States.
The crop
in
except
heading
the central and western portions has
There was some improvement in winter wheat in
damaging.
homa,
belt
the
in
unsatisfactory
rather
is
satisfactory progress.
States were
Northwestern
Winter wheat is developing fast in Kansas, but its condition is
in that State; rust has become menacing in the
growth.
been
far
moisture
increased
the
mostly
the
in
weather
temperatures
satisfactory
favorable for rapid growth.
Spring wheat
during the week and the stand and color are
were
progress
mostly good.
OATS.—Oats
showed
Great Plains and parts
well
in
some
South Atlantic districts
RICE.—Rice
sections,
most
but
continue
in
particularly in the southern
is up to a good stand and looking
Oat harvest continued in the Southern
conditions, except for some delay in the
States.
favorable weather
under
in
localities,
of Iowa; this crop
North-Central
the
in
States
improvement
condition
unsatisfactory
by heavy rains.
ik in mostly good to excellent condition in the lower Mis¬
sissippi Valley and the west
Gulf district.
breadstuffs to market
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:
The statement of the movement of
indicated below
_
Duluth
Milwaukee
28,000
*
Barley.
Rye.
101,000
41,000
21,000
21,000
24,000
8o"66o
656,000
386,000
566,000
lef.ooo
6,000
43.000
Detroit
St.
Oats.
Corn.
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bush.56lbs.
27,000
92.5,000
137,000
1,096,000
333,000
155,000
127,000
150,000
68,000
60,000
1,382,000
35,000
310,000
120,000
73,000
312,000
89.000
170,000
60,000
150,000
72,000
15,000
Chicago
Toledo
Wheat.
Flour.
Receipts at—
Minneapolis-
are
8,000
135,000
171,000
2,000
1,000
1,419,000
189,000
24,000
311,000
220,000
88,000
490,000
464,000
764,000
688,000
1,723,000
if63,000
-1
-
Louis
Peoria
Kansas City-
_
Omaha
PRICES OF OATS FUTURES IN CHICAGO.
Sat.
Aim.
Tues.
Wed. Thurs.
Fri.
May delivery
July delivery
September delivery.
The following are closing quotations:
is
OF CORN IN NEW YORK.
Sat.
cts. 79%
No. 2 yellow
[Vol. 112.
CHRONICLE
Indianapolis.
14,000
225,000
208,000
4,556,000
2,533.000
4,785,000
2,676,000
2,815,000
1,517,000
2,574,000
4,158,000
3,079,000
.
Same
wk.
'20
293,000
251,000
Same
wk.
'19
400,000
Total week '21
Since Aug. 1—
23,022,000 300,050,000 187,019,000 190.934,000 24,568,000 17,018,000
31,605,000
16,968,000 393,719,000 174,062,000 182,287,000 28,413,000
34,593,000
14,229,000 390,559.000 175,227,000 248,155,000 76,700,000
1920-21
1919-20
1918-19
the week ended May
21 1921 follow:
Flour.
New
York—
Philadelphia
_
Baltimore
Corn.
Oats.
Barley.
Rye.
Barrels
Receipts at—
Wheat.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
391.000
236,000
437.0001
47,000
267,000;
27,000
Newport News
1,000
New Orleans a
100,000
185,000
167,000
249,000
454,000
68,000
136,000
19,000
~6~ 000
36,000
7,000
135,000
96,000
75,000
60,000
55~666
770",666
1,354,000
21,000
3,000
16,000
Total week '21
527,000
Since Jan.1'21
9,441,000
3,853,000
1,434,000
74,076,000', 31,763,000
4,176,000
1.54,000
43,389,000:
7.008.000
610,000
320,000
Galveston
Montreal
95,666
Boston
Week 1920
Since Jan. 1'20
a
on
377.000
7,869.000
Receipts do not
1,828,000,
1,966.000
13,884,000
750.000
14.477.000
238,000
253,000
6,345,00010,278,000
378,000!
1,552,000
5.223 00018.934.000
include grain passing through New Orleans for foreign ports
through bills of lading.
May 28
1921.]
THE
CHRONICLE
The exports from the several seaboard
ports for the week
are shown in the annexed statement:
ending May 21
Exports fnm—
Wheat.
Corn.
Flour.
Oats.
Bushels.
Bushels.
Barrels.
Bushels.
New York..
590.163
Boston.
150,721 122,776
219,000
T
Peas.
Bushels. Bushels. Bushels.
350,000
ll", 000
482",666
-
Newport News
New Orleans
1,071~666
23~66O
84,368 311,156
Galveston
2.478,000
1,938,000
337",000
26",666
1,000
68,000
61~000
Montreal...
Barley.
5,700
550,666
Philadelphia
Baltimore
Rye.
,
......
13I660
-;'j
v
the
country
as
indicate
The
4,200
and since
1.,
.
is
reporting sales
of confidence in the
situation, the general
opinion appears to be that there must be fundamental basic
return
a
be looked for. The
can
tariff, which is likely to become effective at
time, has not
5,700
It
whole.
a
are
equal to, and in a few cases in# excess of, the corresponding
period last year, activity no doubt being stimulated by re¬
duced prices.
While the orders placed for future delivery
emergency
461666
790,000
The destination of these exports for the week
below:
of
power
reductions before normal conditions
31666 431666 "3I666
50,000
as
buying
noticeable that some cotton goods houses
~
Total week..... 6,627,163 1,211,721 263,7761,143,000
153,368 313,156
Week 1920.
2,081,795
11,450 766,8521
52,000 769,334
July 11920 is
reduced
2331
effect
appreciable, and while at present there
tities
for
in
any
yet caused the interest the trade expected.
of the tariff, on woolens
particularly, will be
as
sufficient quan¬
are
hand to fill immediate
on
requirements, prospects are
early exhaustion of supplies and a consequent raise
an
price of
importations.
new
The
tariff will also im¬
new
heavy duty on long staple cotton and in this way af¬
fect articles made from that commodity.
pose
Flour.
and Since
July 1 to—
Barrels.
July 1
1921.
1920.
Bushels.
Barrels.
Kingdom.1 99,704
146,072
So. & Cent.
Amer.;
8,000
•
May 21
.
Week
July 1
1921.
3,725,288
6,173,951
1920.
Bushels.
Bushels.
Bushels.
4,231,014 92,481,093
166,000 13,165,782
2,328,149 209,966,359 1,022,721 23,807,509
3,554,311
68,000
23,000
515,343
50,500
1,030,832
1,024,255
1,000
807,427
29,769
______
j
DOMESTIC
Since
May 21
.1
week
to
Continent
_
Since
1920.
United
Brit. No. Am.Cols
Other Countries.
Corn.
Week
July 1
| 1921.
West Indies...... i
Wheat.
Since
j Week
1May 21
1,2461666
9,000
5,062,775
Total
263.776 12,976,981
Total 1919-20-*-- 766,852 19,273,103
145,043
6,627,163 311,115,038 1,211,721 38,694,278
2,081,795 139,939,348
11,450 3,778,431
The world's
shipment of wheat and corn for the week
ending May 21 1921 and since July 1 1920 and 1919 are
shown in the following:
Wheal.
■
/'
the
1920-1921.
Week
Since
May 21.
July
Bushels.
North Amer.
Argentina.
__
...
India
Oth. countr's
Total
....
The
Since
1.
July
Bushels.
1920-1921.
Week
_
1.
Bushels.
July 1.
Bushels.
Bushels.
1,963,000
578,000
41,041,000
2,494,000
96,382,000
2,730,000
12,844,000
123,159",000
displayed
an
4,073~,666
1,750,656
5,235,000 154,340,000 127,639,000
ness
of
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports May 21 1921 was as follows:
1.?:V'V hr-vgrain
-
United
States—
New York
Boston
Corn,
bush.
...
801,000
Baltimore
763,000
Newport News..........
New Orleans....
Galveston
__
Buffalo
Toledo......
.......
...
1,493,000
935,000
507,000
370,000
Detroit
Duluth
41,000
795,000
.......
Minneapolis
305,000
3,335,000
1,000
88,000
49,000
194,000
1,052,000
585,000
Peoria.................
Indianapolis
Omaha
49,000
207,000
1,263,000
53,000
599,000
St. Louis
Kansas City.....
On
21,000
5,500,000
243,000
371,000
Milwaukee
281,000
_
Lakes
604,000
On Canal and River
Total May 21
149,000
1921
9,465,000
Total May 14 1921....11,150,COO
Total May 22 1920..-.38,097,000
Total May 24 1919—.27,615,000
Note.—Bonded
grain
not
bush.
594,000
2,000
223,000
76,000
100,000
264,000
779,000
1,000
1,000
......
......
106,000
45,000
1
231,000
23,000
Chicago
bush.
...
1,467.000
......
Barley,
1,926,000
338,000
63,000
9,147,000
227,000
65,000
120,000
2,000
19,000
63,000
18,000
203,000
5,204,000
8.077,000 '<
20,000
314,000
3,000
16,000
268,000
34,000
152,000
841,000
189,000
6,000
118,000
...
14,000
......
mand
116,000
68,000
639,000
4,000
1,292,000
5,000
22,000
120,000
66,000
1,515,000
12,545,000
1,188,000
1921....13,429,000
Total May 14 1921....14,973,000
Total May 22 1920.._.10,799,000
Total May 24 1919.--.24,783,000
-
......
9,000
....—
212,000
......
634,000
2,129,000
4,894,000
212,000
32,000
1,178,000
97,000
2,763,000
2,970,000
1,868,000
1,290,000
9,465,000 15,332,000 28,035,000
13,429,000
826,000 15,248,000
1,578,000
212,000
1,403,000
2,763,000
826,000 15,248,000
665,000 15,063,000
8,000
4,206,000
corded fabrics
—
5,000
Canadian
Total May 21 1921
22,894,000
16,158,000 43,283,000
1,790,000
4,166,000
Total May 14 1921....26,123,000
18,416,000 44,140,000
1,637,000
4,493,000
Total May 22 1920....48,896,000
3,407,000
8,466,000 10,867,000
5,707,000
Total May 24 1919
58,519,000
2,554,000 21,574,000 11,625,000 11,998,000
Southern
THE DRY GOODS TRADE.
a
pre-holiday period,
might
during the past week has
tendency to reduce the demand in
be
expected.
As
retail
circles at
when normally an active
though
buyers have been laying stress
on
reflecting
demand
this condition,
the matter of immediate
shipments, and while, in certain lines, demand for prompt
shipments has exceeded productive capacity, there has been
a
general falling off.
Orders for future delivery are still
being placed in fair quantities, but opinions are being freely
expressed that the next few months must see a deflation in
price by the retail trade.
of the
This idea is advanced
on
account
falling off in demand reported by retailers and the
mills
having
accepted
from
orders
South
covered
Buyers generally appear to have
pressing requirements and show an inclina¬
their
to
wait
for further
developments
in cotton that may
be expected with the first Government
port.
Sellers in
Crop Condition Re¬
would accept 6%c for 64 x 60s,
some cases
8c for 68
x 72s, and 10c for
4-yard, 80-square.
There have
developments in the market for sheetings, though
no
trading has been steady.
remain in their
Three-yard goods and 6.15 goods
on a quiet basis.
Un-
respective quotations
braided brills have sold at lower prices, such as 8%c for 30-
2.85-yard
been
favor
in
livery,
in
market
week
converters
majority
has
offer
to
have
principal
goods
for
able
they
case
The
fine
specialties
The
mills
which
%c.
in
goods.
of
been
business
been
in
the
trading
able
to
reported
combed
Trade
converters.
of
has
goods for nearby de¬
shade
the
during the
goods and
yarn
indicate
reports
that
again buying English voiles.
are
WOOLEN
GOODS.—The market for dress goods during
the week has been
a
a
quiet but steady, and distributers report
steady movement of merchandise and a brisk demand for
wide
being
variety.
reported
Increased orders for future delivery are
and
are generally taken
sumption of confidence in the situation.
to indicate
a
re¬
fabrics,
Pile
ve¬
lours and broadcloths appear to be most in demand for coat¬
ing, while tricotines, tweeds, cheviots and worsteds lead for
suitings.
The orders placed for fall so far have been heav¬
on
and tricotines.
serges
experienced in men's
Increased
being the offering of duplicate orders
FOREIGN
DRY
activity is
being
with the feature of this division
wear
GOODS.—The
on
the fall
burlap
season.
market
has
re¬
mained very quiet, and in the absence of active demand has
ruled
The only trading
easy.
in futures has consisted of
small sales of June and July on a basis of about 4.10c for
10%-ounee
40s.
There
has
been
beyond the transactions
on
activity
the
spot
few scattered lots.
Of¬
no
a
in
ferings of lightweights are being quoted at 3.40c to 3.50c
and spot heavies at 4.10c.
The linen market during the
week
ence
has strengthened with
of the emergency
apparently
being
increased activity.
The influ¬
tariff in hindering future business is
appreciated,
and
considerable
doubt
is
expressed as to the feasibility of transactions for the future
in
this
and
commodity.
have
Stocks
strengthened in
shown
an
confident
increased
that
on
hand have been
some
cases.
interest
linen,
unlike
in
in demand
Department
towelling,
cotton,
stores
etc.,
might
be
evi¬
ex¬
pected to remain steady at prices quoted and probably fore¬
seeing the effects of the tariff on the trade.
This drain
New York, Friday Night, May 27 1921.
this
does the steady movement
as
quiet and fairly steady.
dently
had
continues,
American interests large enough to absorb their output for
several months.
Trading in staple print cloths has been
have
The unseasonably cool weather
is understood that the de¬
been
Export orders for piece goods
in fairly large quantities are still being
reported, some of
Summary—
American
has
sheets and pillow-cases.
trade
Total May 21
latter
immediate delivery.
Apparently
the
demand
for
piques and poplins is dull, but a marked improvement for
above:
......
the
near
iest
826,000
for
..
Canadian—
Ft. William & Pt. Arthur. 12,137,000
Other Canadian
to continue selling in the face of a
The call from retailers for ginghams and
so
strong that any orders
placed at the present time will not be accepted for anything
7,000
188,000
Oats, 289,000 bushels New York,
150,000 Buffalo: total, 439,000 bushels, against 1,562,000 in 1920; and
parley, New
York, 125,000 bushels: Duluth, 1,000; total, 126,000 bushels, against 14,000 in 1920.
Montreal
The gray goods divi¬
soften
to
134,000
15,332,000 28,035,000
1,578,000
1,403,000
17.751,000 29,077,000
1,605,000
1,523,000
3,399,000
6,743,000
9,689,000
3,839,000
2,549,000 16,680,000 11,528,000 10,708,000
included
inclination
percales still continues, and it
inch,
Rye,
bush.
150,000
5,000
329,000
1,126,000
124,000
321,000
......
Philadelphia...
Oats,
bush.
307,000
._
5.-';
stocks.
Wheat,
-
Gingham checks, voiles and
prompt shipment have been to the
or
mills
few
a
falling demand.
been
visible
the
classes
some
during the early
part of the week, largely on account of the apparent eager-,
tion
200*666
for
reports
heavy sales in
others.
sion
the
Since
,
l.V
July
Bushels.
12,063,000 548,119,000 581,590,000
1919-1920.
Since
May 21.
7,289,000 393,420,000 285,448,000
312,000
2,190,566 76,675,000 207,750",000
2,584,000 67,430,000 86,481,000
10,052,000
230,000
1,911" 000
Ruse. & Dan.
Australia
1919-1920.
of
forefront, despite the cool weather.
of
Exports.
detriment
GOODS.—Trade
show
to
lawns for immediate
all
";V
Corn.
COTTON
have continued
on
importers is understood to have depleted the stocks of
and efforts are being made to purchase linens that
many
may
be in
ment
a
position to arrive here previous to the enact¬
of the tariff.
However, this is doubtful, and the im¬
porters are securing orders in advance to
ments
wherever
shown
mand
an
possible.
tailoring
cover
trades
increased interest in linen fabrics,
their ship¬
have
also
with the de¬
centering on better grades of material for padding,
lining, inside facing, etc.
ment
The
of
Whatever the ultimate develop¬
the tariff situation may
be in regard to the linen
industry in this country, it is apparent that the immediate
effect of it has been to force purchases that have been de¬
ferred.
[Vol. 112.
CHRONICLE
THE
3332
'
With
Interview
'In
tfate mxil
answer
(&xty
"These
bonds
Courts and
French Republic
v
(Government of).—Bonds
Offered in
'
v'v/,
■
,
the
permits savings banks to invest not exceeding 2% of
deposits and surplus in prior lien equipment obligations
or equipment trust certificates issued by the National
way Service Corporation.
We print the new paragraph, to
be known as paragraph "g," and which becomes a law ninety
days after the adjournment of the Legislature, in full below:
AN ACT to amend Section 27, Chapter 52, of the Revised Statutes, relat¬
ing to Investments by Savings Banks in Railroad Equipment Obliga-
Rail¬
sub-section sixth, of the Re¬
thereto the following para¬
Chapter fifty-two, section twenty-seven,
Statutes, is hereby amended by adding
,
surplus the prior
issued by the
equipment
made approved
such securities are
of standard
in approximately
years."
semi-annual installments over a
•
period of not exceeding
Offered in New York by Bank of
North Dakota.—The Bank of North Dakota, with quarters
at 120 Broadway, New York City, has been advertising for
sale $3,000,000 5%% 10 to 27-year bonds of the State of
North
Dakota at par.
Interest payable semi-annually
(J. & J.) in gold at New York, Chicago and Bismarck, N. D,
V,,-:/
$3,000 bonds of the denomination of $100 each, maturing July 1 1931.
3,000 bonds of the denomination of $100 each, maturing July 1 1936.
900 bonds of the denomination of $500 each, maturing July 1 1941.
1,350 bonds of the denomination of $1,000 each maturing July 1 1946.
600 bonds of the denomination of $1,000 each, maturing July 1 1948.
Checks must be payable to the Bank of North Dakota.
A statement endorsing the issue and purporting to be signed
by Frank White, Treasurer of the United States, contained
in the advertisement, caused considerable comment and was
later declared unauthorized.
A special dispatch from Wash¬
ington to the New York "Times" under date of May 24
)
as
in the
case as
follows:
attributed to Frank White, Treasurer of the United
States, in the text of an advertisement for the sale of a bond issue of $3,000,000 by the State of North Dakota, which appeared in several newspa¬
pers to-day, brought an announcement from the Treasury Department
The use of a statement
to-night which read:
"The statement in the advertisement of
North Da¬
signed by the
bonds of the State of
kota, which appears in to-day's newspapers, purporting to be
Treasurer of the United States, is entirely without authority of
the Treasury
Department."
The Bank of North Dakota, which advertised the oond sale and has of¬
fices at 120 Broadway, New York, is allied with the Non-Partisan interests
of North Dakota, and this fact added interest to the incident.
The Treas¬
ury Department has a rigid rule that none of its officials or employees
play any part in the marketing of bonds by States or municipalities
In
fact, Section 243 of the Revised Statutes forbids any official of the Treasury
Department from being "concerned" in such affairs, even though the official
may not receive remuneration for what he may do.
Mr. White, who was appointed Treasurer of the United States a short
time ago, is from Valley City, N. D., and has served two terms in the State
Legislature. . He is not, however, a member of the Non-Partisan League.
When the matter was called to his attention to-night, Mr. White said that
he had not known that a statement by him was to be included in the adver¬
tisement until he saw it published
"The use of a statement by me for such a purpose," he said, "was entirely
unauthorized.
I do not mean to question the facts which were presented
in the statement, but I did not authorize their use in this advertisement.
"A young man, Webb by name, who is connected with those who are
floating the bonds, came to see me and was anxious to obtain a statement.
He was from the New York office at 120 Broadway.
I gave him no author¬
shall
ity to
use my name.
been, and am not now,
To
The whole thing was unauthorized, and I have not
connected in any way with the selling of the bonds."
this statement of
its Washington correspondent
New York "Times" added the
George Webb, a director of
the
following:
the Bank of North Dakota, who
is in New
flotation of the State of North Dakota bonds,
circumstances under which he obtained the statement
York in connection with the
told last night of the
White.
tfl consulted with
of Frank
a
suggested
statement
McCumber,
to see in such a
prominent banker here." he said, "who
Washington and get an official
that it might be.advisable to go to
there.
Arriving in Washington,
Senator from North Dakota,
we
consulted with P.
J.
who said that the proper man
of the United States, who is an
ex-Governor
office of the Treas¬
urer and I gave Mr. White some figuras as to conditions in North Dakota.
He said he would prepare a statement and mail it to me.
"I received it on the 16th of this month.
Accompanying the statement
was a letter written on his own stationery, which in substance said, 'Here is
Hie statement which you requested.
I hope it helps you in your work.'
The exact wording of the letter I cannot give at the moment, for it is in the
possession of Mr. Matteson, who is in charge of advertising and who is
absent for the evening.
However, what I have said as to the wording of the
letter carries the substance of the communication.
In using the statement
of Mr. White in the advertisement there was no thought of embarrassing
situation would be the Treasurer
The Senator had us driven to the
of North Daicota.
that I had as to any difficulty over the letter was
"The first word
last
evening, when about 5:10 p. m. Mr. White called me from Washington and
said that he had been on the carpet for an hour and that the advertisement
did not wish to embarrass him and that the
Assistant Treas¬
instructions had
stop the advertisement.
I told him that it had been stopped
I told him I
must be stopped.
advertisement would be stopped.
Five minutes later the
urer called me and the question was asked as to whether
been given to
so far as I could get
The statement
it stopped."
which Mr. Webb said Mr. White had sent to
which he showed last night
read:
North
looking over
eye caught
General of the Bank of
him and
proposals
bond
nice,"
"a young man, Webb by name."
"That's very
"I have known him for a great many years."
phraseology,
negotiations
and
ADENA, Jefferson County, Ohio.;—BOND SALE.—On May
People's National Bank of Adena was awarded the $40,000 6%
assessment road impt. bonds—V. 112, p. 1893—at par and interest.
April 15 1921.
Due $2,000 each six months from March 1 1922 to
1931, incl. •;••:/ ...
'
.
14 the
special
Date
Sept. 1
AKRON, Washington County, Colo.—-BOND SALE.—-An issue of
1 bonds has been sold to the contractors.
|
$40,000 6% Paving District No.
will be handled by Sidlo,
May 1
'
1921.
Dated
Co. of Denver.
Simons, Fels &
Due on or before May 1 1938.
Issue
Financial Statement.
Assessed valuation 1920, $1,100,000.
Total bonded this issue only.
1,500.
Population,
Albany County, N. Y.—BOND SALE.—On May 26 the
5% coupon bonds, described below, which were offered on
ALBANY,
three issues of
National
third to the
that date—V. 112, p. 2217—were-sold, first two going to the
Commercial Bank of Albany at par and accrued interest and the
Comptroller of the Water Sinking Fund.
$136,000 street impt. bonds.
Denoms. $1,000 and
yearly on June 1 from 1922 to 1931, incl.
95,000 street impt. bonds.
Denom. $1,000.
Due
June 1 from 1922 to 1926, incl.
- \
Due $13,600
$600.
$19,000 yearly on
10,000 Albany Basin dredging bonds.
Denom.
yearly on June 1 from 1922 to 1926, incl.
.
^
Due $2,000
$1,000.
Date June 1 1921.
bids will
ALCOA, Blount County, Tenn.—BOND OFFERING.—Sealed
be received until 12 m. June 1 by A. B. Smith, City Clerk, for the following
6% coupon bonds.
*$75,000 Sinking Fund gold bonds, to
Denom. $1,000.
Date Jan. 1
,
be issued for a
r
,
school building.
1921.
Prin. and semi-ann. int.
in gold at Bankers Trust Co., N. Y., registerprincipal only with said trust company.
Due Jan. 1
(J. & J.) payable
follows:
sets out the facts
Manager and Director
Cathro,
W.
this week have been as follows:
North Dakota.—Bonds
Due
/
property of the State
"frank white."
"•.• :
said Mr. Webb.
their
fifteen
thriv¬
.
Dakota, concurred in the statements made by Mr. Webb.
In
Mr. White's statement, as wired from Washington, Mr. Webb's
ment
equal annual or
State—a
land, with hundreds of
taken care of its obligations.
of all bonds heretofore issued have been paid
due.
The payment of the principal and inter¬
est of these bonds is amply provided for and they will be paid exactly ac¬
cording to their terms.
Law.—The Maine
Legislature amended Section 27, Chapter 52, of the Revised
Statutes, relating to investment of savings bank funds, by
adding a new paragraph to Sub-section 6th.
The amend¬
graph, which shall be known as paragraph "g_
"(g) Not exceeding two per cent of their deposits and
in
lien equipment obligations or equipment trust certificates
National Railway Service Corporation in pursuance of any
trusts financed in whole or in part through a loan or loans
or
by the Inter-State Commerce Commission, provided
issued for not exceeding in par value sixty per cent of the cost
railway equipment and that such obligations shall mature
entire resources of a great
of fertile farm
Both principal and interest
the day on which they were
Bank Investment
vised
.
$1,500,000,000.
This bond issue of
to each $100 of valuation.
"The State of North Dakota has always
Legislature
adjourned April 9 1921.
less
valuation of the taxable property
is about
$3,000,000 amounts to but 20 cents
■;:.r
,
Adjourns.—The Maine
Amendment to Savings
State of North Dakota.
issue is less than $250,000, or
ing cities and towns.
"The assessed valuation of all taxable
F.
Maine.-—Legislature
Federal
both the State and
passed upon by
been
of
in
...
valid obligation of the
State with 45,000,000 of acres
United States.—A syndicate
Discussions."
have
are a
White.
Frank
Colonel
question about the new bond issue of the State
I am entirely familiar with the facts
of the State.
"This bond issue has back of it the
headed by J. P. Morgan &
Co. is offering to investors $1(X),000,000 7 lA% 20-year exter¬
nal gold bonds of the Government of the French Republic
at 95% and accrued interest, to yield over 8%. Further
information concerning this offering will be found on a
preceding page in our department of "Current Events and
the
your
"The present State debt outside of this
than 2 cents on each $100 of the assessed
items.
news
to
North Dakota, I wish to state that
relation thereto.
able as to
1941.
paving and other street
1 1921. Prin. and
Bankers Trust Co.,
*25,000 Sinking Fund gold bonds, to be issued for
improvements.
Denom. $1,000.
Date Jan.
semi-ann. int. (J. & J.) payable in gold at the
registerable as to principal
N. Y.,
only with said trust company.
Due Jan. 1 1941.
a50,000 street impt.
Y.
or
Date June 1 1921.
payable at the Bankers Trust
Treasurer's office, at option of holder.
June 1 from 1922 to 1931, incl.
int. (J. & D.)
and semi-ann.
N.
Denom. $1,000.
bonds.
Prin.
at City
Co.,
Due
$5,000 yearly on
Bidders may bid for all or any
of the three lots of bonds specified or for
must be accompanied by a certified check or
bank or trust company for 2% of the par value
of the bonds bid for payable to the City of Alcoa, required.
The approving
opinion of Chester B. Masslich of N. Y. will be furnished successful bidders
free of charge.
Bonds will be prepared at expense of city.
The Bankers
Trust Co. of N. Y. will certify to authenticity of signatures and seal.
Bids are desired upon blank forms which will be furnished by the above
official upon request.
Bonds will be delivered at the Bankers Trust Co.,
N. Y. on June 8 and must then be paid for.
* These bonds are to be issued
under authority of chapter 5 of the Private Acts of Tennessee for 1920 and
of ordinances of the city adopted pursuant thereto,
a These bonds are to
be issued under authority of chapter 18 of the Public Acts of Tennessee for
part of any lot.
Bids
checks upon an incorporated
any
amended in 1921, and of ordinances
1913, First Extra Session, as
adopted pursuant thereto.
of the city
Sparta), No. Caro.—BONDS NOT
16 for the $65,000 6% bonds (V. 112,
oeing unsatisfactory.
ALLEGHENY COUNTY (P. O.
SOLD—All the bids received on May
1893) were declined as
p.
(P. O. Fort Wayne), Ind.—BOArD OFFERING.—
County Auditor, will receive bids until 10 a. m. June 29
ALLEN COUNTY
Angus C. McCoy,
bonds. Denom.
payable at County
to 1941, incl.;
optional after 5 years.
Cert, check for 3% of amount bid for payable to the
Board of County Commissioners, required.
Purchaser to pay accrued
$100,000 6% Allen County Tuberculosis Hospital
$1,000.
Date April 1 1921.
Prin. and semi-ann. int.
Treasurer's office.
Due $5,000 yearly on Nov. 15 from 1922
for
interest.
BOND
OFFERING—E. G. Kampe, County Treasurer, will receive bids
6 for the following four issues of construction and im¬
until 10 a. m. June
1921:
provement bonds, aggregating $101,000, dated June 1
$24,000 Louis Minnich et al. Marion Township bonds.
Denom.
Due $1,200 each six months from May 15 1922 to Nov. 15 1931
22,000 Fred Scherer et al. Madison Township bonds.
Denom.
Due $1,100 each six months from May 15 1922 to 1931 incl.
$600.
incl.
$550.
Denom.
Menshey et al. Cedar Creek Township bonds
each six months from May 15 1922 to Nov. 15
,
'
^
27,000 Jacob Young et al. Pleasant Township bonds
Denom $675.
Due $1,350 each six months from May 15 1922 to Nov. 15 1931 incl.
28,000 Otto
$700
1931
Int. M.
Due $1,400
incl.
m
,
,
.
& N.
Marshall County, Minn.—DESCRIPTION OF BONDS.—
is at hand relative to the sale of the $20,000 6%
ALVARDO,
Additional information
May 12 to the Minnesota Electric
and interest—V. 112, p. 2217—
Int. M. & N. Due May 1 1935.
electric light plant bonds, awarded on
Distributing Co. of Minneapolis, at par
Denom.
ARKANSAS
We
are
Date May
$1,000.
2JL921.
CITY, Cowley County, Kans.—BOND OFFERING.—
Sinnott, City Clerk, that the application of the
advised by M. N.
City of Arkansas
City for authority to issue
bonds in the amount of $77,300
approved by
the
proposals and make
agreed
of improving the water works system has been
Utilities Commission.
The above official also advises that
Mayor and Commissioners are now ready to receive
contract for sale of the bonds, which will be issued after terms are
upon and contract is made,
for the purpose
the Public
ARLINGTON,
S.
On May 20 F.
dated May 26
ASHLEY
G.
H.
bonds.
Foot,
IRRIGATION DISTRICT, Mont.—BOND OFFERING.—
Secretary (P. O. Kalispell) is offering for sale $25,000 6%
Denoim.
ATHENS,
Middlesex County, Mass.—TEMPORARY LOAN.—■
Moseley & Co. were awarded a $50,000 temporary loan
1921 on a 5 76% discount basis.
and maturing Nov. 14
$100.
McMinn
County,
Tenn.—BOND
192$, incl.
Cert, check for $1,000
required.
30,000 general impt.
4
on May 1 from 1922 to
payable to the City of Athens,
bonds. Date May 1 1941.
City of Athens, required.
payable to the
OFFERING.—Fred
7:30 p. m. June 13 for the
Stephenson, City Recorder, will receive bids until
following 6% coupon bonds.
60,000 street impt. bonds.
Due $12,000 yearly
Cert, check for $1,000
|
May 28
Denom.
1921.]
$500.
THE
May
Date
CHRONICLE
1921.
The bonds are payable at the
Int. M. & N.
Purchaser to pay accrued
1
Hanover National Bank, N. X.
interest.
The bonds will be sold subject to approval as to
legality by Shaffer
& Williams of Cincinnati, whose
approving opinion will be furnished to the
successful bidder without charge.
cess on
May 16—V. 112,
AUGUSTA
p.
SCHOOL
These bonds
were offered without suc-
2217.
DISTRICT
(P.
O.
Augusta),
Des
Moines
County, Iowa.—BOND OFFERING.—-Until June 1 proposals will be
received by the Clerk Board of Education for $2,000 6% school bldg. bonds,
voted on May 3 by 95 to 35.
AUST1NTOWN RURAL SCHOOL DISTRICT (P. O. Austintown),
Mahoning County, Ohio.—BOND OFFERING.—Until 12 m. June 2,
Geo. S. Monroe, Clerk of the Board of Education, will receive bids for
$5,000 6% bonds.
Denom. $1,000.
Date July 1 1921.
Prin. and semiann. int. (A. & O.) payable at the office of the depository of the district.
Due $1,000 on April 1 and Oct. 1 from April 1 1927 to April 1 1929, Incl.
Cert, check for $200, payable to the above clerk, required.
BARRON JOINT SCHOOL DISTRICT NO. 1 (P. O. Barron), Barron
County, Wise .—DESCRIPTION OF BONDS.—The $45,000 6% school
building bonds recently awarded to the Drake-Ballard Co. of Minneapolis
at par—V. 112, p. 1893—answer to the following description: Denom. $1,Date April 15 1921.
000.
Due yearly from 1926 to 1937, incl.
OFFERING.—Sealed bids will be re¬
of the City Commission, until 12 m.
public school bldg. bonds.
Denom.
$1,000.
Date April 1 1920.
Prin. and semi-ann. int. payable at the Han¬
over National Bank, N- Y., in gold.
Due April 1 1950.
Certified check
for 1% of the amount of bonds bid for, payable to the city of Birmingham,
required.
The Commission will furnish to the purchaser the opinion of
John C. Thomson of New York, approving the legality and validity of said
bonds, and a certified copy of all proceedings will be furnished, showing
authority to issue said bonds.
The bonds will be prepared under the super¬
BIRMINGHAM,
Ala.—BOND
ceived by N. A. Barrett, President
June 7 for $1,000,000 5% tax-free
vision
or
the United States Mortgage & Trust Co. of New York City, which
will certify as to the
genuineness of the signatures of the city officials and
Said bonds will be delivered to the successful
the sale impressed thereon.
bidder
or
bidders
on
.
Hanover Nat. Bank, N. Y.
Due June 6 1931, redeemable as follows:
Not exceeding 1-5 in amount of said bonds being redeemable by the City of
Birmingham in numerical order before maturity on June 6 1923, and a simi¬
on June 6 each year thereafter, by paying to the holder
or holders thereof as a bonus a sum equal to H the annual interest on the
bonds redeemed, notice of redemption to be given as provided by law.
Cert, check for 1% of the amount of bonds bid for, payable to the City of
Birmingham, required.
The Commission will furnish to the purchaser the
lar number of bonds
opinion of John C. Thomson of N. Y. City, approving the legality and val¬
idity of said bonds, and a certified copy of all proceedings will be furnished,
showing authority to issue said bonds.
The bonds will be prepared under
the supervision of the United States Mortgage & 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
Said bonds will be delivered to the suc¬
cessful bidder on bidders on June 15 1921, unless a later date should be
mutually agreed upon.
K ;
BLACK CREEK. Wilson County, No. Caro.—NO BIDS RECEIVED.
—No bids were received on May 25 for the $10,000 6% coupon electric-light
bonds
(V. 112,
p.
BUTLER COUNTY (P. O. Hamilton), Ohio.—BONDS NOT SOLD.—
The $267,000 6% coupon Inter-County
Highway No. 182, Sectiin "D"
bonds, dated June 11921, offered on May 25 (V. 112, p. 1999) were not sold,
CALDWELL SCHOOL DISTRICT (P, O.
1999).
BLACKSBURG, Cherokee County, So. Caro .—BOND OFFERING.—
Sealed bids will be received until 11 a. m. June 1 by J. G. Lapoch, Town
Clerk for the following 6% 20-40 year
Caldwell), Essex County.
N. J.—BOND SALE.—On May 21 the $20,000
5% coupon or registered
school bonds offered on that date (V. 112, p. 1999) were awarded to Thomas
Gould at par and interest.
CAMBRIA COUNTY (P.
O. Ebensburg), Pa .-BOND OFFERING.—
Herman T. Jones, County Comptroller, will receive bids until 12 m. June 15
for $500,000 5M% tax-free road bonds.
Denom. $1,000.
Date July 15
Int. J. & J.
Due serially July 15 1922 to 1944 Incl.
1921.
Cert, check
for $5,000 required.
Purchaser to pay accrued interest.
SCHOOL DISTRICT
(P. O. Cambridge), Is'SSTi
Minn.—BOND SALE.—On May 21 the $25,000 6% funding
CAMBRIDGE
County,
bonds
sold to the Metropolitan National Bank of Minneapolis at
basis of about 5.64%.
Denom. $1,000.
Date May 15 1921.
Diie May 15 1936.
y °
were
103.60,
a
Interest semi-annual.
CASA GRANDE, Pinal County, Ariz.—BOND OFFERING.—Further
are at hand relative to the offering on June 1 of the $90,000 waterextension and $30,000 light system extension 6% coupon bonds (V. 112, p.
2110).
Sealed bids for these bonds will be received until 2 p. m. on that
details
day by A. A. Joyne. Mayor.
Denom. $500.
Date Jan. 2 1921.
and semi-ann. int. (J. & J.) payable in Casa Grande.
Due in 20
optional after 10 years.
Cert, check for 5% required.
Financial Statement.
Assessed value..
Actual value (est.)
Total bonded debt (including this issue)
Water debt (included in above)
;»_*
Tax rate per $1,000..
_
...
ioi .000
10 00
--..._.___..1,600
(Census)-.-.
1920
Prin.
years,
$849,000
2,000,000
149,000
......
Population
CASCADE COUNTY (P. O. Great Falls), Mont.—BOND OFFERING.
—Newspapers state that $100,000 court house and bridge refunding bonds
will be offered for sale June 10.
John E. Moran is County Clerk.
June 15 1921 unless a later date should be mutually-
These bonds were offered unsuccessfully on Mar. 29 (V.
'
BOND OFFERING.—The above official will also receive sealed bids until
the said time and date for $323,000 7% public impt. bonds.
Denom.
$500.
Date June 6 1921.
Prin. and semi-ann. int. payable in gold at the
agreed upon.
112, p. 1652).-
3333
CAZENOVIA, Madison County, N. Y.—BOND SALE.—On May 19
issue of $15,000 5% street-improvement bonds, dated July 1 1921 and
inclusive, was awarded to the
an
due $1,000 yearly on July 1 from 1922 to 1936,
Cazenovia National Bank at par.
CHADRON, Dawes County, Neb.—BOND ELECTION.—Oil June 15
sewage-disposal-plant bonds will be voted upon.
$45,000
CHAVES COUNTY SCHOOL DISTRICT NO. 2 (P. O. Roswell),
N. Mex.—BOND ELECTION.—On June 10 $2,500 school-building bonds
voted upon.
V'-':"■
■.-
will be
CERRO
GORDO
COUNTY
(P.
O.
Mason
City),
Iowa—BOND
SALE.—On May 23 the $410,000 county road bonds (V. 112, p. 2218) were
sold to the Henkle Construction Co., of Mason City, and William O'Neil,
Son & Co., of Fairbault, at par for 5s.
as
Date May 2 1921.
Due yearly
follows: $50,000, 1922; $60,000, 1923; and $75,000, 1924 to 1927, incl.
CHESTER, Essex County, Pa.—BOND OFFERING —William Ward,
Jr., Supt. of Accounts and Finance, will receive bids until 2 p. m. June 1
for $165,000 4-year (aver.) tax-free coupon city bonds.
Denom. $1,000.
Date July 1 1921.
Cert, check for 5% of bonds required.
CHEYENNE, Laramie County, Wyo.—PURCHASERS.-—The pur¬
chasers of the $500,000 6% sanitary and storm sewer bonds—-V. 112, p.
2218—were E. H. Rollins & Sons, Halsey, Stuart & Co., Inc., and A.B.
Leach & Co., Inc.
CHICOPEE, Hampden County, Mass.—NOTE OFFERING.—Propos¬
als for the purchase at discount of $200,000 tax-free revenue notes will be
received until 12 m. June 1 by Louis M. Dufault, City Treasurer.
Denom.
(opt.) bonds: $69,000 water works
Denom. $5G0.
Date April 1 1921.
Int.
registerable as to principal.
Cert, check for 2%
of bonds bid for each issue payable to the Town Treasurer, required.
notes will be
BOISE CITY, Ada County, Ida.—BOND OFFERING.—Angela Hop¬
per, City Clerk, will receive bias until 12 m. May 31 for the following bonds:
$15,974 70 Local Paving Improvement District No. 25 bonds.
Certified
the validity of which order has been approved by Storey, Thorndike, Palmer
& Dodge of Boston.
The legal papers incident to this issue will be filed
with the Old Colony Trust Co., where they may be inspected.
>
and
$55,000 sewerage bonds.
The bonds
semi-ann.
are
check for $500 roouircd#
»
15,426 66 Local Sidewalk and Curb Improvement District No. 36 bonds.
Certified check for $500 required.
7,532 76 Local light Improvement District No. 4 bonds.
Certified check
for $2P0 required.
1,675 34 Local Sidewalk and Curb Improvement District No. 37 bonds.
Certified check for $100 required.
2,100 00 Local Light Improvement District No. 3 bonds.
Certified
check for $100 required.
1,077 50 Local Curb Improvement District No. 1 bonds.
Certified check
for $100 required.
BONNERS FERRY, Boundary County,
All bids received
on
Ida.—BIDS REJECTED.—
May 14 for the $40,000 electric-light and power-system-
purchase, $25,000 water-system-purchase and $15,000 city-hall 10-20-year
(opt.) bonds—V. 112, p. 1893—were turned down because they were
unsatisfactory,
BOONE
COUNTY
(P.
O.
Lebanon),
Ind.—BOND
—
for $13,500
5% William S. Cain et al., Jefferson Twp., bonds.
Denom.
Int. M. & N.
Due $675 each six months from
May 15 1922 to Nov. 15 1931, incl.
Date April 5 1921.
BOONVILLE, Cooper
County, Mo.—BOND OFFERING.—Sealed
proposals will be entertained until 8 p. m. June 1 by Charles G. Miller, City
Clerk, for $25,000 6% 5-20 year (opt.) street impt. bonds.
Denom. $500 or
$1,000 (to suit purchaser).
Date July 1 1921.
Int. J. & J. payable at
the office of the City Treasurer.
Cert, check for $500 payable to the City
Purchaser to furnish bonds for execution at his
Treasurer, required.
ex¬
pense.
Financial Statement.
Bonded
Debt
Sinking fund
value,
Assessed
—
1919
Assessed value, 1920
Actual valuation
Tax levy per
$104,500
11,000
(including this issue)
—
.—
—
_
;
—
,
_
—
..—_
2,704,686
2,976,174
7,500,000
$1,000 (including this issue)
Population, (est.) 5,500.
BRADLEY
COUNTY
10.50
Caldwell & Co.
BRAINTREE, Norfolk County, Mass .—TEMPORARY LOAN.—The
$50,000 temporary loan offered on May 20 was recently awarded to Messrs.
R. L. Day & Co. of Boston on a 5.79% discount basis.
Date May 27.
Due $25,000 Nov. 21 and $25,000 Nov. 28 1921.
BRAZOS COUNTY (P. O. Bryan), Tex.—BOND ELECTION— On
May 31 the voters will decide whether they
are
in favor of issuing $1,500,000
road bonds.
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
Brookville), Montgomery County, Ohio.—BOND OFFERING.—Mark
W. Howett, Clerk-Treasurer of the Board of Education will receive bids
until 12 m. June 4 for $160,000 6% coupon high school bonds.
Denom.
$500.
Date June 4 1921.
Int. M. & 8.
Due each six months as follows:
$3,000 from Mar. 11930 to Sept. 1 1938, incl.: $6,000 Mar. 1 1939 to Sept. 1
1944: $7,000 Mar. 1 1945 to Sept. 1 1946 and $6,000 Mar. 1 1947.
Cert,
check for 5% of amount bid, on a solvent bank, payable to the said ClerkTreasurer, required.
Purchaser to pay accrued interest.
BROOKVILLE
BROWNVILLE, Jefferson County, N. Y.—BOND SALE.—On May 23
the $90,000 coupon water and sewer bonds offered on that date (V. 112, p.
2218) were sold.
GRADED
SCHOOL
DISTRICT
(P.
O.
Bryson
City),
Swain County, No. Caro.—BOND OFFERING.—L. Lee Marr, Chairman
Board of Trustees, will receive sealed proposals until 1 p. m. June 1 for
$50,000 6% coupon school-hnpt. bonds.
Denom. $1,000.
Date June 1
1921.
Prin. and semi-ann. int. (J. & D.)° payable at the Hanover Nationa,
Bank, N. Y.
Certified check or cash for 2% of amount of bonds bid for4
payable to the above official, required.
Purchaser to pay accrued interest'
CHUGWATER, Platte County, Wyo.-—BONDS VOTED.—At a recent
112, p. 1894) were voted:
$33,000 water bonds.
Vote 67 "for
to 29 "against."
7,000 eletecirc light plant bonds.
Vote 62 "for" to 28 "against."
CINCINNATI SCHOOL DISTRICT (P. O, Cincinnati), Hamilton
County, Ohio—BOND SALE.—On May 23 the $540,000 5^% coupon
school site and building bonds offered on that date (V. 112, p. 1894) were
sold to Curtis & Sanger, Blodget & Co. and Otis & Co. of Cleveland, jointly
at their bid of 100.16, equal to about a 5 485% basis.
CIRCLEV1LLE
SCHOOL DISTRICT (P. O. Circleville),
Ohio.—BOND OFFERING.—J. R. Noecker, Clerk
CITY
Pickaway County,
of Board of Education, will receive bids until 12 m. June 8 for $8,000 6%
public
school
improvement
bonds.
Denom.
$500.
Date
day
of
sale.
Prin. and semi-ann. int. (M. & S.) payable at the office of the Clerk of Board
Due $500 each six months from Mar. 1 1923 to Sept .1 1930,
Cert, check for $100, payable to the above Clerk, required.
Pur¬
of Education.
chaser to pay
CLARKE
accrued interest.
COUNTY
SCHOOL
DISTRICT
NO.
37,
Wash—BOND
OFFERING.—T. L. Henricksen, County Treasurer (P. O. Vancouver), will
a. m. June 4 for $26,000 coupon school bonds.
receive sealed bids until 10
Denom. $1,000.
Principal and interest payable at the office of the County
Treasurer.
Certified check for 1% required.
CLAY
COUNTY
(P.
O.
Moorhead),
Minn—BOND OFFERING—
A. O. Houglum, County Auditor, will receive bids until 10 a. m. June 4 for
$45,000 6% road bonds.
Denom. $1,000.
Date May 1 1921.
Prin. and
semi-ann. int. payable at tne First National Bank, Minneapolis.
Due
May 1 1936.
Cert, check for $750 payable to the County Treasurer, re¬
quired.
The County will furnish blank bonds and the approving opinion
of Ambrose Tighe of St. Paul, both without cost to the purchaser.
CLEARWATER, Pinellas County, Fla—BOND OFFERING.—Sealed
bids will be received until 8:30 p. m. June 1 by J. R. Thomas, City Clerk,
for
$45,000 6%
30-year city park purchase bonds.
annual interest
Principal and semi¬
payable at the Bank of Clearwater, Clearwater.
check for $2,000 required.
Certified
(P.
O. Cleveland), Tenn.-BOND SALE.—
On May 14 the $65,000 high school bldg. and impt. and $30,000 common
school bldg. and impt 20-year coupon bonds—V. 112, p. 2110—were sold
to the People's Bank of Cleveland for the account of the Kauffman-Smith
Emert & Co., Inc. of St. Louis.
Bids were also received from the following
W. L. Slayton & Co., Prudden & Co., National Bank of Commerce, and
BRYSON
Due Nov. 18 1921.
These
engraved under the supervision of the Old Colony Trust Co.,
election the following bonds (V.
incl.
OFFERING
Granville Wells, County Treasurer, will receive bids until 10 a. m. June 2
$675.
6 for $25,000, 3 for $10,000 and 4 for $5,000.
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 Board of
Aldermen,
CLEVELAND, Cuyahoga County, Ohio.—BOND SALE.—We are
unofficially advised that the following four issues of 5J^% coupon bonds
aggregating $2,500,000 offered on May 25—V. 112, p. 1999—were awarded
to Eldredge & Co., E. H. Rollins & Sons; Kountze Brothers and Redmond
& Co., all of New York, at 100.08, a basis of about 5.49%.
$1,120,000 public hall bonds.
Date Mar. 1 1921.
Due $32,000 yearly"
on Mar. 1 from 1923 to 1957, incl.
1,080,000 hospital bonds.
Date Mar. 1 1921.
Due $30,000 yearly
on Mar. 1 from 1923 to 1958, incl.
150,000 city's portion street impt. bonds.
Date Feb. 1 1921.
Due
$3,000 yearly on Feb. 1 from 1922 to 1971, incl.
150,000 electric light bonds.
Date Feb. 1 1921.
Due $5,000 yearly
on Feb. 1 from 1923 to 1952, incl.
Denom.
$1,000.
CLEVELAND HEIGHTS (P. O. Warrcnsville), Cuyahoga County,
Ohio.—BOND OFFERING—H. H. Canfield. Village Clerk, will receive
12 m. June 20 for the following 4 issues of 6% coupon bonds:
bids until
$8,764 water main bonds.
May 1 1921.
Denom. 1 for $764 and 8 for $1,000 each.
Date
follows: $764, 1924; $1,000,
Due yearly on Oct. 1 as
1925 to 1930, incl. and $2,000, 1931.
6,915 sidewalk bonds.
Denom. 1 for $415 and 13 for $500 each.
Date
May 1 1921.
Due yearly on Oct. 1 as follows: $415, 1922; $500,
1923 to 1928, incl., $1,000. 1929 and 1930 and $1,500, 1931.
8,304 Cumberland Road water bonds.
Denom. 1 for $304 and 8 for $1,000
each.
Date Sept. 1 1920.
Due yearly on Oct. 1 as follows: $304,
1927; $2,000, 1928 to 1931, incl.
8,081 Cumberland Road sewer bonds.
Denom. 1 for $81 and 8 for $1,000
each.
Date Sept. 1 1920.
Due yearly on Oct. 1 as follows: $81,,
1927; $2,000, 1928 to 1931, incl.
Prin. and int. payable at office of Treasurer of Cleveland Heights.
Cert, check for 3% of amount hid, payable to the Treasurer, required.
All
bonds to be delivered at the Town Hall or at the office of its Legal Deposi¬
tory in the City of Cleveland.
Purchaser to pay accrued interest;
N. J.—BOND OFFERING.—William A.
bids until 8:15 p. m. June 21 for an issue of
5lA% coupon (with privilege of registration) school bonds not to exceed
$124,000.
Denora. $1,000.
Date June 1 1921.
Principal and semi¬
annual interest (J. & D.) payable at the office of the City Treasurer.
Due
yearly on June 1 as follows: $3,000, 1922 to 1957, inclusive, and $4,000.
1958 to 1961, inclusive.
Certified check for 2% of amount of bonds bid
for on an incorporated bank or trust company, payable to the City or
Clifton, required.
The opinion of Hawkins, Delafield & Longfellow, of
New York, will be furnished the purchaser that the bonds are binding and
legal obligations of the city.
Bonds are to be prepared under the super¬
vision of thp United States Mortgage & Trust Co., which will certify as to
the genuineness of the signatures of the officials and seal impressed thereon.
Purchaser to pay accrued interest.
,
;
CLIFTON, Passaic County,
Miller, City Clerk, will receive
,
„,
CLYDE, Wayne County, N. Y.—BOND SALE.—On May 21 the
$13,000 5% coupon sewer bonds offered on that date (V. 112, p. 2110)
were sold
to the Briggs National Bank and the Citizens Bank, both of
The price paid was par
Date Sept. 1 1921.
Clyde, each taking half.
accrued interest.
and
./■ -
A',;-;
(P. O. Clarksdale), Miss.—BOND SALE.—
& Co. of St. Louis have been awarded $250,000
COUNTY
COAHOMA
The Kauffman-Smith-Emert
6% tax-free road impt. bonds.
Denom. $1,000. Date May
semi-ann. payable in New York.
Due yearly on May 1 from
incl.
These bonds were voted on May 3—V. 112, p. 2110.
1 1921.
Assessed value
.
—_ —
—
-
Total debt
—$29,167,237
1,900,000
>"
'
COLLI NGDALE, Delaware
5)4 %
County, Pa .—BOND SALE.—An
issue of
30-year street-improvement bonds was recently sold to
Philadelphia, at 100.17, a basis of about 5.49%, it is stated.
Mullen & Co., of
CONLEY
SCHOOL
DISTRICT,
Kern
OFFERING.—Proposals will be received until
County, Calif.—BOND
10 a. m. June 6 by F. E.
Smith, Clerk Board of County Supervisors (P. O. Bakersfield), for $360,000
6% coupon bonds.
Denom. $1,000.
Principal and semi-annual interest
(J. & JT) payable at the office of the County Treasurer.
Due
yearly on Jan. 31 from 1922 to 1939, inclusive.
Certified check or cash
for 10%, payable to Stanley Abel, Chairman of the Board of County Super¬
visors,
required.
Purchaser to pay accrued interest.
Bonded debt,
$50,000.
Assessed value of taxable property, 1920, $14,435,025.
A like
amount of bonds was reported as sold in V. 112, p. 958.
$20,000
CONNEAUT CITY SCHOOL
DISTRICT (P. O. Conneaut), Ashta¬
Ohio.—BOND OFFERING.—R. B. Mycatt, Clerk of Board
will receive bids until 12 m. June 8 for $300,000 6% high
school building improvement bonds.
Denom. $500.
Date June 1 1921.
Prin. and semi-ann. int. payable at the Conneaut Mutual Loan and Trust
Company.
Due yearly on June 1 as follows: $10,000, 1922 to 1927, incl.;
$25,000, 1928 to 1936, incl. and $15,000, 1937.
Cert, check for $1,000,
payable to the Board of Education, required.
Purchaser to pay accrued
$500, required.
EPHRATA,
COOKEVILLE, Putnam County, Tenn.—BOND SALE.—An issue
$100,000 6% bydro-electric-light plant bonds was sold on April 15 to
the American National Securities Co. of Nashville at par.
Denom. $1,000.
Interest M. & N.
of
CORCORAN IRRIGATION DISTRICT (P. O. Corcbran),
Kings
County, Calif.—BOND SALE.—On May 10 Royne & Co. were awarded
$100,000 6% 32 1-6 year (aver.) bonds at 96.
Denom. $1,000. Date
Jan. 1 1920.
Int. J. & J.
Due $50,000 Jan. 1 1953 and $50,000 Jan. 1
:
1954.
COVINGTON, Kenton County, Ky.—BOND SALE.—On May 26
the $250,000 6% coupon water works impt. bonds—V. 112, p. 2110—were
sold to B. J. Van Ingen & Co. of N. Y. at 101.62 and interest.
Date Jan.
15 1921.
Due yearly on Jan. 1 as follows: $5,000, 1922 to 1941, incl.,and
$7,000, 1942 to 1961, incl., optional after Jan. 1 1931.
COWLITZ COUNTY DIKING
BOND SALE.—The First
96.40.
CRAWFORD COUNTY (P. O.
Due yearly on June 1 as follows: $50,000 1937 to
1940, incl. and $100,000 1941 to 1943, incl.
Cert, check for $5,000, re¬
quired.
Purchaser to pay accrued interest.
,
v
These bonds were offered unsuccessfully on May 16—V. 112, p. 2219.
ty Treasurer's office.
,
ERWIN, Steuben County, N. Y.—BOND OFFERING.—Lyman B.
Hodgman, Town Supervisor, will receive bids until 2 p. m. June 1 at the
village of Painted Post, N. Y., for $45,000 bonds at not exceeding 6%
interest.
Denom.
$1,000.
Date May 15 1921.
Prin. and semi-ann.
(M. & N.) payable at the Painted Post National Bank, Painted Post.
Due
$3,000 yearly on May 15 from 1925 to 1939, incl.
The purchaser is required
to pay 5% of amount bid to the above supervisor.
Purchaser to pay accrued
interest.
English), Ind.—BOND OFFERING.—
receive bids until 2:30 p. m. June 6
NTWright et al., County Unit No. 3, Ohio Township bonds.
Denom.
Nov.
$425.
Due $425 each six months from May 15
1922 to
15 1931, incl.
7,050 J. J. Trusty et al., County Unit No. 13, Johnson Township bonds.
Denom. $352 50.
Due $352 50 each six ninths from May 15 1922
to Nov. 15 1931.
Int.
payable M. & N.
NO.
1
CRESSON,
Cambria
County,
Pa.—BOND OFFERING.—H.
E.
Sharbaugh, Borough Secretary, will receive bids until 8 p. m. June 7 for
$20,000 5Y%% coupon tax-free municipal bonds.
Denom. $1,000.
Date
Aug. 1 1921.
Int. F. & A.
Due$10,000 Aug. 1 1936 and $10,000 Aug. 1
1946.
Purchaser to pay accrued interest.
Gold Beach), Ore.—BOND ELECTION.—
CURRY COUNTY (P. O.
CYNTHIANA
June 6, $165,000 road bonds will be voted upon.
SCHOOL DISTRICT
(P. O. Cynthiana), Harrison
County, Ky.—BONDS VOTED.—By a large majority an issue of $20,000
grade and high-school building bonds carri<*l on May 11, it is stated.
Greensburg), Ind.—BOND OFFERING.
—Ozro J. Butler, County Treasurer, will receive bids until 2 p. m. June 3
for $29,000 5% coupon, James A. Skinner et al., Sandcreek Township
highway improvement bonds.
Denom. 40 for $500 each and 20 for $450
each.
Date April 15 1921.
Prin. and semi-ann. int. (M. & N.) payable
at Countv Treasurer's office.
Due $1,450 each six months from May 15
1922 to Nov. 15 1931, incl.
DECATUR COUNTY (P. O.
(City and County), Colo.—BONDS DEFEATED.—Latest
that the $5,000,000 municipal water-plant improvement
112, p. 1433) were defeated at the election May 17.
DENVER
returns
show
bonds (V.
DORCHESTER COUNTY (P. O. Cambridge),
Md.—BOND SALE.—
On May 20 the $60,000 5H% coupon tax-free lateral road bonds offered on
that date—V. 112, p. 1895-—were sold toStrother, Brogden & Co. for $60,-
100 43, a basis of about 5 45%.
Date
$4,000 yearly on May 15 from 1927 to 1941, incl.
258 equal to
DYER
COUNTY
(P.
O.
Dyersburg),
May 15 1921,
Tenn .—DESCRIPTION
Due
OF
BONDS.—Further details are at hand relative to the sale of the $670,000
6% coupon road bonds, awarded as stated in V. 112, p.
$500.
Date April 1 1921.
Prin. and semi-ann. int. (A.
at the National City Bank, N. Y.
Due April 1 1951.
Financial
Statement.
221&—Denom.
& O.) payable
$48,000 bonds to the Drake Ballard Co. of
25,000 bonds to Daniel Sayre of Estelline.
EVANSVILLE,
$35,000,000
21,007,675
1,275,180
Total indebtedness
Population, 1920 census, 29,983.
ELIZABETH CITY GRADED SCHOOL DISTRICT (P. O. Elizabeth
City), Pasquotank County, No. Caro.—INTEREST RATE CHANGED:
—The interest rate of the $140,000 coupon high-school bonds which are
scheduled to be sold to-day (May 28)—V. 112, p. 1895—has been changed
from 5 or 5H% to 6%.
ELIZABETH,
Union County, N. J.—BOND SALE.—It is reported
$270,000 6% 6-year city bonds was recently sold to J. S.
Rippel & Co., of Newark.
Int. J. & J.
Date June 1 1921.
Due June 1
1927.
ELLICOTTVILLE, Cattaraugus County, N. Y.—BOND OFFERING.
L. Nichols, Village Clerk, will receive bids until June 1 for $24,000
—A.
5% street-paving bonds,
Date Aug. 1 1921.
EL RENO SCHOOL DISTRICT (P. O. El Reno), Canadian County,
Okla.—BONDS VOTED.—An issue of $214,000 high school bldg. bonds
was voted at a recent election by 443 to 97.
County,
Douglas
DIS¬
SCHOOL
CONSOLIDATED
O. Estelline), Hamlin County, So.
Dak.—BOND
May 17—V. 112, p. 2111—
Minneapolis.
Minn.—BOND
OFFERING.—
$20,000 6% electric light
Village Recorder.
Date
Due $2,000 yearly from 1932 to 1941,
Until 8 p. m. May 31 bids for the purchase of
bonds will be entertained by V. J. Eastman,
May 15 1921.
incl.
Int. semi-annually.
Cert, check for $2,000, required.
EVERETT,
Middlesex
County,
Mass .—NOTE SALE—On May 24
dated May 25 and ma¬
sold to the
the $300,000 notes offered on that date, which are
$150,000 on Nov. 21 and $150,000 on Dec. 21 1921 were
Merchants Nat'l Bank of Boston on a 5.865% discount basis.
ture
FALL
RIVER,
Bristol
Mass.—TEMPORARY
County,
LOAN.—
On May 25 a $300,000 temporary loan dated May 25 and maturing Nov. 9
1921 was awarded to Blake Bros, of Boston on a 5.99% discount basis
plus a $2.00 premium.
FERGUS COUNTY SCHOOL DISTRICT NO.
92
(P. O. Danvers),
4
Mont.—BOND OFFERING.—Bids will be received until 6:30 p. m. June
for $6,000
Denom. $500.
6% school bonds.
FOARD
COUNTY
(P. O. Crowell), Tex
BONDS VOTED.—On
May 7 the $150,000 county highway bonds (V. 112, p. 1658) carried by a
large majority.
LAC
DU
OFFERING.—Alfred
11
a.
m.
$1,000
COUNTY (P. O. Fond Du Lac),
Wise.—BOND
S. Wilkinson, County Clerk, will receive bids until
May 28 for $484,000 5% coupon highway
Date April 1 1921.
Prin. and semi-ann.
impt. bonde.
Denom.
int. (A. & O.) payable
County Treasurer.
Due on April 1 as follows: $225,000
$200,000, 1931 and $59,000, 1936.
;
1926;
Financial
Statement.
$97,181,806
93.779,531
Actual value of property
Aggregate assessed valuation
Total bonded debt (including this issue)
484,000
Ind.—BOND OFFERING.—Henry J
Doell, City Controller, will receive bids until 2 p.m. June l#f«r $50.0006%
coupon (with privilege of registration) water supply main extension bonds.
Denom. $500.
Date May 16 1921.
Prin. and semi-ann. int. payable at.
the Lincoln National Bank, Fori Wayne.
Due May 16 1926.
Certified
check for 5% of amount1 bid for, payable to the city, required.
"Said
bonds will be sold to the highest and best bidder for cash and for not less
than their par value and accrued interest; the right to reject any and all bids
is reserved: upon payment therefor, said bonds will be delivered to the
purchaser or purchasers thereof."
FORT WAYNE, Allen County,
RURAL SCHOOL DISTRICT (P. O. Cort¬
Trumbull County, Ohio.—NO BIDS RECEIVED.
on May 18 for the $20,000 6% schoal bands offered
FOWLER TOWNSHIP
land R. F. D. No. 2),
were
received
that date—V.
on
112, p. 2111.
Date April 1 1921.
FRANKLIN
PARK,
Cook
County,
III.—BOND
OFFERING.—
Walter L. Peokham, Village Clerk, will receive bids until 8 p
m. June 6
for $20,000
6% water works bonds.
Denom. $500
Date May 1 1921.
Due $1,000 yearly on May 1 from 1926 to 1935 and $2,000 on May 1 from
1936 to 1940, incl,
Cert, check for 2% of amount bid, payable to William
H. Kirckhoff, President.
The assessed and equalized valuation of this
village for 1919 is $648,427 and the estimated population 2,000.
—Ralph W. Smith, Clerk of Board of County Commissioners, will receive
bids until 9:30 a. m. June 10 for $122,000 6% Columbus-Millersburg
Intercounty Highway No. 23, Section "A" improvement bonds.
Denom.
$1,000.
Date June 1 1921.
Prin. and semi-ann. int. (J. & D.) payable
at the County Treasurer's office.
Due yearly on June 1 as follows: $25,000,
1927 andl928;and $24,000,1929 to 1931,incl. Cert, check for 1 % of amount
bid, on a solvent national bank or trust company, payable to the Board of
County Commissioners, required.
Bonds to be delivered at Columbus,
Ohio.
Purchaser to pay accrued interest.
FREDERICK COUNTY (P. O. Frederick), Md.—BOND OFFERING.
until June 4 for $62,000 5% road bonds by the Clerk
—Bids will be received
of the Board of County
Commissioners.
Date Sept. 1 1921.
FREMONT COUNTY SCHOOL DISTRICT NO. 50, Colo.—BOND
SALE.—International Trust Co. of Denver has purchased $17,000 6%
15-30-year (opt.)
school-building bonds.
COUNTY (P. O. Rochester), Ind.—BOND OFFERING.—
H. B. Kumler, County Treasurer, will receive bids for
the following three issues of 4 A % road bonds:
$10,340 Elias Maxwell et al. Liberty Township bonds.
Denom. $517.
24,200 S. C. Rouch et al. Liberty Township bonds.
Denom. $1,210.
13,440 Harry Runkle et al. Richland Township bonds.
Denom. $672.
Prin. and semi-ann. int. (M. & N.) payable at the County Treasurer's
FULTON
Until 10 a. m. June 4
office.
Purchaser to pay
GERMAN
accrued interest.
TOWNSHIP
town),
Fayette County,
school bonds offered on May
SCHOOL DISTRICT (P. O. McCIellandPa .—BOND SALE.—The $100,000 5 3-5%
20—V. 112, p. 2000—were sold locally at par.
GIBBON, Buffalo County, Neb.—BOND SALE.—Bosworth, Chanute
havp purchased $17,000 6% 1-5-year serial sewer bonds.
& Co. of Denver
SCHOOL DISTRICT (P. O. Gladstone), Delta
Mich.—BOND OFFERING.—Until 12 m. June 3, P. B. Ham¬
Board of Education, will receive bids for $175,000
GLADSTONE
County.
mond, Secretary of the
i
Actual value taxable property
Assessed valuation
that an issue of
(P.
FRANKLIN COUNTY (P. O. Columbus), Ohia.—BOND OFFERING.
Date June 6 1921.
At an election to be held on
INDEPENDENT
ESTELLINE
SALE.—The $73,000 school bonds offered on
have been sold at par for 7s as follows:
—No bids
Pierson, County Treasurer, will
for the following 2 issues of 5% oonds:
$8,500 Ed.
/
ERIE COUNTY (P. O. Erie), Pa .—BOND OFFERING.—Joseph E.
Leslie, County Controller, will receive bids until 12 m. June 13 for $500,000
5% tax free (with privilege of registration) road bonds.
Denom. $1,000.
Date June 1 1921.
Prin. and semi-ann. int. (J. & D.) payable at the Coun¬
DISTRICT NO. 6 (Kalama), Wash.—
National Bank of Kelso has purchased $32,000
J. B.
County,
Wash .—BOND OFFERING.—Sealed
30 by Avery Chambers, Town Clerk, for
Grant
$25,000 6% water works bonds.
at the office of the
.
7% district diking bonds at
Denom. $500. Date
City Treasurer's office.
$4,000 yearly on
Cert, check for
bids will be received until May
FOND
DISTRICT (P. O. Conneaut),
ELECTION.—On May 31 the voters
the issuance of $60,000 school house
CONNEAUT TOWNSHIP SCHOOL
Ind.—BOND OFFERING.—Carrie Dreceive bids until 8
une
interest.
Ashtabula County, Ohio.—BOND
of the school district will vote upon
erection bonds.
County,
Due $3,000 yearly from June 1 1924 to June 1 1927, incl.;
June 1 in 1928 & 1927 and $5,000 on Jane 1 1930 and 1931.
bula County,
of Education,
Madison
J. m. 1 May 31 Prin. $30,000 6% refunding bonds.
1921.
for and semi-ann. int. payable at
TRICT
COLLIN COUNTY (P. O. McKinney), Tex.—BONDS VOTED.—At a.
recent election held in Blue Ridge Precinct, $52,000 bonds carried by 290 to
$60,000
ELWOOD,
Jacobs, Clerk of the Common Council Chamber, will
------
—
Population, 41,511.
;/,•
Int,
1922 to 1941,
Financial Statement.
[Vol. 112.
CHRONICLE
THE
2334
6% school bonds.
GLEN
COVE,
•
.
Nassau County, N. Y.—BOND SALE.—The $250,000
(V. 112, p. 2220), were sold on
5% coupon sewer bonds offered on May 23
that date to the Glen Cove Bank at par.
GRAYSON
COUNTY ROAD DISTRICT NO. 5 (P. O. Sherman),
bonds has been purchased
Bank of Whitewright, Tex., at par.
Tex.—BOND SALE.—An issue of $50,000 road
by the First National
GREENVILLE,
Hunt
County,
Tex.—BONDS VOTED.—Reports
that Greenville taxpayers voted in favor of $75,000 bond issue on
state
May 17 by over 2 to
indebtedness.
1 for the purpose of funding outstanding current
•
:
HAMILTON, Butler County, Ohio.—BOND SALE.—The three issues
of 6% bonds aggregating $145,000 dated April 1 1921 and due serially from
1922 to 1935, offered on May 17—v . 112, p. 1783—have been sold.
OFFERING.—Ernst E. Erb, City Auditor, will receive bids until
14 for $10,000 6% street improvement bonds.
Date May 1
1 1926. Cert, check for 5% of amount bid, payable to
the City Treasurer, required.
BOND
12
m.
1921.
June
Due May
May 28
1921.]
THE
CHRONICLE
HAMILTON COUNTY (P. O. Cincinnati), Ohio.—BOND
OFFERING.
—Until 12 m. June 14, sealed proposals will be received
by Albert Reinhardt,
Clerk of the Board of County
Commissioners, for $260,000 6% CincinnatiBrookville Road Inter-County Highway No. 40, Section
"A," County's
Portion bonds.
Denom. $500.
Date June 1 1921.
Prin. and semi-ann.
int. (J. & D.) payable at the County Treasurer's office.
Due June 1 1931.
Cert, check for 5% of amount of bonds bid for,
payable to Louis J. Huwe,
County Treasurer, required.
Purchaser to pay accrued interest.
HARDIN
Until 12
m.
COUNTY
O.
(P.
Inter-County
Highway No.
228,
Section
"D,"
con¬
struction bonds.
Denom. 40 for $1,000 each and 10 for $550 each.
Prin.
and semi-ann. int. (J. & D.) payable at the
County Treasurer's office.
Due
$4,550 yearly on June 1 from 1922 to 1931, incl.
Cert, check on a Kenton
Bank for $500, required.
Purchaser to pay accrued interest.
HARRISON TOWNSHIP RURAL SCHOOL
DISTRICT, Montgom¬
County, Ohio.—BOND OFFERING.—Wilber G. Siebenthaler, Clerk
Education, will receive bidsuntil 7 p. m. June 1 for $14,000 6%
coupon bonds.
Denom. $500.
Date June 1 1921.'
Int. M. & N.
Due
$1,000 yearly on Sept. 1 from 1922 to 1935, incl. •> Cert, check for
$350,
payable to the above clerk, required.
Purchaser to pay accrued interest.
ery
of Board of
HENDRICKS COUNTY (P. O. Danville), Ind.—BOND OFFERING.
—Allen J.
Wilson, County Treasurer, will receive bids until 10 a. m. June 6
for $58,500 5% Calvin Cutrell et al., Washington
Township bonds.^ De¬
nom.
$975.
Date Nov. 15 1920.
Int. M & N.
Due $2,925 each six
months from May 15 1922 to Nov. 15 1931, incl.
Purchaser to
pay accrued
interest.
;'
.
HENNEPIN
COUNTY (P.
O. Minneapolis), Minn.—BIDS.—The
complete list of bids received on May 17 for the $241,000
Cedar Ave. bridge and $483,000 Lyndale Ave., bridge
bonds, awarded as
stated in V. 112, p. 2220.
Continental & Commercial Trust & Savings Bank, Blodget &
Co., Curtis &
Sanger, Lane, Piper & Jaffray, Inc.; Minneapolis:
Par and accrued int.; premium $3,909 60; rate of int.
5M % on $483,000 and 6% on $241,000.
William R. Compton Company, Chicago: >
Par and accrued int.: premium $2,030.
Rate of int. 6% on $432,000
and 5}4% on $292,000.
Eldredge & Company, New York:
r
Par and accrued int.; premium $4,650; rate of
interest, b%%.
Northwestern Trust Company, St. Paul:
102.03 and accrued interest; rate of interest 6%.
Minnesota Loan & Trust Co., and The Minneapolis Trust Co.,
Minneapolis:
Bid No. 1; par and accrued int.; premium $12,872 72; rate of interest
following is
a
Bid No. 2; par and accrued int.; allowance for attorney's fees and
printing of bonds, $1,500; rate of interest, 5%%.
Kalman, Wood & Company, Minneapolis:
Par and accrued int.; rate of interest 5}4% on $175,000 of the com¬
bined longest maturities and
6% on balance.
Wells-Dickey Company, Minneapolis:
Par and accrued int.; rate of int. 6% premium on the $483,000
issue,
$7,371; premium on the $241,000 issue $3,681.
Gold-Stabeck Company, Minneapolis:
Par and accrued int.; premium $4,488 80; rate of interest,
6%.
Guaranty Company of New York, Estabrook & Co., Hannahs, Ballin and
•"
v '-'v:
Lee, New York:
.
Par and accrued
int.;
premium $651 16;
rate of interest, 5%%.
HERKIMER COUNTY (P. O. Herkimer), N. Y.—BOND OFFERING.
—At 11a.m. May 31, the following two issues will be sold at
public auction
at the front door of the Court House in Herkimer.
$102,000 Series of 1921, highway bonds.
Due $8,000 yearly on Mar. 1
from 1923 to 1934, incl., and $6,000 on Mar. 1 1935.
12,000 Series of 1921.
Federal Aid highway bonds.
Due $1,000 yearly
on Mar. 1 from 1923 to 1934, incl.
Denom., $1,000.
Date Mar. 1 1921.
Int. M. & S.
Cert, check for
10% of amount bid for, on a National Bank or trust company in the State
of New York, payable to the County Treasurer,
required.
Purchaser to
pay .accrued interest.
for
Purchaser
5%
to
3335
of amount bid,
pay
payable to
interest.
accured
the
City Treasurer, required.
BOND OFFERING.—The above official will also
receive bids until 12 m.
June 6 for $2,300 6% North 22nd Street
improvement bonds.
Denom
1 for $1,300 and 1 for $1,000.
Date Aug. 1 1920.
Int. semi-ann.
Due
$1,000 Aug. 1 1923 and $1,300 Aug. 1 1924i
Cert, check for 5% of amount
bid, payable to the City Treasurer, required.
Purchaser to
pay
interest.
Kenton), Ohio.—BOND OFFEHlNG.—
June 10, the County Auditor, will receive bids for
$45,500 6%
Marysville-Kenton
check
bids will be received until 8 p. m. June 7
the following 6% bonds:
by L. H. Kidd, City Manager, for
$20,000 public-impt. bonds.
Due 1941.
> /
2,880 Improvement District No. 8 bonds (property owners'
part).
Due
serially from 1 to 9 years.
2,800 city impt. bonds (city's part, I. D. No. 8).
Due 1941.
Int. semi-ann.
Certified check for 1% of the amount of
bonds bid for,
payable to the City Treasurer, required.
The approving opinion of Jno. C.
Thomson of N. Y. or some other reputable bond
attorney will be furnished.
.
KINGS MOUNTAIN, Cleveland County, No.
Caro.—BOND OFFERl
E. Lovell, Town Clerk, will receive sealed
proposals unti
following 6% coupon (with privilege of registration)
..'.''-'V
ING.—Geo.
6 p.m. June 1 for the
bonds: ■--r
.
$56,000 street assessment bonds.
Due yearly on May 1 as follows: $5 000
1922 to 1931, incl., and $6,000 1932.
* '
36,000 local impt. bonds.
Due $2,000 yearly on May 1 from 1924 to
,
1941, incl.
Denom. $1,000.
Date May 1 1921.
Prin. and semi-ann. int. (M. & N.)
payable in gold at the National City Bank, N. Y.
Cert, check or cash on
an incorporated bank or trust
company for 2% of the amount of bonds bid
for payable to the town of
Kings Mountain, required.
Successful bidders
will be furnished with the opinion of Reed,
Dougherty & Hoyt of N. Y.,
that
the bonds are valid and binding obligations of the town
of
Mountain.
The notice of this offering was already given in V.
Kings
112, p.
2220—It is given again because further information has
come to
hand.
LADONIA, Fannin County, Tex.—BOND ELECTION.—On June
$50,000
new school house,
$35,000 sewerage system
works system extension bonds will be voted on.
,
and
at
90.875.
HOOD
RIVER COUNTY
TION.—On
June 7
the
(P. O. Hood River), Ore.—BOND ELEC¬
will decide whether they are in favor of
voters
issuing $350,000 road bonds.
HUNTINGTON, Suffolk County, N. Y.—BOND SALE.—The $500,(not $50,000 as erroneously stated in our previous notice), 16 5-6 yr.
(aver.)
road impt. bonds offered on May 13—V. 112, p. 2000—were
awarded to Blodget & Co. and White, Weld of New York for 5^s at 100.87,
a basis of about 5.17%.
000
HURLEY, Iron County, Wise.—BOND OFFERING.—John A. Emunson, City Clerk, will receive sealed bids until 7p.m. June 7 for the following
6% bonds.
$19,500 street impt. bonds.
Denom. $1,300.
Due $1,300 yearly on
June 1 from 1922 to 1931, incl.
10,000
bonds.
Denom. $1,000.
1922 to 1931, incl.
Due $1,000 yearly on June 1 from
sewer
Date June 1
1921.
JAMESTOWN,
Int. semi-ann.
Chautauqua
County,
N.
Y.—BOND
SALE.—On
May 24 the three issues of bonds aggregating $87,086 84 were sold to Messrs.
George B. Gibbons & Co. of New York as 5Ms at 100.10, a basis of about
\
5.72%.
JEFFERSON
•/
r
COUNTY
(P.
O.
.
.
Fairfield),
Iowa .—BOND SALE.—
Davenport was awarded $42,000 6%
County funding bonds for $42,306 (100.72) and interest, a basis of about
On May 20 the White-Phillips Co. of
5.90%.
Denom.
yearly
May 1
on
as
$1,000.
follows:
Date May 1
1921.
Int. M. & N.
Due.
$10,000, 1929 to 1931, incl., and $12,000,1932
JEFFERSON SCHOOL TOWNSHIP
(P. O. Kentland), Newton
Ind.—BOND OFFERING.—Charles F. Wittenberg, Township
Trustee, will receive bids until 2 p.m. June 14 for $102,000 6% high school
building construction bonds.
Denom.
$1,000.
Date May
16 1921.
Prin. and semi-ann. int. (F. & A.) payable at Discount and Deposit State
Bank, Kentland.
Due yearly on Feb. 1 as follows: $7,000, 1924 and 1925;
and $8,000, 1926 to 1936, incl.
County,
JEROME
COUNTY
Sealed bids will
(P.
O.
Jerome),
be received until 3 p.
m.
Ida.—BOND
OFFERING.—
June 4 by Oliver Hill, County
Clerk, for $80,000 5% road and bridge bonds, Series "A".
Denom.$1,000.
Date June 1 1921.
Prin. and semi-ann. int. (J. & J.) payable at the office
of
County Treasurer or at the Atlantic National Bank, N. Y. at option of
holder.
Due $8,000 yearly on June 1 from 1931 to 1940, incl.
Cert, check
for $4,000. required.
Preference will be given to unqualified bids subject
only to final approval of Chester B. Masslich, and Board reserves the right
to reject any and all bids.
Bonds cannot be sold for less than par and
accrued interest.
20
$15,000water
,
LAKEWOOD,
Cuyahogti
County,
Ohio.—BOND
OFFERING.—
A. O. Guild, Director of Finance, will receive bids until 12 m. June
6 for
the following 11 issues of 6% special assessment bonds,
aggregating $190,820
$3,610 Reveley Avenue water bonds.
Denom. $361.
To be dated day of
sale and mature $361 yearly from Oct. 1 1922 to Oct. 1 1931 incl.
7,950 Edgewater Drive water bonds.
Denom. $795.
To be dated day of
sale and mature $795 yearly from Oct. 1 1922 to Oct'. 1 1931 inci.
33,670 Elbur Ave. paving bonds.
Denom. $3,367.
To be dated day of sale
and mature $3,367 yearly from Oct. 1 1922 to Oct. 1 1931 incl.
15,320 Evelyn Ave. paving bonds.
Denom. $1,532.
To be dated day of
sale and mature $1,532 y'ly from Oct. 1 1922 to Oct. 1 1931 incl.
7,340 Idlewood Ave. paving bonds.
Denom. $734.
To be dated day of
sale and mature $734 yearly from Oct. 1 1922 to Oct. 1 1931 incl.
36,640 Richland Ave. paving bonds.
Denom. $3,664.
To be dated day of
sale and mature $3,664 yearly from Oct. 1 1922 to Oct. 1 1931 incl.
33,380 Lakeland Ave. paving bonds.
Denom. $3,338.
To be dated day
cf sale and mature $3,338 y'ly from Oct. 1 1922 to Oct. 1 1931 incl.
14,000 Reveley Ave. sewer bonds.
Denom. $1,400.
To be dated day of
sale and mature $1,400 yearly from Oct. 1 1922 to Oct. 1 1931 incl.
27,770 Edgewater Drive sewer bonds
Denom. $2,777
To be dated day
of sale and mature $2,777 yearly from Oct. 1 1922 to Oct. 1 1931 incl.
4,600 Reveley Ave. sidewalk bonds.
Denom. $460
To be dated day of
sale and mature $460 yearly from Oct. 1 1922 to Oct. 1 1931 incl.
6,540 Berea Road sidewalk bonds.
Denom. $1,308.
To be dated day of
sale and mature $1,308 yearly from Oct. 1 1922 to Oct. 1 1926 incl.
Int. payable A. & O. at the Cleveland Trust Co., Cleveland.
Cert,
check for 5% of amount of bonds bid for required.
Financial Statement.
Actual value of taxable property (estimated).
Assessed valuation for taxation, 1920—.
$125,800,000 00
73,335,710 00
3,847,687 60
Total bonded debt, including above issues
Floating debt in addition to bonded debt
HILLSBOROUGH COUNTY SPECIAL TAX SCHOOL DISTRICT
NO 4, Fla.—BOND SALE.—On May 19 the $350,000
5% school bonds—
V. 112, p. 1896—were sold to First National Bank and Exchange National
Bank, both of Tampa and the Hillsboro State Bank of Plant City, jointly
accrued
KINGSPORT, Sullivan County, Tenn.—BOND OFFERING.—Sealed
None
Special assessment bonds, included in above
Cash value of sinking fund held for debt redemption...
Tax rate,
1920
(per $100), $2 51.
Population, 1920
—
1,287,687 60
193,100 50
Census, 15,181;
....
1920 Census, 41,732; now estimated, 48,000.
LANDRUM SCHOOL DISTRICT NO. 45 (P. O. Landrum), Spartan¬
burg County, So. Caro.—BOND OFFERING.—Bids will be received
until 12 m. June 1 at the office of Cornelius Otts, Attorney (P.'O. Spartan¬
burg, So. Caro.), for $20,000 school building bonds at net exceeding 6%
.nterest.
Denom. to suit purchaser.
Date June 1 1921.
Int. J. & D
Due June 11941.
.
.
LARAMIE, Albany County, Wyo.—BOND SALE CONTRACT CAN¬
CELLED—BONDS TO BE RE-ADVERTISED.—Because the advertisement
of the
$162,000
l0-90yr. (opt.) sewer bo-ds s Id n May 3, to Bosworth,
Chanute & Co. of Denver and Bolger, Mosser & Willaman of Chicago, was
illegal, the City Council has voted to cancel the contract ef sale and will
readvertise this issue for sale In about 30 days.
LEXINGTON
HIGH
Davidson County, No.
SCHOOL
DISTRICT
Caro.—BOND
(P.
O.
Lexington),
OFFERING.—Sealed
proposals
will be received until 2 p. m. June 21, S. G. Hasty, Clerk Board of Educa¬
tion, for the $225,000 6% gold high school bonds, voted on April 26—V.
112, p. 2112.
Denom. $1,000.
Date April 1 1921.
Prin. ana semi-ann.
int. (A. & O.) payable at the U. S. Mtge. & Trust Co., N. Y.
Due yearly
on
April 1 as follows: $5,000, 1923 to 1929, incl.; $7,000, 1930 to 1939,
incl.; and $10,000, 1940 to 1951, incl.
Cert, check on an incorporated
bank or trust company for $4,500 payable to the County Treasurer, re¬
quired.
These bonds are to be prepared under the supervision of the United
States Mtge. & Trust Co., of New York City, which will certify as to the
genuineness of the signatures of the county 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 furnished by the above clerk or said trust com¬
pany.
Bonds will be delivered to the purchaser at the office of said United
States Mtge. & Trust Co. in New York City on June 30 1921, or as soon
thereafter as the bonds can be prepared, and must then be
paid for in New
York funds. No bids of less than par and accrued interest will be considered.
LIBERTY COUNTY SCHOOL DISTRICT NO. 29
(P. O. Joplin),
Mont.—BOND OFFERING.—Bids will be received until 2 p. m. June 2 for
the purchase of $6,000 6% funding bonds.
Denom. $1,000.
H. F. Fuerstnow, Clerk.
S
LIBERTY
SCHOOL
DEFEATED.—Reports
was
DISTRICT, Tulare County, Calif.—BONDS
that an issue of $15,000 school-addition bonds
say
defeated by one vote.
LIVINGSTON SCHOOL DISTRICT, Merces County, Calif.—BOND
SALE.—According to
quired
an
newspaper reports, the National City Co. has ac¬
issue of $36,000 6% school bonds maturing 1922 to 1939 incl. at
par.
1
JOHNSON COUNTY (P. O. Franklin), Ind.—BOND OFFERING.—
Jesse D. Ellis, County Treasurer, will receive bids until 10 a. m. June 1
LOS ANGELES CITY SCHOOL DISTRICT, Los Angeles County,
was made on May 16 of the $1,500,-
Calif.—BONDS NOT SOLD.—No sale
000 5H% school bonds.
V. 112, p. 2001.
for
$15,600 4H% highway improvement bonds.
Denom. $780.
Date
May 15 1921.
Int. M. & N.
Due $780 each six months from May 15
1922 to Nov. 15 1931, incl.
JOHNSON
COUNTY
(P. O. Buffalo), Wyo.—BONDS VOTED.—An
issue of $100,000 refunding bonds
JUAB
has been voted.
COUNTY
(P. O. Nephi), Utah.—BOND ELECTION.—On
June 7 $225,000 8% County highway bonds will be voted upon, Earl S.
Hoyt, Clerk.
KANDIYOHI
The
COUNTY (P. O. Willmar), Minn.—BOND SALE.—
Wells-Dickey Co. of Minneapolis, by submitting a bid of par, acquired
6% public-drainage-ditch bonds on May 19—V. 112, p. 2001.
the $119,500
KANSAS
CITY, Wyandote County, Kans.—BOND ELECTION.—
On June 12, $1,050,010 water and light, $75,000 city improvement and
$500,000 military memorial bonds will be voted upon.
KENMORE,
Summit
County,
Ohio.—BOND
OFFERING.—B.
O.
LOS
HIGH SCHOOL DISTRICT, Los Angeles
County, Calif.—BONDS NOT SOLD—The $500,000 5Vt % school bonds
on May 16
(V. 112, p. 2001) were not sold.
ANGFLES
offered
LOUISVILLE, Stark County, Ohio.—BOND OFFERING.—Earl Geis,
Village Clerk, will receive bids until 12 m. June 4 for $9,000 6% village
bonds.
Denom. $500.
Date May 1 1921.
Due $500
from 1931 to 1948, inclusive, at the Louisville Deposit
Certified check for 10% of amount bid for, payble to the
LOUP
CITY,
for
1921.
Prin.
coupon water extension.
Denom. $500.
Date March 1
and semi-ann. int. (M. & S.) payable in Loup City.
Due
in 20 years optional after 5
city, required.
that date—V.
Cert.
until 7 p. m.
$35,000 6%
four issues
April 1 in 1923 and 1924.
County Neb.—BOND OFFERING — Sealed
June 18 by John Minshull, City Clerk,
Sherman
bids will be received
Due $1,000 on April 1 1922 and
on
yearly on May 1
Bank, Louisville.
Village Treasurer,
required.
Sours, City Clerk, will receive bids until 12 m. June 2 for $5,000 6% sidewalk
construction bonds.
Denom. $1,000.
Date April 1 1921.
Int. semi-ann.
$2,000
CITY
years.
.
Cert, check for $500 payable to the
,
LOWELL, Middlesex County, Mass.—BOND SALE.—On Mm 24 the
or 5K % coupon tax free bonds aggregating $180,000 offered ond
112, p. 2220—were sold to the Middlesex Sale Deposit an
100.589.
The following is a list of additional bidders:
100.53; Hornblower & Weeks 100.33, and Arthur Perry
Trust Co. of Lowell at
Blodgett & Co.,
& Co., 100.14.
LYNDHURST TOWNSHIP SCHOOL DISTRICT (P. O.
Lyndhurst),
Bergen County, N. J .—BOND SALE.—On May 25. the 8210,000 6%
(with privilege of registration) school bonds offered on that date—
V. 112, p. 2220—were awarded to B. J. Van Ingen & Co. of New York, at
100.12, a basis of about 5.99%.
Date April 1 1921.
Due yearly on April
1 as follows: $4,000, 1923 to 1927, incl.; $5,000, 1928 to 1941, incl. and
$6,000, 1942 to 1961. incl.
coupon
MADISON
COUNTY
SCHOOL
NO.
DISTRICT
7
O. Twin
at 7:30 p. m.
bonds at not
(P.
Bridges), Mont.—BOND OFFERING.—Bids will be opened
June 13 for purchases of $57,400 6% 20-year school-building
Roy M. Austin, Clerk.
less than par.
NO. 1 (P. O. Mankato),
Minn.—BIDS.—The following bids were also sub¬
awarded as stated in
$4,538,000 worth of $6,300,000 certificates were
a
May 17 for the $200,000 high school bonds,
V. 112, p. 2221:
Northwestern Trust Co., St. Paul
Drake-Ballard Co., and Kalman, Wood & Co., Minn
Minnesota Loan & Trust Co., Minneapolis-.
on
$460 under par
890 under par
500 under par
4.300 under par
Gates, White & Co., St. Paul
MANSFIELD, Richland County, Ohio.—BOND OFFERING.—C. E.
Rhoads, City Auditor, will receive bids until 12 m. June 10 for $20,000 6%
water main extension bonds.
Denom. $1,000.
Date June 1 1921.
Int.
M. & S.
Due $1,000 yearly on Sept. 1 from 1922 to 1941, incl.
Cert,
check for 2% of amount bid for, payable to the City Treasurer, required.
MANSFIELD. Richland County,
Ohio.—BOND SALE.—The
$104,400
6% 1 to 10 year (serial) deficiency bonds offered unsuccessfully on April 25—
V. 112, p. 1542—have been sold to the Citizens' National Bank of Mans¬
field.
MARION, Marion County, Ohio.—BOND SALE.—A. T. Bell & Co.
were the successful bidders on May 23 for the $100,000 6%
sewage-plant bonds—V. 112, p. 1897—at par and interest.
Date March 1
1921.
Due each six months as follows: $2,000 March 1 1922 to Sept. 1
1941, incl., and $1,000 March 1 1942 to Sept. 1 1951, incl.
of Toledo
(P. O. Jasper),
MARION COUNTY
Tenn.—BOND SALE— We are
6% bonds
bonds, dated
and $65,000
dated Mar. 1 1921, which were taken by them on
advised that Caldwell & Co. of
Nashville, have taken $70,000
at par, in addition to $65,000 10-year school
Mar, 1 1921, $50,000, 10 year road bonds, dated Jan. 15 1921
from this county
20-year school bonds,
AgrH 30 1921 at par—V. 112, p. 2001- The
$70,000 bonds will mature
MARTIN, Weakley County, Tenn.—BOND SALE.—I. B. Tigrett
purchased $100,000 6% water and light impt. bonds at par.
&
Co. have
MEDINA SCHOOL TOWNSHIP (P. O. Green
Ind.—BOND OFFERING—Edgar W. Watkins.
Hill), Warren County,
worth of certificates were sold over the counter
building con¬
and semiWilb'amsport
Due
15 1922 to Dec. 15 1935, incl. Purchaser
from June
$1,250 each six months
to pay
accrued interest.
*
O. Collbran), Colo,
—BOND ELECTION—SALE.—Benwell, Phillips & Co. of Denver have
purchased $26,000 6% 10-20 yr, (opt.) school building bonds subject to
No. 13876, sold May 13 1920 to
deemed May 14 1920—.
Merchants' Nat. Bank and re-
sold Aug. 7 1920 to Merchants'
No
SCHOOL DISTRICT NO. 6 (P.
O. Peru), Ind.—BOND
Reyburn, County Treasurer, will receive bids until
(P.
COUNTY
OFFERING —C. E
9 a. m. June 6 for
$74,000 6% coupon road bonds.
Denom. $1,850.
Date Mar.
Int. M. & N.
Due $1,850 each six months from May 15 1922 to
1941, incl.
Purchaser to pay accrued interest.
MIAMI
olds were
COUNTY (P. O. Troy), Ohio.—NO
received on May 20 for the three issues
"D" improvement bonds
date—V. 112, p. 2113.
Road No. 26, Section
on
that
MICHIGAN
bids for the
BIDS RECEIVED—No
is called to
columns calling for
5XA% soldiers' bonus bonds, notice of the offering
appearing in this issue's advertising
$30,000,000
of which was
15 1921.
Sept. 15
of 6% Alcony-Conover
aggregating $25,100 offered
of).—BOND OFFERING.—Attention
(State
the advertisement
Nos. 1 to 50, incl., sold Oct.1
(State of).—BOND
MINERVA,
Stark
County,
Ohio.—BOND OFFERING.—Harvey
Glass, VillageClerk, will receive bids until 12:30p.m June 10 for $8,229 36
6% street improvement bonds.
Denom. 16 for $500 and 1 for $229 36
Date June 1 1921.
Prin. and semi-ann. int. payable at Village Treasurer's
office.
Due yearly on June 1 as follows: $1,229 36. 1928 and $1,000, 1929
to 1935, incl.
Cert, check for 5% of amount bid, on some solvent bank of
the Village of Minerva, payable to the Village Treasurer, required.
Bids
must be made upon blanks furnished by the Village Clerk.
Purchaser to
pay for the printing of the necessary blank bonds on special bond
and necessary coupon sheets shall be furnished by the village.
Purchaser
borders,
accrued interest.
MINNESOTA (State of).—ISSUE OF SOLDIERS'
OF INDEBTEDNESS ALL SOLD.—We are
CATES
that the issue of State
sold as follows:
Date of
Date of
Chase, State Auditor,
of Indebtedness was
BONUS CERTIFI¬
advised by R. P.
Soldiers' Bonus Certificates
'
No. of
Sale.
Certificates.
Jan.23 1920
"
Capitol Trust &
Savings Bank
Maturity.
Aug. 1 1921
Feb. 1 1922
76-570
571-900
"
Total.
$495,000
495,000
Aug. 1 1922
901-1395
1 1923
1396-1725
330,000
Aug. 1 1923
Feb. 1 1924
1726-2220
495,000
Feb.
"
2221-2550
330,000
2551-3045
495,000
Aug. 1 1924
Feb. 1 1925
3046-3375
330,000
Aug. 1 1925
3376-3870
495,000
1 1926
3871-4200
330,000
Aug. 1 1926
Feb. 1 1927
4201-4695
495,000
4696-5025
330,000
Aug. 1 1927
Feb.
5026-5520,
495,000
1928
5521-5850
330,000
Aug. 1 1928
Feb.
1
Merchants' Nat. Bank and re-
51
Nos.
27
75, sold Jan.
to
!—
1920 to Northwestern
.
25,000
Face value
$2,000,000
_
8ch. Fund, due Aug.
No. 21471, sold Mar. 11
No. 21472, sold Mar.
No. 21473, sold Mar.
No. 21474, sold Mar.
No. 21475, sold Mar.
No. 21476, sold Mar.
11
11
11
11
11
"
•>..
11927
1 1928
1 1928
1 1928
1 1929
11929
Face value,
120,000
,55,000
130,000
$905,000
4,200,000
— — -
To sundry persons, sale over counter,
face value—...
—
$20,905,000
Total
5% interest on all certificates.
portion was already given in V. 110, p. 486.
a The notice of sale of this portion ($4,538,000)) was already given in V.
112, p. 677.
*
The notice of sale of this
MITCHELL, Davison County, So. Dak .—QUESTION OF RAISING
RATE OF INTEREST ON THE CITY'S WATER AND SEWER
ISSUE MAY BE VOTED UPON.—The "Sioux Falls Leader"
of May 13 had the following to say in reference to raising the interest rate
on the $125,000 water and sewer bonds, which may be submitted to a vote
of the people:
"Convinced that by selling $125,000 worth of sewer and
water bonds, the city can do something to help the financial stress as well as
the unemployment situation in Mitchell, Mayor Bobb is planning to call a
special election to ask the voters to increase the rate of interest on the bonds
THE
BOND
from 5 to 6%.
.
,
authorized almost two years ago, and
since then the
city has made three ineffectual attempts to dispose of them.
will not absorb a 5% bond at present, but the city has been
assured that a
"The bond issue was
The market
be disposed of.
cannot be raised without the consent of the voters.
The bond issue, if sold, will provide for approximately three miles of water
mains and as many more miles of storm sewer."
6 % bond can easily
But the interest
VOTED.—By a vote
of bonds to put in a
the City with water, carried on May 17.
MOLALLA, Clackamas County, Ore.—BONDS
12 the question of issuing $40,000 worth
of 106 to
pipe line from Trout Creek to supply
MONTANA (State of).—CERTIFICATE OFFERING.—On May 28 the
Board of Examiners will offer for sale $850,000 7 months treasury
Int. rate not to exceed 714%.
certificates, to take up general fund warrants.
Ala.—BONDS
MONTGOMERY COUNTY
(P. O. Montgomery),
VOTED.—On May 9 the following bonds were voted:
$300,000 public school building bonds.
Vote 1924 to 469.
200,000 funding bonds.
Vote 1,900 to 493.
MONTGOMERY COUNTY (P. O. Troy), No. Caro..—BONDS NOT
sale was made of the $200,000 road bonds on May 23—V. 112,
SOLD.—No
;-v\. :y;-wvx
Dayton), Ohio.—BOND SALE.—
On May 25 the $50,000 6% coupon Mt.. Auburn water-supply improvement
bonds offered on that date (V. 112, p. 2113), were sold to Prudden & Co.,
of Toledo, paying a premium of $2,565, equal to 105-13, a basis of 5.64%.
p.
2113.
MONTGOMERY COUNTY (P. O.
Date Oct.
1
1920.
Due Oct. 1 1950.
MONTICELLO,
Jefferson
County,
Fla.—BOND OFFERING.—
John H. Shuman, Town Clerk, will receive bids until 10 a. m. June 14 for
the following 6% bonds:
$36,000 bonds.
Date April 1 1920.
Due $9,000 every 5 years, beginning
April 1 1925.
14,000 bonds.
Date Oct. 1 1920.
Due $2,500 every 5 years, beginning
1
Oct.
of the
1925.
$500.
Principal and semi-annual interest payable at the
Treasurer.
Certified check for 5%, payable to the
Town
required.
Said bids may be for the whole or any portion
above bonds, bids to be in hands of said Clerk by 9 a. m. June 14.
bonds were offered without success on Oct. 5 last (V. Ill, p. 1588).
Clerk,
office
above
of the
These
MOORHEAD SEPARATE SCHOOL DISTRICT (P. O. Moorhead),
County, Miss.—BONDS CANCELLED.—We are advised
$75,000 school bonds offered Jan. 4—V. Ill, p. 2544—have been
Sunflower
that the
cancelled,
BOND
issue of
SALE.—We are also advised that $30,000
$50,000 have been sold by this district to
Belzoni, who in turn
of
bonds, part of a total
T. T. Reed & Son of
sold them to the Bank of Commerce &
Trust Co.
Memphis.
Burke County,
June 6 C. R. Claywell,
MORGANTON,
Until 8 p. m.
No.
Caro .—BOND OFFERING.—
City Treasurer, will receive bids for
6% street-improvement bonds.
Denom. $1,000. Date June 1
Principal and semi-annual interest payable in New York.
Due
yearly on June 1 as follows: $1,000, 1923 to 1930, inclusive; $2,000, 1931 to
1938, inclusive; and $1,000, 1939.
Certified check for 2% of the amount
of bonds bid for, required.
t
$25,000
1921.
MORRISON COUNTY (P. O.
On May 24
Little Falls), Minn .—BOND SALE.—
refunding bonds (V. 112, p.
the $100,000 15)4-year (average)
2113) were sold to Kalman, Wood & Co., and the
jointly, at 101.55.
Date May 1 1921.
Due as
1932; $10,000, May 1 1933 to 1940, inclusive; and
MOUNT
HOLLY
GRADED
SCHOOL
Northwestern Trust Co..
follows: $10,000, Aug. 1
$10,000, April 1 1941.
DISTRICT
(P.
O.
Mount
Holly), Gaston County, No. Caro .—BOND OFFERING—J. W. Holland,
Secretary Board of Trustees, will sell at public auction at 12 m. June 20
$50,000 6% coupon school-house bonds.
Denom. $1,000. Date June 1
1921.
Prin. and annual interest (Jure 1) payable at the office of the
County Treasurer, or at option of holder, at National Park Bank, N. Y.
Due yearly on June 1 as follows:
$3,000 1926 to 1935, incl., and $4,000
1936 to 1940, incl.
Bidders for said bords shall, prior to the hour of said
sale, deposit with J. A. Costner, Treasurer of said Board of Trustees, at
Mount Holly, N. C„ a certified check drawn payable to said Treasurer,
upon an incorporated bank or trust company, or a sum of money for or in
an amount equal to 2% of the face amount of bonds bid for.
Purchaser
to pay accrued interest.
MOUNTPLEASANT SCHOOL DISTRICT (P. O.
Mountpleasant),
Maury County, Tenn.—BOND ELECTION.—On June 7, an
6% school bldg. bonds will be voted upon.
Due $1,000 yearly.
MOUNT VERNON, Westchester
—James Berg,
issue of
County, N. Y.—BOND OFFERING.
City Comptroller, will receive bids until 8 p. m. May 31 for
6% coupon (with privilege of registration) high¬
$100,000 5H%, 5%% or
repaving
bonds.
Denom. $1,000.
Date June 1 1921. Prin. and
passable at the office of the City Treasurer.
Due
5851-6345
495,000
6346-6675
330,000
semi-ann. int. (J. & D.)
6676-7215
540,000
1 1930
7216-7575
360,000
$10,000 yearly on June 1 from 1922 to
amount bid, on an incorporated bank or
Feb.
$150,000
120,000
180,000
150,000
1 1927
'21 to Perm. Sch. Fund, due Aug.
'21 to Perm. Sch. Fund, due Aug.
'21 to Perm. Sch. Fund, due Aug.
'21 to Perm. Sch. Fund, due Aug.
'21 to Perm. Sch. Fund, due Feb.
'21 to Perm. Univ. Fd., due Feb.
No. 21470, sold Mar. 11 '21 to Perm.
1 1929
Feb.
50,000
National
Bank and redeemed July 31 1920
Aug. 1 1929
"
100,000
Minneapolis Trust Co.
1919 to
and redeemed July 31 1920
Denom.
SALE.—On May 25 the $3,000,000
5H% highway improvement bonds offered on that date (V. 112, p. 1897
were sola
to a syndicate composed of the Bankers Trust Co., Harris,
Forbes & Co., National City Co., Stacy & Braun, Estabrook & Co., and
Remick, Hodges & Co., of New York, and the Detroit Trust Co. and the
First National Co. of Detroit for 100.71, paying a premium of $21,540, a
basis of about 5.44%.
Date June 1 1921.
Due June 1 1941.
The Guaranty Company of New York also submitted a bid of par and
premium of $16,379.
i
MILLEDGEVILLE, Baldwin County, Ga.—BOND OFFERING.—
Miller S. Bell, Mayor, will receive sealed bids until June 8 for $36,000
5% water bonds.
Int. semi-ann.
These bonds are the earlier maturities of the $90,000 bonds, which did
not meet with success when offered on May 25—V. 112, p. 2002.
to pay
600,000
Nat. Bank and re-
400,000
No. 21455, sold Dec. 23 1920 to
deemed same date
given in V. 112, p. 2113.
MICHIGAN
$825,000
deemed Aug. 7 1920
their being voted June 11.
MIAMI
$1,762,000
value.
Merchants' Nat. Bank and re¬
State
MENIFEE COUNTY (P. O. Frenchburg), Ky.—BONDS VOTED.—
The voters on May 7 sanctioned the issuance of $60,000 road bonds by
883 to 152, it is reported.
MESA COUNTY
at full face
No. 18577, sold June 30 1920 to
deemed same date
;
Township Trustee, will
receive bids until 2p. m. June 7 for $35,000 6% coupon school
struction bonds.
Denom. $1,250.
Date June 7 1921Prin.
ann.
int. payable at the Williamsport State Bank,
sold by bid to the
$4,329,792 02; the other
Minnesota Loan & Trust Co., et al., for
MANKATO SPECIAL SCHOOL DISTRICT
Blue Earth County,
mitted
[Vol. 112.
CHRONICLE
THE
2336
way
1931, incl.
Cert, check for 2% of
trust company, required.
Legality
approved by Caldwell & Raymond of New York, without charge to
purchaser.
The bonds are to be delivered to the purchaser on or before
11 a. m. June 21 at the office of the City Comptroller.
Purchaser to pay
to be
Full face value
-
of
"
Minneapolis
Aug. 1 1925
Feb. 1 1926
Aug. 1 1926
7576-8280
8281-8750
8751-9455
Aug. 1 1927
Feb. 2 1921
"
Minnesota Loan &
Trust Co., etal.,
Feb.
1
*$7,500,000
$705,000
470,000
705,000
705,000
470,000
10631-11100
11101-11805
705,000
1 1929
11806-12275
470,000
Aug. 1 1929
12276-13235
960,000
1 1920
13236-13875
640,000
Feb.
DRAINAGE DISTRICT NO. 1, Grundy County,
awarded
1 1928
Feb.
MUDDY CREEK
Mo
9926-10630
Aug. 1 1928
Feb:
"
accrued interest.
470,000
9456-9925
1927
.—DESCRIPTION OF BONDS—The $100,000 6% tax-free bonds,
as stated in V.
112, p. 1052—are in denom. of $1,000 and are
dated May 2 1921.
Prin. and semi-ann. int. (M. & N.) payable at the
Liberty Central Trust Co., St. Louis.
Due yearly on May 1 from 1924 to
1941, incl.
NAPOLEON,
Total
-
-
-
$6,300,000
County, Ohio.—BOND OFFERING.—Harry
will receive bids until 7:30 p. m. June 3 for $13,555 10
Henry
Ludwig, Village Clerk,
6% refunding bonds.
Denom. 13 $1,000 and 1 $555 10.
Date Mar. 7
Mat 28
1921.
1921.]
Int. semi-ann.
THE
CHRONICLE
Due yearly on Mar. 7 as follows:
$1,000. 1922 to
1924, incl.: $3,000, 1925 and $7,555, 10 in 1926.
Cert, check for 5% of
bid, payable to the Village Treasurer, required.
Purchaser to pay
for the printing of bonds and coupon for execution
by the Village without
expense to the Village.
The executed bonds will be delivered to the pur¬
chaser upon receipt of full payment of bid at the office of the
Village Council.
amount
Purchaser
to pay
15 1921,
was
awarded
to
NATCHITOCHES
Blake Bros.
PARISH
&
Co.
on
a
(P.
O.
Natchitoches),
6.17%
discount
La.—CORREC¬
two
issues offered for sale at the same time were not sold.
These two issues will
be reofferpd for sale on June 6 at which time proposals will be received
by
O. H. Hooper, Superintendent.
The bonds are described as follows:
$35,000 School District No. 1 building bonds.
Denom. $1,000.
Date
Jan. 1 1920.
Int. J. & J.
Assessed value $1,421,037.
Estimated
value $1,800,000.
25,000 School District No. 6 building bonds.
Denom. $500.
Date
July 1 1920.
Int. J. & J.
Due yearly on July 1 as follows:
$1,000, 1921 and 1922, $1,500, 1923 to 1929, incl.; $2,000, 1930
to 1934, incl., and $2,500, 1935.
Assessed value $919,266.
Esti¬
mated value, $1,100,000.
Both issues bear 5% interest. Beside receiving bids until June 6 for the
above Issues of bonds, the above official will receive contracts for the
erection of the school buildings or for the two combined.
NEBO SCHOOL DISTRICT, Utah County, Utah .—CORRECTION.—
We are advised that the Palmer Bond & Mtge. Co. of Salt Lake
City did
not purchase $75,000 6% school bonds on Oct. 17 1920 from this
district,
as stated in V. 111, p. 1970—but did purchase $70,000
6% bonds on Mar. 16
of the current year from district, as already stated in V.
112, p. 2221.
NEW CASTLE SCHOOL DISTRICT (P. O. New
Castle), Lawrence
County. Pa.—BOND OFFERING.—H. M. Marquis, Secretary Board of
School Directors, will receive bids until 8 p. m. June 14 for $400,000
5%
building and improvement Series B coupon bonds.
Denom.
$1,000.
Prin. and int. payable at the School Treasurer's office.
Due $40,000 yearly
on July 1 from 1941 to 1950, incl.
Certified check for 1% of bid, payable
$12,000,000 soldiers' bonus bonds.
Principal and semi-annual interest
(J. <fc J.), payable at the Mercer Trust Co., Trenton.
5,000,000 highway bonds.
Principal and semi-annual interest (J. & J.)
payable at the Mechanics' National Bank, Trenton.
Denom. $1,000.
Certified check for 3% of amount bid for, payable to
the State Treasurer, William T. Read, required.
NEWMAN
GRAMMAR
SCHOOL
DISTRICT
(P. O.
Stanislaus County, Calif.—BOND ELECTION.—On June
grammar school bonds will be voted upon.
Newman),
3
$65,000
NEWPORT, Washington County, R. I.—BOND SALE.—On May 26
the $45,000 5% 1-10-year serial coupon gold Miantonomi Hill War Memorial
p.
2221) were sold to Blodget & Co., at
TEMPORARY LOAN.—Salomon Bros. & Hutzler
loan of $125,000
1921
the
of Orange.
on
a
awarded a tem¬
The loan is dated
were
5.89% discount basis.
6 1921.
and matures Sept.
Purchaser to pay accrued interest.
ORANGE COUNTY (P. O. Goshen), N. Y.—BOND
OFFERING.—
John L. Sloan, County Treasurer, will receive bids until
10 a. m. June 22
for $150,000 coupon road bonds.
Denom. $1,000.
Date Sept. 1 1921.
Due $15,000 yearly on Sept. 1 from 1926 to
1935, incl.
A deposit of 2%
of bid is required.
OREGON
CITY,
Clackamas County,
Ore.—BOND
SALE.—An
funding bonds has been sold at par to the Bank of
Commerce, Bank of Oregon City and the First National Bank, all of
Oregon City, jointly.
•
'
issue of $30,000 6%
OSWEGO, Oswego County, N. Y.—BOND OFFERING.—John K.
Lynch, City Chamberlain, will receive bids until 12 m. June 6 for
$100,000
1-20-year serial coupon street-improvement bonds at not exceeding
5%%
interest.
Denom. $1,000.
Date June 111921.
Principal and semi-annual
interest (J. & D.) payable at the United States
Mortgage & Trust Co. of
New York.
Due $5,000 yearly on June 1 from 1922 to
1941, inclusive.
Certified check for 2% of face value of bonds, payable to the
City Chamber¬
lain, required.
Bonds will be prepared under the supervision of the United
States Mortgage & Trust Co., New York, which will
certify as to the genu¬
ineness of the signatures of the city officials and the seal
impressed thereon.
Caldwell & Raymond, of New York, will approve the
validity of the bonds.
Financial
Assessed
Statement.
valuation
$16,429,159
1,190,062
253,000
Bonded debt (including this issue)
Water bonds (included)
Assessment bonds
(included)
Population 1920, 23,626.
33.562
OXFORD GRADED SCHOOL DISTRICT (P. O.
Oxford), Granville
County, No. Caro.—BOND SALE.—The $75,000 6% 29 2-3 year (aver.)
school bonds, offered on March 31—Y. 112, p. 1189—have been
sold to
Prudden & Co. of Toledo.
OXNARD
SALE.—It is
SCHOOL
Date Jan. 1 1921.
DISTRICT,
stated that
an
Due Jan. 1 1951.
Ventura
issue of $36,000
County, Calif.—BOND
5% school bonds has been
sold to the National City Co.
Secretary, required.
NEW JERSEY (State of).—BOND OFFERING.—N. A. K.
Bugbee,
State Comptroller, will receive bids until 11 a. m. June 14 at his office in
Trenton, for the following two issues of 5% coupon or registered bonds,
dated July 1 1921:
bonds, dated June 1 1921 (V. 112,
96.65, a basis of about 5.75%.
impressed thereon.
opinion of Reed, Dougherty & Hoyt of New York, will be furnished
purchaser that the bonds are valid and binding obligations of the City
,
TION.—In V. 112, p. 2221—we stated that Sutherlin, Barry &
Co., Inc.
of New Orleans had been the successful bidders on
May 16 for the $35,000
8ch0ol District No. 1, $25,000 School District No. 6 and
$160,000 School
District No. 9 bonds, but we have since been informed that
they were the
successful bidders on May 16 through McBride Law,
Contractors, for only
the $160,000 School District No. 9 bonds at par and that the other
porary
June 1
the seal
The
basis, it is stated.
to the above
Orange National Bank of Orange.
Due June 1 1927.
Cert, check on an
incorporated bank or trust company for 2% of bonds bid for, payable
the City
Comptroller, required.
Bonds to be prepared under the
supervision of the United States Mortgage and Trust Co., of New
York,
which will certify as to the genuineness of the
signatures of the officials and
to
accrued interest.
NASHUA, Hillsborough County, N. H.—TEMPORARY LOAN.—On
May 27 a temporary loan of $100,000, dated May 31 1921 and maturing
Dec.
2337
PARMA, Canyon County, Ida.—BIDS REJECTED.—At
the offering
sewer 6%
May 2 of the $29,000 water-works improvement and $11,000
112, p. 1899), all bids were rejected.
on
bonds (V.
PATTERSON GRAMMAR SCHOOL DISTRICT, Stanislaus
County,
Calif.—DESCRIPTION OF BONDS.—'The $60,000 6% school
bldg. bonds,
which were sold on May 10 to E. H. Rollins & Sons for
$61,068 (101.78)—
V. 112, p. 2222—are in denom. of $1,000 and are dated
May 10 1921.
Int. M. & N.
PAYNE, Paulding County, Ohio.—BOND OFFERING.—Until 12 m.
June 3 bids will be received by C. F.lLehman, Village
Clerk, for $6,800 6%
3 1-3 year (aver.) deficiency bonds.
Date June 15 1921.
Int. M. & S.
Due yearly on Sept. 1 as follows: $1,200,1922 to 1926, incl. and
$800 in 1927.
PERRY, Taylor County, Fla.—BOND OFFERING.—Bids will be
10 a. m. June 22 by Aulay McAulay, City
Clerk, for the
following bonds:
$25,000 5 % 30-year street-impt. bonds of 1917.
20,000 5% 30-year water and sewer bonds of 1917.
;
/
25,000 6% serial street-impt. bonds of 1920.
Date July 1 1920.
Due
$1,000 yearly.
25,000 6% serial water and sewer bonds of 1920.
Date July 1 1920.
Due $1,000 yearly.
*
15,000 6% serial drainage bonds of 1920.
Separate bids must be made for each issue.
Cert, check for 5% of face
of bonds payable to the town of Perry, required.
These bonds were offered
unsuccessfully on Feb. 23.—V. 112, p. 491.
received until
-
.
NOBLE COUNTY (P. O. Albion), Ind.—BOND OFFERING.—Morton
R. Thomas, County Treasurer, will receive bids until 10 a. m. June 7 for
the following 9 issues of 5% bonds:
$22,240 Jay Stockman et al. Noble Township bonds.
Denom. $556.
Due
yearly on May 15 as follows: $556, 1922, and $1,112,1923 to 1940,
incl., and $556 in 1941.
32,480 H. G. Earnhardt et al. York Township bonds.
Denom. $406.
Due yearly on May 15 as follows: $406,1922; $1,624,1923 to
1938,
incl., and $1,218, 1939.
30,480 William Diggins et al. Wayne Township bonds.
Denom. $762.
Due yearly on May 15 as follows: $762, 1922; $154, 1923 to
1941,
incl., and $762, 1942.
99,520 John W. Harvey et al. Jefferson Township bonds.
Denom. $622.
Due $622 May 15 1922; $4,976 each six months from Nov. 15 1922
to Nov. 15 1931, incl., and $4,354 May 15 1931.
156,600 Merton J. Parks et al. Jefferson Township bonds.
Denom. $1,566.
Due yearly on May 15 as follows: $1,566, 1922; $7,830, 1923 to
1941, incl., and $6,264, 1942.
30,000 George Buckles et al. Washington Township bonds.
Denom. $750.
Due yearly on May 15 as follows: $750, 1922; $1,500 1923 to 1941,
incl.
and $750
NORFOLK CITY, Madison
County, Nebr.—BOND SALE.—We are
$35,000 intersection paving bonds which were offered
May 23—V. 112, p. 2113—have been sold to a contractor.
on
that
OGDEN
the
CITY, Weber County, Utah.—BOND DESCRIPTION.—'The
issue of $30,000 6% 10-20-year (opt.) refunding bonds sold May 16 to Bosworth, Chanute & Co. of Denver at 99.91—V. 112, p. 2222—are dated
June 1 1921, optional June 1 1931, and due June 1 1941.
Interest June
and December,
payable in New York.
Financial Statement.
Actual valuation (estimated)
Assessed valuation 1920
$50,000,000
39,027,939
1,425,000
500,000
925,000
Total bonded debt (including this issue)
Water bonds, included
Net debt.
Population, 32,804.
OKLAHOMA COUNTY (P. O. Oklahoma
City), Okla.—COUNTY'S
BOND ISSUE MAY BE SOLD IN SMALL LOTS.—The "Daily
ROAD
Oklahoman" of May 19 says:
"Oklahoma County's $750,000 bond issue
may be sold in small lots as a market is found, according to J. M. Abernathy
Chairman of the Board of County Commissioners.
Bids were opened on
the entire issue Monday afternoon and as yet no offers have been received
that
can
be considered by the Commission, it was said.
a smaller part of the issue can
Individuals able to take
readily be found,
concerns care to "tackle
the entire $750,000, some believed.
Advertising would have to be done over, necessitating loss of much time.
Commissioners still are hoping that an agreement can be reached with bond
companies to take the entire amount.
Belief that Oklahoma City capital
might be interested in taking small parts of the issue was expressed by one
while
few
member of the board."
OMAHA,
Douglas
County,
Neb.—BOND
OFFERING.—Dan
B.
Butler, Superintendent of Accounts and Finance, will receive sealed bids
until 10 a. m. June 7 for the following
% 20-year bonds.
$400,000
500,000
50,000
bonds.
bonds to finance street improvements.
coupon sewer
coupon
AMBOY, Middlesex County,
park bonds.
.
-
'
Denom.
$1,000.
Date May 1 1921.
Int. semi-ann.
Prin. and int.
payable in
Omaha.
Assessed value 1920-1921,
$64,104,388.
Actual
value 1920-21, $32f,521,940.
Bonded Debt, including this offering and
$7,000,000 water and $5,000,000 gas bonds, $22,800,938.
ORANGE, Essex County, N. J.—BOND OFFERING.—Frank G.
Coughtry, City Comptroller, will receive bids for $130,000 6% coupon
(with privilege of registration) temporary improvement bonds.
Denom.
$1,000.
Date June 1 1921.
Prin. and semi-ann. int. payable at the
N.
J.—BOND OFFERING.—
Garretson, City Treasurer, will receive bids until 2 p. m. June 6
$23,000 5H% street improvement bonds.
Denom. $1,000.
Date
June 1 1921.
Due $2,000 yearly on June 1 from 1923 to 1926 incl. and
000
$3,-
yearly
on
June 1 from 1927 to 1931, incl. Cert, check for 2% of
of bonds bid for, required.
amount
PHILADELPHIA, Pa.—BOND SALE.—Of the total issue of $7,000,000
5% tax-free coupon and registered (interchangeable) bonds offered on
May 25—V. 112, p. 2114—only $1,916,200 were disposed of.
The following
is a list of purchasers:
Purchaser—
Amount
Sinking Fund Commission
Stephen Girard Estate
Charles II.
„
Smith
Charles Fearon & Co
1942.
84,160 Orange Hill et al. Wayne Township bonds.
Denom. $1,052. Due
yearly on May 15 as follows: $1,052, 1922; $4,208, 1923 to 1941,
incl., and $3,156, 1942.
90,880 George W. Shook et al. Wayne Township bonds.
Denom. $568.
Due yearly on May 15 as follows: $568,1922; $4,544,1923 to 1941,
incl., and $3,976, 1942.
28,960 Elery P. Case et al. Swan Township bonds.
Denom. $724.
Due
yearly on May 15 as follows: $724, 1922; $1,448, 1923 to 1941,
incl., and $724, 1942.
Date May 15 1921.
Interest payable M. & N.
The sale is to continue
from day to day until bonds are sold.
informed
PERTH
Ferd
for
Charles
Edgar
J.
McNulty
Boyd
■
Jr.
West End Trust Co
...
Peoples Trust Co__—
J.
G.
—
_
Murphy of Chicago
William W.
N.
J.
Summer
Strainkle
—
Integrity Trust Co..
William A. Foster-.John C. Vaughan
-
George E. Snyder & Co
M. Sundheimer
John M. Maurer
-
....
Pruchased.
Price.
$900,000
100.
.500,000 50 year bonds
100
100,000 15 year bonds
100.05
100,000 50 year bonds
100.073
5,000 50 year bonds
100.75
5,000 50 year bonds
101
1,000 50 year bonds
102.5
10,000 30 year bonds
100
10,000 1.5 year bonds
100
100,000 30 year bonds._100
75,000 15 year bonds
100
25,000 50 year bonds
100.5
14,000 15 year bonds
101
10,000 50 year bonds
101
15,000 15 year bonds
100
15,000 15 year bonds
100
15,000 15 year bonds
100.5
10,000 15 year bonds
100.25
1,000 30 year bonds
100.5
5,000 30 year bonds
101
In reference to the
inability of the city to sell its entire issue we quote the
following from the "Philadelphia Record:"
*
The Mayor's disappointment at the outcome was evident.
Not a single
syndicate bid was received.
Shortly after the bids were opened the follow¬
ing statement was issued from the Mayor's office.
After the opening and scheduling of bids, Controller
Hadley and Assistant
Solicitor Lowengrund went into conference with the
Mayor, after which it
was
announced
that awards had been made to all the bidders
total of $1,916,200.
The Mayor stated
th^t inquiries revealed the fact that there
up
was a
to the
general
slump in the bond market throughout the country, Mr. Hadley having cited
instances in Michigan and New Jersey, as well as in New York
State and the
New England States where higher rates of interest were
being offered with
unsatisfactory results.
When asked if there would be
a readvertisement of the
bonds, it was stated
by the conferees that such readvertisement at this time would not be fair to
the bidders, who had come in in good faith on the
present offering.
Asked if any effort would be made to sell the remainder of the
bonds over
the counter, the Mayor stated that could not be done
without legislation.
The City Solicitor had forwarded a bill to the last session of
the Legislature
he said, providing for authority to sell bonds over the
counter to the
people
in such a case as this, but no action had been taken
by that body.
He said
the right to sell over the counter existed
up to 1917, when the Leigslature
passed an act making it obligatory that all sales of city bonds should be on
public competitive bidding.
Local bankers took the view that the absence of
syndicate bids for
the
city loan was due to the condition of the market for municipals.
Some
bankers frankly stated that they felt they could not
pay par, add a profit
and promptly place so large an issue as $7,000,000
among investors.
Legal
features connected with the loan were described as O. K.
by the bankers,
but it was
pointed out that many large cities are selling on a 5.20 or 5.25
basis.
Although exemption from the four mills tax on Philadelphia bonds
held in Pennsylvania favors them to the extent of
four-tenths of 1%, to
make them marketable outside of
Pennsylvania, it is declared by local
bankers a higher rate of interest is
obviously necessary.
By adjusting
the rate to market conditions, it was
asserted, there would be little or no
difficulty in selling $7,000,000 worth of Philadelphia bonds.
PICKNEY TOWNSHIP, Union County, So.
Caro.—BONDS NOT
SOLD.—The $70,000 6% 20uyear coupon bonds, dated
May 1 1921 offered
May 17—V. 112, p. 2114—-were not sold, as there were no
satisfactory
bids received.
on
-
PIQUA, Miami County, Ohio.—BOND OFFERING.—G. 1\ Cron,
will reeeive bids until 12 m. June 17 for $59,700 6% 1-10 year
street improvement bonds.
Date June 1 1921.
Int. semi-ann. Cert,
check for 2% of amount bid, payable to the City Treasurer, required.
City Auditor,
Purchaser to pay
accrued interest.
PITTSBURG SCHOOL DISTRICT, Contra
Costa County, Calif.—
112, p. 2003)
BOND SALE.—On May 16 the $100,000 6% school bonds (V.
were sold to the Anglo & London-Paris National Bank, of San
Francisco, at
1 1921.
101-313 and accrued interest, a basis of about 5-88%.
Date May
May 1 as follows: $2,000, 1922 to 1925, inclusive;
1926 to 1937, inclusive; and $4,000, 1938 to 1951, inclusive.
$3,000,
Due yearly on
Other bidders:
Schmeltzer at
$25,000
RICHMOND,
SCHOOL DISTRICT (P. O. Port Clinton), Ottawa
County, Ohio.—BONDS VOTED.—An issue of $125,000 new high-school
building bonds, voted upon at an election on May 16 (V. 112, p. 2003),
carried by a vote of 944 "for" to 174 "against."
PORT CLINTON
County, Mich.—BOND SALE.—On May 5
the following two issue of 5% bonds were sold to Watling, Lerchen & Co.
and Nichol, Lord & Co. on about a 6% basis:
$150,000 paving bonds.
Due $7,000 yearly on May 1 from 1922 to 1940,
fncl. and $17,000 on May 1 1941. '
65,000 sewer bonds.
Due $5,000 yearly on May 1 from 1922 to 1934,
_
Prin. and semi-ann. int. (M. & N.)
National Bank, New York.
PORT OF GRAYS HARBOR (P. O. Aberdeen), Grays Harbor
County, Wash.—MATURITY.—The $200,000 6% coupon bonds, which
are scheduled to be sold on June 1—V. 112, p. 2222—mature in 20 years and
are redeemable on any interest bearing date after 10 years.
payable at the Hanover
PORTSMOUTH, Scioto County, Ohio.—BOND OFFERING.—J. Earl
Chandler, City Auditor, will receive bids until June 13 for $5,000 coupon
improvement bonds.
Denom. $1,000.
Due $1,000 yearly on May 1
from 1928 to 1932, inclusive.Principal and semi-annual interest (M. & N.)
payable at the City Treasurer's office.
Certified check for 2% of amount
bid for, payable to the City Auditor, required.
OFFERING.—Until
7:30 p. m. June 1, sealed bids will be received by Charles L. Kelly, Borough
Clerk, to be opened on that date in the Council Chambers of the above
borough, for $30,000 5H% coupon tax-free bonds.
Denom. $500. Due
$1,500 yearly on July 1 from 1922 to 1941, inclusive.
Certified check for
$1,000, payable to Borough Treasurer, required.
Purchaser to pay for
printing of bonds.
All bids should be mailed to the above-named Clerk
PORT
VUE,
Allegheny
County,
1910 New York Avenue. Port Vue.
at
Pa.—BOND
Pa.
Iowa.—PRICE PAID.—The price paid
by the White-Phillips Co. of Davenport for the $12,000 light and power
plant bonds—V. 112, p. 222—was par.
These bonds bear 6% interest,
are in denom. of $1,000, are dated Dec. 1 1920 and mature serially.
IntPRESCOTT, Adams County,
j. & D.
:«.•
•
.'•/-
,
■
Bros. & Boyce and
PROCTORVILLE VILLAGE SCHOOL DISTRICT (P. O. ProctorLawrence County, Ohio.—BOND OFFERING.—Fred Atkinson,
Board of Education, will receive bids until 12 m. June 24 for
$40,000 6% 20-year school house erection bonds.
Denom. $1,000. Int.
semi-ann.
Cert, check for $500 payable to the Board of Education,
required.
Purchaser to pay accrued interest.
ville),
Clerk of the
PUEBLO COUNTY
BOND
SCHOOL DISTRICT NO. 73 (P. O. Rye), Colo.—
$13,000 school-building bonds will be
ELECTION.—On May 31
voted upon.
-
PUTNAM COUNTY (P. O. Greencastle), Ind.—BOND OFFERING.—
Otto G. Webb, County Treasurer, will receive bids until 2 p. m. June 11
for the following 5 issues of 4 A % coupon road bonds; ..
.
$22,200 M. L. Dicks et al., Floyd Township bonds,
Denom. $1,110.
14,200 Thomas Rule et al., Jefferson Township bonds.
Denom. $710.
17,300 W. W. Glover et al., Warren Township bonds.
Denom. $865.
12.800 W. H. Williamson et al., Washington Township bonds.
Denom.
$640.
19,000 C. E. Hill et al., Washington Township bonds.
Denom.
Prin. and semi-ann. (M. & N.) payable at the County Treasurer's
$950.
office.
RALEIGH, Wake County, No. Caro.—BOND OFFERING.—Sealed
bids will be received until 12 m. May 31 by T. B. Eldridge, Commissioner
of Public Accounts and Finances for the following 5lA % or 6% coupon (with
privilege of registration) bonds.
$85,000 water bonds.
Due yearly on June 1 as follows: $2,000, 1924 to
to 1931, inch; $3,000, 1932 and 1933;
$4,000, 1934 to 1940, incl.
and $5,000, 1941 to 1947. incl.
275,000 public impt. and funding bonds.
Due yearly on June 1 as follows:
$8,000, 1924 to 1930, incl.; $19,000, 1931 and $20,000, 1932 to
1941, incl.
Prin. and semi-ann. int. (J. & D.) payable at the U. S. Mtge. & Trust
Co., N. Y.
Cert, check or cash on an incorporated bank or trust company
for 2% of the amount of bonds bid for payable to the above official, required.
Successful bidders will be furnished with the opinion of Reed, Dougherty
& Hoyt of N. Y. that the bonds are valid and binding obligations of the City
cf Raleigh.
The city will attend to all details of preparation and printing
of the bonds.
Purchaser to pay accrued interest.
Official circular states
that no issue of bonds of the City of Raleigh has ever been contested, and
'
principal and interest of bonds of the City of Raleigh have always
been paid promptly and that there is no litigation pending or threatening
affecting the corporate existence or the boundaries of the City of Raleigh,
contesting the election or right to hold office of any of the city officials, or
affecting in any manner the issuance of these bonds.
Population, 1920
census, 27,076.
Assessed valuation of property subject to taxation for
1920, $34,883,061.
Estimated true value of property, $50,000,000.
The
net debt, outstanding, authorized or to be authorized, is $1,352,986 43.
Total city tax rate per $1,000 is $8 30.
The value of municipally owned
property. Mar. 1 1921, is $2,026,286 50. .
RED LAKE COUNTY (P.
O. Red Lake Falls), Minn.—BONDS
NOT SOLD.—BONDS RE-OFFERED.—No sale was made on May 4 of the
$177,000 road bonds, at not exceeding 6% interest—V. 112, p. 1898.
They will be reoffered on July 1.
. ■
REDWOOD FALLS, Redwood County, Minn.—BONDS AUTHO¬
RIZED.—It is reported that the City Council has authorized a bond issue
of $8,000 for the installation of a white-way lighting system.
REDWOOD
COUNTY
(P.
O.
Redwood Falls), Minn.—BOND
OFFERING.—Sealed bids will be received until 3 p. m. June 6 by L. P.
Larson, County Auditor, for $130,000 County Ditch No. 49 bonds.
Due
one-fifteenth in 5 years from date of issue and one-fifteenth each year there¬
after until paid.
Certified check for $5,000, payable to Redwood County,
required.
The successful bidder to furnish copies of proceedings and other
papers required and to furnish blank bonds.
The notice of this offering
was already given in V. 112, p. 222.
It is given again because additional
that the
,
data has come to
hand.
Financial Statement.
Outstanding ditch bonds
Outstanding road bonds
Outstanding revenue bonds
Total bonded debt of county
C.
Date April
issue
on
Bank, Painesville.
Cert, check for $100
bank in Lake County, payable to the Village Clerk,
for each
National
any
required.
N. J.—BONDS OFFERED BY
BANKERS.—An issue of $450,000 6% tax-free coupon or registered water
bonds was recently sold to the Equitable Trust Co. cf New York and J. S.
Rippel & Go. of Newark, who are now offering them to investors to yield
5.80%.
Dencm. $1,000.
Date June 1 1921.
Prin. and semi-ann. int.
(J. & D.) payable at the Equitable Trust Co. of New York.
Legality to be
approved by Hawkins, Delafield & Longfellow, New York.
These bonds
are a legal investment for savings banks and trustees in State of New Jersey.
RIDGE WOOD,
County,
Bergen
Financial Statement.
.$12,900,860
1,063,967
Assessed valuation
Bonded debt
(1920) (real and personal)——
(including this issue)
...
—
—
.$450,000
Less water bonds
Less
83,033
sinking fund
530,934
Net bonded debt (about 4%)
Population 1910, 5,416; 1920, 7,540.
RIPLEY
B.
William
(P. O. Versailles), Ind.—BOND
County Treasurer, will receive bids
COUNTY
Goyert,
OFFERING.—
until 11 a. m.
June 4 for $29,400 4A% Joseph Billman et al. Franklin Township bonds.
Denom. $245.
Date April 4 1921.
Int. M. & N.
Due $1,470 each six
months from
crued
May 15 1922 to Nov.
interest.
;
Purchaser to pay ac¬
15 1931, incl.
,;.■■■
.
.
■,
Versailles), Ind.—BOND OFFERING.—
William B. Goyert, County Treasurer, will receive bids until 11 a. m. June 6
for $13,000 4^%.
Henry J. Laswell et al., Johnson Township highway
construction and improvement bonds.
Denom. $325.
Date June 6 1921.
Int. payable M. & N.
Due $650 each six months from May 15 1922 to
RIPLEY
COUNTY
O.
(P.
1931, incl.
Nov. 15
>
DISTRICT, Stanislaus County,Calif.—
BOND SALE.—On May 10, $23,500 6% school bldg. bonds were sold to
Geo. F. Covell for $23,525 (100.10).
Denom. $500.
Date May iO . 921.
RIVERBANK
M.
Int.
SCHOOL
& N.
:/
-
ROCHESTER, N. Y.—NOTE SALE.—The two issues of notes,
amount¬
ing to $100,000, offered on May 24 (V. 112, p. 2222), were sold on
to the Lincoln-Alliance Bank of Rochester at 6% interest plus a $37
premium
ROCKY
GRADED
MOUNT
SCHOOL
DISTRICT
that day
Rocky
O.
(P.
Mount), Edgecombe County, No. Caro.—BOND OFFERING.—Sealed
proposals will be received until 8 p. m. June 20 at the office of R. T. Foun¬
tain, Secretary Board of Trustees, in the Planters National Bank Building,
Rocky Mount, for $30,000 6% coupon (with privilege of registration) school
bonds.
Denom. $1,000.
Date July 1 1921.
Principal and semi-annual
interest payable at the Hanover National Bank, New York, and interest on
registered bonds will, at the request of the registered holder, be paid in
New York exchange.
Due $1,000 yearly on July 1 from 1922 to 1951,
inclusive.
Certified check or cash on an incorporated bank or trust com¬
for 2% of the amount of bonds bid for, payable to the District Treas¬
required.
Purchaser to pay accrued interest.
The successful bidder
opinion of Reed, Dougherty & Hoyt. of New York
City, that the bonds are valid obligations of the Rocky Mount Graded
School District.
The bonds will be printed under the supervision of the
United States Mortgage & Trust Co., of New York City, which will certify
as to the genueineness of the signatures of the School District officials and
the seal impressed on the bonds.
pany
will be furnished with the
Financial Statement.
---$18,479,246
20,000,000
80,000
225.000
(U.S.Census), 1920,12,742; present population (est.), 13,500,
Assessed valuation of taxable property.
1920
Estimated true value of property.
including present issue.:
value of school houses, grounds and equipment
Total bonded debt,
Present
Population
ROSEBUD COUNTY SCHOOL DISTRICT NO.
Mont.—BOND SALE.—The $15,000 6% 10-20 year
Co.
31 (P. O. Sumatra)
(opt.) school bonds
18—V. 112, p. 1544—have been sold to
of Denver at 92.50.
offered on April
Keeler Bros. &
COUNTY (P. O. Duluth), Minn.—BOND OFFERING.—
H. Borgen, County Auditor, will receive bids until June 7, it is stated,
$500,000 5% 10-year road bonds.
ST. LOUIS
W.
for
'
SALT LAKE COUNTY (P. O. Salt Lake City). Utah.—NOTE SALE.
—Bosworth, Chauute & Co. of Denver, have purchased $100,000 7% tax
anticipation certificates, dated
SANTA CRUZ COUNTY
May 16 and due Dec. 31 1921.
Nogales),
SCHOOL DISTRICT NO. 1 (P. O.
ELECTION—On May 31 $60,000 6% school building bonds
voted upon.
W. F. Chenowith is chairman of School Board.
Ariz .—BOND
are
to be
SCOTT COUNTY DRAINAGE DISTRICT
OFFERING.—Ralph E. Bailey, District Attorney,
receive bids at the
purchase of about
Mo.—BOND
he will
for the
NO. 10,
informs us that
Maryland Hotel, St. Louis, until 10 a. m. June 3
$300,000 bonds.
SCOTTS BLUFF
COUNTY (P. O. Gering), Neb.—BONDS
Incomplete returns show
election.
that a $125,000 bridge bond issue
VOTED.—
carried at a
recent
SEVIER COUNTY
(P. O. Sevierville), Tenn.—BOND
OFFERING.—
will be received until 12 m. June 16 (not June 4
2222) by H. D. Bailey, Clerk of County Court, for
Sealed proposals
in V.
112,
p.
stated
$300,000
as
$1,000. Date July 1 1921. Prin. and semi-ann.
the Hanover National Bank. N. Y. Due July 1
Certified check for $1,000, payable to the County Trustee, required,
6% road bonds.
Denom.
int. (J. & J.) payable at
1941.
OFFERING.
June 13 for
$5 22 and
(A. & O.)
as follows:
$1,522, 1921; $2,000, 1922 and 1923; $1,000. 1924; $2,000, 1925 to 1930,
incl.
Certified check on some bank other than the one making bid, for
10% of the bonds bid for. payable to the Village Treasurer, required.
Bonds to be delivered to the purchaser at the Village Treasurer's office.
SHAKER,HEIGHTS, Cuyahoea County, Ohio.—BOND
Palmer. Village Clerk, will receive bids until 12 m.
Carl A.
$18,522 6% coupon special assessment bonds.
Denom. 1 for
18 for $1,000 each.
Date day cf sale.
Prin. and semi-ann. int.
navable at the Village Treasurer's office.
Due yearly on Oct. 1
Purchaser to
pay
accrued interest.
SHELLMAN, Randolph County, Ga.—BOND OFFERING.—H. R.
Watson Chairman of Board of Commissioners, is offering for sale an issue
of $16,000 6% school-impt. bonds.
Denom. $500.
OFFERING.
received
$1,000.
the office
of State Treasurer or at the Chemical National Bank, N. Y., as may be
designated by the Board of County Commissioners at option of purchaser.
Due in 20 years, optional after 10 years.
Certified check for $5,000 required.
SILER CITY,
Chatham County, No. Caro.—BONDS VOTED.—
Reports say that at a recent election an issue of $50,000 school bonds car¬
SHERIDAN COUNTY (P. O. Sheridan), Wyo.—BOND
for the purchase of $300,000 6% highway bonds will be
pm. June 22 by W. S. Doane, County Clerk.
Denom.
Date July 1 192L
Payable at the office of County Treasurer or at
—Bids
until 2
ried by a
decisive majority.
SIOUX CITY
INDEPENDENT SCHOOL DISTRICT fP.
O. Sioux
Woodbury County, Iowa.—DESCRIPTION OF BONDS—The
tax-free school bldg. bonds awarded as reported in V. 112,
p
2222—are in denom. of $1,000 and are dated June 1 1921.
Prin. and
semi-ann int. payable at the Northern Trust Co., Chicago.
Due June 1
City),
r
$1,413,500
405,000
20.000
$1,838,500
Redwood County, including money and
— .$27,415,716
RENSSELAER COUNTY (P. O. Troy), N. Y.—BOND SALE.—
On May 27 the $75,000 5H% gold coupon (with privilege of registration)
Assessed valuation of
credits for 1921
OFFERING.—N.
urer.
PRINCE GEORGES COUNTY (P. O. Upper Marlboro), Md.—BOND
SALE.—On May 24 the Copnty Commissioners awarded an issue of $66,000
5% 20-year lateral road bonds dated July 1 1921 to Stein
the Mercantile Deposit and Trust Company, jointly.
Ohio.—BOND
County,
April 1 1922 to April 1 1948, incl. and $484 26, Oct. 1 1948.
1 1921.
Prin. and semi-ann. int. (A. & O.) payable at the
_
Painesville
PORT HURON, St. Clair
Date May 1 1921.
Lake
Webster, Village Clerk, will receive bids until 12 m. June 14 for the following
6% coupon bonds aggregating $35,679 51;
$8,695 25 Richmond Street Improvement bonds.
Denom. 16 for $500 each
and 1 for $695 25.
Due yearly on April 1 as fellows: $500,
1922 and 1923;
$1,000, 1924; $500,1925; $1,000, 1926; $500,
1927 and 1928; $1,000, 1929 to 1931, incl. and $1,195.25. 1932.
26,984 26 Richmond Road improvement bonds.
Denom. 53 for $500 and
1 for $484 26.
Due each six months as follows:
$500 from
POLYTECHNIC INDEPENDENT SCHOOL DISTRICT (P. O. Poly¬
technic), Tarrant County, Tex.—BOND ELECTION.—It is reported
that the School Board on May 18 authorized a school bond election to be
held on June 25 to vote on the issuance of $260,000 bonds for the erection of a
high school and a new ward school.
The Board also authorized an increase
in the school tax to $0 .85 on the $100 valuation to take care of interest and
sinking funds on the bond issue,
ioOO.
on
two issues of
PLANKINTON INDEPENDENT CONSOLIDATED SCHOOL DIS¬
TRICT NO. 4 (P. O. Plankinton), Aurora County, So. Dak.-—BONDS
NOT SOLD.—The $125,000 6Yi% school bldg. bonds, offered on May 18—
—V. 112. p. 2114—were not sold.
Denom. $1
on that date—V. 112, p. 2114—were sold to Barr &
102.25, a basis of about 5.07%.
Date June 1 1921.
Due
June 1 in 1931, 1941 and 1951.
bridge bonds offered
100,048
100,102!Bank of Italy.. — . — --- —-
& Co
R. H. Moulton
[VOL. 112.
CHRONICLE
THE
2338
$300 000 5%
1941.
"SUlDE IRRIGATION
Secretary,
coupon
DISTRICT
(P. O.
Weiser), Washington
Ida.—BOND OFFERING —Until 2 p. m. Janei 20 I. Yandt,
will entertain proposals for $15,000 6% first series negotiable
bonds.
Denoms. $100 to $1,000. Int. semi-ann Oert. check for
County,
3%, required.
Mat 28
1921.]
SMITHFIELD,
THE
of
Isle
Wight
County, Va.—BOND SALE.—An
Issue of $60,000 6% school bonds has been sold locally.
_
SOUTHAMPTON
(Town) UNION
FREE SCHOOL
DISTRICT
NO. 2 (P. O. West Hampton Beach), Suffolk County, N. Y.—BOND
SALE.—The $75,000 6% school bonds dated July 1 1921, which were of¬
fered on May 21—V. 112, p. 2004—were sold on that day to the Riverhead
Savings Bank at 102.80 a basis of about 5.65%.
SOUTH
PASADENA CITY SCHOOL DISTRICT,
Los Angeles
Calif.—BOND SALE.—The $105,000 6% 13H year
(aver.)
school bonds dated-May 1 1921, offered on May 23—Y. 112, p. 2004—
have been sold to the Harris Trust & Savings Bank of Chicago at 102.21,
a basis of about 5.76%.
County,
SPARTANBURG COUNTY (P.O. Spartanburg), So. Caro.—BOND
SALE.—An issue of $113,000 6% refunding bonds has been sold to the
Security Trust Co. of Spartenburg.
SPRINGFIELD, Clark County, Ohio.—BOND SALE.—On May 23
the $16,050 6% paving bonds—V. 112, p. 2004—were sold to the Springfield
Savings Society at par and interest.
Date March 1 1921.
Due yearly on
March 1 as follows: $2,050, 1922; $2,000, 1923, and $1,500, 1924 to 1931,
incl.
There
were
other bidders.
no
,
.v-
STARK COUNTY (P. O. Canton), Ohio.—BOND OFFERING.—W.
C. Schick, Clerk of Board of County Commissioners, will receive bids until
10 a. m. June 1 for $69,000 6% Magnolia Village paving bonds,
Denom.
$1,000.
Date June
Prin.
10 1921.
and semi-ann. int.
payable
at
the
County Treasurer's office.
Due $7,000 yearly on June 10 from 1922 to
1930, incb, and $6,000 on June 10 1931.
Cert, check for $500 on a Stark
County bank, payable to the Board of Stark County Commissioners,
quired.
Bonds to be delivered at County Treasurer's office as soon
prepared.
Purchaser to pay accrued interest.
re¬
as
STARK
The
3339
CHRONICLE
COUNTY (P. O. Canton), Ohio.—BONDS NOT SOLD.—
$29,500 6% Alliance-Limaville Road bonds, dated May 15 1921,
on May 23—V. 112, p. 2223—were not sold, no bids being received.
rates above stated,
Proposals are required
on
forms to
be furnished by
the Funding Board, and must be unconditional.
Bids may be several as
to all of any issue, or may be for all or none of two or more issues, subject;
to the right of the Funding Board to withdraw from sale for 30
the whole of any one or more issues bid for.
days or more,
Delivery of the bonds and
payment therefor may be made in either of the cities of Nashville, Tenn., •
New York City or Chicago, at the purchaser's option.
No bid will be;
accepted for less than par and accrued interest to date of delivery.,
Delivery
to be made on or about July 1 1921,
The notice of this offering was already
given In V. 112, p. 2223.
It is given again because additional details have
come
to hand.
■
.
TEXAS (State of)—BONDS REGISTERED.—The following
5% bonds
have been registered with the State Comptroller.
Amount
Place and Purpose of Issue.
Shelby County Common S.
Runnels County Common
Runnels County Common
Runnels County Common
$1,000
1,200
3,500
1,800
'
Due. ' Date Red.
D. No. 78
3~20 years
May 20
S. D. No. 1
10 years
May 21
S. D. No. 11..10-20 years May 21
S. D. No. 23
10-20 years May 21
TITUSVILLE SCHOOL DISTRICT (P. O. Titusville), Crawford
County, Pa.—BONDS NOT SOLD.—We are advised by Geo. B. Moody,
Secretary, that the $15,000 5% school bonds offered on May 2 (V. 112, p.
1899) were not sold.
The above secretary also advises us that the bonds
will probably be withdrawn from the market as the rate of interest the bonds
bear is too low for a good sale.
\
TOLEDO, Lucas
County,
Ohio.—BOND OFFERING—John J.
Higgins, Director of Finance, will receive bids until June 22 for $286,006
park bonds, it is stated.
TROY, Renssalaer County, N. Y.—BOND OFFERING.—William A.
Toohey, City Comptroller, will receive bids until 10 a. m. June 2 for $180,000
6% 20-year registered or coupon public school No. 14 building bonds.
Denom. $1,000.
Date July 1 1921.
Int. payable semi-ann.
Cert, check
for 1 % of par value of bonds bid for, payable to the City of Troy
required .
,
offered
Purchaser to pay
STEUBEN COUNTY (P. O. Angola), Ind.—BOND OFFERING.—
Fred W. Sheldon, County Treasurer, will receive bids until 1 p. m. June 27
No bids
for $35,200 5% Asa Burch et al., Scott and York Townships bonds.
De¬
nom.
$880.
Date May 2 1921.
Int. M. & N.
Due $1,760 each six
months from May 15 1923 to Nov. 15 1932 incl.
Purchaser to pay accrued
interest.
^
STILLWATER
COUNTY
SCHOOL
DISTRICT
City), Mont.—BONDS NOT SOLD.—No sale
$2,000 6% school bonds—Y. 112, p. 1899.
was
on
TRUMBULL COUNTY (P. O. Warren). Ohio.—NO BIDS RECEIVED.
were received on May 16 for the $110,000 6% road bonds offered
that date—V. 112, p. 2115.
on
CONSOLIDATED SCHOOL DISTRICT (P. O.
Union)
County, Miss.—-BONDS VOTED.—-The election held in this
April 29 to determine whether or not the district would float a
bond issue to the extent of $10,000 for building purposes carried unani¬
mously.
•
"" ?.
r
UNION
Newton
district
NO. 10 (P.O. Park
made
May 16 of the
The bonds will be reoffered for sale later.
accrued interest.
on
VANDERBURGH COUNTY (P. O. tvansville),
'
SUNFIELD, Eaton County, Mich.—BOND SALE.—We are advised
by the Village Clerk that $13,500 electric light and power plant bonds
have been sold locally.
SURR.Y COUNTY (P. O. Dobson), No. Caro.—BOND OFFERING.—
Sealed bids will be received by the Clerk of the Board of County Com¬
missioners up until 12 o'clock June 6 for the purchase of $150,000
of Surry
County Good Roads Bonds, bearing 6% int., payable semi-ann. with cou¬
pons attached to mature at the discretion of the Board of County Com¬
missioners, not to exceed thirty years in denominations of $1,000 each.
Maturity of the bonds will be determined on the day of the safe.
A check
for $2,500 certified by a Surry County bank must accompany every bid.
The notice of this offering was given by us in V. 112, p. 1899.
It is given
again because further information has come to hand.
/
Ind.—BOND OFFER¬
ING.—Walter Smith, County Treasurer, will receive bids until 10 a. m.
June 9 for $10,800, 4H% J. H. Nyhuise et al., Pigeon Township bonds,
Denom. $540.
Int. M. & N.
Due $540 beginning May 15 1922.
VERMILLION, Erie County, Ohio.—BOND SALE.—The two issues
6% sewer bonds aggregating $7,400 which were offered on May 16—
112, p. 2004—were sold to the Erie County Banking Co. at par and ac¬
crued interest. '
■
BOND SALE.—An Issue of $62,000 6% paving will be taken by A. C.
Schultz, who bid in same with contract for paving.
\
of
V.
_
VI DAL I A,
County,
Toombs
Ga .—BONDS VOTED.-—The issue of
10—V. 112, p. 1659.
$60,000 sewerage system bonds was voted on May
COUNTY (P. O. Wabash), Ind.—BCND OFFERING.—
receive bids until 5 p. m. June 7
following three issues of construction and improvement bonds aggre¬
gating $38,000.
$11,000 5% Henry White, Waltz Township bonds.
Denom. $550. Due
$550 each six months from May 15 1922 to Nov. 15 1931, Incl.
7,000 \Yi% Frank Lynn, Noble Township bonds.
Denom. $700. Due
$700 each six months from May 15 1922 to Nov. 15 1926, incl.
20,000 5% Ross Daugherty, Liberty Township bonds.
Denom. $1,000.
Due $1,000 each six months from May 15 1922 to Nov. 15 1931,
WABASH
Irwin C. Delanter, County Treasurer, will
for the
TENNESSEE (State of).—BOND OFFERING.—The State Funding
Board (P. O. Nashville) will receive sealed bids until 12 m. June 15 for the
following coupon tax-free bonds:
)
$625,000 school bonds at not exceeding 6% interest.
Date Oct. 1 1920.
Due Oct. 1 I960250,000 hospital bonds at not exceeding 6% interest.
Date July 1 1921.
Due yearly on July 1 as follows: $16,000, 1926 to 1940, inclusive,
and $10.000,1941.
100,000 capitol improvement bonds at not exceeding 5H% interest.
Date July .1 1921.
Due $5,000 yearly on July 1 from 1926 to
1945, inclusive.
:
•
100,000 National victory memorial bonds at not exceeding 6% interest.
Date July 1 1921.
'
"
Principal and semi-annual interest (J. & J.) payable at the State Treas¬
urer's office or at the fiscal agency of the State of Tennessee in New York
All bonds
City.
are registerable as to principal and the last two issues are
registerable as to both principal and interest.
Certified check on a National
bank or upon a regular depository of the State of Tennessee for 2% of the
amount of bonds bid for, payable to the State Treasurer, required.
Legality
will be approved by Chester B. Masslich of New York, whose opinion as to
legality will be delivered to purchaser.
Bidders are requested to stipulate
the rate of interest the bonds are to bear, not exceeding the maximum
NEW LOANS
NEW
V
incl.
Date May 15 1921.
Int. M. & N.
•
WAGNER INDEPENDENT SCHOOL DISTRICT (P. O. Wagner),
Charles Mix County, So. Dak.—BOND SALE.—-On May 20 the $20,000
20-year 6% school bonds—V. 112, p. 2005—were sold to the Wells-Dickey
Co. of
Minneapolis.
WASHINGTON, Beaufort County, No. Caro.—BIDS REJECTED.—
All bids received on May 16 for the $390,000 6% street impt. bonds—V.
112, p. 1545—were rejected.
The city will sell these bonds at a private
sale if a satisfactory offer is received.
WASHINGTON CONSOLIDATED SCHOOL DISTRICT, Adams
County, Miss.—BOND SALE.—The $10,000 6% school bonds, offeredlon
Sept. 8—V. Ill, p. 1013—have been sold at par as follows:
LOANS
FINANCIAL
$60,000
town of browning
City of Johnstown
Glacier
Pennsylvania
"General
5S
Net
Circular
4.80
on
CENTRAL
NATIONAL
Notice is
Prices: To
County, Montana.
Obligation Water Bonds"
Per
Cent
request
hereby given that the town of Brown¬
ing, Montana, will, on the20TH DAY OF JUNE,
1921, at the hour of eight o'clock p. m.. at the
council rooms of the Town Council of said town
in the town of Browning, Glacier County, Mon¬
tana, sell at public auction to the highest bidder
for
cash one
hundred twenty
(120)
coupon
"General Obligation Water Bonds" of the de¬
nomination of Five Hundred Dollars ($500.00)
each.
Said bonds to bear interest at the rate of
six
per
DEBENTURES
Price $115 per
Paid
cent per annum, payable semi-annually
the 1st day of January and July of each year.
Said bonds to bear date of July 1, 1921, to become
share
on
Biddle & Henry
104 South ruth Street
PHILADELPHIA
payable twenty (20) years from date and redeem¬
able
in their
numerical order, annually, com¬
mencing July 1, 1931; the principal and interest
payable at the office of the Town Treasurer of
at the option of the holder at the
National Bank of Commerce, New York1 City,
New York.
Each bidder Is required to deposit
said town or
a
Private
Wire to New
York
Call Canal 8437
($2,000.00)
payable to the Town Treasurer of
and
for said bonds as soon as the same are ready
That the Town Council hereby
reserves the right to
reject any and all bids.
Bidders shall satisfy themselves as to the legality
of the bonds before bidding.
Said bonds are known as "General Obligation
Water Bonds" and are issued for the purpose of
constructing and installing a plant for town
water supply to be owned and controlled by the
said town and the money to be derived from the
sale of said bonds to be used exclusively for the
for
delivery.
purpose
for
waddell
Ground Floor Sinter Building
Si Liberty Street,
New York
_
.
Tt&apfeooe Oortlandt $183
at par
in 1920
check fully certified by some duly authorized
in the
sum
of Two Thousand Dollars
pay
Municipal Bonds.
10% in Participations
bank
said town as a guaranty that he will take up
United States and Canadian
7% in Cash
of constructing and installing said plant
supply,
A complete transcript of all
water
proceedings touching the issue of said bonds will
be furnished by the undersigned upon application
by letter or wire.
Dated. May 9th, 1921.
By order of the Town Council of the town of
Browning, Montana.
A. M.
SHANNON, Town Clerk.
Buy through your own Broker
or
Bank
or
FERGUSONG00DELL & CO., k
28 West 44th St.
New York.
3340
ZANESVILLE, Muskingum County, Ohio.—BOND OFFERING.—
8. M. Smith, City Auditor, will receive bids until 12 ra. June 6 for $10,500
6% street assessment bonds.
Denom. $1,050.
Date April 1 1921.
Int.
semi-ann.
Due $1,050 yearly from
April 1 1922 to April 1 1931, incl.
Cert, check for 3% of amount bid, payable to the City Treasurer, required.
Purchaser to pay accrued interest.
$5,000 bonds to Britton & Kbontz Bank of Natchez.
5,000 bonds to City Bank & Trust Co. of Natchez,
Date Oct, 1 1920.
Due $500 yearly on Oct. 1 from 1721 to 1940, incl.
WAUWATOSA, Milwaukee County, Wise.—BOND SALE.—An issue
of $65,000 6% school bonds has been sold to the Second Ward Securities Co.
of Chicago.
Denom. $1,000.
Date Mar. 15 1921.
Due yearly from 1922
to 1941, incl.
Financial Statement.
Assessed value for taxation, 1920-.———
$8,366,100
Estimated actual value, 1921-.10,000,000
Total bonded deot, incl. this issue
329,500
Population 1921, estimated, 6,000.
CANADA,
_
ALAMEDA,
BONDS
^
BRANDON, Man.—DEBENTURE SALE.—An Issue of $50,000 6%
school debentures, part of a total issue of $150,000 was recently sold to
(aver.) road bonds, awarded on May 3 to the Robinson-Humphrey Co. of
Atlanta at 85. a basis of about 6 39%—V. 112, p. 2223.
Denom, $1,000.
Date Aug. 11920.
Int. F, & A.
Due $10,000 yearly on Aug. 1 from 1930
19497incl.
Municipalities.
and
Provinces
Sask.—DEBENTURE
ten years.
—
Further details are at hand relative to the sale of the $200,000 5 % 18 % year
to
its
OFFERING.—T.
H.
Truseott,
Town Clerk, will receive bids until June 1 for $6,500 8% rink building
debentures.
Purchaser to name denominations.
Due $650 yearly for
—
WAYNE COUNTY (P. O. Jesup), Ga.—DESCRIPTION OF
[VOL. 112.
CHRONICLE
THE
J. A. Thompson & Co.
~
''
v-
EDMONTON, Ala.—DEBENTURE SALE.—An issue of $2,500,000 7%
20 year debentures was recently sold to Wood, Gundy & Co. at 99, a basis
of about 7.10%.
•yY-'vY./' :
■;/:
.
WAYNESVILLE TOWNSHIP SCHOOL DISTRICT NO. 10, Hay¬
wood County, No. Cairo,—BOND OFFERING.—Until 12 m. June 6 R. A.
Sentelle, Superintendent (P. O. Waynesville) will receive sealed bids for
$20,000 6% 20-year bonds.
Int. semi-annually.
The bonds will be litho¬
graphed under the direction of purchaser at the cost of School Board.
Denom. to suit purchaser.
Bonds payable at a place to be designated by
purchaser.
Cert, check for $400, required.
These bonds were recently
voted by 63 to 5.
MANITOBA
SALE.—At a recent date, the
Gundy & Co., pur¬
gold bonds at 99.29, Canadiau funds.
Prin. ana semi-ann. int. (J. & D.) payable at the Union
Bank of Canada in New York in United States gold coin, or at the option
of the holder in Montreal, Toronto or Winnipeg.
Due June 1 1931.
(Province
of).—BOND
National City Co., E. H. Rollins & Sons and Wood,
chased $2,000,000
Date June 1 1921.
6%
ten-year
MEDICINE HAT, Ala.—DEBENTURE SALE.—An issue of $40,00(5TO
a private sale to Aemilius Jarvis & Co. at
a basis of about 7.15%.
WEST MANSFIELD, Logan County, Ohio.—BONDS NOT SOLD.—
of the $2,700 6% coupon refunding bonds on
There was no sale made
debenture have been sold at
May 23—-V, 112, p. 2115.
87.83,
WESTERLY, Washington
County, R. I .—NOTE SALE.—The Old
MONCTON, N. B.—DEBENTURE SALE.—An issue of $130,000 6%
was recently sold.
Date May 1 1921.
Due May 1 1941,
Colony Trust Oo. of Boston purchased on a 6.35% discount basis the fol¬
lowing two issues of notes offered on May 24—V. 112, p. 2224:
$30,000 sewer notes.
Date May 2 1921.
Due Nov. 2 1921.
30,000 revenue notes.
Date May 20 1921.
Due Nov. 10 1921.
debentures
PEMBROKE,
WHITE COUNTY (P. O. Sparta). Tenn.—BOND OFFERING.—J. D.
Goff, County Judge, will receive sealed bids until 12 m. June 18 for $130,000
6% highway impt, bonds.
Denom. $1,000.
Int. semi-ann.
Due $13,000
WILSON SCHOOL DISTRICT (P. O. Wilson), Allegheny County,
Pa.—BOND OFFERING.—W. S. Henershot, Secretary, will receive bids
until 7 p. m. June 21 for $35,000 514% coupon Walnut Street Public
School building bonds.
Denom. $1,000.
Date June 1 1921.
Int. semiann.
Due $2,006 yearly from 1926 to 1930, incl.; $3,000 yearly from 1931
to 1935, incl. and $5,600 in 1936 and 1937.
Cert, check for $500, required.
Purchaser to pay
accrued interest.
Wise.—BONDS VOTED.—At
a
ST.
recent
ST.
—
4'
WORCESTER COUNTY (P. O. Worcester), Mass.—TEMPORARY
LOAN.—On May 2
a temporary loan offered on that date was awarded to
Date May 24
$13,500; Hague, $12,000; Boyer, $5,000.
Rural Municipalities.—Cut Knife, $3,000.
Cities—City of Reginar—$14,000; $33,448; $16,271.
Date June 11921.
Due
SASKATOON,
June 1 1931.
offered without
success on
May 10—V. 112,
p.
port that Secretary-Treasurer, A.
June 7 for $60,000 6%
YOUNGSTOWN 'SCHOOL DISTRICT (P. O. Youngstown), Ma¬
honing County, Ohio.—BOND SALE.—The $355,000 6% improvement
on
annually.
WH1TEMOUTH R. M., Man.—DEBENTURE SALE.—An issue of
$25,000 6% 30 installment bridge and culvert work debentures was recently
sold to the Bond and Debenture Corp. at 88 and accrued interest.
April 4 (V. 112, p. 1325) were not sold on that date, but
a private sale to Otis & Co. of Cleveland at
par
sold on a later date at
and accrued interest.
were
Man.—DEBENTURE OFFERING.—Newspapers re¬
M. McGregor, will receive bids until
road, bridge and culvert debentures.
Int. semi¬
Due from 1 to 30 years.
WESTBOURNE,
10-20 yr. (opt.) school
A. M. Corley, Clerk.
.
bonds offered
POSTPONED.—
OFFERING
has been extended.
June 4 bids for the purchase of $55,000 6%
building bonds will be opened.
Sask.—DEBENTURE
The 4 issues of 5 and 6% debentures aggregating $204,000 offered on
May 23—V. 112, p. 2006—will be offered on June 6 instead, as the date
1900.
YELLOWSTONE AND BIG HORN COUNT ES JOINT SCHOOL
DISTRICT NO. 15 (P. O. Custer), Mont.—BOND OFFERING.—At 10
m.
$2,000;
$5,500; Lily Vale,
^
100,000 refunding road and bridge bonds.
*50,000 road bonds at not exceeding 6% interest.
a.
_
§1,600; Elstow, $14,900;Springs, $5,700; Loverna, $7,000; $5,000; Willow
Eastman, $4,000; Summerslde, Regina Beach,
prings, $1,800; Flett's
WRIGHT COUNTY (P. O. Buffalo), Minn.—BOND OFFERING.—
were
8%, O. C. Cross &
$2,000, 15 years,
DEBENTURES
AUTHORIZED.—'The
following
according to the
Financial * Post*' is a list of debentures authorized in the same period:
School Districts—Danzig, $5,500: Kuroki, $12,200; Rosebrae, $4,000;
Crooked Valley, $2,000; Dartmore, $3,000; Drumague,
Er. R. Anderson, County Auditor, will receive bids until 1:30 p. m. June 1
These bonds
Sask .—DEBENTURES
DISTRICTS,
Florentine, $4,000: Tailman, $1,150; Trafalgar, $3,500; Halich,
1921,
•
for the following bonds:
*
SCHOOL
Rural Telephones—Star City,
Co., Regina.
2116—-was par and interest.
These bonds are part of total issue of
$550,000 of which $150,000 were retired from funds on hands.
5.60% discount basis.
Ont.—DEBENTURE SALE.—City Treasurer Perry,
$150,000 6% short-term debentures were sold during this
THOMAS,
that
Funds, Trustees: Ceylon, No. 351, $1,500 10 years, 8%, H. Mclllrath,
Gunnel!, Iowa; Allindale No. 846, $1,000 20 years, 7H%, Miss H. Glover,
Regina; Allindale No. 846, $1,700 20 years 7)4%. Grand Lodge, A. F.
& A. M., Sask.
p.
a
LAMBERT, Que.—DEBENTURE OFFERING.—James R. Beatty,
Secretary-Treasurer, will receive bids until 8 p. m. June 6 for $500,000 6%
debentures.
Denom. $1,000.
Int. payable (M. & N.) at the
Bank of Hochelago, St. Lambert or Montreal, or at the Canadian Bank of
Commerce, Toronto.
■
v:Y: Y.
coupon
SASKATCHEWAN
The price paid for the $400,000 5% tax-free coupon highway bonds—V. 112,
Harris, Forbes & Co. on
Oct. 25 1921.
RUSSELL
COUNTIES,
Ont .—DEBENTURE
$200,000 6% 20-installment debentures was recently
AUTHORIZED.—The following, according to the "Financial Post" is a
list of debentures aggregating $39,700 sola from April 3 to May 7 1921:
School Districts—Craflc, No. 891, $33,500 20 years, 7 H % Regina Sinking
election the voters endorsed the raising of $25,000 school bonds by a vote
of97 to 34.
WOODBURY COUNTY (P. O. Sioux City), Iowa.—PRICE PAID
AND
month to local investors.
t
Sawyer County,
PRESCOTT
SALE.—An issue of
states
WINCHESTER, Middlesex County, Mas a.—NOTE SALE.—News¬
papers report that an issue of $100,000 8H months revenue notes, maturing
Jan. 16 1922 was awarded on May 20 to the Beacon Trust Co. of Boston
on a 5.70% discount basis.
>
WINTER,
SALE.—The three issues of 6%
sold to R. C. Matthews & Co. at a private sale.
Cert, check for $1,000, required.
yearly on July lfrem 1931 to 1940, incl.
Ont.—DEBENTURE
debentures aggregating $80,324.50 offered on May 25—V. 112, p. 2224—
were sold on that date to 0. H. Burgess & Co. of Toronto at 95.662.
NEW LOANS
FINANCIAL
$30,000,000
STATE OF MICHIGAN
La Salle at Jackson
SOLDIER'S BONUS BONDS
The
undersigned will receive sealed
bids at his office in the City of Lansing,
Michigan, until the 15th DAY OF
JUNE, A, D. 1921, up to 2 o'clock p. m.
of said day, for the sale of thirty million
dollars
($30,000,000.00)
Michigan Soldier Bonus
of
State
coupon
of
bonds
in denominations of $1,000.00 each, to
be issued by the State Administrative
TM
on
Has
Time
Deposits, Current and Reserve
Aocounts.
change.
$15,000,000
Capital and Surplus
SUn of Srrvte,
Pays Interest
Chicago
Deals in Foreign Ex-
Transacts
a
on
hand at all times
cellent securities.
Government,
a
variety of
ex-
Buys and sells
Municipal
and
Corporation Bonds.
General Trust Business.
Board of tne State of Michigan, pursuamt to the provisions of Act No. 1
of the Public Acts of the State of Michi¬
first extra session 1921.
Said
bonds will be dated July 1, 1921, and
will mature on the first day of July,
gan,
1951, and will bear interest at the rate
of
five
and
one-half
per
centum
MUNICIPAL BONDS
Underwriting sad distributing entire issues of
Olty. County, School District and Road District
Bowls of Texas.
Dealers' inquiries and offerings
solicited
per
payable semi-annually.
Both
principal and interest are payable at
maturity at office of the State Treas¬
urer, Lansing, Michigan.
Circulars
on
requeet.
annum,
A certified check in
equal to
onejper cent of the amount of the bid,
payable to the order of the State Treas¬
urer of the State of Michigan, must be
a
submitted with each bid.
•
or
The
sum
TEXAS
APPRAISALS
H. M. CHANCE
&
CO.
Examined, Managed, Appraised
Drosol
Bldg,
REPORTS
Geologists
COAL AND MINERAL PROPERTIES
State Treasurer.
INVESTIGATIONS
EstahUshed 1915
Mining Engineer* and
PRANK E. GORMAN,
NEW YORK.
SL
SS2I2P COMPANY
any
all bids.
BLDCL.
HAROLD G. WISE
:
right is reserved to reject
Sugar Engineering Corp.
WOOLWORTH
PHILADELPHIA
DESIGN
MAY 28
1921.]
THE CHRONICLE
XXV
(Engineers
Jftnandal
STATE
OF
NEW YORK
STONE & WEBSTER
INCORPORATED
5 Per Cent
DESIGN steam power
stations,
hydro-electric
developments,
Serial Gold Bonds
transmission lines, eity and
Interurban railways,
gas and
chemical
plants,
industrial
plants, warehouses and build¬
EXEMPT
•
FROM
TAXATION
AMOUNTING TO
ings.
CONSTRUCT either from their
own
designs or from designs
$41,800,000
of other engineers or
architects.
MANAGE public
utility and
industrial companies.
REPORT
on
proposed
projects.
going
Will be sold
Thursday, June 9,
at 12
o'clock
concerns,
extensions and
1921
noon
(Standard Time)
new
At the State
.
FINANCE industrial and
publio
utility properties and conduct
an
investment
banking
business.
These bonds
Comptroller's Office, Albany, N. Y.
Legal Investments for Trust Funds.
are
Bonds will be issued in
coupon form in
in registered from
in denominations of
$50,000.00
NEW YORK BOSTON
CHICAGO
as
denominations of $1,000,00 and
$1,000.00, $5,000.00, $10,000.00 and
follows:
v
$20,000,000.00
for the Improvement of
and to mature
$400,000.00 annually
from 1922 to
1921
V
Highways
for the
be dated
March
1,
March 1, in each of the
years
on
1971, both inclusive.
$5,000,000.00
to
Acquisition of Lands for the State Forest
Preserve
annually on March 1
be dated March 1
1921, and to mature $100,000.00
in each of the
years from 1922 to
1971, both
to
inclusive.
$6,800,000.00 for the Construction of
Barge Canal Terminals, to be dated
January 1 1921, and to mature $136,000.00
annually on January 1, in each
of the years from
1922 to
$10,000,000.00
WIL^JLIAM
Aw.
1921, and
BAEHR
1971, both inclusive.
Payment of World War Bonus to be dated
March 1,
$400,000.00 annually on March
1, in each of the years
for the
to mature
from 1922 to
1946, both inclusive.
As the bonds to be issued
ORGANIZATION
for the Improvement of
Highways, the Construction of
Acquisition of Lands for the State Forest Preserve
Barge Canal Terminals
and the
are
payable in 50 equal annual
installments, all bids will be required in
multipels
of $50,000.00, which sum will be deemed to
include an equal
face amount of bonds
of each maturity.
Consulting
Engineers
As the bonds to be issued
be deemed to include
Public Utilities
and
Industrial Appraisals
Management and Operation,
Counsel and Reports,
Accounting and Purchasing,
Utilities Publio
Relations,
Valuation and Rates,
Design and Construction of
gas
an
maturity based
.
plants.
bonds,
accompanied
WILLIAM A. BAEHR Organization
Peoples Gas Building
be required
upon the multiples specified above
for each separate issue.
■
As the bonds enumerated
above for the Improvement of
Highways, the Con¬
struction of Barge Canal
Terminals and the
Acquisition of Lands for the State
Forest Preserve mature in from
one to
fifty years, the Comptroller will reserve
the right to allot to the
successful bidder bonds of
any one of these issues, not¬
withstanding the specific issue may be stated in the bid.
No bids will be
accepted for less than the par value of
the
central station and industrial
plants and
will
and State Forest Preserve
bonds will be deemed to be one
issue
for the purpose of allotment
as hereinafter
provided) of bonds and the amount
and price for each
$100.00 bid for, which will be
deemed to include an
face amount of bonds of each
equal
Gas and Electric
power
for World War Bonus
are
payable in 25 equal annual
in multiples of
$25,000.00, which sum will
equal face amount of bonds of each
maturity.
No bid will be
accepted for separate maturities, therefore
bidders will be required
to state
clearly in the proposals the specific issue
(except that Highway, Barge
Canal Terminals
installments, all bids
Specializing in
Chicago
unless
nor
by a deposit of money or
by# a certified check or bank draft upon a
solvent bank or trust
company of'the cities of
Albany or New York, payable to
the order of the
Comptroller of the State of New
York, for at least two per cent,
of the par value of the bonds
bid for.
All proposals,
together with the security
deposits, must be sealed and endorsed
"Proposal for bonds" and enclosed in a sealed
envelope directed to the "Comptroller
of the State of New
York, Albany, N. Y."
I
All bids will include accrued
interest.
>
,
The Comptroller
his opinion
th.9 right to reject
any or all bids which
advantageous to the interest of the State.
Circulars descriptive of these
bonds and of
THE
ENGINEERING
CORPORATION
funds, etc., will be mailed
JAMES A.
PLACE,
A Bank
YORK
We maintain
In
of
EDWARDS
a
of out-of-town
addition
foreign,
B.
to
In
NEW
the
our
to
Represent You
Pittsburgh
completely organized department for the service
banks, firms and individuals.
a
coqiplete banking service, both domestic and
knowledge of
Pittsburgh District
the
is
financial
at
your
and
industrial
affairs
disposal.
INVESTMENTS
11
FOR
MELLON NATIONAL BANK
Trinity Plac«, NEW YORK, N. Y.
SALE—Timber, Coal, Iron,
other properties.
Confidential
Negotiations
Settlements and
United States
Ranch
and
Investigations
Urchases of Property.
West Indies
Canada
.
\
WENDELL, State Comptroller, Albany, N. Y.
Utilities
Reports—Valuations—Estimates
XCHANGE
not in
outstanding State bonds, sinking
Constructors
Public
GEO.
application to
upon
Albany, N. Y., May 16, 1921.
Buildings—Industrial Units
A3
are
>
J. G. WHITE
Engineers
reserves
PITTSBURGH, PA.
Capital and Surplus
•
-
$11,000,000.00
FINANCIAL/ CHRONICLE
I'JSLUl'i
■^•TTVTnimrTTC'M^i'rvwr*-
WANTED
POSITIONS
CONNECTIONS DESIRED.
CONNECTIONS DESIRED.
BANKING
Financial House, with offices near
dealing extensively in Ameri¬
can and Canadian securities, is open to enter¬
tain the sole representation of an established
American
or
Canadian firm of investment
LONDON
Stock Exchange,
responsible banker with commer¬
education, several years of
COMPETENT,
and financial
cial
foreign banking experience
acquired with lead¬
perfectly familiar
chant Bankers,
Mer¬
with foreign
Continental Banks and
ing London and
capital could be
documen¬
foreign exchanges,
trade financing,
sirous
credits, discounts, collec¬
work, &c., wishes to co¬
operate in the development of the foreign
department of a first-class progressive Bank
tary and acceptance
act as European
care
London, E.
representative either of an
of a consortium of Banks
FINANCIAL
Banker
or
firm.
intimate
Co., having
credits, securities
Box Q-7, care
of
permanent nature.
Address Box U-16, care
Financial Chronicle, 90 Pine St., New York City
credits)
unusual opportunity
offers
capital, or firm, or corpora¬
stock issue. Address
of Financial Chronicle, 90 Pine
York City.
Bankers
A
INVESTMENT MEN
BOND SALESMAN
Extra
Extra
GENTLEMAN, with
No.
WANTED
WANTED
yield.
City.
commission.
51
East
Statistician
42nd St.
analyze
Competent to
wanted. Must
possess ability to initiate business and compe¬
tence that will warrant confidence of employers.
The right roan will receive excellent remunera¬
tion and be given entire charge of this new
BOND
Trader
Unlisted
and
from
SALESMEN.
We
have
an
opportunity for several
of demonstrated selling ability in
New York City, and in Philadelphia and
adjacent territory.
selling high
,
The actual work
grade Municipal
set.
with mahog¬
State price and size of desk.
of Financial Chronicle,
Address
90 Pine
Street, New
UNLISTED TRADER, thorough
markets, seeks connection
of all
knowledge
Exchange or banking firm or highhouse. Address Box V-20,
Financial Chronicle, 90 Pine Street,
York City
with Stock
brokerage
class
entirely
of
care
Every
co-operation will be given to enable the
salesman to get under way and keep
going.
Salary and commission basis.
Write, fully describing your experience
in all selling lines, present salary and
occupation, to "D. D.," P. O. Box 822,
City Hall Station.
,
FURNITURE WANTED
Box V. 11, care
BOND AND
prominent New
tunity is unlimited, depending
on the calibre of the salesman.
any
is
bonds for
York Bond House, but
experience in selling securities is not at
all essential.
Primarily, we want a real
salesman, not a beginner.
The oppor¬
a
New York.
WANTED.—Desk and chair to go
sales
a
men
contemplate installing.
Give age and qualifications in detail, with as¬
surance that same will be held in strict confi¬
dence.
Box
U-20, Financial Chronicle, 90
OFFICE
corporation statements,
bond circulars and answer correspondence
viewpoint.
Responsible references.
Address V. 10, care of Financial Chronicle, 90
Pine Street, New York City.
prepare
department, which we
Pine Street,
broad experience as a
and distributor of sound
securities difficult to market, and requiring
special salesmanship, seeks engagement.
Un¬
questioned business record.
Permanent con¬
nection considered.
Address Box V-12, care of
Financial Chronicle, 90 Pine Street, New York
Apply Room 414,
WANTED.
TRADERS
full charge
successful wholesaler
and mortgages,
City.
financial markets. Qualified to
bond department. Proposi¬
tion
must be important enough to warrant
liberal remuneration, share in profits and of
principal
dispose of
Q-8, care
Bank
knowledge of
institution
Financial Chronicle,
New York
dealers
Wide acquaintance among
experience.
COMPANY (commercial
connection with banking
90 Pine Street,
distribution.
management,
purchasing, investigating, syndicating, whole¬
saling and retail distribution and publicity
OPPORTUNITIES.
President,
St., New
executive,
desires new
Executive,
individual with
Box
experience all de¬
partments domestic banking up to
ac Vice-President and Director successful
commercial
utility, industrial
financing and
managerial,
sales
municipal
and
of
A
tion that can
and Trust
Comprehensive
railroad, public
knowledge of
r
to
BANKER of broad
official capacity.
executive or
in
BUSINESS
their
European business.
Address Box S-25, care
of Financial Chronicle, 90 Pine St., N. Y. City.
ACT I YE
firm,
ment
C. 2.
in pooling
advantage
find
would
financial experienceJwIU
association with reputable invest¬
strong bank or trust company in
consider new
assume
individual concern or
who
Address "Activity,"
1 Drapers Gardens,
exchanged.
Edwards & Smith,
ers' references
tions, investigation
or
of exchange large
controlled for companies de¬
of extending business operations.
Bank¬
With improvement
bankers.
MAN of broad
BOND
New
'»'
1
■V
unlisted Security Trader seeks
Address Box V-21, care of
Chronicle, 90 Pine Street, New York
SUCCESSFUL
engagement.
Financial
City.
York City.
TELEGRAPHER.—Experienced telegrapher de¬
sires position with brokerage house.
Unques¬
tionable reference.
Address Box V-27, carelof
Financial Chronicle, 90 Pine Street, New York
City.
"
.
~
T
,
..... .. . ...
—.
]
, ■—
.
MANAGER with wide experience in
selling and credits seeks position, preferably in
metals trade.
Address Box V-18, care Finan¬
cial Chronicle, New York City.
EXPORT
Hang Out
a
Sign!
ASSISTANT
experience
commercial, thoroughly efficien t
EXECUTIVE'S
If you
"I
sign on your building:
need for, or I am seeking, a
hung
have
a
law
Woman,
legal, financial,
assistant and
position
as a
wants position of respon¬
executive. Address Box
Chronicle, 90 Pine Street, New
secretary,
with high-class
sibility
V-17,
Financial
York
STATISTICIAN
fifteen years
degree,
City.
•""'.•••'f
TRADER
experi¬
busi¬
TRADER—-College graduate with some
ence and clientele in the investment bond
ness desires position
to learn bond or
SALESMAN
CASHIER OF A BANK
security
listed
OR THE
LIKE,"
of
care
New
possibly it would attract the attention
someone who could satisfy your wants.
why not hang that
of
in
the
world
ment
"sign" before every¬
and investment field
inserting an advertise¬
this department?
the
one
in
banking
over
BOND
TRADER, capable, now
getting
an
"above the
have occasion to "hang out a sign,"
and send or telephone an appro¬
up
priate
Do it
ad
to
90 Pine
with Stock Ex¬
make new
connection
Chronicle.
of Financial
Street, New York City.
EXECUTIVES SEEK
A
CLIENT, now
POSITIONS.
holding important
executive
thoroughly qualified by ex¬
the complete responsibility
developing and carrying out
the refinancing of the hardest, most difficult
proposal that is sound and worth while.
Ad¬
dress
Robel
& Bryant, Inc., Advertising
Agents, 608 South Dearborn St., Chicago, 111.
financial position,
ordinary man."
If you
firm, wishes to
R-21, eare
Address Box
by
This will insure your
draw
Financial
York City.
change
But
un¬
Address Box U 17,
Chronicle, 90 Pine Street,
trading.
our
Classified Department.
perience, desires
for reorganizing,
now.
large
Government service, experienced in
financial transactions, desires position
with
Financial
LAWYER in
care
house.
"Commercial &
Address Washington,
Financial Chronicle."
Mat 28
1921.]
THE CHRONICLE
Cotton
accountants
Obaa. O.Oorn
financial
Paul Schw&rs
Frank A. Kimball
August Schterenberg
Corn, Schwarz
&
FINANCIAL
Co.
William Street
New
MEMBERS
JypgliyM$±.
CONSULTANTS
COMMISSION MERCHANTS
15
XXVII
oh
York
Valuation, Security
Issues,
OP
New York Cotton
Exchange
New Orleans Cotton
tion,
Financial
Income
.
f.
We will
Litiga¬
Tax,
Exchange
Exchange
Exchange
•
and
M Fadden & Bro.
etc.
bauer
As
Associates
63 Wall St., N. Y.
its
NEW YORK
15 Broad Street
87 Worth Street
American, Egyptian
Foreign Cottons
GEORGE W. MYER, JR.
and
Certified Public
Accountant
35
FOREIGN
CORRESPONDENTS.
Frederic Zerega A
Co., Liverpool.
V.
McFadden's Gle voor Import en
Export.
Rotterdam.
Beoieta ^Importation et de
Commission. Havre
Fkchiri & Co.. Milan.
Baltic Oetton Co.,
Copenhagen.
Belnhart A Co.,
Alexandria, Egypt.
Geo. H. McFadden
South American
Company.
Inc., Lima, Peru.
it strives
NASSAU ST.,
Audita,
NEW
fulfil.
YORK
pose
Investigations,
Estate
Hentz
William Street
NEW YORK
&
Co.
BOSTON, MASS.
AND
BROKERS
First
J.
Exchange
of Trade
Associate Members of
Liverpool Cotton Association
RICHARDS.
association are, therefore,
present the notes and other
March
22,
1921.
DANIEL S.
Hubbard Bros. & Co.
COTTON MERCHANTS
All
note
National
State
of
hereby notified
association
this
outside New
mere
rou¬
Company.
York.
METROPOLITAN
TRUST
OF
COMPANY
THE CITY OP
60 WALL STREET
to
NEW YORK,
716 PIFTH
AVENUE
claims for payment.
KRICK, Cashier.
Notice.
Bank,
located
at
Maine, la closing its
W. H.
holders and
other creditors of
therefore hereby notified to
present the notes and other
claims for payment.
GEO. B.
BOYNTON. Cashier.
Dated, Jan. 15. 1921.
the
on
Machl&8
in the
affairs.
NEW YORK
Made
Liquidation
The
Machlas,
HANOVER SQUARE
becomes
indi¬
Banking
Cashier.
The Mohnton National
Bank, located at Mohnton, in the State of
Pennsylvania, Is closing its
affairs.
All noteholders and
other creditors of
the
Dated.
COFFEE EXCHANGE
BUILDING
particular
their
We
invite
conference
and
correspondence
with
bankers
Exchange
Chicago Board
Advances
W.
Dated, April 12th, 1921.
New York Cotton
Exchange
New York Coffee A
Sugar Exchange
New York Produce
Liberal
never
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
present their notes and other
claims for payment.
Members of
New York Stock
to
tine with
National
pur¬
customers'
with
vidual needs.
The
8f Congress street
10
Congress Street
COMMISSION MERCHANTS
Within that
is included the han¬
attention
Telephone Rector 5441+
1Uquftratton
Henry
purpose which
all times to
business
Returns
set up
at
dling of all its
Aeoountlng,
Income Tax
a
with
everywhere
Company has
for itself
com¬
contact
customers
this
PHILADELPHIA
W.
institution
an
ing in close
Hanover 6673
COTTON MERCHANTS
Dealers in
things
Fidelity
john
H.
all
faithfully" —SHAKESPEARE
New York Produce
New York Coffee
Geo.
answer
are
Goadby & Co.
Members New York Stock
NO.
74
BROADWAY
Exchange
NEW
YORK
Cotton
Consignmenta
CHARTERED
GWATHMEY A CO.
10-24 EXCHANGE
475
FIFTH
PLACE, NEW YORK
AVENUE, NEW YORK
United States Trust
45-47
MEMBERS
NEW YORK COTTON
NEW
NEW
NEW
NEW
LIVERPOOL COTTON
ASSOCIATION
Stephen M. Weld
& Co.
COTTON MERCHANTS
82-92 Beaver
Street, New York City
BOSTON,
FALL RIVER,
PROVIDENCE,
NEW BEDFORD.
PHILADELPHIA.
UTICA, N. Y..
WELD A CO.,
LIVERPOOL.
ROBERT MOORE &, CO.
44 Beaver
COTTON
Street, N. Y.
MERCHANTS
Members New York Cotton
STEINHAUSER
-
This
$2,000,000.00
$14,717,784.61
Company acts as Executor,
Administrator, Trustee, Guardian, Com¬
mittee, Court Depositary and in all other
recognized trust capacities.
It receives deposits
subject to check and allows interest on
dally balances.
It holds
and manages securities
and other
property, real and personal, for
as Trustee under
corporate mort¬
estates, corporations and
individuals, and acts
gages, and as Registrar and Transfer
Agent for corporate bonds and stocks.
WILLIAM
M.
WILFRED J.
KINQSLEY,
EDWARD W. SHELDON.
President
1st Vice-Pres.
WILLIAMSON
PELL. Vice-President
FREDERIC W. ROBBERT, Asst.
Secretary
ROBERT S. OSBORNE, Asst.
Secretary
THOMAS H. WILSON, Asst. Secretary
Secretary
ALTON S. KEELER, Asst.
Secretary
TRUSTEES
WORCESTER, Secretary
CHARLES A. EDWARDS, Asst.
Secretary
WILLIAM C. LEE, Assistant
Secretary
WILLIAM G. GREEN,
Assistant
JOHN
WILLIAM ROCKEFELLER
FRANK LYMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
LYMAN
PAYNE
Exchange
Company of New York
WALL STREET
Capital,
Surplus and Undivided Profits,
EXCHANGE
YORK STOCK
EXCHANGE
YORK COFFEE
EXCHANGE
YORK PRODUCE
EXCHANGE
ORLEANS COTTON
EXCHANGE
ASSOCIATE MEMBERS
1858
J.
GAGE
WHITNEY
A.
STEWART, Chairman of the Board
EDWARD W. SHELDON
CORNELIUS N. BLISS, JB.
CHAUNCEY KEEP
HENRY W. de FOREST
ARTHUR CURTISS JAMES
WILLIAM VINCENT A8TOB
WILLIAM M. KINGSLEY
WILLIAM SLOANE
WILLIAM STEWART TOD
OGDEN MILLS
&. CO.
Successors to
WILLIAM RAY A CO.
COTTON BROKERS.
IS Cwtton Exchange
New York
Orders for future
delivery contracts executed on
the New York and
Liverpool Gotten Exchanges.
Hopkins, Dwight & Co.
L. F. DOMMERICH & CO.
FINANCE ACCOUNTS OF
MANUFACTURERS AND
MERCHANTS, DISCOUNT
AND GUARANTEE SALES
COTTON
end
COTTON-SEED OIL
COMMISSION MERCHANTS
Rssn SO, Cotton
NEW
Exchange Building
YORK
General
Offices, 254
Fourth
NEW YORK
Established Over 80 Years
Avenue
yitumlol
financial
v
;
^iWORtal
[VOL. 112.
chronicle
the
XXVIII
1
,
Municipals
Mid-West
STOCKS—BONDS
high in the
While money rates are
grain-producing States, Municipal
bonds from this section are avail¬
able at very low prices.
For 27
years we have specialized in City,
County and School District bonds
in the principal agricultural States,
and never before have had such
GRAIN—COTTON
wire system reaching
principal Grain and Cotton
& the
Market centers
New
Willaman
Members .*
•
Net assets
$1,000
$3,600 for every
bond outstanding.
Interest
100 and
Price
Members of
Yielding 8%
Association
New York
Broad Street,
20
formerly
American
are over
Coffee & Sugar Exchange
New York Produce Exchange
[Chicago Board of Trade
Liverpool Cotton
BONDS
sole funded
Company
by
the
a
N. Y.
Associate
MUNICIPAL
of
controlled
Tobacco Company.
New Orleans
Detroit
New York
Chicago
& Co.
York Stock Exchange
York Cotton Exchange
Cotton Exchange
(New
bonds are the
These
debt
A. A. Housman
f
1921.
Due May 15,1931
Interest payable May 15 and November 15.
Denomination $1,000
Dated May 15,
Extensive private
list
Bolger, Mosser &
'V"
Bonds
8% Gold
10-Year
Bought and sold
on commission
attractive offerings.
Send for our
Rican-American
Tobacco Company (
Porto
Ames,
Emerich
;
Branch Offices:
unusual
opportunities
to
diversify in
high grade Municipal Bonds and
to
average
exceptionally good
list offers
current
Our
25 W.
33rd Street, New York City
Building, Philadelphia
Liberty
Washington
Woodward Bldg.,
Amsterdam,
Holland
Affiliated with
First National Bank
Louis Union
Central Bond & Mortgage
Our
Wires to
Private
Radon, French &
Co.
SECURITIES
of
corporations.
We offer high-grade Investment opportunities
In the securities of municipalities, public
utilities, and well established Industrial cor¬
Correspondence
Investment
Underwriters and
Invited
CHICAGO
Bankers
Investment
Securities
Industrial Issues
Hord, FitzSimmons &
High Grade
St.
105 So. La Salle
t
Distributers of
Co.
Quoted
Sold
Bought
MONROE ST.,
111 W.
SOUTH LA
INVESTMENT BANKERS
Public Utility
and
CHICAGO
137
"V.V
'
Incorporated
MONROE STREET
WEST
V';'l 'V, '
Dodge & Ross
underwrite entire Issues
of established
porations.
79
Wollenberger & Co.
Southwest.
Unlisted Securities
v;■
•
purchase and
application.
Bankers
the East and
Listed and
INVESTMENT
Vfe
circular on
Pine—St. Louis
Investment
bends and stocks
Marks
Bonds and
South LaSalle Street
208
Trust Co.
GERMAN
Co.
CHICAGO
Broadway &
Milwaukee
Chicago
Invited
MORTGAGE TRUST COMPANY
St.
Nciv York
Broadway,
111
returns.
Correspondence
& Company
i
F. H.
CHICAGO
BANKERS
BOSTON, MASS.
Childs & Company
C. F.
Bonds
PRINCE & CO
1
Specialists
SALLE STREET
Government
INVESTMENTS
HIGH-GRADE
Bonds
CHICAGO
NEW YORK
ISO Broadway
CHICAGO
Salle St.
10$ So. La
INVESTMENT
SECURITIES
Stevenson
& Perry,
Bank Building
Commercial
6
Continental
CHICAGO
Railway Exchange
So.
105
Agric. Chem. Co. S. F. 7^8
Atlantic Refining Co. S. F. 6Hs
Deere & Co. S. F. 7^8
DeLaval Separator Co. S. F. 8s
Pflster & Vogel Leather Co. S. F. 7s
Inc.
RUTTER, LINDSAY & CO.,
The Rookery,
La
Salle St.,
Telephone
,
MARKET
Amer.
first national
Capital and Surplus
-
John M. Millar, Jr.,
M, Addison,
W.
R.
Alex
Established 1870
CHICAGO
W. G.
SOUDERS & CO.
SECURITIES
INVESTMENT
S08 South
York Stock
INVESTMENT
118
Exchange
SECURITIES
Wiggins Bloeh
Broadway
CINCINNATI
NEW YORK
La Salle Street,
CHICAGO
Detroit
New York
Grand Rapid*
bank
A
$3,000,000.00 P. W.
President
Vice-President
INVESTMENT
Burnett,
Vice-President
Ryland, Vice-President
ENGINEERING
Chapman & Co.,
Campion
McClellan &
Inc.,
141
NEW
MANAGEMENT
&
BROADWAY
YORK CITY
SECURITIES
F.
Ryland, Vice-President
Jas. M. Ball, Jr., Cashier
Municipal Bonds
S. P.
Correspondence
112 South La
Invited
Salle St.,
CHICAGO
108 So-
Kelly Springfield Tire
pSlP9
SEASONGOOD, HAAS&MACDONALD
Members New York
Broadway
115 Broadway
NEW YORK
La SalIe
St-
"Are
1
Exempt
Stock Exchange
New York
\
buy and sell
7 HIGH-GRADE
BONDS
from
Federal Income Taxee."
Yielding from
5^% to 7%.
Send for
Co.
10-Year 8% Notes
6
Dominick
Dominick &
Randolph 6520.
Members New
RICHMOND, VA.
_
Stock Exchange
Inc.
Milwaukee
CHICAGO.
C.
York A Boeton
Bros.
Securities
Investment
Building
MILWAUKEE
OFFER AT
WE
Member* of New
R0CKW00D
EMERY, PECK &
List
THE HANCHETT
Incorporated
39
BOND CO.
1818
South La Salle
CHICAGO
Street
@FedFRASER